Stablecoin trading volume in South Korea has increased by 62% as the South Korean won reached multi-year lows against the US dollar. According to NS3.AI, this surge is influenced by currency pressures and government actions. Major exchanges have initiated campaigns to enhance stablecoin volumes amidst a general downturn in the crypto market. Concurrently, South Korea's economic slowdown and regulatory changes, such as permitting corporate crypto investments, are contributing to a complex market landscape.

On January 25, a16z Crypto released an article discussing the difficulties faced by prediction markets. According to BlockBeats, the article emphasizes that the most challenging aspect is not pricing the future but determining what has actually occurred. One of the major obstacles in the development of prediction markets is the settlement of contracts. Earlier this year, Venezuelan President Maduro was captured by the U.S. military, leading to controversy in the prediction market operated by Polymarket. Polymarket denied that Venezuela was invaded, ruling the 'U.S. invasion of Venezuela' market as false, sparking widespread debate. Polymarket later clarified that the market referred to a U.S. military action aimed at establishing control, and the operation to capture and evacuate Maduro could not be considered an invasion. a16z Crypto noted that prediction markets are facing a complex situation, questioning whether prediction contracts should follow official information (Maduro's victory) or the consensus of credible reports (opposition's victory). In this political drama, Polymarket's dispute resolution mechanism acted as 'judge, jury, and executioner,' with contract settlement decisions being heavily manipulated.

Ethereum recently achieved a record high of processing approximately 2.88 million transactions in a single day, according to Odaily. Despite this surge, the average transaction fees remained low, showcasing an unusual pattern of high throughput with low costs. This reflects the effectiveness of Ethereum's long-term technological strategy, particularly the Layer 2 scaling solutions. As usage increases, the mainnet continues to operate smoothly, transitioning into a neutral settlement and coordination layer. This modular architecture aligns more closely with the layered logic of traditional financial infrastructure, where the base layer focuses on security, certainty, and final settlement, while the upper layers handle innovation and execution complexity. However, the report cautions that recent transaction volumes may include low-value activities such as address poisoning, which is notably prevalent in stablecoin transactions. Therefore, using transaction volume alone to measure genuine economic activity requires careful consideration.

Makina Finance experienced a significant exploit resulting in a loss of $4.13 million. According to NS3.AI, the incident involved MEV bots intercepting the hacker's transaction and redirecting the funds to addresses under their control, thereby preventing a complete loss. These MEV bots serve as an emergency crypto fund recovery mechanism, but their increasing influence and profit-driven motives pose governance challenges concerning fund custody and returns. Efforts to address these issues include frameworks like Safe Harbor, which aim to formalize and regulate the process by pre-authorizing white hats and establishing clear terms. However, the adoption of such frameworks is still developing amid concerns over centralization and opaque custody.

South Korean crypto exchanges recorded a 62% spike in stablecoin volumes as the won's nine-day losing streak against the dollar triggered intensified marketing campaigns and rare presidential intervention pledging currency stabilization. source: https://cryptonews.com/news/stablecoin-trading-surges-62-in-korea-as-dollar-strengthens-against-won/

Tokenized funds have reached a new all-time high market value of $14. 4 billion, marking a clear acceleration in on-chain adoption of traditional financial products. The latest data shows a steady and persistent rise through 2024, followed by a sharp expansion into early 2025, pushing the sector to its highest level on record. According to Token […] The post Tokenized Funds Cross $14 source: https://www.ethnews.com/tokenized-funds-cross-14-4b-marking-a-new-phase-for-on-chain-finance/

Bitfinex 报告指出，以太坊此前单日处理约 288 万笔交易创历史新高，但平均手续费仍维持低位，呈现出“高吞吐、低费用”的反常特征，显示其长期推进的技术路线，尤其是 Layer 2 扩容，正逐步见效。随着使用率上升，主网运行依然平稳，以太坊主网正逐步转为中立的结算与协调层，这种模块化架构更接近传统金融基础设施的分层逻辑：底层侧重安全性、确定性与最终结算，上层承担创新与执行复杂度。不过，报告同时提醒，近期交易量中可能夹杂地址投毒等低价值活动，尤其在稳定币交易中更为明显，单纯以交易量衡量真实经济使用仍需谨慎。

CFTC gains exclusive control of digital commodity spot markets, shaping U. S. cryptocurrency regulation. source: https://coincu.com/news/cftc-control-cryptocurrency-spot-markets/

a16z Crypto 刊文《AI“法官”如何扩大预测市场规模》（What to do when prediction markets fail），其中指出预测市场面临的最大挑战并非“给未来定价”，而是确定实际发生了什么，类似问题也在一些小规模事件中频繁出现，错误或不透明的结算机制会破坏市场信任、流动性及价格信号的准确性。业内建议引入大型语言模型（LLM）作为预测市场判决者，包括规则承诺上链、抗操控、提升透明度、以及增强中立性，比如在合约创建时将具体 LLM 模型、时间戳及判决提示加密记录在区块链上，交易者可提前了解完整决策机制，模型权重固定无法被轻易篡改以减少作弊风险，结算机制公开可审计无人工随意裁定，AI 判决机制可在保证透明、公正的前提下显著提高预测市场结算效率与可扩展性。

Makina Finance lost 1,299 ETH, roughly $4. 13 million, in a flash-loan and oracle manipulation exploit. The attacker drained the protocol's funds and broadcast the transaction to Ethereum's public mempool, where it should have been picked up by validators and included in the next block source: https://cryptoslate.com/explosive-truth-behind-bots-that-front-run-thieves-to-save-funds-but-they-decide-who-gets-paid-back/

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“今天上午，我们占领了华尔街；今晚，我们占领了天空。”1月22日，加密托管巨头BitGo正式挂牌上市，打响了2026年加密IPO的第一枪。

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