TRON Industry Weekly Report: International Situation Warms Up, BTC Rebounds to Test $110,000, Detailed Analysis of IOST 3.0 with Tens of Millions in Financing

I. Outlook

1. Macroeconomic Summary and Future Predictions

Last week, benefiting from the easing of geopolitical risks, progress in US-China trade negotiations, expectations for a shift in Federal Reserve monetary policy, and the surge in tech stocks and artificial intelligence, the US stock market performed strongly, with both the S&P 500 and Nasdaq indices hitting new historical closing highs.

Despite ongoing policy uncertainties, market risk appetite has clearly rebounded in the short term. The congressional vote on the "Big and Beautiful" bill in early July and the end of the tariff exemption period on July 9 will be important points affecting economic policy and market sentiment.

2. Market Changes and Warnings in the Crypto Industry

With the easing of tensions in the Middle East and US stocks reaching new highs, Bitcoin's price stabilized around $108,000. Although altcoins showed signs of recovery and some standout projects, the overall market remains influenced by Bitcoin's dominance and the macro environment. The crypto market has stabilized under the impetus of geopolitical easing and rising US stocks, but overall trading activity has declined, and market sentiment remains cautious, with key support and resistance levels present technically. Investors should be wary of leverage risks and potential price correction pressures.

3. Industry and Track Hotspots

The scalable infrastructure Turnkey simplifies private key management and enhances security through embedded wallets, enabling wallet customization and transaction automation; OpenTrade, a compliance, secure, and scalable RWA product platform for institutional clients, is built on the open-source protocol Perimeter developed by Circle.

II. Market Hotspot Tracks and Potential Projects of the Week

1. Overview of Potential Projects

1.1. Analyzing How Turnkey Achieves Wallet Customization and Transaction Automation Through Embedded Wallets to Simplify Private Key Management and Enhance Security

Introduction

Turnkey is a flexible, scalable, and secure wallet infrastructure that can be used for transaction automation (e.g., payment processes, smart contract management) or non-custodial embedded wallets. Turnkey provides low-level primitives that can be combined to achieve various goals.

Architecture Overview

How Turnkey Works The core concept of Turnkey is: not to manage private keys directly, but to access wallets through authenticators (such as password keys, social logins, or API keys).

Organizational Structure

The organization (parent organization) in Turnkey is the top-level entity that includes users, wallets, and business policies. The initial "parent organization" typically represents the entire Turnkey-based application. The parent organization can create child organizations, which are fully independent organizations nested under the parent organization. The parent organization cannot modify the contents of the child organizations, which usually represent end users. Both the parent and child organizations contain a set of configurable resources and authenticators, including their own users, wallets, API keys, private keys, and policies.

Activities and Policies

Activities such as signing transactions or creating users are managed by policies created through Turnkey's policy engine, although root users can bypass the policy engine when meeting root audit requirements.

Wallet Management

In Turnkey, wallets are HD seed phrases that can generate multiple wallet accounts (addresses) for signing operations.

Architecture Analysis

1. QuoromOS QuoromOS is a minimal, immutable Linux unikernel designed for high-security isolation zones. It provides the following features:

• Deterministic Build System, ensuring reproducible and auditable artifacts.
• Small Trusted Computing Base, reducing the attack surface.
• Initialization and Authentication Framework, ensuring that only authorized code runs within the isolation zone.
• Integration with Hardware Root of Trust Modules (e.g., AWS Nitro Security Module) to establish a secure execution environment.

2. Remote Authentication

Remote authentication allows an isolation zone to prove its identity and integrity to a remote verifier through encryption. Key points include:

The isolation zone generates a signed reference containing metrics (hash values) of its code and configuration.

Only references signed by a hardware root of trust module (e.g., AWS Nitro Security Module) are considered valid.

Verifiers compare the reference with the expected metrics to ensure no unauthorized modifications.

The remote authentication workflow typically follows these steps:

• The host application sends an authentication request to the isolation zone.
• The isolation zone performs the metrics, signs the reference, and returns it.
• The host or external verifier verifies the signature and metrics.

This process establishes trust before any sensitive data or operations are executed within the isolation zone.

3. Secure Hardware

Secure hardware provides strong isolation and authentication mechanisms for sensitive operations:

• Hardware-Enforced Isolation: Secure isolation zones lack external network connections or persistent storage capabilities.
• Root Quorum Mechanism: Uses no fewer than three members, setting a signature threshold of no less than two; each key user should configure multiple authenticators (e.g., Touch ID, YubiKey).
• Secure Storage of API Keys: API keys should be securely stored in hardware security modules (HSM) or encrypted vaults; keys must never be hard-coded into code or clients.
• HPKE-Based Secure Communication Channels: For secure communication between isolation zones and end users.

Utilizing Hardware Root of Trust Modules (e.g., AWS Nitro Security Module) for cryptographic authentication.

Core Products

Embedded Wallets

With embedded wallets, you can create a customized wallet experience that seamlessly integrates with your product without compromising security. Whether you need custodial or non-custodial wallets, our infrastructure provides the foundation for building innovative and user-friendly crypto products.

Why Choose Embedded Wallets?

Embedded wallets allow you to freely design and control the entire user experience while leaving the complexity and risks of private key management to Turnkey.

With embedded wallets, you can:

• Accelerate the integration process using pre-built UI components
• Easily create multiple wallets for your users
• Verify user identities through email, phone numbers, biometrics, social logins, etc.
• Determine authorized access and shared ownership control
• Support multi-chain and multi-asset out of the box
• Sign multiple transactions without additional approvals
• Provide simple integration methods to support gas fee payments and smart contract wallets

Comments

Turnkey offers a flexible, scalable, and secure infrastructure that supports customized wallet experiences and complex transaction automation while simplifying private key management and enhancing security through embedded wallets. Its underlying technologies, such as remote authentication, hardware root of trust modules, and secure hardware, ensure high levels of security and data privacy. By using pre-built UI components and APIs, users can quickly achieve integration with multiple chains and assets, enhancing development efficiency and product innovation capabilities.
Although Turnkey provides powerful features and high security, its complex architecture and configuration may require a higher technical threshold, especially for startups and small teams. Additionally, reliance on hardware root of trust modules may increase implementation costs and hardware compatibility issues, particularly in adapting to specific hardware and environments.

1.2. Briefly Introducing OpenTrade, a Compliance, Secure, and Scalable RWA Product Platform Built on the Open-Source Protocol Perimeter Developed by Circle

Introduction

OpenTrade is a stablecoin lending and yield product platform aimed at institutional-level clients. Its services combine a technology platform, legal framework, and a network of regulated financial institutions to provide safe, compliant, and scalable stablecoin lending and yield products for the next generation of financial services and markets.

Architecture Overview

The OpenTrade platform consists of a web application and APIs running on a blockchain protocol, supporting various stablecoin lending and yield products.

The blockchain protocol on which OpenTrade operates is a forked version of the Perimeter protocol. Perimeter is an open-source blockchain protocol developed by Circle's Circle Research, designed to support the USDC lending market and related applications. The protocol is primarily built on composable open-source standards, including ERC-20, ERC-4626, and Verite.

The forked version of the Perimeter protocol that OpenTrade operates is developed and maintained by Open Trade Technology Ltd.

Overview

The protocol supports various on-chain structured credit and lending products, including but not limited to:

Lending based on real-world assets (RWA) and digital assets

Collateralized and uncollateralized loans

Unilateral and multilateral credit markets

Primary and secondary credit markets

Fixed-term loans and open-ended loans

ERC-4626

ERC-4626 is an open-source standard for yield-bearing token vaults, extending the ERC-20 standard. This standard aims to optimize and unify the technical parameters of yield-bearing vaults.

It provides a standard API for tokenized yield-bearing vaults that represent shares of a single underlying ERC-20 token. ERC-4626 also defines an optional extension that allows vaults to support ERC-20 and provides basic token deposit and balance reading functions.

A yield-bearing vault is a smart contract that allows users to deposit different ERC-20 tokens into a token pool and receive vTokens (i.e., vault tokens) in return. vToken holders own a share of the underlying assets held by the vault and can earn the yield generated in the pool, minus losses, defaults, and fees.

Vault tokens can be converted to asset tokens at a predetermined exchange rate and vice versa. This standard was proposed and is maintained by EIP-4626 on Ethereum.org.

Perimeter Implementation

In the Perimeter protocol, each ERC-4626 yield-bearing vault is referred to as a "liquidity pool." When a borrower deposits ERC-20 stablecoins (such as USDC, EUROC) into a liquidity pool, they receive ERC-20 tokens called "liquidity pool tokens" in return. Each liquidity pool token represents a unit of ownership in the vault and its underlying assets, which primarily include collateralized and uncollateralized USDC loans and USDC itself.

OpenTrade refers to liquidity pools as "vaults" and liquidity pool tokens as "vault tokens." In OpenTrade, vault tokens do not confer any legal rights or obligations to the holder or issuer; they are solely used to automate accounting, verification, and settlement processes and can interoperate and be composable with Web3 tools and infrastructure. The legal rights and obligations of the participating parties are governed by the Master Lending Agreement.

The structuring and issuance of loans are conducted through these vaults. When loans are issued, repayments are received, and interest accumulates, the net asset value (NAV) of each vault increases, meaning the value of each vault token also rises accordingly; when defaults occur, the NAV of the vault decreases, and the value of each vault token also decreases accordingly.

When lenders withdraw from the vault, they exchange vault tokens for underlying asset tokens (such as USDC) at the current exchange rate.

In the Perimeter protocol, the exchange rate between vault tokens and asset tokens is calculated as follows:
Exchange Rate = Net Asset Value (NAV) / Total Issued Vault Tokens,
where NAV = (Outstanding Loans + Accumulated Interest) - (Defaults + Fees).

Protocol Role Description

• Protocol Operator: Responsible for the deployment, maintenance, and upgrading of the protocol. Open Trade Technology Ltd. serves in this role as the protocol operator.
• Pool Admin: A professional entity responsible for creating and managing vaults, finding borrowers, and managing liquidity within the protocol. Open Trade Technology Ltd. also acts as the pool admin for all OpenTrade products.
• Borrowers: Entities that obtain stablecoin loans from liquidity pools and repay principal and interest. Borrowers on the OpenTrade platform are special purpose vehicles (SPVs) with bankruptcy isolation structures, supervised by the UK's Financial Conduct Authority (FCA). The only currently approved borrower is OpenTrade SPC.
• Lenders: Entities that provide liquidity by depositing tokenized cash (such as USDC and EUROC) to earn interest. Lenders must undergo KYC verification, including Web3 institutions, businesses, and high-net-worth individuals (HNWI). For details on who qualifies as an OpenTrade lender, please refer to the relevant Qualification Requirements.

OpenTrade's Extensions to the Perimeter Protocol

OpenTrade has forked and extended the Perimeter protocol to support specific processes required for its Treasury Management Product. The main changes made by OpenTrade include:

Introducing the concept of Automatic Loan Rollover

Supporting multiple types of vaults to meet different needs for fixed-term and flexible-term loans

Adding the capability for net settlement of fund inflows and outflows

Adding more date/time events in the lending lifecycle

Providing advanced accounting functions to support more efficient off-chain operations

Simplifying the exchange rate mechanism to make yield at maturity more predictable

The purposes of these extensions are to:

• Enhance User Experience: Allow lenders who wish to automatically roll over principal and interest to do so easily
• Improve Transaction Efficiency: Minimize fund conversions between real-world assets, dollars, and USDC by only processing necessary inflows and outflows upon maturity or early withdrawal requests, thereby reducing transaction costs
• Better Support Operations Involving Off-Chain Financial Assets (such as US Treasury bonds) through the addition of new date/time events and improved accounting functions

Summary

Advantages: OpenTrade is built on the open-source protocol Perimeter developed by Circle, providing compliant, secure, and scalable stablecoin lending and yield products aimed at institutions, supporting real-world assets (RWA) loans, including US Treasury bonds. Its tech stack supports various loan structures, automatic rollovers, flexible vault types, and efficient off-chain accounting functions, compatible with ERC standards and Web3 tools, enhancing user experience and operational efficiency. Additionally, the platform has strong compliance, with borrowers supervised by FCA-regulated institutions, ensuring risk isolation and fund security.

Disadvantages: Due to its institutional-level positioning, OpenTrade has strict KYC requirements for user eligibility, resulting in relatively high barriers; its complex protocol structure and lending lifecycle events pose higher demands on development and operations; furthermore, while support for real-world assets brings yield diversity, it may also be affected by macroeconomic and regulatory changes, increasing overall operational uncertainty.

2. Detailed Focus on Projects of the Week

2.1. Detailed Analysis of IOST, a Web3 Comprehensive High-Performance Full-Chain Solution Platform That Raised $21 Million, How It Breaks the Impossible Triangle Theory Through Its Unique RWA Protocol and DID System

Introduction

IOST 3.0 is an innovative high-performance blockchain platform designed to address the challenges of scalability, security, and usability faced by mainstream blockchains. The platform focuses on real-world application scenarios, integrating cutting-edge layer 2 scaling technologies, advanced asset tokenization mechanisms, decentralized identity verification, and payment solutions.

2. Feature Analysis

IOST 3.0 is built on the fundamental principles of blockchain technology, aiming to create a more scalable, secure, and user-friendly blockchain platform. The following sections will delve into the key architectural innovations of IOST 3.0:

• Layer 2 Foundation: Exploring how IOST leverages layer 2 solutions to enhance transaction throughput and reduce transaction costs.
• RWA Foundation: Understanding the framework for tokenizing real-world assets (RWA) and how it integrates with Web3 applications.
• Payment Infrastructure: Analyzing the components of IOST 3.0's payment system, including core modules like PayFi and PayPIN.
• Decentralized Identity (DID) Foundation: Understanding how decentralized identity is implemented and its role in enhancing user privacy and security.

1. IOST 3.0's Layer 2 Module

IOST 3.0 has been strategically designed to integrate layer 2 solutions, significantly enhancing the platform's scalability, transaction efficiency, and cross-chain interoperability. Specifically, IOST 3.0 builds its layer 2 infrastructure on the robust BNB Chain and introduces a modular solution aimed at integrating real-world asset (RWA) management, Web3 payments, and decentralized identity (DID).

The layer 2 architecture of IOST 3.0 consists of three core modules, each designed for specific blockchain application scenarios:

• RWA Module: Supports the tokenization, management, and interoperability of real-world assets within the IOST ecosystem. This module establishes a secure and efficient bridge between physical assets and blockchain-based financial systems.
• Payment Module: Provides various payment solutions, including PayPin and PayFi, enabling low-cost, high-speed transactions between merchants and users. These solutions enhance transaction efficiency and optimize the user experience of Web3 applications.
• Decentralized Identity (DID) Module: Offers secure, privacy-protecting identity management mechanisms for users and businesses, ensuring compliance with security and authentication standards in the Web3 era.

By fully leveraging the performance and interoperability of the BNB Chain, IOST 3.0 enables developers to seamlessly integrate layer 2 functionalities into their applications. This modular architecture not only ensures flexibility, security, and scalability but also positions IOST 3.0 as a powerful platform for building the next generation of blockchain applications.

2. IOST 3.0's Real-World Asset (RWA) Framework

IOST 3.0 has launched a complete framework designed for the seamless integration of real-world assets (RWA) into the blockchain ecosystem. This framework addresses various unique challenges faced during the tokenization of RWAs while fully leveraging the advantages of the IOST technology architecture.

Key Components of the IOST RWA Solution

The RWA framework of IOST 3.0 consists of several integrated core technology modules:

• Tokenization Engine: Supports a variety of asset classes, including discount bonds, open-ended money market funds (MMF), non-principal protected assets (such as mining machines/GPU clusters), fixed-income assets (such as rental rights), and non-yield-bearing fixed assets (such as artworks).

• Dynamic parameter asset templates: Used to define the attributes of underlying assets
• Principal and interest separation mechanism: Supports automatic splitting of principal and interest through smart contracts

• Token Standard Proposal (BEP-500 Series): Provides specialized interfaces for different types of RWA assets, ensuring a unified standard in cross-chain environments, liquidity pools, and secondary markets

• Scalability and interoperability: Supports the integration of future asset standards, compatible with existing systems
• On-chain encapsulation of asset attributes: Including asset types, issuance rules, and yield models

• KYC/KYB/AML Module: A lightweight compliance module suitable for various business scenarios

• Access to third-party platforms for rapid identity verification
• Utilizing DID technology for on-chain records while protecting privacy
• Combining IOST's regulatory advantages in Japan for cross-border compliance management

• Identity Management System: Provides decentralized identity verification for asset issuers, holders, and investors

• Uses zero-knowledge proof technology to protect data privacy and security
• Industry-first "heartbeat algorithm" wearable device integration mechanism to enhance identity authenticity

• Liquidity Booster: Through cross-chain liquidity pool design, allows users to participate in RWA asset pools via a "USDT mining" model, achieving ecological cold start

• Supports principal and interest separation cross-chain asset mapping mechanism
• Introduces T+1 settlement mechanism for non-real-time redemption scenarios

• Verified Oracle Network: Composed of a group of trusted data providers, offering reliable real-world information and asset valuation support

Application Scenarios of IOST RWA

The RWA framework of IOST 3.0 supports various innovative applications:

• Real Estate Tokenization: Achieving fractional ownership of real estate and automatically distributing rental income
• Financial Asset Securitization: Transforming traditional financial instruments into blockchain tokens
• Supply Chain Finance: Tokenizing invoices and in-transit goods to enhance liquidity
• Art and Collectibles: Supporting fractional ownership and traceability of rare items
• Infrastructure Investment: Tokenization enables democratized investment channels for infrastructure
• Carbon Emission Credits: Tokenizing carbon credit assets to enhance tracking and verification efficiency

Integration with Other IOST 3.0 Modules

The RWA framework is highly compatible with other core modules in the IOST 3.0 ecosystem:

• Layer 2 Solutions: Leverages scalability to support high-frequency RWA transactions
• Payment Infrastructure: Supports efficient distribution of dividends and other asset yields
• Decentralized Identity (DID): Provides compliant identity verification support for regulated asset transactions
• Cross-Chain Technology: Enables the circulation of RWA tokens across multiple chains

By integrating these components, IOST 3.0 creates a secure, compliant, and efficient ecosystem, providing robust infrastructure support for the tokenization, management, and trading of real-world assets.

3. IOST 3.0's Payment Framework

IOST 3.0 has launched an innovative payment infrastructure designed to address various challenges faced by traditional payment systems and provide seamless transaction experiences for users and businesses.

Key Components of IOST Payment Solutions

The payment framework of IOST 3.0 consists of several integrated core technology modules:

• PayPIN: A user-facing payment interface that simplifies transaction processes using unique and memorable identifiers

• Username addresses replace complex wallet addresses
• One-click payment authorization, supporting biometric security
• Supports scheduled payments and periodic automatic transactions

• PayFi: A payment channel that integrates traditional finance and DeFi functionalities

• Multi-asset settlement with automatic currency conversion
• Cross-protocol liquidity aggregation to ensure the best exchange rates
• Supports yield-generating accounts for unused balances

• BNB Chain Infrastructure: Provides security and consensus foundations for IOST 3.0's payment system

• Leverages its mature network security mechanisms and validator ecosystem
• High throughput and reliable blockchain network
• Native cross-chain compatibility, integrating into the BNB ecosystem

• IOST 3.0 Layer 2: A comprehensive layer 2 solution built on BNB Chain, supporting multiple functional modules such as payments, RWA, and DID

• Optimized rollup technology provides near-instant final confirmations and extremely low gas fees
• Payment-specific data compression algorithms reduce on-chain load
• State channel mechanisms enable micropayment flows and support batch settlements
• Custom virtual machine extensions support payment-specific operations
• Advanced payment routing algorithms optimize cost and speed

• Compliance Module: Built-in compliance mechanisms that meet regulatory requirements while protecting user privacy

• Protocol for selectively disclosing transaction information
• Engine that automatically applies compliance rules based on jurisdiction
• Automated reporting tools to meet regulatory filing requirements

• Cross-Chain Payment Bridge: Enables seamless payments across multiple blockchain networks

• Universal payment address system supporting multi-chain compatibility
• Cross-chain atomic swap protocols ensure settlement security
• Asset bridging solutions with minimal counterparty risk

Technical Integrability

The payment infrastructure of IOST 3.0 is deeply integrated with other modules in the system:

• Layer 2 Optimization: Transactions are processed at the layer 2 level and periodically settled in batches to the main chain
• RWA Integration: Direct payments for tokenized real-world assets
• Identity Framework: Combines DID for payment authorization and compliance verification
• BNB Chain Integration: Utilizes its advantages in security and scalability

Future Innovation Directions

Future plans for IOST 3.0's payment infrastructure include:

• AI Risk Control: Using neural network technology to enhance fraud prevention capabilities
• Payment Streaming: Supporting real-time services with per-second billing for continuous micropayments
• Fiat In/Out Channels: Direct integration with traditional banking systems
• Privacy-Enhancing Technologies: Achieving confidential transactions through zero-knowledge proofs

By combining these innovative components with enterprise-level reliability, IOST 3.0 builds a payment infrastructure that merges traditional finance with the open blockchain world, achieving a secure, efficient, compliant, and scalable new payment experience.

4. IOST 3.0's Decentralized Identity (DID) Framework

IOST 3.0 has launched an innovative DID framework aimed at addressing issues in the current digital identity system while providing higher security, privacy protection, and usability for mainstream adoption.

The DID framework of IOST 3.0 consists of several integrated core technology modules:

Identity Anchoring Layer

A secure and efficient DID registration layer built on BNB Chain, utilizing optimized storage design:

• Lightweight DID document storage, with minimal on-chain burden
• Achieves high-throughput identity operations through IOST 3.0's layer 2 scaling solution
• Uses optimistic rollup to batch identity transactions, improving efficiency

Credential Management System

Provides comprehensive credential issuance, storage, and verification functions while protecting user privacy:

• Employs zero-knowledge proof selective disclosure mechanisms
• Includes efficient state-checking revocation registries
• Schema-based credential definitions supporting various formats

Biometric Authentication Module

Industry-first support for hardware devices in biometric identity verification:

• "Heartbeat Algorithm" (Proof of Heartbeat) enables continuous identity verification
• Uses physiological biometric features to prevent Sybil attacks in identity verification
• Completes biometric processing within a secure isolation zone on the device

Privacy-Preserving Identity Hub

For secure storage of personal data, supporting user-managed access permissions:

• Encrypted off-chain data storage, verified through blockchain
• Fine-grained permission management for third-party access
• Executes privacy policies through smart contracts

Enterprise Compliance Framework

Provides tools for enterprises to issue and verify credentials, meeting regulatory requirements in various jurisdictions:

• Compliance templates for different jurisdictions
• Audit-able verification processes that protect privacy
• Standard APIs for integration with existing identity systems

Cross-Chain DID Resolver

Supports DID interoperability protocols with other blockchain networks:

• Unified resolution capability for cross-chain DIDs
• Enables identity bridging without sacrificing security
• Chain-agnostic identity verification protocols ensuring broad compatibility

The DID framework of IOST 3.0, based on a modular architecture, not only provides highly secure and privacy-protecting identity management solutions but also boasts excellent scalability and compliance capabilities, building a trustworthy digital identity infrastructure for the Web3 world.

Summary

IOST 3.0 demonstrates significant advantages in performance, compliance, and modular design. Its layer 2 architecture based on BNB Chain greatly enhances transaction throughput and scalability, while its modular construction of RWA, payment, and DID frameworks adapts to diverse Web3 application scenarios. Additionally, IOST 3.0 emphasizes compliance, particularly with strong regulatory advantages in Japan. However, its reliance on BNB Chain may introduce certain ecological binding risks, and the overall ecosystem's activity level and developer community size still need to expand, facing challenges in competition with mainstream public chains like Ethereum.

III. Industry Data Analysis

1. Overall Market Performance

As of November 1 (Eastern Time), the total net outflow of Ethereum spot ETFs was $10.9256 million.

1.1. Price Trends of Spot BTC vs ETH

BTC

Analysis

Key resistance to watch this week: upper boundary of the downward channel at $110,400, $112,000

Key support to watch this week: $106,400, $103,100, mid-point of the downward channel

ETH

Analysis

Key resistance to watch this week: lower boundary of the upward channel (around $2,570), mid-point of the upward channel (around $2,680)

Key support to watch this week: $2,470, $2,400

2. Public Chain Data

2.1. BTC Layer 2 Summary

Analysis

1. Stacks (STX) Launches sBTC Bridging Function

The Stacks network has launched a new sBTC bridging feature, allowing users to transfer Bitcoin directly to the Stacks chain for DeFi operations. This launch marks further development of Stacks in the Bitcoin Layer 2 ecosystem.

2. Unichain Releases Ethereum Layer 2 Solution

Unichain has introduced a new Ethereum Layer 2 solution aimed at providing lightning-fast transactions and cross-chain liquidity. This solution may impact the Bitcoin Layer 2 ecosystem, especially in terms of cross-chain interoperability.

2.2. EVM & Non-EVM Layer 1 Summary

Analysis

EVM Layer 1

1. Monad Testnet Exceeds 1 Billion Transactions The Monad testnet has processed over 1 billion transactions, demonstrating high throughput capabilities and gradually advancing towards mainnet deployment.

2. Gravity Chain Launches On-Chain Identity and Parallel EVM Gravity Chain has released on-chain identity and parallel EVM modes, achieving interoperability across 35 chains using zero-knowledge proofs.

3. FIFA Moves NFTs to Self-Built EVM Public Chain FIFA has announced the migration of its NFT collection to a self-issued EVM-compatible chain, enhancing project control.

4. Sei Community Proposes Transition to Pure EVM Architecture The Sei Labs community has submitted a proposal to simplify its Layer 1 by retaining only the EVM mode to optimize compatibility and development efficiency.

5. BlockDAG Releases Dev v207: EVM Testing and Browser/Miner Optimization On June 23, BlockDAG launched a new development version focusing on EVM load testing, block explorer upgrades, and miner functionality improvements.

Non-EVM Layer 1

1. Aptos Launches Aave V3, Account Abstraction Proposal Advances

Aave V3 is set to launch on Aptos on June 27, 2025, marking the first mainstream DeFi protocol under the Move architecture.
Simultaneously, Proposal 143 suggests disabling account abstraction on June 28, with governance voting currently underway.

2. MAP Protocol Enhances Solana ↔ Bitcoin Cross-Chain Capabilities In this month's community AMA, MAP Protocol announced support for cross-chain interactions between Solana and Bitcoin, utilizing a ZK-LightClient architecture to enhance security.

2.3. EVM Layer 2 Summary

Analysis

1. Kraken's Ink L2 Sees Trading Surge Due to Airdrop Expectations

On June 23, Kraken's Ink (an EVM rollup based on Optimism Superchain) recorded over 500,000 daily transactions, with the number of smart contracts doubling to around 6,000, primarily driven by the anticipation of the upcoming INK token and its Aave liquidity pool airdrop.

Despite the high activity, the total value locked (TVL) on-chain remains below $8 million, indicating high market interest but limited real capital inflow.

2. Ripple's XRPL EVM Sidechain Testnet Receives Positive Response

Ripple is advancing its EVM-supporting XRPL sidechain. Since the launch of the public testnet in April 2025, daily transactions have exceeded 300,000, with over 2.5 million registered addresses, showing high enthusiasm among developers for deployment before the mainnet release.

3. Cardano Surpasses Hydra's L2 Roadmap

On June 25, IOG and the Cardano core team released a new L2 expansion plan, which includes not only the known Hydra but also Mixgard (optimistic rollup, set to launch by the end of 2025) and two ZK-rollup projects: zkFold and Eryx, aimed at enhancing speed, privacy, and interoperability.

4. New Research Findings on L2 Staking and MEV

A LinkedIn theme indicated that retail and institutional ETH staking is significantly shifting from the main chain to Layer 2 by leveraging native cross-chain bridges and stETH rebasing standards for more efficient staking changes.

Recent academic papers proposed the concept of "optimistic MEV," noting that on L2s like Base and Optimism, such speculative arbitrage trades account for over 50% of gas usage, but with lower transaction fees, revealing a new model of on-chain economics.

IV. Macroeconomic Data Review and Key Data Release Nodes for Next Week

The core PCE (Personal Consumption Expenditures) price index for May was 2.6% year-on-year, slightly higher than the market expectation of 2.5% and above the previous value of 2.5%. The core PCE is a key inflation indicator closely monitored by the Federal Reserve, reflecting price changes excluding food and energy. The data indicates that inflationary pressures remain, especially in service and goods prices, which may lead the Federal Reserve to maintain caution in monetary policy and continue monitoring inflation trends.

Key macro data release nodes for this week (June 30 - July 4) include:

• July 1: US June ISM Manufacturing PMI
• July 2: US June ADP Employment Numbers
• July 3: US June Unemployment Rate; US June Seasonally Adjusted Non-Farm Payrolls

V. Regulatory Policies

United States: Legislative Progress and Regulatory Adjustments

1. Senate Passes GENIUS Act, Stablecoin Regulation Enters New Phase

On June 17, the US Senate passed the GENIUS Act, the first federal licensing framework for stablecoin issuers, requiring issuers to hold cash or safe assets as reserves and undergo financial audits and transparency disclosures. The act aims to integrate stablecoins into the mainstream financial system but has raised concerns about potential conflicts of interest and regulatory loopholes.

2. Fannie Mae and Freddie Mac Directed to Consider Crypto Assets

The Federal Housing Finance Agency (FHFA) has instructed Fannie Mae and Freddie Mac to consider cryptocurrency assets as part of financial reserves when evaluating mortgage applications, without the need to convert them into dollars. This policy change may expand the pool of eligible homebuyers, although the proportion of home purchases using cryptocurrencies remains low.

3. SEC Chair Withdraws Previous Proposals, Regulatory Direction Shifts

SEC Chair Paul Atkins has withdrawn 14 proposals made by his predecessor Gary Gensler, including regulatory rules for cryptocurrency exchanges. This move marks a significant shift in US securities regulatory policy, which may impact the future regulatory landscape for crypto assets.

4. Texas Establishes Strategic Bitcoin Reserve

On June 20, Texas signed a law establishing a "Texas Strategic Bitcoin Reserve," becoming the first state in the US to allow the use of public funds to invest in Bitcoin. The reserve will be managed by the state auditor and guided by a three-member expert committee.

Europe: MiCA Implementation and FATF Calls for Enhanced Regulation

1. MiCA Implementation Enters Key Phase

The EU's Markets in Crypto-Assets Regulation (MiCA) came into effect in June 2023 and will be fully implemented by December 2024. This regulation provides a unified regulatory framework for the crypto asset market, covering aspects such as transparency, disclosure, authorization, and trading supervision.

2. FATF Calls for Strengthened Anti-Money Laundering Regulation for Crypto Assets

The Financial Action Task Force (FATF), a global financial crime regulatory body, called on countries on June 26 to strengthen anti-money laundering regulations for crypto assets, warning that regulatory loopholes could pose global risks.

Czech Republic: Bitcoin Donation Scandal Triggers Political Storm

The Czech Justice Minister sparked a political scandal after accepting a donation of 468 Bitcoins from a convicted criminal, ultimately leading to his resignation. This incident highlights the potential risks of crypto assets in government fund management.

Vietnam: Promoting the Legalization of Digital Assets

On June 17, the Vietnamese government announced the legalization of digital and crypto assets, promoting the adoption of cashless transactions, marking an important step towards a digital economy.