Wow, a vulnerability that could allow infinite minting of XRP tokens has been exposed! The last project to face a similar infinite minting issue was Zcash, when ZEC dropped nearly 50% at the time. Now it’s XRP’s turn?

I’m increasingly convinced that, in the future, token burning will evolve from a value-add feature of a few projects to a standard component of many token economic models. The reason is straightforward: By now, the market is no longer willing to pay solely for “governance rights.” Protocols generate revenue, but token holders see no benefit; Businesses grow, yet token supply continues to expand; This model struggles to sustain valuation over the long term. Moving forward, what truly matters isn’t just how much a project earns—but whether that revenue can be channeled back to the token through buybacks, burns, or dividends. UNI has already demonstrated that the mere expectation of burning can rapidly reshape market pricing for token value capture. AAVE is now moving in the same direction. If this trend continues to spread, the key question many projects will eventually need to answer may become: If the protocol is profitable, why shouldn’t the token benefit too?

U.S. Treasury yields surge toward new highs—will the Fed hike again in October? My conclusion: No. Although yields across the 2-year to 30-year spectrum are rising rapidly, and markets一度 pushed the probability of an October hike to around 70%, when considering official statements, the structure of inflation, and the recent hike in September, there is currently insufficient justification for consecutive rate increases. The most critical signal comes from John Williams, President of the New York Fed. He recently stated that if the economy develops as expected, one more hike this year would be appropriate—but the September increase has already given the Fed time to observe, and there is no urgent need to act further at this stage. Following his remarks, FedWatch data shows the probability of an October hike has dropped from around 70% to roughly 50%. Why can the Fed afford to wait? Because today’s inflation is not identical to the surge seen in 2022. Back then, demand, employment, and prices for goods and services were all overheating simultaneously. Now, core PCE has begun to peak and decline; new inflationary pressures stem largely from Middle East tensions pushing up diesel and energy prices. The problem with supply-side shocks like these: Higher rates can dampen demand—but they cannot directly lower oil prices. Therefore, unless energy prices spiral further out of control or clearly spill over into core inflation, aggressively hiking rates to counter short-term oil spikes may impose greater costs than benefits. Moreover, since the Fed already hiked in September, it has ample reason to pause and assess data before deciding whether to act again in December. So my current view is: Pause in October, while preserving the possibility of one more hike in December. What truly matters going forward isn’t how high Treasury yields can rise—but whether the energy shock begins to spread into core inflation. If it doesn’t, no matter how hawkish bond markets become, the Fed may not feel compelled to follow.

Wow, Near is launching a Launchpad too? Are memes about to hit Near?

【9.21 Crypto Evening Report】BTC Surges Violently, Breaks Above $84,000 From early morning to afternoon Beijing time today, BTC traded narrowly between $80,580 and $82,110. Starting at 16:00, it suddenly surged with increased volume, rising linearly from around $81,720 to $84,274.89 within one hour—a 3.1% increase—and recording the highest one-hour trading volume in nearly two days. It then pulled back slightly to around $83,680 before reclaiming the $84,000 level, currently trading at $84,387.64, up 5% over 24 hours. Major altcoins followed suit: NEAR led gains with a 21.73% rise over 24 hours, followed by TAO at +9.91% and VIRTUAL at +7.09%. 【Market Sentiment & Liquidity Indicators】 - Fear & Greed Index: Currently at 70, indicating “Greed” (slightly down from yesterday’s 71; last week: 57, last month: 71). - Total Stablecoin Market Cap: Approximately $305.081 billion (down ~$37.12 million over 7 days, -0.01%); USDT dominance at 60.08%. 【Sector Performance】 - Major Coins & Market: BTC at ~$84,387.64 (24h high: $84,475.62 / low: $80,873.59), +5% over 24h; ETH at ~$2,727.25, +5.84%. - Layer1 & Layer2: SOL at ~$115.41 (+6.58%); XRP at ~$1.47 (+6.87%); BNB at ~$783.66 (+4.34%); ARB at ~$0.2216 (+3.47%). - DeFi Sector: UNI at ~$9.15 (+3.89%); HYPE at ~$95.63 (+6.07%); AAVE at ~$148.06 (+8.3%). - Privacy Sector: ZEC at ~$1,510.91 (+4.94%); XMR at ~$585.58 (+11.5%); ZAMA at ~$0.1001 (+19.57%). - AI Sector: NEAR at ~$4.30 (+21.73%); TAO at ~$277.61 (+9.91%); VIRTUAL at ~$0.7026 (+9%).

[9.22 Crypto Morning Brief] BTC Breaks Above $87,000; Crypto Market Sentiment Returns to "Extreme Greed," Reaching Highest Level in Nearly a Month Overnight, BTC surged sharply, triggering a short squeeze that led to over $648 million in liquidations. The price forcefully broke through the $85,000 and $87,000 resistance levels, peaking at $87,411.33—a 5% gain over 24 hours. It is currently trading at $85,768.95. [Market Sentiment & Liquidity Indicators] - Fear & Greed Index: 78, indicating "Extreme Greed" (up significantly from 70 yesterday; 69 last week, 66 last month). - Total Stablecoin Market Cap: Approximately $305.116 billion (down ~$2.68 million over 7 days, change ~0.00%); USDT market share at 60.08%. [Segment Performance] - Major Coins & Market Cap: BTC at ~$85,768.95 (24h high: $87,363.75 / low: $85,672.78), +5% in 24h; ETH at ~$2,772.93, +2.13% in 24h. - Layer1 & Layer2: SOL at ~$117.69, +4.94%; XRP at ~$1.51, +6.25%; BNB at ~$792,381, +1.66%; ARB at ~$0.2208, +0.66%. - DeFi Sector: UNI at ~$9.1204, +2.99%; HYPE at ~$93.15, -1.06%; AAVE at ~$144.00, +3.44%. - Privacy Sector: ZEC at ~$1,474.25, -4.2%; XMR at ~$589.71, +4.19%; ZAMA at ~$0.09422, +9.31%. - AI Sector: NEAR at ~$4.30, +0.5%; TAO at ~$311.37, +16.79%; VIRTUAL at ~$0.7244, +5.38%.

【9.21 Crypto Morning Brief】BTC Breaks Above $81,000 Again; Major Altcoins Strengthen This Morning From last night to this morning, BTC stabilized and rebounded from around $80,300, surging to approximately $81,480 just before midnight Beijing time on increased volume. After pulling back to around $80,570 in the early hours, it rallied again, reaching a high of $81,860 this morning and reclaiming the $81,000 level. Major altcoins generally strengthened this morning: NEAR rose 19.32% in 24 hours, ARB rose 8.25%, leading gains, while AAVE and TAO saw minor declines. 【Market Sentiment & Liquidity Indicators】 - Fear & Greed Index: Currently at 70, indicating “Greed” (slightly down from yesterday’s 71; last week: 57, last month: 71). - Total Stablecoin Market Cap: Approximately $304.943 billion (down ~$308 million over 7 days, -0.10%); USDT’s market share stands at 60.11%. 【Sector Performance】 - Major Coins & Market: BTC at ~$81,584.10 (24h high: $81,862.36 / low: $80,113.60), +0.36% in 24h; ETH at ~$2,687.82, +2.24% in 24h. - Layer 1 & Layer 2: SOL at ~$112.55 (+1.47%); XRP at ~$1.43 (+1.39%); BNB at ~$777.74 (+2.12%); ARB at ~$0.2204 (+8.25%). - DeFi Sector: UNI at ~$8.85 (+2.31%); HYPE at ~$93.91 (+1.77%); AAVE at ~$138.92 (-1.41%). - Privacy Sector: ZEC at ~$1,518.01 (+2.86%); XMR at ~$564.69 (+3.27%); ZAMA at ~$0.08658 (+3.87%). - AI Sector: NEAR at ~$4.25 (+19.32%); TAO at ~$265.67 (-0.62%); VIRTUAL at ~$0.6872 (+1.35%). 【Morning Crypto News Summary】 1. Canary submitted an amended filing for a SEI staked ETF, with approximately 90% of assets expected to be staked. 2. ZetaChain passed a proposal to shut down its Layer 1 with 99.4% support; ZETA will migrate to Solana.

【Crypto Evening Report | Sept 20】BTC Rebounds to $80,300; Major Altcoins Experience Broad Pullbacks This afternoon, the crypto market retraced from yesterday’s rebound highs. BTC reached a 24-hour high of approximately $81,962 before pulling back to around $80,300, down 1.28% over the past 24 hours. Bitcoin is currently trading at $80,270.57, a 1.34% decline in the last 24 hours. Major altcoins also saw widespread corrections today: AAVE fell 5.82%, UNI dropped 4.20%, and the DeFi sector recorded notable losses. 【Market Sentiment & Liquidity Indicators】 - Fear & Greed Index: 71 (Greed), unchanged from yesterday (71); last week: 61; last month: 72. - Total Stablecoin Market Cap: Approximately $304.899 billion (down $351 million over 7 days, -0.12%); USDT holds a 60.11% market share. 【Sector Performance】 - Major Coins & Market: BTC at ~$80,270.57 (24h high: $81,305.04 / low: $80,098.77), -1.28% over 24h; ETH at ~$2,580.11, -2.56% over 24h. - Layer1 & Layer2: SOL at ~$108.43 (-3.13%); XRP at ~$1.38 (-1.58%); BNB at ~$752.06 (-1.71%); ARB at ~$0.2151 (-0.35%). - DeFi: UNI at ~$8.79 (-4.20%); HYPE at ~$91.15 (-1.09%); AAVE at ~$136.68 (-5.82%). - Privacy: ZEC at ~$1,444.69 (-8.17%); XMR at ~$525.06 (-9.21%); ZAMA at ~$0.08314 (+8.91%). - AI: NEAR at ~$3.53 (-3.14%); TAO at ~$252.77 (-3.94%); VIRTUAL at ~$0.6501 (-3.16%).

If EEZ @etheconomiczone can truly connect liquidity between L1 and various L2s, then when users perform a swap on an L2, they may directly be tapping into Ethereum mainnet’s depth. Cross-chain swaps and asset transfers could be completed atomically in a single transaction. At its core, this addresses a very real issue facing Ethereum today: liquidity isn’t insufficient—it’s just too fragmented. If this system ultimately works, L2s will no longer function as isolated “liquidity silos.”

[9.20 Crypto Morning Brief] BTC Breaks Above $81,000, ZAMA Rises 90% in Three Days, Clarity Bill Stalled, SEC and CFTC Advance New Regulations Last night and this morning, the crypto market saw a strong rebound as BTC successfully breached the $81,000 mark. Although the Clarity Bill was shelved on the regulatory front, the positive signal of joint regulatory efforts by the SEC and CFTC significantly boosted market confidence, driving broad market gains. Bitcoin is currently trading at approximately $81,112.86, up about 0.26% over the past 24 hours. The privacy sector has shown an extraordinary performance over the last two trading sessions, with ZAMA leading the charge—up 90% over the past three days—becoming the standout performer and driving the entire privacy and fully homomorphic encryption (FHE) sector. [Market Sentiment & Liquidity Indicators] - Fear & Greed Index: Currently at 50, indicating “Neutral” sentiment (slightly down from yesterday’s 51; last week’s was 69, last month’s was 41). - Total Stablecoin Market Cap: Approximately $304.351 billion (down $1.084 billion over 7 days, a minor 0.35% decline); USDT holds a 60.21% market share. - ETF Fund Flows: Last week, U.S. spot Bitcoin ETFs recorded a net outflow of approximately $11.8 million, while spot Ethereum ETFs saw a net outflow of about $15.1 million. [Segment Performance] - Major Coins & Market: BTC at ~$81,112.86 (24h high: $81,305.04 / low: $81,092.76), -0.19% over 24h; ETH at ~$2,620.01, +0.24% over 24h. - Layer1 & Layer2: SOL at ~$110.29 (-2.73%); XRP at ~$1.39 (-0.34%); BNB at ~$726.18 (+0.01%); ARB at ~$0.2035 (-7%). - DeFi Sector: UNI at ~$8.75 (-0.96%); HYPE at ~$91.96 (-1.29%); AAVE at ~$140.67 (+0.05%). - Privacy Sector: ZEC at ~$1,469.89 (-6.54%); XMR at ~$540.41 (-5.49%); ZAMA at ~$0.08197 (+31.89%). - AI Sector: NEAR at ~$3.55 (-5.49%); TAO at ~$264.99 (+5.4%); VIRTUAL at ~$0.6723 (+0.98%). [Morning Crypto Highlights] 1. The U.S. CFTC submitted its proposed crypto regulatory新规 to the White House for review. 2. Kalshi has applied to launch perpetual contracts tied to U.S. individual stocks. 3. Stablecoin company Bastion received conditional approval from the OCC and will be permitted to establish a national trust bank.