ShadowStaker

2025 USDC Ecosystem Outlook: Leading the New Era of Value Internet
The financial upgrade of the internet is accelerating. Stablecoins represented by USDC are building a value internet, providing network upgrades for global finance. Blockchain brings the speed and scale of the internet to value transfer, enabling individuals and businesses to transfer, consume, save, and store value globally with unprecedented efficiency.
USDC shows strong growth in 2024:
- The annual circulation increased by over 78% year-on-year, far exceeding other major stablecoins.
- In November, the monthly trading volume reached 1 trillion USD, with a historical cumulative trading volume exceeding 18 trillion USD.
- Available for over 500 million end-user wallets, supporting a wide range of applications from digital capital markets to payments.
Three key factors are expected to accelerate the adoption and utility of USDC:
1. The global regulatory trend is becoming increasingly clear, paving the way for institutional integration.
2. Blockchain Foundation

Disagreements within Trump's camp have intensified, with Musk and Trump publicly breaking apart and engaging in fierce exchanges on social media. Meanwhile, the Trump family's Crypto Assets project has also experienced a split, with controversies surrounding the "Trump Wallet" escalating, revealing the complex internal relationships of interests.

CZ shared reflections on prison life, the prospects of the crypto market, and future plans during an event in Dubai. He focused on the Giggle Academy educational project, which aims to improve educational opportunities, and is concentrating investments on Blockchain, artificial intelligence, and biotechnology. He remains optimistic about the crypto market while calling for solutions to the classification of crypto assets, showcasing a new direction in life and career.

The Bittensor project superficially claims to be "fair Mining", but in reality, it is a centralized chain with a very opaque internal governance structure, with the vast majority of Tokens held by internal personnel. The market capitalization of TAO is inflated, with insufficient Liquidity, and it has recently shifted to a Ponzi scheme model, leading to a loss of vitality in the ecosystem and concerns about future development.

The recent significant rise in Ethereum prices has attracted widespread attention in the market. Some believe this may be related to the recent Pectra upgrade, but in reality, this connection does not hold.
The Pectra upgrade is essentially a follow-up improvement to the Cancun upgrade, focusing mainly on some underlying optimizations and detailed enhancements, rather than major technological innovations. From a technical perspective, the four EIPs included in the Pectra upgrade are dedicated to enhancing the stability and efficiency of Ethereum. These improvements include the standardization of state expiration, redefinition of gas limits, optimization of transaction pipelines, and enhancements to difficulty adjustments. These updates can be seen as fixes and improvements to the legacy issues left by the Cancun upgrade.
In fact, the main factor driving the price trend of Ethereum is the market's reassessment of its value. Over the past few months, Ethereum has faced a series of doubts: some have misunderstood the liquidity dispersion of layer2 as a split in the ecosystem, leading to its

The US government debt has exceeded $36.4 trillion, facing repayment difficulties and risks of dollar internationalization. Bitcoin is seen as a potential future international settlement currency, possessing liquidity and scarcity. However, its fluctuation and scale limitations make it difficult to replace the dollar in the short term. The debt crisis may drive Bitcoin's status as a safe-haven asset.

The main event that caused controversy in the Web3 gaming sector last week was the denial of a partnership between a well-known gaming company and a social platform. In addition, several emerging games have performed well, such as the SEGA licensed "Code of Joker: Evolutions" which is about to launch, and games with high player retention rates and Token value rise are also showing market activity. Overall, the Web3 gaming industry is undergoing rapid development and transformation.

In recent years, wars have had a significant impact on Bitcoin prices, especially the Russia-Ukraine conflict, which caused a short-term surge but a long-term fall, while the Israel-Gaza and Iran-Israel conflicts have shown an increase in market resilience. The application of digital assets in the context of war has become increasingly diversified, and in the future, Crypto Assets may play a more important role in the global financial system.

Sonic, as an emerging Layer 1 project, has rapidly risen with high performance and innovative technology, with a TVL approaching 1 billion USD. Its core advantages include efficient EVM compatibility and a unique Fee Monetization mechanism, enhancing user experience and dropping the barriers to entry. The project has also launched a points program to incentivize users and developers to participate, with the provided Liquidity and voting strategies enabling high returns, laying the foundation for the sustainable rise of the ecosystem.

Recently, we interviewed the Game Product Director of Mysten Labs on the topic of why Sui is particularly suitable for game development. He shared insights into the main innovations of Sui and how these innovations bring value to game developers, helping them turn their envisioned games into reality.
The following are the main points of this interview:
Q1: Can you discuss which game traits are most attractive to players?
A: Game designers often refer to a framework called Bartle taxonomy. Although this theory has been published for many years, the four player types it describes remain a good starting point for thinking about game appeal. These four types are Achievers, Explorers, Socializers, and Killers (sometimes referred to as "Killer type," but this label may be too extreme).
Achievement-oriented players are mainly motivated by progress, competing with themselves and the game world to gain achievements and level up. Exploratory players, on the other hand, are keen on exploration.

In the coming week, there will be several important events in the Web3 field, including Russia launching a Bitcoin ETF product, a certain platform removing Margin Trading pairs, a cybersecurity seminar, multiple Token unlocks, and industry conferences. The Federal Reserve meeting minutes and the German parliamentary elections will also attract attention.

Interpretation of the FBI "2024 Crypto Assets Fraud Report": Trends, Data, and Prevention Recommendations
In April 2025, the Federal Bureau of Investigation (FBI) released the "2024 Crypto Assets Fraud Report." This report analyzes various aspects of complaints related to Crypto Assets based on data collected by the Cyber Crime Complaint Center in 2024. This article will interpret the core content of the report to help readers quickly grasp trend changes and enhance their awareness and prevention capabilities regarding cyber security threats.
1. Overview of Complaint Data for 2024
1. Overall Situation
In 2024, a total of 859,532 complaints were received, resulting in an actual loss of 1.66 billion USD, an increase of 33% compared to the previous year. Among these, 256,256 complaints involved financial losses, with an average loss of approximately 19,372 USD per incident. About 83% of the losses were caused by online fraud.
2. Crypto Assets related situation
Crypto Assets related complaints

Analysis of the Bitcoin market's volatility and prospects
Three major bearish signals
Market sentiment changes drastically
In the cryptocurrency market, investor sentiment plays a crucial role. On the eve of a Bitcoin price crash, there is a widespread atmosphere of excessive optimism, with many expecting Bitcoin to continue reaching new highs. However, a sharp shift in market sentiment can often trigger violent price fluctuations. Negative comments on social media, pessimistic reports from mainstream media, and warnings from well-known investors can quickly change the market environment, leading to panic selling.
In early August, some influential cryptocurrency commentators posted analyses on social platforms regarding the potential bubble in the Bitcoin market, sparking widespread discussion. At the same time, several well-known financial media outlets published articles questioning the valuation of Bitcoin. The rapid spread of these opinions triggered panic among investors, ultimately leading to a large-scale sell-off.
Technical Indicator Alert

AgentFi to XenoFi: A New Paradigm for Stablecoin Yields
Against the backdrop of increasingly enriched stablecoin yield strategies, but limited user attention and execution efficiency, AgentFi, as a new paradigm of "AI + DeFi" integration, provides DeFi users with an intelligent agent solution that requires no market monitoring and offers automatic optimization.
Classification and Comparison of DeFAI and AgentFi
Although DeFAI and AgentFi both belong to the "AI + DeFi" intersection, there are significant differences in their technological essence, product forms, and paradigm missions. The core feature of AgentFi is that the AI Agent acts as the main executor and decision-making carrier, capable of fully automating decision-making and executing in a closed loop, rather than simply using AI as a supplementary tool for data analysis and strategy enhancement.
DeFAI Category: Using AI to assist or enhance DeFi-related functions

In April, the crypto market experienced a mild recovery, with 74.1% of tokens rising, and small-cap tokens performing exceptionally well. Newly launched tokens saw even higher gains, and the infrastructure and AI zones performed excellently. Although it has not fully entered the "alt season", selected individual tokens and tracks still hold investment potential.

The Decentralized Science (DeSci) sector has recently attracted attention due to the launch of a new Token issuance platform by Pump.Science, with related Tokens rising by 20%. The new platform aims to revitalize DeSci, but the market environment remains challenging, and innovative models are urgently needed to attract investors. Whether the launch of the new compound project can reignite the enthusiasm remains uncertain.

In September, the crypto market appears bullish on the surface, but a deeper analysis of multiple indicators shows that the actual situation is not optimistic, with total on-chain transaction volume, miner income, and NFT trading volume all showing a significant decline. Despite the rebound in Bitcoin prices, the overall market activity is weakening, which is worth following.