ShadowStaker

Blockchain technology is transforming asset forms, especially the rise of stock tokenization which has attracted widespread attention. With the involvement of well-known enterprises, the market potential is enormous, and rapid development is expected in the next 1-2 years. The global digital capital market and digital asset market are projected to rise significantly, achieving "everything on-chain." The combination of blockchain and artificial intelligence technology is on the brink of explosion.

Crypto Market Weekly Review: Pump.Fun Token Issuance and Policy Trends in South Korea and Singapore
This week, the overall crypto market showed a volatile trend, mainly reflecting a rebound followed by a decline. On the positive side, the ecosystem tokens of a certain trading platform rose generally due to liquidity promotion activities, and the call between the leaders of China and the United States released signals of easing tensions. Negative factors include the steel tariff issue and the verbal exchanges between Trump and Musk on Friday, while the market is still waiting for interest rate cuts. This article will focus on the token issuance plan of Pump.Fun and the cryptocurrency policy trends in South Korea and Singapore.
1. Pump.Fun token issuance plan
According to sources, Pump.fun plans to conduct a $1 billion token issuance at a valuation of $4 billion, targeting both public and private investors. The token may be issued within the next two weeks. This news has quickly sparked widespread discussion in the crypto market.
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The Ethereum Foundation has launched the "Future of Ecosystem Development" initiative, implementing structural reforms to address project support and funding management issues. The new strategy focuses on expanding the user base and enhancing infrastructure resilience, including the addition of support modules and governance frameworks, strengthening collaboration with enterprises, developers, and academia to promote the sustainable development of the Ethereum ecosystem.

Circle IPO explanation: growth potential under the background of low Intrerest Rate.
Circle has chosen to go public during the industry's acceleration phase, hiding a seemingly contradictory yet imaginative story behind it—net profit margins continue to decline, yet there remains immense growth potential. On one hand, the company boasts high transparency, strong regulatory compliance, and stable reserve income; on the other hand, its profitability appears relatively mild, with a net profit margin of only 9.3% in 2024. This apparent "inefficiency" does not stem from a failure in the business model, but rather reveals a deeper growth logic: against the backdrop of gradually diminishing high interest rate dividends and a complex distribution cost structure, Circle is building a highly scalable, compliance-first stablecoin infrastructure, with its profits strategically "reinvested" into market share enhancement and regulatory leverage.
1. Seven Years of Going Public: The Evolution of Crypto Regulation
1.1 Three Capital

Encryption industry investment and financing report: Decentralized Finance, Web3 games and other fields continue to attract capital follow.
In the past week, there have been 21 public financing events in the global blockchain field, with a total scale exceeding 133 million USD. Funds mainly flowed into popular sectors such as Decentralized Finance, Web3 games, AI + Web3, and infrastructure.
Decentralized Finance领域
A stablecoin company has completed a $36 million Series A financing round, led by a well-known investment institution. The company focuses on building stablecoins and related infrastructure, and this round of financing brings its total fundraising amount to $53 million.
The decentralized trading platform Dexari has announced the completion of a $2.3 million seed round financing, led jointly by two venture capital firms.
A certain public chain ecosystem DEX project has completed a $1.2 million Pre-seed funding round. The project is a Web3 R&D studio focused on developing dApps and infrastructure, and its flagship

Stablecoin market landscape reshuffle: emerging public chains rise, established platforms face challenges.
In 2025, stablecoins have become one of the most notable areas in the cryptocurrency market, with a total market value surpassing 245 billion USD. Behind this rapid growth, competition among various public chains is becoming increasingly fierce. As a primary form of asset accumulation, stablecoins are not only an important indicator of capital flow but also a key standard for assessing the market recognition of public chains. This article analyzes the stablecoin data of the 12 leading public chains, attempting to outline a comprehensive view of the development of public chain stablecoins.
Ethereum: The growth of USDC has become key to the market share defense battle.
Ethereum is currently still the main platform for stablecoins, with a market capitalization of 122.5 billion USD, accounting for 50% of all stablecoin issuance. Among them, USDT has the highest proportion, approximately 50%. However, from the perspective of USDT, the issuance on Ethereum is expected to decline after 2025.

In the first half of 2025, the market capitalization of real-world assets (RWA) rose to $23.39 billion, but it faces multiple challenges such as asset concentration and poor liquidity. Private credit and U.S. Treasury bonds have become the market leaders, while Ethereum remains the preferred choice in the public blockchain sector. Future breakthroughs in transparency and liquidity are necessary for it to truly become mainstream.

Web3-AI Track Panorama Report: Technical Logic, Scenario Applications, and In-Depth Analysis of Top Projects
With the continuous rise of AI narratives, increasing attention is focused on this track. We conducted an in-depth analysis of the technical logic, application scenarios, and representative projects in the Web3-AI track, providing you with a comprehensive view of the landscape and development trends in this field.
1. Web3-AI: An Analysis of Technical Logic and Emerging Market Opportunities
1.1 The Integration Logic of Web3 and AI: How to Define the Web-AI Track
In the past year, AI narratives have been exceptionally popular in the Web3 industry, with AI projects emerging like mushrooms after rain. Although many projects involve AI technology, some projects only use AI in certain parts of their products, and the underlying token economics have no substantial connection to AI products. Therefore, such projects are not included in this article.

Recently, the volume of Decentralization Exchanges (DEXs) has reached a new historical high. Data shows that the monthly trading volume of DEXs in February has reached $64.83 billion, surpassing $61.16 billion in January.
A well-known DEX continues to maintain its leading position in the industry, with trading volume exceeding 30 billion USD for two consecutive months.
It is worth noting that Ethereum miners' monthly income reached a historic high in February. About half of the income came from transaction fees, which not only reflects the currently high transaction costs but also demonstrates the continuous rise in ETH prices. This month, the price of ETH once broke through $2000.
This series of data indicates that the decentralized finance (DeFi) ecosystem is experiencing rapid growth, with increasing user demand for decentralized trading. However, the high gas fees that have come along with this trend have also become a focal point in the industry, which may accelerate the adoption of Layer 2 solutions.

At the Web3 and AI Summit, the forum on "Web3 wallet and custody security" discussed the criticality of underlying technologies and the challenges facing the industry. Experts shared innovations in digital asset custody, storage solutions, and security architecture, emphasizing the balance between security and user experience, as well as the trend towards modular multisignature architecture in the future. The forum concluded with the importance of industry collaboration to promote the development of Web3 security standards.

In the coming week, there will be important events in the Web3 field, including the launch of the Movement Mainnet, the opening of the MegaETH Testnet, the closure of PancakeSwap staking products, and the release of Bitcoin policy plans by U.S. lawmakers, which may affect the crypto market.

The launch of virtual asset ETFs in Hong Kong will bring new opportunities and challenges, including fast approvals, gathering global funds, and market impact. Its unique advantage lies in the spot Delivery mechanism, which helps enhance market Liquidity and institutional participation, promoting Hong Kong as an important financial center.

The SEC's tough actions against the Crypto Assets industry have attracted widespread attention.
Recently, the U.S. Securities and Exchange Commission ( SEC ) has taken a series of tough measures against the Crypto Assets industry, triggering widespread attention and discussion within the industry. SEC Chairman Gary Gensler has repeatedly hinted that most crypto tokens belong to securities and has maintained a skeptical attitude towards the entire industry during his tenure. This week, the SEC officially filed lawsuits against two of the largest Crypto Assets trading platforms in the world, and this action is seen as a significant blow to the Crypto industry.
Regarding these lawsuits, legal expert Brian Frye believes that a certain trading platform is at a disadvantage because it has essentially acknowledged most of the SEC's allegations. Another trading platform is in a slightly better position as it has been making efforts to comply with SEC regulations, but the SEC has consistently refused to provide support for its compliance efforts. Frye points out that the court may take a critical stance towards the SEC's actions.

The first Sui Global Hackathon has concluded successfully, with 32 outstanding projects emerging.
In the eight-week Sui Overflow Hackerthon event, 32 winning projects were selected from 352 submissions. These winners were awarded first, second, and third prizes in eight different tracks, with two third prizes allocated in each track.
As the first global hackathon for Sui, Sui Overflow provides developers with a platform to showcase innovative ideas and Move programming skills. The competition projects cover multiple fields from development tools to games. The competition started on April 21 and lasted until June 21, with participants showcasing their project results to 47 judges on Demo Day, June 15. The judging panel consists of industry experts, investors, and well-known developers.
In addition to the main awards, the Sui community also selected the 10 most popular projects through online voting.

The Fed has decided to keep interest rates unchanged, with expectations that future rate cuts may occur when the labor market weakens. Meanwhile, the crypto assets market is experiencing fluctuations, and the future price rise potential of Bitcoin remains strong. Investors should follow supply-side factors and the SEC's decisions.