Weekend Recommended Reading: Is Labubu's rise a new trend, or just another round of Meme speculation?

Organizer: Nona

This week's focus

"2025 Solana Ecosystem Panorama Analysis: How Did It Evolve from Ethereum's 'High-Speed Alternative' to a Mature Infrastructure?"

Solana has completed its transformation from a high-speed experiment to a robust infrastructure. With the development of upgrades like Alpenglow and Firedancer, the core issue is no longer whether "Solana's performance can meet demand," but rather how developers will leverage its speed, efficiency, and flexibility to build better applications.

"Caught in a Public Opinion Storm, What Happened to HashKey?"

What exactly happened with Hashkey that caused a significant fluctuation in its token price? What is the current financial and profit situation, and through what channels is it seeking new financing? The development issues exhibited by HashKey reflect what problems have been exposed in the ecosystem development of the Hong Kong cryptocurrency industry over the past three years? This has become a topic of concern for many practitioners.

"Coinbase Acquires Circle? The Harsh Business Reality Behind the Acquisition Rumor of CEX"

USDC is the second largest source of revenue for Coinbase, but due to its partnership with Circle, the revenue attribution is restricted. Circle controls the protocol layer and focuses on expanding the overall market value, while Coinbase wants to fully capture USDC, achieving revenue consolidation and protocol control.

The Rise of the King of Hong Kong Stocks and the New Star of Meme Coins: The Dual Empire of Labubu

In the financial market of 2025, the resonance between Hong Kong stocks and Meme coins has become a unique landscape. How does the rise of Labubu drive Pop Mart from a Chinese trendy toy brand to a global cultural giant? What new consumption landscape do the underlying capital logic and cultural narrative reveal?

"The Two Swords of Damocles Hanging Over the United States: Stablecoins and US Treasuries"

How much longer can U.S. bonds hold on, or how long can the dollar payment system last— the Bretton Woods system only lasted 27 years before it collapsed, while the debt-based monetary system that has existed since the collapse of the Bretton Woods system has lasted 54 years. Regarding its cycle, we both hope that it survives and look forward to its rebirth.

Featured Recommendations

"A Brief Overview: The Evolution of Hong Kong's RWA Policies, Nine Benchmark Cases, and the Landscape of Licensed Institutions"

In recent years, Hong Kong has gradually become a leading area for the development of Real World Asset (RWA) tokenization through innovative virtual asset policies and institutional practices. This article systematically reviews the evolution of policies regarding Security Token Offerings (STO) and RWA in Hong Kong, benchmark compliance cases, and the layout of core licensed institutions, revealing the key logic behind the construction of a compliant RWA ecosystem in Hong Kong.

"The Cryptocurrency Market: A Utopia Invaded by Macroeconomics"

The idealistic narrative of the cryptocurrency market is collapsing comprehensively. From the "decentralization revolution" touted by early tech geeks, to now being reduced to a puppet of macroeconomic policies, this transformation exposes the essence of capital taming.

"Uniswap: The Crypto Unicorn Under Regulatory Constraints, The Largest Dex Protocol in Blockchain"

UNI has certain Alpha potential in the beta of the ETH market, which includes potential expectations of macro regulatory easing, leading business data of the project, and structural price increases of the token.

From Store of Value to Economic Engine: How Bitcoin-Backed Lending Triggers the Next Wave of Crypto Craze

In the past six months, 63% of the Bitcoin supply has been idle, highlighting a significant untapped capital potential. Bitcoin lending is becoming a key tool to unlock this value, allowing holders to gain liquidity while retaining the upside potential of their assets and enjoying tax advantages.

"Strategy Comprehensive Analysis: Premium, Leverage, and Capital Structure"

In this report, we evaluate the structure of the Strategy stock or bond portfolio and analyze the advantages and disadvantages of holding that portfolio. We believe that, compared to other options provided by Strategy, MSTR common stock is a better investment choice.

Top ten news stories not to be missed this week

HashKey Group: All business operations are proceeding normally, Foresight News has a potential capital connection with OSL.

FTX will begin repaying creditors with over $5 billion in funds in the form of stablecoins today.

Kazakhstan plans to pilot the "CryptoCity" project to promote cryptocurrency payments and applications.

OpenSea officially launched the fully upgraded OS2 platform and will airdrop SEA tokens.

The US SEC has issued a policy statement regarding PoS network staking activities, clarifying that three types of staking activities do not constitute a securities offering.

The Thai SEC will block cryptocurrency exchanges such as Bybit, OKX, and CoinEx starting from June 28.

Circle froze two Solana addresses involved in the LIBRA scandal with approximately 58 million USDC.

Trump Media & Technology Group: Completed $2.5 billion in private financing to establish a Bitcoin treasury.

Florida, USA has proposed a bill to eliminate state capital gains tax on Bitcoin and XRP.

The Central Bank of Russia allows financial institutions to offer cryptocurrency derivatives trading to qualified investors.