MidnightMEVeater

Ripple is actively developing its business after resolving legal disputes, including applying for a federal banking license and promoting the stablecoin RLUSD. However, the outlook for XRP remains unclear, with limited use cases and insufficient demand. Although Ripple has financial advantages and plans to introduce new features, there is still a need for efforts to enhance the practicality of XRP while facing competition in the stablecoin market.

Story Protocol has launched the Agent TCP/IP feature to facilitate data exchange and intellectual property sharing among AI agents, promoting the development of the creator economy and the IP economic system. The ecological projects cover various fields such as Decentralized Finance, IP finance, and generative AI, supporting secondary creation and community participation.

Hyperliquid: Data Explosion, Challenging Traditional Exchanges
Recently, Hyperliquid, a decentralized derivatives exchange, has once again attracted market attention. After undergoing a series of challenges, Hyperliquid has started to truly shake the territory of traditional exchanges with its impressive data performance and rapid expansion of its ecosystem.
The contract open interest has hit a new high, keeping pace with mainstream platforms.
On May 23, the open interest of Hyperliquid reached $9.31 billion, setting a new historical high. This figure has more than doubled from the peak of $4.4 billion in December last year. Among them, BTC and ETH contributed to about half of the contract positions.
In a horizontal comparison, the contract positions of Hyperliquid have approached those of some mainstream exchanges. In terms of Bitcoin contract positions, it is comparable to several well-known exchanges, ranking between 5th and 7th.

The Dilemma of Stablecoin Development: The Game between Decentralization Ideals and Real-World Demands
Stablecoins, as one of the few products in the cryptocurrency field that have a clear product-market fit, have attracted significant attention in recent years. The market generally expects that within the next five years, tens of trillions of dollars worth of stablecoins will flood into traditional financial markets. However, the development path of stablecoins is not smooth sailing.
The Evolution of the Stablecoin Trilemma
The three dilemmas faced by early stablecoins include: price stability, Decentralization, and capital efficiency. As the market matures, the demand for scalability conflicts with the ideal of Decentralization. Recently, some mainstream stablecoin projects have even replaced "Decentralization" with the subset concept of "censorship resistance", reflecting that true Decentralization is facing setbacks.
Although anti-censorship is one of the fundamental characteristics of cryptocurrency, it is merely a subcategory compared to complete Decentralization. Currently, most stablecoin projects still retain a certain degree of

From TradFi to the Digital Age: A Depth Analysis of BlackRock's BUIDL Fund
Introduction
The BlackRock US Dollar Institutional Digital Liquidity Fund (BUIDL) is the first tokenized fund issued by BlackRock, the world's largest asset management company, on a public blockchain. As an innovative product that combines the benefits of traditional finance with blockchain technology, BUIDL marks an important milestone in the migration of institutional-grade assets onto the blockchain. This article will delve into the operational mechanism, business logic, and technical architecture of BUIDL, exploring its far-reaching impact on the RWA tokenization landscape.
1. BUIDL Fund Deconstruction: The Fusion of TradFi and Innovation
The essence of BUIDL is a regulated Money Market Fund (MMF), whose innovation lies in tokenizing fund shares into ERC-20 tokens that circulate on a public blockchain. The fund invests 100% of its assets in cash, U.S. Treasury bonds, and repurchase agreements, aiming to

Hyperliquid has quickly risen through the design of a high-performance Decentralization trading platform to solve the cold start problem, launching HIP-1 and HIP-2 to drop listing costs, while enhancing market making and clearing efficiency with the Vaults mechanism. Despite facing funding security controversies, its strategy has succeeded in improving user experience, making it worth following and learning from.

US economic data has sparked market expectations for a rate cut by The Federal Reserve (FED), while the Bitcoin market is experiencing a downward trend, despite strong ETF inflows. New compliance regulations are emerging in the stablecoin sector, with regulators revising encryption asset standards to enhance transparency. Investors need to follow future CPI data and prepare to respond to market fluctuations.

In March 2024, blockchain security incidents significantly increased, with typical events exceeding 31, resulting in losses of approximately $158 million. Hacker attack losses accounted for $116 million, and phishing scams rose by 129%. Multiple large-scale attack incidents, including those on the Blast chain platform, had a significant impact on overall losses. At the same time, there have also been positive developments in policy trends and industry growth, indicating the gradual regulation and development of the industry.

Analysis of Profit Makers in the Crypto World Bull Run
The current rise in the cryptocurrency market has not benefited as many groups as one might imagine. Through observation, we can roughly categorize the main beneficiaries into several types:
1. Bitcoin holders
Long-term holders of Bitcoin are undoubtedly among the biggest winners. Over the past year, the price of Bitcoin has risen from around $25,000 to about $65,000, showing significant growth. It is highly likely that Bitcoin will break the $100,000 mark within the next year. However, many investors often overlook this steady yet substantial growth in favor of pursuing higher-risk investments.
2. Centralized Exchange Platform
Trading platforms have always been at the top of the cryptocurrency ecosystem, generating huge profits from the entire industry. However, operating a trading platform also faces many challenges, such as regulatory pressure, legal risks, and so on. Their high returns are proportional to the risks they undertake.
3. Stablecoin Issuance

Meme coin platform on Solana: A new model for fair issuance and trading.
In January 2024, a platform focused on the issuance and trading of Meme coins on the Solana blockchain quietly launched, rapidly sparking a wave of enthusiasm within the community with its fair issuance concept, becoming a key factor in advancing the Meme coin craze into a new phase.
The performance of the platform is remarkable. As of now, its cumulative revenue has exceeded 200 million dollars. During certain peak periods, the platform's daily revenue can even reach several million dollars, once surpassing a well-known DEX and rising to the position of the fourth largest protocol among all blockchain networks.
If speculating on Meme coins is likened to gambling, then this platform is comparable to the most profitable casino. As the saying goes, "It's better to run a casino than to gamble," this platform has undoubtedly become a phenomenal product in this cycle, worthy of in-depth research and study.
Team Background
The team of this platform was not initially focused on

Futures Trading: The Hidden Addiction Mechanism in the Encryption World
Futures Trading in the encryption market is one of the most covert yet efficient addiction machines of the digital age. Operating around the clock, with ultra-high leverage and instant liquidation, participation requires no cumbersome procedures, and emotions can even be conveyed in the form of emoticons.
Cultural anthropologist Natasha Dow Schüll reveals a harsh reality in her book "Addiction by Design" through an in-depth study of Las Vegas slot machine players: the most dangerous aspect is not the loss of money, but the "machine zone" itself—a mental state of knowing you are sinking but being unable to stop.
In this seemingly technology-driven and free competitive field, more and more participants are falling into the abyss. They come from diverse backgrounds, but their fates are strikingly similar: in front of the massive slot machine of Futures Trading, they keep investing and are repeatedly devoured.
Their story is a microcosm of how we are designed to be addicted.
From a well-off family to debt

The SEC's new policy has caused a critical shift in the regulatory environment for DeFi, driving a reassessment of DeFi value and bringing institutional incentives. The market is reevaluating compliant intermediaries, liquidity infrastructure, and high-yield protocols, leading to a rapid rebound in asset prices. In the future, DeFi will face opportunities such as institutional restructuring, diversification of business models, and innovation in governance mechanisms, while also needing to address challenges such as compliance costs and privacy protection.

Overview of the Development of Various Fields in Web3 in the First Half of 2024
Ethereum
Zero Knowledge
ZKVM & ZKEVM
In the first half of 2024, more and more ZKEVM projects are starting to shift towards the ZKVM architecture, led by the PSE team under the Ethereum Foundation. Taiko is collaborating with Risc0 on ZKVM, and Scroll is also preparing in this field.
The emergence of Plonky3 has driven this transformation, with performance superior to Halo2(, although stability is slightly inferior to ), and it has improved the user experience.
The currently available virtual machines include ZKWASM, Succinct's SP1, a16z's JOLT, and Risc0. Polyhedra's ZK

Movement Labs is about to complete a $100 million Series B financing, with a valuation of $3 billion, sparking heated discussions in the encryption community. Industry insiders believe that this financing will not affect community interests, but rather help attract long-term partners. Ordinary users can follow the participation opportunities for the second phase Airdrop, and active interaction may yield rewards.

The combination of Blockchain and decentralized social media (DeSoc) addresses users' dissatisfaction with centralized platforms, promoting a user-driven new model of the internet. DeSoc applications leverage blockchain technology to protect privacy and enhance creator ownership, but face challenges in usability and content moderation. With both advantages and disadvantages, more regulatory attention and guidance will be needed in the future.

Kaito's Yaps is a social incentive system that combines Crypto Assets and artificial intelligence. It encourages user participation by assessing content quality. Users can earn points by interacting with high-influence accounts, promoting content dissemination and brand building, with good return potential.

The US stock market has seen significant fluctuations, but overall remains flat.
In the past week, the US stock market experienced its largest fluctuation since 2019. On Monday, there was a panic sell-off in the market, followed by a strong rebound on Tuesday, another decline on Wednesday, and a continuation of the rebound trend on Thursday and Friday. Despite the roller coaster-like ups and downs, the US stock market remained basically flat by the end of the week.
The stock market and the crypto market are closely linked. Media discussions revolve around topics such as the U.S. recession and the unwinding of yen arbitrage trades, but this may be an overinterpreted "pseudo-issue". The real panic sentiment is very short-lived, and there has not been a typical crisis situation where all assets are sold off.
The US stock market has pulled back about 8% from its historical highs, but it is still up 12% compared to the beginning of the year. Considering the rise in bonds, investors with diversified portfolios are less affected by the decline in stock indices. Historically, there are an average of 3 adjustments of over 5% and 1 adjustment of 10% each year. If not accompanied by an economic recession or a decline in corporate earnings, stock market adjustments tend to be temporary.
Standard & Poor's

TOKEN2049 Dubai Conference was successfully held, focusing on innovations in the encryption and Web3 fields, discussing cutting-edge topics such as decentralized AI, re-staking, and Web3 gaming. Despite the challenges posed by the floods, the cohesion among participants was strengthened. The conference showcased the resilience of the industry, emphasizing the importance of technology integration and decentralization, highlighting Dubai's position as a center for encryption innovation.