WEB3 Mint To Be - Current Status of STO and encryption Policies
Host: Alex, Research Partner at Mint Ventures
Guest: Mindao, founder of dForce
Recording time: 2025.3.14
The content discussed in this podcast does not represent the views of the institutions of the guests, and the projects mentioned do not constitute any investment advice.
Hello everyone, welcome to WEB3 Mint To Be. Here, we continuously question and deeply think, clarifying facts, exploring realities, and seeking consensus in the WEB3 world. We clarify the logic behind hot topics, provide insights that penetrate the events themselves, and introduce diverse perspectives.
Alex: In this episode, we will follow up on a cryptocurrency narrative that was once highly regarded a few years ago, gradually cooled down, but has recently become hot again: STO, or

In the past 24 hours, the crypto assets market has seen new dynamics, with $USELESS and $STARTUP token prices reaching new highs, reflecting investor enthusiasm. Additionally, the vibe.fun platform is gaining attention as it provides liquidity and investment opportunities for new projects. However, emerging tokens come with higher risks, and investors should carefully assess the risks and remain rational.

A number of potential "phenomenal" projects are emerging in the Web3 space, covering four major areas: Bitcoin scalability and DeFi, deepening ownership economy, tokenization of real-world assets, and Web3 games. These projects are expected to lead industry transformation, reshape market rules, demonstrate greater autonomy and application scenarios, and drive the future development of the digital economy.

A blockchain security company discovered two serious vulnerabilities in a digital collectible contract that could lead to significant losses for users and the project party. The circular design of the refund function poses risks, and the asset withdrawal function is locked due to an error in condition judgment, resulting in 34 million dollars being locked. This highlights the importance of security audits in digital collectible projects.

The Runestone project distributes rune tokens to the Ordinals community through innovative airdrops, emphasizing fair distribution. The project stems from dissatisfaction with existing airdrop mechanisms and plans to offer free airdrops to a broader audience, attracting market attention.

Railway informatization investment accelerates, AI boosts intelligent progress.
Abstract
On a macro level, the large-scale equipment renewal cycle for railway transit is approaching, and overall fixed asset investment is expected to reach a turning point, with the industry's prosperity likely to accelerate year by year.
The total investment in railways has reached a "turning point of bottom rebound," and the ten-year update and replacement cycle will be reopened. From 2014 to 2023, railway investments were completed at 808.8 billion, 823.8 billion, 801.5 billion, 801 billion, 802.8 billion, 802.9 billion, 781.9 billion, 748.9 billion, 710.9 billion, and 765.4 billion yuan respectively. It can be seen that since 2020, railway investments have shown a declining trend year by year, but in 2023, a rebound occurred, achieving 764.5 billion yuan, a year-on-year increase of 7.5%; from January to April 2024, the national railway completed fixed asset investment of 184.9 billion yuan, a year-on-year increase of 10.5%.
Fuxing Hao CR400AF/CR400BF

Binance has reached a settlement with the United States, agreeing to pay a record $4.3 billion in fines, including $1.8 billion in criminal penalties and $2.5 billion in forfeiture. Founder Changpeng Zhao has resigned and appointed a new CEO, Richard Teng. In the future, they will need to hire compliance officers and exit the U.S. market. This case marks a significant shift for Binance in terms of compliance.

AI x Crypto: From Zero to Peak
Introduction
The recent development of the AI industry is viewed by some as the fourth industrial revolution. The emergence of large models has significantly improved efficiency across various industries, with estimates suggesting that GPT has boosted work efficiency in the U.S. by about 20%. The generalization ability brought by large models is considered a new software design paradigm, shifting from precise code design in the past to more generalized large model frameworks embedded in software, resulting in better performance and support for a wider range of modal inputs and outputs. Deep learning technology has indeed brought about a fourth wave of prosperity for the AI industry, and this trend has also impacted the cryptocurrency industry.
This report will detail the development history of the AI industry, the classification of technologies, and the impact of deep learning technology on the industry. It will then analyze the upstream and downstream of the industry chain in deep learning, including GPUs, cloud computing, data sources, edge devices, etc., as well as their current status and trends. After that, it will essentially explore Cr

Questflow is a multi-AI agent scheduling platform that recently completed a $6.5 million funding round, aimed at enhancing the work efficiency of enterprises and individuals. The platform addresses the current lack of mature enterprise service solutions in the market by coordinating different AI Agents, enabling efficient and controllable workflows. Questflow's MAOP protocol collaborates with multiple top platforms to establish a Decentralization AI productivity network, which has immense market potential.

Ethena: Why is it the best choice for the encryption ecosystem to provide synthetic dollars on-chain?
Dust from the crust returns to Hokkaido, Japan as scheduled. During the day, the sunshine is bright and warm like spring, but at night it becomes bone-chillingly cold. This weather pattern causes adverse snow conditions known as "crust dust." Beneath the seemingly beautiful and flawless heavy snow lies ice and brittle snow.
As winter gives way to spring, I would like to revisit the article "Dust on the Crust" published a year ago. In that article, I proposed how to create a fiat stablecoin that exists without reliance on traditional banking systems, supported by human intervention. My idea was to combine the long and short positions of perpetual futures contracts in cryptocurrency to create a synthetic fiat currency unit. I named it "Nakadollar" because I envisioned using Bitcoin and the "perpetual" short futures contract of XBTUSD as a way to create a synthetic dollar.

In the past week, Solana has made significant progress, including Circle deploying CCTP V2 on its platform, enhancing cross-chain efficiency; signing a memorandum with Kazakhstan to launch the first Solana economic zone; and the trading platform launching SOL stake services, with increased institutional participation. Additionally, financial giant Fiserv will launch the stablecoin FIUSD on Solana and connect with 3,000 banks, promoting the integration of TradFi and Blockchain.

GameFi combines Decentralized Finance and NFT to provide new business models for blockchain games. Since its proposal in 2019, GameFi has experienced the 1.0 era of Ponzi games and the 2.0 era of the "play-to-earn" model, showcasing attractiveness and economic value. In the future, GameFi should develop towards full on-chain games, integrate new technologies, and focus on IP and playability, with immense potential.

A global leading crypto assets trading platform has partnered with Swiss national team goalkeeper Yann Sommer to enhance trading security. Both parties share the same philosophy, emphasizing "protection" and "trust," and jointly promoting user digital asset protection and brand value. This collaboration will continue to deepen, creating brilliance through technological innovation and long-term commitment.

Telegram Mini Apps connect Web2 and Web3 through seamless integration and convenient payments, enhancing user experience. Compared to WeChat Mini Programs, Telegram Mini Apps are more open and suitable for multiple scenarios. Case studies like NotCoin and Catizen have successfully attracted users and promoted the development of Web3. In the future, Telegram is expected to become a super app.

DeFiLlama Function Exploration: A Tool for DeFi Data Analysis
DeFiLlama, as a powerful Decentralized Finance data analysis tool, offers a wealth of features and data metrics. This article will detail the main functions of DeFiLlama, helping you better utilize this tool for Decentralized Finance market analysis.
Decentralized Finance Overview
The DeFi overview page of DeFiLlama provides a macro perspective of the entire DeFi ecosystem:
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