The Rise and Challenges of USDe Stablecoin
Recently, a new stablecoin star has emerged in the cryptocurrency market - USDe. This synthetic stablecoin launched by Ethena Labs quickly gained popularity with its design of "no fiat currency support," and its market capitalization once broke 8 billion USD, making it a representative of high-yield USD in the DeFi sector.
Recently, USDe has launched a staking activity in collaboration with a certain lending platform, with an annualized return rate close to 50%. On the surface, it seems like a common incentive strategy, but there may be underlying structural liquidity pressures that the USDe model faces during a bull market.

[Golden Finance] Bitwise Chief Investment Officer Matt Hougan published an analysis article titled "Crypto Assets Projects: Three Investments That May Benefit from the SEC's New Policy Shift". The article points out that there are three main investment opportunities in the current Blockchain finance sector:
The first opportunity is a layer of blockchain assets. He suggests adopting an indexed investment approach to layout a portfolio of mainstream public chain assets including Ethereum, Solana, Cardano, XRP, Avalanche, etc.
The second opportunity is the super application platform. Hougan believes that platforms like certain trading platforms and certain platforms are expected to develop into comprehensive financial service providers, one of which may become the world's first financial service company with a market value surpassing $1 trillion.
The third opportunity is decentralized finance (DeFi) applications. Hougan stated that as traditional finance and

The BRC 2.0 upgrade is coming soon, and related assets have sparked heated discussions in the market.
Recently, as the BRC 2.0 upgrade approaches, the value of related assets has surged significantly, sparking renewed interest in the Bitcoin ecosystem. Over the past month, the transaction price of the representative NFT project Adderrels in the BRC 2.0 series skyrocketed from around $15 to about $2300, achieving over 100 times the investment return.
Overview of BRC 2.0 Upgrade
BRC 2.0 is an important upgrade to the existing BRC 20 protocol, aimed at enabling EVM-compatible smart contract functionality for all BRC 20 tokens. This will support advanced financial applications such as DeFi, stablecoins, DeFAI, DAOs, and RWAs for BRC 20 tokens.
This upgrade is maintained by Best in the core of the BRC 20 protocol.

Sustainable Development of Token Ecosystems: Design, Optimization, and Tool Application
When building a sustainable Token ecosystem, a comprehensive approach and appropriate tools are required. This process can be divided into three key stages: discovery, design, and deployment.
Discovery Phase
This stage requires a clear definition of the problem, a clear statement of the challenges, and an analysis of the flow of value among stakeholders. At the same time, it is essential to deeply consider the ecosystem and the rationale for its Token, including the reasonable use of the Token. High-level planning is also indispensable, covering how to effectively utilize the Token and design various content proposals.
Design Phase
At this stage, parameterization becomes a key step. This involves using various quantitative tools, such as spreadsheets and simulation tools. These tools can help create optimized and validated models for risk analysis and forecasting, providing insights into Token supply and valuation trends.
Deployment Stage
Deploy

The crypto market remained sluggish in June: 11 charts analyzing key indicators.
In the past June, most indicators of the crypto market continued to show a downward trend. This article provides an in-depth analysis of the overall situation of the encryption market over the past month through 11 charts.
1. In June, the total on-chain transaction volume of Bitcoin and Ethereum saw a 13.4% decline, falling to $338 billion. The on-chain transaction volumes of the two major cryptocurrencies both experienced a 13.4% drop.
2. The stablecoin sector has also not been spared. The on-chain trading volume of stablecoins adjusted in June decreased by 4.5% to $839.6 billion. Nonetheless, the issued supply of stablecoins has seen a slight increase, rising by 0.4% to $142.6 billion. Notably, the market share of USDT increased to 79.1%, while the share of USDC slightly decreased to 17%.
3. In terms of miner income, Bitcoin miners' revenue in June saw only a slight decline.

PumpFun is facing challenges in the shrinking Memecoin market, despite having advantages in capital reserves and adopting a long-term development strategy. As the market enters a Bear Market, utility projects may regain attention, and PumpFun has the potential to occupy a favorable position in the new cycle, with $PUMP also becoming a long-term investment choice.

Crypto Assets Market Observation: Macroeconomic Factors and Technical Analysis Indicate Future Trends
Market Overview
Recently, there have been new variables in the global economic situation. The US and Europe reached an agreement on trade issues, imposing a 15% tariff on most goods exported to Europe. Although a full-blown trade war has been avoided, there are differences in the details of the agreement, and the unequal terms have raised concerns in some European industries. Domestically in the US, the Federal Reserve's policy meeting this week is under close scrutiny, with expectations to maintain interest rates, but facing pressure for a rate cut. This week is seen as the "truth moment" for the economy, with several key data points set to be released.
Against this backdrop, experts in the crypto industry have changed their views on market cycles. Some believe that, driven by multiple favorable factors, the traditional four-year cycle is no longer applicable, and the market is entering a "sustained stable prosperity" phase. However, polls show that the public's understanding of crypto assets still has gaps, with most investors viewing them as high-risk assets.
Bitcoin Analysis
Bitcoin has shown volatile performance recently. Divided

Market Overview
Macro environment
Recently, the erratic nature of U.S. tariff policies has caused market turbulence. This move has begun to weaken investor confidence in the U.S. economy and is expected to continue to impact market trends in the coming months. Meanwhile, U.S. bonds and the dollar have fallen back into a downward channel, while U.S. stocks have experienced an unusual surge, a phenomenon typically seen in the mid-phase of a bear market. The cryptocurrency market has also experienced severe fluctuations.
Market Performance
This week, Bitcoin experienced a sharp rebound after a significant drop, but the market as a whole lacks a clear hot direction. Some small tokens have encountered plummets due to delisting. The top five tokens by increase are XCN (110%), FARTCOIN (100%), GAS (60%), LAYER (40%), and UXLINK (30%). The tokens with the largest declines include BERA (40%), EOS (20%), MEW (20%), W (2.