The DeFi market has experienced the largest capital outflow since the Terra UST collapse in 2022, totaling $1 billion. Stream Finance froze deposits and withdrawals after losing $93 million, causing its stablecoin xUSD to plummet significantly and triggering a chain liquidation. This incident exposed the fragility and lack of transparency of DeFi protocols, serving as a market warning about the importance of risk management for users.

The biggest issue in the cryptocurrency space is rarely discussed. To create permissionless markets, we replace the natural price discovery mechanism with formulas. This makes trading continuous and accessible but also removes the elements that maintain fair pricing.
Price discovery has always been a natural part of market operation. Buyers and sellers trade openly, and prices are formed during these transactions. It doesn’t require any formulas or fixed curves; it’s simply how markets reach consensus.
With the development of decentralized finance (DeFi), this process has started to change. Automated market makers (AMMs) open trading pairs to everyone, replacing traditional buy and sell quotes with curves. Liquidity becomes more stable, and markets no longer need counterparties to operate. This undoubtedly improves trading convenience and speed, but some important factors also shift in the process. Prices are no longer...

Author: zhou, ChainCatcher

Since September, the cryptocurrency market has staged a series of brutal harvests, from MYX, AIA to COAI, as market makers and project parties joined forces to use high control and manipulation tactics to sweep away retail investors' funds. Despite the obvious signs of harvesting, a large number of users in the market are still looking forward to the next "hundred times coin", fearing they might miss the opportunity to get rich.
The evolution of the "harvesting template" from MYX to COAI
The beginning of this scene starts from MYX.Finance, a decentralized derivatives exchange based on the Arbitrum chain, whose token MYX was launched on Binance Alpha in early September with an initial market cap of about $100 million and relatively flat trading volume. In early September, MYX suddenly ignited and surged, with its market cap quickly climbing to over $3 billion, followed by a phase of high-level volatility accompanied by daily

Source: Castle Labs
Compiled by: Zhou, ChainCatcher

At the beginning of the 21st century, a man named Ray Kurzweil made an interesting observation.
He noticed that the speed of technological advancement is accelerating, and the return on each new invention tends to grow exponentially over time. For example, the discovery of fire led to the emergence of metallurgy, which in turn promoted the development of machines, machines further facilitated the invention of computers, computers advanced the development of more sophisticated chip technology, and chip technology has promoted the progress of artificial intelligence, and so on.
The creation of new technologies continues to accelerate along this path, forming a feedback loop that allows humanity to constantly advance into new frontiers. We have gained better tools, which in turn speeds up research, allowing us to produce even better tools, thereby accelerating the next.

Source: Alea Research
Compiled by: Zhou, ChainCatcher

Yieldbasis may be one of the most anticipated DeFi projects in the fourth quarter.
The project was created by Michael Egorov, the founder of Curve Finance, with the goal of transforming constant-product AMM liquidity pools into arbitrage trading that is resistant to impermanent loss (IL), starting with Bitcoin. YieldBasis does not accept the premise that LPs must inevitably bear IL, but instead maintains a constant 2x leveraged position in the BTC/stablecoin pool, tracking BTC's price at a 1:1 ratio while still earning trading fees.
Curve provides 60 million dollars of

Original Title: DeFi's next milestone: What it'll take for agentic finance to work
Original author: @Lemniscap
Original text compiled by: Ismay, BlockBeats

Editor’s Note: When the world of DeFi becomes so complex that even professional users find it difficult to manage, how can we return the initiative to ordinary people?
This article is from a research paper by Lemniscap, systematically sorting out the rise context and real dilemmas of "smart agent finance". From &milo, Meridian to

Original Title: Canton Network: Most Realistic Blockchain
Source: Tiger Research
Compiled by: Zhou, ChainCatcher
Editor’s Note: Canton was born at the turning point of institutional blockchain and the acceleration of RWA tokenization, where the complete openness and decentralization of public chains are misaligned with the privacy, compliance, and governance needs of financial institutions in the long term. Canton achieves selective transparency at the sub-transaction level and a rights-obligations workflow through "publicly permissioned + Daml," in conjunction with

Recently, the heat in the DeFi market has risen, with projects like MYX, AVNT, and Aster performing impressively, reflecting investors' follow on innovative protocols. Although short-term prices attract attention, long-term value focuses on technology robustness and team experience. Orderly is considered an undervalued potential project, with its technology and ecological layout showing long-term rise potential, warranting continued follow.

Author: @Web3Mario

Abstract: This week, Binance's subsidy activity for USDC's flexible wealth management has expired. This low-risk wealth management scenario, where funds can be deposited and withdrawn at any time with immediate earnings, is most suitable for DeFi novices, especially for some off-chain office workers looking to allocate assets. With a yield close to 12%, it stands out even in the entire Web3 landscape. Therefore, it is believed that many friends will be eager to find alternative low-risk stablecoin wealth management scenarios. In this article, the author will outline the principles that are most suitable for DeFi novices, particularly for off-chain office workers participating in DeFi, and analyze several wealth management scenarios with similar yields and relatively low risk, suitable for this segment of users.
Seven Principles for "Outsider Office Workers" Participating in Stablecoin Wealth Management
First, the author hopes to describe a scene. If you find this scene appealing enough, then the content of this article will be useful to you:
Through a simple chain

Author: @Web3Mario

Abstract: Recently, with the changes in the regulatory environment, DeFi protocols have gained much higher interest rates than traditional financial investment scenarios due to on-chain traders' enthusiasm for crypto assets. This has positive implications for two groups of users. First, for some traders, after the prices of most blue-chip crypto assets have broken historical highs, appropriately reducing leverage and looking for some low alpha risk investment scenarios is a good choice. At the same time, macroeconomically entering a rate-cutting cycle, for most non-crypto office workers, allocating idle assets into DeFi can also enjoy higher returns. Therefore, the author hopes to start a new series of articles to help friends quickly get started with DeFi, and analyze the returns and risks of different strategies based on the real data of DeFi whales. I hope everyone supports this. In the first issue, the author hopes to start from recent...

Original Title: A Deep Dive into OneFootball
Source: CoinList
Compiled by: Zhou, ChainCatcher

At the end of July 2025, the digital football platform OneFootball conducted a public token sale on CoinList, raising a total of 3 million USD, with a fully diluted valuation (FDV) of 50 million USD. The project stated that it expects to complete the Token Generation Event (TGE) within this quarter. This article was published following an interview with Coinlist, aimed at showcasing the OneFootball team's views on the fusion of football and cryptocurrency, as well as how they plan to bring millions of fans onto the blockchain.

What is OneFootball? What problem does it solve for fans?
OneFootball is the world's leading digital football platform, featuring matches from hundreds of clubs and leagues.

Original Title: WLFI: Bridging Traditional Capital Markets
Source: Alea Research Daily Newsletter
Compiled by: Zhou, ChainCatcher

World Liberty Financial (abbreviated as "WLFI" and branded as "WorldFi", hereinafter referred to as "WLFI") positions itself as a next-generation financial infrastructure platform, aiming to integrate stablecoins with capital markets.
In addition to USD1, WLFI has also incubated related projects such as Blockstreet (ecosystem issuance platform/Launchpad) and Dolomite (lending protocol). The direct influence of WLFI mainly comes from its focus on USD1.

Original author: BitMEX
It's not a meme, it's the data talking. We are judging that an early round of counterfeit season is unfolding, and the reason is simple:
Market structure: TOTAL3 (total market capitalization of altcoins excluding BTC/ETH) is stabilizing relative to the two major cryptocurrencies; even without a breakout in BTC/ETH volume, market breadth is expanding.
Leading trend direction: SOL/ETH is moving up, funding rates are moderate, and there aren't many liquidations—true buying pressure, not a short squeeze.
Catalytic factors: The US government promotes blockchain applications, with the Department of Commerce putting official data such as GDP and PCE on-chain (via Chainlink/Pyth), and the fundamental reassessment of platform tokens brings "off-market" funds back on-market.
ETF capital situation: ETF still has net inflow but明显降温; ETH related

Authors: Jasper Goodman, Michael Stratford, Declan Harty
Compiled by: Shenchao TechFlow
Powerful Wall Street groups are trying to block some Republican proposals aimed at promoting the development of the cryptocurrency industry.
Cryptocurrency executives' substantial campaign contributions for the 2024 election have had a profound impact on the banking sector.| Saul Loeb/AFP via Getty Images
The financial sector is caught in a lobbying war in Washington.
The conflict between cryptocurrency companies and banks and other Wall Street firms is intensifying, mainly revolving around the new digital asset rules pushed by Republican leadership. This conflict is expected to peak when Congress reconvenes after its August recess.
With President Donald Trump returning to the White House, the crypto industry has achieved a series of lobbying victories, including the first against