Web3 Handwritten Report: This Week's Must-See Industry Highlights and Hot Products

Foresight News brings you a quick overview of this week’s hot topics and recommended content:

01 The Extension of Geopolitical Conflicts

The Secret Connection Between Iran’s Nuclear Facilities and Underground Crypto Mining Sites

“Iran Becomes a Financial Market Bomb, Can Bitcoin Hold the $100,000 Threshold?”

“Can Trump Facilitate a Ceasefire Between Israel and Iran? The Crypto Market Changes Overnight”

02 Regulatory Trends

“The Right Time for Global Crypto: An Overview of the Crypto Regulatory World Map”

“Key Points! What Does the Hong Kong Digital Asset Development Policy Declaration 2.0 Say?”

“Tokens and Equity Battle: On-chain Sovereignty vs Regulatory Constraints, How Will the Crypto Economy Be Restructured?”

03 Industry Gossip

“Across governance scandal, the team manipulated voting and embezzled 23 million dollars?”

“Crypto Gambling Dogs: The Bait of Luck, The Prisoner of K-Line”

“Upexi’s stock price plummets 60% in a single day, and hoarding coins upon listing has become a new trend of ‘cutting leeks’”

“OKX Rumored to IPO in the U.S., Can It Replicate Coinbase’s Miracle?”

04 Web3 Buidlers

“Exclusive Interview with Hyperlane Co-founder: Moving Towards ‘Full Chain Integration’”

“Exclusive Interview with Haun Ventures Founder: a16z’s First Female Partner and Stablecoin Evangelist”

“Ryan Cohen, the man who led GameStop’s resurgence, bets on Bitcoin”

05 Industry Observation

“New Protocols Flooding, 7 Tools to Help You Find Potential Stocks”

01 The Extension of Geopolitical Conflicts

The situation in Iran is turbulent, bringing various uncertainties to the financial markets, and the cryptocurrency market is also greatly affected. The unclear prospects of a ceasefire facilitated by Trump, along with speculations regarding the connections between Iran’s nuclear facilities and underground crypto mining operations, have stirred investors’ sentiments regarding Bitcoin’s price trends. In such a complex situation, what fluctuations did the crypto market experience this week? Let us review the cryptocurrency market of the week. Recommended articles:

The Hidden Connection Between Iran’s Nuclear Facilities and Underground Crypto Mining Sites

In the early hours of June 21, the U.S. launched the “Midnight Hammer” airstrikes against Iran’s nuclear facilities in Fordow, Natanz, and Isfahan, shaking not only the geopolitical landscape of the Middle East. At the same time, the average hash rate of the global Bitcoin network suddenly plummeted from about 1000 EH/s (exahashes per second) to below 650 EH/s. This seemingly unrelated digital fluctuation instantly sparked speculation: “Could Iran’s Bitcoin mines be hidden beneath the foundations of these nuclear facilities?”

“Iran Becomes a Trigger in the Financial Market, Can Bitcoin Hold the $100,000 Mark?”

On the evening of June 22, Kousari, a member of the Iranian Parliament’s National Security Committee, stated that the parliament has concluded that the Strait of Hormuz should be closed, but the final decision rests with Iran’s Supreme National Security Council. Once the news was announced, BTC dropped from $102,810 to below $100,000, eventually reaching $98,200, and has now rebounded to around $100,800. ETH temporarily fell to $2,111, marking its fourth consecutive daily decline. SOL dropped to $126, with a 24-hour decline of 3.45%, and other altcoins also experienced widespread declines.

Regarding contract data, according to coinglass data, the total open contracts across the network faced liquidations of 658 million USD in the last 24 hours, with long positions liquidated for 526 million USD. The largest single liquidation occurred in HTX - BTC-USDT, amounting to 35.4503 million USD.

The market has changed dramatically, BTC briefly fell below $100,000. Will Iran really close the Strait of Hormuz?

“Can Trump Bring About a Ceasefire Between Iran and Israel? The Crypto Market Changes Overnight”

On the morning of June 24, following Trump’s announcement of Iran’s complete agreement to a comprehensive ceasefire, the cryptocurrency secondary market rebounded after last night’s fear of an escalation in war. BTC briefly fell below $100,000 but rebounded to break through the $106,000 mark, with numerous altcoins looking to rise. Affected by the situation in the Middle East, BTC has been in a continuous pullback for nearly a week, with yesterday’s low reaching $98,200, and today it quickly rebounded to $106,075, with an increase of over 8.02% during this period.

However, the latest news indicates that Iran has denied reaching a substantial ceasefire agreement. As of the time of writing, Bitcoin is reported to be around 105,000 dollars.

02 Regulatory Trends

Which jurisdiction is the most suitable for crypto enthusiasts? Foresight News takes you on a tour of the global crypto regulatory map, exploring the regulatory frameworks and differences in various regions. Recommended articles:

“The Right Time for Global Crypto: An Overview of the Crypto Regulatory World Map”

In recent years, as the cryptocurrency market has increasingly attracted attention from all sectors, the demand for regulation in the crypto market has become more urgent. Different countries and regions have introduced regulatory policies with their own characteristics based on their economic, financial systems, and strategic considerations. From the ongoing struggle between the SEC in the United States and crypto companies, to the EU’s comprehensive rollout of the MiCA regulation for crypto asset markets, and to the difficult balance between innovation and risk in emerging economies, the global landscape of crypto regulation is showing unprecedented complexity and diversity. At this moment, let us unfold the world map of crypto regulation together and explore the hidden connections beneath this wave of global regulation.

In the map, we categorize different countries into four categories: business hubs, fully compliant, partially compliant, and non-compliant. The criteria for judgment include the legal status of crypto assets (50%), the regulatory framework and implementation of laws (30%), and the status of exchanges (20%).

On June 26, the Hong Kong SAR government released the “Hong Kong Digital Asset Development Policy Declaration 2.0”, which is the next phase of development following the Hong Kong Securities and Futures Commission’s release of the “ASPIRe” roadmap in February this year. Recommended article:

“Key Points! What Did the Hong Kong Digital Asset Development Policy Declaration 2.0 Say?”

1. Propose the “LEAP” framework, which includes four major frameworks: optimizing laws and regulations, expanding the variety of tokenized products, promoting application scenarios of digital assets (including stablecoins) and cross-sector collaboration, as well as talent and partner development.

2. The Hong Kong Treasury and the Securities and Futures Commission will soon conduct a public consultation on the licensing mechanism for digital asset trading service providers and digital asset custodians.

3. The Securities Regulatory Commission will be the main regulatory body for digital asset trading service providers and custodial service providers, responsible for licensing and registration matters, setting standards, and optimizing regulatory processes.

4. The Monetary Authority, as the frontline regulatory body for banks, supervises their digital asset trading and custody activities.

5. The Hong Kong government will normalize the issuance of tokenized government bonds in the future and will also promote the application of tokenization in various fields such as precious metals (like gold), non-ferrous metals, and renewable energy.

6. The stamp duty exemption measures for the transfer of all ETFs listed on the Hong Kong Stock Exchange also apply to tokenized ETFs.

7. Hong Kong will implement a regulatory system for stablecoin issuers starting August 1, 2025. Market participants are welcome to suggest how the government can experiment with and use licensed stablecoins.

8. Cyberport will assist the government in building a stable reserve of professional talent.

This week, Variant partner Jesse Walden and Chief Legal Officer Jake Chervinsky published an article about the token and equity value distribution models under SEC regulation. Can tokens, which are “bound hand and foot” by the SEC, break free from the regulatory fog and redefine the autonomous ownership of digital assets? Recommended article:

“Tokens and Equity Battle: On-Chain Sovereignty vs Regulatory Constraints, How Will the Crypto Economy Be Restructured?”

The new regulatory environment provides an opportunity for entrepreneurs to redefine the reasonable relationship between tokens and equity: tokens should capture on-chain value, while equity corresponds to off-chain value.

The unique value of tokens lies in achieving autonomous ownership of digital assets. It grants holders ownership and control over on-chain infrastructure, which possesses global real-time auditable transparency. To maximize this feature, entrepreneurs should design products for value to flow on-chain, allowing token holders to directly own and manage.

Typical cases of on-chain value capture include: Ethereum benefits token holders by burning transaction fees through the EIP-1559 protocol, or directing DeFi protocol revenue to an on-chain treasury through a fee conversion mechanism; token holders can also profit from intellectual property used by authorized third parties, or generate income by routing all fees to an on-chain DeFi front-end interface. The core idea is that value must be transacted on-chain, ensuring that token holders can directly observe, own, and control without intermediaries.

In contrast, off-chain value should belong to equity. When income or assets exist in off-chain scenarios such as bank accounts, business partnerships, or service contracts, token holders cannot directly control them and must rely on enterprises as intermediaries for value transfer. This relationship may be subject to securities law. Furthermore, enterprises controlling off-chain value have a fiduciary duty to prioritize returning profits to shareholders rather than token holders.

This does not deny the rationality of the equity model. Even if the core products are open-source software like public chains or smart contract protocols, crypto enterprises can still achieve success by leveraging traditional business strategies. As long as the distinction between “tokens corresponding to on-chain value and equity corresponding to off-chain value” is clear, actual value can be created for both.

03 Industry Gossip

On June 27, the scandal surrounding Celestia’s founder selling tokens to prepare for a prolonged battle temporarily subsided, but another project team was exposed for misconduct. Glue founder Ogle publicly accused the cross-chain bridge protocol Across team of allegedly manipulating DAO votes and misappropriating up to $23 million in funds. This accusation has not only drawn widespread attention from the community but also brought the transparency and security issues of DAO governance mechanisms back into the spotlight. What exactly is the Across protocol? How did the project team manipulate the voting to achieve their goal of misappropriating funds? Recommended articles:

“Across Governance Scandal: Team Manipulates Votes and Misappropriates $23 Million?”

Ogle detailed the accusations against the Across team in a lengthy article. He claims that the Across team manipulated DAO voting through opaque means, bypassing the community’s normal governance processes, and transferred $23 million to unknown accounts.

In addition, Ogle also specifically analyzed the detailed process. In October 2023, Kevin Chan, the head of the cross-chain protocol project, submitted a public proposal to the DAO, proposing to transfer 100 million ACX tokens (currently worth about 15 million USD) from the DAO to Risk Labs—the private profit-making company of the cross-chain protocol founder.

“You think you are trading, but in fact, you are just pulling the lever of a slot machine.” Through the experiences of Feng Ge, Liang Xi, and James Wynn, it reveals the phenomenon of participants being deeply trapped in the “machine maze” in the crypto market, especially in contract trading, analyzing its addiction mechanism and hazards, and emphasizing the importance of being cautious about market risks and investments. Recommended article:

“Crypto Gambler Portrait: Bait of Luck, Prisoner of K-Line”

The crypto market, especially contract trading, operates 24/7 without breaks, with leverage up to hundreds of times, liquidation without warning, and no need to wear a suit, place bets, or sign contracts. Even emotions can be expressed through memes, making it one of the most covert yet efficient addiction machines in the crypto world.

Cultural anthropologist Natasha Dole-Shur, through a long-term field study of Las Vegas slot machine players, wrote a book titled “The Bait of Luck,” in which she presents a panorama of the gambling industry, individual gamblers, and the fundamental concepts of modern society, while also revealing a harsh reality.

The most dangerous thing is not losing money, but the “machine maze” itself - that mental state where you know you are sinking but still cannot stop.

On this seemingly technology-driven and free-gambling land, we see more and more gamblers falling into the abyss. Their identities, experiences, and intellects vary, but their fates are surprisingly consistent: in front of the massive slot machine of contract trading, they are repeatedly fed and repeatedly devoured by it.

On the evening of June 24, the stock price of Solana treasury company Upexi (stock code: UPXI) listed on the US stock market fell by over 60% during the trading session, with a final closing price of $3.97. It is reported that the reason for Upexi’s flash crash was that investors had previously registered 43.85 million shares for resale, which is equivalent to the company’s initial circulating shares in April. Everyone is learning from MicroStrategy, but no one is MicroStrategy. Recommended article:

“Upexi’s Stock Price Plummets 60% in a Single Day, Hoarding Coins After Listing Has Become the New Trend of ‘Cutting Leeks’”

Ironically, on June 17, Wall Street brokerage Cantor rated DeFi Development, Upexi, and Sol Strategies of Solana’s treasury company, all giving them a buy rating. The brokerage set a target price of $16 for Upexi. Analyst Thomas Shinske wrote: “We believe that the future of finance will be on-chain, and the preferred chain will be Solana.” Cantor pointed out that Solana’s biggest competitor is the Ethereum blockchain, but its technology is much better across various metrics than its larger competitors, making the use of Solana as a financial asset more meaningful than using Ether.

On June 23, according to The Information’s crypto reporter Yueqi Yang, OKX plans to conduct an initial public offering (IPO) in the United States. Since Coinbase went public on NASDAQ in the U.S. in April 2021, several crypto companies have chosen to go public in recent years, such as Galaxy and Circle. The exchange sector’s Kraken is also actively preparing for an IPO in Q1 2026. The news of OKX planning to IPO in the U.S. undoubtedly reignites attention in the crypto market regarding listings in the U.S. Recommended articles:

“OKX Rumored to Go Public in the U.S., Can It Replicate Coinbase’s Miracle?”

However, compared to its predecessor Coinbase, OKX still has a significant gap in compliance.

Coinbase, as a domestic cryptocurrency giant in the United States, obtained a BitLicense from the New York State Department of Financial Services (NYDFS) as early as 2017 and holds money transmission licenses in multiple states. Its compliance framework has been refined over the years, not only supporting its successful IPO (listed on NASDAQ in 2021) but also making it the preferred choice for institutional investors. Additionally, it is the only cryptocurrency exchange regulated by the U.S. SEC.

In contrast, OKX’s compliance journey started later, and its re-entry into the U.S. market is more of a ‘catch-up’ nature. The $500 million fine after the settlement indicates that OKX had significant compliance gaps in the past, especially in terms of anti-money laundering and sanctions compliance. Moreover, OKX has yet to establish a long-term cooperative relationship with U.S. regulators (such as the SEC or CFTC), which could pose a risk during the IPO review.

Another key difference lies in transparency. Coinbase regularly publishes proof of reserves and actively participates in regulatory discussions, while OKX’s compliance progress relies more on news reports than on publicly available data. This may lead to investors lacking confidence in its financial stability and legal risks. In the context of the current tightening regulatory environment in the United States, OKX needs to further enhance compliance transparency to narrow the gap with Coinbase.

04 Web3 Buidlers

Exclusive interview with Jon Kol, co-founder of Hyperlane, exploring the underlying logic of Hyperlane. In what form will Hyperlane present itself in the future? How should a cross-chain interoperability protocol serve as a bridge and lubricant between major protocols and users? Recommended article:

“Exclusive Interview with Hyperlane Co-founder: Moving Towards ‘Full Chain Integration’”

Jon Kol: “In some cases, people might want a single chain that looks more like a full-chain experience that can do everything. In other cases, you actually want to directly access the product itself, because some crypto projects are unique to some extent. For example, when Base was launched, a bunch of people were excited to go there and try all these new things. At that moment, although they were using different applications, what they really wanted to play with and access was the chain itself, kind of like going to a theme park. Another example is Berachain, where everyone also chose to flock in. Therefore, in a world where this happens, you need cross-chain services to get there.”

On Bittensor, TAOFi is utilizing Hyperlane to build a cross-chain framework, allowing users to directly trade subnet tokens on Ethereum or Solana through the “inter-chain account” feature. In terms of interoperability, there will be a whole set of more mainstream adoption (user experience), enabling users to not worry about which chains the transactions occur on.

Paul Krugman served as a federal prosecutor and has a unique background in cryptocurrency investment: she spent over a decade investigating financial crimes and created the government’s first cryptocurrency task force. In 2018, she became the first female partner at Andreessen Horowitz (a16z) and co-led its cryptocurrency fund a16z crypto. In 2022, she founded Haun Ventures, managing over $1.5 billion in assets. Recommended articles:

“Interview with Haun Ventures Founder: a16z’s First Female Partner and Stablecoin Evangelist”

In 2018, when the price of Bitcoin fluctuated around $4,000 and most Americans still believed that cryptocurrency was just a short-term trend, Katie Haun confronted Nobel Prize-winning economist Paul Krugman in a debate in Mexico City. Krugman’s focus was on the extreme price volatility of Bitcoin, while Haun shifted the topic to another area: stablecoins.

She argued on stage: “Stablecoins are really interesting and are very important for this ecosystem, as they can hedge against this volatility.” She explained how cryptocurrencies pegged to the dollar can provide the advantages of blockchain technology while avoiding the volatility of traditional cryptocurrencies.

Krugman completely denied this idea.

Ryan Cohen once again acted unilaterally, without warning, explanation, or permission. The CEO, who previously revived a video game retailer on the brink of bankruptcy, has just invested over $500 million of the company’s cash into Bitcoin. Recommended articles:

“Ryan Cohen, the man who led GameStop’s revival, bets on Bitcoin”

When he took over, “the company was a mess and had serious losses.”

He first cut the leadership team. Ten board members left, replaced by executives from Amazon and Chewy who truly understand e-commerce. If you want to compete in the digital space, you need experienced talent.

Next comes cost reduction. Cohen comprehensively cut inefficient segments: redundant positions, underperforming stores, and expensive consulting fees, while retaining all parts that are closely related to customers. The goal is to maintain profitability even if sales decline.

Let’s take a look at the specific data changes before and after Cohen took over GameStop:

05 Industry Observation

The enthusiasm for chasing new projects in the current cryptocurrency market has dropped to a freezing point since 2018, with most projects remaining at a gradual optimization stage. This article shares 7 major tools and evaluation dimensions to help you capture the next Aave-level potential project from on-chain data and mind share. Recommended article:

“New Protocols Flooding, 7 Tools to Help You Find Potential Stocks”

In today’s world of information overload, it is increasingly difficult to filter out projects worth investing time in. If there is a general mindset like this in the market, it certainly poses greater challenges for new projects, but it also creates more opportunities for astute crypto natives (degens).

But we still need to continue exploring potential projects that are likely to become the next Aave, Ethena, or Pendle.

The key question is: how to determine which protocols are worth investing effort in? Where should we find them? To this end, I will share a series of tools, methods, and information channels in this article to help you identify protocols that have a preliminary development momentum. The evaluation dimensions include:

• Mindshare* (refers to the level of attention and influence a certain protocol or project has in the awareness of industry participants such as investors, users, and developers.)*

• Onchain adoption

• Coverage of smart account application scenarios (Used by smart accounts)