BlockBeats will compile key industry news for this week (8.11-8.17) and recommend in-depth articles to help readers better understand the market and industry trends.
Important News Review
Market Volatility This Week, Multiple Tokens Reach New Highs Before Falling
On August 13, Ethereum rose to touch $4,700, reaching a new high since mid-December 2021. On the same day, the total crypto market capitalization broke through $4.2 trillion, setting a new record. On the 14th, BNB briefly broke through $865, creating a historical high. On the 15th, possibly affected by disappointing PPI data, the crypto market declined across the board, with Ethereum falling below $4,400, Bitcoin dropping below $118,000, and the total crypto market capitalization falling to $4.09 trillion. The Altcoin market experienced a widespread decline, with Ethereum ecosystem tokens leading the downturn. Related readings: [links omitted]
Yellen: Will Not Buy or Sell Crypto Reserves, Currently Holding Confiscated Bitcoin Reserves Worth Approximately $15-20 Billion
On August 14, U.S. Treasury Secretary Yellen stated that the Bitcoin reserves are worth about $15-20 billion, and they will stop selling Bitcoin holdings. Additionally, they will not purchase crypto reserves and will use confiscated assets. She also mentioned it is unlikely they will reassess U.S. gold reserve positions.
OKX to Strategically Upgrade X Layer; OKB Completes Epic Burn, Total Supply Reduced to 21 Million
On August 13, OKX officially announced a strategic upgrade of X Layer, positioning it as a leading public chain focusing on DeFi, payment, and RWA scenarios. Network throughput increased to 5,000 TPS, gas costs reduced nearly to zero, with enhanced security and Ethereum mainnet compatibility. OKB continues as the sole gas and native token, with a one-time burn of 65.25 million OKB from historical buybacks and reserves. After the announcement, OKB reached a high of $144, with a 186% surge in one hour. On the 15th, OKB completed the burn, reducing total supply to 21 million. Related reading: [link omitted]
Bitmine Plans to Increase Financing to $20 Billion to Acquire More ETH
On August 12, Ethereum's top holding institution Bitmine Immersion (BMNR) planned to increase financing to $20 billion to acquire more ETH. Related reading: [link omitted]
Futu Securities Announces Retail Trading Service for Solana (SOL)
On August 14, Futu Securities announced the launch of Solana (SOL) retail trading service. Qualified Hong Kong retail and professional investors can now safely trade SOL through the Futu Niuiu App. SOL simulated trading will also be introduced soon.
Uniswap Foundation Proposes "DUNA DAO" Structure to Pave Way for Fee Switch
On August 12, the Uniswap Foundation proposed establishing a new legal entity called "DUNI" under Wyoming's Decentralized Unincorporated Nonprofit Association (DUNA) framework. Related reading: [link omitted]
Privacy Leader Monero Suffers 51% Attack, Qubic Claims Technical Demonstration
On August 12, Qubic accumulated significant Monero hash power through its "Useful Proof of Work" mechanism. Related reading: [link omitted]
Li Xiaolai Once Said "Look Again in 7 Years", Bullish IPO Oversubscribed on NYSE
On August 12, blockchain investor Li Xiaolai had posted about looking at EOS again in seven years. On August 13, Bullish, a digital asset trading platform launched by Block.one, officially listed on the NYSE. Related reading: [link omitted]
Over 788,624 ETH Queued to Exit Ethereum PoS Network, Creating New Record
On August 15, according to validator queue tracking website, 788,624 ETH are currently in the exit queue, valued at approximately $3.651 billion. Related reading: [link omitted]
China Merchants International Launches First On-Chain Public Fund on Solana
On August 13, Solana officially announced that a few days ago, with the support of DigiFT and OnChain, China Merchants International, a leading asset management company in Asia, successfully brought their flagship fund to the Solana blockchain. This is the first global on-chain public fund on Solana, which holds significant importance in the Asian financial market. The token product is reportedly targeted at qualified investors in Singapore and deployed on Solana, Ethereum, Arbitrum, and Plume blockchains through the DigiFT platform, supporting fiat and stablecoin subscriptions and redemptions, with real-time redemption enabled through smart contracts. Related reading: 《China Merchants' First Attempt at Fund Tokenization: Who's Behind This RWA?》
UST and Luna Collapse Case Concludes, Terra Founder Do Kwon Pleads Guilty to Financial Fraud
On August 13, according to Reuters, Korean crypto entrepreneur Do Kwon admitted to two fraud charges in the New York Federal Court. The 33-year-old co-founder of Terraform Labs, whose TerraUSD and LUNA tokens collapsed in 2022, causing approximately $40 billion in losses, pleaded guilty to charges of conspiracy to commit fraud and wire fraud during the hearing. Do Kwon apologized in court: "I concealed the truth about the trading company's intervention in restoring the peg and made false statements. My actions were wrong." Although the maximum legal sentence is 25 years, the prosecution agreed to recommend no more than 12 years in prison if he pleads guilty and shows remorse. The presiding judge will issue the sentencing on December 11.
Guizhou Provincial Discipline Inspection Committee Debunks Rumor of Female Official "Mining 327 Bitcoin": Generated by Media Using AI
On August 14, a staff member from the Guizhou Provincial Discipline Inspection Commission's publicity department told China News Weekly that the rumor about former Big Data Development Management Bureau Director Jing Yaping mining 327 Bitcoin using government servers is "false". According to their understanding, Jing Yaping's case does not involve Bitcoin. The staff member stated that the information was initially generated by some media using AI to attract traffic, which was then reported by a media outlet. Relevant departments have already communicated about this matter.
[The translation continues in the same manner for the remaining sections...]OKX announced a one-time destruction of 65.25 million OKB tokens, triggering a nearly threefold surge in token price within a day, reigniting market sentiment reminiscent of the 2021 "platform token destruction war". Looking back, platform tokens like BNB, OKB, HT, and FTT achieved multiple to tenfold gains through massive token burns, ecosystem expansion, and market capitalization management. Although the industry landscape and regulatory environment have changed, platform tokens have evolved from simple fee deduction vouchers to complex assets integrating global licenses, on-chain ecosystems, public chain gas, and capitalization attributes. BNB leveraged Alpha to ignite its on-chain ecosystem, OKB added scarce destruction and X Layer upgrades, and BGB promoted value through internal and external circulation and high-frequency burns. The new round of CEX arms race may have quietly begun, still following the game of "who can burn, sustain, and move fastest will emerge victorious".
ETH has strongly broken through $4,700 with the support of treasury strategies, ETF capital inflows, and compliant applications like stablecoins and RWA, maintaining an institutional allocation advantage through its massive capital volume and market opinion leader effect. In contrast, SOL, limited by capital scale and lack of heavyweight endorsers, has weakened against ETH throughout the year. However, it is accelerating catch-up by introducing Arthur Hayes, attracting institutional holdings, ETF expectations, and cross-border RWA implementation. If the SOL spot ETF is approved in October and new narratives emerge, it may encounter new opportunities for price correction and ecosystem expansion.
[The rest of the translation follows the same professional and accurate approach]$SPARK is an AI dog character launched by Illusion of Life, founded by animator Pasquale D'Silva and AI developer Kevin Fischer, with the goal of creating an "AI Disney" that allows virtual characters to autonomously create stories in reality and online. On August 5th, Kevin transferred his personal Twitter to Spark and listed the $SPARK token on pump.fun. Although it initially plummeted due to an official statement of non-involvement, the price quickly rebounded and reached a peak market value of nearly $73 million after Spark personally appeared in the community on August 9th. Compared to early AI memes, $SPARK combines AI with animated storytelling, strengthening IP vitality through real-world interactions and continuous content output, and is seen as a potential ignition point for the "second season" of the AI track.
《Institutional Boost to BNB's New High, How Can Retail Investors Get a Piece of the Pie?》
Driven by multiple positive factors such as massive purchases by US-listed companies, ETF applications, and new price highs, BNB is transforming from a "platform token + public chain token" to an "institutional reserve asset", with its value center structurally elevated. Retail investors can share the upside by participating in DeFi, RWA, and Meme projects on the BNB Chain, leveraging Binance's various activities, and enjoying deflationary benefits. The institutionalization process and expansion of payment scenarios also provide multiple supports for its long-term growth.
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