Pudgy Penguins is a successful NFT project that, after experiencing a governance crisis, is now propelled by a new team and is committed to brand expansion, including toys and the Metaverse platform, reshaping its position in the NFT market. Through innovative IP and Token strategies, the project demonstrates strong growth potential.

The Rise of Ethereum Reserve Fund Strategies: SharpLink Gaming's PIPE Investment
In May 2025, we completed our PIPE investment in SharpLink, marking an important progress in our research on the trend of CeDeFi integration. Since the beginning of the year, we have been focusing on PIPE transactions related to digital asset reserves, and SharpLink is undoubtedly one of the most representative cases.
We are pleased to have participated in SharpLink Gaming, Inc.'s $425 million PIPE transaction. This investment provides us with a unique opportunity to invest in a company whose core strategy is to hold reserves of Ether. The investment structure combines option characteristics with long-term value appreciation potential, reflecting our confidence in Ether's strategic position in the U.S. capital markets and aligning with our overall assessment of the institutional development trends of crypto assets.

Recently, the jurisdictional tug-of-war between the U.S. crypto assets regulators SEC and CFTC has intensified, leading to a complex situation for crypto trading platforms. The SEC believes that crypto assets should be regulated as securities, while the CFTC views certain crypto assets as commodities. In the absence of clear guidelines, crypto companies are forced to speculate on regulatory rules, with many planning to move their operations overseas. Industry insiders are calling for a clearer legislative framework to improve the situation.

Memecoins have evolved from a humorous concept into assets worth hundreds of billions, reflecting the unique charm and risk of Web3. Although they have sparked a wave of wealth narratives and pop culture, many projects face the reality of bubbles and short lifespans, necessitating cautious investment choices.

The Base network ecosystem is developing rapidly, attracting significant funding and user attention. Multiple projects such as Base Swap, GranaryFinance, and friend.tech are emerging, providing services like Decentralization trading, lending, and fan economy. Although there are risks, early participation may present investment opportunities, and users should proceed with caution and conduct due diligence.

The Web3 industry has entered a phase of excess in the block space, shifting its focus from developers to user experience. A certain emerging project optimizes the incentive mechanism for ecosystem participants through an innovative token economic model, encouraging users to actively participate, thereby enhancing liquidity and security, and striving to gain an advantage in the new era.

Hong Kong is driving a new positioning as a financial center based on Web3 and digital assets. Through policy innovation, Hong Kong has enhanced the compatibility and openness of its financial system, establishing an efficient trust mechanism. In the future, Hong Kong will become a global hub for digital assets, leading a new financial order and technological revolution.

With the rise of Web3 projects, security risks are becoming increasingly prominent. Illegal project parties attract investors through false advertising, which can lead to severe losses. To address such risks, security companies provide risk assessment and fund tracking services to help investors understand project risks and monitor fund flows, enhancing security. However, investors still need to remain vigilant, carefully select projects, and seek professional help in a timely manner to recover their assets.

The article discusses the combination of AI and Blockchain, explaining the identification and legal barriers that AI faces in the TradFi system, as well as how Blockchain provides a way for economic activities to occur without identification. The characteristics of Blockchain allow AI to autonomously conduct transactions and income settlements, thereby forming a self-governing economic system; at the same time, the importance of stablecoins as a medium of circulation in this process is also emphasized. The article points out that decentralized AI legal entities may emerge in the future, but they also face legal and ethical challenges. Ultimately, Blockchain has the potential to build financial infrastructure suitable for machine operation.

Stablecoins are rising rapidly in the crypto market, but the degree of decentralization is facing a downward trend. The three dilemmas of price stability, decentralization, and capital efficiency make it difficult for projects to find balance. The regulatory environment and the rise of institutional stablecoins add to the challenges; while centralized management brings controllability, it contradicts the principles of encryption. In the future, seeking solutions between innovation and balance among these three core concepts will be key to the development of stablecoins.

The DeFi ecosystem of Solana continues to rise, with an average daily Spot DEX volume reaching $1.5 billion, driving its TVL up to $4.311 billion. Major projects include DEXs such as Raydium, Jupiter, and Orca, as well as liquid staking platforms like Jito and Marinade. The lending and derivation markets are also developing, with the PYTH Oracle Machine providing price support for projects, and it is expected to attract more users and innovative products in the future.

Since 2022, India has implemented a 30% tax rate and a 1% withholding tax on encryption assets, and it lacks comprehensive regulation, mainly relying on tax and AML measures. In the future, more comprehensive policies may be introduced to balance innovation and risk, promoting healthy development.

The "Digital Asset Market Clear Act" passed by the U.S. House of Representatives aims to clarify the regulatory rules for digital assets and delineate the responsibilities of the SEC and CFTC. This act will have a profound impact on the crypto market, enhancing regulatory transparency, promoting institutional investment, while also providing protection and exemption mechanisms for DeFi projects. In the future, the linkage with the "GENIUS Act" will build a complete compliance system.

Peter Thiel, as a co-founder of PayPal, established Founders Fund with a unique investment philosophy and foresight into the future, successfully investing in projects like Facebook, Palantir, and SpaceX. The fund is committed to supporting founders, seeking unique opportunities, and has become an influential investment institution in Silicon Valley, setting a new benchmark for the venture capital industry.

The Hong Kong Legislative Council has passed the "Stablecoin Issuer Ordinance Bill," providing the first complete regulatory framework for the stablecoin industry, requiring issuers to apply for licenses and meet strict standards. The bill strengthens market order, and violations will face criminal penalties. This measure is expected to promote the application of stablecoins in various fields, enhancing market transparency and stability.

PayFi is an innovative application based on Blockchain, aimed at integrating Web3 payments and Decentralized Finance to build an efficient Payment Network that does not require trusted third parties. Its core value lies in promoting the application of digital assets in the real world, driving the mass adoption of Crypto Assets, and providing users with a more convenient and innovative Financial Service experience.

In 2025, the crypto assets market experienced significant fluctuations due to the uncertainty of policies following Trump's inauguration and risks of stagflation. Market sentiment was bleak, and tokens generally fell. Despite the challenges, market indicators suggest that the worst may be over, and long-term favourable information could drive a recovery in digital assets.