"Weekly Editor's Picks" is a functional column on Odaily Planet Daily. Besides covering a large amount of real-time news each week, Planet Daily also publishes many high-quality in-depth analyses, but these may be hidden in the information flow and hot news, and you may miss them.
Therefore, every Saturday, our editorial department will select some high-quality articles that are worth spending time reading and collecting from the content published in the past 7 days. From the perspectives of data analysis, industry judgment, and opinion output, they will bring new inspiration to you in the crypto world.
Now, come and read with us:
Investment and Entrepreneurship
Pantera Capital In-Depth Analysis: The Value Creation Logic of Digital Asset Treasurys (DATs)
The business model of DATs focuses on maximizing the number of tokens held per share. This is primarily achieved through issuing shares at a premium, issuing convertible bonds, reinvesting earnings, and acquiring undervalued assets.
The price of a DAT can be broken down into the product of three factors: (a) the number of tokens per share (b) the token price (c) the NAV multiplier (mNAV).
A Conversation with Pantera: The Logic Behind Spending $1.25 Billion on Solana CoinShares
Pantera, a cryptocurrency fund, is planning to raise up to $1.25 billion to transform a publicly traded company into a Solana investment company. Pantera partner Cosmo Jiang believes the rise of crypto treasury companies isn't hype, but the birth of a new financial organizational structure.
Why would someone choose to hold a digital asset vault company instead of buying spot assets directly? The only reason is: you believe that this "half Bitcoin" will be worth more than a whole Bitcoin in the future. As long as the market occasionally overvalues certain assets and there is sufficient volatility, you can activate the ATM (at-market-price issuance) mechanism and the convertible bond (Convertible Debt) engine.
The DAT sector is essentially a "quasi-commodity business" and will eventually form an oligopoly. This is because the competition in this industry is about cost efficiency—who can produce at the lowest cost?
Compared to Bitcoin, assets like Ethereum and Solana are actually more suitable for the DAT model. The reason is simple: BTC itself doesn't generate returns, so DAT companies rely on structure to maximize exposure. However, smart contract assets like ETH and SOL can be staked and integrated into DeFi, possessing inherent profitability.
This sector will undoubtedly undergo consolidation over the next three to five years, especially among major assets like Bitcoin, Ethereum, and Solana. Ultimately, only two or three DAT companies will truly emerge on each chain.
We're still in a window of opportunity, but it will become increasingly difficult for new entrants. There's still a three-to-six-month "new product launch period," but if we extend that to one or two years, or even two or three years, the number of new entrants will decrease.
A new trend in crypto treasury strategies: Is buying SOL more efficient than hoarding ETH?
SOL’s Digital Asset Treasury (DAT) will be more efficient at accumulating current trading supply than ETH or BTC’s DAT.
The recently announced $2.5 billion SOL DAT raise is equivalent to $30 billion in ETH funding or $91 billion in BTC funding.
SOL from FTX Legacy is about to exit the market, but its narrative impact still needs to be further digested.
SOL’s inflation problem remains an obstacle to price increases, with its size being approximately three times the unlocked amount, and needs to be resolved as soon as possible.
Seeing Through the "Hidden Logic" of Prediction Markets: 11 Arbitrage Strategies Explained
In the eyes of experts, prediction markets reveal much more: mispriced odds, lagging markets, herd behavior, and reflexive cycles that can be influenced. If you think of them as a system of operations rather than a casino, you'll find a plethora of asymmetric profit opportunities, including cross-market arbitrage, providing liquidity to market pools, Bayesian updates versus market lags, trading oracles, reflexive arbitrage, using odds to guide perpetual contract trading, preemptive token trading, treating prediction markets as synthetic options, building custom portfolio bets, tax planning, and trading infrastructure tokens.
Also recommended: " Dialogue with Ray Dalio: 10 Financial Management Methodologies for Chinese Friends ", " Secret Market Makers: The Rise and Fall of Crypto Market Makers ", " The End of Transactions Surrounding Taylor Swift's Marriage and Trump's Crypto Treasury ", and " The Truth About Web 3 Job Hunting: The Bull Market is Coming, but the Jobs Are Gone ".
Policy and Stablecoins
On August 29, the U.S. Commodity Futures Trading Commission (CFTC) officially released a guidance to clarify its Foreign Platform for Trading (FBOT) registration rules, providing a legal registration path for non-U.S. trading platforms and allowing U.S. users to trade on such platforms.
Previously, US users often used VPNs or other methods to trade on overseas platforms—a highly risky trading model. Now, if an overseas exchange registers with the CFTC as a Foreign Board of Trade (FBOT), US traders can legally access its services. In the competitive landscape of exchanges, those who prioritize compliant registration to enter the US market are likely to win.
This announcement by the CFTC will directly benefit the following groups: overseas exchanges that can meet the FBOT registration standards; US brokers that can direct customer orders overseas; and all liquidity-sensitive trading users - because the new regulations mean deeper markets and better pricing.
Trillion-dollar stablecoins are implemented through OEM
Bridge, the stablecoin issuance platform under Stripe, one of the world's largest online payment infrastructures, has commissioned the launch of MetaMask USD (mUSD), a native stablecoin, for MetaMask, a cryptocurrency wallet application with over 30 million users. Bridge oversees the entire issuance process, from reserve custody and compliance audits to smart contract deployment, while MetaMask focuses on polishing the front-end product interface and user experience.
This collaborative model represents one of the most significant trends in the current stablecoin industry. More and more brands are outsourcing the complex stablecoin issuance process to specialized "OEMs," much like Apple outsourcing iPhone production to Foxconn. On the surface, issuing a stablecoin simply involves minting it on-chain. However, the work behind making it truly operational is far more complex than one might imagine. Compliance frameworks, bank custody, smart contract deployment, security audits, multi-chain compatibility, account system integration, and KYC module integration all require a long-term investment in both financial strength and engineering capabilities.
In a market already entrenched by Paxos, Stably, and BitGo, Agora stands out as a new challenger. It doesn't emphasize secure custody or the burden of licensing barriers, but instead seeks to transform issuance into a public service using a minimalist interface. Whether this proves successful remains to be seen. However, its vision points to a new possibility for the stablecoin industry: making issuance a standardized service like domain name registration.
The "Foxconn factories of stablecoins" are becoming the invisible infrastructure at the bottom of finance. They control compliance templates, audit standards, and cross-chain tools, controlling the path for digital assets to enter the real world. Just as Foxconn builds an invisible hardware supply chain, stablecoin foundries are also building a production line for digital finance.
Euro, gold, renminbi, when will the "second half" of stablecoins come?
The demands of the real world and crypto finance are becoming diversified, and these differentiated demands constitute the market foundation for non-US dollar stablecoins.
The euro stablecoin and the gold stablecoin represent two completely different logics of non-US dollar stablecoins: the former emphasizes the local convenience and compliance development of regional currencies, while the latter emphasizes the digitization and liquidity improvement of traditional safe-haven assets.
Airdrop Opportunities and Interaction Guide
Bitcoin Ecosystem
Behind the BitLayer Crash: The Rise and Fall of the BTCFi Ecosystem
Mainstream projects are collectively sinking, buyers are fatigued by the narrative, and the inherent contradiction lies in the technical limitations of BTC. BTCFi is more like a rational correction to the market's excessive financialization. BTC should return to its spiritual totem.
Ethereum and Scaling
A long-term, fully loaded unstaking situation is unsustainable. Since treasury companies like SharpLink began buying, US-listed ETH-holding entities have held nearly $20 billion worth of ETH, representing 3.39% of the total supply. Bitmine, of which Bitmine is 75% of the way to its goal of holding 5% of the total ETH supply, is still 100% of the way to its goal.
With the further implementation of crypto-friendly policies in the future and Wall Street reaching a consensus on the long-term value of ETH, the “buying spree” for ETH has just begun. With the interest rate cut cycle approaching, we will raise our long-term ETH target price and believe that ETH’s market value will surpass BTC in 1-2 bull-bear cycles.
Also recommended: " The biggest upgrade in Ethereum's history is coming: EVM exits the stage, RISC-V takes over the leading position ."
Multi-ecosystem
CeFi & DeFi
On September 1st, World Liberty Financial (WLFI) will launch its governance token, WLFI. To some, this represents a radical reimagining of the value captured by stablecoins; to others, it's a thinly veiled Ponzi scheme poised to create one of the most ferocious token price fluctuations in recent memory.
The author believes that there are three factors that will cause the price of the currency to soar:
- Scarce circulating supply: With so little circulating supply, even low demand can drive wild price fluctuations.
- Built-in buying pressure: Every dollar of profit in stablecoin reserves may translate into systematic WLFI purchases.
- Narrative Fuel: This isn’t just a meme coin fueled by Twitter hype. It has political branding, institutional support, and government bond backing.
Users are betting on low circulation and the president’s heavy promotion, coupled with the Treasury’s desire to drive up the price so they can recoup their 20% unlocked tokens and make more, as well as their retirement funds on their token unlocking schedule.
Other related projects include: Blockstreet (BLOCK): touted as the launch platform for the cross-chain launch of USD 1; Dolomite (DOLO): a lending platform whose co-founder is now the Chief Technology Officer (CTO) of WLFI.
AAVE V 4 Upgrade: Modularization Reshapes Lending, Can the Old Coin Become Popular Again?
With the emergence of more and more new coins, fueled by the stable demand for on-chain token lending, AAVE undoubtedly possesses strong fundamentals and catalysts. This V4 update may provide insights into its future competitiveness in the DeFi space and the root causes of its growing business volume.
The history of AAVE versions mirrors the evolution of DeFi lending. V4 addresses the core issue of transforming AAVE from a powerful but rigid product into a flexible and open platform. The core improvement lies in introducing a "Unified Liquidity Layer" and employing a hub-and-spoke model to transform the existing technical design and even the business model.
With a price-to-sales ratio of only 12 times, is HYPE, which just hit a new high, still undervalued?
Calculated by price-to-sales ratio (P/S), HYPE is the cheapest asset among mainstream public chains, with a price-to-sales ratio of 12 times, 90% lower than similar assets.
This article introduces five rapidly emerging prediction market projects, analyzing their gameplay, positioning, and potential opportunities.
Kalshi: A sample of the US compliant prediction market; MyriadMarkets: An attempt to make embedded predictions socially native; Drift-BET: An expansion from perpetual contracts to derivatives of prediction markets; Fliprbot: Putting prediction portals into social conversations.
Market design, economic environment, and user-related factors.
Also recommended: " Coinbase Panoramic Report: The Current Status, Risks, and Valuation of the Leading Compliance Trading Platform in the United States " and " The Lazy Man's Financial Management Guide | Binance Plasma USDT Deposit Activity Still Has a Quota; USD.AI Focuses on Both Income and Points (August 27) ".
Weekly Hot Topics Cramming
In the past week, ETH broke through 4900 USDT, setting a new record high ; Trump Media Technology Group will establish Trump Media Group CRO Strategy and deploy a CRO treasury strategy ; ZachXBT: Crypto.com once covered up a major incident and is not allowed to disclose details for the time being; the US CFTC will issue guidance to clarify the registration rules for foreign trading platforms ; the US Department of Commerce cooperated with Chainlink to put macroeconomic data on the chain , selecting Pyth Network for on-chain economic data verification and distribution , and PYTH 24-hour increase of more than 100% ; Hyperliquid's XPL rose 200% before the market opened, and the short position was liquidated , and the whale harvested $46 million; Hyperliquid responded to the XPL surge : the platform has not encountered any technical problems or bad debts, and users are advised to pay attention to the risks; Hyperliquid's mark price will use the conventional mark price formula and combine it with the external pre-released perpetual contract price; Techno_Revenant: Due to a slip of the hand, a series of XPL liquidations were triggered , and an unexpected profit of 3800 was made in 20 minutes. 10,000 US dollars;
In addition, in terms of policy and macro-markets, Trump: No more money will be invested in Ukraine ; Trump: It is too late for Powell to signal a rate cut now, and the rate should have been cut a year ago ; Trump: Removal of Fed Governor Cook ; Fed Governor Cook: Trump has no right to fire me and will not resign ; Fed Governor Cook sued Trump for expelling her from the Fed Board; Japanese Prime Minister Shigeru Ishiba: New technologies such as Web 3 can help solve social problems such as Japan's declining marriage and birth rates ; Chairman of the Japanese Senate Budget Committee: The reclassification of crypto assets is being promoted to reduce the tax rate from 55% to 20% ( interpretation ); The Hong Kong Monetary Authority plans to implement the new Basel crypto asset capital regulations on January 1, 2026 , which may affect banks' willingness to manage stablecoins and RWA assets; Hong Kong Financial Secretary Paul Chan: Hong Kong's stablecoin has a clear positioning and there is no hype opportunity; Musk: The "hard" project Macrohard will be a pure AI software company ;
In terms of opinions and voices, Peter Schiff: Bitcoin may fall to $75,000 , slightly lower than the average holding cost of Strategy; Arthur Hayes: The United States promotes stablecoins in order to control the European dollar market . The Treasury can use stablecoins to bypass the Federal Reserve to directly control short-term interest rates; Arthur Hayes: The bull market may continue until 2028, with a focus on Ethena, Hyperliquid, Ether.Fi and Codex ; Arthur Hayes: HYPE's potential for growth is estimated to be as high as 126 times ; Vitalik: If the prediction market can solve the interest problem, a large number of hedging application scenarios will emerge and drive further growth in trading volume; Vitalik: The probability given by the prediction market is usually more accurate than the judgment formed by media influence ; CZ: Non-financial RWA may face insufficient liquidity , and stock tokenization is the general trend; Tom Lee: Ethereum's market value has a very high probability of surpassing Bitcoin , just like the US dollar decoupling from the gold standard; Matrixport: The key to Ethereum's subsequent trend lies in whether treasury companies can continue to attract funds and shape narratives ; Axie Infinity co-founder: ETH It is most sensitive to the Federal Reserve's interest rate ; Yi Lihua: ETH's target is above $10,000 and it has consistently outperformed BTC during interest rate cuts; Du Jun: After leverage is cleared, ETH may rise to $6,000 ; Eric Trump: WLFI is trying to make cryptocurrency accessible to the public , and more and more people in the United States are seeking ways to purchase cryptocurrency; Analyst: DWF Labs is undoubtedly the market maker for WLFI , and there is a high probability that other market makers will follow; Analyst: WLFI's FDV once reached the combined value of LINK, UNI, ENA, and ONDO; Xiao Feng: DAT may be the best path for crypto assets to achieve on-chain and off-chain transfers ; Bloomberg: Coinbase is becoming the preferred lender for Bitcoin mining companies ;
As for institutions, large companies and leading projects, Gucci now accepts cryptocurrency payments, including ETH and DOGE, in some stores in the United States ; SBI Chairman: SBI will build a stablecoin payment system , and the path will be different from Japanese yen stablecoins such as JPYC; Google Cloud launched the L1 blockchain GCUL , which is currently in the private testnet stage; Grayscale and other asset management giants submitted updated applications for XRP spot ETFs , adding support for XRP creation and redemption; the acting chairman of the US CFTC may join MoonPay after the official chairman is confirmed; Wormhole formally proposed an acquisition offer for Stargate , intending to acquire it for at least 120 million USDC ( previous situation summary ); Tether announced plans to launch USDT on RGB ; WLFI tokens will soon be tradable and transferable, and 20% of tokens for early supporters will be unlocked; Hyperliquid launched the WLFI-USD pre-issuance contract ; WLFI was halved before the market opened, and the script was predicted after the launch ; WLFI BD head: USD 1 points are similar to traditional loyalty programs, not the common DeFi Points; Aave founder responded again: the proposal created by the WLFI team has been voted on and passed by Aave DAO ; OKX Star: will launch a $100 million X Layer ecological fund ; OKX launched the USDG automatic coin earning and interest function ; Pudgy Penguins CEO: began to cooperate with financial experts and plans to IPO within two years ; Eclipse replaced its CEO, laid off 65% of its employees, and shifted its focus to applications based on L2 infrastructure; Huma Finance launched Season 1 airdrop ; Avantis will launch the token AVNT , with an airdrop of 12.5%; Bitlayer opened BTR airdrop query and collection ; Mitosis opened MITO airdrop application ;
In terms of data, Pendle TVL exceeded $10 billion , setting a new record high; USDC usage on the Ethereum network reached a record high , with a monthly transaction volume of $748.3 billion; USDC market capitalization exceeded $70 billion , continuing to set a new record high; the number of ETH waiting to be unstaked has exceeded 1 million, setting a new record high;
In terms of security, Kanye West: His personal Instagram account was hacked , reminding the community to be wary of fake token projects... Well, it's another week of ups and downs.
Attached is a portal to the "Weekly Editor's Picks" series.
See you next time~
- 核心观点：数字资产财库（DATs）是新兴金融结构。
- 关键要素：
- DATs通过溢价发行、并购等增值。
- SOL比ETH/BTC更适合DAT模式。
- 行业将整合，每条链剩2-3家。
- 市场影响：推动资产管理和合规发展。
- 时效性标注：中期影响。
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