24H Trending Coins & Headlines ｜ Unitree Technology Launches IPO Subscription on STAR Market, Market Estimates Winning Rate at 0.02%–0.03%; Trump Prepares to Declare "Victory" Without a New Iran Nuclear Deal (August 10)
- Key Insights: The cryptocurrency market is experiencing overall volatility, with certain coins standing out; BMT surged 187.83% in 24 hours. The industry is undergoing large-scale consolidation, with over 100 projects shutting down since 2026. ARK Invest's research director calls this the largest consolidation period in history, with capital increasingly favoring projects that generate actual revenue.
- Key Elements:
- Market Performance: Among the top ten coins by CEX trading volume, BMT (+187.83%) and TUT (+62.39%) led gains; BOME (+22.7%) topped the gainers list; trending on-chain Meme coins include TODA, REMUS, and others.
- Regulatory Updates: The probability of the US CLARITY Act passing this year has dropped to 21%, with the Senate's first cloture vote scheduled for September 15; South Korea plans to postpone taxation on virtual asset income to 2030 and is considering relaxing vetting rules for major VASP shareholders.
- Industry Consolidation: Over 100 crypto projects have shut down since 2026, with BitMEX, Moonbeam, and others announcing closures in late July; the Tally governance platform ceased operations due to a lack of sustainable business model, and security incidents accelerated exits, with on-chain attack losses reaching $1.1 billion in H1.
- Payments Development: Crypto payment card spending hit an all-time high of $759 million in July; a16z noted that stablecoin card payments are gaining mainstream adoption; projects able to grow during bear markets generally rely on USD-denominated revenue rather than their own tokens.
- Project Updates: Pump.fun's 30-day protocol revenue (approximately $33.73 million) surpassed Hyperliquid's (approximately $32.73 million); Strategy has not purchased Bitcoin since June; Hyperliquid has cumulatively burned HYPE tokens worth approximately $2.56 billion.
1. Hot Tokens on CEX
Top 10 CEX Trading Volume and 24-Hour Price Change:
- BTC: 0.41%
- ETH: 0.30%
- SOL: 1.23%
- BNB: 0.41%
- TUT: 62.39%
- XRP: -0.05%
- DOGE: -0.21%
- TRX: 0.21%
- BMT: 187.83%
- ZEC: -0.27%
24-Hour Gainers (Data source: OKX):
- BOME: 22.7%
- PEOPLE: 20.4%
- ACT: 16.38%
- GRVT: 12.9%
- NEIRO: 12.8%
- PARTI: 12.22%
- AIXBT: 11.75%
- PUMP: 10.47%
- PROMPT: 10.28%
- OMI: 10.03%
24-Hour Coin-Equity Gainers (Data source: msx.com):
- ABTC: 6.65%
- MPU: 4.18%
- CEVA: 3.1%
- FFAI: 2.44%
- AIFC: 2.4%
- DEFT: 2.33%
- GAME: 2.27%
- CIFR: 1.98%
- LASR: 1.9%
- SWMR: 1.89%
2. Top 5 On-Chain Meme Tokens (Data source: GMGN):
- TODA
- REMUS
- LOUIE
- RISK
- PUMPGUY
Headlines
Unitree Robotics officially opened its IPO subscription on the STAR Market today. According to the announcement, the issue price is RMB 150.80 per share, with a listing market cap of approximately RMB 60.993 billion and total expected fundraising of RMB 6.099 billion. The online subscription code is 787836, with approximately 6.471 million shares expected to be offered online. The market estimates the lottery rate at 0.02%–0.03%. It should be noted that after subscription ends, the lottery results will be announced on August 12, and successful subscribers must complete payment that day. If an investor wins the lottery three times within 12 months but fails to pay in full, they will be restricted from participating in new stock and bond subscriptions for six months.
Yang Chao, chief strategy analyst at China Galaxy Securities, noted that the capital threshold for this IPO subscription is high and the lottery rate is low. Stock prices may fluctuate significantly in the early period after listing on the STAR Market. Investors should fully assess the risks associated with high valuations and ensure timely and full payment if they win the lottery, to avoid missing payment and triggering subscription restrictions.
Probability of CLARITY Act Passing This Year Drops to 21%, Senate to Hold First Vote on September 15
Polymarket data shows the probability of the CLARITY Act becoming law before December 31 stands at 21%, with related contract trading volume exceeding $5.5 million as of August 9. Galaxy Research had previously lowered its expectation of the bill passing by 2026 from 50% to 30%.
The U.S. Senate submitted a cloture motion to advance the bill on August 8 but did not hold a full chamber vote. Senators will return on September 14, and according to procedural rules, the first cloture vote is scheduled for September 15.
Iran's Parliamentary National Security Committee Approves Strait of Hormuz Security Framework
According to Iran's Mehr News Agency on the 9th, the Iranian Parliament's National Security and Foreign Policy Committee approved the strategic action plan framework for ensuring the security and development of the Strait of Hormuz.
Trump Prepares to Declare "Victory" Without a New Iran Nuclear Deal
U.S. President Trump is preparing to declare "victory" over Iran without a new nuclear agreement and is willing to exit further negotiations after Iran fully restores navigation through the Strait of Hormuz. The Trump administration believes that if Iran restores normal shipping through the global critical energy chokepoint of the Strait of Hormuz, it can be touted as a diplomatic achievement even without a formal nuclear deal.
Industry News
Three Entities Sanctioned by U.S. OFAC, Bithumb Restricts Related Crypto Deposits and Withdrawals
South Korean exchange Bithumb will restrict cryptocurrency deposit and withdrawal services involving Shelbit, Aban Tether, and Crypto Home DMCC.
Previously, these three companies were added to the sanctions list by the U.S. Treasury's Office of Foreign Assets Control (OFAC) for supporting terrorist organizations, including Iran's Islamic Revolutionary Guard Corps, or money laundering.
Over 100 Crypto Projects Shut Down Since 2026, Industry Enters Large-Scale Consolidation Phase
More than 100 crypto projects have closed, filed for bankruptcy, or permanently ceased operations since 2026, and the pace of exits is accelerating. Within just one week in late July, BitMEX, BitMart, Movement Labs, and Storj Labs announced closures or filed related applications. The exiting projects span trading platforms, wallets, DeFi lending protocols, NFT marketplaces, and L1 blockchains. Polkadot parachain Moonbeam permanently ceased operations on July 31, leaving user funds stranded for those who did not bridge assets in time.
The number of general-purpose L2s on Ethereum grew rapidly in 2023, but as the barrier to deploying chains lowered, the market became increasingly crowded, with some projects lacking differentiation. Many projects have usage but lack revenue in the traditional sense; some teams use their own tokens to pay engineer salaries, subsidize liquidity, and cover security audit costs. Recent declines of 70% to 90% in most altcoins have invalidated token-denominated capital reserves and operational runway estimates.
DAO governance tooling platform Tally, which served over 500 protocols, processed over $1 billion in payments, and helped protect up to $80 billion in on-chain value, still shut down due to the lack of a sustainable business model for governance tools.
Security incidents have further accelerated project exits. Blockaid estimates that on-chain attack losses in the first half of 2026 reached $1.1 billion, exceeding the full year of 2025; the Kelp DAO and Drift Protocol incidents alone lost $293 million and $285 million, respectively. TRM Labs estimates that North Korea-linked attackers accounted for 66% of total crypto attack losses during the period.
Projects that continue to grow during the bear market generally rely on dollar-denominated revenue rather than their own tokens. Hyperliquid's cumulative fees surpassed $1 billion on June 30 and now account for 70% of the decentralized perpetual futures market; Aave holds over $12 billion in deposits as of July, with annualized borrowing fees exceeding $100 million.
Lorenzo Valente, research director at ARK Invest, stated that the crypto industry is undergoing the largest consolidation in its history, capital has become more selective, and teams and trading platforms lacking genuine product-market fit are shutting down.
From Niche to Mainstream: Crypto Payment Card Spending Reaches Record $759 Million in July
a16z crypto officially stated that stablecoin card spending is gradually gaining adoption, and crypto payment cards have evolved from a novelty to monthly spending exceeding $750 million. These payment cards allow people to spend cryptocurrency at any location that accepts traditional card networks. Accompanying image data shows that crypto payment cards including ReddotPay, EtherFi, and KAST reached $750 million in spending in July.
Project News
Strategy Has Not Purchased Bitcoin Since June This Year
Despite Michael Saylor posting Bitcoin Tracker updates weekly, Strategy has not purchased Bitcoin since June this year.
Pump.fun 30-Day Revenue Surpasses Hyperliquid
According to DeFiLlama data, Pump.fun's protocol revenue over the past 30 days reached approximately $33.73 million, surpassing Hyperliquid's approximately $32.73 million.
Cumulative 47.59 Million HYPE Burned, Hyperliquid Total Burn Value Approximately $2.56 Billion
According to Onchain Lens monitoring, Hyperliquid burned approximately $575,400 worth of HYPE in the past 24 hours; the latest statistics window generated $624,100 in fees. Hyperliquid has cumulatively burned 47.59 million HYPE, worth approximately $2.56 billion, accounting for 4.76% of HYPE's maximum supply of 1 billion tokens.
As prediction markets expand into political and government decision-making territory, insider trading risks are becoming a regulatory focus. U.S. prediction market platform Kalshi stated it has identified multiple suspected insider trading cases and has submitted related leads to federal regulators.
Kalshi spokesperson Laura Frank said the company prohibits market manipulation and insider trading and has established trading surveillance systems similar to securities markets. Earlier this year, Kalshi's monitoring system detected former Congressman George Santos potentially engaging in anomalous trading around markets related to the U.S. President's State of the Union address. The company subsequently submitted investigation evidence to the U.S. Commodity Futures Trading Commission (CFTC).
Fundraising
Dow Protocol Completes $10.5 Million Seed Round Led by MH Ventures and Mapleblock Capital
Dow Protocol announced the completion of a $10.5 million seed funding round, co-led by MH Ventures and Mapleblock Capital, with participation from Animoca Brands, Arcane Group, Hashkey Chain, Essentia Partners, Quartet Group, and others. The project's core business provides working capital advances to merchants on leading global e-commerce platforms based on sales receivables and real operational data, serving the general e-commerce PayFi RWA financing scenario through stablecoin settlement and on-chain programmable terms.
Regulatory Developments
South Korean Lawmaker Proposes Delaying Virtual Asset Income Taxation to 2030
South Korean People Power Party lawmaker Jeong Seong-guk plans to propose a bill delaying the implementation date of virtual asset income taxation from January 1, 2027 to January 1, 2030. Under current regulations, income from the transfer or lending of virtual assets is classified as "other income" and subject to income tax, with a 22% tax rate applied to annual profits exceeding KRW 2.5 million, comprising 20% other income tax and 2% local income tax.
South Korea's Regulatory Reform Committee has proposed amendments to the enforcement decree of the Act on Reporting and Using Specified Financial Transaction Information, excluding minor violations from major shareholder qualification restrictions for Virtual Asset Service Providers (VASPs). This has sparked discussions about exchange mergers and acquisitions, new business entry, and regulatory fairness. The relaxation proposal also touches on the boundary of the enforcement decree's authority.
Since June 2024, South Korea has not approved any new VASP registration applications, meaning changes to major shareholder review standards could directly impact future exchange acquisitions, new enterprise entry, and industry consolidation.
Notable Voices
Wang Chun, co-founder of F2Pool, the third-largest Bitcoin mining pool, stated that OCEAN mining pool co-founder and CTO Luke Dashjr is not only financially bankrupt but also personally bankrupt in terms of credibility. He also stated that attempts to change the PoW algorithm will not end well either.
Previous reports showed that the Bitcoin BIP-110 fork faced collapse within 8 hours of launch, with insufficient hash rate support and only two blocks produced.
SemiAnalysis: SpaceX Compute Power Could Exceed 10GW by 2027, Annual Revenue Reaching $300 Billion
A SemiAnalysis report indicates that SpaceX's target of adding over 10GW of compute power by the end of 2027 is feasible. Musk stated that SpaceX's conservative target is to deliver 6-8GW of incremental compute power in 2027, with upside exceeding 10GW. Based on approximately $50 billion in capital expenditure per GW, 2027 capital expenditures could reach $300 billion to $500 billion.
Crypto investor Ansem stated that in the early 2023 cycle, Unibot drove the development of on-chain long-tail asset trading by combining a trading terminal with tokens, with market cap once reaching $200 million. In this cycle, we will see multiple mobile-first social trading platforms emerge. Trading will become one of the most popular PvP (player versus player) games of the next generation.
Ansem also believes that 24/7 perpetual trading of stocks and crypto assets will continue to attract retail attention, with Hyperliquid having validated this trend through its HIP-3 stock products, and platforms like Lighter potentially benefiting as well. Additionally, he stated that Robinhood was the first platform to prove the viability of the "gamified trading" model, but no platform has yet truly captured the social aspect of trading.
