This report explores the data behind this evolution, the platforms leading the way, and the technology and market trends that will shape the future of Perp DEXs.

The price of the cryptocurrency has been trading in a narrow flag channel for the past few weeks, but things are about to change.

The battle over the future direction of on-chain securities has just begun.

At the end of June 2025, Robinhood launched blockchain stock tokens of more than 200 US stocks and ETFs in the European market, opening a new chapter in digital securities trading. The product is based on the Arbitrum Layer 2 blockchain and supports zero commissions, 24/7 trading, and in-app dividends.

The sharp drop in CEX trading volumes in June shows that the crypto market is maturing, led by institutional inflows into Bitcoin, while altcoins are performing poorly due to retail withdrawals and a lack of ecosystem catalysts.

BTC fluctuates at a high level, ETH ETF has inflows of funds, and favorable policies are accelerating digital asset innovation and compliance.

Can this "second entrepreneurial" team tell a more mature story?

Can xStocks’ gameplay really make the U.S. stock market tokenized?

Stable's three-step strategy aims to build a stablecoin empire, and the revenue of Tron's "money printing machine" is in jeopardy this time - 94% of Tron's protocol revenue depends on USDT.

Compared with the financial loss, what made him feel disheartened in 3D's narration was the shaken confidence in the industry.

In this round of bull market, BTC funding rate arbitrage has entered a new era with high-speed execution, sophisticated risk control and cross-exchange integration as the core.

Don’t call me General P, call me a distinguished US stock trader.

As the blockchain industry continues to embrace regulation, Base will no longer be just a hot spot rotation track, but also an important sample for observing the transformation path of the crypto industry to "compliance, financialization, and practicality."

Today, Robinhood is no longer just an entry ticket for retail investors in the U.S. stock market, but is attempting to become a shared entrance for crypto-native users, AI financial management users, and global asset investors.

Companies that truly achieve product-market fit are the most important factors that VCs should invest in.

Every trip is not only a memory, but also a process of capital participation.