Morning Report | Vitalik announced the vision for Ethereum in 2030: to reconstruct Ethereum as a universal computing layer; the legislative efforts of the Clarity Act in the United States have collapsed, and cryptocurrency regulation is at an impasse
Overview of Important Market Events on September 27Compiled by: ChainCatcher
What important events have occurred in the past 24 hours?
U.S. Clarity Act legislative efforts collapse, crypto regulation at a standstill
According to ChainCatcher, as reported by CoinDesk, the U.S. Clarity Act, aimed at establishing a clear regulatory framework for cryptocurrencies, has failed after months of tense negotiations. The bill was originally intended to address the definition of digital assets at the federal level but did not reach the final voting stage due to intense conflicts of interest among various parties. Multiple sources indicate that the core reason for the legislative collapse lies in complex jurisdictional conflicts and disputes over terms. The CFTC (Commodity Futures Trading Commission) and SEC (Securities and Exchange Commission) are in disagreement over the management rights of certain digital assets, while lawmakers also struggle to reach consensus on how to define the legal attributes of NFTs, DeFi protocols, and stablecoins. Despite calls from institutions to eliminate market uncertainty through legislation, a key compromise proposal ultimately could not be reached. The Fintech Association and other industry organizations had previously lobbied actively in support of the bill, hoping to establish clear industry standards. With the failure of this legislation, traditional financial institutions on Wall Street and crypto projects will continue to face legal gray areas, delaying the industry's compliance process.
Monochrome Exchange launches MCR IEO, raising over 5.5 million USDT
According to ChainCatcher, monitoring by Lookonchain shows that Monochrome Exchange, an Australian digital asset management company founded by Jeff Yew, former co-founder and CEO of Binance Australia, has launched the MCR token IEO, raising over 5.5 million USDT to date. The total supply of MCR is 210 million tokens, of which 5%, or 10.5 million tokens, is allocated for this public IEO. The IEO tokens will be locked for one month after the TGE, followed by a linear release over three months. MCR holders can enjoy discounts on spot and derivatives trading fees, priority subscription rights for Digital IPOs and token issuance, and can earn rewards through staking, enhance Launchpad quota weight, and participate in node programs, while also engaging in platform governance through Monochrome DAO. Each quarter, 20% of the platform's net profit will be used for open market repurchases of MCR and destruction, while 25% of the Digital IPO fee income will be included in the quarterly repurchase and destruction funds, aiming to continuously reduce the circulating supply of MCR through platform business growth. On September 13, 2021, Monochrome announced the completion of a $1.8 million Series A financing round, led by Litecoin founder Charlie Lee, Blockstream Chief Strategy Officer Samson Mow, former Binance CFO Wei Zhou, and founders of Blueshyft and DeFi protocol Synthetix, Kain Warwick, with a post-investment valuation of approximately $15 million. On August 18, 2022, Monochrome Asset Management received the country's first financial services license (AFSL), which will be used to issue crypto-related trading platform exchange-traded funds (ETFs).
MARA pays $100 million deposit for Texas data center project, acquisition cap set at $600 million
According to ChainCatcher, as reported by TheEnergyMag, Bitcoin mining company MARA has announced that it has paid a $100 million power deposit for its data center project in Matagorda County, Texas, and adjusted the payment and exit terms of its deal with sustainable fuel developer HIF USA. The project is located southwest of Houston, covering over 1,200 acres, with a planned power capacity of up to 2 gigawatts. MARA plans to use it to build a facility supporting high-performance computing and Bitcoin mining. According to the revised agreement, some payments originally tied to regulatory approval will be adjusted to be paid in two installments, and if all milestones are met, the total acquisition price remains capped at $600 million.
U.S. non-farm payroll and core PCE to be announced next week, Micron to release earnings report after Wednesday's market close
According to ChainCatcher, the key macro data next week includes the U.S. non-farm employment report on Friday, which includes non-farm employment numbers, unemployment rate, and average hourly earnings, directly related to the Federal Reserve's interest rate path and is important employment data ahead of the October interest rate meeting. According to Beijing time, the U.S. September ADP employment figures will be released on Wednesday at 20:15, followed by the U.S. August core PCE price index year-on-year at 20:30; on Thursday at 20:30, the number of initial jobless claims for the week ending September 26 will be announced, and on Friday at 20:30, the U.S. seasonally adjusted non-farm employment numbers and unemployment rate for September will be released. In terms of official speeches, Bank of England Governor Bailey will speak on Thursday at 16:00, followed by European Central Bank President Lagarde at 21:30. Starting Wednesday morning, Federal Reserve officials will have a series of public activities, including 2027 FOMC voter and Chicago Fed President Goolsbee, and 2028 FOMC voter and St. Louis Fed President Bullard, who will speak in succession, while FOMC permanent voter and New York Fed President Williams will deliver a keynote speech at the University of Buffalo. On Thursday, Federal Reserve Governor Cook, Minneapolis Fed President Kashkari, and Richmond Fed President Barkin will speak in succession, and on Friday, Williams and Dallas Fed President Logan will also have public activities. In the U.S. stock market, Micron will release its earnings report after Wednesday's market close, and Nike will announce its latest quarterly earnings on Thursday, with both companies corresponding to storage chips and consumer demand.
Quant partners with TCH to provide a tokenized deposit interoperability layer for the U.S. regulated banking system
According to ChainCatcher, blockchain interoperability company Quant has announced a partnership with The Clearing House (TCH) to introduce programmable money to the U.S., providing an interoperability layer for tokenized deposits within the regulated banking system, allowing tokenized deposits to circulate within the banking system. Quant stated that this collaboration continues its related work in the UK, Europe, and other regions. The company mentioned the On-Chain Money Initiative in its announcement and released a press release and blog explaining the collaboration.
Slow Mist's Yu Xian discusses THORChain: Decentralization is not just a slogan, and should not respond to industry security incidents with "no interference"
According to ChainCatcher, Slow Mist's Yu Xian posted on the X platform, stating that the Bitget theft incident has widespread implications, involving a large amount of money, and the related funds were quickly linked to North Korean hackers. Institutions like Circle and Tether have promptly assisted in freezing the related funds, with Circle freezing the USDC held by the hacker. Regarding THORChain, Yu Xian pointed out that when THORChain previously experienced a theft incident, it also quickly intervened in its so-called "decentralized" platform; however, in the face of a significant industry security incident, it responded with "decentralization, no interference," equating itself with Bitcoin and Ethereum while continuing to earn fees from the hacker's large cross-chain transactions. He stated that decentralization should not just be a slogan, and after a major security incident, it is crucial to distinguish which issues need to be collectively addressed by the industry. He also believes that platforms like THORChain should not be easily compared to Bitcoin and Ethereum, as there are significant differences in the degree and mechanisms of decentralization among different systems.
Bitwise sets NEAR's 2030 benchmark target at $155, extreme scenario could reach $562
According to ChainCatcher, Bitwise has submitted the final prospectus for its NEAR spot ETF and publicly released a 39-page investment report on NEAR, co-authored by Bitwise Chief Investment Officer Matt Hougan. The report provides various scenario forecasts for NEAR: under the baseline scenario, NEAR is expected to reach $155 by 2030; under the extreme bullish scenario, the target price is $562; while the bearish scenario is set at $1.63. The report does not shy away from the risks of a significant decline in NEAR's price. In the extreme bullish scenario, Bitwise compares NEAR to Visa, noting that Visa processed payment transactions totaling $15.7 trillion in 2024, with a current market capitalization of approximately $701 billion, using this as one of the references for assessing NEAR's future potential value. The report also includes a product page for Bitwise's European NEAR ETP.
GoPlus: THORChain is not truly decentralized, calls for interception of North Korean-related funds
According to ChainCatcher, GoPlus Security stated on the X platform that the outflow of funds from THORChain requires validators to actively sign through TSS threshold signatures, which is different from Bitcoin and Ethereum; approximately 101.5 BTC (about $8.5 million) of the stolen funds from Bitget have already been transferred out, and about 27.63 million XRP (about $43 million) are being exchanged for BTC, calling for interception of addresses related to North Korea.
Strive CEO hints at continued Bitcoin accumulation
According to ChainCatcher, Bitcoin Magazine quoted the statement of Strive's CEO, indicating that the company will continue to buy Bitcoin, stating, "Let's increase the leverage a bit more."
Abnormal price fluctuations of stablecoins in South Korea: industry calls for improved circulation security mechanisms
According to ChainCatcher, fiat-currency-pegged stablecoins have recently experienced significant price deviations in South Korean virtual asset exchanges. The yen-pegged stablecoin JPYC surged to four times its benchmark price after listing, while the euro-pegged stablecoin EURC skyrocketed over 400% in a single day on Bithumb, and the dollar-pegged stablecoin PYUSD also showed significant premiums. Analysts believe that these fluctuations stem from insufficient circulation volume combined with concentrated buying during the initial listing period, unrelated to the issuer's prepared assets. The industry points out that relying solely on reserves cannot prevent price distortions in the secondary market, calling for the establishment of initial circulation volume guarantees, market maker (MM) and liquidity provider (LP) mechanisms during the design phase of the Korean won-pegged stablecoin system, and the introduction of measures such as price deviation rate disclosure and market order restrictions.
OKX founder Star Xu: THORChain is not truly decentralized
ChainCatcher news, OKX founder Star Xu posted on X to refute that the cross-chain liquidity protocol THORChain has actually proven itself not to be truly decentralized. He stated that when THORChain's treasury was drained in May, node operators paused the entire network within minutes and kept it offline for 13 hours. Star Xu also claimed that a network that can stop when its own funds are at risk, but refuses to stop when others' funds are at risk, does not "act like Bitcoin." He pointed out that Bitcoin cannot be stopped, while THORChain can be stopped, just choosing when to stop.
THORChain responds to questions regarding Bitget security incident, emphasizing that decentralized protocols do not require permission
ChainCatcher news, MistTrack (@MistTrack_io) disclosed that following last year's $1.46 billion hacking incident at Bybit, where nearly $1.2 billion was transferred via THORChain, Bitget recently experienced another major security incident, with stolen funds suspected to have flowed through THORChain again. In response, THORChain officials stated that their protocol, like Bitcoin, Ethereum, and BNB Chain, belongs to a decentralized, permissionless network.
Kalshi wins Sixth Circuit Court of Appeals ruling, allowed to continue operating event contracts in Ohio and Tennessee
ChainCatcher news, according to Cointelegraph, the prediction market platform Kalshi won an important ruling from the U.S. Sixth Circuit Court of Appeals, allowing it to continue operating its event contracts in Ohio and Tennessee. The ruling involves a dispute between Kalshi and the relevant state regulatory agencies regarding whether event contracts can continue to be offered. Cointelegraph reported that the court ruled to allow Kalshi's event contracts to continue operating in the aforementioned two states.
CleanSpark completes $2.276 billion debt financing for Georgia data center
ChainCatcher news, Bitcoin mining company CleanSpark announced the completion of a $2.276 billion debt financing for its data center project located in Sandersville, Georgia, USA. The note has an interest rate of 7.875%, and the funds raised will be used for project construction and to repay previously invested equity funds. The Sandersville project comes with a 20-year lease.
Vitalik announces Ethereum vision for 2030: reconstructing Ethereum as a general computing layer
ChainCatcher news, according to CoinDesk, Ethereum co-founder Vitalik Buterin announced a long-term roadmap, referred to as Streamlining Ethereum. This vision proposes that by 2030, Ethereum will transcend a mere blockchain ledger and plans to completely reconstruct the protocol in the next three to four years. The transformation includes expanding transaction throughput by approximately 1000 times, introducing zero-knowledge proofs to enhance privacy and combat quantum computing threats. By 2030, the network is expected to accommodate 2TB of traditional dynamic state data, along with 100TB of new scalable storage, to achieve underlying state separation and optimization. The vision also proposes to build Ethereum as an infrastructure driven by cryptographic validation, with applications extending from finance to social systems. Most developers support this plan, although some voices believe the implementation timeline is somewhat delayed.
Vitalik releases original novel "Snowmoon," open-sourced under GPL v3
ChainCatcher news, Ethereum co-founder Vitalik Buterin announced today that the original novel "Snowmoon" has been completed, consisting of 32 chapters. The novel unfolds in a speculative science fiction setting, depicting a world highly reliant on cryptography and decentralized governance. The story focuses on the ideological conflicts between societies such as Veridia and the Arctic Empire, involving elements like zero-knowledge proofs, second voting, privacy technologies, and content-oriented tax mechanisms, integrating themes of mechanism design and digital sovereignty that V has long been concerned with. The work is published under the GPL v3 license. Vitalik stated that adaptations into films, animations, and other derivative works are allowed, but requires the related production pipeline (including AI prompts, scripts, and other non-generic materials) to be open-sourced. He declared that all text was written by him, with AI assistance only used for spelling and grammar checks, consistency verification, and webpage formatting, and noted "Snowmoon was written with love."
Bitmine Chairman Tom Lee: Tokenization and AI agents may become cyclical driving forces
ChainCatcher news, Bitmine Chairman Tom Lee stated that artificial intelligence and the cryptocurrency industry are gradually merging, and tokenization and AI agents may become the two main driving forces of the next round of the cryptocurrency market cycle. Tom Lee mentioned that BlackRock expects more assets to be tokenized, and financial settlement infrastructure is increasingly being built on cryptocurrency networks, with some fintech companies like Revolut already starting to build related businesses based on Ethereum. He also noted that AI is driving the formation of the digital economy, while cryptocurrencies provide the digital currency and blockchain infrastructure needed to support this economic system.
Data: Hyperliquid platform whales currently hold $9.695 billion, long-short ratio is 0.88
ChainCatcher news, according to Coinglass data, whales on the Hyperliquid platform currently hold $9.695 billion, with long positions at $4.548 billion, accounting for 46.91%, and short positions at $5.147 billion, accounting for 53.09%. Long positions have a profit and loss of $683 million, while short positions have a profit and loss of -$756 million. Among them, the whale address 0x5b5d..60 shorted ETH with a 5x leverage at a price of $2304.06, currently realizing a profit and loss of -$42.0707 million.
Hyperliquid repurchased and burned approximately $956,800 HYPE in the last 24 hours
ChainCatcher news, on-chain data analysis platform Onchain Lens reported that Hyperliquid repurchased and burned 10,400 HYPE in the past 24 hours, with a volume-weighted average price of $91.97, corresponding to a value of approximately $956,800. Data shows that Hyperliquid has cumulatively burned 48.96 million HYPE, with a statistical value of approximately $4.48 billion, accounting for 4.90% of the maximum supply. Its revenue in the past 30 days was $58.27 million.
Galaxy Research Director: COLDCARD Seed Entropy theft incident involves 256 victims
ChainCatcher news, according to monitoring by Galaxy Research Director, the COLDCARD Seed Entropy theft incident has resulted in 1,830 BTC being stolen, involving three rounds of attacks and over 30 smaller related signs. A total of 256 victims have reported their situations to GLXY Research, with a median loss of 1.1 BTC, and tracking of the attackers is still ongoing.
Data: BTC breaks $85,000
ChainCatcher news, according to Gate market data, BTC/USDT is currently reported at $85,000, with a 24-hour increase of 1.04%.
Data: If ETH breaks $2,813, cumulative short liquidation intensity on major CEXs will reach $528 million
ChainCatcher news, according to Coinglass data, if ETH breaks $2,813, the cumulative short liquidation intensity on major CEXs will reach $528 million. Conversely, if ETH falls below $2,561, the cumulative long liquidation intensity on major CEXs will reach $501 million.
Data: If BTC breaks $87,904, cumulative short liquidation intensity on major CEXs will reach $636 million
ChainCatcher news, according to Coinglass data, if BTC breaks $87,904, the cumulative short liquidation intensity on major CEXs will reach $636 million. Conversely, if BTC falls below $80,508, the cumulative long liquidation intensity on major CEXs will reach $636 million.
Chairman of the U.S. House Financial Services Committee: Tokenization has shifted from a "future concept" to reality
ChainCatcher news, according to CoinDesk, the Chairman of the U.S. House Financial Services Committee, French Hill, stated that tokenization has shifted from being viewed as a "futuristic" concept during discussions of FIT21 and the CLARITY Act to a reality that is happening in real-time. He said, "We may really be tokenizing an asset like a real security— in fact, we are doing that right now."
Vitalik: Ethereum will become a hybrid architecture combining blockchain and modern cryptography
ChainCatcher news, Vitalik posted on the X platform stating that he attempted to briefly explain the true meaning of the plans for Ethereum that forked after Hegota. Ethereum is no longer just a blockchain, but a hybrid architecture that combines blockchain with modern cryptography, enabling more powerful features. Related plans include FOCIL, EIP-8288, streamlined consensus, state management, formal verification, memory pool improvements with privacy features, and long-term obfuscation techniques.
Data: Trader mk4 holds NEAR long position with unrealized profit of $17.55 million
ChainCatcher news, according to on-chain analyst Ai Yi (@ai9684xtpa), trader mk4 (@mk4lul) currently holds the largest position in NEAR on the Hyperliquid platform, with an OI ratio of 7.68%, currently with an unrealized profit of $17.55 million. They hold 5.838 million NEAR long positions with 10x leverage, with a position value of approximately $31.28 million, an opening average price of $2.35, and the current price has risen to $5.36. NEAR has surged 187% this month, and mk4 opened the position at the beginning of September, realizing about 128% of the increase, making this position the only long position in their current holdings.
Data: Probability of ETH reaching $2,800 in the remaining period of September on Polymarket drops to 37%
ChainCatcher news, PPP forecast market tool monitoring shows that the probability of "ETH reaching $2800 during the remaining period of September" on Polymarket has dropped to 37%, a weekly decrease of 38%; the probability of reaching $2900 during the remaining period of September has dropped to 12%, a weekly decrease of 8%. According to the settlement rules, if the highest price of any 1-minute candlestick of Binance ETH/USDT reaches or exceeds the specified price within the designated month, the market will settle as "Yes," otherwise it will be "No." This market settlement is based solely on Binance ETH/USDT price data, and prices from other exchanges or trading pairs are not counted.
Meme Popularity List
According to the meme token tracking and analysis platform GMGN market data, as of September 28, 08:45,
The top five popular tokens for ETH in the past 24 hours are: ZC, SNOWMOON, zc, SEND, Love
The top five popular tokens for Solana in the past 24 hours are: e/acc, PAID, STONK, JACK, CAKE
The top five popular tokens for Base in the past 24 hours are: Basecat, boar, INVSTMNT, BLUECHIP, SOL
What are some exciting articles worth reading in the past 24 hours?
Michael Saylor: Twelve Policy Recommendations to Promote Prosperity in the Digital Economy
In Washington, it is not easy to defend a product that does not yet exist and has no customers. Once millions of people start using a product to save money, finance businesses, or improve their lives, its value becomes concrete. At that point, customers have a vested interest to protect. The industry should create excellent products, bring them to market, and win user support. Policymakers should allow space for the industry to develop. As the market evolves and real issues gradually emerge, we can continuously refine the rules. I believe that digital assets can develop into an industry worth $100 trillion. To realize this potential, millions of individuals and businesses need to explore better ways to create and organize capital. Empower them with the rights to create, issue, custody, transfer, and use digital assets. Let them enhance the utility of these assets through competition. This is how we create wealth and prosperity in the intelligent era.
I do not quite agree with some other labs' statements—"We are suffering greatly to slow down." For me, that is the right thing for Meta and Muse users. We want to make the product good; if the product is not good, it is bad for users and bad for us—we do not want to launch something that leaves a bad first impression, after which everyone loses interest. I believe that all labs have a very strong intrinsic motivation to get this right. Aligning the incentive mechanism with the goal of "extremely valuable and safe" is key. Host: Thank you very much for taking the time during this important week.
The market has been trying to price in a significant slowdown in economic growth and earnings along with higher interest rates, but macro data does not support this perfect "stagflation" narrative. On the contrary, the slowdown in growth, declining inflation threats, a softening central bank stance, and a year of valuation adjustments together form a favorable market combination. Goldman Sachs believes that the current situation is very similar to the market bull-bear tug-of-war during the major technological changes of the mid-1990s. If the market ultimately welcomes a "Goldilocks" scenario (where economic growth is just right, neither overheating to trigger inflation nor cooling too much to cause a recession), then the historical pattern of stock market rebounds after midterm elections still applies. Mark Wilson summarized that investors should not wait for the midterm elections to take action, and as the threat of energy prices diminishes, European and UK stock markets are also well-positioned to participate in this round of increases.
Delving into the Fundamentals of Jev: Can It Wear the Crown of "Paradigm Innovation"?
All three questions can output "Yes probability," but the knowledge and calculations behind them are different. How much data and training do we need to cross the distance from "predicting how others judge" to "reliably predicting the consequences of actions"? At least for humans, comprehensive judgment in decision-making is one of the hardest things to learn. It is as complex as the taste and comprehensive utilitarian calculations mentioned in our previous articles. Therefore, I am very skeptical that the learning method revealed in this article can support such complex representations. Of course, we can view Jev as a highly ingenious engineering tool. In a business pipeline with clear rules and complete materials, it can significantly reduce waiting time and computational costs, and its value is undeniable. However, it is too early to crown it with "paradigm innovation" before proving that it has indeed learned some universal judgment rules.
Risk warning
