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Despite HashKey's significant total revenue growth over the past two years, with rapid expansion in trading volume and client base, the underlying financial pressure remains evident: ongoing losses, long-term negative operating cash flow, and consistently high net debt all contribute to continued uncertainty regarding its financial resilience ahead of its IPO.

The market has indeed offered better entry points, but the narrative of "real yield" needs to be carefully scrutinized.






Elon Musk has hinted at launching a new initiative called "Galaxy Mind," which aims to integrate the core capabilities of SpaceX, Tesla, and xAI to deploy solar-powered AI satellites into deep space.

BeatSwap's patent not only makes IP copyrights the first type of real-world asset (RWA) that can be stably traded in an AMM, but also provides a technological model for more categories of real assets in the future.
- 10:59The total market capitalization of stablecoins surpasses $306.7 billion, with USDT's market share exceeding 60%.According to Jinse Finance, data from DefiLlama shows that the total market capitalization of stablecoins has surpassed $306.7 billion, currently reported at $306.775 billion, with a 7-day increase of 0.87% (an increase of approximately $2.639 billion). Among them, USDT holds a market share of 60.17%, with a market capitalization of about $184.572 billion; USDC ranks second with a market capitalization of $76.982 billion, and a 7-day increase of 3.62%. In addition, USDe, USDS (SkyDollar), and DAI rank third to fifth in terms of market capitalization.
- 10:44Ethereum developers advance deployment of ZK-based "Secret Santa" systemAccording to ChainCatcher, as reported by CoinDesk, Ethereum developers are refining a zero-knowledge protocol aimed at providing stronger privacy protection for on-chain interactions, starting with a matching system similar to a "Secret Santa." This system is expected to evolve into a broader set of private collaboration tools. Solidity engineer Artem Chystiakov revisited this research in a post on the Ethereum community forum on Monday, mentioning the related work he first published on arXiv in January this year. The concept aims to recreate the anonymous gift exchange game on Ethereum, where participants are randomly paired and no one knows who is giving a gift to whom. However, implementing this on a transparent blockchain requires addressing several longstanding issues related to randomness, privacy, and resistance to Sybil attacks. Chystiakov stated that the core issue is simple: "Everything on Ethereum is visible to everyone." The blockchain cannot provide true randomness, and the system must prevent users from registering multiple times or assigning gifts to themselves. The proposed protocol uses zero-knowledge proofs to verify the relationship between sender and receiver without revealing identity information, and also uses transaction relayers to submit operations so that a single wallet cannot be linked to specific actions. This type of zero-knowledge layer could be applied to anonymous voting, DAO governance, whistleblowing channels, and private airdrops or token distributions that avoid disclosing recipient information.
- 10:44European Stablecoin Association Appoints Former Executive as CEOChainCatcher reported that the European Stablecoin Alliance has appointed Jan-Oliver Sell, who previously worked at a German exchange, as CEO. Floris Lugt, head of digital assets at ING, will serve as CFO, and former chairman of National Westminster Bank in the UK, Howard Davies, will serve as chairman. In addition, BNP Paribas has also joined the alliance. According to previous reports, nine major European banks, including ING, Banca Sella, and KBC, announced in September this year the joint launch of a euro stablecoin project regulated under MiCA, aiming to counter the dominance of the United States in the digital payments sector.