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When everyone can claim to be Layer2, a more fundamental question emerges: What does the Bitcoin ecosystem truly need?

Recently, there have been four major standout themes in the market: digital asset treasury (DAT), the adoption of stablecoins, the increase in exchange trading volume, and the growth of decentralized perpetual contracts.

DAT hits the brakes—what should investors pay attention to?
U.S. President Trump expanded his trade front on Thursday, leaving these companies less than a week to respond...

The event will take place from September 26 at 10:30 (UTC+8) to October 19 at 10:00 (UTC+8), aiming to enhance liquidity depth and promote the long-term development of the ecosystem through incentive mechanisms.
- 07:22Data: A certain address sold $4.84 million worth of WBTC and $2.838 million worth of AAVE to rotate into HYPEChainCatcher reported that address 0x4F1...6618B sold BTC and AAVE, reallocating to HYPE. Three hours ago, this address sold WBTC worth $4.84 million and AAVE worth $2.838 million on-chain, then deposited 4.692 million USDC into Hyperliquid and purchased 101,000 HYPE (worth $4.25 million).
- 07:17Ethena launches USDe and sUSDe on PlasmaJinse Finance reported that Ethena Labs has launched USDe and sUSDe on Plasma, with the launch taking place on September 25, coinciding with the Plasma mainnet beta launch. At the time of the Plasma mainnet launch, it already had over $2 billions in stablecoin liquidity and was integrated with more than 100 projects. According to Ethena's announcement on X, USDe and sUSDe were listed on Aave, Curve, Balancer, and Fluid on the first day, with Pendle to be added later.
- 07:11Analysis: Changes in key indicators such as Bitcoin may trigger significant market volatility, and the market may be approaching a new trend inflection point.ChainCatcher reports that Matrixport's latest research points out that the financing costs, leverage ratios, and trading volumes of bitcoin, ethereum, and solana are sending signals inconsistent with price trends, indicating a fragile market structure but also hinting at potential trading opportunities. Currently, several key on-chain levels and derivatives indicators are converging in areas that have historically triggered significant volatility, suggesting the market may be approaching a new trend trigger point. Bitcoin is approaching the apex of a symmetrical triangle, a pattern that has often led to rapid breakouts in the past, with prices possibly moving toward the key technical level of $110,000. In addition, the options market has already seen early positioning, and with structural risks rising under high leverage, this year's volatility may erupt earlier than in previous years.