MuSig2 is an upgraded version of Bitcoin multisignature technology, which improves security, privacy, and efficiency compared to MuSig1. Its two-round communication model simplifies the signing process, supports more complex signing strategies, and is applied in scenarios such as shared custody and cold storage. MuSig2 will bring significant advancements to the Bitcoin ecosystem, unlocking more potential applications.

The governance reform proposed by the Celestia network has sparked widespread controversy, planning to change the attestation mechanism to "governance attestation", drop the issuance of TIA tokens, and reduce the inflation rate. However, the team's large-scale cashing out has triggered a Crisis of Confidence, raising external doubts about the original intention of the proposal and the project's transparency. The founder responded that they are still actively operating and emphasized that industry Fluctuation is the norm.

In the second quarter of 2025, the total market capitalization of Crypto Assets rebounded by 24%, reaching $3.5 trillion. The price of Bitcoin surpassed $100,000, accounting for 62.1% of the market. DEX volume hit a historical high, while CEX volume declined, indicating a shift in trading methods. Ethereum saw a rise, but still remained below the beginning of the year level.

The Fed is about to begin a rate-cutting cycle, and the market expects a boost in Crypto Assets. Historical data shows that preventive rate cuts are usually accompanied by a bull run, and investors can take advantage of BTC/ETH Exchange Rate fluctuations while operating cautiously amid macroeconomic uncertainty.

Crypto asset exchanges are shifting their payment focus from B2C to B2B, building a more robust payment infrastructure. In the future, on-chain capabilities will be realized, integrating with Decentralized Finance and AI to promote inclusive finance and expand the user base and business scope.

Although Meme coins are high-risk, their investment value can be assessed through multi-dimensional analysis, on-chain data, community activity, and other factors. Use indicators like MVRV and RSI to determine buying and selling opportunities; investors should follow market sentiment and changes in the macro environment.

After the release of the November CPI data in the U.S., tech stocks experienced a big pump, especially the Nasdaq reaching a new high. Bitcoin rebounded, breaking through $100,000, and DeSci has drawn attention. The market's expectations for a Fed rate cut have warmed up, and future encryption regulatory policies may change, attracting investors to follow related tokens.

Institutional capital inflow into the crypto market: strategy shift and future outlook
Pranav Kanade, the portfolio manager at VanEck, shared his deep insights on the crypto market during a recent interview. He pointed out that institutional funds are entering the encryption space through two main methods: direct purchases and asset tokenization.
Kanade believes that there are currently structural opportunities in the liquidity token market. Since 2022, a large amount of capital has flowed into early blockchain projects, but many projects have faced price declines after token issuance due to a lack of sufficient market demand. This has exposed liquidity issues in the crypto market and has prompted some investors to start re-evaluating their capital allocation.
Regarding the sustainability of the "revenue model", Kanade stated that the encryption industry needs to focus on creating real value. He emphasized that, apart from a few "store of value" assets, most crypto assets will ultimately be viewed as "capital return type".

Encryption Wallets, as the core product of enterprise development, are undergoing transformation and integration. The rise of stablecoins has impacted the attention on Wallets, and the strategies of exchanges and fintech companies have begun to focus on the development of Wallet functionalities. Furthermore, the combination of Wallets and DEX is changing the market landscape, with emerging projects vying for more users and Liquidity. Overall, Encryption Wallets face new challenges and opportunities, and the era of existing independently has come to an end.

The founders of Three Arrows Capital, Su Zhu and Kyle Davies, rose rapidly through investments in Digital Money, from successful Arbitrage trades to ultimately high-risk investments. After the pandemic, the crypto market experienced a big pump, bringing their managed assets to $2.6 billion. However, after the market crash in 2022, Three Arrows Capital fell into a financial crisis and ultimately filed for bankruptcy, with debts exceeding $2.8 billion. The two are currently missing.

Polkadot maintained its growth in the third quarter of 2023, with a significant rise in total staking and on-chain activities, and independent accounts nearing 4.3 million. Several new projects have joined its ecosystem, and technology upgrades are also underway, which are expected to enhance scalability and resource access. Overall, it showcases the continued expansion and development potential of the Polkadot ecosystem.

In-depth discussion of recursive operators on the Blockchain
The recursive operator has attracted widespread attention in the blockchain field, especially in its application in algorithmic stablecoin design. Many people have high expectations for it, even believing that it could realize a fully automated decentralized global currency system. This idea arises not only from a lack of understanding of the essence of blockchain and currency but also relates to the novelty of the recursive operator.
The recursive operator refers to the operation that takes the previous state as input and loops to generate the next state in the continuous state transformation of smart contracts. In the blockchain environment, the openness of data and the serial design of smart contracts naturally form a time series, and recursive processing of similar operations can produce non-linear structures, even geometric series effects. This strong positive feedback characteristic is highly compatible with the self-enhancing properties of on-chain games.
However, simple time series recursion is not ideal due to the lack of new information input. What truly deserves attention is the recursion.

Recently, a public blockchain suffered a hacker attack, resulting in losses exceeding $220 million, revealing technical vulnerabilities and triggering reflections on the consensus mechanism. The handling of the incident challenged the "code is law" principle and generated deep discussions about decentralization and efficiency. The industry needs to find a balance between compliance and decentralization.

In the first month of the Trump administration, the U.S. economy faced a slowdown in growth and inflation pressures, leading to increased market fluctuations. The cryptocurrency market was affected, with Bitcoin falling by 17.39%. Nevertheless, Bitcoin has shown resilience and is seen by some institutions as a long-term investment opportunity. The market is undergoing a transformation in a complex environment and may welcome new opportunities in the future.

Decentralized Science (DeSci) is reshaping the research ecosystem with the help of Blockchain technology, addressing issues such as funding shortages and reduced collaboration. Pfizer's investment in VitaDAO marks the recognition of DeSci by the traditional pharmaceutical industry. DeSci promotes research collaboration through tools like DAO, and in the future, it may form decentralized organizations centered around common goals, accelerating scientific discoveries and product implementation.

The Solana Web3.js version 2.x is optimized through modularization and functional programming, improving performance and security while reducing external dependencies. The new version updates the connection, Secret Key pair, and transaction sending methods, and supports React, enhancing development efficiency and flexibility.

The crypto assets industry is facing increased regulation, with the SEC categorizing tokens from multiple projects as securities, but Polkadot's DOT token successfully positioned itself as software. The compliance efforts of the Web3 Foundation provide the industry with experience, as regulation seeks a balance between development and standardization.

By 2025, AI startups will attract huge investments, driving the development of generative and agent-based AI. The report indicates that global spending on generative AI will reach $644 billion, with the top ten startups making significant breakthroughs in their respective fields, demonstrating strong market potential and innovation capabilities.