Web3 Hand-to-hand copy: industry hotspots and billboards not to be missed this week

Foresight News gives you a quick look at this week's hot topic and recommendations:

01 USDH FOUND CURRENCY

"USDH Casting Power Deer by Deer, but does HyperLiquid really need a new stabilizer?"

I'm betting Ethena

02 Upbit, march to Ether, L2

"CEX Dark War, Korea's first largest Upbit marching into the second floor of the Etherjong."

03 Market developments

WHAT'S THE REASON

"Stony Protocol's Pull Story"

04 Stabilizing currency chains

What would be the ultimate form of a stable currency chain

"The Single Use of Block Chains: Is Tempo a Real Block Chain?"

05 Industry Insight

"Nasdac will welcome the first share of Europe's Web3 Concept."

2025 Encrypted Regulatory Apocalypse

"do you want to quit stabilizing, all in encrypted money?"

"The Retrogression of the Diaspora Investors"

"A week up, 20%, and the dog coin finally has a good day"

01 USDH FOUND CURRENCY

On 5 September, Hyperliquid announced that he would auction the "USDH" code, which was its ecological stability currency. So far, several institutions, such as Paxos and Ethena, have submitted proposals to compete for the right to issue. However, why would HyperLiquid issue a stable coin, would it really need a new one? Recommended articles:

YesUSDH seigniorages deer, but does HyperLiquid really need new stabilizersIt's not like that

If Hyper simply adds a stable currency to the ecological map, and there is no need for a public selection of suppliers, he can fully work privately with certain service providers and return 50% of the interest income on the dollar to the user, while also reaping a substantial increase in the agreed income. It is at the heart of the motivation to keep users on the protocol by allowing them to compete, maximizing the benefits to users, or even "making ends meet." From this point of view, it's reasonable for Hyper to ignore Ethena's throwing of olive branches, after all, Ethena's good at marketing stabilizers, except for Hyper。

This week, the Hyperliquid and USDH proposals attracted much attention. This paper focuses on the six main competitors: Native Markets, Ethena, Agora, Sky, Fox Finance and Paxos, to decipher the bright spots of their proposals and to demonstrate the intensity and importance of the battle for a stable currency. Recommended articles:

YesTake a count of USDH, the main contestant of the six coins, I bet EthenaIt's not like that

SO FAR THERE HAVE BEEN SEVERAL PROPOSALS, EVEN WLFI WANTS TO BE INVOLVED. FOR THE SAKE OF BREVITY, WE WILL SKIP THE WEAKER PROPOSALS。

The following are the main competitors:

02 Upbit, march to Ether, L2

On September 9, at the Upbit Developer's Congress (UDC) 2025, Dunamu, the parent company of the first Upbit in Korea, announced the launch of its Etherer 2 GIWA chain. CEX Chaining into a strategic catcher for cutting back trillions of cakes? Recommended articles:

YesCEX Dark War, Korea's first largest Upbit marching into the second floor of the EtherIt's not like that

GIWA documents show that they use the same Solidity programming language as the Ether formula, enabling developers to seamlessly transplant existing projects, lower the development threshold and build on Optimism 's OP Stack。

THERE IS A MARKED DIFFERENCE BETWEEN GIWA AND ETHERA ON THREE MAIN TECHNICAL INDICATORS:

- THE BLOCK GENERATION CYCLE FOR GIWA IS 1 SECOND AND 12 SECONDS FOR THE TAIFENG

- The GIWA block is limited to 60,000,000, which is higher than 45,000,000 in the Taifung; Gas limits the amount of calculation that individual blocks can handle, and higher limits allow GIWA to accommodate more transactions or more complex smart contract operations in each block. I'm not sure

- Create blocks using the "Producer + Certifier" structure in the Taifei, while GIWA uses the "Sequencer" system (this is a commonly used design for the Layer 2 solution, which can organize transactions more efficiently)。

In Layer 2 GIWA, there is no public memory pool. Only the sorter that generates blocks can access the memory pool. Currently, the GIWA sorter executes the transaction in the highest order of cost。

03 Market developments

FROM $0.1 TO $17, MYX CREATED 170 TIMES THE PRICE MIRACLE IN JUST OVER A MONTH. WHAT'S BEHIND THIS? RECOMMENDED ARTICLES:

YesWHAT'S THE REASONIt's not like that

"The coin sent you a car and you sold a tire. It's a recent fire in the circle, and now it's worth almost $3000

Since August 2025, there has been a marked fluctuation in the prices of MYX coins. According to Bitget, the opening price on 1 August was about US$ 0.1, which increased to US$ 17.99 on 9 September. MYX has so far increased nearly 180 times. The largest increase in the last three days was over 1.2 billion, 24-hour contract over $7 billion。

With regard to market participation, on September 9th, Coinglass data showed that the 24-hour MYX contract deal amounted to $6,837 million and ranked top of the encryption market. Of that amount, $12.19 million was for single explosions and $56.18 million was for empty single explosions。

THE MARKET VALUE OF MYX HAS NOW RISEN TO US$ 35.33 BILLION, WHILE THE PROVISIONAL MARKET VALUE OF ENCRYPTED CURRENCY IS 35TH, AND THE FDV (TOTAL DILUTED MARKET VALUE) IS CLOSE TO US$ 18 BILLION。

On 9 September, the Story Protocol token rose by almost 40 per cent a day, reaching almost $12 at one time, about eight times the dollar that was created after the uplink exchange, and nearly four times the point of late in comparison with the approximately $2.4 in mid-June. But the rise in IP (its tokens) is mild compared to the "demon coin" that has soared in recent days. Recommended articles:

YesIt's almost four times as high as thatIt's not like that

The starting point for this increase is the creation of an ecological fund with OkX Ventures. In July, the greyscale update of the list of assets to be added to the list and the list of assets held in storage for existing products, and the new items included Stroy Protocol’s token IP. At the end of July, Grayscale Story Trust was officially launched to bring in real silver and silver。

Subsequently, the roll-out of the IP DAT and Story IP buy-back schemes brought the market to its peak. A month ago, NASDAQ listed company Heritage Distilling (declared to receive $22 million in PIPE financing (US$ 100 million in cash and US$ 120 million in IP tokens) to build a $360 million capital reserve focused on IP. Investors include such institutions as Story Foundation and a16z crypto. Heritage will allocate US$ 82 million in proceeds to purchase IP coins from the Story Foundation at a fixed price of US$ 3.4. Story Foundation will use $82 million in token sales to repurchase IP coins strategically in the open market within 90 days of completion (15 August-16 November)。

Two weeks after the announcement, Heritage Distilling once again completed $223.8 million in private fundraising for Story Foundation, a16z crypto, and continued to advance the reserve scheme. Just yesterday, when the IP went up by 40% on a single day, the Heritage Distilling announced the official launch of the stock of stock, the original currency of Story, the IP Strategy。

DAT’S REAL BUYOUT WITH THE GREYSCALE FOUNDATION WAS THE BIGGEST PUSHER OF THE ROUND, BUT IP FAILED TO FALL LIKE SOME OF THE COINS THAT WENT ONLINE, AND BECAUSE THE TRACK WAS INDEED ONE OF THE OPPORTUNITIES FOR FINANCIAL ATTENTION。

04 Stabilizing currency chains

The stability of the money chain is shifting from a payment instrument to a financial infrastructure, and the Triple Power of Circle, Tether, Tempo, will its ultimate form destabilize traditional finance? Recommended articles:

YesWhat would be the ultimate form of stabilizing the money chainIt's not like that

The stabilization currency has become an important area of over $280 billion and the issuer has made a lucrative profit; and the emergence of the Layer 1 block chain, based on the stabilization currency, is showing three key trends: (1) promoting traditional financial access to encrypted primary routes to the foreign exchange market, which continues to grow on a growing scale; (2) reshaping the area of payments, which removes the middle of everything, Visa, etc.; and (3) promoting the evolution of the market pattern from "HHI 4600" to "wilder". Together, these shifts point to a more ambitious direction: stabilizers such as Circle, Tether, and new entrants such as Stripe’s Tempo are no longer simply “the bridge between encrypted and legal currency”, but are increasingly being positioned as “the core of the future financial infrastructure.”。

Temp, an important participant in the stabilization of the currency chain, was questioned for its sole use as a genuine block chain. Recommended articles:

YesThe one-use contest for the block chain: Is Tempo a real block chainIt's not like that

Bert Muttaz questions the location of Tempo: "It's not really a block chain, not to mention a generic block chain & nbsp; - Where's the block chain? “Decentreization” is, in his view, the core attribute of the block chain, and a truly decentrized block chain necessarily has a “common capability”. If Tempo promotes de-centreization, it will inevitably flood into meaningless projects such as "spam", leading to congestion and reduced performance of payments。

Mert Mumtaz further noted that there are only two viable paths to the “pay-only chain”: either “non-turing” (which only supports transfers and cannot run complex codes) like Bitcoin, or “licence” (which is controlled by a centralised agency). If that is the case, there is no need to worry about being replaced by Tempo - after all & nbsp; Tempo is either "restricted" or "not centralized"。

But the question is, if Tempo can provide faster and cheaper payment services without "centreization" and become the main distribution scene for the stable currency, will users care whether it is a genuine block chain

05 Industry Insight

Following Coinbase, Galaxy Digital, Circle, Bullish and Gemini, the United States shares will welcome a company in the Web3 industry. At a premium of over 30 per cent, Coin Shares. Recommended articles:

YesNASDAQ will welcome the first part of Europe's Web3 ConceptIt's not like that

On 8 September, the European Encrypted Asset Management Company CoinShares merged with the special purpose acquisition company Vine Hill Capital Investment Corp, listed in NASDAQ, and the newly established Jersey company Odysseus Holdings Limited. After the merger, CoinShares will be listed in NASDAQ (or other U.S. exchanges) in the United States, and will exit from NASDAQ in Stockholm. The first European-owned Web3 company will also be on the United States capital market after several local Web3 companies have joined the market。

In 2025, encryption regulation in the United States ushered in a critical turn from the chaos of the old law enforcement alternative rules to the era of systematization. This paper will outline the key changes in United States encryption regulation from the law enforcement difficulties of early 2021-2025 to the new era of 2025, revealing its underlying logic of reshaping global encryption patterns. Recommended articles:

Yes2025 Encrypted Regulatory ApocalypseIt's not like that

The significance of regulatory shifts is very different from one another: for the public, it is about security and stability; for investors, it means legitimacy and market access; for industry developers, it is the long-awaited clear road map; and for policymakers, it is a geo-strategy to reshape the global dominance of US financial science and technology。

Together, these perspectives point to a core: the "great integration" of encrypted currencies with the core of the US financial system has been officially launched. The risks behind this integration (such as systemic linkages), contradictions (decentreism versus traditional financial rules) and reverse flows (potential decentrization revival) will collectively shape the next stage of the development of the encrypted monetary industry。

Should you quit your steady job and devote yourself to encrypted money? This is a frequently discussed topic and some brief observations are made. Recommended articles:

Yesshould you quit stabilizing, all in encryption moneyIt's not like that

There is no standard answer to this question, but if you are young, have a sufficient reserve to support years of living expenses and have some advantages and connections in this area, I would definitely suggest that you try it (provided you can return to your original job or find a similar job even if you lose all your money)。

Banks call money market fund investors "smart money", but consider their own depositors "stupid money". Fifty years later, the "stupid money" that was once mocked ended up laughing. Recommended articles:

YesThe Retrogression of the Diaspora InvestorsIt's not like that

In the area of encrypted currency, the behaviour of the diaspora has also shifted from the stereotypes of "surge and fall" to the mature model of "precision in managing market times". According to Morgan Chase, 17 per cent of active check account holders transferred funds to encrypted currency accounts between 2017 and May 2025, and their participation surged more at "strategic nodes" than at "emotional peaks."。

dog coins are one of the biggest increases in encryption markets in recent weeks. driven by new catalysts, the old meme price rose to almost a month higher than the dominant currencies such as bitcoin and the taifung. recommended articles:

YesA week up, 20%It's not like that

In addition to the increase in the Treasury, the market's expectation of the first ETF in the United States also contributed to the recent increase in the utensils. Rex-Osprey ' s dog coin ETF (trad code: DOJE) was scheduled to go online on Thursday this week, with a one-day delay and will start trading on Friday。

The analysts this week stated to Decrypt that although the ETF listing process is different from most of the available bitcoin in the US market, ETF, its ultimate effects are quite different: It will provide traditional investors with access to the "old and still the most valuable meme coin"。