1. Headlines
1. The launch of the Plasma Chain mainnet ignites a new paradigm of “inclusive airdrops,” with XPL soaring 30 times in a day.
The Plasma Chain and its native XPL token went live on the mainnet on September 25, instantly reaching a market valuation of $2.4 billion. As a Layer 1 blockchain compatible with EVM, Plasma is designed for high transaction volumes and low-cost stablecoin payments, offering zero fee USDT transfers and trust-minimized Bitcoin bridging, attracting investors focused on real-world applications.
The most striking aspect is that Plasma has adopted an innovative “inclusive airdrop” model. Users only need to pre-deposit $1 to receive an airdrop of XPL worth $11,000. This unprecedented approach has sparked a heated response from the community, with a large number of users flocking in, causing the price of XPL to soar 30 times in a short period.
Analysts believe that this “inclusive airdrop” model aims to attract more users into the Plasma ecosystem and cultivate community activity. It also reflects the industry's demand for practical blockchain applications. Despite the risks of speculative trading, the underlying technology and long-term vision of Plasma are worth paying attention to. This move may open a new paradigm for token issuance and lead the industry to re-evaluate the airdrop mechanism.
2. Aster revealed a major vulnerability, causing XPL price to surge 54% instantly, leading to heavy losses for traders.
The decentralized trading platform Aster experienced a serious technical failure, causing the price of the XPL token to spike abnormally to $2, far above the normal price level of $1.30 on mainstream exchanges. This significant system error not only caused chaos in the market but could also lead to huge losses for innocent traders.
According to the analysis, Aster hardcoded the XPL contract index price to $1, with a marked price limit set at $1.22. When the price limit was removed, the XPL price instantly soared to $4, while prices on other platforms remained stable. Aster officially acknowledged that this was due to serious negligence by the operators, and has initiated a comprehensive review, promising compensation to affected users.
This incident has once again raised doubts about the security of the industry. Analysts point out that while decentralized exchanges have many advantages, issues such as high technical complexity and lack of auditing and regulation need to be addressed urgently. Traders need to enhance their risk awareness and carefully choose trustworthy platforms. At the same time, it also urges regulatory authorities to strengthen supervision and maintain market order.
3. SEC Chairman: Plans to launch an innovation exemption policy before the end of the year, strictly investigate conflicts of interest.
Paul Atkins, the chairman of the U.S. Securities and Exchange Commission (SEC), stated at a conference at Georgetown University that the SEC will conduct a strict review of conflicts of interest in the cryptocurrency sector and take enforcement action when necessary. He also revealed that the SEC plans to launch an innovation exemption policy by the end of the year.
Atkins emphasized that the SEC will focus on whether there are violations such as insider control and profit transfer within crypto companies. There have been previous reports that regulators suspect some companies of having significant increases in trading volume and stock prices before announcing their plans to purchase crypto assets, which may violate fair disclosure regulations.
Analysts believe that the SEC's move aims to regulate the order of the crypto market and protect investors' interests. The innovative exemption policy is expected to provide a legitimate development space for compliant projects. However, it also means that regulatory efforts will be further intensified, and gray areas may be completely eliminated. The industry needs to place a high priority on compliance operations to avoid penalties due to conflicts of interest.
4. Andrew Kang has made a large purchase of ETH short-term put options, sparking the controversy of “Will Ethereum be the next LUNA?”
Andrew Kang, a partner at Mechanism Capital, tweeted that he has bought a large amount of ETH short put options. Each contract costs $15, and if ETH drops to the $3,000 range, he will gain $400-$1,000.
Previously, Andrew Kang criticized Tom Lee's theory about ETH as “idiotic” and presented five major points to refute it, causing a stir in the industry. These include questioning whether the popularization of stablecoins and RWAs will bring the expected returns, and whether the analogy of “Ethereum is digital oil” is accurate.
Andrew Kang's short-selling behavior has once again raised doubts about the future of Ethereum. Supporters believe that Ethereum, as a pioneer in cryptocurrency, has trustworthy underlying technology and ecosystem development. However, critics are concerned that Ethereum faces increasing regulatory pressure and competition, which may lead to a decline in the future.
Analysts point out that Ethereum, as the industry leader, its development trend concerns the entire cryptocurrency ecosystem. Andrew Kang's actions may just be a personal investment strategy, but they also reflect the market's divergence on the prospects of Ethereum. The industry needs to remain rational and objectively assess Ethereum's long-term development potential.
5. Cryptocurrency exchanges complete $500 million financing at a valuation of $15 billion, sprinting towards IPO.
According to a report by Fortune magazine, the cryptocurrency exchange successfully completed a $500 million financing round as the final preparation for its IPO. This round of financing did not have any major investors and set its own terms, including a valuation of $15 billion.
The investors include investment managers, venture capital firms, and Tribe Capital, co-CEO Arjun Sethi, as well as Sethi himself. To date, it has relied little on venture capital, having raised only $27 million since its founding this year.
Analysts believe that this move is aimed at preparing for the listing, enhancing capital strength and market influence. The $15 billion high valuation may seem somewhat inflated, but it also reflects investors' confidence. As one of the world's leading cryptocurrency exchanges, Gate's listing will further promote the industry's compliance process.
However, analysis also points out that in the current bear market environment, the high valuation carries the risk of a bubble. Whether it can fulfill its promises after going public will require time to test. Investors should remain cautious and pay attention to future performance.
2. Industry News
1. The cryptocurrency market has once again encountered a “waterfall” trend, with BTC briefly falling below $109,000.
The price of Bitcoin fell again on September 26, briefly dropping below the $109,000 mark, with a daily low of $108,600. Analysts pointed out that Bitcoin is currently under pressure from a dual hit of macroeconomic uncertainty and inflation expectations. On one hand, the U.S. core PCE year-on-year rate for August is expected to record 2.9%, higher than the Federal Reserve's target of 2%, indicating that inflation pressures remain, and the Federal Reserve may continue to raise interest rates to curb inflation. On the other hand, the Trump administration announced high tariffs on several goods, exacerbating market concerns about slowing economic growth.
In this context, Bitcoin has faced heavy selling pressure as a risky asset. Technically, Bitcoin is approaching the convergence apex of a symmetrical triangle, a pattern that historically often leads to rapid breakouts. If Bitcoin falls below the key support of $108,000, it may further test the range of $106,000 to $107,000. However, analysts also point out that Bitcoin has currently entered the oversold territory, and if it can hold the support at $108,000, it may welcome a rebound opportunity.
2. Aster platform XPL contract abnormal movement, the official promises full compensation for user losses.
On September 26, the XPL perpetual contract on the Aster trading platform experienced unusual fluctuations, with the price soaring from a normal level of $1.3 to $4, far exceeding quotes from other exchanges. Community analysis states that this abnormal event was caused by serious negligence on the part of the operator, with the specific reason being that the index price was hard-coded at $1 and the mark price was capped at $1.22. Once the price limit was removed, the price surged instantly.
The Aster platform responded promptly, admitting to operational errors and promising to fully compensate the affected users for their losses. By the close of trading that day, the issues with the XPL contract had been resolved. This incident has attracted market attention and once again highlighted the high-risk nature of cryptocurrency derivatives trading. Analysts advise that traders must manage their risk exposure carefully when participating in high-leverage derivatives trading such as perpetual contracts, and choose trading platforms with a good safety record and transparency.
3. Andrew Kang has bought a large amount of ETH short-term put options, targeting the $3000 range.
Well-known crypto investor Andrew Kang revealed on social media that he has bought a large number of short-term put options on Ethereum, with each contract costing $15. If ETH drops to the $3,000 range, he will gain $400 to $1,000. Previously, Kang harshly criticized analyst Tom Lee's bullish argument on ETH, calling him “like an idiot” and presenting five major counterarguments.
Kang's heavy bet on ETH put options is seen as a “last-minute” affirmation of his viewpoint. Analysts believe that Kang's actions may indicate that ETH will struggle in the short term, and investors should be wary of potential downside risks in ETH. However, some analyses suggest that Kang's actions are more about hedging risks rather than being bearish on ETH's long-term prospects. Overall, Kang's “big move” has sparked heated discussions in the market and once again highlights the high volatility and uncertainty of the cryptocurrency market.
4. Regulatory authorities investigate cryptocurrency treasury companies, insider trading may become a major disaster area.
According to reports, the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority have launched investigations into certain cryptocurrency strategic reserve companies, focusing on whether there were abnormal fluctuations in trading volume and stock prices before the announcement of their plans to purchase crypto assets, which may violate the Fair Disclosure Rules. Lawyers indicate that such letters often signal that insider trading investigations may proceed further.
Since the beginning of this year, there has been a surge in crypto treasury companies following the MicroStrategy model, which have aggressively purchased Bitcoin and other digital assets through stock and bond financing. However, regulators are concerned that these companies may selectively disclose significant non-public information before announcing their purchasing plans, leading to abnormal trading volumes and stock prices, violating the principle of fair competition. Analysts point out that if the investigation results are true, the relevant companies will face severe penalties, and the crypto treasury model may suffer a heavy blow, bringing negative impacts to the entire crypto market.
5. Citigroup raises its forecast for stablecoin issuance to $1.9 trillion by 2030
The well-known investment bank Citigroup has released a latest report, raising its forecast for the global stablecoin issuance in 2030, from the previous $1.6 trillion to $1.9 trillion. The report believes that the application of stablecoins in areas such as payments, settlements, and trade financing is rapidly expanding, and their issuance is expected to continue to grow.
At the same time, public chain projects focused on stablecoin payments and settlements are also receiving considerable attention. On September 25, the Plasma chain and its native token XPL launched on the mainnet, with a market capitalization reaching $2.4 billion on its first day, mainly driven by the expectation of a surge in demand for stablecoins. Analysts suggest that stablecoin public chains are likely to become a key component in reshaping the global financial system, and their development deserves ongoing attention. However, some analysts also argue that the regulatory compliance of stablecoins remains a significant challenge, and their long-term prospects still carry uncertainty.
Overall, the stablecoin ecosystem is rapidly developing, with the potential for further expansion in both issuance and application scenarios. However, it also faces numerous challenges such as regulation, and there may still be a long way to go in its future development.
3. Project News
1. Mira Network (MIRA) is about to launch, attracting attention: FDV estimated at $600 million, airdrop accounts for 6%.
Mira Network is an infrastructure project focused on decentralized AI verification. The network aims to solve the credibility issues of artificial intelligence through blockchain technology, enabling AI systems to operate autonomously in high-risk areas such as healthcare and finance.
On September 26, (, Mira Network will officially launch trading on multiple mainstream exchanges. As the first “AI verification” project in the Base ecosystem, Mira Network combines the security of hybrid Proof of Work/Proof of Stake with sharding technology, aiming to provide scalable and accurate AI verification. Its tokenomics shows an initial circulating supply of 19.12%, a total supply of 1 billion tokens, and an airdrop proportion of 6%.
Analysts expect that the innovative technology of Mira Network may trigger a new wave of transformation in the AI field. The project addresses the AI “hallucination” problem through a unique consensus verification mechanism, increasing the accuracy of AI outputs to 96% and reducing the hallucination rate by 90%. With the continuous explosion of the Base ecosystem, MIRA is poised to become the next star token with a market capitalization exceeding $5 billion.
However, some industry insiders hold a cautious attitude towards the business model and development prospects of Mira Network. They believe that the project is still in its early stages and requires more time to validate its technological strength and market recognition. Overall, the launch of Mira Network has attracted significant attention, and its future development is worth continuous monitoring.
) 2. Plasma Chain (XPL) Overview: What is the XPL token and why it is gaining attention in stablecoins?
The Plasma chain and its native XPL token will launch on the mainnet on September 25, 2025, instantly reaching a market value of $2.4 billion. As a Layer 1 blockchain compatible with EVM, Plasma is designed for high transaction volume and low-cost stablecoin payments, offering zero-fee USDT transfers and trust-minimized Bitcoin bridging.
XPL ensures the security of the network through staking and rewards, attracting interest from institutions in the $28.7 billion stablecoin market rush. The project aims to address the pain points of traditional blockchains in terms of scalability, privacy, and capital efficiency, providing a better settlement layer infrastructure for stablecoins.
Analysts believe that the emergence of the Plasma chain may reshape the stablecoin landscape. Compared to existing players like Tron, Plasma has advantages in areas such as privacy protection, scalability, and MEV protection. With the continuous growth in the issuance and trading volume of stablecoins, Plasma is expected to become the next generation of financial infrastructure.
However, there are also viewpoints that believe the Plasma chain faces challenges in regulation and ecosystem development. The regulatory environment for stablecoins is severe, and Plasma needs to prove its compliance. In addition, the project needs to attract more applications and users to build a complete ecosystem. Overall, the development of the Plasma chain is highly anticipated, and whether it can successfully lead a new order of stablecoins remains to be seen.
3. Aster platform XPL contract fluctuations, official response will fully compensate affected users
On September 26, the XPL perpetual contract on the Aster platform experienced significant abnormal fluctuations. Community analysis stated that this anomaly was a serious oversight by the operator, as the index price was hard-coded at $1 and the marked price was capped at $1.22. Once the price ceiling was removed, the price surged instantly to $4.
The Aster platform responded promptly, stating that it has noticed abnormal price fluctuations in the XPL perpetual contract trading pair and that all user funds are safe. The platform is conducting a comprehensive review and will compensate affected users for their losses.
As of the time of publication, the issue with the XPL perpetual contract trading pair has been completely resolved. However, this incident has raised concerns in the market about the risk control capabilities of the Aster platform. Some analysts have pointed out that while the platform is rapidly developing, there may be weaknesses in its risk control and auditing processes, and internal management needs to be strengthened.
On the other hand, there are voices that believe this incident belongs to the “growing pains” of emerging industries, and similar issues also exist in traditional financial markets. The Aster platform responded quickly and compensated, reflecting a high degree of attention to user interests, which will help rebuild market confidence.
Overall, the recent abnormal fluctuation event on the Aster platform has attracted widespread attention and discussion both within and outside the industry, and the related impacts may last for some time.
4. Economic Trends
( 1. The core PCE annual rate in the U.S. for August recorded 2.9%, indicating persistent inflationary pressures.
The U.S. economy maintained strong growth in the second quarter of 2025, with an annualized GDP growth rate of 3.8%, marking a nearly two-year high. However, the core PCE price index was higher than expected, indicating that inflationary pressures have not yet fully eased.
The core PCE price index is the inflation indicator that the Federal Reserve values most. Data shows that the year-on-year core PCE for August recorded 2.9%, above the Federal Reserve's target level of 2%. Although it has fallen from July, inflation levels remain high.
This data has raised concerns in the market about the Federal Reserve's interest rate hike path. Investors widely expect that the Federal Reserve will raise rates by another 25 basis points in November. However, if inflation remains high, the Federal Reserve may have to adopt a more hawkish stance.
Goldman Sachs Chief Economist Jan Hatzius stated that despite strong GDP data, inflation remains the main challenge facing the Federal Reserve. He expects the Fed to pause interest rate hikes later this year, but may restart the rate hike cycle in 2026.
At the same time, the Labor Department data shows that new claims for unemployment benefits have decreased, and the job market remains robust. This could further complicate the Federal Reserve's decision-making dilemma. If interest rates are raised too aggressively to curb inflation, it could lead to a deterioration in the job market.
Overall, the U.S. economy faces a delicate balance between growth and inflation. The Federal Reserve needs to strike a balance between ensuring price stability and maintaining employment. The market will closely watch the Fed's next move.
) 2. Trump announced high tariffs on multiple industries, increasing inflationary pressures.
U.S. President Trump announced on September 26 that he would impose high tariffs ranging from 25% to 100% on several industries, including trucks, furniture, and pharmaceuticals, effective October 1. This move aims to protect domestic industries but may also further exacerbate inflationary pressures.
Tariffs have always been an important policy tool for the Trump administration. As early as the beginning of 2025, Trump imposed high tariffs on steel and aluminum products. The recent imposition of heavy taxes on multiple industries reflects Trump’s steadfast position on protectionism.
Analysts point out that while tariff measures may boost domestic related industries in the short term, in the long run, they will increase production costs for businesses and may trigger inflation. The rise in consumer goods prices will ultimately be passed on to ordinary consumers.
Goldman Sachs' report anticipates that this move will lead to a one-time inflationary pressure and may deepen market concerns about an economic slowdown. Investors generally believe that the Federal Reserve will have to adopt a more hawkish stance to address the risks of rising inflation.
However, some analysts hold a relatively optimistic view on the impact of tariff measures. Josh Hirt, a senior economist at Vanguard Group, stated that although tariffs will exert upward pressure on inflation, a single month's data cannot represent a trend. He believes that the contribution of rising commodity prices will gradually diminish, and inflation will ultimately move in the right direction.
Overall, Trump's tariff policy has raised concerns in the market about inflation and economic prospects. The Federal Reserve needs to strike a balance in the intensity and timing of interest rate hikes to achieve the maximum degree of a soft landing.
3. Federal Reserve officials call for an update to the monetary policy framework to improve transmission efficiency.
Federal Reserve Vice Chair Logan recently called for the Federal Reserve to update its framework for implementing monetary policy to enhance its transmission effectiveness in financial markets. She believes that the current federal funds rate target is outdated and that more effective alternative targets need to be sought.
Logan pointed out that the connection between the federal funds rate and other money markets is weak and may suddenly break. She suggested that the Federal Reserve consider adopting the three-party general collateral rate ###TGCR### as a new policy target.
TGCR covers over $1 trillion in transactions daily, with changes being effectively transmitted in the currency market. In contrast, the average trading volume in the federal funds market is less than $100 billion. Logan believes that TGCR may bring more benefits.
Logan's call has received support from other former Fed chairs. All living former chairs signed a statement urging the Fed to evaluate and adjust its policy framework.
Analysts point out that this call reflects the Federal Reserve's concerns about the effectiveness of its policy tools. In the current complex economic situation, the Federal Reserve needs to ensure that its policies can be efficiently transmitted to the real economy.
However, some experts have expressed caution regarding the updated policy framework. Former Federal Reserve Vice Chairman Barr believes that the Fed should not weaken the rigor of stress tests, but should impose personalized capital requirements based on the specific circumstances of the banks.
Overall, the Federal Reserve faces pressure to improve the efficiency of policy transmission. However, while advancing reforms, it also needs to weigh risks to avoid triggering turmoil in the financial system. This will be a complex process.
5. Regulation & Policy
1. The U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority are investigating a cryptocurrency treasury company for alleged insider trading.
According to reports, the U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) are jointly investigating more than 200 publicly traded companies that have announced the adoption of cryptocurrency treasury strategies, focusing on the unusual stock price fluctuations prior to the announcements.
Policy Background:
The SEC and FINRA, as regulatory agencies of the U.S. securities market, are responsible for maintaining market fairness and protecting investor interests. As more and more companies follow MicroStrategy's lead by incorporating cryptocurrencies into their financial strategies, regulators remain highly vigilant against potential insider trading activities.
Policy Content:
Regulatory authorities have issued letters to some companies, pointing out that their trading volumes and stock prices experienced unusual fluctuations several days before announcing plans to purchase cryptocurrency assets, which may violate the Fair Disclosure Regulation. Lawyers indicate that such letters often signal that insider trading investigations may be further initiated.
Market Reaction:
This move has raised concerns in the market, as the stock prices of cryptocurrency treasury companies may face downward pressure. However, some analysts believe that regulatory actions are beneficial for restoring market order and creating a fairer competitive environment for compliant enterprises.
Expert Opinion:
Former SEC commissioner Joseph Grundfest stated that the regulatory investigation aims to ensure that companies do not selectively disclose significant information to individual investors before making it public. This helps to maintain fairness and transparency in the market.
( 2. The Hong Kong Securities and Futures Commission and the Monetary Authority have released a roadmap for the development of fixed income and money markets.
The Hong Kong financial regulatory authorities jointly released the “Fixed Income and Money Market Development Roadmap” on September 25, proposing ten key initiatives aimed at enhancing Hong Kong's strategic position as a global fixed income and money center.
Policy Background:
As an international financial center, Hong Kong needs to continuously strengthen the diversification and sustainable development of its capital markets. The introduction of this roadmap is precisely aimed at responding to the changes in market demand and the global competitive landscape.
Policy Content:
The roadmap covers four pillars: primary market issuance, secondary market liquidity, offshore RMB business, and next-generation financial infrastructure, including initiatives to promote the development of green and sustainable development bonds, facilitate innovation in offshore RMB products, and support the development of digital assets.
Market Reaction:
Industry insiders generally welcome this. Some analysts believe that the roadmap will help attract more international capital into the Hong Kong market, enhancing Hong Kong's status as a global offshore renminbi business hub.
Expert Opinion:
The Chairman of the Hong Kong Financial Society, Chan Ka-Keung, stated that the roadmap outlines a clear blueprint for the long-term development of Hong Kong's capital markets, which is beneficial for Hong Kong to consolidate its position as an international financial center. He believes that Hong Kong should seize the opportunity to promote financial technology innovation and inject new momentum into the market.
