Weekend Reading: Block Bets on AI Efficiency Revolution, Jane Street Allegedly "Manipulating" BTC?

Summary: Cora

This Week’s Focus

“Magic Eden Abandons ‘Multi-Chain’: Will Shut Down Bitcoin and Ethereum EVM Trading Platforms, NFT Market Faces Another Blow”

Magic Eden’s transformation narrative forces us to consider the ultimate fate of NFTs. Will they become a speculative tool for digital art collectibles or a “value carrier” integrated with the real economy? Are they a short-term business relying on transaction fees, or a long-term ecosystem driven by token economics and scene implementation? These questions remain unresolved, but one thing is certain: the future of the NFT industry will depend on the co-evolution of technology, scenarios, and user demand.

“ETHZilla Rebrands as ‘Forum Markets’: Cutting Ties with DAT Strategy Shift Toward Asset Tokenization, a ‘Breakthrough’ and ‘Elevation’”

Currently, ETHZilla’s transformation has moved beyond mere theoretical discussion. Its strategic upgrade and business model restructuring focus on RWA tokenization, marking a critical step from “cryptocurrency holding” to “physical asset management.” Notably, ETHZilla did not choose the most popular stock tokenization sector but instead focused on tokenizing stable cash flow assets, including mortgage loans and aircraft engine leasing rights.

“Aave Winter Turmoil: Building a High Wall of Funds but Failing to Keep the Trust Fire Burning”

December 2025. Aave Labs replaced ParaSwap with CoW Swap in its frontend interface. Many thought this was just routine maintenance, but the key difference is that the fees originally flowing into the DAO treasury now go into Aave Labs’ pocket. More critically, no one was consulted—until representatives discovered the issue, no one had even mentioned it.

“After Six Years of Libra’s Failure, Meta’s Stablecoin Ambitions Have Changed Script”

For Zuckerberg, this is both a business expansion and a trust repair test. Under new regulatory changes, he is trying to cautiously steer Meta into the stablecoin payment domain. This time, he hopes the waves will be smaller and the course clearer.

“If 100% of Transactions Are Executed by AI, Will the Cryptocurrency Market Become a Slaughterhouse for Retail Investors?”

Current social media is full of bloggers claiming: “The market is too boring now; we’re trying to let agents find prey on the chain themselves.” This statement is chilling. We are used to hype AI as an asset, but few stop to think: if AI isn’t a hype object but your opponent sitting across the table playing poker, how would you play this hand?

Selected Recommendations

“From Trading Entry to On-Chain Financial Hub: An In-Depth Analysis of Coinbase’s Business Model Evolution from 2021 to 2025”

As competition in the crypto market intensifies and market conditions change, Coinbase has actively promoted diversification strategies over the past year, gradually expanding into subscription, service, and institutional infrastructure sectors. Retail trading revenue has gradually decreased to 48%. This article provides an in-depth analysis of Coinbase’s ongoing transformation and explores its impact on profitability, competitive position, and long-term valuation.

“Does Jian Street Manipulate BTC? Dissecting the AP System and Understanding the Price-Setting Power Behind ETF Subscription and Redemption”

The real question isn’t whether a specific company is a villain but whether a regulatory framework built for 20th-century traditional finance is suitable for safeguarding a 21st-century emerging asset whose value lies in being unregulated.

“New Generation of Payment Industry: Unicorn Stripe Might Acquire PayPal, Heavy Focus on Stablecoins and AI”

As traditional payments mature, Stripe is accelerating its evolution into the financial operating system of the internet economy, aiming to capture the next financial track. Stablecoins and AI agents are becoming Stripe’s two main new engines.

“DeFi Upward, Users Downward: The New Paradigm of Curator in CeDeFi”

In the long run, Curator isn’t the end of DeFi, but it is an unavoidable layer before DeFi reaches a larger user base. DeFi has proven the feasibility of its infrastructure; what’s missing now is an intermediary layer that packages, distributes, and embeds these capabilities into real-world scenarios. Curator is taking on this role.

“Web 4.0 Outlook: An AI Autonomous Network—Why Vitalik Strongly Opposes It”

Vitalik’s valuation of AI hasn’t suddenly shifted. As early as early 2025, he proposed that AI’s correct direction should be to enhance human capabilities, not to build autonomous systems that could gradually strip humans of control. In his framework, the risk doesn’t come from AI being “smarter” itself but from flawed system design goals—especially autonomous entities that can self-replicate, self-expand, and operate continuously without human oversight and correction mechanisms.

Top 10 News You Can’t Miss This Week

Elizabeth Warren urges OCC Director to reject or suspend review of World Liberty Financial Trust Bank license application

Dering Holdings’ two RWA tokenization products approved by Hong Kong Securities and Futures Commission

ZachXBT: Multiple Axiom employees misuse internal data for insider trading

Morgan Stanley plans to offer Bitcoin custody and trading services to clients

IoTeX network restored, compensating users approximately $4.4 million for actual losses

Bhutan launches Solana-supported digital nomad visa

Ethereum Foundation initiates staking of about 70,000 ETH to support core operations and ecosystem development

Hong Kong stablecoin payment company RedotPay plans to go public in the US, raising over $1 billion

US SEC clarifies that broker-dealers holding stablecoins can include them in net capital at a 2% discount

Bitdeer: Evaluating multiple land acquisition opportunities, will continue mining to protect shareholder interests