1.a16z: How to distinguish between network tokens and company support tokens

It can be challenging to distinguish between online tokens and company- supported tokens, as both may be practical and can obtain some value from the on-chain functionality of the blockchain and the off-chain efforts of the company. However, it is crucial to distinguish between these two tokens: the risks posed by the network tokens posed very different to the company's support tokens to holders and should therefore be treated differently under applicable law. So, what is the difference? Click to read

2. From Hong Kong to Denver Ethereum is entering the "Dunkirk Moment"

I believe you have seen many records of Consensus HK in the past two weeks. I will not repeat them anymore. I can summarize most of them as disappointed in the industry and cannot see the prospect of breaking the situation, and think that it has reached a bear market. That week was also a feast for young players and KOL masters. The impact of my trip to Hong Kong was reasonable. Those young players and masters who work harder than funds and entrepreneurs deserved to get so much, and they are surreal investors. They can always put a perfect end to every transaction. The trading principle of many young players is 90% or BTC, and 10% active sol positions maintain PVP and sprint at any time. No matter how much profit they make, they will implement such position allocation. Because of the meme wave and attention economy, this has become the most lively discussion in HK. Click to read

3. Monetary Policy Analysis—From “Stable” to “Moderate Easing”

Following the meeting of the Political Bureau of the Central Committee held on December 9, 2024, proposing to implement a "moderately loose monetary policy", the Central Economic Work Conference held from December 11 to 12, 2024 once again emphasized the orientation of monetary policy. This is the first time in more than a decade that my country's statement on monetary policy orientation has shifted from "prudent monetary policy" to "moderately loose monetary policy", which has attracted high attention from the market. This article analyzes the orientation of moderately loose monetary policy, which involves several important issues: Why should we implement moderately loose monetary policy? What policy measures may be taken by the central bank? What impact may a moderately loose monetary policy have? Click to read

4. Is the stablecoin a new financial system or will it be replaced?

Stablecoins account for two-thirds of all on-chain transactions, whether for redemption, DeFi transactions, or simple transfers. In the earliest days, stablecoins rose by Tether, the first widely used stablecoin, was born in the context of Bitfinex users seeking solutions due to bank accounts restricted. Bitfinex creates USDTether, which is pegged to the US dollar in a 1:1 ratio. Subsequently, USDT spread rapidly, and traders used it to arbitrage between different exchanges. Compared to bank wire transfers that require several days of processing, USDT transactions can be completed in just a few minutes. Click to read

5. Can Bitcoin return to $100,000? Can the full bull market come back?

In recent times, the crypto market has faced severe pullback pressure, but many early Bitcoin participants (OGs) still believe that the current bull market has not yet fully launched. Their reason is that although Bitcoin reached more than US$100,000 in early 2025, its performance is not as crazy as the previous bull markets. Of course, predicting the future is very difficult, but there are four key points in 2025, which may be the main factors that determine whether Bitcoin can reach more than US$100,000 again and start a full bull market... Click to read