U.S. 4-Month Treasury Auction Bids-to-Cover Ratio as of July 23

Michael J. Saylor's Strategic Bet: Bitcoin's Premium Issuance and Capital Manipulation 1. Introduction Strategy (formerly known as MicroStrategy) was originally a corporate software company focused on business intelligence solutions, but since 2020, its focus has significantly shifted to Bitcoin investment. The company has raised funds by issuing stocks and convertible bonds to purchase Bitcoin, making it a focal point in the US stock market. On February 6, 2025, the company announced its official name change to Strategy. As of February 21, 2025, Strategy has accumulated nearly 500,000 Bitcoins, valued at over $40 billion. The essence of the strategy is to turn the stock market into a Bitcoin ATM through capital structure design—raising funds to increase Bitcoin holdings by issuing new shares/convertible bonds, and then using Bitcoin holdings to support stock price valuation.

The author influence ranking and article popularity ranking for March 2024 have been released, highlighting the hotspots in Web3 and the crypto market. Bitcoin has risen to a historic high, with active performance in the AI and Meme markets. Despite regulatory pressure, the bull run trend is clear.

1000-Day Journey of Fat Penguin Holders: 10 Key Insights As a long-term holder of Fat Penguin, I have spent over 1000 days and nights. This journey has been full of challenges, but it has also brought endless joy. Recently, news about the upcoming token issuance of Fat Penguin has attracted widespread attention. At first, I was a bit skeptical, as the team has always downplayed the topic of token issuance and has never relied on short-term hype to maintain the project's value. Looking back over the past three years, the team and the community have been making strides in both Web2 and Web3, continuously enhancing brand awareness and making Fat Penguin a global focal point. After careful consideration, I believe the strategic significance of issuing tokens at this time is very clear: as the bull market continues, a large number of new users are entering the crypto world. Fat Penguin, as a dual star of Web2 and Web3, has the potential to become a bridge connecting these two worlds, helping newcomers to understand and

ZK Co-processor: Driving Blockchain Technology Towards Large-scale Application Co-processors play an important role in the computer field, responsible for handling specific tasks for the CPU. The Ethereum Blockchain faces issues such as high Gas fees and data access limitations, hindering the large-scale adoption of applications. ZK co-processors have emerged as a solution, capable of handling complex computations and data-intensive tasks while ensuring the reliability of off-chain operations. Currently, ZK co-processors are mainly applied in three scenarios: on-chain data indexing, oracles, and ZKML. Some well-known projects include Risc.

Bank for international settlements: stablecoins do not meet the standards of real currency. The bank for international settlements recently released a report stating that stablecoins have failed to pass the three key tests required to become a pillar of the monetary system: singularity, resilience, and integrity. The institution believes that the role of stablecoins in the future monetary system remains unclear, but they cannot currently serve as its pillar. The report acknowledges that stablecoins have certain advantages, such as programmability, pseudonymity, and user-friendly access. In areas like cross-border payments, they may offer lower costs and faster transaction speeds. However, compared to traditional currencies, stablecoins may pose risks to the global financial system by undermining government monetary sovereignty and facilitating criminal activities. Specifically, stablecoins perform poorly in stress tests. Taking USDT as an example, its issuance requires full prepayment, which imposes a "prepayment constraint." In terms of singularity, stablecoins are usually issued by centralized entities, which may set limitations.