Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The Ethereum Foundation has clarified the roles of Layer 1 (L1) and Layer 2 (L2) in the ecosystem, emphasizing that L1 serves as the core settlement layer while L2 focuses on differentiated expansion and services [9][12] - Starknet has launched the STRK20s testnet, with the mainnet expected to go live by the end of April 2026, aiming to provide privacy features for assets on its platform [14][15] - The Ethereum Foundation has introduced a portal for post-quantum security research, indicating a proactive approach to future threats posed by quantum computing [16][17] - MoonPay has released the Open Wallet Standard (OWS), which aims to address the wallet standardization issue in the AI agent economy, allowing for secure and efficient cross-platform transactions [18][20] - Bitpanda has launched Vision Chain, a compliance-focused Layer 2 blockchain aimed at European financial institutions, facilitating the issuance and settlement of tokenized assets under regulatory frameworks [22][26] - The Solana Foundation has introduced the Solana Developer Platform (SDP), transitioning from a public chain to a financial services platform, integrating various infrastructure services for enterprises [24][27] Summary by Sections 1. Ethereum Ecosystem L1 and L2 Differentiation - The Ethereum Foundation's recent update marks a significant shift in the understanding of L1 and L2 roles, with L1 designated as a global settlement layer and L2 focusing on extending Ethereum's core attributes to a broader user base [9][12] - The report highlights that L2's primary goal has shifted from merely scaling Ethereum to providing customized services and functionalities [9][12] 2. Post-Quantum Security Research - The Ethereum Foundation has launched a dedicated portal for post-quantum security research, showcasing ongoing efforts to enhance the resilience of Ethereum's infrastructure against future quantum threats [16][17] 3. AI Agent Wallet Standard OWS - MoonPay's OWS aims to fill the gap in the AI agent economy by providing a standardized wallet infrastructure that allows for secure asset management and transactions without exposing private keys [18][20] 4. Compliance Layer 2 Initiatives - Vision Chain, launched by Bitpanda, is designed to support European financial institutions in issuing and settling tokenized assets while adhering to regulatory requirements [22][26] - The Solana Developer Platform (SDP) aims to lower the technical and compliance barriers for traditional institutions to build financial applications on the Solana blockchain [24][27]

Core Insights - The rise of AI Agent economy is hindered by traditional payment systems, prompting Zen7 Labs to introduce the Decentralized Payment Agent (DePA) concept to facilitate autonomous transactions for AI agents [1][3]. Group 1: DePA Overview - DePA is a decentralized payment architecture that enables AI agents to autonomously initiate payments and complete cross-platform transactions securely and efficiently [3]. - Zen7 Payment Agent significantly enhances scalability, security, and user experience compared to the existing Agent Payment Protocol (AP2) [4]. Group 2: Key Features of Zen7 Payment Agent - Native multi-chain compatibility allows for seamless cross-chain payments using mainstream stablecoins and asset types [4]. - The "one-time authorization, multiple no-password" mechanism enables AI agents to make payments within authorized limits, enhancing user experience [4]. - The EIP-712 signature standard ensures on-chain verifiable control over amounts and time, eliminating the need for asset custody and enhancing fund security [4]. - Gas fees are covered by a Settlement Agent, removing technical barriers associated with crypto payments [4]. - The system supports high-frequency micro-payments and AI-to-AI collaboration, catering to the needs of automated transactions [4]. Group 3: Market Context and Impact - The launch of Zen7 Payment Agent coincides with the explosive growth of the AI Agent economy and the increasing demand for cross-border payments [8]. - The global cross-border payment market has reached $194.6 trillion, with B2C/C2C payment growth exceeding 30% [8]. - Traditional cross-border payments face challenges such as 2%-3% fee rates and T+N settlement delays, while crypto payments struggle with gas fee volatility and fragmented currencies [8]. Group 4: Zen7 Labs Vision and Future Plans - Zen7 Labs aims to build a decentralized payment chain (DePA Chain) to create a low-latency, secure, and governable payment infrastructure within the next 12 months [9]. - The company plans to support more mainstream public chains and enable users to deploy nodes, allowing community participation in network operations [9]. - Zen7 Labs is actively expanding its ecosystem partnerships with wallet service providers, blockchain projects, AI platform developers, and cross-border e-commerce businesses [11].

Market Overview - The three major indices opened mixed, with the Shanghai Composite Index down 0.12% and the Shenzhen Component Index down 0.04%, while the ChiNext Index opened up 0.02% [1] - The military industry and diversified finance sectors showed the highest gains, while innovative drugs and composite materials sectors experienced the largest declines [1] Index Performance - Shanghai Composite Index: 3451.72, down 0.12%, with a trading volume of 61.03 billion [2] - Shenzhen Component Index: 10389.23, down 0.04%, with a trading volume of 102.07 billion [2] - ChiNext Index: 2128.86, up 0.02%, with a trading volume of 49.77 billion [2] External Market Influences - U.S. stock indices showed mixed results, with the Dow Jones down 106.59 points (0.25%) and the Nasdaq up 61.02 points (0.31%) [3] - The Nasdaq Golden Dragon China Index fell by 0.6%, with significant declines in several Chinese concept stocks [3] Institutional Insights - CITIC Securities expects MLF and reverse repos to maintain net injections, projecting a net injection of 118 billion yuan in June 2025 [4] - Huatai Securities highlights a positive policy outlook aimed at boosting consumer credit demand, with 19 specific measures to support consumption [5] - Guojin Securities emphasizes the growth potential in the electronics sector, particularly in AI-PCB and computing hardware, with strong demand expected in the second and third quarters [6] - China Galaxy Securities notes a mismatch in domestic AI investment, suggesting that the second half of the year presents a good opportunity for investment [7]