作者：叶慧雯，华尔街见闻 以太坊今日正在执行名为"Fusaka"的关键网络升级，这是其持续扩展路线图中的又一重要里程碑。此次 升级旨在通过大幅提升数据容量和优化协议效率，进一步降低Layer-2网络的交易成本，巩固以太坊作 为全球高效结算层的核心地位。 根据计划，Fusaka升级在区块高度13,164,544处被激活。这是继Dencun和Pectra升级之后，以太坊在扩展 道路上迈出的新一步。高盛加密业务负责人Kenny Lee指出，Fusaka代表了以太坊可扩展性路线图的下 一阶段，其目标是推动网络演变为一个兼具全球影响力与成本效益的结算层。 此外，Fusaka升级还包括引入"仅Blob参数"（BPO）分叉机制，使未来的网络容量提升更加灵活；同时 通过存储过期和区块控制等功能优化Layer-1主网性能，并改善钱包功能与用户体验。这些变化共同构 成了以太坊在可扩展性、可持续性和操作性方面的一次结构性飞跃。 从Dencun到Fusaka：专注扩展与基础设施优化 Fusaka升级实际上是共识层"Fulu"升级与执行层"Osaka"升级的同步激活。根据以太坊基金会确认的最终 方案，升级所包含的以太坊改进提案（EIP ...

Core Insights - The IEEE SA has officially released two international standards in the blockchain field, namely IEEE Std3231.01-2025 and IEEE Std3231.02-2025, marking a significant breakthrough for China in the international standardization process of digital technology [1][2] - These standards are expected to enhance China's role in the global digital economy and provide a unified technical framework for blockchain service platforms and integrated systems [2] Group 1 - IEEE Std3231.01-2025 specifies the reference architecture for blockchain as a service in consortium chain scenarios, defining relevant terms, architectural models, and both functional and non-functional requirements [2] - IEEE Std3231.02-2025 outlines the technical architecture, core functions, and non-functional requirements for blockchain integrated machines, aiming to standardize the design and deployment principles of blockchain hardware and software systems [2] - The release of these standards fills the international standard gap in the service-oriented and integrated hardware-software blockchain fields, providing a practical example for China's deep participation in digital technology rule-making [2] Group 2 - The unified, standardized, and internationally compatible standard system is expected to significantly promote technological integration and healthy industrial ecosystem development as blockchain technology is widely applied in various sectors such as government, finance, supply chain, and public welfare [2] - The Hangzhou Free Trade Zone plans to continue using standard upgrades as a core engine to accelerate the cultivation of new productive forces and deepen alignment with international high-standard economic and trade rules [2] - With more "Hangzhou solutions" that combine Chinese characteristics and international perspectives, Hangzhou is poised to become a key participant and contributor to the global digital governance system, injecting continuous momentum into the high-quality development of the digital economy in China and worldwide [2]

Investment Rating - The report does not explicitly state an investment rating for the industry [2] Core Insights - The Shenzhen-Singapore cross-border data verification platform was launched on November 25, 2025, utilizing the FISCO BCOS blockchain technology to enhance data security and compliance in cross-border transactions [7][9] - The platform aims to facilitate two-way credit report verification between Guangdong and Singapore, leveraging the successful practices established in the Greater Bay Area [9][17] - FISCO BCOS serves as the underlying technology, providing a secure and efficient environment for digital asset applications and ensuring data integrity through hash verification [10][13] - The collaboration with Experian Singapore enhances the platform's credibility and acceptance in the international credit system, potentially becoming a key point for broader cross-border credit cooperation between the Greater Bay Area and ASEAN countries [16][17] Summary by Sections 1. Launch of the Shenzhen-Singapore Cross-Border Data Verification Platform - The platform operates on a model of "user self-transmission, platform hash verification," effectively separating original data from verification information to address compliance and security challenges in cross-border data flow [7][9] - It connects over 40 institutions and has implemented more than 15 use cases, covering the 9+2 city clusters in the Greater Bay Area [8][9] 2. FISCO BCOS as the Underlying Technology - FISCO BCOS is a domestic open-source blockchain platform designed for financial applications, supporting over 400 digital transformation projects across various sectors [10][11] - The platform's high performance and security features, including support for multiple consensus algorithms and privacy protection mechanisms, make it suitable for enterprise-level applications [11][12] 3. Experian Singapore's Role in ASEAN Cooperation - Experian Singapore, a key player in the local credit information infrastructure, enhances the platform's capability for cross-border credit verification [16][17] - The partnership is expected to improve the acceptance of verification results within Singapore's regulatory framework, facilitating broader credit cooperation in the region [17]

近日，孙宇晨推动"华人第一公链"波场TRON与加州大学伯克利分校共同举办了一场关于区块链教学与 人才培养的工作坊活动，引来Benzinga、CryptoBriefing和Business Insider等知名外媒连续报道。这一工 作坊的圆满落幕，不仅标志着孙宇晨创立的波场TRON的学术合作版图再添一所顶级学府，更凸显了孙 宇晨和波场在推动区块链教育创新、培育新一代Web3人才方面的决心与长远布局。 在本次教学工作坊活动中，波场TRON社区发言人Sam Elfarra担任主讲人，带领约30名学生深入探讨了 孙宇晨创立的波场TRON生态和Web3行业的发展趋势，包括PayFi在即时结算、跨境转账等不同支付场 景中的重要作用以及中心化金融DeFi丰富多样的应用场景等。 Elfarra还表示，通过一系列教育合作活动的开展，孙宇晨和他创立的波场TRON正大力推动区块链教育 发展，助力学生掌握实战技能、获取关键资源、建立行业人脉，最终成长为未来的创新先锋。不论是先 前在哥伦比亚大学和哈佛大学举办的研讨会，还是此次的伯克利之行，学生们对区块链前沿发展的热忱 与关注让他深受鼓舞，也更坚定了波场TRON培养年轻人才，为学生提供 ...

Core Viewpoint - Some Bitcoin-related stocks have experienced significant gains, indicating a positive market sentiment towards the cryptocurrency sector [1] Company Performance - Blueking Interactive (08267.HK) increased by 15.49%, reaching HKD 0.41 [1] - Boyaa Interactive (00434.HK) rose by 4.68%, trading at HKD 4.03 [1] - New Fire Technology Holdings (01611.HK) saw a 2.95% increase, priced at HKD 3.14 [1] - OK Blockchain (01499.HK) gained 2%, with a current price of HKD 0.204 [1]

Core Viewpoint - The cryptocurrency market is experiencing significant downward pressure due to multiple factors, including macroeconomic policy expectations, institutional selling, and increased regulatory scrutiny, leading to a decline in both cryptocurrency prices and related stocks [3][4][10]. Market Performance - As of December 2, A-shares and Hong Kong stocks related to cryptocurrency continued to decline, with notable drops in companies like Jingbeifang and Hailian Jinhui, each down approximately 1% [3][4]. - Bitcoin saw a sharp decline, dropping nearly 30% from its October peak of $126,251 to below $84,000, while Ethereum experienced a larger drop of over 10% in a single day [3][4]. Institutional Behavior - Since September, large institutional investors have sold over $20 billion in cryptocurrency assets, with year-end profit-taking becoming more pronounced [7][10]. - The adjustment in institutional behavior is a core factor in the current market downturn, with a significant number of leveraged positions being liquidated [5][6]. Regulatory Impact - Recent regulatory developments in China have intensified scrutiny on virtual currencies, particularly stablecoins, which are now included in regulatory frameworks due to concerns over money laundering and fraud [11][12]. - The regulatory stance is seen as a reaffirmation of existing policies rather than a tightening, reflecting ongoing concerns about potential risks in the cryptocurrency sector [11][12]. Macroeconomic Factors - The upcoming Federal Reserve meeting has led to a decrease in expectations for interest rate cuts, which negatively impacts non-yielding assets like Bitcoin [10]. - The uncertainty surrounding macroeconomic signals has also contributed to volatility in traditional risk assets, amplifying the adjustments in the cryptocurrency market [10].

Core Insights - The collaboration between RealOpen and TRON marks a significant integration of blockchain technology into the high-end real estate market in the U.S., redefining luxury property transactions with "crypto speed" [1][3][6] Group 1: Event Overview - The "Fast Action, Lightning Payment" holiday campaign offers a reward pool of 50,000 USDT for eligible homebuyers using RealOpen's platform to complete property transactions with TRON's stablecoin [1][3] - Buyers can receive rewards based on property value: up to 10,000 USDT for properties valued at 2 million USD or more, and up to 5,000 USDT for properties valued between 500,000 and 2 million USD [3][6] Group 2: Technological Integration - RealOpen's platform seamlessly integrates real estate transactions with crypto payments, allowing buyers to use stablecoins like USDT without requiring sellers to accept cryptocurrency [3][4] - TRON's blockchain infrastructure supports secure, transparent, and near-instant settlement of transactions, demonstrating the capability of blockchain technology to handle high-value and complex real estate deals [4][6] Group 3: Market Impact - The partnership addresses traditional real estate pain points such as lengthy processes and high intermediary fees, enabling near real-time transactions through blockchain-based smart contracts [3][6] - The digitization of real estate assets allows for fractional ownership, enabling ordinary investors to participate in high-end property investments and facilitating rapid asset turnover [6][8] Group 4: Future Outlook - The collaboration signifies a shift in the real estate industry, with blockchain technology moving from a conceptual phase to practical application, potentially making cryptocurrency payments a mainstream option for property transactions [6][8]

Core Insights - The blockchain industry has been trapped in a cycle of "computational power involution," where PoW mechanisms consume vast amounts of energy without generating economic value, while PoS mechanisms exacerbate capital monopolies, making it difficult for ordinary users to participate [1][3] - AW3C introduces a revolutionary shift in computational power, transforming it from "ineffective consumption" to "value creation" [1][3] Group 1: AW3C's Innovations - AW3C's core breakthrough lies in reconstructing the value logic of computational power through its unique PoI consensus mechanism, which eliminates meaningless computational competitions and redefines computational resources as "intelligent labor" [3] - Instead of solving mathematical problems, computational power is now utilized for valuable AI tasks such as global commodity price comparisons, supply chain trend forecasting, and market demand analysis, providing users with decision-making support and companies with market insights [3] Group 2: Accessibility and Participation - AW3C breaks down industry entry barriers, allowing ordinary users to participate in computational mining without the need for specialized equipment or significant capital, as basic computer devices are sufficient to engage in lightweight AI tasks and earn rewards [3] - This democratization of computational power transforms it into a "value production tool" accessible to all, rather than being exclusive to a few industry giants [3] Group 3: Real-World Impact - AW3C enables blockchain technology to serve the real economy by generating pricing data and market predictions that empower consumer markets and supply chain industries, addressing issues like information asymmetry and decision-making efficiency [3] - The revolution led by AW3C is helping blockchain shed its image of being disconnected from the real economy, positioning it as a core driver of efficient economic operations [3]

Core Insights - The article discusses the recent rebranding and listing of AIxCrypto Holdings Inc. (AIXC) on NASDAQ, controlled by Jia Yueting, highlighting his capital operation skills despite past controversies [5][10] - AIXC aims to integrate blockchain technology with AI, focusing on three main business areas: Web3 AI trading terminals, Real World Assets (RWA), and AI management of crypto assets [11][10] - The article questions whether Jia's capital strategies can truly rescue Faraday Future (FF), which has struggled with vehicle deliveries and financial stability [12][15] Group 1: Capital Strategy - AIXC is positioned as a funding tool for FF, leveraging emerging crypto concepts to attract investment and alleviate FF's financial struggles [11][10] - The company plans to initiate a tokenization project for FF stock, with an initial purchase of $5 million from an independent third party [11][10] - Jia Yueting's financing efforts have shown significant growth, with FF raising $13.58 million in the first three quarters of 2025, a 144% increase year-on-year [17][16] Group 2: Vehicle Production Challenges - FF has faced significant delays in vehicle deliveries, with only a few dozen FF91 vehicles delivered despite years of investment and development [15][14] - The company is shifting focus to a more affordable model, FX Super One, which has received over 11,000 pre-orders, although the conversion rate to actual sales remains uncertain [15][15] - The article emphasizes the skepticism surrounding FF's ability to fulfill pre-orders based on past performance, where initial high order numbers did not translate into actual deliveries [15][15] Group 3: Market Perception - Jia Yueting's approach to business is seen as polarizing, with opinions ranging from viewing him as a "fraud" to recognizing him as a "resilient entrepreneur" [19][20] - Despite his financing capabilities, FF's stock has plummeted by 70% this year, with a current share price of $1.11, raising concerns about potential delisting [18][16] - The article reflects on the duality of Jia's character as both a visionary and a capital player, questioning the sustainability of his business model [20][21]

Core Insights - The "Wave Plan" aims to promote industrial collaboration and technological innovation in the Yangtze River Delta region [1] - The "Wave Weekly: Yangtze River Delta Industrial Dynamics" focuses on the latest industrial developments in nine trillion GDP cities, highlighting key news and leadership activities [1] Industry Highlights - Hangzhou's visual intelligence industry reported a revenue of 710.4 billion yuan in the first three quarters [2] - Shanghai's Xuhui district is developing a "Blockchain + AI" industrial cluster [2] - Nanjing is collaborating with Baiyun Electric to enhance the capabilities of the smart grid industry [2] - Hefei's major scientific facilities, including EAST, CRAFT, and BEST, are now open to global access [2] - Suzhou's Taicang is building a modern port to promote the integration of industry and city [2] - Ningbo's Qianwan New Area is strengthening its dual industrial clusters in biomedicine and new energy vehicles [2] - Wuxi is advancing the expansion of the 465 cluster in coordination with the new energy chain [2] - Nantong is deepening its layout in the new tracks of artificial intelligence and integrated circuits [2] - Changzhou's Nine Company ecological chain project has settled in the high-tech zone [2]