Core Insights - The establishment of the ETHK building in Nanjing marks the launch of the world's first core base focused on the digitalization of Real World Assets (RWA) and signifies a strategic shift for the company towards becoming a global innovator in digital industries and on-chain financial infrastructure [1][6] Group 1: Technological Foundation - The ETHK building has a total construction area of approximately 70,000 square meters and is designed as a "dual infrastructure" to support over 5,000 technology experts and ecosystem collaborators [2] - It serves as a technical hub for blockchain research, cross-chain protocol integration, smart contract auditing, and regulatory technology (RegTech) development [2][4] Group 2: Strategic Location in Nanjing - The choice of Nanjing for the RWA base is strategic, aligning with the city's strong biopharmaceutical industry ecosystem, which is crucial for the company's focus on digitalizing biopharmaceutical intellectual property assets [5] - The building is situated within a policy innovation zone that supports the development of the biopharmaceutical industry, allowing the company to benefit from data cross-border flow and international regulatory alignment [5] - Nanjing's rich talent pool, supported by institutions like China Pharmaceutical University and Nanjing University, will provide ongoing research and development support for the ETHK building [5] Group 3: Strategic Elevation - The company's rebranding to "ETHK Labs Inc." emphasizes its technology-driven focus, with the new brand identity reflecting its commitment to technology and ecosystem empowerment [7] - The ETHK building embodies the vision of enabling blockchain technology to empower the real economy, as demonstrated by the company's collaboration with Renhe Pharmaceutical to establish the first OTC vertical RWA exchange in the U.S. [8] Group 4: Market Potential and Future Vision - The completion of the ETHK building signifies a new phase in blockchain development, transitioning from speculative activities to enhancing the value, efficiency, and liquidity of real assets [9] - According to Boston Consulting Group, the global RWA market is projected to reach $16.1 trillion by 2030, highlighting the transformative potential of the company's initiatives [9]

Group 1 - The company has appointed Tomasz Wojewoda, Raza Zaidi, and Zhao Yan as executive directors, effective from September 19, 2025 [1] - The group plans to expand into a new business focused on Runtime-as-a-Service (RaaS) and customized hardware and security modules, prioritizing security, compliance, and scalability in its overall technology architecture [1] - The new business will target traditional industry clients, providing comprehensive on-chain services including asset confirmation, issuance, settlement, custody, and risk control [1] Group 2 - The group intends to utilize different blockchain networks based on business scenario characteristics to achieve efficient and stable system support [2] - For high-frequency, low-transaction applications such as membership management and consumption point settlement, the group plans to use the Scroll network as a primary infrastructure [2] - The group will introduce suitable computing modules and encryption security devices to support verification node operations and on-chain data processing, with custom configurations based on business needs [2] Group 3 - As the digitalization process deepens, traditional enterprises show significant on-chain demand for asset confirmation, clearing, and auditable distribution, but face substantial technical and resource barriers [3] - By leveraging advanced technology networks like Scroll and the expertise of the newly appointed directors, the company expects to lower the on-chain entry barrier for clients and promote digital transformation across multiple industries [3] - The company aims to utilize the rich experience and expertise of the new directors to explore potential new business opportunities and manage operations [3]

具体而言，订约各方将借助蚂蚁区块链在区块链技术、数据资产全链路解决方案、人工智能大模型及生 态整合方面的核心技术与服务优势，结合本公司在高新技术及制造的产业的实力，包括新能源智能制 造、光储充一体化建设与营运、氢能开发利用以及具备源网荷储能力的零碳产业园综合能源服务，共同 开拓以下主要领域： 公告称，董事会相信，该协议中拟定及概述的合作框架将使集团发挥其在开发及运营新能源项目方面的 经验及能力。董事会亦相信是次合作可扩大集团的商机、扩阔其收入来源及提升其财务表现。因此，董 事会认为与蚂蚁区块链的合作将有利于集团的未来发展，并将符合公司及其股东的整体利益。 1.新能源资产通证化：结合蚂蚁区块链在区块链应用方面的技术专长及公司在新能源领域的产业优势， 订约各方拟于中国内外共同开发公司新能源资产(如光伏电站、零碳产业园及综合能源站)的链上数据整 合、持续完善链上数据整合标准，以及基于上述链上数据整合开展现实资产通证化的业务协作，共同透 过海外产业基金投资公司的新能源资产，其中蚂蚁区块链或其合适联属人士将担当通证化技术解决方案 提供商。 智通财经APP讯，中环新能源(01735)发布公告，于2025年9月19日，蚂蚁 ...

Core Insights - The crypto industry presents significant challenges for entrepreneurs due to evolving technologies, shifting customer interests, and complex products [1] - Be Hero Network (BH Network), a European-compliant Web3 hub, announced its closure on September 15 after nearly five years of operation [1][2] Company Overview - BH Network provided a Web3 launchpad and an NFT marketplace, assisting crypto firms in onboarding MultiversX and EVM blockchains [2] - The decline in the value of MultiversX's native token, eGLD, and the overall volatility in the crypto market severely affected BH Network's liquidity, leading to its closure [2] Product Performance - BH Network launched five products over its operational period, with only BHero and xAudits achieving some level of success [3] - The firm will continue to offer xAudits on-demand under a new company, while all other products and services will be discontinued [3] Challenges Faced - Intense competition and a prolonged bear market following the Terra (LUNA) crash contributed to the difficulties faced by BH Network [3] - The company's statement highlighted that some products were launched before the market was ready for them, which was a significant factor in its failure [4]

Group 1 - The CoinDesk Policy and Regulation Summit held in Washington D.C. in early September 2025 focused on digital asset regulatory frameworks and stablecoin legislation, with significant attention on the views and practices of Sun Yuchen regarding blockchain compliance [1] - The TRON network, led by Sun Yuchen, has shown robust growth, surpassing 330 million users and processing an average of 8.7 million transactions daily, making it one of the largest stablecoin settlement layers globally [2] - Approximately 60% of USDT transaction amounts are below $1,000, indicating the network's widespread adoption in everyday payment scenarios [2] Group 2 - Sun Yuchen emphasizes the importance of compliance and security in the development of the TRON network, having established a task force in 2024 to combat financial crimes related to crypto assets [4] - Sun Yuchen advocates for a flexible and open regulatory framework, suggesting that reasonable regulation can enhance blockchain innovation and promote a positive interaction between the industry and regulators [5] - The TRON network's high-performance infrastructure and compliance practices provide reliable digital payment services to millions globally, demonstrating that technological innovation and compliance can mutually reinforce each other [5]

你刷到 Figure 上市的消息了吗？这事儿真的太让人激动了！ 9 月 11 号它在纳斯达克敲钟，成了全球首家靠 "现实资产上链" 吃饭的上市公司。 简单说就是把房子、债券这些咱们摸得着的资产，变成代码在区块链上交易。 可别觉得这只是一家公司的小事，它一上市，不光咱们熟悉的工作模式要被革新，连怎么赚钱都冒出新 路子了！ 前言 未来新经济是啥？ 别看未来新经济听着挺复杂，其实简单来讲就容易理解了。 AI和区块链是两大 "基石"，其他所有相关的东西都建立在这俩基础上。 也就是说，未来的新经济，本质是从AI和区块链里 "长" 出来的。 这新经济有两个关键特点。 第一个是 "链上链下深度融合"。 过去25年，咱们的经济模式从全线下，比如逛街买东西、线下签合同办事，慢慢变成2/3线下、1/3线 上。 而未来，很可能会变成2/3还是现实中的 "链下" 模式，1/3变成区块链上的 "链上" 模式。 而且这两种模式会紧紧绑在一起，互相促进、共同发展。 从AI和区块链里发展起来的新经济，会给咱们的生活和工作带来4个关键的大变革。 第二个是 "价值创造主体变了"。 以前咱们赚钱、创造经济价值，主要靠人与人之间的互动，比如销售找客 ...

Core Viewpoint - The article discusses the emergence of a new economy driven by AI and blockchain technologies, emphasizing the integration of real-world assets (RWA) into mainstream finance through tokenization, as exemplified by Figure's recent IPO on Nasdaq [2][4][24]. Part 01: What is the Future New Economy - The future new economy is defined as a complex system emerging from the integration of AI and blockchain, which will reshape traditional economic structures and interactions [6][7]. - The new economy formula is expressed as: Future New Economy = (AI + Embodiment + Brain-Machine) x (Blockchain + Cryptocurrency + Tokenization of RWA) x (Existing World + Existing Humanity + Existing Economy) [7]. - The shift from offline to online economic activities has evolved, with predictions that future economies will see a significant portion of value creation occurring on-chain [9][10]. Part 02: Paradigm Shift from AI and Blockchain - Decentralization will be enhanced as AI reduces the costs of entrepreneurship and business practices, allowing for the rise of "small but large" companies that leverage AI for value creation [12][13]. - The trend of disintermediation is expected to continue, with intermediaries needing to adapt their business models to survive in a landscape where trust is increasingly established through blockchain technology [15][17]. - The reliance on physical labor will decline as AI and embodied intelligence take over many labor-intensive tasks, leading to a rise in the importance of human creativity [20][21]. - The concept of a "robot and intelligent agent economy" is introduced, where autonomous systems will operate independently to create value, representing a significant shift in economic dynamics [22]. Part 03: Positive and Negative Outlooks - There is optimism regarding the potential for significant growth in the RWA token market, with estimates suggesting a thousandfold increase in value as traditional assets transition to blockchain [27]. - The article expresses skepticism about the viability of stablecoins issued by many enterprises due to their fragile profit models [28]. - The potential for a creator economy powered by AI and blockchain is highlighted, as these technologies can enhance creators' rights and value sharing [30]. - Concerns are raised about the sustainability of businesses based on information asymmetry, which are likely to face challenges as AI advances [31].

Core Insights - The report focuses on the rise of Real-World Assets (RWA) tokenization, analyzing its concept, value, regulation, practice, and trends, highlighting its role in bridging traditional finance and the Web3.0 ecosystem [1][11][13]. Group 1: RWA Concept and Background - RWA refers to the tokenization of physical assets like real estate, bonds, and commodities using blockchain technology, enhancing asset liquidity, transparency, and accessibility [1][18]. - The emergence of RWA addresses traditional financial pain points such as low liquidity, high entry barriers, and lack of transparency, leveraging blockchain's immutable nature and smart contracts for automation [1][23][25]. - The global RWA market has surpassed hundreds of billions of dollars, with expectations for explosive growth in the coming years [13][24]. Group 2: Investment Value and Advantages - RWA significantly enhances asset liquidity and market efficiency, with tokenized real estate trading cycles averaging 47 days compared to traditional commercial real estate's 6-9 months [2][39]. - RWA improves investment accessibility and promotes financial inclusion by lowering entry barriers, allowing broader participation in high-value assets [2][39]. - The tokenization process increases transparency and security, although challenges regarding the credibility of off-chain data remain [2][39]. Group 3: RWA Asset Categories and Examples - RWA encompasses diverse asset categories, including stablecoins (e.g., USDT, USDC), private credit, U.S. Treasury bonds, real estate, commodities, intellectual property, and emerging sectors like renewable energy and agriculture [2][29][30]. - Stablecoins serve as foundational RWA, providing a stable value anchor and facilitating the integration of Web3.0 with the real economy [2][34][37]. - The tokenization of real estate allows fractional ownership, significantly reducing investment thresholds and enhancing liquidity [2][30]. Group 4: Global Regulatory Landscape - The global regulatory framework for RWA is evolving, with a focus on compliance and risk management, as seen in the U.S. GENIUS Act and the EU MiCA regulation [3][4]. - Different jurisdictions are adopting varied approaches to RWA regulation, with the U.S. and EU leading in establishing comprehensive frameworks [3][4]. - In China, RWA is in a regulatory gray area, with initiatives focusing on private chains and sectors like renewable energy and agriculture [3][4]. Group 5: Future Trends and Challenges - The RWA market is expected to grow significantly, driven by institutional participation and the increasing importance of stablecoins as a liquidity infrastructure [3][6][12]. - Emerging asset categories like computing power are gaining traction, presenting new opportunities and legal challenges [3][6][12]. - The report emphasizes the need for ongoing research into the intersection of law and technology to support the healthy development of RWA [3][6].

Core Insights - A major Chinese fintech company is negotiating to acquire the technology solutions of Venom Foundation to integrate into its digital financial services ecosystem [1] - This development aligns with the recently released guidelines on financial support for new industrialization, which encourage financial institutions to adopt blockchain and AI technologies to enhance services for the real economy [1] Group 1: Venom Foundation Technology Features - Venom represents a high-performance Layer-0 blockchain platform capable of processing up to 150,000 transactions per second (TPS) with transaction completion times of less than three seconds [1][2] - Key features attracting Chinese partners include built-in KYC/AML mechanisms, parallel smart contract execution, enterprise-level scalability, fair ordering layer, cross-chain compatibility, and a scale-speed consensus mechanism [2] - Initial information suggests Venom technology may be deployed in critical sectors such as digital stablecoins, supply chain financing, and smart risk assessment [2] Group 2: Strategic Implications - The potential acquisition highlights the practical implementation of China's national strategy to position blockchain as a core financial infrastructure [3] - Venom's ability to operate within diverse regulatory frameworks while maintaining high performance is crucial for Chinese enterprises planning international expansion under the Belt and Road Initiative [3] - The transaction is expected to be completed between late 2025 and early 2026, marking a significant example of blockchain technology integration within the financial system [3]

Core Insights - The US IPO market experienced its busiest week since 2021 in early September 2025, with 11 companies going public, including 8 traditional IPOs and 3 SPACs, indicating a significant revival in market activity [1] Market Trends - A total of 16 companies filed for IPOs, comprising 10 traditional IPOs and 6 SPACs, reflecting a sustained increase in market confidence [1] - Notable IPO performances included Klarna raising $1.4 billion with a first-week gain of 7%, Figure raising $788 million with a 30% increase, and LB Pharmaceuticals raising $285 million with a 12% rise [1] - Six new SPAC applications are focused on emerging technologies such as AI and blockchain, showcasing a trend towards innovative sectors [1] - Anticipation builds for four large IPOs expected in mid-September, potentially raising a total of $3.9 billion, which may continue the autumn IPO momentum [1] Key Characteristics of Recent IPOs - The recent US IPO activity displays four main characteristics: 1. Industry diversification with participation from consumer finance, blockchain, biopharmaceuticals, and cryptocurrency sectors [1] 2. Strong pricing, as leading companies generally priced above expectations with significant first-week gains [1] 3. A resurgence of SPACs, with 37% of the 16 companies filing being SPACs, focusing on cutting-edge fields [1] 4. A breakthrough in biotechnology, as the successful listing of LB Pharma boosted confidence across the sector [1]