Crypto Morning Brief: Upbit to launch Ethereum Layer 2 chain GIWA, Sky joins race for USDH stablecoin issuance rights
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Crypto Morning Brief: Upbit to launch Ethereum Layer 2 chain GIWA, Sky joins race for USDH stablecoin issuance rights
ICBC Asia and HSBC have expressed their intention to apply for stablecoin licenses to the Hong Kong Monetary Authority.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Dynamics
Spot gold rises above $3,640, hitting a new all-time high
According to Jin10 News, spot gold continues to climb, surpassing $3,640 per ounce and setting another record high, with a daily gain of nearly 1.5%.
The U.S. SEC will host a Financial Surveillance and Privacy Crypto Roundtable on October 17
Per official documents, the U.S. Securities and Exchange Commission (SEC) Crypto Task Force will host a public roundtable on "Financial Surveillance and Privacy" at its Washington headquarters on October 17. SEC Commissioner Hester Peirce stated that privacy-preserving technologies are vital for Americans and will help the SEC and other financial regulators strike a balance in crypto policymaking.
Market news: South Korean cryptocurrency exchange Upbit to launch “GIWA” chain built on OP Stack
According to market sources, South Korean cryptocurrency exchange Upbit will launch the "GIWA" chain.
Built on OP Stack, GIWA Chain is positioned as an Ethereum Layer 2 aimed at lowering the barrier to Web3 adoption. Official materials state that GIWA Chain features one-second block finality and full EVM compatibility, enabling developers to directly migrate Solidity contracts and use existing Ethereum tools.
Sky announces entry into USDH stablecoin issuance race
Sky (formerly MakerDAO) has announced its participation in the competition to become an issuer of Hyperliquid’s USDH stablecoin. Co-founder Rune stated that Sky will provide $2.2 billion in immediate USDC liquidity, deploy over $8 billion in balance sheet capacity, and offer an annualized 4.85% yield on USDH to fund HYPE buybacks. Additionally, Sky plans to invest $25 million to support the Hyperliquid Star program and allocate more than $250 million in annual profits to enhance USDH liquidity.
OpenSea CMO: Foundation to reveal SEA token TGE details in early October
OpenSea's CMO announced that the OpenSea Foundation will share detailed information about the TGE in early October.
Anoma reveals tokenomics model: 10 billion total supply, 25% allocated to community, marketing, and liquidity
Per official announcement, Anoma has revealed its token distribution plan. According to the announcement, Anoma's total token supply is 10 billion:
Backers (investors): 31%,
Community, marketing, and liquidity: 25%,
Research and development and ecosystem growth: 19%,
Core contributors: 15%,
Anoma Foundation reserve: 10%.
Aster unveils $ASTER tokenomics, community airdrop exceeds 50%
Per official announcement, Aster has officially released the tokenomics model for its native token $ASTER.
$ASTER has a total supply of 8 billion tokens and is issued on Binance Smart Chain in BEP-20 format.
Token allocation breakdown: Community airdrop 53.5% (~4.28 billion), of which 8.8% (704 million) will unlock on TGE date, September 17, 2025;
Ecosystem and community: 30% (2.4 billion), linearly released over 20 months;
Treasury reserve: 7% (560 million), fully locked until governance approval for use;
Team and advisors: 5% (400 million), 100% locked in first year, then linearly released over 40 months;
Liquidity and listing: 4.5% (360 million), fully unlocked at TGE.
Eric Trump clarifies Metaplanet is currently his only business partner in Asia
In response to rumors circulating in the community about a photo of Eric Trump, second son of Donald Trump, with the CEO of an Asian company suggesting a potential investment deal, Eric Trump clarified on X that he did not know who the person in the photo was and specifically denied involvement with any such company. He explained the photo was taken during a conference visit, and confirmed that Metaplanet is currently his only business partner in the Asian region.
Developer qix hit by phishing attack, multiple popular npm packages injected with malicious code
Scam Sniffer reported that renowned developer qix fell victim to a phishing attack, resulting in malicious code injection into several npm packages, including chalk, strip-ansi, and color-convert. The attack involved wallet hooking, tampering with ETH/SOL transaction recipient addresses, and replacing addresses in network responses. Users are advised to always verify recipient addresses and amounts in wallet interfaces, check for address changes after pasting, review recent transactions, and prioritize hardware wallets for high-value operations.
Ledger CTO Charles Guillemet noted that these compromised packages have been downloaded over 1 billion times, indicating a potential risk across the entire JavaScript ecosystem. The malicious code can silently replace cryptocurrency addresses during transactions to steal funds. Hardware wallet users can mitigate risks by verifying transaction signatures. Non-hardware wallet users are advised to pause on-chain activities temporarily. It remains unclear whether seed phrases were compromised.
Nasdaq-listed Lion Group announces full conversion of SOL and SUI holdings into HYPE
According to PR Newswire, Nasdaq-listed Lion Group Holding Ltd. (Nasdaq: LGHL) today announced plans to convert all its SOL and SUI assets into HYPE. This decision follows BitGo Trust Company's launch of an institutional-grade HYPE EVM custody solution in the U.S.
The company will adopt a stepwise accumulation strategy, gradually converting its SOL and SUI positions into HYPE to leverage market volatility and reduce average acquisition costs. Lion Group CEO Wilson Wang stated that Hyperliquid, with its on-chain order book and efficient trading infrastructure, represents one of the most attractive opportunities in decentralized finance.
ICBC Asia and HSBC express intent to apply for Hong Kong stablecoin licenses
According to The Standard, the Hong Kong Monetary Authority (HKMA) plans to issue only a few stablecoin licenses in the initial phase, with 77 institutions having expressed interest as of last month. Sources indicate that Industrial and Commercial Bank of China (Asia) has formally expressed its application intent, becoming another major Chinese banking group to do so after BOCHK. Additionally, Hong Kong's largest bank, HSBC, has also signaled its intention. Industry insiders believe that Standard Chartered and BOCHK have higher chances of being among the first license recipients.
Market Update
Recommended Reading
The Stablecoin Battle Sparked by $USDH
This article analyzes dynamics in the stablecoin market, particularly the competition triggered by Hyperliquid's launch of the new stablecoin $USDH and its impact on the existing stablecoin landscape. Hyperliquid announced a decentralized voting mechanism to launch $USDH, a dollar-pegged stablecoin designed to replace centralized options like USDC and build a self-sustaining DeFi ecosystem.
Ethereum Revenue Plummets, Sparking Heated Community Debate—Is Recession Looming?
This article discusses the heated debate sparked by Ethereum's sharp revenue decline, focusing on controversies around its fundamental health and future development path. Supporters argue that declining revenue signals shrinking network demand, potentially affecting ETH's long-term value. Opponents view it as a positive sign of ecosystem transformation, which could attract more users and drive overall growth. Ethereum is currently undergoing a critical transition from an execution layer to a global settlement layer, and reduced mainnet revenue might be making space for broader ecosystem prosperity.
Millionaires Flock to Rentals: A Shift in U.S. Wealthy Housing Preferences
This article discusses how the number of millionaire renters in the U.S. rose from 2,204 in 2019 to 5,661 in 2023, making renting an increasingly popular choice even among the wealthy. Flexibility and mobility attract affluent individuals who prefer to avoid constraints like property taxes and insurance, especially in disaster-prone areas. Despite rapid growth in millionaire renters, wealthy individuals still value homeownership, with millionaire homeowners reaching 143,320 in 2023.
Kiwi Co-Founder: Building Consumer Crypto Applications
This article explores challenges in building consumer-facing crypto applications, including false signals, user retention issues, fragmented niche markets, and how tokens and failed projects distract users. The author shares experiences from the Kiwi project and proposes solutions such as rewarding positive user behavior, engaging users, targeting high-ARPU markets, and creating "toothbrush-grade" products.
Why Are Crypto VCs Betting Big on Prediction Markets?
This article discusses why crypto venture capitalists are increasingly investing in prediction markets due to persistent demand, cultural visibility, regulatory clarity, and mature infrastructure. Platforms like Polymarket and Kalshi have emerged as industry leaders through fundraising, liquidity development, and market awareness. Key challenges facing prediction markets include liquidity, outcome resolution mechanisms, and reputation risk.
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