Overview of Recent Key Events: ETH Investment Logic Shifts, AI Valuation Raises Red Flags, Multicoin Bets on ZEC and HYPE
Summary of the four most important investment research observations in the recent crypto market.

Lighthouses guide direction, torches contest sovereignty: a hidden war over AI allocation rights
Lighthouses determine how high we can push intelligence, that's civilization's advance in the face of the unknown; torches determine how widely we can distribute intelligence, that's society's self-restraint in the face of power.

Ethereum's New Privacy Infrastructure: In-Depth Analysis of How Aztec Achieves "Programmable Privacy"
From Noir language to Ignition Chain, a comprehensive breakdown of Ethereum's full-stack privacy architecture.

Ethereum's Next Decade: From "Verifiable Computer" to "Internet Property Rights"
LambdaClass founder Fede explains antifragility, the 1 Gigagas scaling goal, and the Lean Ethereum vision in detail.

The "Trojan Horse" in Ethereum's Fusaka Upgrade: How to Turn Billions of Phones into Hardware Wallets?
EIP-7951 may not eliminate mnemonic phrases overnight, but it has finally removed the biggest obstacle on Ethereum's path to mass adoption.

Danny Ryan: Wall Street needs decentralization more than you think, and Ethereum is the only answer
Former Ethereum Foundation researcher deep dives at Devconnect ARG 2025: How to support $120 trillion in global assets by eliminating counterparty risk and building L2s.

Hsiao-Wei Wang, Co-Executive Director of the Ethereum Foundation: Ethereum is a ladder, and we will climb it together
Full transcript of Hsiao-Wei Wang's talk at Devconnect ARG.

Can Backpack Seize the Future Opportunity as Crypto Derivatives Evolve from Traditional Replication to Innovation?
Why is the derivatives market accelerating? History might offer us some answers.

AI Agent: An on-chain interaction assistant tool—does the product that gained popularity amid meme trends actually have value?
As a supplementary tool for smart contracts, AI Agents might evolve into a common infrastructure tool if they can deliver tangible real-world value.

Decoding RISC Zero's Product Matrix: How to Empower Ethereum's Journey Toward a ZK Future?
Recently, RISC Zero zkVM released version 1.2, introducing a completely new precompile method that allows developers to deploy precompile logic alongside their applications, without requiring it to be built into the zkVM itself.

