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Huobi HTX, the world's leading cryptocurrency exchange, ranked among the top three in terms of EUR-stablecoin trading volume in a recent report by CoinDesk titled "MiCAR: An Institutional Guide to the European Digital Asset Market". The report examines the key trends shaping the European digital asset market through an analysis of the Markets in Crypto-Assets Regulation (MiCAR). According to the report, Huobi HTX has an average monthly trading volume of €-stablecoins of up to 48 million euros, of which the trading volume in November 2024 is 33 million euros, ranking third, behind Binance and Coinbase. The surge in trading volumes led by the euro comes at a time when the regulatory environment is changing, with regulatory clarity becoming a key driver of institutional engagement and market confidence. The full implementation of MiCAR is a significant milestone for the cryptocurrency industry, providing a unified regulatory framework across the 27 EU member states. While simplifying compliance and fostering innovation, MiCAR also brings complex challenges that exchanges must face. HTX Ventures further explores the unprecedented opportunities and challenges presented by this landmark regulation. Alec Goh, head of business at HTX Ventures, said: "The implementation of MiCAR is a significant step in the right direction for the cryptocurrency industry. Not only does it provide much-needed regulatory clarity for the industry, but it also fosters an environment conducive to institutional engagement. As countries around the world become more friendly to cryptocurrencies with policies and regulations, a unified framework like MiCAR will accelerate innovation while ensuring robust compliance. HTX Ventures sees this as an opportunity to drive the development of on-chain compliance tools, support the development of compliant DeFi solutions, and bridge the gap between traditional finance and digital assets. ” Opportunity Unified regulation reduces costs and boosts market confidence MiCAR covers all 27 member states of the European Union through a "single license", which enables exchanges to significantly reduce investment costs in cross-border compliance. This unified regulatory framework provides a clear and stable regulatory environment for the market, helping to increase the confidence and participation of institutional investors, while propelling Europe to become the world's largest market for compliant digital assets. Technological innovation has driven the implementation of on-chain compliance tools In order to adapt to MiCAR's strict anti-money laundering (AML) and reserve fund monitoring requirements, exchanges can actively explore compliance tool innovations: Use oracles to modularize AML rules and reserve monitoring, and execute them on the chain to ensure real-time data transparency. zk-SNARKs are used to build an on-chain regulatory data middle platform to realize the desensitization of transaction data on the chain, which not only satisfies regulatory transparency, but also protects user privacy. Leverage account abstraction technology (ERC-4337) to integrate KYC processes into non-custodial wallets, lowering the barrier to entry for traditional financial institutions to access DeFi. New opportunities for the convergence of real-world and crypto-assets With the launch of securitized tokens on platforms such as Coinbase, exchanges can introduce Real World Asset (RWA) trading, such as yield-based stablecoins based on U.S. stocks or U.S. Treasury bonds, allowing users to leverage assets such as USDT to achieve multi-asset allocation and global liquidity docking. challenge The cost and technical complexity of stringent compliance requirements MiCAR imposes strict requirements on stablecoin issuers and crypto asset service providers (CASPs) such as adequate reserves, regular audits, and anti-money laundering. Exchanges must invest huge R&D and O&M costs in technology integration oracles, data masking, and on-chain regulatory data middle-end to ensure that the system meets regulatory requirements without affecting market fluency. Uncertainty in the dynamic policy environment With the rapid evolution of regulatory policies, exchanges need to establish a multi-chain dynamic testing environment in advance, and cooperate with regulatory-friendly regions (such as Lithuania, Malta, etc.) to carry out cross-border stress testing and regulatory scenario simulation. This kind of forward-looking deployment requires continuous investment, and there are risks at the policy interpretation and implementation level. Security risks and stringent requirements of the hosting system Affected by the bankruptcy of FTX and the Bybit security incident, the market has become more and more strict in the supervision of security compliance. MiCAR clarifies the responsibilities of digital asset custody and requires custodians to implement bank-level security measures to prevent hacking attacks and asset loss. In the process of integrating DeFi with the traditional regulatory system, exchanges need to deal with the challenges of technical vulnerabilities and security risks at the same time. HTX Ventures firmly believes that under a clearer regulatory framework like MiCAR, crypto exchanges can find a balance between compliance and market innovation through technological innovation and global asset layout, creating a win-win situation. Going forward, HTX Ventures will leverage its expertise to explore on-chain compliance tools, expand real-world asset trading, and build a dynamic testing environment to address complex regulatory challenges and ensure that crypto innovation drives long-term institutional engagement and market sustainability. About HTX Ventures: HTX Ventures is the global investment arm of Huobi HTX, integrating investment, incubation, and research to identify the best and brightest teams in the world. As an industry pioneer, HTX Ventures has over 11 years of experience in blockchain construction and specializes in identifying cutting-edge technologies and emerging business models within the space. To drive growth within the blockchain ecosystem, we provide comprehensive support for projects, including financing, resources, and strategic advice. HTX Ventures currently supports more than 300 projects across multiple blockchain sectors, and some high-quality projects have been traded on Huobi HTX. In addition, as one of the most active FOF funds, HTX Ventures invests in 30 top funds around the world and cooperates with the world's top blockchain funds such as Polychain, Dragonfly, Bankless, Gitcoin, Figment, Nomad, Animoca, and Hack VC to jointly build a blockchain ecosystem. Visit us. About Huobi HTX: Founded in 2013, after 11 years of development, Huobi HTX has evolved from a cryptocurrency exchange into a comprehensive blockchain business ecosystem, covering digital asset trading, financial derivatives, research, investment, incubation, and other businesses. As the world's leading Web3 portal, Huobi HTX adheres to the development strategy of global expansion, ecological prosperity, wealth effect, security and compliance, and provides comprehensive, safe and reliable value and services for virtual currency enthusiasts around the world.

Authors: Scof, ChainCatcher Editors: TB, ChainCatcher After the Pump wave, the Solana ecosystem needs to build more valuable projects to retain users and continue to expand the influence of its ecosystem. But how to get more ecological users to use the fast and low-cost Solana chain? SOON Network stands out as a rollup stack designed to deliver top-tier performance for all Layer 1s, with a tailored architecture to meet the high-performance needs of modern decentralized applications. Project Brief Introduction SOON Network is the first protocol to leverage Decoupled SVM to extend Solana's execution beyond its native ecosystem. SOON builds a high-performance Layer 2 solution through the SVM-based Rollup solution, and settles on mainstream Layer 1 networks such as Ethereum, providing better scalability, low transaction costs, and an efficient developer experience. Decouple SVM and extend Solana's execution capabilities The blockchain industry has long faced challenges such as scalability, interoperability, and high transaction costs. Solana uses a parallel execution architecture to achieve high-throughput and low-cost transactions with the Solana Virtual Machine (SVM). However, the Solana ecosystem is relatively closed, which limits the adoption of SVMs in the broader blockchain ecosystem. By decoupling SVM, SOON Network extends Solana's execution capabilities to L1 ecosystems such as Ethereum, achieving the following key optimizations: Improved scalability: SVM uses parallel execution to increase throughput and reduce transaction costs, which has a stronger performance advantage over EVM (Ethereum Virtual Machine). Enhanced interoperability: With the SOON Stack, SOON allows SVM Rollups to be deployed across different L1 ecosystems and enables seamless inter-chain interactions with the InterSOON cross-chain messaging protocol. Optimized developer experience: SOON makes SVMs an independently deployable execution layer, giving developers the freedom to build dApps without being tied to the Solana ecosystem. Technical architecture SOON Network is modular in design and improves scalability, interoperability, and developer experience by decoupling the SVM into a separate execution layer. Its core architecture includes three components: SOON Mainnet, SOON Stack, and InterSOON, to jointly build a high-performance, multi-chain compatible SVM Rollup ecosystem. SOON Mainnet The SOON mainnet is the first decoupled SVM Rollup, settled on Ethereum, and supports seamless cross-chain bridging of ERC-20 with SPL assets. It provides high-performance SVM execution while inheriting Ethereum's security. SOON Stack SOON Stack is a modular rollup framework that allows developers to deploy SVM rollups on different L1 ecosystems, supporting scenarios such as AI, DePIN, and DeFi. Multi-L1 support: Ethereum is the settlement layer and integrates data availability solutions such as EigenDA, Celestia, and Avail. Custom rollups: Support for application-specific optimized rollup structures. High-performance execution: Decoupling the SVM separates the execution layer from the consensus layer and improves efficiency. InterSOON InterSOON is a cross-chain messaging protocol in the SOON ecosystem, which provides efficient and secure cross-chain asset interaction with smart contracts, avoiding liquidity fragmentation caused by traditional cross-chain bridges. Compared to EVMs, SVMs have significant differences in architecture and performance: Execution mode: The EVM is executed sequentially in a single thread, while the SVM relies on the Sealevel engine for parallel execution, which significantly improves throughput. State management: SVM adopts an explicit state access model to avoid data conflicts and improve execution efficiency. Hardware utilization: SVMs take full advantage of modern multi-core processors through multithreading, while EVMs are limited to single-threaded architectures. Fee mechanism: EVM adopts a global fee market and is susceptible to network congestion. SVM adopts a localized fee marketplace to reduce gas fees and improve predictability. Community-based funding mechanisms SOON adopts a community NFT minting model to optimize the early investor experience and ensure fairness and decentralization. NFT Bonded Token Equity: Participants obtain tokens by minting NFTs instead of buying them directly, and NFTs can be traded to improve liquidity. Configurable pricing and hedging: Provide multi-tier pricing solutions, users can choose high-priced instant liquidity or discounted prices for long-term lock-up to reduce selling pressure. Fair access: There are no private rounds, and all token distributions are transparent, ensuring fair participation between retail users and institutional investors. Investment and team background On January 22, 2025, SOON Network closed a $22 million funding round led by Hack VC with participation from MH Ventures, SNZ Holding, ABCDE Capital, Anagram, and others. In addition, well-known investors Kuai Dong, Kartik Talwar, and Mable Jiang also participated. According to the official website, the team's co-founder and CEO is Joanna Zeng, who was previously the vice president of Aleo and has also worked at Coinbase, OP Labs, Citi, and BNP Pribas. Team members also include Nazreen, a former Amazon Web Services developer, and Henry Spencer, co-founder and head of marketing at zkHoldem. (This article is only about early-stage projects and is not intended as investment advice.) ）