Ketamine YC price

🚨 New wallet on SOL just booked $11.9K in 5 straight wins (+149% on $KYC, fresh entry in surging $MARS). 📈 24h buy flow on $KYC: 94% of $28.9K vol. $MARS +10% 1h, buyers 9:1. Wallet just reloaded 20min ago—watch its next move. Micro-cap liquidity thin, play size smart. 🔔

Original | Odaily Daily (@OdailyChina) Author | Jingle Bell (@XiaMiPP) On July 1, on the stage of the ETHCC conference in France, Ethereum core developer Zak Cole announced the establishment of the "Ethereum Community Foundation (ECF)" to drive the price of ETH up, and shouted the slogan "ETH will rise to $10,000". ETH's recent price performance has been really good, especially in early May, when it soared by more than 40% in a single day. The small goal of returning to $3,000 in the short term seems to have become an obsession with the "E Guard". But behind this craze, there is actually a deeper story of value belonging and self-repair. ECF: Speak for coin holders Zak Cole does not hide the ECF's positioning and ambitions: "It's not an extension of the Ethereum Foundation (EF), but a new force designed to 'correct deviations'. We say what EF wouldn't dare to say and do what they don't want to do. We serve ETH holders because you deserve better. ” ECF's mission is clear: to drive institutional adoption of Ethereum infrastructure, accelerate ETH burn mechanisms, and increase ETH market value. ECF has raised millions of dollars in ETH funding and plans to prioritize funding for "neutral, immutable, token-free" public technology projects, with a focus on supporting critical infrastructure such as tokenized real-world assets (RWAs) and fixing blob space pricing mechanisms. Despite the limited size of fundraising, ECF has introduced a "token voting" mechanism in governance to ensure that the flow of funds is open and transparent. Its first funding project is the "Ethereum Validator Association", which aims to provide resources and channels for the validator community to speak out, and provide institutional guarantees for network operators. This move not only responds to the community's demand for transparent governance, but also injects new vitality into the Ethereum ecosystem. The Ethereum Foundation's Old Problems: The Centralization Dilemma and the Transparency Crisis The birth of ECF is more like a clear challenge to the long-standing ills of the Ethereum Foundation. The Ethereum Foundation, which has been established for 11 years, has been a solid backing for the development of Ethereum. But in recent years, it has been criticized for over-indulging in long-term research and ignoring the short-term needs of users and developers. Even more dissatisfying is its centralized governance structure and opaque decision-making mechanism. Ethereum developer Péter Szilágyi has been at loggerheads with Tomasz Stańczak, co-executive director of the Ethereum Foundation. Szilágyi said that as a key member of the development team for Geth (Go Ethereum's main client software), the Foundation has repeatedly proposed to bid $5 million in the past for the Geth team to be spun off from the Foundation and operate independently. A similar transfer of funds has happened to Parity, another Ethereum client development company. The Ethereum Foundation's long-term "diversification" strategy for client development may be intended to reduce the risk of single-point dependency, but it also exacerbates the friction between internal resource allocation and power negotiation. The bigger governance chaos is reflected in the Ethereum Foundation's organizational structure itself. Christine Kim, former vice president of Galaxy Digital, has openly questioned the opacity of EF's organizational structure: Tim Beiko, Barnabé Monnot, Alex Stokes and others juggle the dual tasks of "coordinating L1 and L2 scaling" and "leading the R&D team." In addition, Christine had doubts about the details of the architecture diagram, such as whether the bold name is the team leader, and the purpose of highlighting some of them, including the puzzle of the color grouping logic, such as why the consensus mechanism and account abstraction are grouped together, but the stateless consensus is not included; There is no clear explanation as to why Testing is grouped with pandaops and Security is not. Another point that the Ethereum Foundation has been criticized for is the "selling of coins". As a core supporter of the Ethereum ecosystem, EF owns a large amount of ETH to sustain operations and fund development. However, the question among community members is why they choose to sell directly instead of staking DeFi (such as Aave) to earn yield, not to mention the fact that EF's coin selling behavior is often accompanied by ETH price movements, which makes market sentiment sensitive and vulnerable. Some argue that EF's sell-off was in response to operating expenses; There are also concerns that this may be a sign of a lack of strategic planning. Data shows that the Ethereum Foundation spent as much as $134.9 million in 2023 to fund projects such as mainnet upgrades and zero-knowledge proofs, but it delivered an unsatisfactory answer in terms of funding transparency. Struggling Self-Healing: EF's Path to Transformation Under the many doubts, the Ethereum Foundation also began to take the initiative to change. At the beginning of 2025, its internal governance and personnel structure began to loosen. On March 10, Hsiao-Wei Wang officially joined the Board of Directors of the Ethereum Foundation. The female technology leader, who has grown from a core researcher to an Asia-Pacific community ambassador to a co-executive director, complements Nethermind founder Tomasz Stańczak and symbolizes EF's transition from "Vitalik unipolar authority" to "technology + infrastructure" governance. Wang Xiaowei is deeply engaged in shard expansion and the Asia-Pacific ecosystem, while Tomasz focuses on client development and MEV mechanism optimization, which is a combination of "Eastern technology geeks + Western infrastructure architects", which is considered to be EF's active choice to deal with ecological fragmentation. Related Reading: Who Will Save Ethereum from the "Midlife Crisis"? Can Wang Xiaowei help? 》 On June 3, the Ethereum Foundation announced a major reorganization of its research and development team, laying off some of its staff, and renaming the department "Protocol" to focus on the core challenges of protocol design. This change is in response to ongoing community criticism of the Foundation's stewardship and strategic direction. The restructured Protocol team will work around three priorities: scaling the scalability of Ethereum's underlying network, advancing blobspace scaling in a data availability strategy, and improving the user experience. The restructured team will also focus on increasing transparency in upgrade timelines, technical documentation, and research. Although the number of layoffs has not been disclosed, it is a "broken arm to survive" type of organizational remodeling. Wang Xiaowei has publicly expressed the hope that the new structure will push the core project forward more efficiently. However, in response to the Ethereum Foundation's layoff plan and subsequent development direction, Kyle Samani, co-founder of Multicoin Capital, reminded that there is a tension between the Ethereum Foundation's new goals: if layoffs, restructuring, and promotion of multiple projects at the same time weaken concentration? Of course, reform doesn't stop at the organizational level. On June 5, the Ethereum Foundation released the latest version of its fiscal policy document, clarifying its asset management strategy, ETH sale mechanism, and long-term commitment to the DeFi ecosystem. The document notes that EF is currently setting annual operating spending at 15% of the total fiscal balance, retaining a 2.5-year spending buffer, and will gradually transition to a long-term spending level of 5%, emphasizing increased support during market downturns, and restraint in a bull market. In terms of crypto asset allocation, EF will give priority to supporting secure, decentralized, and open-source DeFi protocols, using methods such as wETH staking, stablecoin lending, etc. to obtain reasonable returns, and explore Tokenized RWA (tokenized real asset) allocation. At the same time, EF explicitly supports the concept of "Defipunk", encourages KYC-free, self-custodial, and privacy-friendly DeFi protocols, and plans to use privacy standards, decentralized UI, and anti-censorship mechanisms as the core evaluation criteria for fund deployment. EF said that its own financial management will gradually adopt decentralized, privacy-friendly tools and workflows to "live" the crypto values it advocates and continue to provide long-term stable support for the Ethereum ecosystem. In the coming year, the Ethereum Foundation's work will focus on two core pillars: core values and strategic goals, underpinned by technical excellence, to drive the long-term success of the Ethereum ecosystem. Specific highlights include: Scaling the Ethereum mainnet (L1) and data scaling (Blobs); improve user experience (UX) to enhance L2 interoperability and application layer development; Promote the developer experience (DevEx) and enhance the exposure and support of applications and L2 projects on platforms such as Devcon. In addition, the Ethereum Foundation will accelerate the path for developers, entrepreneurs, and institutions to build and adopt Ethereum, leveraging EF's knowledge and leadership to attract and nurture the next generation of builders. New Narrative: The Emergence of Ethereum as an "Institutional Asset". In addition to the governance adjustments, it is worth noting that Ethereum is ushering in a larger narrative transformation: ETH is transforming from a "development fuel" to an "asset reserve". U.S.-listed companies such as SharpLink, Siebert Financial, Treasure Global, and others are adding ETH to their balance sheets. At the same time, institutions such as BlackRock's BUIDL fund, Securitize platform, and Franklin Templeton's BENJI fund are also actively building asset channels with ETH as the underlying architecture, and deploying tokenized financial infrastructure with the help of the Ethereum network. In this megatrend, the ECF was not established to overthrow EF, but to complement a force that is closer to market efficiency and more appropriate to the financial context. While EF is still coordinating documentation and research routes, ECF accelerates ETH's path to appreciation through a mechanism close to the market. Between the two, it is not a zero-sum game, but a more complex and real synergistic tension. On the one hand, there are traditional foundations that are self-correcting and trying to rebuild credibility, and on the other hand, there are emerging forces calling for efficiency and market mechanisms. When we turn our attention back to Ethereum, it is no longer a single-direction project, but a more complex, multipolar technology and power structure.

Written by Zhang Wuji Wepoets With the rapid development of blockchain technology and the digital transformation of the global financial market, the tokenization of U.S. stocks, as a cutting-edge financial innovation, is gradually moving from concept to reality. By converting traditional stock assets into digital tokens on the blockchain, tokenization breaks the limitations of geography and time, providing global investors with a more efficient and convenient investment channel. However, while this emerging sector offers great potential, it also faces multiple challenges of compliance, technology, and market acceptance. This article discusses the logic and significance behind the tokenization of U.S. stocks from four aspects: the current situation, potential, compliance path, market impact and investment precautions, and attempts to provide a comprehensive perspective for investors and industry observers. Part 1: The total market capitalization of U.S. stocks, an overview of tokenization projects, and an analysis of their potential The total market capitalization of U.S. stocks As of June 2025, the total market capitalization of the U.S. stock market has exceeded $55 trillion, accounting for about 50% of the global stock market capitalization, ranking first in the global capital market. This scale is supported by the solid growth of the U.S. economy, continued innovation in the technology industry, and a mature financial infrastructure. Nasdaq and NYSE-listed tech giants such as Apple, Microsoft and NVIDIA, with trillions of dollars in market capitalization, have become the core pillars of the U.S. stock market. The high liquidity, transparency, and global reach of U.S. equities make them ideal targets for tokenized assets. An overview of U.S. stock tokenization projects and platforms U.S. stock tokenization converts traditional stocks into digital tokens through blockchain technology, and investors indirectly own the equity of the underlying stock by holding the tokens. These tokens are typically pegged to real shares at a 1:1 ratio, enabling round-the-clock trading, partial equity investments, and decentralized settlement. The following are the main tokenization projects and platforms at the moment: Kraken: In May 2025, Kraken announced the launch of a tokenized U.S. stock trading service for non-U.S. customers, including popular stocks such as Apple and Tesla. The platform uses blockchain technology to achieve 24×7 hours of trading, breaking through the trading time limit of the traditional stock market. Coinbase: Coinbase is in talks with the SEC seeking approval to launch an on-chain U.S. stock trading service that plans to cover spot, futures, and decentralized exchange (DEX) functions, challenging traditional brokerages such as Robinhood. Bybit: Bybit launched USDT-based stock CFD trading on its TradFi platform on May 19. Users only need to create an MT 5 account to directly use USDT collateral to trade US stocks, which currently contain a total of 78 stocks Ondo Finance: Ondo Finance is a decentralized institutional-grade financial protocol that has partnered with the Trump family project WLFI. As early as February 5, Ondo Finance announced the upcoming launch of Ondo Global Markets (Ondo GM), an RWA tokenization trading platform that allows users to buy and sell stocks, bonds, and ETF tokens backed by real-world assets 1:1. MyStonks: MyStonks is a decentralized digital asset trading platform that will launch the on-chain U.S. stock token market in May 2025, and cooperates with global asset managers to provide tokenized U.S. stock trading services with escrow endorsements, covering popular stocks such as Apple, Amazon, and Google. Users can buy stock tokens through USDC or USDT, and the platform converts stablecoins to USD, buys real stocks and mints ERC-20 tokens 1:1. In addition, there are also U.S. stock tokenization platforms and projects such as Backed, Dinari, Helix, DigiFT, etc., which are worth paying attention to. The potential scale and development prospects of U.S. stocks on the chain According to forecasts from the Boston Consulting Group (BCG) and others, the real-world asset (RWA) tokenization market is expected to reach $2 trillion to $30 trillion by 2030, covering assets such as stocks, bonds, real estate, and more. At present, the market size of tokenized assets is about $12 billion (excluding stablecoins), and the tokenization of U.S. stocks has great potential as a core component. Development prospects: Global accessibility: Tokenization removes geographical barriers, allowing non-US investors to invest in U.S. stocks without the need for a traditional brokerage account, significantly lowering the barrier to entry. Round-the-clock trading: Blockchain supports 24×7 hours of trading, making up for the lack of traditional stock market closure hours and improving market flexibility. Cost efficiency: Decentralized settlement reduces intermediary links and reduces transaction costs. For example, MyStonks' trading fees are as low as 0.3%, which is much lower than traditional brokers. Improved liquidity: Fractional ownership makes high-priced stocks such as Amazon (about $4,000 per share) more attractive to small and medium-sized investors, promoting market liquidity. Financial innovation: Tokenized shares can be used as collateral for DeFi protocols, enabling new products such as on-chain lending and derivatives trading. The tokenization of U.S. stocks uses blockchain technology to reduce intermediaries, optimize the settlement process, and reduce the cost of information asymmetry and transaction friction, thereby attracting more global investors to participate and improving market size and liquidity. However, the achievement of tokenization scale relies on technical maturity, regulatory clarity, and market trust. In the next five to ten years, with the optimization of blockchain technology and the improvement of the regulatory framework, the tokenization of U.S. stocks is expected to become one of the mainstream ways of global investment. Part 2: Compliance Risks, Development Barriers and Compliance Pathways Compliance risks and development obstacles While innovating, U.S. stock tokenization faces significant compliance risks and development obstacles: Regulatory Uncertainty: The SEC has a strict regulatory approach to tokenized securities and may treat them as securities assets subject to the Securities Exchange Act of 1934. Past harsh enforcement of ICOs has shown that the SEC scrutinizes tokenized projects extremely strictly. Anti-Money Laundering and KYC Requirements: Tokenization platforms are required to strictly enforce KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations to ensure the legitimacy of the source of funds. Cross-border regulatory challenges: U.S. stock tokenization is geared towards the global market and needs to deal with regulatory differences in different countries and regions. Technical and security risks: Smart contract vulnerabilities, hacking, or improper management of private keys can lead to asset loss. Market acceptance: Traditional investors have low trust in blockchain technology, and some investors are not familiar with on-chain transactions. Exploration and design of compliance paths In order to promote the development of U.S. stock tokenization, platforms need to design a clear compliance path: Broker-dealer license: As practiced by Dinari, a U.S. stock tokenization project, registration as an SEC-approved broker-dealer is key to compliance to ensure the legal issuance and trading of tokenized shares. Regulatory cooperation: Communicate with the SEC, the Commodity Futures Trading Commission (CFTC), and others to develop a tokenization framework that complies with securities regulations. For example, Coinbase is negotiating with the SEC to ensure that tokenized shareholders have the same rights as traditional shareholders. Standardized technology: Adopt Polymath's ERC-1400 or Securitize's compliance frameworks to ensure that tokens are transparent and auditable. KYC/AML process: Partnering with a blockchain analytics firm to enhance transaction transparency and reduce money laundering risks. Cross-border compliance coordination: Collaborate with the Hong Kong Monetary Authority, the European Union's ESMA and other institutions to develop cross-border tokenization transaction standards. According to institutional economics, a clear regulatory framework and property rights protection are the cornerstones of market development. The tokenization platform reduces institutional uncertainty through the compliance path, which is conducive to building investor trust, thereby reducing market friction and promoting capital flow and market scale expansion. Part 3: The multi-dimensional impact of U.S. stock tokenization Impact on the cryptocurrency circle Capital inflows: Tokenization attracts traditional financial investors to the crypto market, increasing the liquidity and market value of crypto assets. With the total market capitalization of the global crypto market already reaching $3.3 trillion in 2025, the introduction of tokenized stocks will further drive capital inflows. Ecological integration: The tokenization of U.S. stocks promotes the integration of DeFi and traditional finance, giving rise to new products such as on-chain lending and derivatives. For example, tokenized shares can be used as collateral to participate in DeFi protocols and improve asset utilization. Increased competition: Crypto exchanges such as Coinbase, Kraken, MyStonks, and others are intensifying competition with traditional brokerages, which could reshape the industry landscape. Impact on traditional financial markets Transaction model innovation: Round-the-clock trading and fractional equity models challenge the business model of traditional brokerages, forcing brokerage platforms such as Robinhood to accelerate their digital transformation. Cost and efficiency: Blockchain settlement reduces intermediary links and transaction costs, but may compress the profit margins of traditional brokers. Regulatory pressure: The proliferation of tokenization will prompt the SEC to accelerate the development of new rules, increasing the cost of compliance for traditional financial institutions. Impact on the U.S. economy Consolidation of financial center status: The tokenization of U.S. stocks strengthens the global attractiveness of the U.S. capital market and strengthens its position as a financial center. Innovation-driven: Tokenization promotes the application of blockchain technology in the financial field and promotes the coordinated development of technology and finance. Potential risks: Regulatory lags can trigger market manipulation or liquidity crises that threaten financial stability. Impact on the pattern of world economic development Extension of U.S. dollar hegemony: The tokenization of U.S. stocks is denominated in U.S. dollars, combined with the global circulation of stablecoins, to strengthen the dominance of the U.S. dollar in the global financial system. Emerging market opportunities: Tokenization lowers the barrier to entry, provides emerging market investors with the opportunity to participate in U.S. stocks, and facilitates global capital flows. Geo-economic game: The U.S.'s promotion of tokenization may prompt China and the European Union to accelerate the deployment of digital assets and change the global financial competition landscape. Technological innovation is a key driver of economic growth. As a combination of technology and finance, the tokenization of U.S. stocks will drive the digital transformation of the U.S. economy and enhance its long-term growth potential. However, over-innovation can lead to a regulatory vacuum, and innovation and stability need to be balanced. U.S. stock tokenization expands the global use of the U.S. dollar through U.S. dollar stablecoins (e.g., USDC, USDT) and strengthens its status as a reserve currency. At the same time, tokenization promotes the efficiency of global resource allocation, but may exacerbate the risk of financial volatility in emerging markets. Part 4: Considerations, Taxation and Risk Management for Investing in U.S. Stocks on the Chain Investment considerations Choose a compliant platform: Prioritize SEC-certified platforms, such as Dinari, MyStonks, to avoid the legal risks of non-compliant platforms. Understand the token mechanism: Confirm whether the token is pegged 1:1 to real shares and whether the redemption mechanism is transparent. Technical risk assessment: Check the blockchain security of the platform, such as smart contract audits, multisig wallets, etc. Market volatility: Tokenized stocks are subject to both U.S. and crypto market volatility, so you need to pay attention to the overall market risk. Tax issues In the U.S., tokenized stock transactions are considered securities transactions and are subject to Internal Revenue Service (IRS) tax regulations: Capital Gains Tax: Transaction gains are subject to either short-term (holding period≤ 1 year, tax rate 10%-37%) or long-term (holding period>1 year, tax rate 0%-20%). Transaction records: Investors are required to keep complete transaction records, including buying and selling times and prices, for tax filing. Cross-border taxation: Non-U.S. residents are subject to the tax regulations of their home country, and it is recommended to consult with a professional tax advisor. Stablecoin taxation: Trading with USDC or USDT may require reporting of capital gains per transaction, adding tax complexity. The tax complexities of tokenized shares can increase compliance costs for investors and impact market participation. Clear tax guidelines and automated tax tools reduce the burden of compliance and facilitate market growth. risk management Diversification: Avoid concentrating on a single tokenized stock or platform to reduce unsystematic risk. Stop-loss strategy: Use the stop-loss function provided by the platform to control market volatility losses. Security measures: Regularly check account security to ensure the security of private keys and multisig wallets. Regulatory developments: Pay attention to the policy changes of the SEC and other institutions, and adjust investment strategies in a timely manner. SUM As a bridge between blockchain technology and traditional finance, U.S. stock tokenization has demonstrated the potential to reshape the global capital market. Tokenization drives efficiency and inclusion in financial markets by reducing transaction costs, increasing liquidity, and expanding market accessibility. However, compliance risks, technical challenges, and market acceptance remain major obstacles to its development. From an economic perspective, tokenization injects new momentum into the U.S. and global economy by reducing transaction friction, optimizing resource allocation, and promoting technological innovation, but it is necessary to be wary of the risks brought about by regulatory lag and market volatility. For investors, on-chain U.S. stocks offer new investment opportunities, but they need to carefully choose a compliant platform, understand tax requirements, and implement an effective risk management strategy. The rise of platforms such as Dinari and MyStonks marks the rapid maturity of the tokenization market, and its compliance and security mechanisms have set a benchmark for the industry. In the future, with the improvement of the regulatory framework and the advancement of blockchain technology, the tokenization of U.S. stocks is expected to become an important part of the global financial market, reshaping the investment landscape and opening a new era of digital finance. In the last sentence, the U.S. stocks on the chain are more risky, NFA, DYOR!