TxFailed

WEB3 Mint To Be Podcast - STO and US Stock Tokenization
Guest: Mindao, Founder of dForce
Host: Alex, Research Partner at Mint Ventures
Recording time: 2025.3.14
Alex: In this episode, we will follow up on a crypto narrative that attracted a lot of attention a few years ago, then gradually cooled down, but has recently become hot again: STO, or security tokenization, especially the tokenization of US stocks. Today, our guest has rich experience in both traditional finance and DeFi, and is also an old friend of our program—Mr. Mindao. Let's have Mr. Mindao say hello to everyone.
Minda: Hello everyone, I am very happy to be here again to discuss the topic of STO and security tokenization with you all.
The ins and outs of Coinbase stock tokenization
Alex:

ZetaChain aims to address the interoperability issues within the Blockchain ecosystem, achieving cross-chain asset circulation through innovative technology and simplifying the development of decentralized applications. Its core team has extensive Web3 experience, utilizing multiparty computation systems and threshold signature schemes to support interoperability with non-smart contract chains. ZetaChain demonstrates strong development potential in areas such as DeFi and actively builds a developer community.

Analyzing Ethena from a business perspective: After a big dump of 80%, is the Rebound worth buying ENA?
Ethena is one of the few phenomenal DeFi projects in this cycle, with its token's circulating market cap once exceeding $2 billion after launch. However, since entering April this year, its token price has rapidly fallen, with Ethena's circulating market cap retracting by more than 80% from its peak, and the token price retracting by as much as 87%.
Since entering September, Ethena has accelerated its collaboration with various projects, expanding the usage scenarios of its stablecoin USDE. The stablecoin's scale has also begun to rebound, with its circulating market value rising from a low point of 400 million USD in September to around 1 billion USD now.
This article will focus on the following three issues:
1. Current business level: Ethena's current core business indicators, including scale, revenue, overall costs, and actual profit levels.
2.

The Hong Kong Securities and Futures Commission has approved Bitcoin and Ether spot ETFs, making it the second region in the world to support such products. The new regulations will allow ordinary investors to participate in digital asset investments, promoting the development of Hong Kong's digital asset industry. The regulatory framework emphasizes compliance, which could bring advantages to the Hong Kong market and attract more investors.

A company's financial report for the first quarter of 2024 shows that revenue reached 2.58 billion yuan, a rise of 38% year-on-year, with net profit reaching 510 million yuan, a growth of 157%. The demand for AI Computing Power has driven the gross margin up to 34%. The company will focus on enhancing its emerging automotive board and high-layer PCB business, expecting continuous revenue growth over the next three years. Investors need to follow the risks of market competition and Exchange Rate fluctuations.

As the value of encryption assets rises, wrench attacks targeting crypto users are frequent, with methods including violent threats and extortion. Cases show that victims are often core members of the industry, and attackers use social media and other means to lock in their targets. To prevent this, it is recommended to set up inducement Wallets, strengthen home security, and avoid identification exposure. Countermeasures should combine KYC and AML systems to enhance financial transparency and data security.

Stablecoins provide relatively stable store of value in the crypto market, but face a "triple dilemma": singularity vulnerability, lack of elasticity, and insufficient integrity. This leads to systemic risks and draws regulatory follow, potentially seeking a balance between Compliance and innovation in the future.

Stablecoins play an important role in the Crypto Assets market, serving not only as a Medium of Exchange but also demonstrating huge potential in cross-border payments and Decentralized Finance. Their value relies on anchored assets and market Consensus. However, the stability of stablecoins is not absolute and may face risks of value Fluctuation, requiring robust regulatory mechanisms to protect investors' rights.

Circle submitted its IPO prospectus, planning to list on the New York Stock Exchange. Its financial condition shows a coexistence of revenue rise and profit decline, with USDC becoming a core business. The intention of the listing is to raise funds, respond to regulation, enhance credibility, and potentially open up new exit paths for the encryption industry. Success or failure will test its adaptability in traditional markets.

Sahara AI: Building an open, fair, and collaborative artificial intelligence economy
Sahara AI is committed to creating a more open, fair, and collaborative artificial intelligence economic environment, allowing various participants to easily join. Through blockchain technology, Sahara ensures that all contributors (including data providers, annotators, model developers, etc.) can receive fair compensation, while safeguarding the sovereignty of data and models, ensuring the security of AI assets, and allowing the creation, sharing, and trading of permissions.
The Current State of AI Stacks
The current AI stack mainly consists of the following layers:
1. Data collection and annotation: Collect data from various sources and annotate it according to specific tasks.
2. Model training and service: Input data into the model and optimize performance by adjusting internal parameters.
3. Creation and Deployment of AI Agents: Typically requires the use of tools like TensorF

Kakarot zkEVM is an Ethereum Virtual Machine implemented based on the Cairo language, capable of generating provable transactions. The project started in 2022, with plans to release the Testnet by the end of summer 2023, and the development will be divided into three phases. The team has the support of figures like Vitalik Buterin, and the prospects are promising, but development is influenced by the Starknet ecosystem.

Two Paradigms of Stock Tokenization: The Battle Between Open and Closed
The tokenization of real-world assets has become a hot topic in the financial sector. In particular, the tokenization of stocks is unfolding as a transformation driven by blockchain technology, with several fintech companies entering the arena. For the first time, global investors have the opportunity to trade "digital stocks" of companies like Apple and Tesla 24/7. This article will delve into the inherent logic of current mainstream stock tokenization products, focusing on "how to achieve it" and "what the risks are," providing reference for investors, developers, and regulators.
We will conduct an in-depth comparative analysis using two typical cases: xStocks, representing the "Open DeFi" path, and Robinhood, representing the "Compliance Walled Garden" path. We will explore how these platforms balance strict regulation, technological implementation, and market opportunities, the paths they have each chosen, and the fundamental differences in their underlying logic and compliance design.

Analysis of Important Projects in the DePIN Track
DoubleZero: Building the web3 Highway for Solana
Recently, the DePIN project DoubleZero Foundation received a $28 million investment, sparking interest in the industry. The project has the following characteristics:
1. The founding team has a strong background. Founder Austin Federa was the Strategic Director of the Solana Foundation, participating in the launch of several key projects and maintaining a close relationship with the Solana core team.
2. The investment lineup is strong. In addition to top VCs, Solana Ventures and its co-founders are also involved in the investment, demonstrating Solana's strategic layout in the DePIN track.
3. Innovation in Technical Solutions. DoubleZero adopts a dual-ring architecture, filtering invalid traffic through hardware and processing valid traffic via dedicated lines.

SEC Chair nominee Paul Atkins attended a Senate hearing, promising that if appointed, he would shift towards deregulation, reshape the SEC's mission, and promote a new regulatory framework for the encryption industry. He will ensure transparent operations, divest from conflict of interest assets, address market challenges, and influence the direction of future policies.

This week, the Web3 gaming industry has been dynamic, with multiple projects like AI Game Studio and Soneium contribution rating activities launched one after another. In attracting new players, The Machines Arena has performed outstandingly, while Sunflower Land leads in retention rates. Token rise projects include Undeads Metaverse, showing an overall active and competitive market.

The recent Crypto Assets market lacks direction, with Bitcoin and alts performing poorly, as macroeconomic factors dominate the market. Aave plans to release the fourth version (V4) of its protocol, aimed at enhancing stablecoin functionality and Risk Management. The market is focused on the upcoming US inflation data and Fed policy direction to determine future trends. Global crypto regulation is also gradually strengthening, and investors need to remain vigilant.

A certain company has purchased over 580,000 Bitcoins through operating income, stock issuance, and debt, accounting for nearly 10% of active Bitcoins, with a significant rise in its stock value being key to its success. The company has attracted funds through an arbitrage model by exploiting investment institutions' restrictions on Bitcoin. At the same time, its flexible debt management has allowed it to maintain an advantage during market fluctuations, indicating that it is not merely leveraged operations, but a shrewd arbitrage strategy.

The Babylon project aims to leverage the security of Bitcoin to provide additional protection for PoS chains. Through remote staking and cross-chain communication, users holding BTC can provide economic security for other chains without leaving the Bitcoin network and earn rewards. This mechanism helps to enhance the security of PoS chains, drop token emissions, and defend against various attacks.