Tech Headlines

1. Seven key takeaways from Token2049: perpetual DEXs and stablecoins lay the foundation; on-site bullishness far exceeded expectations

https://www.panewslab.com/zh/articles/5e438bf4-15e6-40aa-83fa-d1aa706723ba

The crypto industry is shifting from hype to pragmatism, and the event atmosphere was noticeably optimistic. Perpetual DEXs and stablecoins have become core infrastructure, meeting growth demand worldwide—especially in Southeast Asia and Latin America. Real‑time “trading esports” and prediction markets are rapidly evolving and are expected to become important finance and entertainment verticals. The AI boom has cooled; attention is turning to decentralized AI and its integration with DeFi. East‑West divergence is emerging: the West is focused on institutional infrastructure and compliance, while the East is accelerating consumer‑facing adoption. VC investment is becoming more cautious, concentrating on real users and sustainable revenue. Overall, the next stage of industry growth will be driven by effective products, compounding capital, and high user retention.

2. Ethereum Foundation ramps up privacy efforts, launches new “Privacy Research Cluster”

https://blog.ethereum.org/2025/10/08/privacy-commitment

According to Jinse Finance (reporting the Ethereum Foundation announcement on Oct 8), the Foundation will expand privacy R&D by forming a “Privacy Research Cluster” of 47 leading researchers, engineers and cryptographers, integrating the existing PSE team and related projects. The new cluster will cover private payments, anonymous voting, zkID, the privacy wallet Kohaku, and other core technologies, and will establish an Institutional Privacy Task Force (IPTF) to promote enterprise and institutional privacy use cases. The Foundation emphasized that privacy is a core attribute of the Ethereum ecosystem and will be promoted across protocol, application, and institutional layers to protect user freedom and digital trust.

Industry Dynamics

1. Russia’s central bank has decided to allow banks to conduct crypto business

https://www.cryptopolitan.com/russia-to-allow-banks-to-work-with-cryptocurrencies/

On Oct 10, Cryptopolitan reported that Vladimir Chistyukhin, First Deputy Governor of the Bank of Russia, said at the Finopolis forum that the central bank has decided to permit banks to carry out crypto activities, subject to strict capital limits and reserve requirements. He indicated the central bank hopes to pass comprehensive crypto investment legislation next year, enabling a licensing regime; the first licensed service providers could enter the market by the end of that year. Chistyukhin said the proposal to quickly approve suitable crypto legislation has the support of Governor Elvira Nabiullina.

2. UK to appoint a “Digital Markets Champion” to advance on‑chain wholesale markets

https://www.bloomberg.com/news/articles/2025-10-08/uk-to-appoint-digital-markets-champion-for-tokenization-effort

The UK Treasury will establish a Digital Markets Champion to coordinate the tokenization of wholesale financial market asset issuance, trading and settlement. Lucy Rigby, Economic Secretary to the Treasury, said a “Dematerialisation Market Action Taskforce” will oversee the transition from paper share certificates to electronic records. The government published a Wholesale Financial Markets Digital Strategy to promote blockchain and AI adoption and launched the “DIGIT” tender for technology vendors to participate in issuing UK government bonds on blockchain.

3. Delin Holdings advances RWA tokenization, involving ByteDance, Kraken and eSelf AI

https://www.hkexnews.hk/listedco/listconews/sehk/2025/1008/2025100801943_c.pdf

According to a HKEX announcement, Hong Kong–listed Delin Holdings said it raised about USD 5.7 million via funds and SPVs to be used for RWA tokenization. The investments include indirect holdings in ByteDance (about USD 2 million, implied valuation ~USD 315 billion), Kraken (about USD 3 million, implied valuation ~USD 15 billion) and eSelf AI (about USD 0.7 million, implied valuation ~USD 21 million). After closing, the company plans to tokenize the related SPVs and advance tokenization projects for Delin Building LPF and Animoca Brands LPF; the Animoca Brands LPF plan will use the XRP Ledger and has received a pilot grant from Hong Kong Cyberport. Delin Securities and Delin Digital Family Office have submitted materials to the SFC, targeting to start allocations and platform operations in early 2026.

4. Global banks including Goldman Sachs plan a joint stablecoin initiative

https://x.com/cryptounfolded/status/1976644175249444945

Reuters reported that multiple global banks are planning a joint stablecoin initiative, including Santander, Bank of America, Barclays, BNP Paribas, Citi, Deutsche Bank, Goldman Sachs, MUFG, TD Bank and UBS.

5. HKMA: 36 institutions have submitted stablecoin licence applications as of end‑September

https://www.panewslab.com/zh/articles/2b418df4-aafd-41d5-b7bf-9ba3918e1916

The Hong Kong Monetary Authority said it had received 36 stablecoin licence applications by Sept 30, from banks, tech firms and other entities. The HKMA will assess applications under the Stablecoin Ordinance and aims to announce the first batch of licences early next year; only a small number of licences are expected in the initial phase. The HKMA had earlier encouraged interested applicants to contact the authority by Aug 31 and submit applications by Sept 30.

In-Depth Analysis

1. Overview of the BASE tokenomics proposal

https://www.panewslab.com/zh/articles/7c00d30b-9007-41e2-9dba-9ed0fada453f

As a popular L2, BASE’s current fee‑dependent model struggles to balance revenue and growth. The proposal introduces a “quote‑currency mechanism,” making the BASE token the core pricing unit of the ecosystem, and uses an adaptive emission model to dynamically adjust allocations. Users lock BASE to obtain governance rights; liquidity incentives are concentrated in BASE trading pools; and the plan pairs strategic reserves, validator rewards and a community fund with a gradual decentralization schedule. The design aims to boost token demand and value capture, create diversified revenue streams for Coinbase, attract institutional participation, and reshape L2 economics to achieve both regulatory compliance and stronger ecosystem stickiness.