<div><div class="ace-line ace-line old-record-id-Nxoddku8Wo0Adlxvs4BuYv3cshg"><strong style="background-color:rgb( 255 , 255 , 255 )">Dear MEXCers,</strong></div><div class="ace-line ace-line old-record-id-KdPudocshoZ95kxZBPmu5g1esRe"><span style="background-color:rgb( 255 , 255 , 255 )"><br /></span></div><div class="ace-line ace-line old-record-id-Hhz5d9YSSog2CGxYwKyuAvIisXe"><span style="background-color:rgb( 255 , 255 , 255 )">To celebrate the launch of the MEXC x TON collaboration, MEXC is offering a special rewards campaign for new users from the TON community and all existing MEXC users. Don’t miss your chance to share in the prize pool!</span></div><p><img src="https://mexc-rainbown-activityimages.s3.ap-northeast-1.amazonaws.com/banner/F20241218165514928wYpdfRufXdeVQ0.png" width="880" /></p><div class="ace-line ace-line old-record-id-MwJxdWqgCo7OsGxYqHuuUv2WsCb"><span style="background-color:rgb( 255 , 255 , 255 )"><br /></span></div><div class="ace-line ace-line old-record-id-FemWdj80aoM2zex2nLzuTIJbstg"><span style="background-color:rgb( 255 , 255 , 255 )"><strong>Event Period: Dec 18, 2024, 10:00 </strong><strong>(UTC)</strong><strong> – Jan 1, 2025, 10:00 (UTC)</strong></span></div><div class="ace-line ace-line old-record-id-XTwkdc6apoW6ObxAitEuVWqysUg"><span style="background-color:rgb( 255 , 255 , 255 )"><br /></span></div><p><br /></p><h3 class="heading-3 ace-line old-record-id-LgVpdIhVsoOjBWx4RoUuRsxvshh"><span style="background-color:rgb( 255 , 255 , 255 )">Exclusive Offer 1: Sign up on MEXC to receive a 20 USDT bonus and rewards of up to 8,000 USDT. </span></h3><div class="ace-line ace-line old-record-id-O2BydM63mo7IGWx7sdju73sgssh"><span style="background-color:rgb( 255 , 255 , 255 )">Sign up on MEXC to receive a 20 USDT Futures bonus. <a href="https://www.mexc.com/login?isAutoAgreed=1" rel="nofollow">Get started now</a> >></span></div><div class="ace-line ace-line old-record-id-N8IQdqDmVoxVNpxHlyRuNHk8sxd"><span style="background-color:rgb( 255 , 255 , 255 )">Earn rewards worth up to 8,000 USDT by completing tasks like making deposits, trading, and exploring platform features.</span></div><div class="ace-line ace-line old-record-id-FSuPdH35Ao6SyRxCy7euclSjskh"><span style="background-color:rgb( 255 , 255 , 255 )">For more details, visit <a href="https://www.mexc.com/futures-activity/bonus" rel="nofollow">https://www.mexc.com/futures-activity/bonus</a></span></div><div class="ace-line ace-line old-record-id-RDUWdEVJnoqMXWxKAIauQmTJsEc"><span style="background-color:rgb( 255 , 255 , 255 )"><br /></span></div><p><br /></p><h3 class="heading-3 ace-line old-record-id-AsiRdkk3Ro3IfIxPZr0ui174sff"><span style="background-color:rgb( 255 , 255 , 255 )">Exclusive Offer 2: Trade Futures and Share 200,000 USDT in Bonuses</span></h3><div class="ace-line ace-line old-record-id-VqpOd4ymqonErsxDJiJuK0eIsIf"><span style="background-color:rgb( 255 , 255 , 255 )"><br /></span></div><div class="ace-line ace-line old-record-id-JsfkdZRjNoM0Crx3mhIuEuuBsTd"><span style="background-color:rgb( 255 , 255 , 255 )"><strong>Event 1: New User Exclusive </strong><strong>—</strong><strong> Share</strong><strong> a</strong><strong> 100,000 USDT Bonus Pool</strong></span></div><div class="ace-line ace-line old-record-id-LRMbdzQzUonLlXxrHfsuaJcjsQc"><span style="background-color:rgb( 255 , 255 , 255 )">During the event, new users who complete KYC, trade Futures for the first time on MEXC, and achieve a cumulative trading volume of at least 1,000 USDT in the TON USDT Perpetual Futures pair will receive a 10 USDT Futures bonus. First come, first served!</span></div><div class="ace-line ace-line old-record-id-RI2id0vqgovFYix4kt7uKBR3s0b"><span style="background-color:rgb( 255 , 255 , 255 )"><br /></span></div><div class="ace-line ace-line old-record-id-WUeEd2hyhoLPEXxo67OuIahlsnc"><span style="background-color:rgb( 255 , 255 , 255 )"><strong>Event 2: TON Futures Trading Leaderboard </strong><strong>—</strong><strong> Share 100,000 USDT </strong><strong>in </strong><strong>Bonus</strong><strong>es</strong></span></div><div class="ace-line ace-line old-record-id-FoIGdBpM6oUdHoxrFLtupl83sef"><span style="background-color:rgb( 255 , 255 , 255 )">During the event, the <strong>top 5,000 users</strong> with a cumulative TON USDT trading volume of ≥ 20,000 USDT will share a 100,000 USDT Bonus Pool. Both new and existing users are welcome to participate!</span></div><div class="ace-line ace-line old-record-id-RpwmdVZofoZxPYxlJhXuhsUMsif"><span style="background-color:rgb( 255 , 255 , 255 )"><br /></span></div><div class="ace-line ace-line old-record-id-ZdLbdophjoUlQpxnD2PuO4lRsbf"><span style="background-color:rgb( 255 , 255 , 255 )">The rewards are as follows:</span></div></div><p><span style="background-color:rgb( 255 , 255 , 255 )"><br /></span></p><table style="border-collapse:collapse;width:100%"><tbody><tr><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="font-size:14px"><strong style="background-color:rgb( 255 , 255 , 255 )">Rank</strong></span></td><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="background-color:rgb( 255 , 255 , 255 )"><strong style="font-size:14px">Reward Per User (Futures Bonus/USDT)</strong><br /></span></td><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="background-color:rgb( 255 , 255 , 255 )"><span style="font-size:14px"><strong>Min. Trading Vol. (USDT)</strong></span><br /></span></td></tr><tr><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="background-color:rgb( 255 , 255 , 255 )">1</span></td><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="background-color:rgb( 255 , 255 , 255 )">5,000<br /></span></td><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="background-color:rgb( 255 , 255 , 255 )">25,000,000<br /></span></td></tr><tr><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="background-color:rgb( 255 , 255 , 255 )">2</span></td><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="background-color:rgb( 255 , 255 , 255 )">3,000<br /></span></td><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="background-color:rgb( 255 , 255 , 255 )">15,000,000<br /></span></td></tr><tr><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="background-color:rgb( 255 , 255 , 255 )">3<br /></span></td><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="background-color:rgb( 255 , 255 , 255 )">1,500<br /></span></td><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="background-color:rgb( 255 , 255 , 255 )">7,500,000<br /></span></td></tr><tr><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="background-color:rgb( 255 , 255 , 255 )">4 - 10</span></td><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="background-color:rgb( 255 , 255 , 255 )">600</span></td><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="background-color:rgb( 255 , 255 , 255 )">3,000,000<br /></span></td></tr><tr><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="background-color:rgb( 255 , 255 , 255 )">11 - 30</span></td><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="background-color:rgb( 255 , 255 , 255 )">300</span></td><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="background-color:rgb( 255 , 255 , 255 )">1,500,000<br /></span></td></tr><tr><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="background-color:rgb( 255 , 255 , 255 )">31 - 60</span></td><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="background-color:rgb( 255 , 255 , 255 )">100</span></td><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="background-color:rgb( 255 , 255 , 255 )">600,000<br /></span></td></tr><tr><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="background-color:rgb( 255 , 255 , 255 )">61 - 200</span></td><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="background-color:rgb( 255 , 255 , 255 )">50</span></td><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="background-color:rgb( 255 , 255 , 255 )">300,000<br /></span></td></tr><tr><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="background-color:rgb( 255 , 255 , 255 )">201 - 500</span></td><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="background-color:rgb( 255 , 255 , 255 )">25</span></td><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="background-color:rgb( 255 , 255 , 255 )">150,000<br /></span></td></tr><tr><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="background-color:rgb( 255 , 255 , 255 )">501 - 1000</span></td><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="background-color:rgb( 255 , 255 , 255 )">15</span></td><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="background-color:rgb( 255 , 255 , 255 )">80,000<br /></span></td></tr><tr><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="background-color:rgb( 255 , 255 , 255 )">1001 - 5000<br /></span></td><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="background-color:rgb( 255 , 255 , 255 )">56,000 USDT will be distributed based on<br />each user's share of the total trading volume, with individual rewards not exceeding 15 USDT<br /></span></td><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="background-color:rgb( 255 , 255 , 255 )">20,000<br /></span></td></tr></tbody></table><div><div class="ace-line ace-line old-record-id-O1YMdLAhXoywVBxgClWuFKDVsNe"><span style="background-color:rgb( 255 , 255 , 255 )">*Only Futures volume from contracts with non-zero fees will be counted for the event. Rewards for Event 1 and Event 2 can be combined. The more you participate, the greater the cumulative rewards!</span></div><div class="ace-line ace-line old-record-id-WYV8dHIGooEt5ZxSP96uZbE7sid"><span style="background-color:rgb( 255 , 255 , 255 )"><br /></span></div><p><br /></p><h3 class="heading-3 ace-line old-record-id-GwAIdcfDUoEK45xvP56ujMoDsZB"><span style="background-color:rgb( 255 , 255 , 255 )">Exclusive Offer 3: Earn the MEXC x TON SBT in a Few Simple Steps</span></h3><div class="ace-line ace-line old-record-id-ROmOdC2n0oYhNOx3t6luEbSCs7c"><span style="background-color:rgb( 255 , 255 , 255 )">During the event period, new users can earn an SBT by completing the following tasks:</span></div><ol start="1" class="list-number1"><li style="text-align:left" class="ace-line ace-line old-record-id-MH6vdlx2WowkE5xXh94uydbLsLb"><div><span style="background-color:rgb( 255 , 255 , 255 )">Sign up on MEXC.</span></div></li><li style="text-align:left" class="ace-line ace-line old-record-id-SFcEdvk8Xomrhkx5QQDulVK0sVh"><div><span style="background-color:rgb( 255 , 255 , 255 )">Follow TON's official <a href="https://x.com/ton_blockchain" rel="nofollow">X account</a> and join the official <a href="https://t.me/toncoin" rel="nofollow">TON Telegram community</a>.</span></div></li><li style="text-align:left" class="ace-line ace-line old-record-id-CmfDd4zgLoE95PxhZaJu9Yi1sTc"><div><span style="background-color:rgb( 255 , 255 , 255 )">Share the event link on X or any social media platforms.</span></div></li><li style="text-align:left" class="ace-line ace-line old-record-id-Qx28dt3COoNnFHxfHyYusZsXsSc"><div><span style="background-color:rgb( 255 , 255 , 255 )">Follow <a href="https://x.com/MEXC_Official" rel="nofollow">@MEXC_Official</a> and join the official <a href="https://t.me/MEXCofficialNews" rel="nofollow">MEXC Community Telegram Channel</a>. </span></div></li><li style="text-align:left" class="ace-line ace-line old-record-id-LepYdk5s1o0RfNxMnfiueuKpssh"><div><span style="background-color:rgb( 255 , 255 , 255 )">Complete one or more of the following tasks:</span></div><ul><li><div><span style="background-color:rgb( 255 , 255 , 255 )">Deposit at least <strong>100 USDT</strong> or <strong>25 TON</strong></span></div></li></ul><ul><li><div><span style="background-color:rgb( 255 , 255 , 255 )">Accumulate a Spot trading volume of at least 100 USDT in the <strong>TON/USD</strong><strong>T </strong>pair</span></div></li></ul><ul><li><div><span style="background-color:rgb( 255 , 255 , 255 )">Accumulate a Futures trading volume of at least 100 USDT in the <strong>TON</strong><strong>USDT </strong>contract</span></div></li></ul></li><li style="text-align:left" class="ace-line ace-line old-record-id-AQU8dwCreoH5jSxUv4huJMu7sig"><div><span style="background-color:rgb( 255 , 255 , 255 )">Join the <a href="https://gleam.io/uoWTF/mexc-x-ton-sbt" rel="nofollow">Gleam campaign</a>.</span></div></li></ol><div class="ace-line ace-line old-record-id-XLVGdEIY1o6NMHxACLTuBq3ssve"><span style="background-color:rgb( 255 , 255 , 255 )">Note：Soul Bound Token (SBT) is a unique badge on the TON Society platform that rewards participation and enhances digital identity.</span></div><p><br /></p><h3 class="heading-3 ace-line old-record-id-Q1T5d5ON2o6rtex4D9ruszM3sxh"><span style="background-color:rgb( 255 , 255 , 255 )">Terms and Conditions</span></h3><ol start="1" class="list-number1"><li class="ace-line ace-line old-record-id-N8lPdrx96ofbZLx3pacuIHOHs2f"><div><span style="background-color:rgb( 255 , 255 , 255 )">New users are defined as those who sign up during the event or have deposited less than $100 before the event, including on-chain, fiat, and P2P deposits.</span></div></li><li class="ace-line ace-line old-record-id-MP9LdiY9SowGRtxFmdMuhdEzsmf"><div><span style="background-color:rgb( 255 , 255 , 255 )">Upon successful registration, the system will automatically track deposits and trading volumes throughout the entire event period, not just from the time of registration.</span></div></li><li class="ace-line ace-line old-record-id-GULWdAPRDoJdxoxokuDuldC0swh"><div><span style="background-color:rgb( 255 , 255 , 255 )">Rewards for the <strong>New User Exclusive </strong>eventwill be distributed on a first-come, first-served basis, according to the order in which users complete the trading tasks.</span></div></li><li class="ace-line ace-line old-record-id-IQ1hdtZqZoDlMKxQWrJuTCUtsnf"><div><span style="background-color:rgb( 255 , 255 , 255 )">For the <strong>TON Futures Trading Leaderboard</strong>, only Futures trades with fees greater than zero will be counted.</span></div></li><li class="ace-line ace-line old-record-id-TiFGdovlFoRFAIx56G3uzwUCsAd"><div><span style="background-color:rgb( 255 , 255 , 255 )">Participants in the <strong>Exclusive Offer 2</strong> must complete <a href="https://www.mexc.com/user/id-auth" rel="nofollow">KYC Verification</a> before the event ends to qualify for rewards.</span></div></li><li style="text-align:left" class="ace-line ace-line old-record-id-DVzQdHWBJoNto5x01l7uyh1nsgg"><div><span style="background-color:rgb( 255 , 255 , 255 )">Event rewards will be distributed within 10 business days after the event concludes. SBT rewards will be airdropped by the TON official team to the valid TON address provided on Gleam. <a href="https://www.mexc.com/announcements/article/360054857791" rel="nofollow">Futures bonuses</a> will be airdropped to the participant's Futures account. </span></div></li><li class="ace-line ace-line old-record-id-LxzndfQJEoMwT1xhQGCuUzw7sSt"><div><span style="background-color:rgb( 255 , 255 , 255 )">The bonus can be used as margin for Futures trading, as well as to offset trading fees, losses, and funding costs. Any profits earned from the bonus can be withdrawn, but the bonus itself is non-withdrawable.</span></div><ul><li><div><span style="background-color:rgb( 255 , 255 , 255 )">Before the bonus is fully utilized, any asset transfers out of the Futures account will result in the forfeiture of the remaining bonus balance.</span></div></li></ul><ul><li><div><span style="background-color:rgb( 255 , 255 , 255 )">The bonus is valid for a maximum of 14 days. Any unused bonus after expiration will be revoked. Please be aware of the associated liquidation risks during this time.</span></div></li></ul></li><li class="ace-line ace-line old-record-id-G4PTdLDcMo5VlSxR5szu2FDmsRd"><div><span style="background-color:rgb( 255 , 255 , 255 )">Participation in the event is entirely voluntary, and the information provided about this campaign does not constitute investment advice.</span></div></li><li class="ace-line ace-line old-record-id-NDm8dn2wWoeUiOx6AOgu43Fdsfg"><div><span style="background-color:rgb( 255 , 255 , 255 )">Market makers and institutional users are not eligible to participate or receive rewards.</span></div></li><li class="ace-line ace-line old-record-id-U9S2d780PonS5YxvhRvuVMnJsZb"><div><span style="background-color:rgb( 255 , 255 , 255 )">Participants must strictly adhere to the MEXC Terms of Service. MEXC reserves the right to disqualify users suspected of wash trading, bulk account registrations, self-trading, or market manipulation during the event.</span></div></li><li class="ace-line ace-line old-record-id-D7DNdU2GUoWzm4xCRXbu4aNbsKg"><div><span style="background-color:rgb( 255 , 255 , 255 )">MEXC reserves the right to modify the terms of this event without prior notice.</span></div></li><li class="ace-line ace-line old-record-id-GHyLdHL48of0e1xVz1NuT9qastb"><div><span style="background-color:rgb( 255 , 255 , 255 )">MEXC reserves the right of final interpretation for this event. If you have any questions, please contact the customer service team.</span></div></li></ol><div class="ace-line ace-line old-record-id-PhV4dTgenoKMhjx9eEYuCHcHsNb"><span style="background-color:rgb( 255 , 255 , 255 )"><br /></span></div><h3 class="heading-3 ace-line old-record-id-Y3iFd8dsRo4KPTxPEjcuKsgkshc"><strong style="background-color:rgb( 255 , 255 , 255 )">Risk Disclaimer:</strong></h3><div class="ace-line ace-line old-record-id-MJOFdnIurovHMaxClICuZ5ousBb"><span style="background-color:rgb( 255 , 255 , 255 )">Blockchain startup projects may carry significant risks in terms of operation, underlying technology, and regulatory environment. Participating in such projects requires advanced technical and financial knowledge to understand these inherent risks. Before making any investment decision, we recommend conducting thorough due diligence and consulting professional advisors.</span></div><div class="ace-line ace-line old-record-id-ZaODdCF5uoMHxkxA4xPuKMWysFf"><span style="background-color:rgb( 255 , 255 , 255 )">The price of digital assets associated with blockchain projects is highly volatile and may fluctuate due to various factors, potentially leading to significant or even total losses. Additionally, due to issues like underlying technology or hacking attacks, you may face risks of not being able to fully or partially withdraw your digital assets.</span></div><div class="ace-line ace-line old-record-id-AtoSdmURLoHS0LxDe6EuvmdAsMG"><span style="background-color:rgb( 255 , 255 , 255 )">Please carefully assess the risks and make decisions based on your risk tolerance. MEXC does not provide guarantees or compensation for your investment losses.</span></div><div class="ace-line ace-line old-record-id-NeCzdeXqtoWk1jxlIWHubT3vszb"><span style="background-color:rgb( 255 , 255 , 255 )"><br /></span></div><div class="ace-line ace-line old-record-id-N3oxdld9Nog75rx4w5EukuX5sPh"><span style="background-color:rgb( 255 , 255 , 255 )"><br /></span></div><p><br /></p><div class="ace-line ace-line old-record-id-ObN4dy63howmhpxDgJVuXU2ksZb"><span style="background-color:rgb( 255 , 255 , 255 )">Enjoy trading on MEXC.</span></div><div class="ace-line ace-line old-record-id-XRWydB7t0oeQvXxvIpxuiAf1sDe"><span style="background-color:rgb( 255 , 255 , 255 )">The MEXC Team</span></div><div class="ace-line ace-line old-record-id-LLYNd8dPeoTwVOx8D4SuhayKsJd"><span style="background-color:rgb( 255 , 255 , 255 )">December 18, 2024</span></div></div><br />
<div style="color:rgb( 0 , 0 , 0 );font-style:normal;font-weight:400;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none"><div class="ace-line ace-line old-record-id-Qfw2dZveHolNOOxzbuBus47CskF"><strong>MEXC Stands with Malaysia: Supporting Flood Relief Efforts</strong></div><div class="ace-line ace-line old-record-id-KY6jdcPEtomQ7Ax4ZbmuHoQfsrc"><br /></div><div class="ace-line ace-line old-record-id-Iic7dVQeToaRyvxeFowuu3AosId">MEXC expresses deep concern over the devastating floods caused by continuous heavy rainfall across multiple regions in Malaysia. Our heartfelt sympathies go out to all affected individuals and their families during this challenging time. The disaster has severely impacted local communities, disrupting lives and damaging essential infrastructure.</div><div class="ace-line ace-line old-record-id-YUKMdHQCBornBKxg1sUulLp6s9b"><br /></div><div class="ace-line ace-line old-record-id-OcA6dVbxgooBS5xS3DnuOILnsNc">At MEXC, we are committed to social responsibility. In response to the floods, our Malaysia team has promptly established a "Malaysia Flood Emergency Relief Task Force" to coordinate efforts with local rescue organizations and charities.</div><div class="ace-line ace-line old-record-id-IPo0dOPDooXu7IxROjPuEbrdsRe"><br /></div><div class="ace-line ace-line old-record-id-JNL0d1DnpolJZKx4Fvuuj3zLsEc">To support relief efforts, MEXC has allocated 100,000 MYR in disaster relief funds, which will be used to procure and deliver essential supplies, providing immediate assistance to those in need.</div><div class="ace-line ace-line old-record-id-Eqead7TQioBKPixDuC0u6kqgsjd"><br /></div><div class="ace-line ace-line old-record-id-A86zdiCCtoVReyxG8XbuWds1sMg">MEXC remains steadfast in its commitment to the recovery of flood-affected areas. We will continue to monitor the situation closely and work hand-in-hand with local institutions to support rebuilding efforts and help communities restore their lives.</div><div class="ace-line ace-line old-record-id-OG1xdyuByobkPDxRZTRuNo57sDd"><br /></div><p><br /></p><p><br /></p><div class="ace-line ace-line old-record-id-Qdiodey1Bo203NxYqEoupGrhs4d">MEXC Malaysia Team</div><div class="ace-line ace-line old-record-id-Q73QdHjFfoKa7Fx6RE7uKtx6s9c">December 4, 2024</div></div><p><span class="lark-record-clipboard" style="color:rgb( 0 , 0 , 0 );font-style:normal;font-weight:400;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none"></span></p>
<div><div class="ace-line ace-line old-record-id-RCxXdiqIoohAyBxcV67uXhResDf"><strong>MEXC Supports Spain Flood Relief Efforts </strong> <br /><br /></div><div class="ace-line ace-line old-record-id-BenJdby6EoDElaxipeOubN8zs7u">MEXC extends its sincere condolences to the families of those affected by the recent severe flooding in southeastern Spain, which has caused widespread and unprecedented damage across the region.</div><div class="ace-line ace-line old-record-id-PsFudar9mojs2jxHUsDutaPQs3c"><br /></div><div class="ace-line ace-line old-record-id-Xa5CdR4jYoix8Cx1qNTuysuMsbf">In response, MEXC’s Spain team has promptly established a dedicated "Spain Flood Relief Task Force" and is actively collaborating with local charities. A relief fund of €100,000 has been allocated to procure essential supplies and support the immediate needs of impacted communities.</div><div class="ace-line ace-line old-record-id-IC5EdQnuio1vzQxhZMeuTpNLsYd"><br /></div><div class="ace-line ace-line old-record-id-MK8WdxDdJodQAkxI0DyuGMVPsWe">MEXC will continue to closely monitor the flood situation in Spain and provide support for recovery efforts, helping affected communities return to normal life as soon as possible.</div><div class="ace-line ace-line old-record-id-HnGvdslYUoN5zyx6sEru5QG0sBe"><br /><br /><br /></div><div class="ace-line ace-line old-record-id-PdaGdnpxKo6lgsxhK5NuZdRZs6O"><strong>MEXC Spain Team</strong> <br />November 5, 2024</div></div><p><br /></p>
<p><br /></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><br /></p><p style="line-height:1.38;text-align:center;margin-top:12pt;margin-bottom:12pt"><img src="https://mexc-rainbown-activityimages.s3.ap-northeast-1.amazonaws.com/banner/F20230810142117416cp4wVwTX5KRkJH.jpeg" width="635" /></p><h1 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:24pt;margin-bottom:6pt;padding:0pt 0pt 0pt 18pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><strong id="docs-internal-guid-0932019f-7fff-a430-cf5a-9454bfa25626" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:23pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Preface</span></strong></strong></h1><p><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><strong id="docs-internal-guid-0932019f-7fff-a430-cf5a-9454bfa25626" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><br /></strong></strong></p><p style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><strong id="docs-internal-guid-0932019f-7fff-a430-cf5a-9454bfa25626" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">With the arrival of the scorching July summer, the market's heat seems to be lagging behind. Although the market has not experienced significant fluctuations compared to the previous month, signs of market recovery are evident in the activity within certain sectors.</span></strong></strong></p><p style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><strong id="docs-internal-guid-0932019f-7fff-a430-cf5a-9454bfa25626" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Traditional DeFi projects have shown renewed vitality as they establish themselves in their respective niches and continue to grow. The 3-year-long legal battle between XRP and SEC has finally come to an end, with XRP emerging victorious, imbuing the market with a boost of confidence. ETF applications are being submitted one after another, and significant projects are continuously being financed, driving BTC's price to a new high for this year…</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><br /><br /></span></strong></strong></p><p style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><strong id="docs-internal-guid-0932019f-7fff-a430-cf5a-9454bfa25626" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">When we extend the time scale to a 4-year cycle, the recovery in July may not seem particularly remarkable. However, it is crucial to recognize that qualitative transformations stem from the cumulative effects of quantitative shifts. c</span></strong></strong></p><h1 style="line-height:1.38;text-align:justify;margin-top:24pt;margin-bottom:6pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><strong id="docs-internal-guid-0932019f-7fff-a430-cf5a-9454bfa25626" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:23pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">1. Macroeconomics</span></strong></strong></h1><h2 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:18pt;margin-bottom:6pt;padding:0pt 0pt 0pt 18pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><strong id="docs-internal-guid-0932019f-7fff-a430-cf5a-9454bfa25626" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">1.1 The U.S. Passed Two Crypto Bills on July 26</span></strong></strong></h2><p style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><strong id="docs-internal-guid-0932019f-7fff-a430-cf5a-9454bfa25626" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">On July 26, local time, the U.S. House Financial Services Committee approved two cryptocurrency-related bills, the "Financial Innovation and Technology for the 21st Century Act" and the "Blockchain Regulatory Certainty Act," with a vote of 35 to 15. The "Financial Innovation and Technology for the 21st Century Act" aims to set forth regulations for crypto companies, dictating the appropriate timing for their registration with either the Commodity Futures Trading Commission (CFTC) or the Securities and Exchange Commission (SEC). The "Blockchain Regulatory Certainty Act" aims to provide guidance and eliminate barriers and requirements for "blockchain developers and service providers" such as miners, multi-signature service providers, and decentralized finance (DeFi) platforms. (Source: Cointelegraph)</span></strong></strong></p><h2 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:18pt;margin-bottom:6pt;padding:0pt 0pt 0pt 18pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><strong id="docs-internal-guid-0932019f-7fff-a430-cf5a-9454bfa25626" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">1.2 Federal Reserve Raises Federal Fund Rate Target Range by 25 Basis Points on July 26</span></strong></strong></h2><p style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><strong id="docs-internal-guid-0932019f-7fff-a430-cf5a-9454bfa25626" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">On July 26, local time, the Federal Open Market Committee (FOMC) of the United States announced its latest rate decision, raising the federal fund rate target range by 25 basis points to between 5.25% and 5.5%, reaching the highest level in 22 years. This is also the 11th interest rate hike by the Federal Reserve since March of last year. Federal Reserve Chairman, Jerome Powell, stated that despite a slight slowdown in inflation in the United States since the middle of last year, the inflation rate remains well above the 2% target. The future rate-hiking process will be data-dependent, and the decision to raise rates will continue to be made on a meeting-by-meeting basis. In fact, the Federal Reserve's rate hike this time was in line with market expectations. The market's attention is centered on whether July will mark the Federal Reserve's final rate hike. Powell pointed out that the Fed has not made any decisions on future actions and that if the data supports it, there may be another rate hike in September. (Source: Forbes)</span></strong></strong></p><h2 style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:14pt;margin-bottom:6pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><strong id="docs-internal-guid-0932019f-7fff-a430-cf5a-9454bfa25626" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">1.3. Google Cloud Aims to Play a Bigger Role in the Rapidly Developing Web3 Space</span></strong></strong></h2><p><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><strong id="docs-internal-guid-0932019f-7fff-a430-cf5a-9454bfa25626" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><br /></strong></strong></p><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:0pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><strong id="docs-internal-guid-0932019f-7fff-a430-cf5a-9454bfa25626" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">James Tromans, the head of Google Cloud Web3, told Blockworks that the technology giant's cloud computing service department will continue to build services with its blockchain node engine. He added that helping customers</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">become transformative participants in the Web3 ecosystem</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"> is now </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">a core part of the company's mission.</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><br /><br /></span></strong></strong></p></li></ul><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><strong id="docs-internal-guid-0932019f-7fff-a430-cf5a-9454bfa25626" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The executive did not provide specific details about </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">any potential measures that may be under consideration.</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><br /><br /></span></strong></strong></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:10pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><strong id="docs-internal-guid-0932019f-7fff-a430-cf5a-9454bfa25626" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Google Cloud is collaborating with players in the financial services and gaming industries to explore how Web3 technology can streamline their operations and</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline"> unlock alternative business models and revenue streams.</span></strong></strong></p></li></ul><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:10pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><strong id="docs-internal-guid-0932019f-7fff-a430-cf5a-9454bfa25626" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The company is also focusing on artificial intelligence (AI), an area highly valued by some cryptocurrency companies. However, others state that </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">the potential use cases</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"> of this technology in their business are </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">still inconclusive.</span></strong></strong></p></li></ul><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><strong id="docs-internal-guid-0932019f-7fff-a430-cf5a-9454bfa25626" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">(Source: Blockworks)</span></strong></strong></p><p><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><strong id="docs-internal-guid-0932019f-7fff-a430-cf5a-9454bfa25626" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><br /></strong></strong></p><h2 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:14pt;margin-bottom:6pt;padding:0pt 0pt 0pt 18pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><strong id="docs-internal-guid-0932019f-7fff-a430-cf5a-9454bfa25626" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">1.4 Putin Signs Digital Ruble Bill to Take Effect on August 1</span></strong></strong></h2><p><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><strong id="docs-internal-guid-0932019f-7fff-a430-cf5a-9454bfa25626" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><br /></strong></strong></p><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:0pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><strong id="docs-internal-guid-0932019f-7fff-a430-cf5a-9454bfa25626" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Russian President </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Vladimir</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Putin signed the Digital Ruble bill on July 24</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">, and its implementation is scheduled for August 1, 2023.</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><br /><br /></span></strong></strong></p></li></ul><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><strong id="docs-internal-guid-0932019f-7fff-a430-cf5a-9454bfa25626" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The new legislation officially authorizes the Central Bank of Russia to launch the first CBDC pilot aimed at real consumers in August. Earlier, the government had planned to launch the pilot with 13 local banks, including major banks like Sberbank, in April.</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><br /><br /></span></strong></strong></p></li></ul><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:12pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><strong id="docs-internal-guid-0932019f-7fff-a430-cf5a-9454bfa25626" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Under the newly signed law, the Central Bank of Russia will become the main operator of the Digital Ruble infrastructure and will be responsible for all stored assets. The design of the Digital Ruble is intended as a payment and transfer method rather than an investment.</span></strong></strong></p></li></ul><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><strong id="docs-internal-guid-0932019f-7fff-a430-cf5a-9454bfa25626" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">(Source: Finance Magnates)</span></strong></strong></p><p><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><strong id="docs-internal-guid-0932019f-7fff-a430-cf5a-9454bfa25626" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><br /></strong></strong></p><h2 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:14pt;margin-bottom:6pt;padding:0pt 0pt 0pt 18pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><strong id="docs-internal-guid-0932019f-7fff-a430-cf5a-9454bfa25626" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">1.5 Binance Initiates Motion to Dismiss CFTC's Lawsuit in the United States</span></strong></strong></h2><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><strong id="docs-internal-guid-0932019f-7fff-a430-cf5a-9454bfa25626" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><br /><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">According to a recent court filing on July 24 (Monday), cryptocurrency exchange giant, Binance, has filed a motion for permission with the U.S. Northern District of Illinois court, seeking to submit a legal memorandum to initiate a motion to dismiss the U.S. CFTC's lawsuit.</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><br /><br /></span></p></li></ul><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Earlier this year, in March, Binance, along with its CEO Changpeng Zhao (CZ), former chief legal officer Samuel Lim, Binance Holdings Limited, Binance Holdings (IE) Limited, Binance (Services) Holdings Limited, and other entities, faced a lawsuit filed by the U.S. Commodity Futures Trading Commission (CFTC) in the federal court of Chicago. The charges against Binance were for knowingly </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:italic;text-decoration:none;vertical-align:baseline">violating the law by providing unregistered cryptocurrency derivatives trading services </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">in the United States, </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:italic;text-decoration:none;vertical-align:baseline">violating federal laws.</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><br /><br /></span></p></li></ul><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">According to the latest document, the deadline for Binance to respond to the CFTC lawsuit is July 27. However, considering the complexity of the case, Binance has formally petitioned the court to increase the page limit for the legal memorandum from 15 pages to 50 pages. Moreover, the company has stated that it has engaged in discussions with CFTC lawyers regarding this proposal.</span></p></li></ul><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">(Source: Finance Magnates)</span></p><h1 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:24pt;margin-bottom:6pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:23pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2. MEXC Updates</span></h1><h2 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:18pt;margin-bottom:6pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.1 MEXC Official Information </span></h2><h3 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:16pt;margin-bottom:4pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.1.1 MEXC Futures Launches the “21-200x Futures Leverage Challenge” </span></h3><p style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Beginning in July, MEXC has continuously launched various futures bonus reward events. By trading futures with leverages ranging from 21x to 200x, every MEXCer has the opportunity to receive great rewards.</span></p><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:10pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">For new users: During the event, first-time traders who trade any event futures trading pairs with leverages ranging from 21x to 200x and accumulate a total futures trading volume exceeding 30,000 USDT will receive a free futures bonus airdrop.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:10pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">For high-volume traders: Similar to the M-Day event rules, during the event, users who trade any event futures trading pairs with leverages ranging from 21x to 200x and accumulate a corresponding total futures trading volume exceeding 90,000 USDT will receive a free futures bonus airdrop once the conditions are met.</span></p></li></ul><h3 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.1.2 MEXC Futures Launches the “July Futures Competition” </span></h3><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:10pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">MEXC kicked off its July Futures Competition on July 18. The registration period started on the 18th and ended on the 31st, lasting a total of 13 days. During the period, users with an account equity greater than 300 USDT were eligible to participate in the competition.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:10pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">During the event, MEXC specially designed two types of profit opportunities for the participants, which are the Daily Checkpoint Challenge rewards and the PNL Amount Ranking rewards. The Daily Checkpoint Challenge had a daily total prize pool of 36,000 USDT, while the PNL Amount Ranking had a total prize pool of 100,000 USDT.</span></p></li></ul><h3 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.1.3 MEXC App Upgrade to v4.1.5 </span></h3><p style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">To provide MEXCers with a better user experience featuring enhanced services and improved functionality, the MEXC App underwent an upgrade on July 28, 2023, at 01:00 (UTC). The update implemented comprehensive improvements across various aspects of the MEXC App.</span></p><h4 style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:14pt;margin-bottom:4pt"><span style="font-size:13pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.1.3.1 New Features and Enhanced User Experience: Update Aims to Create a Smoother and More Efficient User Experience</span></h4><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">For example:</span></p><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:10pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">An information section has been added to the futures trading interface for each futures trading pair, allowing MEXCers to gain an understanding of the underlying asset for the selected futures pair.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:10pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">K-line chart drawing tools have been enhanced for optimized technical trading analysis.</span></p></li></ul><h4 style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:14pt;margin-bottom:4pt"><span style="font-size:13pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.1.3.2 Security and Stability Enhancement: Update Aims to Provide Stronger Security and Stability</span></h4><h4 style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:14pt;margin-bottom:4pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">For example</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">: To ensure account security, MEXCers who log in to multiple accounts simultaneously on the app will receive an email or SMS every time they switch between accounts, notifying them of logins from other devices.</span></h4><h4 style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:14pt;margin-bottom:4pt"><span style="font-size:13pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.1.3.3 Performance Optimization: Update Aims to Enable Faster Loading and Smoother Running</span></h4><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">For example</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">: The layout and style of app menus have been optimized, allowing MEXCers to adjust preference settings quickly.</span></p><h2 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:18pt;margin-bottom:6pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.2 Product/Function Update</span></h2><h3 style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.2.1 MEXC Futures Now Supports Multi-Chart Mode for TradingView K-Line on the Website</span></h3><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Website:</span></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><img src="https://lh4.googleusercontent.com/MRVkCAvmBz0GhgajksI84V9wmMsBnuSVTca894u_Irsxx4xo1AWPydTvA4ewX9n3kICJca7cAaC_oUtUG8BM7WR5JPHBAVVD4MoYbpbknNzg6DsTXAbbkTRJTFTyTyTjYmtP4rccTCvsd2mtJQiUahk" width="505" style="margin-left:0px;margin-top:0px" /></p><br /><p style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Feature Description</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">: A feature that allows simultaneous viewing of multiple K-line charts has been added to Trading View on the MEXC website. With this feature, users can customize the layout settings for multiple K-line charts and seamlessly switch between multiple charts in full-screen mode.</span><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><br /><br /></span></p><h3 style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.2.2 The Futures Trading Page has Added Crypto Overview and Trading Rules</span></h3><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Visual Representation</span></p><br /><br /><br /><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Website:</span></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><img src="https://lh3.googleusercontent.com/L-kROf_xoOahcp5fgEnijhCzGS_Dqgp28QUHtxTm713J6hA2JIf-vITwevXyvvnzs2TZ4n5YEGgfbn06beDNE3eLBy5C7o78jrvZbZo2uVx65RCsp85JpZRDySBASx0dO-3gsq7OrPzIWDFN7xIR_bE" width="326" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">App: </span></p><br /><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><img src="https://lh5.googleusercontent.com/CScc-gE3B7DJ26Fy_CCFJIDSyIe9xgkkgsXvcnmN_RzE_W76kUT4t5fNHknIqQVxysZ0XduHsgF_r-rNvIh1hz9kT-E77c75BfjY1btLtIo_Qy5aGkdJOpVTMDkmKPCLXtrSrrWs8kRZQ9VSZIQURJs" width="148" style="margin-left:0px;margin-top:0px" /><img src="https://lh4.googleusercontent.com/GMZi6FhhfeY-YJpkKHifaNUDZg5_PsoKyLBLa53bKQJ59BnP2B9KH4tjomgrE3iSGIjaFLFOmjGMSQbxb6_vTJJZm6C3ehvgJgLF__BQLSE4mllTYYVGxJIyjQKCmrhA2y9stgzF86Fs7mVq5Dh_Y3I" width="147" style="margin-left:0px;margin-top:0px" /></p><br /><p style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Feature Description</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">: On both the MEXC website and app, the futures trading page has been enhanced to include crypto overviews and corresponding trading rules for each trading pair.</span></p><br /><h3 style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.2.3 Notifications Sent to Users Upon Detection of MEXC App Logins From Other Devices</span></h3><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Visual Representation:</span></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><img src="https://lh5.googleusercontent.com/X_uX6rZA_2VJQgY4Pu1eysKxyTuvRMeNoxgx7wvaY4mXZala0HLbg1RvWcFdln0KrgaaGCmoGIBuHjdseUedL7PtUHMuxTZB7T0X98alDbjsejebN7AxVchk9-zT1Z_VEgMHrz87jcRlqS9lAxaus6c" width="195" style="margin-left:0px;margin-top:0px" /></p><br /><p style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Feature Description</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">: MEXCers who log in to multiple accounts simultaneously on the app will receive an email or SMS every time they switch between accounts (e.g., switching from Account A to Account B), notifying them of the login from another device.</span></p><br /><br /><h2 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.3 National Line Popular Events</span></h2><h3 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.3.1 Turkey</span></h3><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Kickstarter Series</span></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><img src="https://lh3.googleusercontent.com/4gxtIro2q6-YofSO6j62eVDAiYQHiwggHFU8yG1EV6G8qOjuGLlgOPNsenQ5kTrQV2wmSp1mwwoSQ_t5Nj3T7FjM6UfzRIz6Ef0a7EhbDkZlAcu1ovuAJ9gbPM-H1SkMQdTJhPFKi1UvAp80Lxp7RSY" width="263" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Event Venue: </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Twitter</span></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Event Details:</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"> </span></p><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">At the beginning of July, the MEXC Turkey Team hosted </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">a series of Kickstarter events</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">, successfully garnering a total of 422 participating MEXCers in the first event.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Detailed Reward Rules: A</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline"> total prize pool of 500 USDT </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">was shared among 50 MEXCers.</span></p></li></ul><h3 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.3.2 Vietnam</span></h3><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Go MEXCer - Born Pink</span></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><img src="https://lh4.googleusercontent.com/hKWQ0I2RrTAhe9pCZ7uVC8dvrCHuOVFtKlV8v_pZIGqobIUEdqwgu7oYFKN8T3VgDntAud7oaAt_8RBpnICinq1y6cv4guWM5jFlOCe8mq-R-3fWQCR4tC-4R1Hd_haR3v0ZlaRLnrEHCeHuXWo5A7k" width="331" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Event Venue: </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Telegram group</span></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Event Details:</span></p><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Vietnamese MEXCers had the opportunity to win</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline"> two Born Pink concert tickets </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">and share </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">500 USDT </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">worth of futures bonuses by </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">referring at least 3 new users to sign up</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"> on the platform.</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><br /><br /></span></p></li></ul><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Detailed Reward Rules</span></p></li></ul><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Referrer:</span></p></li></ul><ol style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:decimal;font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Have a spot trading volume ≥ 500 USDT or futures trading volume ≥ 5,000 USDT.</span></p></li><li style="list-style-type:decimal;font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">At the same time, the referrer must </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">refer at least 3 new users to sign up</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"> on the platform.</span></p></li></ol><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Referral:</span></p></li></ul><ol style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:decimal;font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Complete KYC verification.</span></p></li><li style="list-style-type:decimal;font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Have a spot trading volume ≥ 500 USDT or futures trading volume ≥ 500 USDT.</span></p></li></ol><h3 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:16pt;margin-bottom:4pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.3.3 Russia</span></h3><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">MEME 2.0</span></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><img src="https://lh4.googleusercontent.com/q54gN3PEdEEyxxeUIZY8lx6XII7SIXczd4FYGiQ77ndZiwMiTf5YpqgjiO6VfCWQLYE7y6wb4Sk4svl6reeu6H8hOKx7ZNNuaVh5wNIcWX1jPy4baDDYoo2TWprW49LKqe9ZtWqOia0sZC00y31mAdM" width="389" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Event Venue: </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Twitter</span></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Event Details: </span></p><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">MEXCers had the opportunity to share </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">a total prize pool of 2,000 USDT</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"> by retweeting the MEME 2.0 poster and having a futures trading volume ≥ </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:rgb( 255 , 255 , 0 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">10 USDT</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"> at the same time.</span></p></li></ul><h3 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:16pt;margin-bottom:4pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.3.4 Japan</span></h3><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">MEXC Tanabata Festival</span></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><img src="https://lh4.googleusercontent.com/65uoS9zrjGCXo16SvY6a-MmAinaPDYMH9nSbrkjuHK3kAbGYYf9Hmj3QB0YwN6EDbXgMRUUT5Yg-gH--VlebKIfM7tnBqjqGeVUGS-KrHTa5Cb3OxsnUBfzZxT3EqHbQ5cE3M3V7lIOTictr-kdy1Bc" width="338" style="margin-left:0px;margin-top:0px" /></p><br /><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Event Venue: </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Twitter</span></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Event Details: </span></p><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">MEXCers had the opportunity to receive a free airdrop of a token of their choice worth 10,000 Japanese Yen simply by making a wish and stating their desired token in the comment section.</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><br /><br /></span></p></li></ul><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Detailed Reward Rules: One participant will be selected daily to receive 10,000 Japanese Yen worth of crypto, with the </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">total value </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">of the event rewards being </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">30,000 Japanese Yen.</span></p></li></ul><h3 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:16pt;margin-bottom:4pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.3.5 Korea</span></h3><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">BTC Price Change Prediction</span></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><img src="https://lh4.googleusercontent.com/0POseyzcuOsyp9X_eqFSBAtOYXvvTFma4Kfccc0_0piJgRnD_SALMcZfRZXCm41fy8NIW4rNs7hm3zbkhkwvnzDWFCVL5D_lpTyTNXqBdlsCmu1D7cqKFtpwVSffZhYmgk5YVtgt_inPPIOYcIMSg4A" width="330" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Event Venue: </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Twitter</span></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Event Details: </span></p><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">MEXCers had the opportunity to receive a free airdrop reward by predicting the price change of BTC. A total of 199 MEXCers received the reward.</span></p></li></ul><br /><br /><h1 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:23pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">3. MX Updates</span></h1><h2 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:18pt;margin-bottom:6pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">3.1 MX Official Information</span></h2><h3 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">3.1.1 2023 Q2 MX Buyback and Burn Announcement</span></h3><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.2;text-align:justify;margin-top:10pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">On July 15, 2023, MEXC issued an official announcement to the MEXC community regarding the MX token’s burning situation for Q2. The burn was carried out based on MEXC's previous "buyback and burn'' plan and the community voting results for the MX Token 2.0 proposal.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.2;text-align:justify;margin-top:10pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">MX tokens burned during 2023 Q2: 1,562,500 MX</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.2;text-align:justify;margin-top:10pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">For detailed information about the burn</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">, please check the </span><a href="https://etherscan.io/tx/0x6c794bec611d8e6d0f824645d4a397a93d79cfd97acd49064640a38de7ba27c4" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:underline;vertical-align:baseline">Burn Address</span></a><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.2;text-align:justify;margin-top:10pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">"Buyback and Burn" </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Plan Review: MEXC allocates </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">40%</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"> of its quarterly profits to repurchasing and burning MX tokens from the market, with the aim of maintaining the circulating supply of MX tokens at 100 million.</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><br /><br /></span></p></li></ul><h2 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:18pt;margin-bottom:6pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">3.2 MX Monthly Insights</span></h2><h3 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:2pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">3.2.1 MX July Feast, More Privileges to be Unlocked</span></h3><h4 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:2pt;padding:0pt 0pt 0pt 18pt"><img src="https://lh4.googleusercontent.com/ZftoBx5ZnD3BY2jBlG7mt8d6NHURRUGySIZ3eLfHfwnaEyopCK5C_Wpe3MxGmbNiSD0uznggk9kWjYlwb0EZqj7hTfMDqHl-Onqq9LXeO1VM7mdZI_CpRrI2UiPr6KCuafUlPCAH9GfVwN6LXoqB7xw" width="438" style="margin-left:0px;margin-top:0px" /><span style="font-size:13pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline"> </span></h4><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:10pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">As we entered July, the scale of free MX airdrops </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:italic;text-decoration:none;vertical-align:baseline">did not decrease</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">. MEXC brings over </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:italic;text-decoration:none;vertical-align:baseline">20 free airdrops to all MX holder</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">s every week, </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:italic;text-decoration:none;vertical-align:baseline">totaling over 100 airdrops per month.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">According to calculations by MEXC's data team, the average return for each airdrop is 2 USDT. Optimistically, if you do not miss any airdrop rewards throughout the month, you will receive 200 USDT by the end of the month. Additionally, the returns from each airdrop will increase with the arrival of the bull market, leading to higher overall gains.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Since July, mainstream token trading has become active due to the "halving mechanism" of various major cryptocurrencies. On one hand, the substantial market capitalization of major cryptos has boosted the overall cryptocurrency market sentiment. On the other hand, it has led to a one-sided surge in low cap cryptos on various exchanges. The "celebration" of low cap cryptos indicates that the cryptocurrency bull market is approaching.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">According to MEXC's last semi-annual report, the price of MX has grown an incredible 350% in the past six months, gaining increasing popularity among MEXCers. Currently, MX ranks 111th, not far from the top 100. It is predicted that the number of MX token holders will increase by 30% and the total trading volume will increase by 40% in 2023.</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><br /></span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><br /><br /></span></p></li></ul><h4 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:2pt;padding:0pt 0pt 0pt 18pt"><img src="https://lh5.googleusercontent.com/PD6adWGyqZ8DHYCvGOiA1W9IVW6rS9HycVAo2b6CkHqzYU_Kho796Qq8GpiTkitGu02Kityo_y-i1aMLY_E2MOA4h3iBB0l6sEArQ4Nl9jkaMkpoayNvS4rgfyY967X8ZwGBEBwSmtb2_BVNRdq8BmY" width="602" style="margin-left:0px;margin-top:0px" /></h4><h4 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:2pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">(Source: CoinMarketCap)</span></h4><br /><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:10pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">As an important part of the MEXC ecosystem, MX token not only allows you to earn passive income by participating in Launchpool and Kickstarter events, it also enables you to join MEXC's </span><a href="https://www.mexc.com/en-US/announcements/article/13022292167065" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">commission program</span></a><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">! If you hold a certain amount of MX tokens, you can earn commissions by actively referring new users to register and trade.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:10pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">You can receive up to 70% of your referral’s trading fees.</span></p></li></ul><br /><h2 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:18pt;margin-bottom:6pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">3.3 MX Popular Events</span></h2><h3 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">3.3.2 Launchpool and Kickstarter</span></h3><br /><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><img src="https://lh5.googleusercontent.com/g51Ct0GLZgqsManntXPT1Zc_9bvQkmC23IPlV5YXbqqkyHLNdhPl5Yfnbve9oQxdY94_J_27Rxgq0C0LQ0HkyQgDami93yXmPzHOPTbBdpNIlOus_ENHj3qir11EsWKwvCGBVwFlqkF0Ijmpwo0icJs" width="379" style="margin-left:0px;margin-top:0px" /></p><h4 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:14pt;margin-bottom:4pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:13pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">3.3.2.1 July: Endless Benefits</span></h4><br /><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">In July, MEXC's new tokens listings remained strong, leading to the booming popularity of two important sections: Launchpool and Kickstarter. Throughout July, every MEXCer participating in the events from these two sections received over 100 airdrop rewards. In fact, if you check MEXC's Twitter, you'll find more than 30 events happening every week. The </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">high frequency</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"> of events led to </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">higher returns</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">, allowing more frequent </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">zero-cost acquisitions of "original'' tokens.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">From July 1 to July 23, if you simultaneously participated in Launchpool and Kickstarter with just 1,000 MX (the minimum amount), you could have potentially earned 111.30 USDT. Excluding ongoing and upcoming events, your </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">July yield rate could have reached 4.03%</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"> (based on the highest USDT price point). Conservatively, your </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">APY could exceed 48%</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">. These returns </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">only account for passive income</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"> and do not include potential gains from increases in MX token‘s price.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Across various exchanges, July's hottest sector was "Meme 2.0," with many related concept tokens experiencing explosive growth after listing, such as XRP2.0, PEPE2.0, etc. For many MEXCers who are enthusiastic about collecting these crypto assets, this is undoubtedly good news. Additionally, </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">high-quality tokens have enormous growth potential.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:10pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">In the first half of the year alone, these tokens saw astonishing growth on MEXC: PEPE’s token price increased by as much as 11,399.75%; MONG’s token price increased by 10,756.63%; SCT’s token price increased by 3,479.00%.</span></p></li></ul><br /><h1 style="line-height:1.38;text-align:justify;margin-top:20pt;margin-bottom:6pt"><span style="font-size:23pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4. An Analysis of Hot Topics in the Blockchain Industry</span></h1><br /><h2 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:6pt"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.1 NFT Cooling and the Azuki Incident </span></h2><h3 style="line-height:1.38;text-align:justify;margin-top:16pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.1.1 Overview of the NFT Market </span></h3><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Since June 2023, the NFT market may be facing one of the most severe winters in its history. According to data from the NFT browser NFTGO, the NFT Blue Chip Index, which reflects the price performance of the NFT market, has dropped by over 30% within a month since June. Many blue-chip NFTs have experienced significant declines, and countless NFTs have been heavily affected. Among them, the blue-chip Bored Ape Yacht Club (BAYC) has fallen from 45 ETH in June to a low of 30 ETH in July. The blue-chip Azuki, influenced by the "Azuki Elemental Beans mint mishap," experienced the largest decline, plummeting from 16 ETH in June to nearly 5 ETH at present.</span></p><br /><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh5.googleusercontent.com/Rdj73zfmxjSqpakBrvXwFGq0itbJsDbQO3v8bE9kU1tPJk2wOi0gsJCZNXZ_F0P4fOAnE4ZLu8ZFmRIxlmnM24MoUVKBdoX9rMeOHoinusYkdrLYKh8YbvYndiPUcXDNmCa4fvKiAHXb0XAiuaQ0jcI" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:9pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: NFTGO</span></p><br /><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">In addition to the decline in NFT prices, the overall market capitalization and liquidity of the NFT market are also entering a "decline phase." Over the past three months, the overall valuation of the NFT market has decreased by 23.28%, down to 3.15 million ETH, approximately $6 billion. The trading volume has shrunk by more than half, leaving only 1.04 million ETH, around $2 billion.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh4.googleusercontent.com/KKhgum9Sxo8y-71QpZXTQP82J0X8EJu3W9VgTa7us1tdUl9Iwkxy8Lo8Oh9QQl_BeGKkefXy4yuEEz2D5akGGXd0FE7_yQFFjH5vTDBxdFFLw-jd8fGPcEYYXyGEK8PjFWis4k41jju9kRLKyqJRals" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:9pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: NFTGO</span></p><br /><h3 style="line-height:1.38;text-align:justify;margin-top:16pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.1.2 Introduction to Azuki</span></h3><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Azuki is currently one of the most successful NFT brands. It offers 10,000 character images to its community members. In addition to NFT sales, it plans to establish offline streetwear brand stores, organize meet-ups, and host live music events in the future.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Since entering the market in January 2022, Azuki has gained popularity among many fans due to its unique Japanese anime style, quickly attaining NFT blue-chip status. During this time, the Azuki community has introduced various NFT protocols and innovative gameplay, such as the ERC721A protocol and the Azuki partner BEANZ series. However, due to the impact of the "mint mishap" during the release of Azuki Elemental Beans, Azuki's former glory has faded.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">It all started in late June when the Azuki official team launched the offline event themed "Follow the Rabbit" in Las Vegas. At the end of the month, they announced the new Azuki Elementals series of NFTs and immediately commenced the pre-sale.</span><span style="font-size:12pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><br /><br /></span></p><h3 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.1.3 Azuki Elemental Beans Mint Mishap </span></h3><h3 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The "Azuki Elemental Beans Mint Mishap" occurred on June 28, 2023, at midnight when Azuki's new series, Azuki Elemental Beans, was officially released for sale. As soon as the sale began, all Azuki Elemental Beans were quickly sold out at a price of 2 ETH each. Some users who couldn't purchase Azuki Elemental Beans during the initial sale even resorted to buying them at higher prices in the secondary market. According to data from NFTScan, the trading volume and floor price of Azuki Elemental Beans at the time of sale reached 9,422.2074 ETH and 2.2139 ETH, respectively.</span></h3><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh4.googleusercontent.com/8GHANkytZQfs5KqpytNTzCkypDNEF1d6kOSycFsIQuvLv9-ORlDlp9QTwhIdkasAtpD8xG8SbzPvkEi-oCTudUTHkNldEmwgU8QhgpFw9uLuBxdwmQC98rzW-j_BOiELd4PFR2ZSgwRssa2A8ydPtbw" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:9pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: NFTScan </span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Even though the Azuki project team did not disclose the specific utility of the artwork before its official release, they generated excitement with a captivating promotional video. As a leading NFT project, users firmly believe that Azuki will take this opportunity to launch an exceptional piece of work.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">With the unveiling of Azuki Elemental Beans, users were astonished to find that Azuki Elemental Beans was almost an exact replica of the original Azuki artwork. Some went so far as to say that Azuki Elemental Beans completely copied the original Azuki artwork. The image on the left is Azuki, and the image on the right is Azuki Elemental Beans.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh4.googleusercontent.com/D34FAfBQCAkoRMjsr2-AaRE4h73KmNTjwLrmHADPIGV_RLw9ihJai-eyzw41WzyWc5KKiC8htO32HjP2_A1goj6jxt5SE49CSLYgj0O5fHFUxiWQqTug7aIBOhDfopU6FSBSOhOcxXM-RIsO9tyBVYc" width="449" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:9pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Image Source: Twitter</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">After the unveiling of Azuki Elemental Beans, the entire community was filled with disappointment and anger. Numerous Azuki holders started selling their Azuki tokens. As shown in the chart below, before the opening of Azuki Elemental Beans, the price of Azuki was relatively stable and even experienced an increase, reaching around 16 ETH at one point. However, after the opening of Azuki Elemental Beans, the price of Azuki plummeted all the way down to around 5 ETH. Azuki Elemental Beans also experienced a rapid decline and, at the time of writing, has already dropped to around 1 ETH.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh5.googleusercontent.com/9vTde6gTV4D8EcusjYjVm_8ijLOFo9TZCqZn8B9fgAng0UQSh8v952eO--Ng63m6bEm1AGzktnHNmLkjmayMiidSCLhf-ClE_FpqhbwAiSmdv8fVmORJasa0hvvX0A5vY1tJvGbnd5L2cug7OptH1RQ" width="494" style="margin-left:0px;margin-top:0px" /></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:9pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: NFT Price Floor</span></p><br /><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 19 , 25 , 38 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">During the cryptocurrency bear market, the NFT market already had limited liquidity. Azuki's actions not only drained the scarce liquidity in the market but also triggered a trust crisis that dealt a severe blow to the entire NFT market.</span></p><br /><h2 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:6pt"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.2 XRP’s Legal Victory </span></h2><h3 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.2.1 U.S. Judge Rules XRP is Not a Security </span></h3><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">On July 14, a U.S. judge ruled that the XRP token is "not necessarily a security on its face" and its sale did not violate federal securities laws, bringing an end to the three-year-long legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC). This positive news led to a surge in the entire cryptocurrency market, especially for tokens like XRP, SOL, MATIC, ADA, FIL, SAND, and others that were previously considered securities by the SEC.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The entire Ripple vs. SEC lawsuit is a microcosm of the current global cryptocurrency market. The emerging cryptocurrency market still faces many uncertainties in terms of regulations and oversight. Due to the lack of clarity in the scope and responsibilities of regulations, cryptocurrency companies find it challenging to have stable expectations regarding regulatory measures. The cryptocurrency market urgently needs well-defined regulatory frameworks to reduce potential market turmoil. The outcome of this lawsuit could serve as a pivotal moment for cryptocurrency regulatory reform and carry historic significance.</span></p><br /><h3 style="line-height:1.38;text-align:justify;margin-top:16pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.2.2 Introduction to XRP</span></h3><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 21 , 22 , 23 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Ryan Fugger founded RipplePay in 2004 with the core idea of creating a peer-to-peer payment network that could replace the traditional banking system. In 2012, Ryan Fugger handed over RipplePay to early Bitcoin pioneer Jed McCaleb, who then invited Chris Larsen to serve as the executive chairman. Together, they launched the OpenCoin project, which later became Ripple Labs at the end of 2013, and was eventually renamed to Ripple in 2015.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 21 , 22 , 23 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">In January 2013, the company introduced the cryptocurrency XRP, with a total supply limited to 100 billion tokens. XRP's initial private sale price was extremely low, reportedly at $0.0000001. The purpose of XRP's issuance was for international remittances. Traditional international remittances were typically conducted through SWIFT (Society for Worldwide Interbank Financial Telecommunication), which incurred high costs and required long transfer times. Using XRP for remittances could significantly reduce the required time and fees. Due to the potential and innovation of XRP in the field of international remittances, notable investment firms such as Google Ventures and Andreessen Horowitz participated in XRP's first round of private fundraising. XRP went through a total of four rounds of financing, as shown in the following figure.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh6.googleusercontent.com/TacjYipFCiml80EWrva4_9nDONv5e_ZFQnFZQsQax-PYwrNAvhrc8OgXbWo7ad0EUDze3umbhy_CFxXTUz0gmjTsBeyON0k1Q1INgIcNGQdd7loLvw4df6yXWl8PXw7o8qgpwCEYMsfhdrmTBhmfijM" width="490" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: RootData</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 21 , 22 , 23 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Unlike other cryptocurrencies, XRP does not operate on a traditional blockchain. Instead, it utilizes a distributed ledger technology called XRP Ledger and an authorized algorithm known as the Ripple Protocol Consensus Algorithm (RPCA). In contrast to Bitcoin's proof-of-work mechanism (POW), XRP only requires approval from 80% of validators to validate transactions and does not involve mining. As a result, blocks can be quickly added to the XRP ledger, allowing XRP to process up to 1500 transactions per second and complete payments within 5 seconds.</span></p><br /><h3 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.2.3 The History of the XRP and SEC Lawsuit </span></h3><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">In December 2020, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple. According to the document, from 2013 to the present, Ripple and its founders sold a total of 14.6 billion XRP, raising over $1.3 billion in funds. The defendants did not register the offering and sales of XRP with the SEC and did not obtain an exemption from registration, which the SEC alleges violated U.S. federal securities laws. Under the SEC's regulations, individuals or cryptocurrency companies must register securities offerings with regulatory authorities or apply for an exemption. Following the SEC's lawsuit, many exchanges delisted XRP, causing a 20% price drop.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">It's worth noting that the SEC had previously stated that due to the decentralized nature of Bitcoin and Ethereum, they can be considered cryptocurrencies rather than securities. The SEC chose XRP as a significant target in the crypto space for two reasons: </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 21 , 22 , 23 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">①</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"> Ripple has operated as a company with a clear entity and team, and </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 21 , 22 , 23 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">②</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"> Ripple has repeatedly proposed collaboration with European and American banks and third-party payment and financial institutions, demonstrating its significant presence in penetrating traditional financial systems, which is comparable to other mainstream cryptocurrencies.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">In February 2021, after the SEC filed the complaint, Ripple responded to the SEC's allegations, asserting that XRP is a cryptocurrency and does not meet the definition of a security because it lacks contracts, investor rights, and issuer obligations. Subsequently, the two parties engaged in a court battle that lasted for over two years.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><img src="https://lh5.googleusercontent.com/28yKAf1pptWeShInHcpIYDkXXXMFsDuuCtaCNFIvaekkcfnlAVeYyrJ81pFw2FtGle1l9Z1-4CFcJ4V0gxQDmuiBW4adeDbVOzTdtYLthmHTRteRntJLHgA3xHppwLYuXUtbJi5UMMRiAedyxfsSVas" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 21 , 22 , 23 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">On July 14, 2023, local time in the United States, a federal judge finally issued a ruling stating that “XRP is not necessarily a security on its face”, and Ripple's sale of XRP tokens through exchanges does not violate U.S. federal securities laws. This marked a significant milestone in the long-standing confrontation between the parties, with Ripple achieving a partial victory. Following the release of the ruling, XRP surged, with its price increasing by over 70% at one point.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 21 , 22 , 23 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The reason the U.S. federal judge ruled XRP not a security is that Ripple's sale of XRP through exchanges does not meet the third prong of the Howey Test - "expectation of profits." </span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 21 , 22 , 23 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The court considered XRP's sales as "blind” transactions because the majority of investors who purchased XRP from exchanges did not do so for investment purposes or with the expectation of profits. They were not aware of where the funds from purchasing XRP would flow, and they did not reasonably expect profits from Ripple's operations.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><img src="https://lh3.googleusercontent.com/XiDv0lAhN0BNquZ-i5QZZ8EYxBz1LkhV0eg_Nbmzs_XlAqreZd22QVWBRHWTEQIWHlYiIipvmA6KeJgJRgOiTAYHsYxFq_OcI8kfOt1o5G3golxZ867GkVbC1-xpgu6F97boClxl-ebm7dpOvzeeHb8" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Twitter</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">After the verdict was announced, Ripple's General Counsel, Stuart Alderoty, expressed on Twitter that this was a tremendous victory for Ripple. He stated, "as a matter of law - XRP is not a security. Also a matter of law - sales on exchanges are not securities. Sales by executives are not securities. Other XRP distributions - to developers, to charities, to employees are not securities."</span></p><br /><h3 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.2.4 The Significance of XRP's Legal Victory for the Industry </span></h3><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">① Creating a more lenient environment for innovation in the industry.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Securities are subject to strict regulation by the U.S. Securities and Exchange Commission (SEC), as various processes, including registration and issuance, need to pass SEC scrutiny. With XRP being ruled not a security, it doesn't need to undergo the complex regulatory process of the SEC, and the same would apply to other cryptocurrency projects. Additionally, if exchanges can sell XRP, they can also trade other cryptocurrencies, as per the precedent set, other cryptocurrencies should also not be classified as securities. These two points will create a more lenient environment for innovation in the industry.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">② Cryptocurrency companies' first legal victory against the SEC.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">In the U.S. judicial system, precedents carry significant weight, meaning previous rulings are taken into consideration when making judgments. If other cryptocurrency projects have disputes with the SEC, the court can refer to the ruling on XRP. Therefore, this ruling sets a precedent for future cryptocurrency cases, potentially becoming a crucial turning point for the cryptocurrency industry.</span></p><br /><h2 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:6pt"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.3 EthCC 2023</span></h2><h3 style="line-height:1.38;text-align:justify;margin-top:16pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.3.1 Introduction to EthCC</span></h3><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">EthCC, organized by the non-profit organization Ethereum France, has been held in Paris since 2018. It aims to provide more networking opportunities for startups and investors. On July 17, 2023, “EthCC 6” officially commenced in Paris, France, and the conference went on for four days.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">For both Ethereum developers and the entire cryptocurrency community, EthCC 2023 is the most anticipated event after EDCON in Montenegro this year. The conference boasts a diverse range of participants, including prominent projects such as Ethereum, Coindesk, Uniswap, Starknet, and others. Ethereum co-founder Vitalik Buterin attended the event and delivered a public speech on the history and future of account abstraction.</span></p><br /><h3 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.3.2 Summary of Vitalik Buterin's Speech</span></h3><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Currently, Ethereum accounts and keys are closely coupled, meaning if you control the private key, you have control over the account.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Account abstraction will decouple the entities (accounts) in the Ethereum Virtual Machine (EVM) from the entities (key pairs or signers) holding ownership of mobile assets. As long as a Contract Account (CA) supports specific functionalities, such as signature verification, it can act as an account.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Account abstraction essentially allows users to define the security model for their accounts, making Ethereum more adaptable to different use cases. For instance, this feature enables users to set their own transaction validation rules, such as multi-signature requirements or spending limits. They can also make their accounts compatible with future cryptographic algorithms.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Vitalik described account abstraction as allowing Ethereum accounts to be controlled by smart contract code instead of private keys. His vision is that in the future, people will switch from the current Externally Owned Account (EOA) wallets to smart contract-based wallets. If successful, managing crypto wallets would become as simple as managing email accounts.</span></p><br /><h3 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.3.3 Four Noteworthy Projects</span></h3><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 51 , 51 , 51 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">① Uniswap Launches Cross-AMM Protocol UniswapX</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 51 , 51 , 51 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Uniswap, one of the well-established decentralized exchanges, was launched in 2018 and currently supports millions of users. During the EthCC conference, Uniswap announced the release of UniswapX, a permissionless, open source, and Dutch auction-based cross-AMM protocol. Currently, the opt-in beta version of this protocol is available on the Uniswap Labs interface for the Ethereum mainnet, with plans to expand other chains and Uniswap wallets in the future.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><img src="https://lh6.googleusercontent.com/i_G-myTHayJLicJtk4__cQJPEfBwVdOd4C6WDC9pUiIMLzQ77JGD5naJWX2lwCCXKssckL2-YIGChJMMCh1oh89jCUukyiduakxZT5hu66CzJfpbsTmHgZshYewPANZQiYVAmA8lgE717c-V28vKGWo" width="602" style="margin-left:0px;margin-top:0px" /></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 51 , 51 , 51 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">UniswapX will gradually implement the following features: aggregating liquidity sources to improve exchange value, protection against MEV (Maximal Extractable Value), gas-free swapping, no cost for failed transactions, and expanding to support gas-free cross-chain gasless swap within a few months.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 51 , 51 , 51 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">② Lens Protocol Officially Released V2 Version</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 51 , 51 , 51 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">On May 18, 2022, Lens Protocol was launched on the Polygon mainnet as a decentralized social protocol, and it has garnered 120,000 users to date. During the EthCC conference in Paris, Lens Protocol announced the release of its V2 version. The V2 version focuses on openness and composability, allowing users to directly execute external smart contract operations within Lens publications. Additionally, Lens V2 has introduced the capability to interact with smart contracts within social media platforms. </span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The highlights of Lens Protocol V2 are as follows: The introduction of ERC-6551 to aggregate value into NFTs rather than wallets. Addition of third-party operation permissions, including whitelist addition, and more.</span></p><br /><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 51 , 51 , 51 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">③ Chainlink Launches Cross-Chain Interoperability Protocol (CCIP)</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Chainlink is a decentralized oracle project designed to securely and reliably connect blockchain smart contracts to off-chain systems, providing secure and reliable data sources for blockchains.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">On July 18, Chainlink announced the launch of the Cross-Chain Interoperability Protocol (CCIP), designed for cross-chain applications and services. Currently, CCIP provides early users with real-time access on various blockchains such as Avalanche, Ethereum, Optimism, and Polygon.</span></p><br /><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">④ Starknet Launches Starknet Appchains</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Starknet is a Layer2 blockchain network built by the StarkWare team, operating as a ZK Rollup on Ethereum. According to data from L2BEAT, Starknet's Total Value Locked (TVL) has seen a rapid surge since the 10th and has now surpassed $115 million.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><img src="https://lh4.googleusercontent.com/LrrHRRhsgK5REsPw-B_uyiEF4A04xdogSRn4MkPuGYN7nvLOhx_KE6H6BzDRrLlnlPkybbc52Ohm71a5x9PdtGhtdwqdxk_Q-TGAEQdcz8JBd7ZeozLKtmb9aKuv0c9B0A65OavuYw6dnq5x1oLa_SY" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: L2BEAT</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">At the EthCC conference, StarkNet officially announced the launch of StarkNet Appchains, which improves transaction processing speed and enhances user experience. With this update, transactions are no longer subject to the long processing times of 5-10 minutes as before. Additionally, StarkNet also unveiled the high-performance sequencer Madara, which enhances the capabilities of the Cairo VM using the Substrate framework, further improving the appchains' capabilities and Starknet's interoperability and on-chain privacy levels.</span></p><br /><h2 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:6pt"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.4 Curve Finance Crisis</span></h2><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Due to a bug in certain versions of the Ethereum programming language Vyper, four Curve Finance pools were exploited and the funds were stolen. The potential crisis was exacerbated as the founder of Curve Finance had used a significant amount of CRV tokens as collateral for loans on multiple lending platforms, putting CRV at risk of potential liquidation.</span></p><br /><h3 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.4.1 Reentrancy Attacks</span></h3><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">On July 30, at 21:34, the NFT lending protocol was suspected of being under attack. Subsequently, Curve Finance reported that JPEG'd had suffered a read-only reentrancy attack, causing the pETH price on the pETH-ETH pool on Curve to drop to $383. (Note: pETH is a derivative asset of ETH issued by JPEG'd.)</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">At 22:50, the msETH-ETH pool on Curve was attacked.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">At 23:34, the alETH-ETH pool on Curve was attacked.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">On July 31, at 0:44, the Ethereum programming language Vyper tweeted that the reentrancy locks in versions 0.2.15, 0.2.16, and 0.3.0 were ineffective.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">At 0:45, Curve’s official Twitter account posted that many stablecoin pools using Vyper 0.2.15 (alETH / msETH / pETH) were attacked due to a reentrancy lock failure, while other pools are safe.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">At 3:08, CRV-ETH was attacked, with the lowest CRV on the chain falling to around 0.08.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">At 7:50, c0ffeebabe.eth, the deployer of the Mev Bot that frontrun the CRV/ETH Pool, returned 2,879.54 ETH worth approximately $5.39 million to Curve Finance deployer.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">At 9:37, Upbit, South Korea’s largest exchange, suspended CRV deposit and withdrawal services.</span></p></li></ul><br /><h3 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.4.2 Impact of Reentrancy Attacks</span></h3><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">According to DefiLlama data, Curve Finance's Total Value Locked (TVL) decreased by 43.6% in the span of 24 hours, dropping to $2.28 billion, with liquidity reduced by 63%.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><img src="https://lh6.googleusercontent.com/yzcnk-m2LuJHv9crjNubeh6DZdrO_TShcFq363g2qJPeZLfhLJDm4syOek8M68ylD4RHq0BAOd72y-IfrPLaEjRIwm2ljqH9awy_dKaGEd2hbcbQkltylgW6V51DvzSzeSfYgpzIwHdjgsyTfpt0PO0" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: DefiLlama</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">This reentrancy attack mainly involved several pools that utilized specific versions of Vyper. Currently, Curve Finance has suspended deposit and staking features for these affected pools. Additionally, they have delisted the corresponding pools from their platform, abandoning their use, and introduced new secure pools.</span></p><br /><h3 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.4.3 Liquidation Crisis</span></h3><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The liquidation crisis stems from Curve Finance founder Michael Egorov's collateral loans on lending platforms, including Frax Finance and Aave. Michael's loan positions are as follows:</span></p><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">On Aave v2, he supplied 257.44 million CRV tokens and borrowed 49.25 million USDT, with a liquidation price of approximately $0.35.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">On Frax Finance, he supplied 38.6 million CRV tokens and borrowed 9.19 million FRAX tokens, with a liquidation price of approximately $0.3.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">On Abracadabra, he supplied 46.65 million CRV tokens and borrowed 12 million MIM tokens.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">On Inverse Finance, he supplied 29.1 million CRV tokens and borrowed 7.7 million DOLA tokens.</span></p></li></ul><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">If liquidation occurs, not only will Curve Finance suffer significant asset losses, the lending platforms involved will also face substantial economic losses. Both borrowers and lenders will have to face the pressure of dealing with the repercussions of this loan arrangement.</span></p><br /><h3 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.4.4 Loan Resolution</span></h3><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Currently, Curve Finance founder Michael Egorov is using over-the-counter (OTC) sales of CRV tokens to repay his loans.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">According to @EmberCN's monitoring, Michael has sold a total of 54.5 million CRV tokens at an average price of $0.4. The buyers include DWFLabs (12.5 million CRV), Justin Sun (5 million CRV), Jeffrey Huang (3.75 million CRV), Cream.Finance (2.5 million CRV), and others.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The root cause of the Curve incident lies in the issue with the Ethereum programming language Vyper, which eventually led to user funds being compromised on Curve. This event may serve as a wake-up call for DeFi projects to place even greater emphasis on ensuring user asset security and isolation.</span></p><br /><h1 style="line-height:1.38;text-align:justify;margin-top:20pt;margin-bottom:6pt"><span style="font-size:23pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5. BTC & ETH Analysis</span></h1><h2 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:6pt"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.1 Bitcoin</span></h2><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">In terms of token price, the trends of Bitcoin and Ethereum largely represent the overall market trends in the industry. However, when it comes to assessing whether the entire industry is experiencing a recovery and resurgence, price is only one part of the equation. Our aim is to provide more support for making judgments by analyzing some underlying data.</span></p><br /><h3 style="line-height:1.38;text-align:justify;margin-top:24pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.1.1 Price</span></h3><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Following the positive trend from the previous month, the price of Bitcoin fluctuated around $30,000 in this month. Based on the chart from Look Into Bitcoin, it is evident that most of the time, the price remained above $30,000. On July 14, the price of Bitcoin reached its highest point this year at $31,544.7.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><img src="https://lh4.googleusercontent.com/xi9BcpQes_7-E11zdUdOiw7tIOHl_yz_8DhnjbuO6To5Pv694itGWKv3elexDxxDUGF129jeoJKfaQDX3pUYTGrnjhFA61lJtt4zGtCrYP6c7ycYKHjtXdqyfE6f3RPh2OXWPtU8ci6feE1u_Sn6hFE" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Look Into Bitcoin</span></p><br /><h3 style="line-height:1.38;text-align:justify;margin-top:16pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.1.2 Institutional Holdings</span></h3><br /><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.1.2.1 Grayscale Investments</span></h4><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">According to CoinGlass data, Grayscale Investments have been consistently reducing their BTC holdings this year. In July, they reduced their BTC holdings by approximately 1,000 BTC, and in the past 7 days, they reduced their holdings by 380 BTC. Currently, they hold approximately 624,700 BTC.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The Grayscale Bitcoin Trust (GBTC) currently has a primary market price of $26.4 and a secondary market price of $19.04, with a premium rate of -27.88%.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh5.googleusercontent.com/derj4vIRzEQH-sJZpEBw4bjIavErF66tPezfDqiuud7W33nfaV4PbbS5nMdqyabgZVD3rHPTWH7PHlY2ankWEss0gUkWgFjjt5j55Jd9yUkvGnuMnIx5T4_TYoVsxYVaNseQ6FAfuNhBtoNF8LGrhwc" width="597" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: 2023 Grayscale Investments BTC Holdings Data</span></p><br /><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.1.2.2 Publicly Listed Companies</span></h4><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The Bitcoin Treasuries website compiles data on 41 publicly listed companies that hold BTC, including well-known entities like MicroStrategy, Tesla, Coinbase, Meitu, and others.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">According to the data from the chart, we can calculate the average cost of holdings for these companies: MicroStrategy at $29,647, Tesla at $34,722, Coinbase at $12,342, and Meitu at $52,609. With the current market price of BTC being $29,316, most of these companies are still in a loss-making position.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><img src="https://lh6.googleusercontent.com/3SQKILZbQxmzTOZG1wxE5JqmUArcIph2J0YuKmfZlLWAnEaZF3l7RKaM9Z6Zt_q6uLpbshMu0NDLqLSUuYiydyyaqM7xbCfqIYOPPcVtUIiiH1Fu3rHsWtxQ9Say8It2qkN0Y14zBAcpNYnxM3tlofs" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Chart of BTC holding cost value for 41 publicly listed companies (partial)</span></p><br /><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.1.2.3 Centralized Exchanges</span></h4><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">According to CoinGlass data, a total of 20 exchanges, including but not limited to Binance, Coinbase, OKX, Bybit, Kraken, Huobi, Kucoin, Gate, and Bitmex, saw an outflow of 18,618.85 BTC in the past month. The main contributor to the outflow was Coinbase, which saw an outflow of 27,065.56 BTC.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">However, data from the past 7 days shows that these 20 exchanges are experiencing an inflow trend, with a total inflow of 17,159.89 BTC. The main contributor to the inflow was Binance, which saw an inflow of 10,729.99 BTC.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh5.googleusercontent.com/x_bfrKKV_73qcUdnAGApJCE6AZu73_utdMykHF12rOEn8yWAWEQ_sEtPJe4PXjKdDwylg2_B0Mtn7kucTbUPr9dchyvgm63km4F0Ph6iuZYSDBPi2bEDZDoQruo8iLdxb5tNHUfdypEePZhhVEWVk-c" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Exchanges’ Bitcoin Wallet Balances in July</span></p><br /><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh5.googleusercontent.com/SIB_-kUpQMGzoA4YPpb4cdnsiMP469CptPoCjKaB4lVH0MjaJ3myK-3zMG2Dotf7APGpF9GQDFVi3dfw7HvhvKRH6K94RganQgLlhhvubyyuvyJqWmzcsarS_0PDLCnwUVAVc-t9PyXZzXJQRV5XZFo" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Exchanges’ Bitcoin Wallet Inflow and Outflow in July</span></p><br /><br /><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.1.2.4 Governments</span></h4><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The Bitcoin Treasuries website also compiles data on BTC holdings for four countries and regions, including Ukraine, the United States, El Salvador, and the state of Georgia. El Salvador is a pioneer in BTC adoption, being the first country to adopt Bitcoin as legal tender. According to the data, El Salvador's average cost of BTC holdings is around $45,006, indicating that it is currently in a loss-making position.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh4.googleusercontent.com/k_0irfOAIDb1q3w5HvtkKTo6zeS_kRVkmY5GVgv660lHdZ1hDXwuPLOji0vLriHUL9s_pENAnVdioN6jgDYmizHKG-98Sd-MYXckvkk989ldFxC0uPcjXBeq6Q-y9D_E1G7UAzwrtPGA92oJNAU3noI" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Bitcoin Treasuries</span></p><br /><br /><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:12pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.1.2.5 </span><span style="font-size:13pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Comparison of BTC Holding Positions by Different Entities</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh6.googleusercontent.com/SJwqO7ORfxlfKKx82kaFWCh9c5wEdb1J-N2o0IQ0sK6IhSG7pxmYWMrQ_GwdVSu4mnW9chDvNZr3Q9vPlxLbVTbre7c3UnLp7KoSGfwXYpiWb4h8_wIdHbSkNaiH63JG4dtnyi4fwk0gPkfbUtnSGg0" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Bitcoin Treasuries</span></p><br /><br /><h3 style="line-height:1.38;text-align:justify;margin-top:16pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.1.3 Return on Investment (ROI) </span></h3><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">From the institutional holdings data above, we can see that most of the holding institutions are still at a loss. According to CoinGlass's monthly investment return data, Bitcoin showed a negative return rate of -0.42% in July. In comparison, the return rate for June was the third-highest this year, reaching 11.98%.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><img src="https://lh3.googleusercontent.com/7BjZiv4_PxilSIx1ZNaSDu4ig8pYjTazagdfvjrWSRVs9TUVEY2rymRXvSaCO1pGOHH3BrSVXkk2harTzHwuoE2bSMJB1-WNR9GDA5USTZtOZDgj4J-BvbN_VpvXn9WvgXn3VaNE2pWmGvNRTp-60RI" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Bitcoin Investment Return Rate For The Past Years (Monthly Data)</span></p><br /><h3 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.1.4 Volatility</span></h3><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Volatility is used to measure the uncertainty of asset returns and reflects the level of risk in financial assets. Higher volatility means more significant fluctuations in the price of financial assets and greater uncertainty in asset returns. Lower volatility, on the other hand, indicates smoother price movements and higher certainty in asset returns.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">According to CoinGlass's volatility chart, Bitcoin's volatility reached its peak in March this year, and the volatility in June decreased by one percentage point and remained between 2.4% and 2.6%. In July, Bitcoin's volatility decreased by another percentage point, with the highest volatility being only 1.39%. Bitcoin's price fluctuated relatively smoothly in July, mostly between $29,000 and $30,000.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><img src="https://lh4.googleusercontent.com/5icHpNZ4BcFhRaArah2gxllkzjnDZ_n_0cpwXieLqtG4_t4tFbr_SpCleLYzWISIt6K55gpLz0gLW51-1H6b5rXCoqdVjIVbzGJK5TO1rev4UNFs_x8XaLOB0lTOBlITmHGAsVENYT5JY6PVu6wqkiE" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Bitcoin Volatility in 2023</span></p><br /><h3 style="line-height:1.38;text-align:justify;margin-top:16pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.1.5 Funding Rate </span></h3><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Looking at the funding rate chart for this month, almost all rates are positive. This data indicates that the overall market still has a bullish sentiment, expecting prices to rise. However, the overall market trend cannot solely rely on one chart but requires combining more data to make judgments.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh5.googleusercontent.com/EwpswdErmecTiT6TsV10dKnz5POzZsLysbKF0nwsv-mVgv7KHluEZhQqwxgADc-YWx2erGPwYq6727ad53wB_au8M_yKynN5DKNxB6fM96XbPfk6qjDngihDGUqhce6CwLrHEg8dVv1Pv6Y7_8xwN-I" width="580" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Look Into Bitcoin</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The number of active Bitcoin addresses is still maintained at over 930,000, with little difference compared to the data from the previous month. At its peak activity, the number of addresses still did not surpass 1 million.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh3.googleusercontent.com/9oiVoHtjdhVWRo9gLVVsx6mEx3ap2gPwZ0pFplDNTYijo_eqGkjh0YcpClFKBAclc0r67soDkduGiSYeQH2xq4pEFI98o6JwwJEWZmrtdFIVcKYpz68m0sRQ57Xw_Py7oV-EGxoIl8L7CRFgVvdeDmM" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Look Into Bitcoin</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">From the holding data, there are different trends for large investors and retail investors.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The number of addresses holding more than 0.01 BTC increased by 100,000 in July compared to June, reaching 12.16 million. The number of addresses holding more than 0.1 BTC increased by 22,000, reaching 4.41 million.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The number of addresses holding more than 1 BTC increased by 4,300, reaching 1.01 million. The number of addresses holding more than 10 BTC increased by 200, reaching 156,000.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh3.googleusercontent.com/FCUT4o-AYz2ykYUVf6sS-BfL-06gfdC5ZqlVBMs0RAF6JsMEJp53xlX24o5N97b6TJDIHhD_PC6PaQFRZccdzFv7zrWZq2B1yT5gCWKdDQ2dYRFS6ZFLxEpZfkWxCsT_T49Un8ZVZOTcrrqH23P9kbc" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Look Into Bitcoin</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">However, for whale addresses holding more than 1,000 BTC, the holdings are decreasing. The number of addresses holding more than 1,000 BTC decreased by nearly 20, leaving only 2,018 addresses still holding more than 1,000 BTC.</span></p><br /><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh3.googleusercontent.com/TPaQq9A7iB-3om_VThplEcVP8EylDMXW_q0cqkNzMLtbmzW0gC-QaNsVEE2sYXMlUFaetL7IVX8qJQB-kxyI2cIV7X1NxqBmxPaGLmtFE7hkaZiJBK1FDwLhq0ZXuNJylILbwe_6Us0_HnWRYh4f08g" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Look Into Bitcoin</span></p><br /><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">According to data from CoinMarketCap, in the cryptocurrency market share over the past month, the proportion of Bitcoin has shown a slight decline after July 14, decreasing by 1%.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh5.googleusercontent.com/SriMrS7DWnZhi1hGWG0BunU1Wfr6ev2TkIJpyxX7wH0_Y3Gq6ZPzR4j75CYrm9S48zg37A6G6aH5FsBDb6wi6FjfWEFCXxDSM5Dmuo9Q-8pmTrLRd-OiOH_krR1hJ2WAyQrqvucExSwGbz5IxXz4XVI" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: CoinMarketCap</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Similarly, the global cryptocurrency market cap shows a similar trend. After reaching a peak on July 14, the market cap quickly returned to fluctuate around the average value for the past month.</span></p><br /><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh6.googleusercontent.com/HCvmmrv3GSClQO-LaWKZY4pnVW00hNB1gOPnRyYa6lLNiLhW9JMAVtS6lfOpYwD6FO7p8CnlZKpqcMIG_U5-ySHMIG23krEBa2bMwhO1iZU1SyO6i6dJd1siMWmofvaB8rCJdOPGV8PD4ZWScFXN1OM" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: CoinMarketCap</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The date July 14 appears repeatedly in the charts and data we have seen, as July 14 is when XRP won the lawsuit, driving the overall market's surge. As the excitement surrounding the event fades, the market enthusiasm also subsides.</span></p><br /><h2 style="line-height:1.38;text-align:justify;margin-top:24pt;margin-bottom:6pt"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.2 Ethereum</span></h2><br /><h3 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.2.1 Price</span></h3><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Compared to Bitcoin, ETH experienced larger price fluctuations in July. On July 14, the Ethereum price reached its monthly high, approaching $2,000. At its lowest point, the price almost touched the $1,800 mark.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh4.googleusercontent.com/ksonFvVBusOstG3bfMfA01SMQ_fohdAz7ufvMqVbIxtjsEan0K2orpzJvoAlX5n67_YNgjr6i8NPXZ4R1S7TH5ykdVWeColXoQRqoME63jWrusj-djZyE-epIG09ABVONlUILZnHCth8ULvjTdSuCOU" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Fei Xiao Hao</span></p><br /><h3 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.2.2 Institutional Holdings </span></h3><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Grayscale Investments </span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Similar to Bitcoin, Grayscale Investments</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">has been reducing its holdings of ETH this year. In July, it sold more than 6,000 ETH, and in the past 7 days, it sold over 2,000 ETH. It is currently holding 2.9936 million ETH, according to the data from the CoinGlass website.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The current primary market price of Grayscale Investments EETH is $17.86, and the secondary market price is $10.44, with a premium rate of -41.55%.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh3.googleusercontent.com/l8jCzt6X1c6Tb3Eph3ePKNQjN2-Jv65B5TvVrSKOcq0kbxV4ElnQTFRy90GhCXk-7yZAiRxzCDsCARAeG2Brbfiq3z_DKSbwaaQ4eL7HSTQ7HKUazW8jDmlI4w5FqX0b7DznbfRLBSf0WaKhUThPTlo" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: 2023 Grayscale Investments ETH Holdings Data</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Centralized Exchanges </span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Among the 20 centralized exchanges tracked by CoinGlass, there was a total outflow of 112,519.67 ETH in the past month. OKX and Huobi had significant outflows, with 91,326.95 ETH and 70,234.22 ETH respectively. In the past 7 days, there was a total outflow of 19,512.76 ETH, primarily due to Huobi's outflow of 59,376.02 ETH, and Binance's inflow of 96,311.16 ETH.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh6.googleusercontent.com/M4_RtqxS8-xLTtJ0y_tvTFio5TK-SeRMtqnzpY0pBBd2Q-QMpCeXT7KcHycPEnZcZqBcgYFYQDvfmgUI7iWal6EIHESCzRo1wSEGlvfMLqgrSoP-3JoMSlE5UFJujOrm7B709inAPLmr2WCysW1FIzE" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Exchanges’ ETH Wallet Balances in July</span></p><br /><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh6.googleusercontent.com/Wei4AL3IpkVeU8aebYQ-FK-EeDfdS-pyAqzEvQsV_7BLOHk8mdVN_F6SoJ2t-pTzw9dWrX6RFEqCqOlLLht29Cq9Oovfe7LhNJvUR-2PNqeRhIl7SjB0JI55sr9QJHvpOYr2L4Dd6-2fnG-KVznTrfs" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Exchanges’ ETH Wallet Inflow and Outflow in July</span></p><br /><h3 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.2.3 Return on Investment </span></h3><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Based on CoinGlass's monthly investment return data, ETH has shown relatively low fluctuations in ROI since April. However, in July, it had the first negative ROI of the year, which was -3.99%.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh5.googleusercontent.com/RGSUPEf_ski6EwRqfIiL93HHjJfdvVlFudgt4ZqRsfS6A0KSqbj5S6HPXUKwlitcV1I4yLMfkychGhQB1st_DDjSluN_oB26zvMpK2YjFzUP0OnGAWvtGCL0pY4F4Yicdab98Ak7IVPwAyjQ2hV5Cmw" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: ETH Investment Return Rate for the Past Years (Monthly Data)</span></p><br /><h3 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.2.4 ETH Lockup Amount and Yield Rate</span></h3><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Despite Grayscale Investments' continuous reduction in ETH holdings, data from Fei Xiao Hao shows that the on-chain lockup amount of ETH has been steadily increasing. Even after the Shanghai upgrade, the originally unlocked ETH did not change this trend and continued to be staked and locked.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">As the lockup amount continues to increase, the yield shows a declining trend. It has currently decreased from a peak of over 20% to below 5%.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><img src="https://lh6.googleusercontent.com/4tAOH99yv5u6Rq5lF0fUzk0Nvf4jN5bkolBYRRvg-otpk2wQ4ttj6agmdk1Q3IlgyMQ00oBgU7-49FTYD4jV2nPDP2BEhj1e8lnaumFqBUcyl-kMBeMsYBKhZRi661891AyEYMnkuX_1VOeu9AelMrY" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: ETH Lockup Amount</span></p><br /><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh4.googleusercontent.com/v-dJCZ6GeHWE1F2kWmvmmbk5hO-wwJZkJyS4UkbtAi4SDrk9UlxfWUdz9CADl3HPYBPhdkXkdFTg9SLxh2RxJzDMEgZNOEONUzTT16rPt1yNlszse8XRiFcUnmI7n13OefZh5wKb9NCWnN_3yR7rcQM" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: ETH Yield Rate</span></p><br /><br /><h3 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.2.5 ETH Inflation and Burning </span></h3><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">After introducing the ETH-1559 burning protocol, Ethereum's previous inflation model now has the potential for deflation, reducing the overall circulating supply of ETH.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">According to data from Fei Xiao Hao, Ethereum was in a deflationary state in July, with daily burning exceeding the amount of new issuance, which benefits ETH holders.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh5.googleusercontent.com/Vo0DddgIrLvk1Tm3LPis31vmPmfnUNbRLU6nmoNgmQeQv5yLhc0BhZNJlBkwADp6zlEKDVmaTZ0Jd6ddt_dEGjbVIdrtMy5KcQbb8mXgHeiZ2ePkrGBthPd77KDDBz-3vEIa7l_vnY4seCYseBZQz8E" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: July ETH Inflation</span></p><br /><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh5.googleusercontent.com/mIHCBz7WLJTjdjuukz9H2q3ZG2wnhUUbKz_qUtK_Jxxb23vh5K2c91L_-Vgm0zwDnGbj99ZxJ_ii3Nh3MsmQxbCL4O0Dj5kjHVbe_HTNErrIajYySy2EGd6dTQ9vqTOc-Vg0fEdnswlPPdbmVnT7MLM" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Daily ETH Burning Amount</span></p><br /><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">In addition, according to data from Token Terminal, in the past month, Ethereum's revenue increased by 1.83%, fees increased by 3.87%, total market value decreased by 2.12%, and daily active users decreased by 13%. However, the number of core developers increased by 5%, and the total code commits increased by 8.1%.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The increase in developer count and code commits is likely related to relatively more activities in the past month, mainly focusing on EthCC-related events and local activities in Japan.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh6.googleusercontent.com/GgHZX3nsbsImlLPKPOMJj1_K6wm6j8QbloHI3OksOyK__9xKRAoUWwA5-aeJldvgMB0LioL4LNid-g-zJbp-9RZtxCb2jSS09ZNN-FHaHZQhMbdeXkkZzK1Uwonh30Nx7r4IRsNiDJ95-aH8DQVIm0U" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Token Terminal</span></p><br /><br /><h3 style="line-height:1.38;text-align:justify;margin-top:16pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.2.6 Conclusion </span></h3><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Based on the market trends and data of Bitcoin and Ethereum, there are no clear signs of a rebound. We need to exercise more patience and wait for the bull market to arrive.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">For long-term holders, waiting seems to have become a habit, and persistence will eventually lead to the dawn of victory. For users skilled in short-term trading, every market fluctuation serves as a test of their strategies, making effective risk management particularly crucial.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Market recovery still requires time and capital injection. Let's remain hopeful that we will all be here to witness its arrival.</span></p><br /><br /><h1 style="line-height:1.38;text-align:justify;margin-top:20pt;margin-bottom:6pt"><span style="font-size:23pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">6. Closing Remarks</span></h1><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">According to data from RootData, there have been 68 financings in the cryptocurrency market in the past 30 days, equivalent to an increase of 11.84%. The total financing amount was $618 million, equivalent to an increase of 26.99%.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh5.googleusercontent.com/RIkXlGiY6mVW7QZ5wnpc4xXXCmd90SmHdMwbkN5wmH9dbZHjQ-BfzTVKjwW__OHbyZD5tQIw9HH0t2dbMKBGkNSH6TuJgLFt9fkhHCLGXjlwYTEvVBaHfKEQFsB0Mp0xG1deYqlBCJdwDCQduFBJWZg" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: RootData</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Capital is mainly concentrated in investment infrastructure projects. Among the top 10 blockchain projects in terms of financing amount, half of them belong to infrastructure projects, while the rest include exchanges, Layer 1 public chains, music NFT platforms, etc.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh6.googleusercontent.com/dJXvUzGhXQdR0qHPKYQa8jnZhyylKgcVGFwipBV3geeTsSA0dA8fupub8r2w-YSLibMI4HhKdbQleY-g-F6t-k0N6dbz3eJrOZZkMHchSh8I92pSx1bqasEZSde8mj2mIzOuxc5N1VDxSEMR6MCw6_A" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: RootData</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">As capital enters the market and market sentiment begins to brew, it seems as if, just like the familiar saying, "everything is coming back." We have traversed the winter, patiently waiting for the bull market's arrival, and all the waiting preceding this moment will prove to be worthwhile.</span></p><br /><br /><br /><h1 style="line-height:1.38;text-align:justify;margin-top:20pt;margin-bottom:6pt"><span style="font-size:23pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">7. List of References</span></h1><br /><br /><ol style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://cointelegraph.com/news/crypto-regulatory-framework-bill-pass-house-congressional-committee" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://cointelegraph.com/news/crypto-regulatory-framework-bill-pass-house-congressional-committee</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://www.forbes.com/sites/rohitarora/2023/07/26/fed-raises-interest-rates-to-22-year-high-credit-crunch-continues-for-small-businesses/?sh=4d24ed995b21" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://www.forbes.com/sites/rohitarora/2023/07/26/fed-raises-interest-rates-to-22-year-high-credit-crunch-continues-for-small-businesses/?sh=4d24ed995b21</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://blockworks.co/news/google-cloud-web3-dive" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://blockworks.co/news/google-cloud-web3-dive</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://www.financemagnates.com/cryptocurrency/russian-president-vladimir-putin-approves-law-on-digital-rubble/" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://www.financemagnates.com/cryptocurrency/russian-president-vladimir-putin-approves-law-on-digital-rubble/</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://www.financemagnates.com/cryptocurrency/binance-takes-on-cftc-with-plans-to-seek-dismissal-of-lawsuit/" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://www.financemagnates.com/cryptocurrency/binance-takes-on-cftc-with-plans-to-seek-dismissal-of-lawsuit/</span></a><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"> </span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://coinmarketcap.com/currencies/mx-token/" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://coinmarketcap.com/currencies/mx-token/</span></a><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"> </span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://www.lookintobitcoin.com/bitcoin-price-live/" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://www.lookintobitcoin.com/bitcoin-price-live/</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://www.lookintobitcoin.com/charts/bitcoin-funding-rates/" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://www.lookintobitcoin.com/charts/bitcoin-funding-rates/</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://www.lookintobitcoin.com/charts/bitcoin-active-addresses/" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://www.lookintobitcoin.com/charts/bitcoin-active-addresses/</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://www.lookintobitcoin.com/charts/addresses-greater-than-1000-btc/" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://www.lookintobitcoin.com/charts/addresses-greater-than-1000-btc/</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://coinmarketcap.com/charts/" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://coinmarketcap.com/charts/</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://coinmarketcap.com/charts/" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://coinmarketcap.com/charts/</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://tokenterminal.com/terminal/projects/ethereum?ref=bankless.ghost.io" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://tokenterminal.com/terminal/projects/ethereum?ref=bankless.ghost.io</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://etherscan.io/chart/dailyethburnt" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://etherscan.io/chart/dailyethburnt</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://blockchair.com/bitcoin/charts/average-transaction-fee-usd" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://blockchair.com/bitcoin/charts/average-transaction-fee-usd</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://blockchair.com/litecoin/charts/average-transaction-fee-usd" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://blockchair.com/litecoin/charts/average-transaction-fee-usd</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://explorer.viawallet.com/halving" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://explorer.viawallet.com/halving</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://coinmarketcap.com/currencies/litecoin/" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://coinmarketcap.com/currencies/litecoin/</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://galxe.com/Linea" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://galxe.com/Linea</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://dune.com/ataraxiae/linea-goerli-testnet-zk-rollup-by-consensys" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://dune.com/ataraxiae/linea-goerli-testnet-zk-rollup-by-consensys</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://defillama.com/chain/Linea?volume=true" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://defillama.com/chain/Linea?volume=true</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://twitter.com/Linea_Ecosystem/status/1679430944158289921" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://twitter.com/Linea_Ecosystem/status/1679430944158289921</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://twitter.com/Starknet/status/1681603967787122688?s=20" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://twitter.com/Starknet/status/1681603967787122688?s=20</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://dune.com/chaininsight/starknet-overview" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://dune.com/chaininsight/starknet-overview</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://l2beat.com/scaling/projects/zksync-era" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://l2beat.com/scaling/projects/zksync-era</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://www.coingecko.com/en/global-charts" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://www.coingecko.com/en/global-charts</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://twitter.com/CurveFinance/status/1681086036078739456" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://twitter.com/CurveFinance/status/1681086036078739456</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://nftgo.io/analytics/market-overview" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://nftgo.io/analytics/market-overview</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://www.nftscan.com/0x3af2a97414d1101e2107a70e7f33955da1346305" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://www.nftscan.com/0x3af2a97414d1101e2107a70e7f33955da1346305</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://nftpricefloor.com/zh/azuki?sort=ranking&dir=asc" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://nftpricefloor.com/zh/azuki?sort=ranking&dir=asc</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">.</span><a href="https://pro.opensea.io/collection/opepen-edition?showSuspicious=false&rarity_tier=Top+1%25&traits=%7B%22Release%22%3A%5B%22001%22%5D%7D" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://pro.opensea.io/collection/opepen-edition?showSuspicious=false&rarity_tier=Top+1%25&traits=%7B%22Release%22%3A%5B%22001%22%5D%7D</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://opensea.io/collection/lens-protocol-profiles?tab=items" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://opensea.io/collection/lens-protocol-profiles?tab=items</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://dune.com/rustamov/lens" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://dune.com/rustamov/lens</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://triple-a.io/crypto-ownership-data/" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://triple-a.io/crypto-ownership-data/</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://www.rootdata.com/Projects/detail/Worldcoin?k=MTg0Mw%3D%3D" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://www.rootdata.com/Projects/detail/Worldcoin?k=MTg0Mw%3D%3D</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://optimistic.etherscan.io/token/0xdc6ff44d5d932cbd77b52e5612ba0529dc6226f1#balances" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://optimistic.etherscan.io/token/0xdc6ff44d5d932cbd77b52e5612ba0529dc6226f1#balances</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://www.rootdata.com/dashboard" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://www.rootdata.com/dashboard</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://www.coinglass.com/Balance" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://www.coinglass.com/Balance</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://www.coinglass.com/Grayscale" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://www.coinglass.com/Grayscale</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://bitcointreasuries.net/" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://bitcointreasuries.net/</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://www.feixiaohaozh.info/data/eth.html" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://www.feixiaohaozh.info/data/eth.html</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://dune.com/sixdegree/base-blockchain-overview" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://dune.com/sixdegree/base-blockchain-overview</span></a></p></li></ol></strong><img src="https://lh3.googleusercontent.com/oPI9L222kVvokNWTgbEOyGUIZXoUQxNQ2id-EdqoaSKofX1GUy75ugF0CX8uT_9XqF-5Bs62ZAkqxERXXrwyl8r7LFiUtjr7u-vUEFWC31dHE6OQEJ_3wWD-zpeadDg4PZ3toBbrMe5HPcGMzvvDl6E" width="602" style="margin-left:0px;margin-top:0px" /></strong><p></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><h1 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:24pt;margin-bottom:6pt;padding:0pt 0pt 0pt 18pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:23pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Preface</span></strong></h1><p><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><br /></strong></p><p style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">With the arrival of the scorching July summer, the market's heat seems to be lagging behind. Although the market has not experienced significant fluctuations compared to the previous month, signs of market recovery are evident in the activity within certain sectors.</span></strong></p><p style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Traditional DeFi projects have shown renewed vitality as they establish themselves in their respective niches and continue to grow. The 3-year-long legal battle between XRP and SEC has finally come to an end, with XRP emerging victorious, imbuing the market with a boost of confidence. ETF applications are being submitted one after another, and significant projects are continuously being financed, driving BTC's price to a new high for this year…</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><br /><br /></span></strong></p><p style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">When we extend the time scale to a 4-year cycle, the recovery in July may not seem particularly remarkable. However, it is crucial to recognize that qualitative transformations stem from the cumulative effects of quantitative shifts. c</span></strong></p><h1 style="line-height:1.38;text-align:justify;margin-top:24pt;margin-bottom:6pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:23pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">1. Macroeconomics</span></strong></h1><h2 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:18pt;margin-bottom:6pt;padding:0pt 0pt 0pt 18pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">1.1 The U.S. Passed Two Crypto Bills on July 26</span></strong></h2><p style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">On July 26, local time, the U.S. House Financial Services Committee approved two cryptocurrency-related bills, the "Financial Innovation and Technology for the 21st Century Act" and the "Blockchain Regulatory Certainty Act," with a vote of 35 to 15. The "Financial Innovation and Technology for the 21st Century Act" aims to set forth regulations for crypto companies, dictating the appropriate timing for their registration with either the Commodity Futures Trading Commission (CFTC) or the Securities and Exchange Commission (SEC). The "Blockchain Regulatory Certainty Act" aims to provide guidance and eliminate barriers and requirements for "blockchain developers and service providers" such as miners, multi-signature service providers, and decentralized finance (DeFi) platforms. (Source: Cointelegraph)</span></strong></p><h2 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:18pt;margin-bottom:6pt;padding:0pt 0pt 0pt 18pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">1.2 Federal Reserve Raises Federal Fund Rate Target Range by 25 Basis Points on July 26</span></strong></h2><p style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">On July 26, local time, the Federal Open Market Committee (FOMC) of the United States announced its latest rate decision, raising the federal fund rate target range by 25 basis points to between 5.25% and 5.5%, reaching the highest level in 22 years. This is also the 11th interest rate hike by the Federal Reserve since March of last year. Federal Reserve Chairman, Jerome Powell, stated that despite a slight slowdown in inflation in the United States since the middle of last year, the inflation rate remains well above the 2% target. The future rate-hiking process will be data-dependent, and the decision to raise rates will continue to be made on a meeting-by-meeting basis. In fact, the Federal Reserve's rate hike this time was in line with market expectations. The market's attention is centered on whether July will mark the Federal Reserve's final rate hike. Powell pointed out that the Fed has not made any decisions on future actions and that if the data supports it, there may be another rate hike in September. (Source: Forbes)</span></strong></p><h2 style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:14pt;margin-bottom:6pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">1.3. Google Cloud Aims to Play a Bigger Role in the Rapidly Developing Web3 Space</span></strong></h2><p><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><br /></strong></p><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:0pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">James Tromans, the head of Google Cloud Web3, told Blockworks that the technology giant's cloud computing service department will continue to build services with its blockchain node engine. He added that helping customers</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">become transformative participants in the Web3 ecosystem</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"> is now </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">a core part of the company's mission.</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><br /><br /></span></strong></p></li></ul><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The executive did not provide specific details about </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">any potential measures that may be under consideration.</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><br /><br /></span></strong></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:10pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Google Cloud is collaborating with players in the financial services and gaming industries to explore how Web3 technology can streamline their operations and</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline"> unlock alternative business models and revenue streams.</span></strong></p></li></ul><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:10pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The company is also focusing on artificial intelligence (AI), an area highly valued by some cryptocurrency companies. However, others state that </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">the potential use cases</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"> of this technology in their business are </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">still inconclusive.</span></strong></p></li></ul><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">(Source: Blockworks)</span></strong></p><p><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><br /></strong></p><h2 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:14pt;margin-bottom:6pt;padding:0pt 0pt 0pt 18pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">1.4 Putin Signs Digital Ruble Bill to Take Effect on August 1</span></strong></h2><p><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><br /></strong></p><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:0pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Russian President </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Vladimir</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Putin signed the Digital Ruble bill on July 24</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">, and its implementation is scheduled for August 1, 2023.</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><br /><br /></span></strong></p></li></ul><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The new legislation officially authorizes the Central Bank of Russia to launch the first CBDC pilot aimed at real consumers in August. Earlier, the government had planned to launch the pilot with 13 local banks, including major banks like Sberbank, in April.</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><br /><br /></span></strong></p></li></ul><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:12pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Under the newly signed law, the Central Bank of Russia will become the main operator of the Digital Ruble infrastructure and will be responsible for all stored assets. The design of the Digital Ruble is intended as a payment and transfer method rather than an investment.</span></strong></p></li></ul><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">(Source: Finance Magnates)</span></strong></p><p><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><br /></strong></p><h2 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:14pt;margin-bottom:6pt;padding:0pt 0pt 0pt 18pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">1.5 Binance Initiates Motion to Dismiss CFTC's Lawsuit in the United States</span></strong></h2><p><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><br /></strong></p><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:0pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">According to a recent court filing on July 24 (Monday), cryptocurrency exchange giant, Binance, has filed a motion for permission with the U.S. Northern District of Illinois court, seeking to submit a legal memorandum to initiate a motion to dismiss the U.S. CFTC's lawsuit.</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><br /><br /></span></strong></p></li></ul><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Earlier this year, in March, Binance, along with its CEO Changpeng Zhao (CZ), former chief legal officer Samuel Lim, Binance Holdings Limited, Binance Holdings (IE) Limited, Binance (Services) Holdings Limited, and other entities, faced a lawsuit filed by the U.S. Commodity Futures Trading Commission (CFTC) in the federal court of Chicago. The charges against Binance were for knowingly </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:italic;text-decoration:none;vertical-align:baseline">violating the law by providing unregistered cryptocurrency derivatives trading services </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">in the United States, </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:italic;text-decoration:none;vertical-align:baseline">violating federal laws.</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><br /><br /></span></strong></p></li></ul><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:12pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">According to the latest document, the deadline for Binance to respond to the CFTC lawsuit is July 27. However, considering the complexity of the case, Binance has formally petitioned the court to increase the page limit for the legal memorandum from 15 pages to 50 pages. Moreover, the company has stated that it has engaged in discussions with CFTC lawyers regarding this proposal.</span></strong></p></li></ul><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">(Source: Finance Magnates)</span></strong></p><h1 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:24pt;margin-bottom:6pt;padding:0pt 0pt 0pt 18pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:23pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2. MEXC Updates</span></strong></h1><h2 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:18pt;margin-bottom:6pt;padding:0pt 0pt 0pt 18pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.1 MEXC Official Information </span></strong></h2><h3 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:16pt;margin-bottom:4pt;padding:0pt 0pt 0pt 18pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.1.1 MEXC Futures Launches the “21-200x Futures Leverage Challenge” </span></strong></h3><p style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Beginning in July, MEXC has continuously launched various futures bonus reward events. By trading futures with leverages ranging from 21x to 200x, every MEXCer has the opportunity to receive great rewards.</span></strong></p><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:10pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">For new users: During the event, first-time traders who trade any event futures trading pairs with leverages ranging from 21x to 200x and accumulate a total futures trading volume exceeding 30,000 USDT will receive a free futures bonus airdrop.</span></strong></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:10pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">For high-volume traders: Similar to the M-Day event rules, during the event, users who trade any event futures trading pairs with leverages ranging from 21x to 200x and accumulate a corresponding total futures trading volume exceeding 90,000 USDT will receive a free futures bonus airdrop once the conditions are met.</span></strong></p></li></ul><h3 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.1.2 MEXC Futures Launches the “July Futures Competition” </span></strong></h3><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:10pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">MEXC kicked off its July Futures Competition on July 18. The registration period started on the 18th and ended on the 31st, lasting a total of 13 days. During the period, users with an account equity greater than 300 USDT were eligible to participate in the competition.</span></strong></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:10pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">During the event, MEXC specially designed two types of profit opportunities for the participants, which are the Daily Checkpoint Challenge rewards and the PNL Amount Ranking rewards. The Daily Checkpoint Challenge had a daily total prize pool of 36,000 USDT, while the PNL Amount Ranking had a total prize pool of 100,000 USDT.</span></strong></p></li></ul><h3 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.1.3 MEXC App Upgrade to v4.1.5 </span></strong></h3><p style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">To provide MEXCers with a better user experience featuring enhanced services and improved functionality, the MEXC App underwent an upgrade on July 28, 2023, at 01:00 (UTC). The update implemented comprehensive improvements across various aspects of the MEXC App.</span></strong></p><h4 style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:14pt;margin-bottom:4pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:13pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.1.3.1 New Features and Enhanced User Experience: Update Aims to Create a Smoother and More Efficient User Experience</span></strong></h4><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">For example:</span></strong></p><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:10pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">An information section has been added to the futures trading interface for each futures trading pair, allowing MEXCers to gain an understanding of the underlying asset for the selected futures pair.</span></strong></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:10pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">K-line chart drawing tools have been enhanced for optimized technical trading analysis.</span></strong></p></li></ul><h4 style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:14pt;margin-bottom:4pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:13pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.1.3.2 Security and Stability Enhancement: Update Aims to Provide Stronger Security and Stability</span></strong></h4><p><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><br /></strong></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">For example</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">: To ensure account security, MEXCers who log in to multiple accounts simultaneously on the app will receive an email or SMS every time they switch between accounts, notifying them of logins from other devices.</span></strong></p><h4 style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:14pt;margin-bottom:4pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:13pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.1.3.3 Performance Optimization: Update Aims to Enable Faster Loading and Smoother Running</span></strong></h4><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><br /></span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">For example</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">: The layout and style of app menus have been optimized, allowing MEXCers to adjust preference settings quickly.</span></strong></p><h2 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:18pt;margin-bottom:6pt;padding:0pt 0pt 0pt 18pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.2 Product/Function Update</span></strong></h2><h3 style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.2.1 MEXC Futures Now Supports Multi-Chart Mode for TradingView K-Line on the Website</span></strong></h3><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Website:</span></strong></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><img src="https://lh3.googleusercontent.com/ROcyAxB8r1GB0dKYAyC8aiPpi0L_R0JbcOF0-6AF4oLGy6bUSTL4DP2PBffsnU4sEfWgcKiydWArl-4YUBBb3gTB7bRzlcFdEPbHQgUIc_r8ItvAumXksNQiS4yy4gx7MECS2pHbunkNeweAzU8xZWQ" width="505" style="margin-left:0px;margin-top:0px" /></strong></p><p><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><br /></strong></p><p style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Feature Description</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">: A feature that allows simultaneous viewing of multiple K-line charts has been added to Trading View on the MEXC website. With this feature, users can customize the layout settings for multiple K-line charts and seamlessly switch between multiple charts in full-screen mode.</span><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><br /><br /></span></strong></p><h3 style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.2.2 The Futures Trading Page has Added Crypto Overview and Trading Rules</span></strong></h3><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Visual Representation</span></strong></p><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><br /><br /><br /><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Website:</span></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><img src="https://lh3.googleusercontent.com/uxqnnGnG1mYMllC6oi1h6MDIYfEc8-I_9I3RdX14GjJ7l99dQhWO67Z-yjUGRDbuc2b1IhOmjGSPFHIRghgwAtK0FHklW6fLTTtW4x5xdzKf9DarAWobfi-tFNvaHht3TCFbhazXJXxO9d9S2sO4-x8" width="326" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">App: </span></p><br /><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><img src="https://lh3.googleusercontent.com/xtoJGzg6BKjJZ53nh_5Op9vr9VzzYGIBi4xpaUj1fjYQDi2-AjbSWfJXXv1oBDnF0V4DF-eG4zj8OBNUxzfVllfse3eN3f2IkyE4n-9ZITxjipOUBDjSVTdZ8Czq4gTIFJuGSRUXi7t-PIg4nuP6AIs" width="148" style="margin-left:0px;margin-top:0px" /><img src="https://lh6.googleusercontent.com/ZtWd7iY21r5uWNzjEXbRNy0jJIz7l2osqtz885ECjseX5V7jwuo2ss0Y0mwgN9TTrEbCidN1WqKMGTLidVNmKWUIa70kLzUiAQoWpuAzroLcMorzQ6idvQ4Nqw2XBBdYSq2YbC2w1LWEVBiYY0Lliiw" width="147" style="margin-left:0px;margin-top:0px" /></p><br /><p style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Feature Description</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">: On both the MEXC website and app, the futures trading page has been enhanced to include crypto overviews and corresponding trading rules for each trading pair.</span></p><br /><h3 style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.2.3 Notifications Sent to Users Upon Detection of MEXC App Logins From Other Devices</span></h3><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Visual Representation:</span></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><img src="https://lh5.googleusercontent.com/Qv2AWj4mT5BjwOqOE3HGLd-rx8fDYA7YqCbFfSY7Kw1WTtuMkmu1Oy7REkVwEld1kj48-rPG8NzAbXfNhuRzS2sJEoQtNeqmXiQ_FczB9f8TttD71FRzkSfHqn9Kw1p-ZOdezs9iVEJBvVWs1NF_jds" width="195" style="margin-left:0px;margin-top:0px" /></p><br /><p style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Feature Description</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">: MEXCers who log in to multiple accounts simultaneously on the app will receive an email or SMS every time they switch between accounts (e.g., switching from Account A to Account B), notifying them of the login from another device.</span></p><br /><br /><h2 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.3 National Line Popular Events</span></h2><h3 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.3.1 Turkey</span></h3><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Kickstarter Series</span></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><img src="https://lh5.googleusercontent.com/9EoA1inhnhijzmS-8PgbIiXOjQnrxoAMh9HsrrYAVv17smAhEO2q0Eg_zBwwyN6OTXJCZWgpLkCIhpYoBMTmrF1o2QO6A-o5MFb77OKPL9Q4Gp6u-AvtwXcW-Abx4RpGIpOiqNt48w3H9pyBqvF0I8s" width="263" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Event Venue: </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Twitter</span></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Event Details:</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"> </span></p><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">At the beginning of July, the MEXC Turkey Team hosted </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">a series of Kickstarter events</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">, successfully garnering a total of 422 participating MEXCers in the first event.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Detailed Reward Rules: A</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline"> total prize pool of 500 USDT </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">was shared among 50 MEXCers.</span></p></li></ul><h3 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.3.2 Vietnam</span></h3><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Go MEXCer - Born Pink</span></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><img src="https://lh4.googleusercontent.com/AO7btGoUEzqysvhXerlZW6T6Ei2koBNbu46zwuerILEHepwZzx-8mxJnxtOTaNDIsjgkvnN-g2g6SnVu6YZF5jaZjdrDKwQ82XeSG6BrpB2QJ12u-3wSkJJ4asReX3wrWc91aFXfuN00DWMEUlRSQZw" width="331" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Event Venue: </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Telegram group</span></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Event Details:</span></p><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Vietnamese MEXCers had the opportunity to win</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline"> two Born Pink concert tickets </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">and share </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">500 USDT </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">worth of futures bonuses by </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">referring at least 3 new users to sign up</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"> on the platform.</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><br /><br /></span></p></li></ul><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Detailed Reward Rules</span></p></li></ul><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Referrer:</span></p></li></ul><ol style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:decimal;font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Have a spot trading volume ≥ 500 USDT or futures trading volume ≥ 5,000 USDT.</span></p></li><li style="list-style-type:decimal;font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">At the same time, the referrer must </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">refer at least 3 new users to sign up</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"> on the platform.</span></p></li></ol><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Referral:</span></p></li></ul><ol style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:decimal;font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Complete KYC verification.</span></p></li><li style="list-style-type:decimal;font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Have a spot trading volume ≥ 500 USDT or futures trading volume ≥ 500 USDT.</span></p></li></ol><h3 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:16pt;margin-bottom:4pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.3.3 Russia</span></h3><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">MEME 2.0</span></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><img src="https://lh5.googleusercontent.com/F6vR6Cam__EaNmKI5ybRAVK2xODt9c2erSKErX-gdZdG3fTLUwTE9q2kzGIolW2gT4Lx1NHbZgkRVDMUJgd5K3IxITFQq7i06j-c0SLGs9Um_U1OfATMUSpU4d3x3f4sAUHRELpKgTaB1i1tCoc627Q" width="389" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Event Venue: </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Twitter</span></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Event Details: </span></p><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">MEXCers had the opportunity to share </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">a total prize pool of 2,000 USDT</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"> by retweeting the MEME 2.0 poster and having a futures trading volume ≥ </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:rgb( 255 , 255 , 0 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">10 USDT</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"> at the same time.</span></p></li></ul><h3 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:16pt;margin-bottom:4pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.3.4 Japan</span></h3><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">MEXC Tanabata Festival</span></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><img src="https://lh5.googleusercontent.com/Qlx_O4SvINFr7c4K0OTRy6f0kIpZIjsVlvlnrX8plGTT_tNC242fdMiBjkOIyITs8IjTnazY9CajMCiy2xOeh4q04l4-p6ar__u4xX85AodsQe8TQ_yEjUGrD1_54M2N4WzKhEMG4JcdrTnH3PgoyRY" width="338" style="margin-left:0px;margin-top:0px" /></p><br /><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Event Venue: </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Twitter</span></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Event Details: </span></p><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">MEXCers had the opportunity to receive a free airdrop of a token of their choice worth 10,000 Japanese Yen simply by making a wish and stating their desired token in the comment section.</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><br /><br /></span></p></li></ul><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Detailed Reward Rules: One participant will be selected daily to receive 10,000 Japanese Yen worth of crypto, with the </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">total value </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">of the event rewards being </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">30,000 Japanese Yen.</span></p></li></ul><h3 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:16pt;margin-bottom:4pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.3.5 Korea</span></h3><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">BTC Price Change Prediction</span></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><img src="https://lh5.googleusercontent.com/fihtFb1jJ6x__rB8oFhiUJwNJ2MlNSREERO81O5SyEVP6ZHfrNflZFwYbudnZn3DD4rnZcgpD1NTDopg-gWL_cx7vv_0HwjS5geXs3eUIKRR6-vpaqG3s_NEktIPCN2uCch7rmffc4VhsFz5Lv7h6Mg" width="330" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Event Venue: </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Twitter</span></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Event Details: </span></p><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">MEXCers had the opportunity to receive a free airdrop reward by predicting the price change of BTC. A total of 199 MEXCers received the reward.</span></p></li></ul><br /><br /><h1 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:23pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">3. MX Updates</span></h1><h2 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:18pt;margin-bottom:6pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">3.1 MX Official Information</span></h2><h3 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">3.1.1 2023 Q2 MX Buyback and Burn Announcement</span></h3><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.2;text-align:justify;margin-top:10pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">On July 15, 2023, MEXC issued an official announcement to the MEXC community regarding the MX token’s burning situation for Q2. The burn was carried out based on MEXC's previous "buyback and burn'' plan and the community voting results for the MX Token 2.0 proposal.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.2;text-align:justify;margin-top:10pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">MX tokens burned during 2023 Q2: 1,562,500 MX</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.2;text-align:justify;margin-top:10pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">For detailed information about the burn</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">, please check the </span><a href="https://etherscan.io/tx/0x6c794bec611d8e6d0f824645d4a397a93d79cfd97acd49064640a38de7ba27c4" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:underline;vertical-align:baseline">Burn Address</span></a><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.2;text-align:justify;margin-top:10pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">"Buyback and Burn" </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Plan Review: MEXC allocates </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">40%</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"> of its quarterly profits to repurchasing and burning MX tokens from the market, with the aim of maintaining the circulating supply of MX tokens at 100 million.</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><br /><br /></span></p></li></ul><h2 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:18pt;margin-bottom:6pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">3.2 MX Monthly Insights</span></h2><h3 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:2pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">3.2.1 MX July Feast, More Privileges to be Unlocked</span></h3><h4 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:2pt;padding:0pt 0pt 0pt 18pt"><img src="https://lh5.googleusercontent.com/i9GpjubKVjzyJkCBOt15o1gN0quaOmYxj5odzvn0sPxBwMb64xJXs5b0eWHaOkDPUmvVmHc1otf4IoNHgh9cUnS98ztz_6IaJ9-VBwoIK8fkGPdIAYUnYE0VwaoxcVFyb98xRrHYrEJ4E-j6nEoB3jU" width="438" style="margin-left:0px;margin-top:0px" /><span style="font-size:13pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline"> </span></h4><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:10pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">As we entered July, the scale of free MX airdrops </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:italic;text-decoration:none;vertical-align:baseline">did not decrease</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">. MEXC brings over </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:italic;text-decoration:none;vertical-align:baseline">20 free airdrops to all MX holder</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">s every week, </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:italic;text-decoration:none;vertical-align:baseline">totaling over 100 airdrops per month.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">According to calculations by MEXC's data team, the average return for each airdrop is 2 USDT. Optimistically, if you do not miss any airdrop rewards throughout the month, you will receive 200 USDT by the end of the month. Additionally, the returns from each airdrop will increase with the arrival of the bull market, leading to higher overall gains.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Since July, mainstream token trading has become active due to the "halving mechanism" of various major cryptocurrencies. On one hand, the substantial market capitalization of major cryptos has boosted the overall cryptocurrency market sentiment. On the other hand, it has led to a one-sided surge in low cap cryptos on various exchanges. The "celebration" of low cap cryptos indicates that the cryptocurrency bull market is approaching.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">According to MEXC's last semi-annual report, the price of MX has grown an incredible 350% in the past six months, gaining increasing popularity among MEXCers. Currently, MX ranks 111th, not far from the top 100. It is predicted that the number of MX token holders will increase by 30% and the total trading volume will increase by 40% in 2023.</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><br /></span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><br /><br /></span></p></li></ul><h4 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:2pt;padding:0pt 0pt 0pt 18pt"><img src="https://lh5.googleusercontent.com/dz2DArPEiwux8226OoqeIf30J37D5EvfpAjqDU8HxjFrx5NsU4B-8FeUy77a1qVGTwosA7wP0jaOeFYpzDQeqcbruMevn8wuRyUSHwzdVV29-8uWWijxsMRXf6_wJqpKG1efVc0QxPpWt573W5CgBQQ" width="602" style="margin-left:0px;margin-top:0px" /></h4><h4 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:2pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">(Source: CoinMarketCap)</span></h4><br /><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:10pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">As an important part of the MEXC ecosystem, MX token not only allows you to earn passive income by participating in Launchpool and Kickstarter events, it also enables you to join MEXC's </span><a href="https://www.mexc.com/en-US/announcements/article/13022292167065" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">commission program</span></a><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">! If you hold a certain amount of MX tokens, you can earn commissions by actively referring new users to register and trade.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:10pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">You can receive up to 70% of your referral’s trading fees.</span></p></li></ul><br /><h2 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:18pt;margin-bottom:6pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">3.3 MX Popular Events</span></h2><h3 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">3.3.2 Launchpool and Kickstarter</span></h3><br /><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><img src="https://lh4.googleusercontent.com/MaRTNw1xYW_gSVzpdLxZEG5XQBzVT1bRh7s3LTTwHDVQDhT1Uu4MUGS0ExL0ivN7WgMcLntmjLlodKlfBATgg1g_AjyAyTy_v6OKE9nC2Ih7WZPWykB4phNps4JFE72NYyJdEsuaT4XWhLaWLQ5I5VA" width="379" style="margin-left:0px;margin-top:0px" /></p><h4 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:14pt;margin-bottom:4pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:13pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">3.3.2.1 July: Endless Benefits</span></h4><br /><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">In July, MEXC's new tokens listings remained strong, leading to the booming popularity of two important sections: Launchpool and Kickstarter. Throughout July, every MEXCer participating in the events from these two sections received over 100 airdrop rewards. In fact, if you check MEXC's Twitter, you'll find more than 30 events happening every week. The </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">high frequency</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"> of events led to </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">higher returns</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">, allowing more frequent </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">zero-cost acquisitions of "original'' tokens.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">From July 1 to July 23, if you simultaneously participated in Launchpool and Kickstarter with just 1,000 MX (the minimum amount), you could have potentially earned 111.30 USDT. Excluding ongoing and upcoming events, your </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">July yield rate could have reached 4.03%</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"> (based on the highest USDT price point). Conservatively, your </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">APY could exceed 48%</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">. These returns </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">only account for passive income</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"> and do not include potential gains from increases in MX token‘s price.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Across various exchanges, July's hottest sector was "Meme 2.0," with many related concept tokens experiencing explosive growth after listing, such as XRP2.0, PEPE2.0, etc. For many MEXCers who are enthusiastic about collecting these crypto assets, this is undoubtedly good news. Additionally, </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">high-quality tokens have enormous growth potential.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:10pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">In the first half of the year alone, these tokens saw astonishing growth on MEXC: PEPE’s token price increased by as much as 11,399.75%; MONG’s token price increased by 10,756.63%; SCT’s token price increased by 3,479.00%.</span></p></li></ul><h1 style="line-height:1.38;text-align:justify;margin-top:20pt;margin-bottom:6pt"><span style="font-size:23pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4. An Analysis of Hot Topics in the Blockchain Industry</span></h1><br /><h2 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:6pt"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.1 NFT Cooling and the Azuki Incident </span></h2><h3 style="line-height:1.38;text-align:justify;margin-top:16pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.1.1 Overview of the NFT Market </span></h3><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Since June 2023, the NFT market may be facing one of the most severe winters in its history. According to data from the NFT browser NFTGO, the NFT Blue Chip Index, which reflects the price performance of the NFT market, has dropped by over 30% within a month since June. Many blue-chip NFTs have experienced significant declines, and countless NFTs have been heavily affected. Among them, the blue-chip Bored Ape Yacht Club (BAYC) has fallen from 45 ETH in June to a low of 30 ETH in July. The blue-chip Azuki, influenced by the "Azuki Elemental Beans mint mishap," experienced the largest decline, plummeting from 16 ETH in June to nearly 5 ETH at present.</span></p><br /><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh3.googleusercontent.com/8Dbsxr2Xm2XaVdhsiMEEspNlN9LAou5EVNC-p04Ny34FKU_FydnNV7O278sh6lI_40UdO8irarHCRpfAhipP1EEm_KIkCmqxFROq5z53Bz5zHtLDvpt8XIHyqcQXteQ2Ac0eAVSc1l-Pv-VMZG4r3dQ" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:9pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: NFTGO</span></p><br /><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">In addition to the decline in NFT prices, the overall market capitalization and liquidity of the NFT market are also entering a "decline phase." Over the past three months, the overall valuation of the NFT market has decreased by 23.28%, down to 3.15 million ETH, approximately $6 billion. The trading volume has shrunk by more than half, leaving only 1.04 million ETH, around $2 billion.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh4.googleusercontent.com/dQuhY70ou5kPHeAsSiQoFqOk9-8f7rQG8p4zXSxdzdgFKQvuvVPEcCufIQQfoIPySATWe30adMRQlhVIa0gMnWj8jvrnfjumT7waVoDUL_kjG1CkIbNHN0QIom-UTFjxFLDGNiW0S8psGJeYFuAo9fM" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:9pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: NFTGO</span></p><br /><h3 style="line-height:1.38;text-align:justify;margin-top:16pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.1.2 Introduction to Azuki</span></h3><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Azuki is currently one of the most successful NFT brands. It offers 10,000 character images to its community members. In addition to NFT sales, it plans to establish offline streetwear brand stores, organize meet-ups, and host live music events in the future.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Since entering the market in January 2022, Azuki has gained popularity among many fans due to its unique Japanese anime style, quickly attaining NFT blue-chip status. During this time, the Azuki community has introduced various NFT protocols and innovative gameplay, such as the ERC721A protocol and the Azuki partner BEANZ series. However, due to the impact of the "mint mishap" during the release of Azuki Elemental Beans, Azuki's former glory has faded.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">It all started in late June when the Azuki official team launched the offline event themed "Follow the Rabbit" in Las Vegas. At the end of the month, they announced the new Azuki Elementals series of NFTs and immediately commenced the pre-sale.</span><span style="font-size:12pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><br /><br /></span></p><h3 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.1.3 Azuki Elemental Beans Mint Mishap </span></h3><h3 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The "Azuki Elemental Beans Mint Mishap" occurred on June 28, 2023, at midnight when Azuki's new series, Azuki Elemental Beans, was officially released for sale. As soon as the sale began, all Azuki Elemental Beans were quickly sold out at a price of 2 ETH each. Some users who couldn't purchase Azuki Elemental Beans during the initial sale even resorted to buying them at higher prices in the secondary market. According to data from NFTScan, the trading volume and floor price of Azuki Elemental Beans at the time of sale reached 9,422.2074 ETH and 2.2139 ETH, respectively.</span></h3><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh4.googleusercontent.com/3zAXNetvuTPlRr7Rvat62K1EzH5VSTp1gj4XPfelBE08FAEQRfIMeWwRcXL-iNwL-E1BnBBgRoFbZWMdatZYrvNav-qrAQzBZK4K1WWfSLFqYVWwgCtQixI8w6pziUC01cTJ7zH92SBr2nkTjsDrAAg" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:9pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: NFTScan </span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Even though the Azuki project team did not disclose the specific utility of the artwork before its official release, they generated excitement with a captivating promotional video. As a leading NFT project, users firmly believe that Azuki will take this opportunity to launch an exceptional piece of work.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">With the unveiling of Azuki Elemental Beans, users were astonished to find that Azuki Elemental Beans was almost an exact replica of the original Azuki artwork. Some went so far as to say that Azuki Elemental Beans completely copied the original Azuki artwork. The image on the left is Azuki, and the image on the right is Azuki Elemental Beans.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh3.googleusercontent.com/HAOMW9Er7ch-XSKfdUXReUFJcfslBk9mCZRXEcnfscweiyxDZay-J1i5XmGxSpvkzjmB4GSy8SboGfup3wdvUfucjB85wZs3AsYdfatafypcghcMvA9NwhIS0ndYgLJQ0Kvu4Kyva4uESRdjFVTSDr0" width="449" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:9pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Image Source: Twitter</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">After the unveiling of Azuki Elemental Beans, the entire community was filled with disappointment and anger. Numerous Azuki holders started selling their Azuki tokens. As shown in the chart below, before the opening of Azuki Elemental Beans, the price of Azuki was relatively stable and even experienced an increase, reaching around 16 ETH at one point. However, after the opening of Azuki Elemental Beans, the price of Azuki plummeted all the way down to around 5 ETH. Azuki Elemental Beans also experienced a rapid decline and, at the time of writing, has already dropped to around 1 ETH.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh4.googleusercontent.com/RAk0qU1OHHL6OEnjt6fAneZxTTyt8wFtzI8iV-NKq8twgkPni39LJXeMoym1u4f55sAy58DoWGUURH-lJnUr9GdrpgXvXCRjdzSCBQ8ZrdfsdS7tJ2xKxKEalvNBLNtXIwh8DvmzLk9g5IMAsWaCz0E" width="494" style="margin-left:0px;margin-top:0px" /></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:9pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: NFT Price Floor</span></p><br /><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 19 , 25 , 38 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">During the cryptocurrency bear market, the NFT market already had limited liquidity. Azuki's actions not only drained the scarce liquidity in the market but also triggered a trust crisis that dealt a severe blow to the entire NFT market.</span></p><br /><h2 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:6pt"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.2 XRP’s Legal Victory </span></h2><h3 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.2.1 U.S. Judge Rules XRP is Not a Security </span></h3><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">On July 14, a U.S. judge ruled that the XRP token is "not necessarily a security on its face" and its sale did not violate federal securities laws, bringing an end to the three-year-long legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC). This positive news led to a surge in the entire cryptocurrency market, especially for tokens like XRP, SOL, MATIC, ADA, FIL, SAND, and others that were previously considered securities by the SEC.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The entire Ripple vs. SEC lawsuit is a microcosm of the current global cryptocurrency market. The emerging cryptocurrency market still faces many uncertainties in terms of regulations and oversight. Due to the lack of clarity in the scope and responsibilities of regulations, cryptocurrency companies find it challenging to have stable expectations regarding regulatory measures. The cryptocurrency market urgently needs well-defined regulatory frameworks to reduce potential market turmoil. The outcome of this lawsuit could serve as a pivotal moment for cryptocurrency regulatory reform and carry historic significance.</span></p><br /><h3 style="line-height:1.38;text-align:justify;margin-top:16pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.2.2 Introduction to XRP</span></h3><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 21 , 22 , 23 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Ryan Fugger founded RipplePay in 2004 with the core idea of creating a peer-to-peer payment network that could replace the traditional banking system. In 2012, Ryan Fugger handed over RipplePay to early Bitcoin pioneer Jed McCaleb, who then invited Chris Larsen to serve as the executive chairman. Together, they launched the OpenCoin project, which later became Ripple Labs at the end of 2013, and was eventually renamed to Ripple in 2015.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 21 , 22 , 23 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">In January 2013, the company introduced the cryptocurrency XRP, with a total supply limited to 100 billion tokens. XRP's initial private sale price was extremely low, reportedly at $0.0000001. The purpose of XRP's issuance was for international remittances. Traditional international remittances were typically conducted through SWIFT (Society for Worldwide Interbank Financial Telecommunication), which incurred high costs and required long transfer times. Using XRP for remittances could significantly reduce the required time and fees. Due to the potential and innovation of XRP in the field of international remittances, notable investment firms such as Google Ventures and Andreessen Horowitz participated in XRP's first round of private fundraising. XRP went through a total of four rounds of financing, as shown in the following figure.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh4.googleusercontent.com/Fe-VFvjgGqLdvLC1gPPRnhC523n3gOiNfXPpD4hk5Ynzaa2nJ-az8Q0aUUgoViJO1WjToVh988BS3MxfaqV_Q6d4Wa8sL6Rk9bPWGraIwTLk3m63YJH3J6oPmz2b5bGTfQlmepy9go7sKx6m29dnUnE" width="490" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: RootData</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 21 , 22 , 23 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Unlike other cryptocurrencies, XRP does not operate on a traditional blockchain. Instead, it utilizes a distributed ledger technology called XRP Ledger and an authorized algorithm known as the Ripple Protocol Consensus Algorithm (RPCA). In contrast to Bitcoin's proof-of-work mechanism (POW), XRP only requires approval from 80% of validators to validate transactions and does not involve mining. As a result, blocks can be quickly added to the XRP ledger, allowing XRP to process up to 1500 transactions per second and complete payments within 5 seconds.</span></p><br /><h3 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.2.3 The History of the XRP and SEC Lawsuit </span></h3><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">In December 2020, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple. According to the document, from 2013 to the present, Ripple and its founders sold a total of 14.6 billion XRP, raising over $1.3 billion in funds. The defendants did not register the offering and sales of XRP with the SEC and did not obtain an exemption from registration, which the SEC alleges violated U.S. federal securities laws. Under the SEC's regulations, individuals or cryptocurrency companies must register securities offerings with regulatory authorities or apply for an exemption. Following the SEC's lawsuit, many exchanges delisted XRP, causing a 20% price drop.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">It's worth noting that the SEC had previously stated that due to the decentralized nature of Bitcoin and Ethereum, they can be considered cryptocurrencies rather than securities. The SEC chose XRP as a significant target in the crypto space for two reasons: </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 21 , 22 , 23 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">①</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"> Ripple has operated as a company with a clear entity and team, and </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 21 , 22 , 23 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">②</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"> Ripple has repeatedly proposed collaboration with European and American banks and third-party payment and financial institutions, demonstrating its significant presence in penetrating traditional financial systems, which is comparable to other mainstream cryptocurrencies.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">In February 2021, after the SEC filed the complaint, Ripple responded to the SEC's allegations, asserting that XRP is a cryptocurrency and does not meet the definition of a security because it lacks contracts, investor rights, and issuer obligations. Subsequently, the two parties engaged in a court battle that lasted for over two years.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><img src="https://lh4.googleusercontent.com/kTCZYvV0yuMafy4350YsM8ADX_iJT7ww3rj1FN4wnUAnChQWKeXu6KO3ddIo7dpbszO_mX44R8Txd5tuKDkzxmKU1m9Myko9HWXbx63bTrxWsMGG2g_jpFPj4vbbTvuVPov3eJJM-1EmtJUA1R-KJiw" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 21 , 22 , 23 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">On July 14, 2023, local time in the United States, a federal judge finally issued a ruling stating that “XRP is not necessarily a security on its face”, and Ripple's sale of XRP tokens through exchanges does not violate U.S. federal securities laws. This marked a significant milestone in the long-standing confrontation between the parties, with Ripple achieving a partial victory. Following the release of the ruling, XRP surged, with its price increasing by over 70% at one point.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 21 , 22 , 23 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The reason the U.S. federal judge ruled XRP not a security is that Ripple's sale of XRP through exchanges does not meet the third prong of the Howey Test - "expectation of profits." </span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 21 , 22 , 23 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The court considered XRP's sales as "blind” transactions because the majority of investors who purchased XRP from exchanges did not do so for investment purposes or with the expectation of profits. They were not aware of where the funds from purchasing XRP would flow, and they did not reasonably expect profits from Ripple's operations.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><img src="https://lh5.googleusercontent.com/JRTDUnxQq-LdMQ2et8BuDg-6KsYRKB9musK8REzmtehuAXXSmgKJxr2fGuDlbFGYKDPgT8YH5G9U2mnW0oIshx1Z_N9eoN8USPgPBM1tp6JuG-mk2g3AprtCUhWRxkS9zU-oWCBhMc2lIZ2rtQprVuY" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Twitter</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">After the verdict was announced, Ripple's General Counsel, Stuart Alderoty, expressed on Twitter that this was a tremendous victory for Ripple. He stated, "as a matter of law - XRP is not a security. Also a matter of law - sales on exchanges are not securities. Sales by executives are not securities. Other XRP distributions - to developers, to charities, to employees are not securities."</span></p><br /><h3 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.2.4 The Significance of XRP's Legal Victory for the Industry </span></h3><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">① Creating a more lenient environment for innovation in the industry.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Securities are subject to strict regulation by the U.S. Securities and Exchange Commission (SEC), as various processes, including registration and issuance, need to pass SEC scrutiny. With XRP being ruled not a security, it doesn't need to undergo the complex regulatory process of the SEC, and the same would apply to other cryptocurrency projects. Additionally, if exchanges can sell XRP, they can also trade other cryptocurrencies, as per the precedent set, other cryptocurrencies should also not be classified as securities. These two points will create a more lenient environment for innovation in the industry.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">② Cryptocurrency companies' first legal victory against the SEC.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">In the U.S. judicial system, precedents carry significant weight, meaning previous rulings are taken into consideration when making judgments. If other cryptocurrency projects have disputes with the SEC, the court can refer to the ruling on XRP. Therefore, this ruling sets a precedent for future cryptocurrency cases, potentially becoming a crucial turning point for the cryptocurrency industry.</span></p><br /><h2 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:6pt"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.3 EthCC 2023</span></h2><h3 style="line-height:1.38;text-align:justify;margin-top:16pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.3.1 Introduction to EthCC</span></h3><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">EthCC, organized by the non-profit organization Ethereum France, has been held in Paris since 2018. It aims to provide more networking opportunities for startups and investors. On July 17, 2023, “EthCC 6” officially commenced in Paris, France, and the conference went on for four days.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">For both Ethereum developers and the entire cryptocurrency community, EthCC 2023 is the most anticipated event after EDCON in Montenegro this year. The conference boasts a diverse range of participants, including prominent projects such as Ethereum, Coindesk, Uniswap, Starknet, and others. Ethereum co-founder Vitalik Buterin attended the event and delivered a public speech on the history and future of account abstraction.</span></p><br /><h3 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.3.2 Summary of Vitalik Buterin's Speech</span></h3><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Currently, Ethereum accounts and keys are closely coupled, meaning if you control the private key, you have control over the account.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Account abstraction will decouple the entities (accounts) in the Ethereum Virtual Machine (EVM) from the entities (key pairs or signers) holding ownership of mobile assets. As long as a Contract Account (CA) supports specific functionalities, such as signature verification, it can act as an account.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Account abstraction essentially allows users to define the security model for their accounts, making Ethereum more adaptable to different use cases. For instance, this feature enables users to set their own transaction validation rules, such as multi-signature requirements or spending limits. They can also make their accounts compatible with future cryptographic algorithms.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Vitalik described account abstraction as allowing Ethereum accounts to be controlled by smart contract code instead of private keys. His vision is that in the future, people will switch from the current Externally Owned Account (EOA) wallets to smart contract-based wallets. If successful, managing crypto wallets would become as simple as managing email accounts.</span></p><br /><h3 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.3.3 Four Noteworthy Projects</span></h3><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 51 , 51 , 51 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">① Uniswap Launches Cross-AMM Protocol UniswapX</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 51 , 51 , 51 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Uniswap, one of the well-established decentralized exchanges, was launched in 2018 and currently supports millions of users. During the EthCC conference, Uniswap announced the release of UniswapX, a permissionless, open source, and Dutch auction-based cross-AMM protocol. Currently, the opt-in beta version of this protocol is available on the Uniswap Labs interface for the Ethereum mainnet, with plans to expand other chains and Uniswap wallets in the future.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><img src="https://lh6.googleusercontent.com/FRsrIiL8ZVCpLxvrCxihHwd54rAAIMa7HyDLbf5sIR5s46eZXNtGW-C17VJirlomTCyzSM-rBYnMyBpjC97tEUKQxY3urnZsdIkKWEp4MNnEkDfj_6ytNEh_Xfs6E4V-Wh8AogYPnLywjz2cjeRhNTw" width="602" style="margin-left:0px;margin-top:0px" /></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 51 , 51 , 51 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">UniswapX will gradually implement the following features: aggregating liquidity sources to improve exchange value, protection against MEV (Maximal Extractable Value), gas-free swapping, no cost for failed transactions, and expanding to support gas-free cross-chain gasless swap within a few months.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 51 , 51 , 51 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">② Lens Protocol Officially Released V2 Version</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 51 , 51 , 51 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">On May 18, 2022, Lens Protocol was launched on the Polygon mainnet as a decentralized social protocol, and it has garnered 120,000 users to date. During the EthCC conference in Paris, Lens Protocol announced the release of its V2 version. The V2 version focuses on openness and composability, allowing users to directly execute external smart contract operations within Lens publications. Additionally, Lens V2 has introduced the capability to interact with smart contracts within social media platforms. </span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The highlights of Lens Protocol V2 are as follows: The introduction of ERC-6551 to aggregate value into NFTs rather than wallets. Addition of third-party operation permissions, including whitelist addition, and more.</span></p><br /><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 51 , 51 , 51 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">③ Chainlink Launches Cross-Chain Interoperability Protocol (CCIP)</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Chainlink is a decentralized oracle project designed to securely and reliably connect blockchain smart contracts to off-chain systems, providing secure and reliable data sources for blockchains.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">On July 18, Chainlink announced the launch of the Cross-Chain Interoperability Protocol (CCIP), designed for cross-chain applications and services. Currently, CCIP provides early users with real-time access on various blockchains such as Avalanche, Ethereum, Optimism, and Polygon.</span></p><br /><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">④ Starknet Launches Starknet Appchains</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Starknet is a Layer2 blockchain network built by the StarkWare team, operating as a ZK Rollup on Ethereum. According to data from L2BEAT, Starknet's Total Value Locked (TVL) has seen a rapid surge since the 10th and has now surpassed $115 million.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><img src="https://lh6.googleusercontent.com/2yaYE29an9kWCQy3nGx6dTUee7EKqHSLNUz48ys_ueC-OpK0qHT7JUdB5PuwirZKaHApeUaehrgYbBHzx4VzFL-n9A9NbguNQTQ-U82Y4TdUPADipcIEcsWMMCF3pqLg1k7bQSx3NW3Fdy_P9MShsmE" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: L2BEAT</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">At the EthCC conference, StarkNet officially announced the launch of StarkNet Appchains, which improves transaction processing speed and enhances user experience. With this update, transactions are no longer subject to the long processing times of 5-10 minutes as before. Additionally, StarkNet also unveiled the high-performance sequencer Madara, which enhances the capabilities of the Cairo VM using the Substrate framework, further improving the appchains' capabilities and Starknet's interoperability and on-chain privacy levels.</span></p><br /><h2 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:6pt"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.4 Curve Finance Crisis</span></h2><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Due to a bug in certain versions of the Ethereum programming language Vyper, four Curve Finance pools were exploited and the funds were stolen. The potential crisis was exacerbated as the founder of Curve Finance had used a significant amount of CRV tokens as collateral for loans on multiple lending platforms, putting CRV at risk of potential liquidation.</span></p><br /><h3 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.4.1 Reentrancy Attacks</span></h3><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">On July 30, at 21:34, the NFT lending protocol was suspected of being under attack. Subsequently, Curve Finance reported that JPEG'd had suffered a read-only reentrancy attack, causing the pETH price on the pETH-ETH pool on Curve to drop to $383. (Note: pETH is a derivative asset of ETH issued by JPEG'd.)</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">At 22:50, the msETH-ETH pool on Curve was attacked.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">At 23:34, the alETH-ETH pool on Curve was attacked.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">On July 31, at 0:44, the Ethereum programming language Vyper tweeted that the reentrancy locks in versions 0.2.15, 0.2.16, and 0.3.0 were ineffective.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">At 0:45, Curve’s official Twitter account posted that many stablecoin pools using Vyper 0.2.15 (alETH / msETH / pETH) were attacked due to a reentrancy lock failure, while other pools are safe.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">At 3:08, CRV-ETH was attacked, with the lowest CRV on the chain falling to around 0.08.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">At 7:50, c0ffeebabe.eth, the deployer of the Mev Bot that frontrun the CRV/ETH Pool, returned 2,879.54 ETH worth approximately $5.39 million to Curve Finance deployer.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">At 9:37, Upbit, South Korea’s largest exchange, suspended CRV deposit and withdrawal services.</span></p></li></ul><br /><h3 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.4.2 Impact of Reentrancy Attacks</span></h3><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">According to DefiLlama data, Curve Finance's Total Value Locked (TVL) decreased by 43.6% in the span of 24 hours, dropping to $2.28 billion, with liquidity reduced by 63%.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><img src="https://lh5.googleusercontent.com/NsptrE6rraApLZgeoYvDQF9r8A4GR0JFbltE4ehmb1f5Wt5G9LRdp5ppS2bMVoIMb73wsK-REdzvhYimF0tBTnebe2PuT1hlj0FzYQ2HEclZh0vAfZZiYU_ZOIPAvVb1gOn4pqrZxUgbF4wClywo054" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: DefiLlama</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">This reentrancy attack mainly involved several pools that utilized specific versions of Vyper. Currently, Curve Finance has suspended deposit and staking features for these affected pools. Additionally, they have delisted the corresponding pools from their platform, abandoning their use, and introduced new secure pools.</span></p><br /><h3 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.4.3 Liquidation Crisis</span></h3><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The liquidation crisis stems from Curve Finance founder Michael Egorov's collateral loans on lending platforms, including Frax Finance and Aave. Michael's loan positions are as follows:</span></p><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">On Aave v2, he supplied 257.44 million CRV tokens and borrowed 49.25 million USDT, with a liquidation price of approximately $0.35.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">On Frax Finance, he supplied 38.6 million CRV tokens and borrowed 9.19 million FRAX tokens, with a liquidation price of approximately $0.3.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">On Abracadabra, he supplied 46.65 million CRV tokens and borrowed 12 million MIM tokens.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">On Inverse Finance, he supplied 29.1 million CRV tokens and borrowed 7.7 million DOLA tokens.</span></p></li></ul><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">If liquidation occurs, not only will Curve Finance suffer significant asset losses, the lending platforms involved will also face substantial economic losses. Both borrowers and lenders will have to face the pressure of dealing with the repercussions of this loan arrangement.</span></p><br /><h3 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.4.4 Loan Resolution</span></h3><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Currently, Curve Finance founder Michael Egorov is using over-the-counter (OTC) sales of CRV tokens to repay his loans.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">According to @EmberCN's monitoring, Michael has sold a total of 54.5 million CRV tokens at an average price of $0.4. The buyers include DWFLabs (12.5 million CRV), Justin Sun (5 million CRV), Jeffrey Huang (3.75 million CRV), Cream.Finance (2.5 million CRV), and others.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The root cause of the Curve incident lies in the issue with the Ethereum programming language Vyper, which eventually led to user funds being compromised on Curve. This event may serve as a wake-up call for DeFi projects to place even greater emphasis on ensuring user asset security and isolation.</span></p><br /><h1 style="line-height:1.38;text-align:justify;margin-top:20pt;margin-bottom:6pt"><span style="font-size:23pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5. BTC & ETH Analysis</span></h1><h2 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:6pt"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.1 Bitcoin</span></h2><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">In terms of token price, the trends of Bitcoin and Ethereum largely represent the overall market trends in the industry. However, when it comes to assessing whether the entire industry is experiencing a recovery and resurgence, price is only one part of the equation. Our aim is to provide more support for making judgments by analyzing some underlying data.</span></p><br /><h3 style="line-height:1.38;text-align:justify;margin-top:24pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.1.1 Price</span></h3><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Following the positive trend from the previous month, the price of Bitcoin fluctuated around $30,000 in this month. Based on the chart from Look Into Bitcoin, it is evident that most of the time, the price remained above $30,000. On July 14, the price of Bitcoin reached its highest point this year at $31,544.7.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><img src="https://lh6.googleusercontent.com/nIn39fFSWWNR1Sapp6XCz4VzL3fvLH0q6_loFD_AwKWdSSJujiVWx-K7d59ZHo0uxUDdxX-LK5VPpdQV8ZBwRrjAzx_HIsIVXKvGWRjpms_10FFAOo3s_2yjR30cpqXLs0j7q0zjGeI5xlI8zyRr2Wc" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Look Into Bitcoin</span></p><br /><h3 style="line-height:1.38;text-align:justify;margin-top:16pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.1.2 Institutional Holdings</span></h3><br /><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.1.2.1 Grayscale Investments</span></h4><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">According to CoinGlass data, Grayscale Investments have been consistently reducing their BTC holdings this year. In July, they reduced their BTC holdings by approximately 1,000 BTC, and in the past 7 days, they reduced their holdings by 380 BTC. Currently, they hold approximately 624,700 BTC.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The Grayscale Bitcoin Trust (GBTC) currently has a primary market price of $26.4 and a secondary market price of $19.04, with a premium rate of -27.88%.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh3.googleusercontent.com/heQCLZzB3uO0hSC3Cl2YAGYC_hq71TyD0U7qYMlr_XdWGVRzn0vZVRh-HPpMVvoIXegCHx9sHDmAv5_7ih2XCoriHHF25uSesOfMnxzvEYS52CkzMEqFphDchUJ4PWrs_c4yt1ro48pU6Q84CiduCho" width="597" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: 2023 Grayscale Investments BTC Holdings Data</span></p><br /><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.1.2.2 Publicly Listed Companies</span></h4><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The Bitcoin Treasuries website compiles data on 41 publicly listed companies that hold BTC, including well-known entities like MicroStrategy, Tesla, Coinbase, Meitu, and others.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">According to the data from the chart, we can calculate the average cost of holdings for these companies: MicroStrategy at $29,647, Tesla at $34,722, Coinbase at $12,342, and Meitu at $52,609. With the current market price of BTC being $29,316, most of these companies are still in a loss-making position.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><img src="https://lh3.googleusercontent.com/PTYgd3ctWQR3QrGZVXGdTbjygo2dGqYygyZAyJ50eeYp71M_E8o1Z0srQlhUanr7IQ3kEZeai694VgD7No7Lp9xkzB3fzfXWMmBgemm3J5kMJjwzYmvHWy-mOni9rkTcEADt2Zxh0Mu2-_3DV9Li6yw" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Chart of BTC holding cost value for 41 publicly listed companies (partial)</span></p><br /><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.1.2.3 Centralized Exchanges</span></h4><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">According to CoinGlass data, a total of 20 exchanges, including but not limited to Binance, Coinbase, OKX, Bybit, Kraken, Huobi, Kucoin, Gate, and Bitmex, saw an outflow of 18,618.85 BTC in the past month. The main contributor to the outflow was Coinbase, which saw an outflow of 27,065.56 BTC.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">However, data from the past 7 days shows that these 20 exchanges are experiencing an inflow trend, with a total inflow of 17,159.89 BTC. The main contributor to the inflow was Binance, which saw an inflow of 10,729.99 BTC.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh4.googleusercontent.com/OMQxBZiTrDnDGNJCL1MjVDeXTsgoA4gJQ6OQ3fxSdMvzOW2OJ_f69Ug3bha2sdeXssXkhzTi6M-Pkww2Qn8TnbVeynUBzUtkf1bbEwEqc_Xf1XC-c2RptMrKlvCZlqirgwvNjdRM9wPBvBIdPba8emk" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Exchanges’ Bitcoin Wallet Balances in July</span></p><br /><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh6.googleusercontent.com/uyS3ATkEddWZCaT9Yx62XRdPzz0U9z-xSno8nWbmmUarnfLWtQeASj0GMxwsrnBXHsL832CBKbOftcnq7ivFzkirkx5VljGEIGP3qwYjJacidRFeJ3pk4kKkqgg1eLbrIuIzoRP_LPDjjIppznIjJvM" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Exchanges’ Bitcoin Wallet Inflow and Outflow in July</span></p><br /><br /><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.1.2.4 Governments</span></h4><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The Bitcoin Treasuries website also compiles data on BTC holdings for four countries and regions, including Ukraine, the United States, El Salvador, and the state of Georgia. El Salvador is a pioneer in BTC adoption, being the first country to adopt Bitcoin as legal tender. According to the data, El Salvador's average cost of BTC holdings is around $45,006, indicating that it is currently in a loss-making position.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh4.googleusercontent.com/M1BH4sSx0uvLogQBb0V7Kz94dt3S0ocuQu_xSfXnkNIdbBIdbXJ11NPYPfE196NgrSyc1kEYic5bsUAUyHTapN4Gl-F11dqjZCZ6C90NJ26D-LagZjGbBzpdyANI8ff5WKwi8f-kdcwEx0_FyQhvILM" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Bitcoin Treasuries</span></p><br /><br /><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:12pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.1.2.5 </span><span style="font-size:13pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Comparison of BTC Holding Positions by Different Entities</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh5.googleusercontent.com/E0ZVaqXVFHyBcHfxR8SkjYcHMa0SKCD6gKVyQX9GooB3Uz4ot4ubp5w8lx2KPIUEwIny9di9nx8p00yrJDBsL6crp_RuUHYg_wrm_e3kdYkbF_lHe5kDgOxQd_yewutWJiRYnYT5H7Z3ehtw-lT01qg" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Bitcoin Treasuries</span></p><br /><br /><h3 style="line-height:1.38;text-align:justify;margin-top:16pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.1.3 Return on Investment (ROI) </span></h3><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">From the institutional holdings data above, we can see that most of the holding institutions are still at a loss. According to CoinGlass's monthly investment return data, Bitcoin showed a negative return rate of -0.42% in July. In comparison, the return rate for June was the third-highest this year, reaching 11.98%.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><img src="https://lh5.googleusercontent.com/FzcNMHuY2yqpyXnVWHqz_2DADfNEj9WkK3jyq0r67kZFzeK5TQtnEKuj9hnHF2wPpcrGrI1_D6tyCmeVwabVpateOvjM9aRWmYS2cDTIeqvqu3EUqf7MxG5g3bhwGL5qTskUWMgvXuvfISuvRz43X_U" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Bitcoin Investment Return Rate For The Past Years (Monthly Data)</span></p><br /><h3 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.1.4 Volatility</span></h3><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Volatility is used to measure the uncertainty of asset returns and reflects the level of risk in financial assets. Higher volatility means more significant fluctuations in the price of financial assets and greater uncertainty in asset returns. Lower volatility, on the other hand, indicates smoother price movements and higher certainty in asset returns.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">According to CoinGlass's volatility chart, Bitcoin's volatility reached its peak in March this year, and the volatility in June decreased by one percentage point and remained between 2.4% and 2.6%. In July, Bitcoin's volatility decreased by another percentage point, with the highest volatility being only 1.39%. Bitcoin's price fluctuated relatively smoothly in July, mostly between $29,000 and $30,000.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><img src="https://lh6.googleusercontent.com/BnYVIF66p8YPP602fAq0jq6f40Ergk4wsrhPK2QwhDycIQ_1a-nF8iOAIDnuebEqigUdeRxtvLpHN2LKz0rWZkXDJpJph7vkvzkpXTxAoPOcSoDrZGNI_IbpnEamc90plz7z0FXB_QRj5GQloFfV-hg" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Bitcoin Volatility in 2023</span></p><br /><h3 style="line-height:1.38;text-align:justify;margin-top:16pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.1.5 Funding Rate </span></h3><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Looking at the funding rate chart for this month, almost all rates are positive. This data indicates that the overall market still has a bullish sentiment, expecting prices to rise. However, the overall market trend cannot solely rely on one chart but requires combining more data to make judgments.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh3.googleusercontent.com/f6QzQFv_jHa53zd8CiRLH-E8zrtum5u_5k_tzEdfHokmsuj4-d3gZ1Qr_tv8dPhbYFUsHOlsYgwk8RGU-P3iqQGNzSUK7Z68CG_B1W5U6VAnA05NCPKAZxNxU62Zft7wRum1dInJzNWwYDEC5OpllUw" width="580" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Look Into Bitcoin</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The number of active Bitcoin addresses is still maintained at over 930,000, with little difference compared to the data from the previous month. At its peak activity, the number of addresses still did not surpass 1 million.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh4.googleusercontent.com/B77ph_fEcpgQ3oeRuKtKJvjh1-DiF51NvLMslfMweVhg418nYc2KENWmWvoVPPkjfFchZngJEuZmy1L8SFf5Cte-A_YkUCo5t618bVj8ffsYve8uhNl0fOOqFBTkFm3iLbLNAVM43-0IOACC2J02JmM" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Look Into Bitcoin</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">From the holding data, there are different trends for large investors and retail investors.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The number of addresses holding more than 0.01 BTC increased by 100,000 in July compared to June, reaching 12.16 million. The number of addresses holding more than 0.1 BTC increased by 22,000, reaching 4.41 million.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The number of addresses holding more than 1 BTC increased by 4,300, reaching 1.01 million. The number of addresses holding more than 10 BTC increased by 200, reaching 156,000.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh6.googleusercontent.com/qkm-TjJ8t0Elw4dPPzIiEiZooS9wZ1bcRzZA0Ye95hddF80kXiRgrv1sA13fF7iWdaY-t3aN-0Qz6PDWMj7nXhhMTHFPNZD54eTMX3xkwsrUiPkEsR90mG76cvDO_Oe0vFf10pnexZx6pLQHRcgNHhY" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Look Into Bitcoin</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">However, for whale addresses holding more than 1,000 BTC, the holdings are decreasing. The number of addresses holding more than 1,000 BTC decreased by nearly 20, leaving only 2,018 addresses still holding more than 1,000 BTC.</span></p><br /><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh5.googleusercontent.com/qHKYEiUVXqXIRUgo4fu0Sk_RQBI3RVoqDQtb8QdC-HqkbYHMMs3PIU7_f7yw0Ia7zq8qXMKkHNvzKH2GHw_iFaF-Ux_oUwszpRe79L-Wx0jLiejUB0eiNr1_NQ_9LZb-yT4qOmqsnJyma2dYQBo8OHk" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Look Into Bitcoin</span></p><br /><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">According to data from CoinMarketCap, in the cryptocurrency market share over the past month, the proportion of Bitcoin has shown a slight decline after July 14, decreasing by 1%.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh3.googleusercontent.com/sNSFqq13MAyxtnQBRHhHpUYULnIGxRpLGzvB-keGXQfq07XZEdPURet1xhCnTBlZ8LQHYyQ93bUFyNu9mpmb7A_zTp1xt_rLWiAK9WFiAMtjXZ0yNZypFGIZMhppNiZKABspEGRqAcnZ_iDuqAYQoKQ" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: CoinMarketCap</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Similarly, the global cryptocurrency market cap shows a similar trend. After reaching a peak on July 14, the market cap quickly returned to fluctuate around the average value for the past month.</span></p><br /><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh5.googleusercontent.com/kAv5zO1lnnJhDPfg5uhPwf9AzDAzF80I4zk5vaCkn-fyiTp0yrDT5M1WAar_4WZWdBHcg3utxo0PNhlnOgx_rZhlSLx1ZX1SEoSzSQNnH6bQkCMmbygE2N-pjHMhbdL-V-2Q9E2UlfQLk67EO_V_cnU" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: CoinMarketCap</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The date July 14 appears repeatedly in the charts and data we have seen, as July 14 is when XRP won the lawsuit, driving the overall market's surge. As the excitement surrounding the event fades, the market enthusiasm also subsides.</span></p><br /><h2 style="line-height:1.38;text-align:justify;margin-top:24pt;margin-bottom:6pt"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.2 Ethereum</span></h2><br /><h3 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.2.1 Price</span></h3><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Compared to Bitcoin, ETH experienced larger price fluctuations in July. On July 14, the Ethereum price reached its monthly high, approaching $2,000. At its lowest point, the price almost touched the $1,800 mark.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh5.googleusercontent.com/bl3JSnMbBjDsun0QVVaSvZ1wHHieOPuOjeQfdiAOD_5HTFJEdOaEqtfF-9eckyA5FR6McCoEUB7bdnOBkSjha7rxWXjCkTkjocDU-whz-SmNg9WOqhAx_0W-BOD8sfU0gdXZD1CInsYSqBIhXf7S6MU" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Fei Xiao Hao</span></p><br /><h3 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.2.2 Institutional Holdings </span></h3><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Grayscale Investments </span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Similar to Bitcoin, Grayscale Investments</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">has been reducing its holdings of ETH this year. In July, it sold more than 6,000 ETH, and in the past 7 days, it sold over 2,000 ETH. It is currently holding 2.9936 million ETH, according to the data from the CoinGlass website.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The current primary market price of Grayscale Investments EETH is $17.86, and the secondary market price is $10.44, with a premium rate of -41.55%.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh3.googleusercontent.com/_QIIX9jAR8l8Inj4o5yVqEw7o9x8WJ43oINWJxbgnKAlhKiHiur6y974kMbjCzrHGNzyOSOlYU0mKszUL1_eqOeNWEQ8pvjRH9ruzBczVu3GIXxIqQ3KDherWlwQER6kljv-X2Dbh0LfxJ2yR4VGsAs" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: 2023 Grayscale Investments ETH Holdings Data</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Centralized Exchanges </span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Among the 20 centralized exchanges tracked by CoinGlass, there was a total outflow of 112,519.67 ETH in the past month. OKX and Huobi had significant outflows, with 91,326.95 ETH and 70,234.22 ETH respectively. In the past 7 days, there was a total outflow of 19,512.76 ETH, primarily due to Huobi's outflow of 59,376.02 ETH, and Binance's inflow of 96,311.16 ETH.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh5.googleusercontent.com/PUpw5bnZbl63zdMM08gl8R7_3fA3AWfJWZAbo5wshBGydAbs5LTf7hAfRT9n7H3GD9esSVHXOthq2kmr_DPkv1Z4AoR5eb8N1NkCkjXbNO6-wGoILTap-SPpt3-6wftR6EqlNQlu8zJqBZHEwgcoh50" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Exchanges’ ETH Wallet Balances in July</span></p><br /><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh6.googleusercontent.com/x1Uuf7azWFo7Dro81UWSIFrjWWEwKSOJOwEr5j0Ece1EXxfr5RJyR9ouzCNevfMrCBNhQuVmmA1vLgeMu8DZc4dkFzxzu49hl4n_vJgXmh4Nlv9316ioHg4mIXKBv_mzmjsIUwf97Slfjk6SmaHrUMM" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Exchanges’ ETH Wallet Inflow and Outflow in July</span></p><br /><h3 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.2.3 Return on Investment </span></h3><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Based on CoinGlass's monthly investment return data, ETH has shown relatively low fluctuations in ROI since April. However, in July, it had the first negative ROI of the year, which was -3.99%.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh6.googleusercontent.com/t4FMgRB6sR31w8FfZrfgeRpUSkx4XADbEUNsNtR7RIsuXzZswNCxbxB7OYb_vvFt0PwwA1-TPWDFLMyheJ93_UgH6qLvEkOlMqRkTqU7pT0r5h5d6_XISDxRw3XmBVhjoRrjTA4U4vILbywEMp1ZxQc" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: ETH Investment Return Rate for the Past Years (Monthly Data)</span></p><br /><h3 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.2.4 ETH Lockup Amount and Yield Rate</span></h3><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Despite Grayscale Investments' continuous reduction in ETH holdings, data from Fei Xiao Hao shows that the on-chain lockup amount of ETH has been steadily increasing. Even after the Shanghai upgrade, the originally unlocked ETH did not change this trend and continued to be staked and locked.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">As the lockup amount continues to increase, the yield shows a declining trend. It has currently decreased from a peak of over 20% to below 5%.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><img src="https://lh6.googleusercontent.com/QNjbPTskq7sYd-pSsGYKgSLaug-aaETXuWQFTl1Q3Qr5kLU_ujsCZPk1GiJfbyzOUrdLx9GJ1Fl9ecSFNaAw5_ZTjvgZBArS5p31SjNmziX5MCE7fthwjv_ArLn9hQSuBMd-avAMBLXJzkcUP7UYEGA" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: ETH Lockup Amount</span></p><br /><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh6.googleusercontent.com/QN2RKmrYIl9qLw-eoMD8WEmzum4xB2MmJyhnlzhpyOkh0AXbm8AIxnvuiwub5uccMkK685XOsj5FrOvZbn4v62C8avkZNXCZ-XsABV8XM6nZ-b-USLZIs5QRwM1HuItJqcHJM5oN4xbtkLixrzIAucU" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: ETH Yield Rate</span></p><br /><br /><h3 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.2.5 ETH Inflation and Burning </span></h3><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">After introducing the ETH-1559 burning protocol, Ethereum's previous inflation model now has the potential for deflation, reducing the overall circulating supply of ETH.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">According to data from Fei Xiao Hao, Ethereum was in a deflationary state in July, with daily burning exceeding the amount of new issuance, which benefits ETH holders.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh3.googleusercontent.com/LSjJ27ARbeVbPod-o-l2CRqnLnsWzceydCYfchVtvip0fs_vYO-Nx1yrj8i9U_zpfn7VAFM8QoE9LQLPsNwNHAwsH7ffhNwpjpmsvWQLiEqrZCm3NPCdBIT1WCA19Tvige-VJobhWXyz9AF_FHpsM3g" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: July ETH Inflation</span></p><br /><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh5.googleusercontent.com/fMMSW17oiQ3yOfDY9zqy8sDkDPWKV03jVmBwSexJK5jll0ayeU40QvULFvPEHl0Us5kGeE2eWs8Ummu2lrfJrg3Ecd_2RkxSYfAgAd_xeo_4e2qUYRMmO_SQTcPG4AGoY8r0xQKwfk6fBSAcwjB1fHo" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Daily ETH Burning Amount</span></p><br /><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">In addition, according to data from Token Terminal, in the past month, Ethereum's revenue increased by 1.83%, fees increased by 3.87%, total market value decreased by 2.12%, and daily active users decreased by 13%. However, the number of core developers increased by 5%, and the total code commits increased by 8.1%.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The increase in developer count and code commits is likely related to relatively more activities in the past month, mainly focusing on EthCC-related events and local activities in Japan.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh3.googleusercontent.com/OtewXfso-WntwZ1MSiIlD9cGgMe53iGfbtg-Flt-oEJtEYZWQyp8lbCGDHZD2_FD4Z10lMqsrhJzH-GSblJdNDBrWxH6IqML6JZAQyqUac9AzH6TYwGUQNW5LPYSYtY3IGYMLEuusZenb3OQozFWbqI" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Token Terminal</span></p><br /><br /><h3 style="line-height:1.38;text-align:justify;margin-top:16pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.2.6 Conclusion </span></h3><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Based on the market trends and data of Bitcoin and Ethereum, there are no clear signs of a rebound. We need to exercise more patience and wait for the bull market to arrive.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">For long-term holders, waiting seems to have become a habit, and persistence will eventually lead to the dawn of victory. For users skilled in short-term trading, every market fluctuation serves as a test of their strategies, making effective risk management particularly crucial.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Market recovery still requires time and capital injection. Let's remain hopeful that we will all be here to witness its arrival.</span></p><br /><br /><h1 style="line-height:1.38;text-align:justify;margin-top:20pt;margin-bottom:6pt"><span style="font-size:23pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">6. Closing Remarks</span></h1><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">According to data from RootData, there have been 68 financings in the cryptocurrency market in the past 30 days, equivalent to an increase of 11.84%. The total financing amount was $618 million, equivalent to an increase of 26.99%.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh5.googleusercontent.com/VCdIm8Ewo6uurQysAgBbfvxIjYdH14z_REjVX4xRcia2HFztZxCwTaRiIJZuiKtYf0wVLfTHJlv7PBBCYvlynyJWjsVEZd_xmONkQuu7ls0JusvXV7hVCNIVxlPfwEMDf0q9zmrHaRWO-MeVxA8S_yI" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: RootData</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Capital is mainly concentrated in investment infrastructure projects. Among the top 10 blockchain projects in terms of financing amount, half of them belong to infrastructure projects, while the rest include exchanges, Layer 1 public chains, music NFT platforms, etc.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh4.googleusercontent.com/rm3MtHl3XBLYPYrXRTIeLuHO2iMBhpW1eQ45jce2eat0CU1-er05SMk6RE9Y8iHIGm1QQtqMXs3RfhWsFtuWs-2FhYI7vzd3Z6TIIdLM7zhXrP2RH3tpaFSZLZOGubx1v2BWLlq1mVwJ5ijMGZj1Cfk" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: RootData</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">As capital enters the market and market sentiment begins to brew, it seems as if, just like the familiar saying, "everything is coming back." We have traversed the winter, patiently waiting for the bull market's arrival, and all the waiting preceding this moment will prove to be worthwhile.</span></p><br /><br /><br /><h1 style="line-height:1.38;text-align:justify;margin-top:20pt;margin-bottom:6pt"><span style="font-size:23pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">7. List of References</span></h1><br /><br /><ol style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://cointelegraph.com/news/crypto-regulatory-framework-bill-pass-house-congressional-committee" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://cointelegraph.com/news/crypto-regulatory-framework-bill-pass-house-congressional-committee</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://www.forbes.com/sites/rohitarora/2023/07/26/fed-raises-interest-rates-to-22-year-high-credit-crunch-continues-for-small-businesses/?sh=4d24ed995b21" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://www.forbes.com/sites/rohitarora/2023/07/26/fed-raises-interest-rates-to-22-year-high-credit-crunch-continues-for-small-businesses/?sh=4d24ed995b21</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://blockworks.co/news/google-cloud-web3-dive" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://blockworks.co/news/google-cloud-web3-dive</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://www.financemagnates.com/cryptocurrency/russian-president-vladimir-putin-approves-law-on-digital-rubble/" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://www.financemagnates.com/cryptocurrency/russian-president-vladimir-putin-approves-law-on-digital-rubble/</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://www.financemagnates.com/cryptocurrency/binance-takes-on-cftc-with-plans-to-seek-dismissal-of-lawsuit/" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://www.financemagnates.com/cryptocurrency/binance-takes-on-cftc-with-plans-to-seek-dismissal-of-lawsuit/</span></a><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"> </span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://coinmarketcap.com/currencies/mx-token/" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://coinmarketcap.com/currencies/mx-token/</span></a><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"> </span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://www.lookintobitcoin.com/bitcoin-price-live/" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://www.lookintobitcoin.com/bitcoin-price-live/</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://www.lookintobitcoin.com/charts/bitcoin-funding-rates/" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://www.lookintobitcoin.com/charts/bitcoin-funding-rates/</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://www.lookintobitcoin.com/charts/bitcoin-active-addresses/" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://www.lookintobitcoin.com/charts/bitcoin-active-addresses/</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://www.lookintobitcoin.com/charts/addresses-greater-than-1000-btc/" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://www.lookintobitcoin.com/charts/addresses-greater-than-1000-btc/</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://coinmarketcap.com/charts/" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://coinmarketcap.com/charts/</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://coinmarketcap.com/charts/" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://coinmarketcap.com/charts/</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://tokenterminal.com/terminal/projects/ethereum?ref=bankless.ghost.io" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://tokenterminal.com/terminal/projects/ethereum?ref=bankless.ghost.io</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://etherscan.io/chart/dailyethburnt" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://etherscan.io/chart/dailyethburnt</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://blockchair.com/bitcoin/charts/average-transaction-fee-usd" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://blockchair.com/bitcoin/charts/average-transaction-fee-usd</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://blockchair.com/litecoin/charts/average-transaction-fee-usd" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://blockchair.com/litecoin/charts/average-transaction-fee-usd</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://explorer.viawallet.com/halving" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://explorer.viawallet.com/halving</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://coinmarketcap.com/currencies/litecoin/" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://coinmarketcap.com/currencies/litecoin/</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://galxe.com/Linea" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://galxe.com/Linea</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://dune.com/ataraxiae/linea-goerli-testnet-zk-rollup-by-consensys" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://dune.com/ataraxiae/linea-goerli-testnet-zk-rollup-by-consensys</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://defillama.com/chain/Linea?volume=true" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://defillama.com/chain/Linea?volume=true</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://twitter.com/Linea_Ecosystem/status/1679430944158289921" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://twitter.com/Linea_Ecosystem/status/1679430944158289921</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://twitter.com/Starknet/status/1681603967787122688?s=20" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://twitter.com/Starknet/status/1681603967787122688?s=20</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://dune.com/chaininsight/starknet-overview" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://dune.com/chaininsight/starknet-overview</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://l2beat.com/scaling/projects/zksync-era" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://l2beat.com/scaling/projects/zksync-era</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://www.coingecko.com/en/global-charts" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://www.coingecko.com/en/global-charts</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://twitter.com/CurveFinance/status/1681086036078739456" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://twitter.com/CurveFinance/status/1681086036078739456</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://nftgo.io/analytics/market-overview" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://nftgo.io/analytics/market-overview</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://www.nftscan.com/0x3af2a97414d1101e2107a70e7f33955da1346305" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://www.nftscan.com/0x3af2a97414d1101e2107a70e7f33955da1346305</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://nftpricefloor.com/zh/azuki?sort=ranking&dir=asc" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://nftpricefloor.com/zh/azuki?sort=ranking&dir=asc</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">.</span><a href="https://pro.opensea.io/collection/opepen-edition?showSuspicious=false&rarity_tier=Top+1%25&traits=%7B%22Release%22%3A%5B%22001%22%5D%7D" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://pro.opensea.io/collection/opepen-edition?showSuspicious=false&rarity_tier=Top+1%25&traits=%7B%22Release%22%3A%5B%22001%22%5D%7D</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://opensea.io/collection/lens-protocol-profiles?tab=items" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://opensea.io/collection/lens-protocol-profiles?tab=items</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://dune.com/rustamov/lens" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://dune.com/rustamov/lens</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://triple-a.io/crypto-ownership-data/" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://triple-a.io/crypto-ownership-data/</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://www.rootdata.com/Projects/detail/Worldcoin?k=MTg0Mw%3D%3D" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://www.rootdata.com/Projects/detail/Worldcoin?k=MTg0Mw%3D%3D</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://optimistic.etherscan.io/token/0xdc6ff44d5d932cbd77b52e5612ba0529dc6226f1#balances" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://optimistic.etherscan.io/token/0xdc6ff44d5d932cbd77b52e5612ba0529dc6226f1#balances</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://www.rootdata.com/dashboard" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://www.rootdata.com/dashboard</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://www.coinglass.com/Balance" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://www.coinglass.com/Balance</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://www.coinglass.com/Grayscale" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://www.coinglass.com/Grayscale</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://bitcointreasuries.net/" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://bitcointreasuries.net/</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://www.feixiaohaozh.info/data/eth.html" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://www.feixiaohaozh.info/data/eth.html</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://dune.com/sixdegree/base-blockchain-overview" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://dune.com/sixdegree/base-blockchain-overview</span></a></p></li></ol></strong><p></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p>
<p><br /><strong style="font-weight:normal" id="docs-internal-guid-cc83b3d9-7fff-effd-2b5c-7a7a5da95a70"><span style="font-size:23pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Preface</span></strong></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><strong style="font-weight:normal" id="docs-internal-guid-cc83b3d9-7fff-effd-2b5c-7a7a5da95a70"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">The bear market is not yet over. The collapses of Luna, Three Arrows Capital, and FTX continue to cast a shadow over the industry. The public chains that were touted as Ethereum killers have fallen silent along with the bear market, as if they never existed. After the liquidity mining frenzy in DeFi, the new narratives have failed to attract sufficient market attention. The enthusiasm for NFTs has also gradually diminished during the prolonged bear market.</span></strong></p><p><strong style="font-weight:normal" id="docs-internal-guid-cc83b3d9-7fff-effd-2b5c-7a7a5da95a70"><br /></strong></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><strong style="font-weight:normal" id="docs-internal-guid-cc83b3d9-7fff-effd-2b5c-7a7a5da95a70"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">The bull market has not yet arrived. Capital investors are more cautious, and project teams rely on task mechanisms to retain users and increase online activity. The talks of 100x and 1,000x tokens are a thing of the past, as market FOMO sentiment decreases and users return to rationality.</span></strong></p><strong style="font-weight:normal" id="docs-internal-guid-cc83b3d9-7fff-effd-2b5c-7a7a5da95a70"><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Has the story of blockchain come to an end? Far from it. The development of blockchain has just begun. Under the cover of winter, markets have begun to self-regulate, capital flows are being pursued, and the industry is gathering strength. MEXC has carefully selected the most cutting-edge and hottest information in the industry for the first half of 2023, helping you quickly understand changes in policies, industry developments, and MEXC's updates, accompanying you through this long bear market.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Winter is still here. It has been long and hard. Is spring just over the horizon?</span></p><br /><br /><h1 style="line-height:1.38;text-align:justify;margin-top:24pt;margin-bottom:6pt"><span style="font-size:23pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Table of Contents</span></h1><h3 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:4pt"><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Part 1: Macroeconomics</span></h3><ol style="margin-top:0;margin-bottom:0"><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Federal Reserve Interest Rate Hikes</span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Bankruptcy of Silicon Valley Bank</span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">U.S. First Republic Bank</span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Bitcoin's Price Could Exceed $1 Million by 2030</span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">The Metaverse: Connecting People's Lives in Various Forms</span></p></li></ol><br /><h3 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:4pt"><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Part 2: MEXC News</span></h3><ol style="margin-top:0;margin-bottom:0"><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Official News</span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Product/Feature Updates</span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Popular Events</span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Popular Events Across Countries</span></p></li></ol><br /><h3 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:4pt"><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> Part 3: Hot Topics in the Blockchain Industry: Analysis</span></h3><ol style="margin-top:0;margin-bottom:0"><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Emergence of ChatGPT</span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">ETHDenver 2023</span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Hong Kong Web3 Festival 2023</span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">New Ethereum Upgrade</span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Consensus 2023</span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">SEC Files Lawsuits Against Binance.US and Coinbase</span></p></li></ol><br /><h3 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:4pt"><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Part 4: Track Analysis</span></h3><ol style="margin-top:0;margin-bottom:0"><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Bitcoin</span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Ethereum and Layer 2</span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Public Blockchains</span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">DeFi</span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">NFT</span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Web3</span></p></li></ol><br /><h3 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:4pt"><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Concluding Remarks</span></h3><br /><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><br /></p><hr /><p><br /></p><br /><ol style="margin-top:0;margin-bottom:0"><li style="list-style-type:decimal;font-size:23pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:23pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Macroeconomics</span></p></li></ol><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:17pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">1. 1 Federal Reserve Interest Rate Hikes</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Interest rate hikes have been the defining trait of the Federal Reserve in 2023. In the first half of 2023, the Federal Reserve conducted a total of four interest rate decisions, with significant rate increases in the first three. On February 2, 2023, the Federal Reserve announced its first interest rate decision of the year, raising rates by 25 basis points to between 4.50% to 4.75%, in line with market expectations. On March 22, 2023, the second interest rate decision was made, with Fed Chairman Powell attending a press conference and announcing a 25 basis point increase in the federal funding rate target range to between 4.75% and 5%, reaching the highest level since September 2007. On May 3, 2023, the third interest rate decision was made, with the Federal Reserve announcing a 25 basis point increase in the federal funding rate, adjusting the rate to a range of 5% to 5.25%. On June 15, 2023, the fourth interest rate decision was made, with the Federal Reserve announcing a pause in rate hikes for June, maintaining the federal funding rate target range at 5% to 5.25%, marking the first pause in rate hikes since the continuous rate hikes starting from March of the previous year. (Source: The Wall Street Journal)</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:17pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">1.2 Silicon Valley Bank and Signature Bank Bankruptcy in March 2023</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">On March 10, 2023, Silicon Valley Bank, commonly known as SVB, collapsed overnight. SVB, a 40-year old band founded in 1983, focused on providing services to technology companies and venture capital firms. As of 2022, SVB had assets of around $209 billion, with deposits exceeding $175 billion. Adding to the crisis, on March 12, the U.S. Department of the Treasury closed Signature Bank, headquartered in New York State, citing the presence of systemic risks.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">The news sent shockwaves through the financial markets, causing a sharp decline in the stock prices of many banks, with an average drop of 40% in U.S. bank stocks. To stabilize market confidence, on March 12, the U.S. Department of the Treasury, Federal Reserve, and Federal Deposit Insurance Corporation issued a joint statement, stating that decisive actions are being taken to enhance public confidence in the banking system. They also assured SVB depositors that they could retrieve all their deposits on Monday, the 13th. Additionally, U.S. President Biden delivered a speech, stating that he would request Congress and regulatory agencies to strengthen banking oversight rules and pledged to do everything possible to protect the U.S. banking system. (Source: Bloomberg)</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:17pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">1.3 First Republic Bank Bankruptcy in May 2023</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">On May 1, the California Department of Financial Protection and Innovation announced the closure of First Republic Bank, which was subsequently taken over by the Federal Deposit Insurance Corporation (FDIC). First Republic Bank became the third U.S. regional bank to be closed and taken over in the past two months due to a funding chain rupture, following Silicon Valley Bank and Signature Bank.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">According to the FDIC's statement, starting from May 1, the 84 branch locations of First Republic Bank in 8 states will reopen as branches of JPMorgan Chase Bank. Depositors of First Republic Bank will become depositors of JPMorgan Chase Bank and will be able to withdraw their funds as usual. The FDIC will continue to insure these depositors and will share the losses and potential recoveries of First Republic Bank's loans with JPMorgan Chase Bank.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">First Republic Bank was founded in 1985 and headquartered in San Francisco, California. After going through acquisitions and ownership changes around the 2008 financial crisis, the bank became a publicly traded company again by the end of 2010. In recent years, it has focused on providing wealth management services to high-net-worth individuals, offering low-interest loans to the affluent. Its competitor in California, Silicon Valley Bank, was closed and taken over by the FDIC in early March of this year due to a funding chain rupture, followed by the collapse of Signature Bank, headquartered in New York. (Source: Forbes)</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:17pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">1.4 Bitcoin's price could exceed $1 million by 2030</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">On June 8, Cathie Wood expressed her confidence that the price of</span><a href="https://www.mexc.com/exchange/BTC_USDT" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial';color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;vertical-align:baseline">Bitcoin</span></a><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> could reach $1 million. She stated that the greater the uncertainty and volatility in the global economy, the higher her confidence in</span><a href="https://www.mexc.com/exchange/BTC_USDT" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial';color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;vertical-align:baseline">Bitcoin</span></a><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">. She mentioned the recent deflation scare, which was caused by supply chain dominance, and stated that Bitcoin serves as a solution for deflation. Additionally, she highlighted their belief that deflation poses a greater risk than inflation, and explained why Bitcoin would perform favorably in such circumstances, as it acts as a remedy for the risks associated with the conventional financial system. Previously, Cathie Wood predicted that the price of Bitcoin would rise to $1 million in the next 10 years. (Source: Investing.com)</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:17pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">1.5 The Metaverse: connecting people's lives in various forms</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">The Metaverse has evolved from a complex and abstract idea into a concept equivalent to the next revolution of the Internet. While the virtual world can take on various forms, the focus is on using highly realistic and customizable virtual reality to connect us with the digital world. It may sound like science fiction, but as Internet analyst Brian Nowak commented, “In some ways, we already live in a metaverse, as shown by the total time spent by daily active users in the U.S. on digital platforms.”</span><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">(Source: Morgan Stanley Research)</span></p><br /><ol style="margin-top:0;margin-bottom:0"><li style="list-style-type:decimal;font-size:23pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:23pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">MEXC News</span></p></li></ol><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:17pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">2.1 Official News</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">2.1.1 MEXC Ocean Blue Upgrade</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">MEXC's brand color has been upgraded from Forest Green to Ocean Blue, presenting a fresh new look to our users around the world!</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Safety and Professionalism: We excel in security audits, risk control mechanisms, and fund security.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Openness and Inclusivity: With a team and user base spanning over 170 countries and regions, we strive to create more possibilities together.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Exploration of Hope: As a leader in the crypto world, we explore the leading assets on various Web3 tracks.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">With our fresh new look in Ocean Blue and the unwavering trust of our users, our commitment is directed towards constantly evolving and transforming, ensuring that we deliver the best products and services to our user community. Stay tuned!</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">2.1.2 MEXC Futures: 0.01% Taker Fee For All Trading Pairs</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">On the occasion of MEXC's fifth anniversary, we are excited to announce the launch of a special event that offers a 0.01% taker fee rate for futures trading. Recognizing the importance of low fees to our users, we have taken the initiative to further reduce the taker fee rate for futures trading, offering the lowest rate in the market. By doing so, we hope to encourage more new users to join our platform and explore opportunities in the cryptocurrency market together.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:17pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">2.2 Product/Feature Updates</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">2.2.1 [Launchpool] Launch of Quick Commit Feature</span></p><div style="margin-left:0pt"><table style="border:none;border-collapse:collapse"><colgroup><col width="121" /><col width="481" /></colgroup><tbody><tr style="height:49.75pt"><td style="border-left:solid #dee0e3 0.75pt;border-right:solid #dee0e3 0.75pt;border-bottom:solid #dee0e3 0.75pt;border-top:solid #dee0e3 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Feature Description</span></p></td><td style="border-left:solid #dee0e3 0.75pt;border-right:solid #dee0e3 0.75pt;border-bottom:solid #dee0e3 0.75pt;border-top:solid #dee0e3 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt"><ol style="margin-top:0;margin-bottom:0"><li style="list-style-type:decimal;font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">[Launchpool] Supports </span><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Quick Commit</span></p></li><li style="list-style-type:decimal;font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">[Launchpool] Status categorization for ongoing events: </span><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">In Progress, Pre-hype, and In Settlement</span></p></li></ol></td></tr><tr style="height:39.25pt"><td style="border-left:solid #dee0e3 0.75pt;border-right:solid #dee0e3 0.75pt;border-bottom:solid #dee0e3 0.75pt;border-top:solid #dee0e3 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Rendering</span></p></td><td style="border-left:solid #dee0e3 0.75pt;border-right:solid #dee0e3 0.75pt;border-bottom:solid #dee0e3 0.75pt;border-top:solid #dee0e3 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh4.googleusercontent.com/LtdSVLSAzOGSLOhxNpABtkujuDvW6AA8df-ZlcicpsJUXi8eHJvID4ZprgayfCmI6csqMB3I_bAJyhUJVFGbUCDepIrIVcMWTBtFfVnd7auJL_KbRH-yHt5qP8cs-OChvrYFbEvicF4FcxQWmWVvsMo" width="602" style="margin-left:0px;margin-top:0px" /></span></p></td></tr></tbody></table></div><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">2.2.2 </span><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">[Futures] Launch of Scrolling Feature</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Available Margin = The amount of funds that a user can use to open positions </span><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">(including the unrealized profit of the position in cross margin mode, allowing users to continue adding positions while making a profit in their existing positions in cross margin mode)</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">2.2.3 [Kickstarter] Launch of Quick Commit Feature</span></p><div style="margin-left:0pt"><table style="border:none;border-collapse:collapse"><colgroup><col width="121" /><col width="481" /></colgroup><tbody><tr style="height:49.75pt"><td style="border-left:solid #dee0e3 0.75pt;border-right:solid #dee0e3 0.75pt;border-bottom:solid #dee0e3 0.75pt;border-top:solid #dee0e3 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Feature Description</span></p><br /></td><td style="border-left:solid #dee0e3 0.75pt;border-right:solid #dee0e3 0.75pt;border-bottom:solid #dee0e3 0.75pt;border-top:solid #dee0e3 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt"><ol style="margin-top:0;margin-bottom:0"><li style="list-style-type:decimal;font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Red notification dot added for Quick Commit</span></p></li><li style="list-style-type:decimal;font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Pop-up optimization for Quick Commit</span></p></li></ol></td></tr><tr style="height:40pt"><td style="border-left:solid #dee0e3 0.75pt;border-right:solid #dee0e3 0.75pt;border-bottom:solid #dee0e3 0.75pt;border-top:solid #dee0e3 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Rendering</span></p><br /></td><td style="border-left:solid #dee0e3 0.75pt;border-right:solid #dee0e3 0.75pt;border-bottom:solid #dee0e3 0.75pt;border-top:solid #dee0e3 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh5.googleusercontent.com/HKWWVwh_hV1ucBVlz-B4DUbB4Z1waj-ZFuJ6py5HmuPoFBmCTlKkfMUKqxGBZ_vBhEul1W6c0t4PNeBIB3C-XB_tdvZYCLA1wYtQfYGdyUVDLfUm9hCroAbP8bjytA2BWGFqsAYxy1ePqjd8l3X05VI" width="602" style="margin-left:0px;margin-top:0px" /></span></p></td></tr></tbody></table></div><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">2.3 Popular Events</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">2.3.1 Launchpool and Kickstarter</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh3.googleusercontent.com/deimeZyoRgj3ZTDukZn_1scb9tzRmtVi8zqIKCF525mtiZmyh2Afl1fCwxPeIJTHVgLjnLOwG77oTuwJx2AvK7y5-U9rbhkccFNWJYuLAbMVEXi0_sSZI7lMZHk1DApg_DoXxm5fYKazWOtYOS5XMvY" width="602" style="margin-left:0px;margin-top:0px" /></span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">2.3.2 Free Airdrops of MEXC Launchpool and Kickstarter</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Through Launchpool and Kickstarter events, MEXC ensures that all loyal MX token holders receive a substantial amount of new tokens. Visit</span><a href="https://www.mexc.com/learn" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial';color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;vertical-align:baseline">MEXC Learn</span></a><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> to explore more information about cryptocurrencies.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">2.3.3 Key Points</span></p><ul style="margin-top:0;margin-bottom:0"><li style="list-style-type:disc;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">259 rounds of free airdrops</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">524.1% additional profits</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">No participation costs</span><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><br /><br /></span></p></li></ul><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">2.3.4 Mid-Year Recap of MEXC Launchpool and Kickstarter</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">MEXC Launchpool and Kickstarter events have been expanding steadily, providing MX token holders with numerous new listings and a variety of free airdrops. As a result, our data team is pleased to present you with statistical data showcasing the success of our events:</span></p><ol style="margin-top:0;margin-bottom:0"><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">February to May: </span><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">243 concluded Kickstarter events</span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">February to May: </span><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">16 concluded Launchpool events</span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">259 rounds of free airdrops</span><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> within 4 months</span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">On average, each event saw a total participation of </span><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">20 million MX tokens.</span><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><br /><br /></span></p></li></ol><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">2.3.5 Total Earnings and Savings of MEXC Free Airdrops</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">2.3.5.1 Capital</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">In just 4 months, we organized a total of 243 Kickstarter events and 16 Launchpool events. This means that all participants had the opportunity to receive a total of 259 free airdrops.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">We asked our data team to perform some calculations in order to provide you with more detailed data. Each calculation is based on the assumption of a minimum commitment of 1,000 MX tokens. Assuming that you participated in our events not for the purpose of receiving free airdrops but instead purchased all 259 airdropped tokens at their initial listing price, along with an equal amount of tokens as those who received free airdrops, your total expenditure would be:</span></p><ul style="margin-top:0;margin-bottom:0"><li style="list-style-type:disc;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">175.78 USDT worth of tokens from Kickstarter</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">20.44 USDT worth of tokens from Launchpool</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">You would have spent a total of 196.22 USDT as an initial investment.</span></p></li></ul><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Meanwhile, event participants received the same amount of tokens for free.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">2.3.5.2 Growth</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Truth be told, token prices do not stay at their initial prices forever. Instead, they tend to appreciate. According to feedback from our data team, the value of tokens from all 259 airdrops is increasing. At the time of writing this article, their respective values are as follows:</span></p><ul style="margin-top:0;margin-bottom:0"><li style="list-style-type:disc;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Tokens from Kickstarter events have grown by 221.17 USDT in price.</span></p></li></ul><div style="margin-left:0pt"><table style="border:none;border-collapse:collapse"><colgroup><col width="285" /><col width="316" /></colgroup><tbody><tr style="height:39.25pt"><td colspan="2" style="border-left:solid #dee0e3 0.75pt;border-right:solid #dee0e3 0.75pt;border-bottom:solid #dee0e3 0.75pt;border-top:solid #dee0e3 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Estimated Kickstarter Earnings [USDT]</span></p></td></tr><tr style="height:39.25pt"><td style="border-left:solid #dee0e3 0.75pt;border-right:solid #dee0e3 0.75pt;border-bottom:solid #dee0e3 0.75pt;border-top:solid #dee0e3 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Weekly Earnings</span></p></td><td style="border-left:solid #dee0e3 0.75pt;border-right:solid #dee0e3 0.75pt;border-bottom:solid #dee0e3 0.75pt;border-top:solid #dee0e3 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">44.28%</span></p></td></tr><tr style="height:39.25pt"><td style="border-left:solid #dee0e3 0.75pt;border-right:solid #dee0e3 0.75pt;border-bottom:solid #dee0e3 0.75pt;border-top:solid #dee0e3 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Monthly Earnings</span></p></td><td style="border-left:solid #dee0e3 0.75pt;border-right:solid #dee0e3 0.75pt;border-bottom:solid #dee0e3 0.75pt;border-top:solid #dee0e3 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">189.76%</span></p></td></tr><tr style="height:39.25pt"><td style="border-left:solid #dee0e3 0.75pt;border-right:solid #dee0e3 0.75pt;border-bottom:solid #dee0e3 0.75pt;border-top:solid #dee0e3 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Annual Earnings</span></p></td><td style="border-left:solid #dee0e3 0.75pt;border-right:solid #dee0e3 0.75pt;border-bottom:solid #dee0e3 0.75pt;border-top:solid #dee0e3 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">2308.70%</span></p></td></tr></tbody></table></div><ul style="margin-top:0;margin-bottom:0"><li style="list-style-type:disc;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Tokens from Launchpool events have grown by 21.32 USDT in price.</span></p></li></ul><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">2.3.6 Comparisons</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">2.3.6.1 Regular Users</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">So, if you did not participate in our events and instead decided to purchase the tokens at their initial prices, this would be your return on investment: Kickstarter (Profit: 221.17 USDT) - (Cost: 175.78 USDT) = 45.39 USDT Launchpool (Profit: 21.32 USDT) - (Cost: 20.44 USDT) = 0.88 USDT After deducting the investment cost, the return on investment is only 45.39 USDT for the tokens from Kickstarter, and 0.88 USDT for the tokens from Launchpool. This translates to a return on investment of only 25.82% and 4.31%, respectively, after four months. Now, let's take a look at the users who participated in the events.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">2.3.6.2 MX Token Holders</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">On the other hand, the return on investment for MX token holders is quite different. Simply put, since they have zero cost, their return on investment is always 100%. MX token holders receive all the tokens for free, and all the profits go directly into their pockets. Therefore:</span></p><ul style="margin-top:0;margin-bottom:0"><li style="list-style-type:disc;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">259 rounds of free airdrops</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">242.49 USDT net profit</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Zero cost</span></p></li></ul><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Comparison between Regular Users and MX Token Holders:</span><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><br /><br /></span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">After a thorough investigation, we found that regular users would receive a net profit of 46.27 USDT, whereas MX token holders would easily earn 242.49 USDT with just one click. When compared, MX token holders essentially earn </span><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">524.1% more </span><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">than regular users. Additionally, they can convert all small balances into MX tokens, further increasing their individual investment value and gaining more token holdings.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">2.3.7 Closing Remarks</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">It is never too late to participate in Launchpool and Kickstarter events on MEXC. In fact, there will be more events awaiting your participation in the future. You can participate in Kickstarter and Launchpool events by simply holding 1,000 MX tokens for 15 consecutive days and 30 consecutive days respectively.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:17pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">2.4 MX Price Reaches New High</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">2.4.1 Key Points:</span></p><ul style="margin-top:0;margin-bottom:0"><li style="list-style-type:disc;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">MX token reached a new all-time high with a trading price of </span><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">$3.50</span><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">APY as high as </span><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">331%</span><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">.</span></p></li></ul><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh5.googleusercontent.com/Kx2GYWT9DIqCfaV7BrBqnb7cjm-MG3gzQVJt2UqzCyhO3De8TxGh8OweosBanGD4i3OJvGBDPEdVfnzdJcEk4CwEl4CHEIoFBFX0jMq1vUdrSXvizYX-xpD1-kbZYL1ya4Jsh4kivbiuZgXrmEEFrc4" width="602" style="margin-left:0px;margin-top:0px" /></span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">2.4.2 What is MX Token?</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">The MX token is a digital asset that operates on the Ethereum blockchain. As a utility token, it powers the ecosystem of the MEXC exchange and offers various benefits to its holders. One of its advantages is the opportunity to receive free airdrops. Recently, the MX token has gained significant attention from both experienced and novice traders.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">2.4.3 MX Token Price Reached a New All-Time High in 2023</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">In 2023, the MX token reached an important milestone by reaching a new all-time high. On June 3, 2023, the price of MX token successfully broke through 3.50 USDT, accompanied by a trading volume of nearly 2 million USDT. The only time its price reached 3.50 USDT was during the peak of the bull market two years ago. Therefore, achieving a new high in a bearish market demonstrates MEXC's performance exceeding expectations.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">2.4.4 MX Token Growth: 331%</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">The growth of the MX Token has been remarkable, with a staggering increase of 331%. On January 1, 2023, the trading price was only 0.81 USDT per token. However, in just a few months, all MX token holders were able to reap substantial profits.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">2.4.5 Where To Buy MX Tokens?</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">MEXC is the most ideal platform for you to acquire MX tokens. As one of the platforms with the highest liquidity, we provide excellent service for all your trades.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">You can follow the steps below to purchase MX tokens (MX) on MEXC:</span></p><ol style="margin-top:0;margin-bottom:0"><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Log in to your</span><a href="https://www.mexc.com/register" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial';color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;vertical-align:baseline">MEXC account</span></a><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> and enter the</span><a href="https://www.mexc.com/exchange/MX_USDT" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial';color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;vertical-align:baseline">Spot trading</span></a><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> page.</span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Use the search bar to search "MX" and view the available trading pairs. Let's take MX/USDT as an example.</span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Scroll down and select the Spot section. Enter the quantity of MX tokens you want to purchase. You can choose to open a limit order, market order, or stop-limit order. Let's take the market order as an example. Click [Buy MX] to confirm your order. You will find the purchased MX tokens in your wallet.</span></p></li></ol><p style="line-height:1.38;margin-left:30pt;margin-right:30pt;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Refer to this</span><a href="https://www.mexc.com/articles/how-to-buy-MX?utm_source=mexcblog&utm_medium=pageblog&utm_campaign=pagehowtobuymx&invitecode=mexc-blogbody" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial';color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;vertical-align:baseline">detailed guide</span></a><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> on how to purchase MX tokens.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">2.4.6 Trading MX Tokens on MEXC Futures</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Did you know that MEXC is the only exchange that offers perpetual futures for MX tokens? MEXC is a top-notch platform that provides traders with a secure and intuitive environment to access the MX token futures market. In addition, trading MX token futures on MEXC comes with several notable advantages.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Firstly, traders can enjoy high liquidity, ensuring efficient execution of trades. Additionally, MEXC offers advanced trading features, including diverse order types which allow traders to customize strategies according to their specific needs. Moreover, MEXC provides a user-friendly interface and comprehensive user support, facilitating a seamless trading experience.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">How to trade MX tokens on MEXC Futures:</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Below are a few simple steps to trade MX on MEXC Futures:</span></p><ol style="margin-top:0;margin-bottom:0"><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Log in to your</span><a href="https://www.mexc.com/register" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial';color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;vertical-align:baseline">MEXC account</span></a><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">, go to [</span><a href="https://futures.mexc.com/exchange?type=linear_swap" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial';color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;vertical-align:baseline">Futures</span></a><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">] - [Perpetual Futures].</span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Use the search bar to search "MX/USDT perpetual futures".</span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Top up funds into your</span><a href="https://www.mexc.com/assets/future" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial';color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;vertical-align:baseline">wallet</span></a><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">.</span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Select your leverage and entry point to start trading!</span></p></li></ol><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:17pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">2.5 Popular Events Across the World</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">2.5.1 Turkey</span></p><h5 style="line-height:1.38;text-align:justify;margin-top:11pt;margin-bottom:2pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Istanbul Blockchain Economy In-Person Lucky Draw Event</span></h5><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh3.googleusercontent.com/SoXOt9UNbL_kC6IDXsIG2wAeuWkCxMmM2Smb6Fph5jcEbukJvxUnqU4O2E9vuUO4s-D4heilUnS29uvMKvGmM78otELYKRbEbh2GiSa7irRG24I2cv05AM-zme8L1KeBCPN3QAmDBDJ28SPX4vKvv98" width="602" style="margin-left:0px;margin-top:0px" /></span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh5.googleusercontent.com/k8-iqX7huofiZ3n2sfmhyUHoikTnpwhOKEiK_GoPX-iTYQfyzbSi2g1jidKuO6hQ3opJvLOSxK58CWpSN2yXqfemjeSqUj7N2yIfDGnVBgoizd4opf-NoMEO4ZIQGrhjObNEBzpG9y9laJQyZuCUqgY" width="602" style="margin-left:0px;margin-top:0px" /></span></p><div style="margin-left:0pt"><table style="border:none;border-collapse:collapse"><colgroup><col width="170" /><col width="432" /></colgroup><tbody><tr style="height:39.25pt"><td style="border-left:solid #dee0e3 0.75pt;border-right:solid #dee0e3 0.75pt;border-bottom:solid #dee0e3 0.75pt;border-top:solid #dee0e3 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Event Venue</span></p></td><td style="border-left:solid #dee0e3 0.75pt;border-right:solid #dee0e3 0.75pt;border-bottom:solid #dee0e3 0.75pt;border-top:solid #dee0e3 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Event Description</span></p></td></tr><tr style="height:64pt"><td style="border-left:solid #dee0e3 0.75pt;border-right:solid #dee0e3 0.75pt;border-bottom:solid #dee0e3 0.75pt;border-top:solid #dee0e3 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Istanbul, Turkey</span></p></td><td style="border-left:solid #dee0e3 0.75pt;border-right:solid #dee0e3 0.75pt;border-bottom:solid #dee0e3 0.75pt;border-top:solid #dee0e3 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt"><ul style="margin-top:0;margin-bottom:0"><li style="list-style-type:disc;font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Rewards worth up to 500 USDT</span></p></li><li style="list-style-type:disc;font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Follow, retweet, tag a friend, take a photo in front of the MEXC booth, and tweet with hashtag.</span></p></li><li style="list-style-type:disc;font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Networking and photography sessions with MEXC staff and users.</span></p></li></ul></td></tr></tbody></table></div><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">2.5.2 Vietnam</span></p><h5 style="line-height:1.38;text-align:justify;margin-top:11pt;margin-bottom:2pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Vietnam Pizza Day In-Person Event</span></h5><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh4.googleusercontent.com/7F2bdePgQB3ucUpWQsVpkCOniD6FPK9oCkkimB9ApVDtxHKunbukBYVCjbJPaSctgcaoQnbl7f-X7otZU29DN9s84eAMPUGgIxkYVGZrvaigbSYYFUe8vkOgrv1effYids5MMJsedvxpZ_lfyir5l0U" width="602" style="margin-left:0px;margin-top:0px" /></span></p><div style="margin-left:0pt"><table style="border:none;border-collapse:collapse"><colgroup><col width="159" /><col width="442" /></colgroup><tbody><tr style="height:39.25pt"><td style="border-left:solid #dee0e3 0.75pt;border-right:solid #dee0e3 0.75pt;border-bottom:solid #dee0e3 0.75pt;border-top:solid #dee0e3 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Event Venue</span></p></td><td style="border-left:solid #dee0e3 0.75pt;border-right:solid #dee0e3 0.75pt;border-bottom:solid #dee0e3 0.75pt;border-top:solid #dee0e3 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Event Description</span></p></td></tr><tr style="height:224.5pt"><td style="border-left:solid #dee0e3 0.75pt;border-right:solid #dee0e3 0.75pt;border-bottom:solid #dee0e3 0.75pt;border-top:solid #dee0e3 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Ho Chi Minh City, Vietnam</span></p></td><td style="border-left:solid #dee0e3 0.75pt;border-right:solid #dee0e3 0.75pt;border-bottom:solid #dee0e3 0.75pt;border-top:solid #dee0e3 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt"><ol style="margin-top:0;margin-bottom:0"><li style="list-style-type:decimal;font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">[Activity 1: Free Pizzas]</span></p></li><li style="list-style-type:decimal;font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">[Activity 2: Lucky Wheel]</span></p></li></ol><ul style="margin-top:0;margin-bottom:0"><li style="list-style-type:disc;font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Activity Participants: MX holders</span></p></li><li style="list-style-type:disc;font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Activity Reward: Spin the wheel to win event gifts</span></p></li></ul><ol style="margin-top:0;margin-bottom:0"><li style="list-style-type:decimal;font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">[Activity 3: Lucky Boxes]</span></p></li></ol><ul style="margin-top:0;margin-bottom:0"><li style="list-style-type:disc;font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Activity Participants: Users holding at least 500 MX</span></p></li><li style="list-style-type:disc;font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Activity Reward: An estimated total prize pool of 200 MX tokens with a 100% chance of winning</span></p></li></ul><ol style="margin-top:0;margin-bottom:0"><li style="list-style-type:decimal;font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">[Activity 4: MEXC Pizza Day Check-in]</span></p></li></ol><ul style="margin-top:0;margin-bottom:0"><li style="list-style-type:disc;font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Take a photo at the event venue, and post it on Facebook or Twitter.</span></p></li><li style="list-style-type:disc;font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Tag @MEXC_Official and @MEXCViệtNam along with the hashtag #MEXCPizzaDay.</span></p></li><li style="list-style-type:disc;font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Activity Reward: 30 to 100 participants with the best posts will be selected by MEXC official personnel to share a 1,000 MX prize pool</span></p></li></ul></td></tr></tbody></table></div><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">2.5.3 </span><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Russia</span></p><h5 style="line-height:1.38;text-align:justify;margin-top:11pt;margin-bottom:2pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Moscow Crypto Summit Offline Event</span></h5><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh4.googleusercontent.com/IDsMLfc8y4GX_TZYam2L6QSQF4X8mOtzVCzPe0x934CyySGjKOx6X0N8e6YHjBZBOqJThTEE8teCKW9Xo_SDCDzwGmoLj67XbrMWAcfbDo2170_UcsT4BhKHvyUQT2jyq7sVcq711UeNcTjAyizmNdk" width="602" style="margin-left:0px;margin-top:0px" /></span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh4.googleusercontent.com/GzkYUAAep0DHkMoBQOSrkSXt3BRPl_6Q7KuCdHl9AP5Jm2hesqdbc_iUyRwFmjXsa-XOqTX5U_qi6L9Wfa6m9XKS5Xr5puBPdEScoZ8231MN0WQSwBpilxyPE63qmcZIUtopYIKyFUZgRk3J9St_BGc" width="602" style="margin-left:0px;margin-top:0px" /></span></p><div style="margin-left:0pt"><table style="border:none;border-collapse:collapse"><colgroup><col width="113" /><col width="488" /></colgroup><tbody><tr style="height:39.25pt"><td style="border-left:solid #dee0e3 0.75pt;border-right:solid #dee0e3 0.75pt;border-bottom:solid #dee0e3 0.75pt;border-top:solid #dee0e3 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Event Venue</span></p></td><td style="border-left:solid #dee0e3 0.75pt;border-right:solid #dee0e3 0.75pt;border-bottom:solid #dee0e3 0.75pt;border-top:solid #dee0e3 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Event Description</span></p></td></tr><tr style="height:77.5pt"><td style="border-left:solid #dee0e3 0.75pt;border-right:solid #dee0e3 0.75pt;border-bottom:solid #dee0e3 0.75pt;border-top:solid #dee0e3 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Moscow, Russia</span></p></td><td style="border-left:solid #dee0e3 0.75pt;border-right:solid #dee0e3 0.75pt;border-bottom:solid #dee0e3 0.75pt;border-top:solid #dee0e3 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt"><ul style="margin-top:0;margin-bottom:0"><li style="list-style-type:disc;font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Rewards worth up to 1,000 USDT;</span></p></li><li style="list-style-type:disc;font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Follow MEXC Russian Telegram group for a chance to win MEXC merch;</span></p></li><li style="list-style-type:disc;font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">New MEXC users will be randomly selected to win a 100 USDT futures bonus reward;</span></p></li><li style="list-style-type:disc;font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Make a post with hashtag #MEXC5лет for a chance to be randomly selected to win a 100 USDT futures bonus</span></p></li></ul></td></tr></tbody></table></div><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><br /></span><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">2.5.4 </span><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Japan</span></p><h5 style="line-height:1.38;text-align:justify;margin-top:11pt;margin-bottom:2pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Pizza Day Ōgiri Special Event</span></h5><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh6.googleusercontent.com/MWD7oh-a4PYGBoMnOkV4gv8t7d9BBRSzLwtqJe6ynzYJsa75SDJECPTL8S6gNolHlFecM-ugsDOI0F9_uuJOpAOqfWgIoe02EWhd1lMnYsSnT0mjkr5j8Z00F6nXtRT7B3dy9McjDfWMfiwHRuBiwRQ" width="602" style="margin-left:0px;margin-top:0px" /></span></p><div style="margin-left:0pt"><table style="border:none;border-collapse:collapse"><colgroup><col width="151" /><col width="450" /></colgroup><tbody><tr style="height:39.25pt"><td style="border-left:solid #dee0e3 0.75pt;border-right:solid #dee0e3 0.75pt;border-bottom:solid #dee0e3 0.75pt;border-top:solid #dee0e3 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Event Venue</span></p></td><td style="border-left:solid #dee0e3 0.75pt;border-right:solid #dee0e3 0.75pt;border-bottom:solid #dee0e3 0.75pt;border-top:solid #dee0e3 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Event Description</span></p></td></tr><tr style="height:77.5pt"><td style="border-left:solid #dee0e3 0.75pt;border-right:solid #dee0e3 0.75pt;border-bottom:solid #dee0e3 0.75pt;border-top:solid #dee0e3 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Telegram & Twitter</span></p></td><td style="border-left:solid #dee0e3 0.75pt;border-right:solid #dee0e3 0.75pt;border-bottom:solid #dee0e3 0.75pt;border-top:solid #dee0e3 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt"><ul style="margin-top:0;margin-bottom:0"><li style="list-style-type:disc;font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Rewards worth up to 200 MX;</span></p></li><li style="list-style-type:disc;font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Answer 10 riddles related to Pizza Day and BTC;</span></p></li><li style="list-style-type:disc;font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Users with the most interesting answers will receive a reward;</span></p></li><li style="list-style-type:disc;font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">It was a popular event for Japanese MEXCers.</span></p></li></ul></td></tr></tbody></table></div><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">2.5.5 Korea</span></p><h5 style="line-height:1.38;text-align:justify;margin-top:11pt;margin-bottom:2pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">MEXC 0.02% Taker Fee Event</span></h5><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh5.googleusercontent.com/xcFgQZQc4BKijK5irYalivmbjdGl8GIm-JX04MTAmWq6h2KtK7SIJbiQ2KQgG9rU5xcl9i-GCAV4w7s4n6mXCPHL9xKISTWcvz3bCEYB-8-ury05paHwUkW3TBYn_KFbXqDL_w66cSLktNR3nKrj4uE" width="602" style="margin-left:0px;margin-top:0px" /></span></p><br /><div style="margin-left:0pt"><table style="border:none;border-collapse:collapse"><colgroup><col width="131" /><col width="471" /></colgroup><tbody><tr style="height:39.25pt"><td style="border-left:solid #dee0e3 0.75pt;border-right:solid #dee0e3 0.75pt;border-bottom:solid #dee0e3 0.75pt;border-top:solid #dee0e3 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Event Venue</span></p></td><td style="border-left:solid #dee0e3 0.75pt;border-right:solid #dee0e3 0.75pt;border-bottom:solid #dee0e3 0.75pt;border-top:solid #dee0e3 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Event Description</span></p></td></tr><tr style="height:64pt"><td style="border-left:solid #dee0e3 0.75pt;border-right:solid #dee0e3 0.75pt;border-bottom:solid #dee0e3 0.75pt;border-top:solid #dee0e3 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Naver Blog</span></p></td><td style="border-left:solid #dee0e3 0.75pt;border-right:solid #dee0e3 0.75pt;border-bottom:solid #dee0e3 0.75pt;border-top:solid #dee0e3 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt"><ul style="margin-top:0;margin-bottom:0"><li style="list-style-type:disc;font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">MEXC Exchange brings Taker fees to a new low of</span><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> 0.02%</span><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">!</span></p></li><li style="list-style-type:disc;font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Read and retweet to </span><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">receive MX airdrops</span><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> for free!</span></p></li></ul><br /></td></tr></tbody></table></div><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:23pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">3. Hot Topics in the Blockchain Industry: Analysis</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:17pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">3.1 ChatGPT Emerges, Enciting an AI Revolution</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">ChatGPT is a chatbot program developed by the artificial intelligence company OpenAI. It is capable of comprehending human language and engaging in conversations. It can interact with users based on the context of their conversation.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Artificial intelligence is not a new field, but the release of ChatGPT has once again brought global attention to AI. The intelligence of ChatGPT has reshaped human perception of AI, not just in movies, but in real life, providing people with a firsthand experience of artificial intelligence. ChatGPT has shown outstanding performance in areas such as chat conversations, intelligent question-answering, code generation, content writing, and artwork creation, even inspiring fear among many experts.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">The Future of Life Institute in Boston, USA issued an open letter, titled "Pause Giant AI Experiments," calling for a halt to large-scale artificial intelligence research, urging all AI laboratories to immediately suspend training of AI systems for at least six months. Thousands of technology leaders and AI experts, including Elon Musk and Apple co-founder Steve Wozniak, have signed the open letter.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">In the past, the development of artificial intelligence mostly focused on breakthroughs in specific domains. The most famous example is AlphaGo, an AI software developed for playing the game of Go, which mastered Go techniques through playing against human players. The versatility of ChatGPT allows it to be applied in multiple domains. Currently, professions such as translation, artwork, content creation, and marketing have been directly influenced. In the future, domains such as search, internet, and blockchain are also inevitable areas where ChatGPT will have an impact.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:17pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">3.2 ETHDenver 2023</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">The</span><a href="https://www.ethdenver.com/" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial';color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;vertical-align:baseline">official website</span></a><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> of ETHDenver, the Ethereum conference held in Denver, showcases the historical background of this event. With the birth of SporkDAO in June 2021, ETHDenver became the world's first event DAO. Today, it has become one of the most important events in the Ethereum ecosystem. This year's ETHDenver became the largest gathering in its history with over 35,000 developers, investors, and institutions participating, according to preliminary data.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">The hot topics discussed during the ETHDenver conference represent the current trends in blockchain industry research. At the ETHDenver 2023 conference, infrastructure represented by ZK (Zero-Knowledge) became a focal point, and a dedicated ZK Day was set up, highlighting the importance of ZK. In addition, there were discussions on topics such as Data Backpack, account abstraction, and the combination of social and AI, all generating significant interest.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">ETHDenver is a technology-driven, in-person event where the hottest technical exchanges and cutting-edge ideas collide. Developers change the world with code, and here, they build the future.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:17pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">3.3 Hong Kong Web3 Festival 2023</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">The Hong Kong Web3 Festival is the most influential event in the Asian region so far this year, organized by Wanxiang Blockchain Lab. With the recent adjustments and changes in Hong Kong's local blockchain policies, the event fostered an open and welcoming attitude towards the blockchain industry, encouraging more industry practitioners to participate.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">As a traditional financial center in Asia, Hong Kong's official acceptance and incorporation of the blockchain industry positions it as a potential cryptocurrency hub in Asia. With the relaxation of policies, an increasing number of companies are choosing to establish institutions or subsidiaries in Hong Kong. Additionally, Hong Kong is actively exploring regulatory measures to address the growing digital asset market and investor demands.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">The Hong Kong Web3 Festival resembles an international blockchain extravaganza, attracting blockchain experts from around the world to this city known for its open and inclusive environment and supportive policies. It focuses global attention on Asia and positions Hong Kong as a beacon in the blockchain industry.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:17pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">3.4 Ethereum Upgrade</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">In April, the Ethereum upgrade was officially completed. In September of last year, Ethereum underwent a transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS) with the Ethereum merge. With the completion of the upgrade, the ETH that was staked during the transition phase is now able to be unlocked and withdrawn.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">After the upgrade, the previously staked Ethereum will be unlocked, increasing the overall supply of Ethereum in the market. However, based on subsequent market fluctuations, the price has not experienced significant volatility. This may be due to the current bearish market phase and the fact that the price at the time of staking was not advantageous compared to the current market price, which has resulted in a lack of significant selling pressure.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:17pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">3.5 Consensus 2023</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">The Consensus conference, organized by CoinDesk, is an annual event that has been held since 2015. It brings together developers, investors, communities, key opinion leaders (KOLs), government officials, and other participants. However, due to the worsening regulatory environment in the United States and the bearish phase of the industry, excitement surrounding this year's Consensus conference was significantly lower compared to previous years, with a marked decline in both sponsorships and attendance.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Regulation is a major topic of discussion among many conference attendees. The industry's development urgently requires clear regulatory guidelines rather than vague interpretations and arbitrary crackdowns by relevant authorities at the current stage. Clear regulatory frameworks can not only standardize the industry's development but also help consumers enter the Web3 industry with confidence. Additionally, topics such as real-world assets (RWA), the cross-chain protocol CCTP for stablecoin USDC, DeFi, and CeFi have also been highlighted for discussion.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">If ETHDenver can be seen as a technology-driven offline gathering, the Consensus conference is an industry gathering led by spokespersons from various fields, setting trends and shaping the industry.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:17pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">3.6 SEC Files Lawsuits Against Binance.US and Coinbase</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Commensurate with the regulatory issues discussed at this year's Consensus conference, this month (June) the SEC filed lawsuits against Binance.US and Coinbase, once again making regulatory concerns the focus of the industry.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">The industry has long been dissatisfied with the SEC's ambiguous regulatory framework. In fact, Coinbase already filed a lawsuit requesting the court to compel the SEC to provide clear regulatory guidance and establish a regulatory framework. However, nearly a year has passed without an official SEC response to Coinbase's lawsuit, and instead, they have now filed new lawsuits.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">The SEC's stance largely represents the attitude of US regulatory agencies towards the crypto industry. The regulatory approach of the United States can influence the stance of other regions around the world, and US regulatory policies may even become guiding standards. Currently, global regulations on the crypto industry are in the exploratory stage, with some countries and regions choosing strict control or even outright bans, while others are actively embracing and exploring reasonable regulations. The uncertain and vague policies of the United States make it difficult for businesses to navigate the regulatory landscape.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">According to the latest reports, after multiple rounds of negotiations, Binance, Binance.US, and the SEC have reached a preliminary agreement to ensure that only Binance.US employees can access user funds. This proposed agreement still needs to be signed by a federal judge overseeing the case. Binance.US will take measures to ensure that no members of Binance have access to private keys, hardware wallets, or root access to Binance.US's Amazon Web Services tools. Additionally, detailed information about their operational expenses, including estimated costs, will be shared in the coming weeks.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:23pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4. Track Analysis</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:17pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.1 Track Analysis - Bitcoin</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.1.1 What Deserves Your Attention</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Unlike the thriving and diverse Ethereum ecosystem, Bitcoin has remained true to its origins and continues to follow the roadmap set 15 years ago, tirelessly advancing with its Proof-of-Work consensus. Despite the emergence of waves such as the Lightning Network and BitcoinFi, the focus of attention always returns to Bitcoin itself.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.1.1.1 The Market's Gradual Recovery</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Bitcoin has become the barometer and compass for the entire industry, with the overall market prices largely following the trend of Bitcoin's price. The resurgence of Bitcoin's price signifies the market's gradual recovery.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Unlike the lackluster performance in Q4 of 2022, as the New Year of 2023 began, the entire crypto industry experienced a revival. Bitcoin largely stabilized around the $20,000 price level, with continuing growth throughout Q2, even briefly touching the $30,000 mark.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh5.googleusercontent.com/P3DU6sm-q0TNpmLpfmGWcoTjTJf6qn19xv3rvoxkNy1x_jNhnsEnrDG7Th1Ig2cDkvUHooWdqtgIXrAI_LhUBAgbTcpf77vKciQWDpt8TF4LPeRqZ3y4EEpDmptEWFv6PSi-ri_8390KhUzvC3bAXEk" width="602" style="margin-left:0px;margin-top:0px" /></span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Similarly, based on the sentiment of futures enthusiasts, the overall outlook for Q1 of 2023 was bullish, with expectations for a market recovery.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh4.googleusercontent.com/ygibHuA_W9znAxs636wfLuoER0b9E7G6QdQ0suX2jzz47UsEm5DySeKPqeW5Ftm144JoGZRLTS3zyBJ3wiTxSyeJjD8IhulIRaizwDcZY1F9MdY4TOjCmf6URTxKbbBiSUPyqAoba6cXQK-X9mvSkWk" width="602" style="margin-left:0px;margin-top:0px" /></span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">In less than one year, Bitcoin will undergo another round of halving, which is likely to usher in a new bull market. However, it remains to be seen who will lead the new bull market.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.1.1.2 Bitcoin is Still King of Crypto</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">With the establishment of the Ethereum and other project ecosystems, the total market capitalization of Bitcoin has gradually shrunk from its peak of 95% to a low of 37% this year. "Ethereum will surpass Bitcoin" has been an oft-repeated phrase in recent years. However, based on the current data, it is still too early to talk about the ascension of a new king of crypto.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh5.googleusercontent.com/_6L8Ms0jeAlgD5NR_xXGgNOeSVStXRrmA2DS4y_6V8DAyXJtX_W44CEG5FUJKPhNSKNA9zFI4_eYL2YRblRyZywJeyIf9uOuSRq6dSRhynEbdcEm_hzmmlF1a9l8KMiy6nIrSQwFqAl5jzYHOQTeVqI" width="602" style="margin-left:0px;margin-top:0px" /></span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.1.2 Ordinal Protocol: The Renaissance of BTC</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">In early March this year, Twitter user Domo (@domodata) sparked FOMO by creating the BRC-20 protocol based on the Ordinal protocol, once again revitalizing the Bitcoin ecosystem structure.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">The Ordinal protocol currently boasts a user base of 120,000 people, with 425,000 transactions and a transaction volume approaching $200 million.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh4.googleusercontent.com/v0aQ46GeeHQmKFEpify_srcEdPnaDEHR657CgAa5rkpp7ayvSeAXprS6Li-nyWCEJpR7HAlImSnbewx4Lb-Zx2SdU3ym8Fl2QYe-uwbHhTG81HUqsIV8pYN2ZqqhmkeYnb9lAIP5jVa8OiC1d7vxSkQ" width="602" style="margin-left:0px;margin-top:0px" /></span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.1.2.1 BRC-20 Protocol: The Unique Ordinal Protocol</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">The Ordinal protocol is an NFT protocol on the Bitcoin network that assigns a unique ordinal number to each satoshi based on its mining order, giving it non-fungible properties. Through the Ordinal protocol, users can bind different types of data (such as images, text, etc.) to satoshis and add them as inscriptions to Bitcoin transactions. These inscriptions are transferable, traceable, immutable, and unique.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Domo attaches similar types of data information to the inscriptions, turning them into transferable, traceable, immutable, and fungible tokens. Essentially, BRC-20 is a collection of replaceable Ordinal NFTs.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Due to the limitations of the Bitcoin network, currently, BRC-20 only implements three functions: token deployment, token claim, and token transfer.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">When creating a BRC-20 token, the token name cannot exceed 4 characters, is case-insensitive, and must be unique. For example, the first BRC-20 token created by Domo, $ORDI, cannot be created by other users using the same name.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Deploying Tokens (Deploy BRC-20)</span><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><br /><br /></span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Anyone can create and deploy a BRC-20 token by simply modifying the token name, total supply, and maximum minting parameters in the code. For example, in the $ORDI token, the token name is ORDI, the total supply is 21 million, and the maximum minting limit is 1,000.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><br /></span><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">{ </span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> "p": "brc-20",</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> "op": "deploy",</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> "tick": "ordi",</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> "max": "21000000",</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> "lim": "1000"</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">}</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Minting Tokens (Mint BRC-20)</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">When you want to claim tokens, you just need to modify the token's name and the desired quantity to be minted. In the case of the $ORDI token, the token name is ORDI and you can choose any quantity to mint between 1 and 1,000, but not exceeding 1,000. The code snippet below demonstrates minting 1,000 tokens.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><br /></span><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">{ </span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> "p": "brc-20",</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> "op": "mint",</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> "tick": "ordi",</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> "amt": "1000"</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">}</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Transferring Tokens (Transfer BRC-20)</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">If you want to sell or transfer the BRC-20 tokens you hold, you need to modify the token's name and specify the quantity you want to transfer. For example, in the $ORDI token, the token name is "ORDI," and you need to transfer a quantity that is less than or equal to your holding. The code snippet below demonstrates transferring 100 units of the $ORDI token.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><br /></span><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">{ </span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> "p": "brc-20",</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> "op": "transfer",</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> "tick": "ordi",</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> "amt": "100"</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">}</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">As of the time of writing, there are 24,677 tokens published based on the BRC-20 protocol, with a total market capitalization of approximately $727 million.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh5.googleusercontent.com/TTnjWLFT5uQUKCFVfNve1JIG9CkI2TbYh3g5JJtNt3weacghhnwcdYMDMD1yYgOEzAahJuQ2otnbf_aBZ0H4E74ki65Lx-Gguphz0rXE7z1O7cZmlZN267qeajPkZvbObJ0dHCoDzcp6cunHhw7hsJc" width="602" style="margin-left:0px;margin-top:0px" /></span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.1.2.2 ORDI Token: The Butterfly Effect</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">ORDI is the first token released under the BRC-20 standard. The total supply of ORDI tokens is 21 million, with a maximum minting limit of 1,000 tokens per address.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Accompanied by the skyrocketing price of ORDI, the BRC-20 token market has been gaining increasing popularity. As of the time of writing, there have been over 9 million transactions, with a total of 1,326 BTC in transaction fees. On May 7 alone, there were 400,000 transactions generating 255 BTC in fees.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh5.googleusercontent.com/Cb3H9fC5LPxsEqapM-6aAWx_TZ4qtpTByfvHmi_wEGnWEry4d4d9SPbcSh8kf8quY2rUiFMK0h3VE4ew7L6WV8eOBepmbWcA09ruHwydrnljBTw6tQHll5XB1iOblDrYrJ2N-XLiAlkofzhhRw3zleE" width="602" style="margin-left:0px;margin-top:0px" /></span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">During the peak period from late April to early May, nearly half of the transactions on the Bitcoin network were contributed by the BRC-20 token series.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh3.googleusercontent.com/hK1xhf7t4EmDtCRlamRGIaDGHhKWHV7cE3aGLRPa4WXedXa7uGBvZOaJqa_ZJUcjdY_yEDAAcP_ooFN6htR-4MnJP4y74LypKdhUmJcoXJeUe3sgD4VmCPA389CG0_kAxNRw0dqzFImx1i3GcBdLedM" width="602" style="margin-left:0px;margin-top:0px" /></span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Similarly, during this period, one-third of the miner fees were generated by BRC-20 token transactions. On May 7, this percentage reached 60%, bringing substantial profits to Bitcoin miners.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh3.googleusercontent.com/fKEgyq6DYwYnqZxmZdTYB45bJMe4M6_GG0CKC932wFL-QOH2jx7rtneXeB3uCV1pYvrKbFpVrnqJA2-BxlbbUpSNLKTL8P-YlGPXbWBZ6o6mn_oSbQlkWqx9fKjFQXWfm49FYU4tqk-ii3pACi2WZWU" width="602" style="margin-left:0px;margin-top:0px" /></span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.1.2.3 Unisat: The Catalyst of Butterfly Wings</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">After the introduction of the Ordinal protocol, the high-profile entry of the Bored Ape Yacht Club team did not cause much of a stir in the market. While most were still debating whether NFTs should be issued on the Bitcoin network, Unisat's product became the only on-chain gateway for buying and selling BRC-20 tokens.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">As everyone began discussing BRC-20 tokens, Unisat became a name that no one could ignore, easily capturing over 50% of the market share and reaping substantial profit returns. Unisat facilitated direct transactions of BRC-20 tokens, eliminating the need for traditional OTC methods for token trading, which is why BRC-20 tokens had limited trading volume in their early stages.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">The Unisat wallet was developed by a Chinese team formerly involved in the BSV ecosystem, known for their smart contract solution called Sensible Contract on BSV. The founder, Lorenzo, played a key role. According to Dune data, the total number of users of the Unisat wallet is close to 50,000, with a total amount of 3,617 BTC.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh4.googleusercontent.com/L5nx2cMMaMXOTpxEtL1K8Rf_fgL4NOrr5R-s0mFLMZsqevSJjwiq8gscigB6nq_phJ_bmnozGnb30FlASRgyD693lq8xs_j2ttIwpr_-YKDJS4XZK84uaiYgYs0rNVzX5THU7db8TOFWAW302kb02Mk" width="602" style="margin-left:0px;margin-top:0px" /></span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.1.2.4 Closing Remarks</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">The Ordinal protocol has brought a new narrative to the Bitcoin ecosystem, with BRC-20 ignighting market interest in its foundation. The current Bitcoin ecosystem is still in its early stages, with incomplete infrastructure, and it still requires continuous development from developers and the community. Perhaps in the future, the Bitcoin ecosystem will also thrive like the Ethereum ecosystem.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:17pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.2 Track Analysis - Ethereum and Layer 2</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.2.1 Ethereum</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">It seems that the public blockchain has entered a phase where Ethereum is considered the dominant player, and we no longer hear the loud slogans challenging Ethereum as we did in previous years. The Ethereum ecosystem has experienced a cycle of prosperity and transition across various sectors during this bull and bear transition, from DeFi to NFTs, from NFTs to GameFi, and from GameFi to SocialFi.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">From the second half of 2022 until now, many projects have been phased out, and those that have survived have undergone strict market scrutiny. During this period, Ethereum went through significant changes, including the transition from Proof of Work (PoW) to Proof of Stake (PoS) consensus mechanism, Ethereum upgrades, and the upcoming Cancun upgrade. The focus on continued development despite the bear market conditions is evident in Ethereum.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">If we extend the timeline back to 2021, we can see that the current Total Value Locked (TVL) and peak values on Ethereum are only about 1/4 of what they used to be, and the token price is approximately 1/3 of its peak value.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh4.googleusercontent.com/-PW654sc4fAoIwFZIir9vM67alrNxQ2GjbZBC7q0i5xzDRgcRmlOenT5UgXxOr9_c2-lhyY_Y4UWzK5RcEWH1lylrgl_i7ImmCMjwejo-0Bwm5OFJCQlfDJXXVGJFmQ7WLaHu4vuKqry3-pAgFV_5zY" width="602" style="margin-left:0px;margin-top:0px" /></span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">If the narrative of the previous bull market revolved around public blockchains, it is highly probable that this current cycle will focus on Layer 2 solutions. After going through a cycle of bull and bear markets, the so-called Ethereum killers, which are the other public blockchains, have failed to successfully challenge Ethereum's dominant position. Instead, Ethereum, the world's computer, has grown stronger and more prosperous, steadily advancing along its established roadmap.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">When we talk about Layer 2 networks, it generally refers to Ethereum's Layer 2 solutions. Due to the vast ecosystem of applications on Ethereum, the main network can become congested, resulting in higher gas fees and slower transaction speeds. To address this issue, developers have begun constructing Layer 2 networks. Bitcoin also has its own Layer 2 solutions, but their scale is relatively small, and we won't delve into that here.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh5.googleusercontent.com/PSxNYvGz2Ung4xoF5cum8_buaHUAI-7iZJ_Ep70LFdh8rlUVuorV56-5BCYab34dN6F2ov-pXbKEGRZQxdRFGrvuMolgW6tBAwC5LMnm640_hEsD5Z9NehkTCS4DbNGv_hVHdkGciZXbaCmWaqNI-WY" width="602" style="margin-left:0px;margin-top:0px" /></span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.2.2 Arbitrum</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Arbitrum, developed by the Offchain Labs team, is built on the Optimistic Rollup solution, with the main difference lying in the validation mechanism. Optimistic Rollup employs single-round verification, while Arbitrum utilizes multi-round verification. As Arbitrum and Optimistic are similar competitors, they are inevitably compared in the market.</span></p><div style="margin-left:0pt"><table style="border:none;border-collapse:collapse"><colgroup><col width="78" /><col width="94" /><col width="82" /><col width="348" /></colgroup><tbody><tr style="height:39.25pt"><td style="border-left:solid #dee0e3 0.75pt;border-right:solid #dee0e3 0.75pt;border-bottom:solid #dee0e3 0.75pt;border-top:solid #dee0e3 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt"><br /></td><td style="border-left:solid #dee0e3 0.75pt;border-right:solid #dee0e3 0.75pt;border-bottom:solid #dee0e3 0.75pt;border-top:solid #dee0e3 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Development Team</span></p></td><td style="border-left:solid #dee0e3 0.75pt;border-right:solid #dee0e3 0.75pt;border-bottom:solid #dee0e3 0.75pt;border-top:solid #dee0e3 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Financing Scale</span></p></td><td style="border-left:solid #dee0e3 0.75pt;border-right:solid #dee0e3 0.75pt;border-bottom:solid #dee0e3 0.75pt;border-top:solid #dee0e3 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Investors</span></p></td></tr><tr style="height:39.25pt"><td style="border-left:solid #dee0e3 0.75pt;border-right:solid #dee0e3 0.75pt;border-bottom:solid #dee0e3 0.75pt;border-top:solid #dee0e3 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Arbitrum</span></p></td><td style="border-left:solid #dee0e3 0.75pt;border-right:solid #dee0e3 0.75pt;border-bottom:solid #dee0e3 0.75pt;border-top:solid #dee0e3 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Offchain Labs</span></p></td><td style="border-left:solid #dee0e3 0.75pt;border-right:solid #dee0e3 0.75pt;border-bottom:solid #dee0e3 0.75pt;border-top:solid #dee0e3 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">$143.7M</span></p></td><td style="border-left:solid #dee0e3 0.75pt;border-right:solid #dee0e3 0.75pt;border-bottom:solid #dee0e3 0.75pt;border-top:solid #dee0e3 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Coinbase, Polychain, Spartan Group, IOSG, Alliance DAO, Pantera Capital, SNZ, OKX, Huobi, Delphi Digital, Blockchange, Alameda Research, Mechanism Capital, Puzzle Ventures, Ribbit Capital, Standard Crypto, Defiance Capital, P2P Validator, Compound VC, Divergence Ventures, Redpoint Ventures, eGirl Capital, Stone Ridge, among others.</span></p></td></tr><tr style="height:39.25pt"><td style="border-left:solid #dee0e3 0.75pt;border-right:solid #dee0e3 0.75pt;border-bottom:solid #dee0e3 0.75pt;border-top:solid #dee0e3 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Optimistic</span></p></td><td style="border-left:solid #dee0e3 0.75pt;border-right:solid #dee0e3 0.75pt;border-bottom:solid #dee0e3 0.75pt;border-top:solid #dee0e3 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Optimism</span></p></td><td style="border-left:solid #dee0e3 0.75pt;border-right:solid #dee0e3 0.75pt;border-bottom:solid #dee0e3 0.75pt;border-top:solid #dee0e3 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">$178.5M</span></p></td><td style="border-left:solid #dee0e3 0.75pt;border-right:solid #dee0e3 0.75pt;border-bottom:solid #dee0e3 0.75pt;border-top:solid #dee0e3 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Coinbase, a16z, Alchemy, Robot Ventures, Huobi, Wintermute, IDEO CoLab Ventures, Paradigm, A.Capital, Nascent</span></p></td></tr></tbody></table></div><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Basic data comparison between Arbitrum and Optimistic: Source: Rootdata</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Arbitrum, a Layer 2 network, conducted an airdrop to the community on March 23 of this year, igniting the crypto industry's frenzy with the wealth effect and subsequently driving a new wave of interest in meme coins.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Looking at the chart data for the Arbitrum protocol, there are significant changes in data around March. After March, the daily transaction volume reached over 1 million transactions, with average daily transaction fees exceeding $100,000. On the day of the airdrop, both the transaction volume and fees peaked at 3.09 million transactions and $1.81 million, respectively.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh6.googleusercontent.com/FfgtDB3zH58x2REQXGnUWJCkvQ11720X7sLQ5gwaiVpGMWR9mxBaRzatmE8VbVRwP-rI64ifIDP-uOlTwh5vi6iWwnc-HMdDOuuY8vkMZbnCQZxXqb-xhcOmw6FRstpP0mNTCSMhk4_zzHWbFQti8Mk" width="602" style="margin-left:0px;margin-top:0px" /></span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">According to data from DeFiLlama, the current Total Value Locked (TVL) on the Arbitrum network has reached $2.02 billion. It is evident that there was a peak in user activity in late March, which is likely related to the announcement of the airdrop rewards by Arbitrum, as users flocked to interact with the network to participate in the airdrop and potentially claim their share of the rewards.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh3.googleusercontent.com/u2Y6yKKrAhFutZlkP_1_q-3jZaOeCMmC2vSvESagVmTIsUvcL8as0MHufJ-J6oragUoa7lHeAnE2Qm8KEQt3BVwm3dlsY4WXzlqJxh70dRglGlfe_C9Jg8ODmQnaGBqq0MaJ7myqouSEqNVLkaG0YTM" width="602" style="margin-left:0px;margin-top:0px" /></span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Arbitrum's TVL represents 86% of the current mainstream Layer 2 market, solidifying its leading position in Layer 2 space. In terms of total TVL across all chains, Arbitrum holds a share of 3.38%, placing it just below Ethereum, Tron, and Binance Smart Chain (BSC).</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh3.googleusercontent.com/qGdMz0q0sXX3AA1Rn3oKdI--dOvz1bCBKJ7XvtoFHu1yZXW5NRreSPd8bJITEXo0AnMEpcOeblqOhFaJp2z9sf0jKwhWT0B85stsMdfaEA00n3ua1O18I0RIrba-brlDiKg0vCYp0svSPIDsSr8bBlI" width="602" style="margin-left:0px;margin-top:0px" /></span><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh6.googleusercontent.com/WqrLNM6a7eQ58qPIAmEtQIYg5DqkswBtFpq_F1Zok0XDguKA104kZlP68b4Lgc02rJ226qIs71EH7bAd8PftZro_3Gs64LgzhtRkiuR0bOzwk9QlI7NikQTqQW9X4DrGOuZYubQY0Ls_TiONJBozT5w" width="602" style="margin-left:0px;margin-top:0px" /></span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">According to data from Rootdata, there are 504 ecosystem applications on Arbitrum, and this number does not include meme token projects from the previous frenzy.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Among these ecosystem projects, GMX, Uniswap V3, Radiant, Stargate, AAVE V3, and others contribute the largest share of TVL.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh6.googleusercontent.com/WsAbfFVXt_7M6mfCSGCJfKFVvo8tQCMTZhRCGFVtO60e01ig9zOSP_zGgFbJGzyYqzUEfalggSSu1vOjTpf3lUam-3hSWApObcyARp8asbDtjFCbICKymNz1b2W2D647981aeb9WJ274in60nqSIr2c" width="602" style="margin-left:0px;margin-top:0px" /></span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Layer 2 solutions have significantly reduced transaction fees compared to the mainnet. According to data from l2fees, Arbitrum's transaction fees have seen a substantial decrease compared to the mainnet, but within the realm of Rollup-type projects, it falls in the middle range.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh6.googleusercontent.com/uhfYs0pKZiaD0NjfwzkEho5BMuIoKwuzpwMRHK-O2h2pkXXaUTnQATlSHyMz_WrnS2Y3TNS23O95jqXAtUufXvat9Lww0jQoTo8x1W7_D7SG0smQnCu3o9C3_uAeLzXMhw07fdlmsK4FKY3Wuuq3zRs" width="602" style="margin-left:0px;margin-top:0px" /></span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Arbitrum's high compatibility with the Ethereum Virtual Machine (EVM) is beneficial for migrating existing DeFi projects from the Ethereum mainnet and continuing their development on the Arbitrum network. The lower gas consumption on Arbitrum reduces the entry barriers for users to participate. Until the widespread adoption of ZK-Rollup projects, Arbitrum is likely to maintain its advantage and flourishing ecosystem. However, once ZK-Rollup projects come online, Arbitrum may face new challenges in maintaining its position.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.2.3 zkSync Era</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">zkSync is a Layer 2 network built on ZK-Rollup technology by the Matter Labs team. The mainnet of the project has not been officially launched yet, but in February of this year, zkSync 2.0 was renamed zkSync Era and initiated mainnet deployment for projects. According to data from Rootdata, there are 86 ecosystem projects on zkSync, including applications that have not yet been launched.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Up to this point, zkSync has successfully completed four rounds of fundraising, raising a total of $258 million. Investors include Coinbase, a16z, Dragonfly, Binance Labs, IOSG, Alchemy Ventures, 1kx, ConsenSys Mesh, Blockchain Capital, Hashed, OKX Ventures, and many others.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh6.googleusercontent.com/vZxscnxlnUFkC3LIxmyK7jF73qlk8PzALAgeN2bQGb3eLwfgVqF_wJw-_86xxlpGzrt7pnNPgBWxNBGxxT9GDMLkbHVb6GUKG-edhR0ebfZHjroTumCaDsOkZHreeBQ798eHsDbJSp-z-OTSUjLrBsc" width="602" style="margin-left:0px;margin-top:0px" /></span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">The latest data shows that since its launch two months ago, zkSync Era has achieved a total TVL value of $171.5 million within its ecosystem, with a peak value reaching close to $180 million. This places zkSync Era as the third highest in terms of Layer 2 TVL, following Arbitrum and Optimism.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh4.googleusercontent.com/Sm5TJ7_yD4xjddYqLMaEH1EaZyzjV4tWeNnlJnPxn6hMpaFrgc7jjx2IjPJzNYnUM0cH00BEfVbyoPwi6QUra_KbU0JUTZA9DqdSXOUy0Hsl2rd_cb_F_cea1JHQL2QnJGUgBeBeW7eghHNykHSOTNo" width="602" style="margin-left:0px;margin-top:0px" /></span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Within the zkSync Era ecosystem, among the top ten applications by locked volume, eight of them are DEX (Decentralized Exchange) projects, while the remaining two are lending projects. Currently, there are no applications from other tracks, indicating that the zkSync Era ecosystem is still in its early stages of development.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh5.googleusercontent.com/p7fhYDkS4w0vIzxQtalBgS8_4WtvUFhqFtfqd1MAarFdBLp3r5R-sEQBEApMzYj1F03Q1v6nMyTbodQ01UydPb9ZtN7RMX0-5706n7Ks9wzniqVYKR1N4h3qS8kQP8rpgNvJF8M5aHMCnS82_pUawPg" width="602" style="margin-left:0px;margin-top:0px" /></span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Despite being in its early stages, according to data from Dune, the number of wallet addresses on zkSync Era has already exceeded 945k addresses.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">If we observe the daily transaction count, we can see a significant increase starting from March 14, peaking on the 24th, and then quickly dropping. This timeframe aligns with the announcement and distribution of the Arbitrum airdrop. The stimulus of the airdrop created a wealth effect and attracted more users to participate in zkSync Era, even before the token issuance. Currently, zkSync Era maintains a daily transaction count of around 4,000 transactions. Similarly, the increase in the number of addresses on zkSync Era follows this trend.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh6.googleusercontent.com/0omrrvEK6JQM2yTn5393LbMWX0QCq1o8dihoTvPIuMPzfh1_7KGSf0HdB8ch3QuWkuzT_wyMgzR6hCE5ftBNBKjulryE1MNgw2a9bt72jB2q7wPh1C9PGY_1cMMNvmhcFKdqfDJAo3joVH0o4nq0Pjk" width="602" style="margin-left:0px;margin-top:0px" /></span><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh6.googleusercontent.com/QrHm4LGRFD70Hso5C1JnTrbUrLEJl91VYXehzVBTMGjV5tsZLG-Jmc5hFUWNpfAtJF7CmX3tLhGS8vyuWIfsPtQFoSoWly8iBJIox8L_GZoscYamvdktUzuVrhwXW2imqqqs_3L4MsMsSupksKqiTl4" width="602" style="margin-left:0px;margin-top:0px" /></span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">ZK-Rollup has long been regarded as the ultimate solution to Ethereum's scalability issues, but its development has been challenging due to the complexity of ZK technology. As a result, it is still in the testing phase. However, significant technological breakthroughs have been made, and according to zkSync Era's roadmap, it is expected to launch on the mainnet officially within a year.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Interestingly, this timeline coincides with the approximate timeframe of the next Bitcoin halving. It is possible that in the next bull market cycle, initiation could be led by Layer 2 networks like zkSync Era.</span><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><br /><br /></span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.2.4 StarkNet</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Just like zkSync, StarkNet is also a Layer 2 network based on zk-Rollup. However, StarkNet utilizes STARK proofs, whereas zkSync uses SNARK proofs.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">StarkNet is developed by the StarkWare team and has completed five rounds of funding, raising a total of $282 million. Investors include Pantera Capital, Ethereum Foundation, Sequoia Capital, Paradigm, Greenoaks Capital, Alameda Research, and others.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Compared to other Layer 2 networks, StarkNet is currently at a relative disadvantage. According to the latest data from DeFiLlama, StarkNet's TVL is only $12.98 million, and its ecosystem applications are primarily focused on the DEX track.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh4.googleusercontent.com/__LxbwOdjn9z83nijX2Bxd1mmAH1bplMpVFVdXXZGKj7D7qvbGqxDlv9X_4IKRQXhkxVnMg-iEUDv9S0LQlIrwvODymsR-acK1aZVShi8UlFZ67-vYCURC97xyrxWxuARZVr0TTIWO9LmE7uChHbgNA" width="602" style="margin-left:0px;margin-top:0px" /></span><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh5.googleusercontent.com/W_oK61P6etkPOgbzTBfn5rL57U31kwHWye8WOi3ODfk8ASWP3bURGdBnex850BVHrEp_Pq5jOjgJloqp_dP6vuzDjU50UP8em5f3gHUSqV9lIvbP4JGUXY9uNnEiKHTN5lbvWPQmAWrPRvohb0lbW94" width="602" style="margin-left:0px;margin-top:0px" /></span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">According to Rootdata, there are 60 ecosystem projects in the StarkNet ecosystem (including unreleased applications).</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">The low number of applications and TVL in the StarkNet ecosystem can be attributed to several factors. Firstly, StarkNet uses the Cairo programming language, which increases the barrier to entry for developers as they need to learn a new programming language to build applications. Secondly, the current StarkNet network does have a suboptimal user experience with slow interaction speed, which may deter potential participants from actively engaging with the network.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Similar to zkSync, during the Arbitrum airdrop period, there was a surge in the number of addresses interacting with StarkNet and the transaction volume, followed by a decline to normal levels. Currently, the daily transaction volume and the number of new addresses on StarkNet fluctuate around 4,000.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh5.googleusercontent.com/jmrIzOuG2ttk2O614iHwjqGDv629V2H9cFFzKaj2FO09GZsuHiBJIGrTslartSXbmUzjXpHv55iRXsTOLvg0cfdRntXw6QBFIjkCvJHFnQ2RBhFAIM_-hHd9cxZBt0Hv1G5NxHkPlN8UurPNzoQbSMQ" width="602" style="margin-left:0px;margin-top:0px" /></span><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh4.googleusercontent.com/A19tMkMAAaeSg992ZYr6WnY7MhCZjTfe8LyMwMulMTppnbFznDFOspQTDbesIt-1g5noirJ-P8k6ZMHlooVIfpgvZD9rkKWjRrMt2Ia59JyAsAoJ_vmYqmjUZfqcr-xyFtphLqJullKtvexhwikjEXU" width="602" style="margin-left:0px;margin-top:0px" /></span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">While the StarkNet mainnet has not yet been launched and there is no public timeline for its release, there have been indications regarding future token allocation plans:</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">It is possible that the StarkNet team is aware of the suboptimal network performance or they have taken community feedback into account. According to the latest</span><a href="https://medium.com/starkware/starknet-goals-and-roadmap-for-2023-fe7b89eead3b" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial';color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;vertical-align:baseline">roadmap</span></a><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> revealed to the public, in 2023, StarkNet will focus on improving network performance and user experience, including enhancing network efficiency, reducing transaction costs, and implementing fee markets. Additionally, there are plans to decentralize operations and decision-making aspects in 2024.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Coincidentally, similar to zkSync, StarkNet has chosen next year as the key period for their project's major advancements. The Layer 2 network battle next year may be even more exciting than we imagine.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh4.googleusercontent.com/f1CcSX-XIDhS5dYemO7m-ectN6xalrisjWCQPOeH8oZM-lexJs3oZFg856Z8DyJX3zQ8LefIlo-O3xVB2vD3lV-bNjHIR-1yzzi7I4WaGZCR-KKt5OUgp7lRw1RvkD0X4Q143erO0pcf3gltA0Af7FQ" width="602" style="margin-left:0px;margin-top:0px" /></span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.2.5 Closing Remarks</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">The competition among public blockchains has temporarily reached a plateau, with Ethereum's position almost unshakable. The prospects of directly challenging Ethereum are now minimal, and differentiation may be the key narrative for new public chains.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">The focus of Layer 2 networks currently revolves around two solutions: Optimistic Rollup and ZK-Rollup. Currently, the Optimistic Rollup solution has taken the lead and captured a share of the market. Despite many industry leaders believing that ZK-Rollup is the future, they still face significant challenges from other solutions. Therefore, for the ZK-Rollup team to secure ultimate victory, besides perfecting their technology, nurturing and fostering a thriving ecosystem is of utmost importance. The upcoming year is crucial in this regard.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:17pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.3 Track Analysis - Public Blockchains</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.3.1 Sui</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.3.1.1 Basic Project Overview</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">On June 19, 2019, Facebook (now known as Meta as of 2021) released the Libra whitepaper, which was later renamed Diem. During the same period, Facebook also introduced a digital wallet called Calibra, later renamed Novi, as an accompanying infrastructure for the Libra digital currency. In September 2021, the Novi team established Mysten Labs. However, in January 2022, due to regulatory pressures, the development of Diem and Novi came to a halt. In March 2022, Mysten Labs announced the launch of Sui, a Layer 1 public blockchain.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Sui is the world's first permissionless Layer 1 blockchain. As a decentralized PoS blockchain, Sui aims to achieve scalability in throughput and storage through horizontal scaling. Its goal is to become the first internet-scale programmable blockchain platform.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.3.1.2 Project Details:</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.3.1.3 The Team</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Sui is developed by Mysten Labs, whose members are all from the development team of the former Facebook cryptocurrency wallet, Novi. The core team of Sui consists of the following four individuals:</span></p><ol style="margin-top:0;margin-bottom:0"><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Evan Chang: CEO, former Head of Engineering at Novi and former Engineering Director at Meta. Evan Chang has also worked at Apple.</span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Sam Blackshear: CTO, former Principal Engineer at Novi and the creator of the Move programming language.</span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Adeniyi Abiodun: CPO, former Product Lead at Novi. Adeniyi Abiodun has previously worked at Oracle and VMWare.</span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">George Danezis: Chief Scientist, former Research Scientist at Novi. George Danezis has also worked at Microsoft.</span><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><br /><br /></span></p></li></ol><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.3.1.4 The Funding</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Series A</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Date: December 2021</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Funding: $36 million</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Key investors: a16z led the funding round, with participation from Coinbase Ventures, NFX, Scribble Ventures, Redpoint, Lightspeed, Electric Capital, Samsung NEXT, Slow Ventures, Standard Crypto, and others.</span><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><br /><br /></span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Series B</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Date: September 2022</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Funding: $300 million</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Key investors: FTX Ventures led the funding round, with participation from a16z, Sino Global, Dentsu Ventures, NGC Ventures, A&T Capital, Bixin Ventures, Greenoaks Capital, O'Leary Ventures, Jump Crypto, Apollo, Franklin Templeton, Coinbase Ventures, Circle Ventures, Lightspeed Venture Partners, and others.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.3.1.5 The Product</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">The Sui blockchain, developed based on Novi, stands out for its high scalability and low latency. It is the first permissionless Layer 1 blockchain driven by Proof of Stake (PoS). Sui blockchain achieves transaction parallelism, and for sufficiently simple transactions, it employs a simpler settlement mechanism instead of consensus, which opens up greater possibilities for the adoption of DeFi, NFTs, and other use cases. The 4 key points that differentiate Sui from other blockchains are as follows:</span></p><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">① Sui Move</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Move is a secure and reliable smart contract programming language specifically designed for the Diem project. The Move language possesses powerful coding capabilities, allowing for the encoding of various assets and business logic. Mysten Labs has optimized the underlying architecture based on the Move language, transforming it into the object-centric data model called Sui Move.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Currently, mainstream blockchain platforms generally adopt an account model or UTXO (Unspent Transaction Output) model to record the blockchain state. Accounts are data structures that hold user balances, while UTXOs represent the remaining assets after a transaction. Sui combines both models, storing data within unique ID-based objects. Each object in Sui must have two main characteristics: a key and a UID. Developers can define, create, and manage these programmable objects, which are stored in the blockchain of user accounts, accessed and controlled directly by their owners.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">In Sui, all transactions take objects as inputs and produce new or modified objects as outputs. By transacting at the object level, the system can group transactional matters of objects and process each group in parallel. For example, simple payment transfers can occur in any order without impacting the overall blockchain's block records, eliminating the need for consensus among them.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">In the current design of public blockchains like Ethereum (ETH), transactions based on ETH require a global transaction ordering list for consensus confirmation by all network nodes. This significantly increases transaction fees and reduces transaction speed. Undoubtedly, Sui's parallel transaction approach greatly enhances the TPS (Transactions Per Second) of transaction processing.</span></p><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">② Unique Consensus Mechanism</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">In contrast to traditional blockchains, Sui validators do not process transactions into blocks. Instead, they group transactions by objects and independently validate them. Sui categorizes transaction objects as non-shared (simple transactions) or shared (complex transactions).</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Non-shared (simple) transactions are independent transactions without causal relationships and are validated using the Byzantine Consistent Broadcast algorithm. This is a leaderless protocol with lower strength than the Byzantine algorithm. Sui's object-centric data model allows transactions to be executed in parallel using a causal ordering method, rather than being batched and executed sequentially like traditional blockchains. If multiple transactions have no dependencies between them, they can be processed in any order in parallel. In theory, most transactions fall into this category, such as when a user simply wants to transfer assets to a recipient, where the only required data is account information, and there is no relationship with other states. This unique processing approach allows simple transactions to bypass network-wide consensus while ensuring network security.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Shared (complex) transactions are defined as multiple transactions that depend on each other and are ordered and agreed upon using the Narwhal and Tusk protocols. Narwhal refers to the memory pool protocol specifically designed to store unconfirmed blockchain transactions. Its task is to provide a DAG (Directed Acyclic Graph) object dependency path while maintaining data availability. Narwhal operates independently of the consensus protocol and ensures tolerance to failures in the form of asynchronous or intermittent liveness failures. The Tusk protocol is responsible for transaction ordering and achieves consensus by utilizing the DAG data path provided by Narwhal.</span></p><br /><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">③ DPOS</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Sui adopts the Delegated Proof-of-Stake (DPoS) consensus mechanism, implemented through the DAG-based Byzantine Fault Tolerant (BFT) Narwhal and Bullshark (Tusk). This design allows Sui to process transactions in parallel and reach consensus quickly. Unlike Ethereum's PoS, DPoS selects representatives through elections to validate transactions and new blocks. In Sui's DPoS model, token holders elect validators, aligning the token holders' equity with the economic incentives of the validators.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Furthermore, the validators who validate transactions today may not be the validators responsible for storing data in the future. Therefore, Sui reallocates past transaction fees to future validators through a storage fund, ensuring that validators receive token rewards continuously to compensate for the costs of holding blockchain data.</span></p><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">④ Gas Fees</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">One unique aspect of Sui's design is that storage fees and transaction execution fees (computational fees) are separated and paid independently.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Storage fees are denominated in USD and are used for storing any on-chain data. The pricing for storage fees is typically determined through governance voting. From the user's perspective, they don't differentiate between the types of fees they are paying. However, when users submit on-chain data, they pay both gas fees and storage fees simultaneously. The storage portion of the fees is deposited into a "storage fund," which is used to compensate validators for the cost of storing user data, subsidizing the increasing storage costs as the network grows and matures.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">The computational gas fees are determined by the gas pricing mechanism, where validators set a minimum gas price for each current transaction. They then disclose a "reference gas price" to users, which represents the two-thirds percentile price of the equity. Sui incentivizes validators to keep the price low but ultimately lets the market determine the gas price. Users are allowed to use "tips" on top of the reference price to ensure their transactions are prioritized. Therefore, the computed gas price is the sum of the reference price and the tip.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.3.1.6 Development</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.3.1.7 History</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">In September 2021, the Novi team established Mysten Labs.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">In December 2021, Mysten Labs secured $36 million in Series A funding.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">In March 2022, Mysten Labs announced the launch of Sui, a Layer 1 public blockchain.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">In May 2022, Mysten Labs released the Sui test network, Sui DevNet.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">In May 2022, Mysten Labs unveiled the Sui tokenomics model and incentive mechanisms.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">In August 2022, Sui opened the incentive network for testing.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">In September 2022, Mysten Labs raised $300 million in Series B funding.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">In October 2022, the Sui Foundation went live.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">In January 2023, Sui initiated the second phase of the testnet.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">In March 2023, Sui introduced the permanent testnet.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">In May 2023, the Sui mainnet was officially launched.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.3.1.8 Development Status</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">The Sui mainnet has been live for one month, and the blockchain has already witnessed the emergence of various ecosystems such as DeFi, NFT, GameFi, wallets, and activity platforms.</span></p><br /><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">① TVL</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">According to the data from Defillama, a comprehensive DeFi on-chain data platform, as of mid-June, the Total Value Locked (TVL) on the Sui chain was $11.44 million, which represents a 60% decrease from the peak of over $30 million.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh3.googleusercontent.com/ZJ0c9Ww9i8I44MEXkducfCPTsMlDGQuqsM3t8ZSa2n6COqKlCcBMCG-Py_Ysn2Q5ndd6l18AK1MpR5CEuAHC1IpBdf_qG2RiVxDPzvPAuwlY90oXV-J7TRt1BSkiR9E2w3O4rNfeVExEL-a2uEMZH_o" width="602" style="margin-left:0px;margin-top:0px" /></span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">The largest application in terms of on-chain TVL on Sui is the DEX — Turbos, which has a TVL of over $560,000, accounting for approximately 49% of the total TVL. The second-largest application is Cetus, with a TVL of over $540,000, representing approximately 48% of the total TVL.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh3.googleusercontent.com/4fzd4xTa3deLxBRA0xBGOjhkrmg2CgaSN4-E1xM9TyEWo_sZKTN-IJknLJP3eo-RFKyfW_N7ST1CZ9k5yGSbS_8dc_CJq5UCa-OyfGiYOv08BoF6IR-CyO4IilSlizw6wjQ2nGrHcfYQpHWxQF586ao" width="602" style="margin-left:0px;margin-top:0px" /></span></p><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">② Validation Nodes</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">According to Suiscan, as of mid-June, the Sui network has a total of 104 validators, with an average stake APY (Annual Percentage Yield) of 5.357%. The top 5 validators in stake rankings during Epoch 64 are as shown in the image. Staketab ranked first in terms of total stake volume with over 27.19 million SUI.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">The total stake volume on Sui is 7,395,932,152.68 SUI.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh4.googleusercontent.com/jqUUi0ADgz5vof8j5j6C_6LGIgE6VBCDHmXXRD26qaHg1wUf6dDY2hAn6fyuWhSuOn32IukPiKHaC1iUde_20batpC7waUPttVSO7yxs-hazRI5p97IaiW6ZOfnInFtxPFr6DQGZ5fRDI3J4FqOGbj8" width="602" style="margin-left:0px;margin-top:0px" /></span></p><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">③ TPS</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">TPS represents the speed at which a network processes transactions. According to the data from Suiscan, the TPS (Transactions Per Second) of the Sui blockchain in the past 30 days is 2. Source: Suiscan.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh6.googleusercontent.com/tCwgdJxY_ztS1kyTrZGd19dpXkMU5QAEWs-XE_HUL0X456npLVL7Xlh8-poYEaSOknJxSwX0-qRlE_hwja1xKdDfrQi0Dx-rktxAbvp-BNZN8DoD7PcZWsyEPz9-b32eKOoDZw24sNHZP0XUiY2hgLI" width="602" style="margin-left:0px;margin-top:0px" /></span></p><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">④ Number of On-Chain Accounts</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">According to the data from Suiscan, as of mid-June, the number of accounts on the Sui blockchain has reached 1,156,476. Source: Suiscan.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh6.googleusercontent.com/Ekbm-9P_TaboPHrxUjG9XvEI4qXBRl-IpNqlR-h3W-iW0c6AQvRuviX_UsMgAQyOMRB5eCKI3CjZjmDh11A948OmcNg4-tyN5jL3PETA_bcXFFd0UVmItVT7GKzhh3CpWrFv_9QovbgI8zX2JAVD_0E" width="602" style="margin-left:0px;margin-top:0px" /></span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.3.1.9 Economic Model</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">The symbol for the Sui blockchain token is SUI, and the total supply is 10 billion tokens.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.3.1.10 Token Allocation</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">The token allocation for the Sui blockchain is as follows: 50% to the community reserve, 20% to early contributors, 14% to investors, 10% to Mysten Labs Treasury, and 6% to the Community Access Program, IEO, and application testers.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.3.1.11 Token Utility</span></p><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">① Staking Network</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">SUI can be used to participate in staking activities, and by staking SUI tokens, users can earn corresponding rewards.</span></p><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">② Gas Fees</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">SUI can be used to pay for on-chain transaction gas fees.</span></p><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">③ On-chain Voting on Governance Issues</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">SUI can be used to vote for on-chain governance events, such as protocol upgrades.</span></p><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">④ Support for the Economic System</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">SUI can be used as a liquidity asset for various smart contracts and monetary policy applications.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.3.1.12 Three Key Roles</span></p><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">① User</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Using the Sui platform, users can engage in transactions to create, modify, and transfer digital assets or interact with interoperable and composable complex applications based on smart contracts.</span></p><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">② Token Holder</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">SUI token holders have the option to delegate their tokens to validators and participate in the Proof-of-Stake (PoS) mechanism. SUI owners also have the right to participate in Sui governance.</span></p><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">③ Validator</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Validators perform transaction processing and execution on the Sui public blockchain.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.3.1.13 Five Core Components</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">The SUI token is the native asset of the Sui platform. All network operations incur gas fees, which are used to reward participants in the Proof-of-Stake mechanism, deter spam and denial-of-service attacks. The SUI storage fund is used to transfer equity rewards across time and compensate future validators for the storage costs of previously stored on-chain data. The Proof-of-Stake (PoS) mechanism is used to select, incentivize, and reward honest behavior from operators on the Sui platform, including validators and SUI delegators. On-chain voting is used for governance and protocol upgrades.</span><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><br /></span><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><br /></span><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.3.2 CCTP</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.3.2.1 Basic Project Overview</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">In April 2023, Circle, a US-based payment technology company and blockchain financial services provider, who is also the issuer of USDC, announced the launch of the Cross-Chain Transfer Protocol (CCTP), a developer-focused protocol for cross-chain transfers based on Ethereum and Avalanche. This protocol enables the seamless movement of USDC stablecoin across supported chains, providing unparalleled interoperability, security, liquidity, and simplified user experience.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Circle stated that numerous cross-chain projects, including Celer, Hyperlane, LayerZero, LI.FI, MetaMask, and Wormhole, among others, will utilize this protocol in the future.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.3.2.2 Project Details</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.3.2.3 The Team</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">CCTP is developed by Circle, and the core team members of Circle are as follows.</span></p><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">① Co-founder & CEO</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Jeremy Allaire, a serial entrepreneur, previously served as the co-founder and CEO of Brightcove, a partner at General Catalyst, and the CTO of Macromedia.</span></p><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">② CFO</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Jeremy Fox-Geen, with 25 years of experience in corporate finance and financial services, has held executive positions at iStar and Safehold, McKinsey & Company, PricewaterhouseCoopers, and Citigroup.</span></p><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">③ Chief Strategy Officer</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Dante Disparte, with decades of experience in global finance and risk issues, previously served as the Executive Vice President of the Diem Association.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.3.2.4 The Funding</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">CCTP has not yet announced its financing plan.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.3.2.5 The Product</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">The Cross-Chain Transfer Protocol (CCTP) is a permissionless on-chain utility that allows for the burning of native USDC on the source chain and the minting of an equivalent amount of native USDC on the target chain. Developers can embed CCTP into their applications, providing users with a capital-efficient method for transferring USDC across chains, thus laying the foundation for a unified and mainstream Web 3.0 experience.</span></p><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">① How CCTP Works</span></h4><ol style="margin-top:0;margin-bottom:0"><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Burning USDC on the source chain: Users initiate a USDC transfer from one blockchain to another using an application (portal / wallet / bridge) and specify the receiving wallet address on the target chain. The application will burn the specified amount of USDC on the source chain, and Circle will validate the burn event on the source chain.</span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Obtaining signature certificate from Circle: Circle observes and validates the burn event on the source chain. The application requests proof from Circle, and Circle provides authorization to mint the specified amount of USDC on the target chain.</span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Minting USDC on the target chain: The application uses the certificate to trigger the minting of USDC. The specified amount of USDC is minted on the target chain and sent to the recipient's wallet address.</span></p></li></ol><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">② More Possibilities for CCTP</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Developers can leverage CCTP to build cross-chain applications that combine various functionalities such as trading, lending, payments, NFTs, and gaming, to simplify users' operations.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">1. Cross-chain Swaps: Users can seamlessly swap digital assets across different chains. For example, they can exchange ETH on Ethereum for AVAX on Avalanche. With CCTP, this process is fully automated. It automatically converts ETH to USDC on Ethereum, routes it through CCTP to Avalanche, and converts it to AVAX. The routing and execution are hidden from the user, making the operation exceptionally simple.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">2. Cross-chain Deposits: Users can utilize their USDC on Ethereum to trade on decentralized exchanges on Avalanche. With CCTP handling the behind-the-scenes cross-chain routing of USDC, users do not need to switch wallets or even consider the chain on which they hold their USDC.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">3. Cross-chain NFT Purchases: With just a click, users holding USDC on Avalanche can purchase Ethereum-based NFTs on Uniswap and list them for sale on OpenSea. When users initiate the transaction from their MetaMask wallet, CCTP routes their USDC from Avalanche to Ethereum to make the purchase on Uniswap, and then opens the listing on OpenSea.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.3.2.6 Development</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.3.3.7 History</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">On April 26, 2023, Circle announced the launch of the developer-focused Cross-Chain Transfer Protocol (CCTP), which is built based on Ethereum and Avalanche.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">On April 27, 2023, numerous partner SDKs, including Metamask, integrated with CCTP.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">On June 27, 2023, the Cross-Chain Transfer Protocol (CCTP) went live on Arbitrum.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.3.4.7 Development Status</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Currently, Circle has not disclosed more details of CCTP development.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.3.2.9 Economic Model</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">CCTP is a permissionless on-chain tool introduced by Circle. There is currently no economic model for CCTP.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:17pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.4 Track Analysis - DeFi</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">DeFi (Decentralized Finance), as one of the most significant sectors in the blockchain industry, is playing an increasingly important role. Many believe that in the future of the financial industry, DeFi will replace traditional centralized finance (CeFi) as the primary mode of transactions, while CeFi will continue to serve as an important supplement.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.4.1 DeFi: The Fading Glow</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">The narrative of DeFi seems to have come to an end in the summer of 2020, with DeFi Summer marking the climax, as well as its beginning and end. AMM (Automated Market Maker) protocols have become the essential infrastructure and standard for all DeFi projects. However, since then, established DeFi projects began to show signs of decline, and new challengers failed to bring innovative models that could excite the market and users.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Driven by the innovation of the AMM model, the DeFi space witnessed significant changes, and the track became more diverse with the emergence of various sub-sectors such as lending, derivatives, algorithmic stablecoins, synthetic assets, aggregators, and insurance. Additionally, the AMM model addressed efficiency issues and facilitated capital flow, attracting a substantial influx of funds into the DeFi track.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">According to data from DeFiLlama, prior to DeFi Summer, the total value locked (TVL) on-chain was approximately $1 billion. However, after DeFi Summer, TVL experienced explosive growth, reaching its peak in early December 2021 at around $182 billion. Currently, the TVL has decreased to approximately $43 billion, marking a 76% decline.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh6.googleusercontent.com/fZ1SeZ_E_QoRJavUDUU9qmAmTno9bmz1ZVDZtLFyIvZnawp3kWV0iZMh1lgk2O_XNEKt1Egp_zsk6TIphpoQ5vuP6wBL3iCijQByCSdljnra8Wr8bpjvz_4kn5Ox3ctLq8yeeVY3w5VSbr7Ecc3kl3I" width="602" style="margin-left:0px;margin-top:0px" /></span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">As the hype subsides, both established DeFi projects like Uniswap and emerging projects like OHM in DeFi 2.0 are gradually forgotten by the market. The root cause of this forgetting lies in the fact that the services they offer are largely similar, and the market does not necessarily require such a multitude of similar projects. In the initial stages, projects attract users through token incentives and high liquidity rewards. However, as the returns diminish, funds flow towards the next project.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.4.2 DEX: The Double-edged Sword Of Liquidity</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">DeFi has witnessed tremendous growth in DEX trading volumes, with the largest DEX, Uniswap, at one point surpassing mainstream exchanges like Coinbase in daily trading volume. However, the landscape has changed since then.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">According to data from DeFiLlama, DEX trading volumes reached their peak in late 2021 and early 2022, with the highest volume nearing $80 billion. However, this year, DEX trading volumes have reached a peak of nearly $20 billion, which is only a quarter of the historical peak.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh5.googleusercontent.com/FdRh0tmAN7ko1DrjT_UAMlC1p_VNp6cCBX7Nfy7hvKXlfavqjS1QdbveBX5o8Jz9dbC5mCztF6O8CB8Dk-AoLlElPLs-60mTn9Sif-G5eqEJLZdf8dk9VX7RKYIcDTrTFaOkdEnxygabIZZdpuCQEtM" width="602" style="margin-left:0px;margin-top:0px" /></span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">According to the latest data from CoinGecko, the combined trading volume of the top five DEXs in the past 24 hours represents only 40% of the trading volume on Binance. This suggests that the glory days of DEXs are now a thing of the past.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh4.googleusercontent.com/PqaG1TLUxr9BogDNFcCnsAG9yB_B2SD5ptghFXaPsL7nzPXfocZhtPLcFyuwVk4-dMAEvw2PkDsqKQ6a5D6i-OSp50bTdlEFVV9AdupsuOFooO6gLncYhnCICDJvuphABjPu2KCMOJi0JFfozLgBbfg" width="602" style="margin-left:0px;margin-top:0px" /></span><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh5.googleusercontent.com/Ejos1bFZkIRCDrPd5MIIZVIJBPKGR0Ln76VSCPBladRbUxqlhjUUdC5e6QLh5XGvuQ0j3KfPRC0PNS7F5-8qvoVNvAURunD64ne0mAPmu2kbk56r4FHxsVPT74zR_GBhGvbeG-KNvIDAzlN5spVesZc" width="602" style="margin-left:0px;margin-top:0px" /></span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">After the DeFi frenzy, the popularity of DEXs is mostly accompanied by negative news. Instances of exchange failures like Luna and FTX, as well as recent lawsuits filed by the SEC against Coinbase and Binance, have impacted the DEX landscape. In the past two days, the trading volumes of the top three DEXs have increased by over 440%.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Liquidity has been a double-edged sword for DEXs. The rise of DEXs was fueled by high liquidity rewards, but their decline is often associated with the reduction of these rewards. Without the allure of high liquidity incentives, DEXs currently lack effective means to retain users. Therefore, improving the service experience of DEXs and exploring new breakthroughs have become the direction that DEX projects are actively pursuing.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.4.3 RWA: A New Narrative For DeFi</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">RWA (Real World Assets) is where real-world assets are tokenized and brought onto the blockchain. By tokenizing real-world assets such as bonds, stocks, real estate, and more, individuals can hold tokens that represent ownership of these assets in the physical world. These tokenized assets can then be utilized for activities like renting, lending, buying, and selling within the blockchain ecosystem.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.4.4 RWA + DeFi: New Scenarios</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">The core concept of RWA is to bring real-world assets onto the blockchain, allowing for the redemption of on-chain RWA tokens for offline assets, enabling seamless interaction between traditional finance and DeFi.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Currently, DeFi operates within a relatively closed environment, and the addition of RWA can bring new possibilities and enhance the overall innovation capacity of DeFi. Additionally, while the primary source of user returns in DeFi comes from liquidity rewards, when the rewards decrease and users have no motivation to provide liquidity, the introduction of RWA can provide users with more opportunities to increase their earnings, thereby boosting the vitality of the DeFi ecosystem.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">The integration of RWA expands the scope of DeFi beyond just cryptocurrency assets. It allows for a wider range of underlying assets and diversified investment strategies involving real-world assets. This enables participants to increase their returns in DeFi and provides them with consistent motivation to remain engaged.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">The concept of RWA is not new and was already introduced by AAVE in late 2021 with the launch of the RWA market, enabling collateralized lending using real-world assets. This year, the publication of</span><a href="https://icg.citi.com/icghome/what-we-think/citigps/insights/money-tokens-and-games" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial';color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;vertical-align:baseline">Citigroup's research report "Money, Tokens, and Games"</span></a><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> has once again brought RWA into the spotlight. In the traditional finance sector, institutions like Goldman Sachs have tokenized traditional assets, Siemens has issued 60 million euros in bonds on the Polygon network, and KKR is exploring the tokenization of real-world assets.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh6.googleusercontent.com/2XJG-4sjwCtPw-VzNkdjBUQ3jrAYjdYj5Jy5FPKRPbOt_Lp975RkekOCBqDzEoqKQXIbIrrEi7h_9csRHSWaUVr2yL7kSvuyBLqPLgshBLjSsgczw8v-IGD4TJeTy_P7hs8UG_O8MwB2wreisovOgIY" width="602" style="margin-left:0px;margin-top:0px" /></span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.4.5 The RWA Track</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">The RWA track currently encompasses various sub-sectors, including stablecoins, real estate, stocks and bonds, private lending, carbon credit tokens, synthetic assets, and TeadFi.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">According to data from CoinGecko, the top ten projects by market capitalization in the RWA sector include stablecoins (Maker), private lending (Centrifuge and Goldfinch), stocks and bonds (Maple, TrueFi, and Clearpool), real estate (Propy), and carbon credits (KlimaDAO and Regen).</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh5.googleusercontent.com/bsszsztSzMBFsEVuqO2fRV03EZey1wkuoC7N3wxMirnJQjdtv-8ptqfxhhHB0PrRLPJWPK__0U2MPLPLpFsxJkcveKW26xxIv4DMAiWkMbRzBP_vr1-cyYsjGVx-hWCVKHBFoaGhx770e_T1rY-y7nA" width="602" style="margin-left:0px;margin-top:0px" /></span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">According to the data from rwa.xyz, there have been 1,651 loans based on the RWA protocol in the private credit sector. The total loan amount reached $4.375 billion, with an average yield of 10.42%. Private credit operations primarily focus on relatively underdeveloped regions such as Southeast Asia, Africa, India, and South America. The funds flow into sectors including consumer goods, automotive, fintech, carbon projects, real estate, and crypto trading.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh3.googleusercontent.com/lgwwjw9Vjd8XlWHt8Gtq8NOkzOCECh8I-DGMSAtVXqMAMutySXX3q5L4PqBBy-NR1q1Zp4_KDWZUwr5d26OH77qKY6n9ckUgXxnymHcMzgR9y58vvLNDdWQf_8NB_UwZXJBd821znlkKDWVQBf-qY6Y" width="602" style="margin-left:0px;margin-top:0px" /></span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">According to the latest research report by</span><a href="https://app.chainaegis.com/home/news/detail?contentId=328&lang=en-US&haveCover=true&chainmeetShare=eyJ0aXRsZSI6IlNoYXJrVGVhbTogT24tY2hhaW4gRGF0YSBBbmFseXNpcyBmb3IgUldBIFRyYWNrIiwiZGVzYyI6IlJlYWwgV29ybGQgQXNzZXRzIChSV0EpIHJlZmVycyB0byB0aGUgcHJvY2VzcyBvZiB0b2tlbml6aW5nIHRhbmdpYmxlIGFzc2V0cyB3aXRoIHN0YWJsZSB2YWx1ZSBhbmQgaW5jb21lLCBzdWNoIGFzIHJlYWwgZXN0YXRlLCBhdXRvbW9iaWxlcywgYXJ0d29yaywgZXRjLiwgYW5kIHV0aWxpemluZyBvciB0cmFkaW5nIHRoZW0gb24gdGhlIGJsb2NrY2hhaW4uIiwiaWNvbiI6Imh0dHBzOi8vYXBwLmNoYWluYWVnaXMuY29tL2dhdGV3YXkvcmVwb3J0L2FwaS9hcHBsZXQvdjIvaG9tZVBhZ2Uvc2hhcmtUZWFtL2NvdmVyL2dldC8zMjgucG5nIn0%3D" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial';color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;vertical-align:baseline">SharkTeam</span></a><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">, the number of addresses holding RWA-type tokens on the Ethereum blockchain has been continuously increasing. The largest surge in address count was observed in January 2022, while the increase in March 2023 was close to being the highest for this year and the fourth highest in history.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh6.googleusercontent.com/nPFyg8acercWXMZi7HVM7SDq0PqFKKSOJqiMNOsPg2eu0vp_jcfRGoHHFYPOeYp0h6SGxAAXV2101YWNPoK2WNzQWY7Ib_P9zW4T2x8fToM87xJUKFvnvFV2QTznlWt2DFS4y2nMyphRL1Bko-8nQFs" width="602" style="margin-left:0px;margin-top:0px" /></span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.4.6 Pros & Cons of the RWA Track</span></p><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Pros:</span></h4><ol style="margin-top:0;margin-bottom:0"><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Asset Preservation: RWA have the ability to withstand inflation. As real-world inflation causes prices to rise, the value of tangible assets also increases.</span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Stable Returns: Projects like real estate offer relatively stable returns, which appeal to investors who prioritize stable income.</span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Transparency: The DeFi code is open for public audit, and the on-chain data is transparent and traceable.</span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Cost Reduction: DeFi eliminates intermediaries, leading to cost reduction. Additionally, cross-application services are more convenient and efficient.</span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">User Control: Non-custodial asset management is achieved through private keys, allowing DeFi applications to interact with assets in a trust-minimized manner.</span></p></li></ol><br /><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Cons:</span></h4><ol style="margin-top:0;margin-bottom:0"><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Poor Liquidity: RWA investments often have longer exit timeframes. If there are liquidation entity assets, ownership changes may be required.</span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">High Management Costs: Investing in RWAs typically involves higher management costs, such as maintenance and property management expenses.</span></p></li></ol><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.4.7 Closing Remarks</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">RWA is not a new concept, and commonly mentioned stablecoins, such as USDT and USDC, are indeed examples of RWA. They represent the mapping of real-world assets, such as the U.S. dollar, on the blockchain. However, ensuring the legitimacy of on-chain assets and preventing illegal activities like money laundering poses a challenge for RWA.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.4.8 LSD: DeFi's New Trend</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">LSD, which stands for Liquid Staking Derivative, is also known as a Liquid Staking Token. It represents users' staked assets that can be used for DeFi activities, allowing users to earn additional income apart from staking rewards.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.4.9 Why Do We Need LSD?</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">In the transition from Proof of Work (PoW) to Proof of Stake (PoS) in Ethereum, the previous miners who obtained block rewards became node validators who stake ETH tokens to secure the network and earn rewards. However, when these ETH tokens are locked through staking, they become illiquid.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Liquid Staking addresses the liquidity issue by tokenizing the staked assets. LSD allows these locked assets to retain liquidity and can be traded or used in DeFi protocols, enabling users to earn additional income beyond staking rewards.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">LSD remains an ERC-20 token, which means it can be traded, staked, provided as liquidity, borrowed, and more.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.4.10 LSD Data</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">According to Dune's statistics, we can see that over 1/3 of ETH is staked in the LSD protocol. LSD has become an important component of the DeFi sector. In terms of the total locked value in different protocols, LSD also ranks first, reaching $18.25 billion.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh4.googleusercontent.com/-IbQc94yRfilX3mFCaMrlmSw_imwlPJwi_iTJoxcU0FWQTi_VhQ5puIaoTmgGGPocp3EC7_VklnXpVtyYCcwLVJuT0oT46chuVBL9GOenNxch1lWHVBWMbHq-sqX6eykgeGutdLEIUzlUWFTuiq6F7o" width="602" style="margin-left:0px;margin-top:0px" /></span><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh3.googleusercontent.com/BTgENBCT2cxgS3ylLwn-WQz8JGFwK-McJfWCgv51db_yJimM_7AZmyy6OD-eYzK8zT6BrIPC8AmtRO3yEkIebGCPszqJHmpS9h6e2a-vYzGdekt_KtoCQqM1OmjlG0gVbX7Bgsvj57K35GzwrZOuXmU" width="602" style="margin-left:0px;margin-top:0px" /></span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">In the LSD sector, Lido is undoubtedly the leading application, with its Total Value Locked (TVL) accounting for 74.23% of the entire sector. At its peak, it has reached as high as 92%.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Lido's stETH holds the largest market share and enjoys excellent liquidity. However, it is precisely because of this that concerns have been raised regarding the centralization and governance system of Lido DAO.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh6.googleusercontent.com/hqkJ5Zj-Ex3fisyWX7pTjJ-QErB16Vd4AUTfsIQXQyZ6F8iGrzlwJmXBK3PAut3OcYUyEz33-xQ5yYc6URLDQYo2XQ814P0W7hNbyJugO7F-N2iqAkt-ktcYFD8ew_L3zRTAv_MvqKcQQiXhC0jSfR8" width="602" style="margin-left:0px;margin-top:0px" /></span><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh6.googleusercontent.com/IpufjiHr8rC16XBDqguEmBEvXF5iKya095KFHxt5xbixNp9hPbFdhsDTH5baUyiIelNlW0CZxGvKf6Oe-bJOokQFV6g1NP8vXPqNrv7h5qXLPDckRmreNpG5VSBTeXOxBxjWOGMREYlAp83c2y0obc4" width="602" style="margin-left:0px;margin-top:0px" /></span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.4.11 Lido Finance</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Lido is the first service provider that offers liquidity staking, consistently occupying an absolute market share. On the official website interface of Lido, you can stake your ETH and receive stETH, which is the certificate provided by Lido, also known as LSD. You can hold this certificate to earn staking rewards and use it for DeFi activities.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">According to data from DeFiLlama, Lido's current Total Value Locked (TVL) is $12.7 billion, which has decreased compared to its peak of $20.835 billion. The main reason for this decline is the collapse of UST, which resulted in significant losses.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Lido charges a commission of 10%, and the APY has remained between 5% and 5.5% in the past month. Currently, approximately 7.2 million ETH are staked in the Lido protocol, estimated at an Ethereum price of $1700. This translates to an annual revenue of over $60 million for Lido, which means a daily income of approximately $168,000.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh5.googleusercontent.com/NOJ8Df-0lY-PfkSMs6rIKqpwaaLJqxRA3XAbALBurzipFjRmLllz_xXyOec4_KpjXwczLiO0Z-hKnHHudCX8kHom-fwgR3JMf5Q61hDO59uN3xQEtIwBY1gk_XXKuUd2JRQevFZ8lLqypGTcSrFlYCQ" width="602" style="margin-left:0px;margin-top:0px" /></span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">In terms of the LSD track, Lido's TVL is $12.7 billion, while the second-place Coinbase has less than $2 billion, which is more than six times less than Lido.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">The price of Lido's token, LDO, has mostly fluctuated between the range of $1.5 to $2.5 this year. It reached a peak of $3.3 at some point this year and is currently priced at $1.77.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh3.googleusercontent.com/fbF5d9QE9JqqVtDskzFpQ5Ot5M31wn_Su4F_Ci2-kxfwzDsgil2_quxsJX0Gjk6TCcYy5rAFRvR-ol2DcrX0gX0mf8f8N-APyF14B5jWoQbIu6EofKBo2Uxb3GkhAJVY1jmUPb_H3RBFPDY2TJSG0Ok" width="602" style="margin-left:0px;margin-top:0px" /></span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.4.12 Choosing an LSD Option</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">LSD is an important component of the DeFi space. It enables users to earn profits on ETH, SOL, AVAX, and other PoS tokens without the need for long-term lockups. Each LSD variant has its own set of features that make it attractive to different types of users and risk profiles. Therefore, it is essential to conduct research before deciding which one is suitable for you.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.4.13 Uniswap V4</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Uniswap has just announced its latest V4 version roadmap, aiming to transform itself into a true financial platform. As the absolute leader in the DeFi space, Uniswap's plans may have an impact on other projects in the same field. This time, the questions raised by Uniswap also reveal its central question: Can DEX surpass CEX (Centralized Exchange)?</span></p><br /><h3 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:4pt"><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Hooks and Singleton</span></h3><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">The biggest updates in this V4 version are Hooks and Singleton.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">With Uniswap V4, developers can customize and deploy their own DEX to meet their specific needs through Hooks. This will inspire developers' creativity and enable them to create liquidity pools that cater to different specific use cases, incentivizing liquidity providers to participate.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">V4 liquidity pools will exist within a single contract, reducing the cost of creating liquidity pools by 99%. Combined with the new settlement system, it will also reduce costs across multiple pools.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">The emergence of Uniswap V4 accelerates the pace of DEX catching up with CEX. Uniswap has the opportunity to become the true infrastructure of the crypto DeFi space. Perhaps in the near future, it will achieve the goal that Uniswap itself has proposed, with DEX surpassing CEX.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.4.14 Closing Remarks</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Despite the waning influence of DeFi, there is no denying that it remains an integral and crucial part of the blockchain industry. It has become the infrastructure of the entire blockchain ecosystem, silently influencing various subsectors. The next DeFi wave could potentially introduce disruptive technologies akin to the emergence of Automated Market Makers (AMMs) three years ago, or bring forth new narratives and possibilities. It might be delayed, but it will never be absent from this grand feast.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:17pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.5 Track Analysis - NFT</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.5.1 Blur</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.5.1.1 Basic Project Overview</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Blur launched its mainnet on October 20, 2022, and introduced the Blur token on February 14, 2023. Blur is an aggregator NFT trading marketplace that not only has its own native trading platform but also aggregates OpenSea, LooksRare, and X2Y2. Blur has no marketplace fees and allows for an unlimited number of NFT transactions. Additionally, Blur offers free services that currently include NFT trading marketplace, trading aggregator, and trading tools. As a rising star in the NFT trading market, Blur has gained a significant share of the NFT market transactions due to its innovative feature of embedded trading aggregator and extremely low royalties.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.5.1.2 Project Details</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.5.1.3 The Team</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">The Blur team consists of 10 members, comprising developers from renowned institutions such as MIT (Massachusetts Institute of Technology), Citadel, Five Rings Capital, Twitch, Brex, Square, and Y-Combinator.</span></p><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">① Founder</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Tieshun Roquerre is 24 years old and graduated from the Computer Science faculty at MIT. He has previously worked at Teespring and Y-Combinator and has founded Namebase.</span></p><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">② Co-Founder</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Anthony Liu graduated from the Computer Science faculty at MIT and co-founded Namebase alongside Tieshun Roquerre. He is responsible for leading Blur's team of seven engineers.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.5.1.4 The Funding</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Blur has completed its seed funding round.</span></p><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">① Seed Funding</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Time: March 2022</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Funding: $11 million</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Key investors: Paradigm led the investment, with participation from eGirl Capital, 0xMaki, LedgerStatus, and others.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.5.1.5 The Product</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Compared to traditional NFT trading markets, Blur has the following five key features:</span></p><ol style="margin-top:0;margin-bottom:0"><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Fast transaction speeds</span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Multi-platform aggregation</span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Low gas fees</span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Zero transaction fees</span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Rich data analysis tools</span></p></li></ol><br /><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">① Fast Transaction Speeds</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Blur's most noticable aspect is its speed. The running speed of the Blur platform is nearly 10 times faster than other NFT aggregators. It can list all pending NFT transactions in less than 1 second and automatically update the list every four seconds. This rapid display, combined with almost real-time updated data, provides a significant advantage to Blur users who want to buy NFTs.The probability of grabbing some rare and popular NFTs on Blur is usually higher than on other platforms.</span></p><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">② Multi-Platform Aggregation</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">The Blur platform aggregates the three major NFT trading markets on Ethereum: OpenSea, LooksRare, and X2Y2. Additionally, users can also list their own NFT assets on Blur. Through the Blur aggregator, users can discover and browse NFTs from different markets on a single page, making it easier for users to purchase their desired NFTs.</span></p><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">③ Low Gas Fees</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Blur's gas priority preset can help trading users stay ahead of their competitors who purchase NFTs through other exchanges or aggregators. Additionally, through the Blur aggregator contract, it is possible to achieve multiple purchases within a single transaction, thereby saving users on gas fees.</span></p><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">④ 0 Transaction Fees</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Unlike traditional NFT trading markets like OpenSea, Blur maintains a 0% NFT transaction tax rate.</span></p><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">⑤ Rich Data Analysis Tools</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">In terms of data, Blur is more user-friendly for professional traders. Unlike OpenSea, which requires constant window switching to view different data, Blur eliminates this need entirely. By default, NFTs are listed in order of daily trading volume and display key data such as floor price, NFT owner count, and various price and trading volume indicators. Additionally, Blur allows tracking of the rarity of all NFTs, estimated collectible value, and even generates a rough investment profit and loss statement.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Furthermore, Blur provides corresponding tools for users looking to buy at the bottom. Each NFT series has a floor price depth analysis chart that shows how many NFTs are listed above different floor prices. Combined with other data provided by the platform, users can make more intuitive judgments about whether the current price level is suitable for entry.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.5.1.6 Development</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.5.1.7 History</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">In March 2022, Blur announced a seed funding round funding of $11 million, led by Paradigm.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">In May 2022, Blur launched a test version.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">In October 2022, after 5 months of internal testing, Blur officially went live and airdropped Blur tokens to users.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">In December 2022, Blur initiated the second airdrop, which was significantly larger in scale compared to the first one.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">In February 2023, the native token BLUR was launched.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">In February 2023, Blur updated its royalty policy, with a minimum preset royalty of 0.5% and adjustable flexibility. Additionally, Blur adjusted its transaction fee to 0.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">In May 2023, Blur entered the NFT lending market and introduced a series of new products, including the collaborative P2P NFT lending protocol called Blend in partnership with Paradigm, as well as features like buy-now-pay-later and mining lending points.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.5.1.8 Development Status</span></p><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">① Recent three-month trading data in the mainstream NFT market</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">According to the NFT browser NFTScan, the trading volume of Blur in the past three months is significantly greater than that of Opensea.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh3.googleusercontent.com/XXuh7lA2wIJnQux-lEe70ZUR5gR2BxZ5QofVZ6niIo-TworLJsCGIGTpsDTGerXr3rSp8UJSS8XiyLkyTkgo_ygwURYp7GgUGVDWpkk8445cxN7jabClJRi0OApS21guM_oxHWDG1_s9fcsVT2PbYks" width="602" style="margin-left:0px;margin-top:0px" /></span></p><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">② Blur: Number of traders and wallets</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">The number of traders and wallets can provide an additional dimension to assess the level of activity on Blur. Source: NFTScan.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh6.googleusercontent.com/sxlQze2gR_tRNfPACIJCMF9Qhquo1-Zi2KLhk1aKPhxRmlFnjdGmSab66c327Uvn2CDjDJfQsnNR7SccZIucWQP8ug5fH8SR-oZgkcdp2kU95N26NkgiI_-GA1acQh2vl8JqvH2jMPEIclSs-EeIuSY" width="602" style="margin-left:0px;margin-top:0px" /></span></p><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">③ Blur gas fees and trading volume</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">After the airdrop distribution, in March 2023, Blur experienced a significant surge in gas fees and trading volume. Source: NFTScan.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh4.googleusercontent.com/EKtogpD1y0un4ONw71EnAH4CmmCCY_6GFAmGj727jsD6syVL1SHwXvYmCUIjcA07Sj8SczSyJ5-_SYJGuOScQU4e-LpqafWSgPeUCpZKeSaEV3ihyau30VJ86b8SixslQzwAqHCnoL8G4uc7U7ApqXg" width="602" style="margin-left:0px;margin-top:0px" /></span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.5.1.9 Economic Model</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">The Blur token is issued by the Blur Foundation, with the token symbol BLUR. The total token supply is 3 billion, and it will be fully released within a period of 4-5 years.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.5.1.10 Token Allocation</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Community members will receive 51% of the BLUR tokens. Core contributors will receive 29% of the BLUR tokens, with a release period of 4 years. Investors will receive 19% of the BLUR tokens, also with a release period of 4 years. Advisors will receive 1% of the BLUR tokens, with a release period of 4-5 years.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.5.1.11 Token Utility</span></p><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">① Governance</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">BLUR token holders have governance rights over the protocol, and the Blur Foundation assists in facilitating community-led governance and participation in the DAO (Decentralized Autonomous Organization). The governance process is divided into off-chain proposals, forum discussions, Snapshot voting, on-chain proposals, and execution.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">To provide improvement proposals in the Blur community, one must hold a minimum of 100,000 BLUR tokens. Proposals require at least 30 million BLUR tokens in support to enter on-chain execution voting. Once in the on-chain execution voting phase, at least 120 million BLUR tokens in support are required for execution.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Additionally, BLUR token holders have the right to control the accumulation and distribution of protocol value and set the protocol fees after six months.</span></p><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">② Incentivization</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Blur DAO will delegate certain functions to committees. Over time, these committees will work towards gradually transitioning their responsibilities to management departments. Specifically, there will be a Security Committee, Market Committee, and Incentive Committee.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">The Incentive Committee has the ability to allocate 10% of the BLUR tokens for incentivization purposes.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.5.2 Milady Maker</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.5.2.1 Basic Project Overview</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">On May 10, 2023, Elon Musk shared a Milady Maker NFT gif on his Twitter account. Shortly after, the Milady Maker NFT quickly climbed the ranks and became popular on the NFT marketplace Opensea.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Milady Maker NFT is a collection of 10,000 anime-style female avatar NFTs, featuring unique and quirky artistic styles. The inspiration for the Milady style comes from the Japanese Y2K subculture fashion tribe. Ladys is the associated Meme Coin of Milady Maker NFT and has been listed on multiple exchanges.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.5.2.2 Project Details</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.5.2.3 The Team</span></p><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">① Founder</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Charlotte Fang: Remilia founder Charlotte Fang is a dropout and also the core creator of Milady. In May 2022, 0xngmi, the founder of DefiLlama, tweeted disclosing Charlotte Fang's close association with a 4chan-based suicide cult organization. Subsequently, Charlotte Fang withdrew from the project.</span></p><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">② Core Team</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Milady was launched by an anonymous online team called the Remilia Corporation. Remilia is an anonymous digital art DAO consisting of approximately 70 individuals. The organization's name is derived from the character Remilia Scarlet in the doujin game Touhou Project. The members of Remilia Corporation are all anonymous and have never revealed their real identities, even to each other. They primarily operate through Twitter group DMs and many of the members have graduated from or dropped out of art schools.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.5.2.4 The Funding</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Milady Maker NFT currently has no financial backers.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.5.2.5 The Product</span></p><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">① Drip Score</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Like many other NFTs, Milady Maker NFTs also have a similar rating system. The Drip Score is a rating system used in the Milady Maker NFT collection to assess the overall stylishness of each Milady. It takes into account the rarity of each NFT. The Drip Score is designed to help tie value to aesthetics over pure trait scarcity, and each Milady is given a letter grade for their Drip Score, ranging from D to SS. Collectors may use the Drip Score to assess the value and uniqueness of a particular Milady and determine its potential as a collectible asset.</span></p><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">② 5 Styles</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Milady Maker features a prominent neochibi art style. The term "chibi" originates from Japanese and refers to a drawing style that portrays characters with exaggeratedly cute and childlike features, similar to the concept of "Q-version" in Chinese. Milady Maker is divided into five main themes inspired by the five major fashion cliques in Tokyo: Gyaru, Prep, Lolita, Hypebeast, and Harajuku.</span><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><br /><br /></span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.5.2.6 Development</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.5.2.7 History</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">In August 2021, Milady Maker NFT was launched on the Ethereum blockchain with a price of 0.05 ETH.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">In May 2022, project founder Charlotte Fang exited due to a scandal.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">In May 2023, Elon Musk shared a GIF of a Milady Maker NFT on Twitter.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.5.2.8 Development Status</span></p><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">① Price and Sales Volume</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">As of the end of June, the floor price of Milady Maker is 3.24 ETH. Source: NFTGo.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh6.googleusercontent.com/ygYJCuE4J7rTUluRaIDMiebD6nmUDyrmf1KlJR0JP-QCoMcUhTsj8ByaNey1X2tibteEBZThG1MKGm4xr2NVicTZtltdtI_LDFJGoYQaAMlBvtK8T8RLVSV4fae7r8pYX774f31VpbCe9X7V3K2HBD4" width="602" style="margin-left:0px;margin-top:0px" /></span></p><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">② Number of Holders</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">The total number of holders is 3.43K, with 19 whales and 438 blue-chip project holders. (For blue-chip projects, blue-chip project holders must hold at least one NFT from that project and any NFT from any other blue-chip project. For non-blue-chip projects, blue-chip project holders must hold at least one NFT from a blue-chip project.) Source: NFTGo.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh5.googleusercontent.com/O56OiInm9Cb1vNGAYOxlrfKq4rQGiYBOCFpoGng6wYI81ZMsQkWt8JIV-0PAPjiocI0ALZYjOujhVgSuAii0_MV6_PVIQ9VxeVrV7QWN9l6U4VZ_Y6-N1SF5Rhe37P_3L4r1xuhdEdtKvG7ezdimbzk" width="602" style="margin-left:0px;margin-top:0px" /></span></p><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">③ Holder Leaderboard</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Below is the leaderboard for the top 10 Milady Maker holders. Source: NFTGo.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh4.googleusercontent.com/KYvKiLmJ2LTaF2DLDjUzLfFBvdnP5tAlEZfUb6oFGTXG0khv51xZQW-seXpLYZCfGKIM0QJaEVXKrwVzypL_RgVlGWMOXuuJWr6LQYPdwlJwpMt_t782aPlgN2CurEcW7LGboAuoCBWdpYN-U_crkls" width="602" style="margin-left:0px;margin-top:0px" /></span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.5.2.9 Economic Model</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Milady Meme Coin (Ladys) has a similar design as PEPE, with a total supply of 888,000,888,000,888 tokens.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Out of the total supply, 94% of the tokens have been sent to the liquidity pool, 1% is airdropped to $PEPE and Milady NFT holders, which users can claim between May 8th and 15th, 2023. The remaining 5% is held in an ENS named "miladymeme.eth" multi-signature wallet, to be used in the future for exchange listings, cross-chain integration, and LP (Liquidity Provider) purposes.</span><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><br /></span><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><br /></span><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.5.3 a KID called BEAST</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.5.3.1 Basic Project Overview</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">a KID called BEAST, abbreviated as AKCB, is a brand new NFT project that was publicly minted on January 15, 2023. The AKCB NFT series consists of 10,000 3D collectibles, divided into 20 factions, with each faction consisting of 500 unique beasts.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">AKCB aims to bridge the gap between the physical and digital worlds by offering user-friendly solutions. By combining world-class art with augmented reality (AR), AKCB spreads across multiple social media and community platforms, fostering art and experiences.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.5.3.2 Project Details</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.5.3.3 The Team</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">The team of a KID called BEAST consists of 21 individuals, including digital artists, community managers, and developers. The project's co-founders are Rafael Ferrero (also known as Rafsby) and Caleb Smiler.</span></p><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">① Founder</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Caleb Smiler: Serial entrepreneur, founded the DeFi platform AnjiEco in 2022.</span></p><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">② Founder</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Rafael Ferrero: Serial entrepreneur, owns the crypto consulting company Loudchain.</span></p><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">③ Co-Founder</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Jaime Alvarez: The Art Director of a KID called BEAST, with previous experience in art creation for brands such as Nike, Apple, Facebook, Instagram, and Sony.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.5.3.4 The Funding</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">a KID called BEAST has not disclosed any funding.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.5.3.5 The Product</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Compared to traditional NFTs, a KID called BEAST has the following characteristics:</span></p><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">① 3D Collectibles</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">a KID called BEAST is comprised of 3D collectibles, which present a high level of development difficulty. Creating 3D artwork is more challenging than 2D, and AKCB has put effort into designing the entire body of the artwork. This reflects the team's dedication and attention to detail.</span></p><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">② Multiple Derivative Products</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">BeastSwap is a decentralized exchange independently developed by a KID called BEAST. It provides support for seven different blockchains and has undergone extensive optimization on the trading front.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">BeastStudio is a studio established by the a KID called BEAST team. It focuses on augmented reality 3D models and personalized profile picture customization, allowing owners to obtain intellectual property rights for their creations. BeastStudio has already produced a range of mature works in the fields of merchandise, toys, accessories, creative consumables, music, and promotional stunts.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Additionally, the team members have also developed a shooting game.</span></p><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">③ Establishing the Beast Council</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">The establishment of the Beast Council aims to create a two-way communication channel between the outstanding community and the core team. It helps alleviate the responsibilities of the core team, allowing them to focus more on other aspects of the project.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">The Beast Council is composed of individuals, including the Chief Administrator of AKCB, the Project Manager of AKCB, and community supporters.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.5.3.6 Development</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.5.3.7 History</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">In December 2021, the a KID called BEAST team started the project development.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">In January 2023, a KID called BEAST began the minting process.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">In June 2023, a KID called BEAST established the Beast Council.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.5.3.8 Development Status</span></p><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">① Price and Sales Volume</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">As of the end of June, the floor price of a KID called BEAST was 0.38 ETH, with a total trading volume of 26.17K. Source: NFTGo.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh4.googleusercontent.com/eRZzEGYbR9hpAIc5Sx9bqdoue8MLehl9IF3Vk0gzKGtyoZCDB-s6N0BsX41zGl6ryDak0yK1uBiMHj5XkgmSRQwn3Dd8ADaAEn4llPKaU3bBammSuRDSRgQgGmy76CIkDffPNhfqVlnxaUCGirM9teA" width="602" style="margin-left:0px;margin-top:0px" /></span></p><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">② Number of Holders</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Currently, a KID called BEAST has 3.75K holders, including 312 blue-chip project holders and 6 whale holders. Source: NFTGo.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh5.googleusercontent.com/KumLKUVTaBplGLsxiDy7PKeihFpF3ms5aaQmvporrU6AgJQBUQIIoevq_dUY5NhfLpnSXRH_fCCUfEzZlKei1xO3kmdUZUlKiAI_wMgSdTgCJQBxEm8yY2MGTEx0wUGwRY0rUGlzeYT__umdWtOWAxM" width="602" style="margin-left:0px;margin-top:0px" /></span></p><br /><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">③ Holder Leaderboard</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Below is the leaderboard for the top 10 holders. Source: NFTGo.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh6.googleusercontent.com/-WccY-w8mvx2rOs-lvYyQakrvIsQBp_4exe0GBgQj1K8-2a-VM9M0nSus1AVRuli7JVcZ9fPIXHUWIEz24R2FI-toRcIp6oSa_bDG4xUJi4G8Vpnhiof5LQTDSrf-dExM98-wzGOtwYw7o26igPQwko" width="602" style="margin-left:0px;margin-top:0px" /></span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.5.3.9 Economic Model</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">The KCB series of NFTs includes 10,000 3D collectibles, with 9,000 available for public minting. The team has reserved 1,000 for collaborative airdrops, soft staking, and community giveaways.</span><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><br /><br /></span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:17pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.6 Track Analysis - Web3</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.6.1 </span><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Lens Protocol</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.6.6.1 Basic Project Overview</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Lens Protocol was launched in March 2022. It is an open-source social graph built on the Polygon blockchain, aiming to redefine the concept of social media in the Web3 and decentralized era. It enables creators to have direct connections with their community, featuring functionalities such as following, editing profiles, posting, commenting, and sharing posts, thereby forming a social graph entirely owned by the user.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.6.1.2 Project Details</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.6.1.3 The Team</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Lens Protocol was officially launched by the decentralized lending protocol Aave, and its core team members are the same as Aave.</span></p><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">① Founder</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Stani Kulechov is the founder and CEO of Aave and Lens Protocol. He has extensive experience in blockchain and fintech technical development. Stani Kulechov has served as a mentor to numerous blockchain project founders and advisors.</span></p><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">② Co-Founder</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Jordan Lazaro Gustave is the Chief Operating Officer of Aave and the key person in charge of Lens Protocol.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.6.1.4 The Funding</span></p><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">① Series A</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Date: November 2022</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Funding: Undisclosed</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Key Investor: FTX Ventures</span></p><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">② Series B</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Date: June 2023</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Funding: $15 million</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Key Investors: IDEO CoLab Ventures led the round, with participation from General Catalyst, Varian, Blockchain Capital, Tencent, and other companies such as Flamingo DAO, DAOJones, Punk DAO, DAO5, and Global Coin Research.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.6.1.5 The Product</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Lens Protocol is not a specific social product but rather a middleware protocol service. Developers can leverage its provided API to build social products on top of it at a low cost. The Lens Protocol product possesses the following characteristics and innovations:</span></p><br /><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">① Social Behavior NFTization</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">In traditional social products (Web2 social products), social platforms are relatively closed, making it difficult for users to communicate across platforms. All social interactions are confined within the platform. User behavior is based on highly centralized platforms, which means that user data and interaction data are stored within centralized platforms, making it challenging for users to own their data assets. However, Lens Protocol aims to empower users with control over their social interactions.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Lens Protocol offers familiar features such as posting, commenting, and adding friends, but with a difference from centralized social media. All social interactions on Lens Protocol are presented in the form of NFTs, allowing users to have complete ownership of their data and full control over their accounts. There are three types of NFTs representing user behavior: Profile NFT, Follow NFT, and Collect NFT.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">After minting a Profile NFT, users can create an account name and perform actions such as posting and commenting with this account. The interaction data is tied to the Profile NFT and stored in the user's personal wallet. When a user follows another user, the follower receives a Follow NFT, and the order of followers is also recorded on the blockchain. On Lens Protocol, the collect function allows users to mint a Collect NFT for the content posted by others, including posts or comments but excluding reposts. Each collected content has a unique NFT with a record of the order of collection.</span></p><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">② Modular Functionality</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Compared to similar WEB3 social competitors, the core advantage of Lens Protocol lies in its highly modular and composable nature as a social media platform. In addition to the aforementioned features such as personal profiles, collecting, and following, Lens Protocol also provides functional modules for setting follow conditions and whitelists. Lens Protocol has also prepared guild tutorials for users to develop new modules, enabling developers to build applications and extend functionality on top of it.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Furthermore, Lens Protocol's data and functionality can be integrated with any smart contract, allowing other applications to directly plug in, interact, or improve compatibility with Lens Protocol. This facilitates the enrichment of the Lens ecosystem and enhances user adaptability.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.6.1.6 Development</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.6.1.7 History</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">In February 2022, Stani Kulechov, the founder of Aave, launched Lens Protocol.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">In May 2022, Lens Protocol was officially launched on the Polygon network.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">In November 2022, FTX Ventures announced its investment in Lens Protocol.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">In June 2023, Lens Protocol secured a $15 million funding round led by IDEO CoLab Ventures.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.6.1.8 Development Status</span></p><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">① User Data Generation</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">The period from March to April 2023 marked the peak of user data generation on Lens Protocol. However, by mid-June 2023, the generation of relevant data by Lens Protocol users had significantly declined. Source: Dune</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh3.googleusercontent.com/lwGjeH76opKDqA-YQkzj3sPeD3ezvy4DrRyavSQ13ZXVdPR8cHhH_j0Os3EyCaMv7tQN1mYmxtbmduNwTuCFpmo_ioh663sPhM2t_scV88vFp7ZzMGPgxH8Yq4sBVZPxobIS8PQ7XW4K5hpeNtr_ej8" width="602" style="margin-left:0px;margin-top:0px" /></span></p><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">② Other Aggregated Data</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">As of mid-June, Lens Protocol had a total of 116,626 holders of Profile NFTs. Users collectively generated 3,450,309 tweets, 1,462,544 comments, 3,747,929 reposts, and 2,852,384 collections. Additionally, there were 21,075,920 transactions recorded on the platform. Source: Dune.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh5.googleusercontent.com/lCgyfX8F8tkaAFLjHe-5FiMhIBAfUzN_dWjf4DRXwzjZCjuxU8XblCx5vwXw0ZWysu4Le5iHkzXxspZO59v-BGAD4aPDCmW2qG3bqXbDOjtXAfrghO1yIxjqPMsKZZtA-YfEBexAKHtJgF-jT6gTM6o" width="602" style="margin-left:0px;margin-top:0px" /></span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.6.1.9 Economic Model</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Lens Protocol has yet to issue its own cryptocurrency.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.6.2 CyberConnect</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.6.2.1 Basic Project Overview</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">CyberConnect is a decentralized social graph protocol for Web3 that has been deployed on blockchains including ETH and Polygon. CyberConnect aims to return data ownership to users, enabling developers to create social applications and allowing users to have ownership of their digital identities and content. As of March 13, 2023, the CyberConnect protocol has over 350,000 users and has secured two rounds of funding totaling $25 million.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><br /></span><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.6.2.2 Project Details</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.6.2.3 The Team</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">The CyberConnect team consists of the team that founded the Lino blockchain. Together, the Lino blockchain team has developed DLive and CyberConnect.</span></p><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">① Co-Founder</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Wilson Wei: Co-founder and CEO of CyberConnect, graduated from UC Berkeley. A serial entrepreneur, previously founded DLive.</span></p><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">② CTO</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Ryan Li: Co-founder and CTO of CyberConnect, graduated from UC Berkeley and previously served as the CTO of DLive.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.6.2.4 The Funding</span></p><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">① Seed Funding</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Date: November 2021</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Funding: $10 million</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Major investors: This funding round was led by Multicoin Capital and Sky9 Capital. Investors such as Animoca Brands, Draper Dragon, Hashed, Zoo Capital, Smrti Lab, and Mask Network also participated in this round of funding.</span></p><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">② Series A</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Date: May 2022</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Funding: $15 million</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Major investors: This funding round was led by Animoca Brands and Sky9 Capital. Other participating investors include IOSG Ventures, Delphi Digital, Protocol Labs, Tribe Capital, GGV Capital, and more.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.6.2.5 The Product</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">CyberConnect consists of three core features designed with user-centric functionality in mind: CyberProfile, a universal decentralized identity standard; CyberConnect Social Graph, which connects users' digital identities, data, content, and friends; and CyberWallet, an intelligent contract wallet.</span></p><br /><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">① CyberProfile</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">CyberProfile is a universal, decentralized digital identity standard over which users have autonomous ownership and control. In addition to storing basic personal information, CyberProfile anchors users' self-sovereign digital identities and connects their content and social relationships to their identity.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">CyberProfile also exists as an ERC-721 token (NFT) on the public blockchain, but currently, it is non-transferable and cannot be traded between users. The entire content and social graph history of users are shared among applications built on the CyberConnect infrastructure. Once a CyberProfile is created, users automatically gain creator capabilities and can publish monetizable content.</span></p><br /><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">② CyberConnect Social Graph</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">A social graph that represents the connections between a user's digital identity, data, content, and social relationships. It allows users to have ownership and control over their social data, eliminating the need to start building their identity from scratch when switching social platforms.</span></p><br /><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">③ CyberWallet</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">The protocol includes a non-custodial, ERC-4337 compatible smart contract wallet that is currently under development and will be available on Ethereum, Optimism, Arbitrum, BNBChain, Base, and Polygon.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">There are two versions of this pioneering Web3 wallet that incorporate a social graph:</span></p><ol style="margin-top:0;margin-bottom:0"><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Social: Designed for general users with a simple and user-friendly interface. It offers registration without mnemonic phrases through Web2 social login options (such as email, phone, social media) and supports multiple chains. It utilizes MPC-TSS (Multi-Party Computation with Threshold Secret Sharing) technology to enable gasless transactions and social recovery functionality.</span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Pro: Enables one-click asset migration from existing mnemonic phrase wallets to the new smart contract wallet. It provides advanced DeFi protocol integration and built-in strategies to assist users in managing their assets.</span></p></li></ol><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.6.2.6 Development</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.6.2.7 History</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">In November 2021, CyberConnect was co-founded by Wilson, Ryan, Shi Yu, and Zhimao.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">In November 2021, CyberConnect completed a seed round of funding worth $10 million.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">In May 2022, CyberConnect completed a Series A round of funding worth $15 million.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">In March 2023, CyberConnect launched ccProfile NFT.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">In April 2023, CyberConnect announced the launch of the CYBER token.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">In May 2023, the CYBER token was publicly released through a sale on Coinlist.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.6.2.8 Development Status</span></p><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">① CyberProfile Account Figures</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">CyberProfile is the core product of CyberConnect, and it serves as a universal decentralized digital identity standard. As of mid-June, there are 1,124,999 user accounts registered on the platform. Source: Dune.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh6.googleusercontent.com/YEvkF5RHrQHnnpkBujmsIdKSqOcbcJuYbAAd8VKVbKkL4RSeiuPxl1754bp1EtTH-Jj5OUekB4zTEXvUSOWeyTIDR_3rnAMLFRwm3oGc2XN-8KZ30lPoX50TssKK_qgQtZY3AJJJWzko-HzYN-VDn78" width="602" style="margin-left:0px;margin-top:0px" /></span></p><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">② CyberConnect Daily Active Users</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">In the past 24 hours, CyberConnect had a daily active user count of 118,700. Source: Dune.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh4.googleusercontent.com/8LQTE1kB-yjE3Ez_-N24WjBG5Be_yqwDQuo97NwrWHSK55RZeOAerUncEhBf6YwXaj8Ek0kJtpU5ilYumPVSTU8NYMNP3h3VsLS9yhnWcZ9_VVuYYmSC0Ya6l4m0Yd2iDCqJS8Jb0RdrC-FRGroMOn4" width="476" style="margin-left:0px;margin-top:0px" /></span></p><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">③ CyberProfile Daily Content Collection</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Source: Dune.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh4.googleusercontent.com/i-1uFWO6_H3gNpEB35gICKaX7vbsFBr6XQCkh6JY-n4aR6pIvakZKv13c6qiulm-7xJ4DY2x436ErlsSbDgCSdVbp-3pQCUMm9ztuOQtcC2NiDC8CQDP7o2Ty0_agueeplJqrIcwfJufSgjFqNTnJQc" width="602" style="margin-left:0px;margin-top:0px" /></span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.6.2.9 Economic Model</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">In April 2023, CyberConnect announced the launch of its native token, CYBER, and conducted a public sale on Coinlist in May. The total supply of CYBER is 100,000,000 tokens.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.6.2.10 Token Distribution</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">The total supply of CYBER is 100,000,000 tokens. CoinList's public issuance accounts for 3% of the total supply. Out of this 3%, 25% will be unlocked upon listing, while the remaining 75% will be unlocked linearly over a period of 6 months on a monthly basis.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">The detailed distribution is as follows:</span></p><ol style="margin-top:0;margin-bottom:0"><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Team and Advisors: 15%, locked for 15 months after launch, followed by linear unlocking over the next 3 years on a quarterly basis.</span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Private Sale: 25.12%, locked for 12 months after launch, followed by linear unlocking over the next 3 years on a quarterly basis.</span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Community Treasury: 10.88%, 10% unlocked at launch, and the remaining 90% unlocked linearly on a monthly basis over 5 years.</span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Community Incentives: 12%, with 20% allocated to early users (airdrops) after launch, and the remaining 80% allocated for future community rewards.</span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">CoinList Public Sale: 3%, with 25% unlocked after launch, and the remaining 75% unlocked linearly on a monthly basis within 6 months.</span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Ecosystem Development: 34%, divided as follows:</span></p></li><li><ol style="margin-top:0;margin-bottom:0"><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Ecosystem Partners: 9%, with 20% unlocked after launch, and the remaining 80% unlocked linearly over 4 years.</span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Developer Community: 10%, with 5% unlocked after launch, and the remaining 95% unlocked linearly over 4 years.</span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Early Integration Partners: 5%, with 10% unlocked after launch, and the remaining 90% unlocked within 3 years.</span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Marketing: 10%, with 10% unlocked after launch, and the remaining 90% unlocked within 3 years.</span></p></li></ol></li></ol><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.6.2.11 Token Utility</span></p><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">① Governance</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">CYBER token holders have the ability to vote on proposals related to the CyberConnect protocol.</span></p><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">② Payment</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">CyberProfile serves as the entry point for developers and users to access the CyberConnect ecosystem. When purchasing CyberProfile with an advanced username, the CYBER token is used as the actual payment currency.</span></p><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:2pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">③ Gas Fees</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">CyberConnect will soon be launching CyberWallet, an intelligent contract wallet solution that will offer users a seamless Web3 transaction experience. With CyberWallet, users won't need mnemonic phrases or have to pay gas fees for cross-chain transactions. The CYBER token will be used as the payment method for all transactions and other gas fees within the CyberWallet.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.6.3 Nostr</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://nostr.com/" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial';color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;vertical-align:baseline">Nostr</span></a><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> is a decentralized social protocol that facilitates the transmission of information based on public key infrastructure.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.6.3.1 Basic Project Overview</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Public/Private Key Pair: </span><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">A Nostr account corresponds to a set of public and private key pairs. The public key is prefixed with "npub1," and the private key is prefixed with "nsec1."</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Clients: </span><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Nostr is the underlying protocol that requires client software for regular users to access. Currently, the most popular client software for Nostr is Damus.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Relays:</span><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> Relays can be understood as the backend servers of the Nostr protocol. Clients send information to the relays, which store and synchronize the information with other connected clients. The storage and retrieval of data in the Nostr protocol are done through the relays.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh3.googleusercontent.com/OwRmKz3D-gPTCQ3fgG-1AFsE5xDlSka8-X6uc2gd6Ks8kpV1sl7Kn5BnSmstiCk9RjBdTpQvo-0hNGS7deQLWWJGNte5idhB6kTVHVaN8U5RxBu9YD4CPrVb7K7oz8MzZvUFPB007iQ_Q3PL7mIVxRI" width="602" style="margin-left:0px;margin-top:0px" /></span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.6.3.2 Development Status</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">According to real-time data statistics from nostr.band, as of now, the number of Nostr protocol accounts is close to 21 million, with around 317,000 users and approximately 80,000 verified trusted users.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Based on the chart, the number of accounts started to increase significantly at the end of January, which coincided with the release of Damus.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh3.googleusercontent.com/M9E7HZbfA35mONK8N31skiQlDOK2PCKVhl2n9y56BXzUPFByZ2-bfmYFLywG5piINZOcASPEY6jxSkdUZEzgouiCZae85c59NqGHRlSiKdUNd6R3bwrbY_vfwPbdQGX84vapawdfT7Zc527tydjFQbg" width="602" style="margin-left:0px;margin-top:0px" /></span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">The Nostr protocol has an active daily user base of 8000+ and a weekly active user base of approximately 20,000 people. In both of these data charts, it is easier to observe the timeframe, where at the end of January and the beginning of February, the Nostr protocol reached its peak in terms of daily and weekly active users.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh6.googleusercontent.com/uX5AlAXhUQXjQ3ik1NJiuItA0DAtMkXPumY9rmt1WT4k6v1h3RYTHrXvadDMr5RxsJ_HlmmLVEy4Qs7QQMRyX532SpEkVSwBjcxV90F0l7TgnrOAuM1SO2CFGNW27skYg6qR0ThCX3p-T5n-Z0oYPNA" width="602" style="margin-left:0px;margin-top:0px" /></span><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh6.googleusercontent.com/gq7BlD8ZK-tMNHFcClCP1eN9D4RTe0jdn7ngpCSohYRuWgQ7fZeytaQ2vZiTHAtQiXBb0V_3fph2-6-Tbhv81Cy9xeXPBW1GhKD6fzkYzD1cUSPcLkHA4apPVrJzoaLF2Bek5svoLxkalQAlXFPgRQg" width="602" style="margin-left:0px;margin-top:0px" /></span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">The total amount of content published on the Nostr protocol is approximately 92 million. Nearly half of that resembles tweet-like content, around 42 million. The remaining half consists of other types of content.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh4.googleusercontent.com/LqLGdqF-FVHtM_jVZ42RIcJ5uHoiD3m2qbiMie9TUVng23J_-TBzZ0QlvNmF3u2jT54LIZmuIw4w_3CqSlAhHAQc60F1yaefR9xHNDYOkJjpoq0c4SZIqhUYA_jYJrV7LJXFGRczbolWcV33FUBDkKs" width="602" style="margin-left:0px;margin-top:0px" /></span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.6.3.3 Nostr Protocol Application Example: Damus</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Damus is an application developed based on the decentralized social protocol Nostr. It shares similar features with Twitter, allowing users to directly post their updates and content on Damus.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">With the concept of decentralized social networking, users have control over the value of their personal data. Additionally, the endorsement from former Twitter CEO Jack Dorsey has boosted its popularity. Within just two days of its launch on the Apple Store, Damus became the hottest social networking app.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Although Damus gained significant attention and user base in a short period, the transition of user habits wasn't immediate. Within less than a week of the hype, Damus experienced a 66.8% decrease in daily active users and an 85% drop in high-quality active accounts. A week later, the platform was flooded with numerous advertising and promotional content, overtaken by spam from bots.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Damus had the functionality to directly tip users with BTC, which recently faced the threat of being removed from the Apple App Store. This was due to a violation of Apple's guidelines regarding the sale of digital content. Under pressure, Damus made modifications by relocating the tipping feature button (zap button) to the user's personal profile page.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">The popularity of both the Nostr protocol and the Damus application reflects users' dissatisfaction with existing social networking apps, which infringe upon personal data privacy, suffer from excessive advertisements, and lack data sovereignty. Users hope that new products can address these issues. From the emergence of this technology to the birth of practical applications, there are still many challenges ahead, such as optimizing user experience and generating high-quality content consistently. Decentralized social networking apps still have a long way to go if they want to overcome the barriers set by current internet social applications.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">4.6.4 ChatGPT</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">ChatGPT launched on November 30, 2022. Just five days later, it surpassed one million users, and by the end of January, it reached over 100 million users.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">ChatGPT is an AI chatbot program developed by OpenAI. It is capable of understanding and learning human language and engaging in conversations with humans, using contextual cues for interaction. The versatility of ChatGPT has led to its rapid global adoption and garnered significant attention.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">According to data from SimilarWeb, the website has accumulated over 5.1 billion total visits in the past three months, with an average of 1.7 billion visits per month. The number of visits has shown a consistent upward trend, although there has been a slight slowdown in growth. In May, the number of visits reached 1.8 billion. Compared to other AI products such as Notion and Figma, ChatGPT's visitor count is significantly higher.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh4.googleusercontent.com/7R2z9tAS8DwdUTso_ZdsYvA5DUTMFzGfGz9yaGIgD2WWVj0Q8hp8mbp9vGxVVzpjKqRJrnOKFwnmUUR6lQRue3YvA-3DzPF1nra_IDyMl-y9OnI3BZ6wXS_p4bGNxZ25A0NNcgsIqKlvykfyiwtr6vg" width="602" style="margin-left:0px;margin-top:0px" /></span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Usage of ChatGPT is concentrated mainly in the United States, Brazil, India, Japan, and Southeast Asia.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Interestingly, among the monthly popular search topics, the topic of how to register/login to ChatGPT consistently remains high, even though its popularity has slightly decreased. This is likely due to the restricted access to ChatGPT in many countries and regions, where direct registration is not available.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh3.googleusercontent.com/RRxCI5umQKDMrpbdbMYn5ZYohoeQ0QYt_cOI2OsD0NCEbTHhCYd1_BjJRfsUbg-AKyzkw9ezpRihoyH1g0v6NFuNVDI0yJyZYO8S57aRPvcMwKMFVky1WNYxKonFWydUhhJwJXdLuidN-cpvjB2UNik" width="602" style="margin-left:0px;margin-top:0px" /></span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">In the field of ChatGPT usage, developers and programmers account for the largest proportion, reaching 72.85%. The emergence and application of new technologies often resonate more with developers and technical professionals, who are quicker to adopt and utilize them.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">The popularity of ChatGPT extends beyond the internet domain and has also made an impact in the blockchain industry. At the ETH Denver 2023 hackathon event this year, many projects have started to incorporate the capabilities of ChatGPT to conceptualize and build new applications. This is both a signal and a trend in the industry.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:23pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">5. Concluding Remarks</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">The market frenzy gradually cooled down as the bull market came to an end. Novel ideas from newly emerging projects have yet to capture investor attention. From capital providers to project teams and individual investors, everyone is observing, waiting, and cautiously making moves, waiting for the next bull market to arrive.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">According to Rootdata's monthly investment and financing data, the number and scale of investments in the first half of 2023 has decreased, indicating that financeers are still exercising caution. The failure of several high-profile projects in 2022 still lingers in the public consciousness, tempering future expectations and outlook.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><img src="https://lh5.googleusercontent.com/2GfibU9fHsir_8vmnNY3ifmZxP25e3mbxw2XKsXDBdjXFLV_I9eSHcS1yiYG-LLoiD0P5x_u7OPkhZ7XEIRm3KQrEgJV1kNmUaL9tgvGVRJOSraf_klSodhH7kKwviqAjX9h2L-UETCm-dBMcBOXBiU" width="602" style="margin-left:0px;margin-top:0px" /></span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">In the first half of 2023, the market has witnessed several hot trends that have captured the attention of regular users. Whether it's in the NFT sector, Layer2 sector, or even BTC, there is a renewed sense of vitality. The myth of financial freedom continues to circulate, and it is up to users to discern between genuine opportunities and scams. The market will always have its fads and short-lived trends. You can aggressively chase the latest hot project, or take a more gradual, long-term approach to investment. The choice is yours to make.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:23pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">6. References:</span></p><ol style="margin-top:0;margin-bottom:0"><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:0pt"><a href="https://finance.yahoo.com/news/regulations-virtual-asset-management-hong-031300486.html" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial';color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;vertical-align:baseline">https://finance.yahoo.com/news/regulations-virtual-asset-management-hong-031300486.html</span></a><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> </span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://www.investing.com/news/cryptocurrency-news/600k-bitcoin-price-prediction-cathie-wood-lays-out-arks-base-case-3102332" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial';color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;vertical-align:baseline">https://www.investing.com/news/cryptocurrency-news/600k-bitcoin-price-prediction-cathie-wood-lays-out-arks-base-case-3102332</span></a><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> </span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://www.morganstanley.com/articles/metaverse-opportunities-virtual-reality-augmented-reality-technologies" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial';color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;vertical-align:baseline">https://www.morganstanley.com/articles/metaverse-opportunities-virtual-reality-augmented-reality-technologies</span></a><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> </span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://support.mexc.com/hc/en-001/articles/12619329607705--Thank-you-Users-The-Meaning-Behind-MEXC-s-Upgrade-Color-to-Ocean-Blue-" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial';color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;vertical-align:baseline">https://support.mexc.com/hc/en-001/articles/12619329607705--Thank-you-Users-The-Meaning-Behind-MEXC-s-Upgrade-Color-to-Ocean-Blue-</span></a><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> </span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://www.mexc.com/announcements/article/17827791508450" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial';color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;vertical-align:baseline">https://www.mexc.com/announcements/article/17827791508450</span></a><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> </span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://blog.mexc.com/524-airdrop-earnings-with-mx-tokens-creator-wilbur/" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial';color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;vertical-align:baseline">https://blog.mexc.com/524-airdrop-earnings-with-mx-tokens-creator-wilbur/</span></a><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> </span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://blog.mexc.com/a-new-high-for-mx-token-trade-it-in-futures-now-creator-wilbur/" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial';color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;vertical-align:baseline">https://blog.mexc.com/a-new-high-for-mx-token-trade-it-in-futures-now-creator-wilbur/</span></a><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> </span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://www.lookintobitcoin.com/bitcoin-price-live/" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial';color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;vertical-align:baseline">https://www.lookintobitcoin.com/bitcoin-price-live/</span></a><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> </span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://dune.com/domo/ordinals-marketplaces" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial';color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;vertical-align:baseline">https://dune.com/domo/ordinals-marketplaces</span></a><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> </span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://domo-2.gitbook.io/brc-20-experiment/" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial';color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;vertical-align:baseline">https://domo-2.gitbook.io/brc-20-experiment/</span></a><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> </span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://dune.com/cryptokoryo/brc20" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial';color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;vertical-align:baseline">https://dune.com/cryptokoryo/brc20</span></a><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> </span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://dune.com/chocolate_chungus/brc-20-whale-tracker-unisat" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial';color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;vertical-align:baseline">https://dune.com/chocolate_chungus/brc-20-whale-tracker-unisat</span></a><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> </span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://defillama.com/chains/Rollup" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial';color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;vertical-align:baseline">https://defillama.com/chains/Rollup</span></a><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> </span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://www.rootdata.com/zh/Projects/detail/Arbitrum%20-%20Offchain%20Labs?k=MjczOA%3D%3D" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial';color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;vertical-align:baseline">https://www.rootdata.com/zh/Projects/detail/Arbitrum%20-%20Offchain%20Labs?k=MjczOA%3D%3D</span></a><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> </span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://defillama.com/chain/Arbitrum?fees=true" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial';color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;vertical-align:baseline">https://defillama.com/chain/Arbitrum?fees=true</span></a><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> </span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://www.rootdata.com/zh/Projects/detail/zkSync%20-%20Matter%20Labs?k=Mjc0Mg%3D%3D" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial';color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;vertical-align:baseline">https://www.rootdata.com/zh/Projects/detail/zkSync%20-%20Matter%20Labs?k=Mjc0Mg%3D%3D</span></a><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> </span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://www.rootdata.com/zh/Projects/detail/StarkNet?k=Mjc1MQ%3D%3D" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial';color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;vertical-align:baseline">https://www.rootdata.com/zh/Projects/detail/StarkNet?k=Mjc1MQ%3D%3D</span></a><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> </span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://www.coingecko.com/en/exchanges/decentralized" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial';color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;vertical-align:baseline">https://www.coingecko.com/en/exchanges/decentralized</span></a><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> </span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://icg.citi.com/icghome/what-we-think/citigps/insights/money-tokens-and-games" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial';color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;vertical-align:baseline">https://icg.citi.com/icghome/what-we-think/citigps/insights/money-tokens-and-games</span></a><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> </span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://github.com/Uniswap/v4-core/blob/main/whitepaper-v4-draft.pdf" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial';color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;vertical-align:baseline">https://github.com/Uniswap/v4-core/blob/main/whitepaper-v4-draft.pdf</span></a><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> </span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://app.rwa.xyz/" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial';color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;vertical-align:baseline">https://app.rwa.xyz/</span></a><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> </span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://medium.com/starkware/starknet-goals-and-roadmap-for-2023-fe7b89eead3b" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial';color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;vertical-align:baseline">https://medium.com/starkware/starknet-goals-and-roadmap-for-2023-fe7b89eead3b</span></a><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> </span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://app.chainaegis.com/home/news/detail?contentId=328&lang=en-US&haveCover=true&chainmeetShare=eyJ0aXRsZSI6IlNoYXJrVGVhbTogT24tY2hhaW4gRGF0YSBBbmFseXNpcyBmb3IgUldBIFRyYWNrIiwiZGVzYyI6IlJlYWwgV29ybGQgQXNzZXRzIChSV0EpIHJlZmVycyB0byB0aGUgcHJvY2VzcyBvZiB0b2tlbml6aW5nIHRhbmdpYmxlIGFzc2V0cyB3aXRoIHN0YWJsZSB2YWx1ZSBhbmQgaW5jb21lLCBzdWNoIGFzIHJlYWwgZXN0YXRlLCBhdXRvbW9iaWxlcywgYXJ0d29yaywgZXRjLiwgYW5kIHV0aWxpemluZyBvciB0cmFkaW5nIHRoZW0gb24gdGhlIGJsb2NrY2hhaW4uIiwiaWNvbiI6Imh0dHBzOi8vYXBwLmNoYWluYWVnaXMuY29tL2dhdGV3YXkvcmVwb3J0L2FwaS9hcHBsZXQvdjIvaG9tZVBhZ2Uvc2hhcmtUZWFtL2NvdmVyL2dldC8zMjgucG5nIn0%3D" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial';color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;vertical-align:baseline">https://app.chainaegis.com/home/news/detail?contentId=328&lang=en-US&haveCover=true&chainmeetShare=eyJ0aXRsZSI6IlNoYXJrVGVhbTogT24tY2hhaW4gRGF0YSBBbmFseXNpcyBmb3IgUldBIFRyYWNrIiwiZGVzYyI6IlJlYWwgV29ybGQgQXNzZXRzIChSV0EpIHJlZmVycyB0byB0aGUgcHJvY2VzcyBvZiB0b2tlbml6aW5nIHRhbmdpYmxlIGFzc2V0cyB3aXRoIHN0YWJsZSB2YWx1ZSBhbmQgaW5jb21lLCBzdWNoIGFzIHJlYWwgZXN0YXRlLCBhdXRvbW9iaWxlcywgYXJ0d29yaywgZXRjLiwgYW5kIHV0aWxpemluZyBvciB0cmFkaW5nIHRoZW0gb24gdGhlIGJsb2NrY2hhaW4uIiwiaWNvbiI6Imh0dHBzOi8vYXBwLmNoYWluYWVnaXMuY29tL2dhdGV3YXkvcmVwb3J0L2FwaS9hcHBsZXQvdjIvaG9tZVBhZ2Uvc2hhcmtUZWFtL2NvdmVyL2dldC8zMjgucG5nIn0%3D</span></a><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> </span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://l2fees.info/" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial';color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;vertical-align:baseline">https://l2fees.info/</span></a><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> </span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://stats.nostr.band/" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial';color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;vertical-align:baseline">https://stats.nostr.band/</span></a><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> </span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a style="text-decoration:none"><span style="font-size:11pt;font-family:'arial';color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;vertical-align:baseline">https://pro.similarweb.com/#/digitalsuite/websiteanalysis/overview/website-performance/*/999/3m?webSource=Total&key=chat.openai.com</span></a><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> </span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://defillama.com/chain/Sui" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial';color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;vertical-align:baseline">https://defillama.com/chain/Sui</span></a><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> </span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://suiscan.xyz/mainnet/home" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial';color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;vertical-align:baseline">https://suiscan.xyz/mainnet/home</span></a><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> </span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://www.nftscan.com/marketplace?chain=ETH" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial';color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;vertical-align:baseline">https://www.nftscan.com/marketplace?chain=ETH</span></a><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> </span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://dune.com/cyberconnecthq/cyberconnect-link3-metrics" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial';color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;vertical-align:baseline">https://dune.com/cyberconnecthq/cyberconnect-link3-metrics</span></a><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> </span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://dune.com/rustamov/lens" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial';color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;vertical-align:baseline">https://dune.com/rustamov/lens</span></a><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> </span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://nftgo.io/collection/milady-maker/analytics/holder" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial';color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;vertical-align:baseline">https://nftgo.io/collection/milady-maker/analytics/holder</span></a><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> </span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:12pt"><a href="https://nftgo.io/collection/a-kid-called-beast/overview" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial';color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;vertical-align:baseline">https://nftgo.io/collection/a-kid-called-beast/overview</span></a><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> </span></p></li></ol><br /><br /></strong><p></p><p><br /></p>