on-chain

Chainalysis' latest report shows that the potential taxable on-chain cryptocurrency activity globally will reach at least $457 billion by 2025, while the OECD's Crypto Asset Reporting Framework (CARF) covers only about 14% of the on-chain taxable activities. The report estimates that the United States contributes approximately $112.6 billion, with North America leading at $134.6 billion, followed closely by the European Union at $125.1 billion.This estimate includes income generated from realized gains, mining, staking, and lending, as well as payments denominated in crypto assets, but does not include trading activities within centralized exchanges. The CARF will start data collection on January 1, 2026, across 48 jurisdictions, including the UK and EU, requiring eligible crypto platforms to collect customer and tax resident information and report transaction data to domestic tax authorities for cross-border sharing.The report points out that the CARF's design, centered around crypto intermediaries, is the main reason for the coverage gap. Colby Mangels, a former OECD advisor involved in the development of the CARF, stated that the framework is designed around intermediaries that conduct crypto transactions as their business, which leaves a significant amount of decentralized finance activities outside the reporting scope due to the lack of centralized operators or custodial relationships. Mangels noted that tax authorities are focusing on the progress of anti-money laundering regulations, including when DeFi platforms or their operators should be considered regulated crypto service providers.

CryptoQuant analyst Axel Adler Jr. stated that the on-chain capital flow of Bitcoin showed directional improvement in the second half of August. The realized market cap relative net position change rose to +0.1% on August 24, marking the first positive shift since May 28, and has further increased to +0.21% as of today, indicating that the nearly three-month net capital outflow status has ended.Meanwhile, the 30-day apparent demand/new supply ratio for Bitcoin has been above 1 for six consecutive days, with the latest figure at 2.52, meaning the 30-day apparent demand is approximately 2.5 times the new BTC issuance during the same period. This indicator had dropped to -6.93 on August 2 and briefly rose to 3.16 on August 21. However, the absolute strength of both indicators remains relatively low. Since 2024, the median for periods of positive realized market cap has been +3.24%, while the current +0.21% is only at the lowest 3%-4% of positive samples; the historical median for the apparent demand ratio above 1 is 7.65, and the current 2.52 is also at the lowest 10%. It is believed that the more important signal currently is that the direction of capital flow has shifted from outflow to slight inflow, and demand has once again exceeded new supply, but a strong new demand cycle cannot yet be confirmed. Future observations are needed to see if the realized market cap can remain positive and if the apparent demand can further expand.

Alloco was founded by a team with a quantitative background, and the core team has over $1 billion in institutional asset management experience. The platform packages institutional-level trading strategies into on-chain fund products, covering hedge fund strategies, thematic asset baskets, and tokenized Pre-IPO products, with the first batch of products set to launch soon.This round of funding will be used for product development, compliance framework construction, and market expansion.

According to The Kobeissi Letter, the total on-chain transactions of Solana reached a record 4.2 billion in July, a month-on-month increase of 13.5%. Compared to December 2025, the transaction volume increased by 2 billion, a growth rate of 91%. During the same period, Solana's native token SOL rose by 40% within 8 days, reaching its highest level since February 3.The increase in on-chain transaction activity was also driven by tokenized assets, with the current market value of RWA exceeding $38 billion. Several on-chain platforms contributed to this growth, with Jupiter currently handling 71% of DEX aggregator transaction volume on Solana. Since August 16, the total market capitalization of cryptocurrencies has increased by $58 billion, and on-chain transaction activity has returned to historical highs.

According to The Information, blockchain infrastructure company LayerZero will launch the blockchain trading platform ATLAS in the fall of 2026, primarily targeting financial institutions, with no consumer-facing applications.ATLAS will be based on the Zero blockchain announced by LayerZero in February this year, initially supporting spot crypto assets and perpetual contracts, with plans to expand to prediction contracts, futures, and options in the future.Citadel Securities, DTCC, and the parent company of the New York Stock Exchange, ICE, are all partners of Zero. LayerZero stated that top global market makers will provide liquidity on the first day of ATLAS's launch.

According to TradingBeats monitoring, the largest long position address on-chain for Ethereum has started to take profits. This address is associated with BIT and reduced its holdings by 14,000 ETH, approximately worth 34.15 million USD, 5 minutes ago.The remaining position size is about 25.24 million USD, with an average opening price of 2,340.86 USD, and the remaining position has an unrealized profit of about 1.83 million USD.This address has received funds transferred from Matrixport (now renamed BIT) multiple times and is currently the largest long position on-chain for ETH, with two associated addresses collaborating to build the position; this address is the main address.

According to GMGN market data, Robinhood's on-chain ecological tokens have collectively risen, with Index increasing over 140% during the day, currently valued at $16.3 million; AI rising over 72% during the day, currently valued at $28.3 million; PONS rising over 70% during the day, currently valued at $50.4 million; StonkBroker rising over 36% during the day, currently valued at $44.8 million; and CASHCAT rising over 21% during the day, currently valued at $145 million.On-chain token prices are highly volatile and can be easily affected by market sentiment and hot events, please be aware of trading risks.

The official developer account of Solana announced that the on-chain voting for governance proposals SGP 1-3 has started in epoch 1023, and is expected to close on August 26 at 15:30 UTC.The three proposals cover: approving the Solana constitution to establish a normative governance framework (SGP-0001), raising the inflation reduction rate from -15% to -30% (SGP-0002), and restructuring transaction fees to a fixed inclusion fee + floating resource fee (SGP-0003). Institutional staker DFDV stated that they have cast the largest weighted vote, while some staked accounts that have not activated users reported being unable to participate in the voting.

According to TAC monitoring, TAC stated that it is investigating a vulnerability attack incident targeting its EVM side based on Cosmos, which only affects the TAC token supply.The team is collaborating with TAC validators to temporarily suspend blockchain operations and will provide timely updates on the investigation results and chain recovery plans. Users are advised to obtain the latest news only through official channels.

According to Bitcoin.com, Grayscale's research director Zach Pandl pointed out in an analysis report that if the SEC's proposed new regulations on crypto asset financing (Regulation Crypto Assets) are ultimately implemented, Ethereum, Solana, and BNB Chain may become the main beneficiaries.The proposal establishes two exemption paths: projects raising less than $5 million can be exempt from registration for four years, and projects raising less than $75 million can be exempt from registration for one year, with a conditional safe harbor designed to provide a clear domestic compliance path for crypto asset issuance and reduce the motivation for issuers to operate overseas. Pandl noted that tokenized financing has previously been hindered by regulatory ambiguity, and if the new regulations stimulate issuance activities, it will bring more U.S. issuers and investors on-chain, driving value back to underlying networks and native tokens such as ETH, SOL, and BNB. The proposal is still in the public comment phase, and the final rules may be adjusted based on public feedback and SEC review; increased network activity does not guarantee a rise in token prices.

In a research report released by the Bank of Italy in July 2026, a "mystery shopper" empirical investigation was conducted for the first time, tracking 200 USDC transfers across ten corridors between Italy and Argentina, Brazil, South Africa, the UAE, and Japan. The results showed that the total cost of stablecoin remittances fluctuated greatly, with a minimum of only 0.3% and a maximum close to 9%. On-chain transfers accounted for an average of only 0.4%, with the bulk of costs concentrated in fiat withdrawal and deposit stages—traditional intermediary fees such as exchange buy-sell spreads, credit card fees, and withdrawal fees were the decisive factors. Compared to traditional channels like Wise, stablecoins have a cost advantage in some corridors like Brazil to Italy, but the costs are higher in corridors like UAE to Italy, showing a high degree of "corridor specificity."In terms of speed, blockchain transfers themselves take only a few minutes, but end-to-end efficiency entirely depends on the quality of the traditional payment infrastructure in the destination country. Countries with instant payment systems, such as Brazil (PIX), Italy (TIPS), and Argentina (Transferencias 3.0), can keep the entire process under 20 minutes; whereas countries like South Africa, which rely on traditional bank transfers, see the arrival time extended to 1 to 2 business days. The report pointed out that the efficiency of stablecoin remittances is jointly determined by their own infrastructure and the surrounding traditional payment infrastructure, with both being complementary rather than substitutive. The report also analyzed the impact of global regulatory fragmentation: the EU's MiCA and the US's GENIUS Act represent mature compliance frameworks; Japan's strict "safety first" access, while lowering nominal costs, complicates processes leading users to offshore platforms; countries like India and Turkey are in a transitional regulatory phase; while countries like Egypt and Saudi Arabia, with prohibitive measures, have failed to suppress demand, instead pushing transactions into gray channels.

On August 21, Sergey Nazarov, co-founder and CEO of Chainlink, stated at the first meeting of the U.S. CFTC Innovation Advisory Committee that he appreciates the CFTC and SEC finally beginning to cooperate efficiently and constructively, rather than publicly conflicting as before. He believes this alone has significantly enhanced the reputation and trust of the U.S. financial markets and helps to form a unified regulatory vision, avoiding the past multiple conflicting rules that hinder innovation.Nazarov pointed out that regulatory fragmentation has incurred serious costs. Chainlink provides data, cross-chain infrastructure, and more for thousands of applications, supporting most of the DeFi ecosystem. Over the past seven years, he has witnessed hundreds of developers choose to leave the U.S. due to uncertainty, no longer building high-quality applications in the U.S. or serving American consumers, which is a huge loss for the U.S. financial system and consumers.He emphasized that the next trend is clear: tokenization of equity will release a large amount of on-chain value. The U.S. stock market currently accounts for about 60% of the global equity market value and flow. If the global financial system accelerates on-chain, the U.S. must advance on-chain at an equal or even faster pace to maintain this dominant position; otherwise, innovation and market advantages may be lost.

CryptoQuant analyst Darkfost posted on the X platform, stating that the Solana ecosystem data shows that the total scale of stablecoins on the Solana chain has reached 16.3 billion USD, of which USDC accounts for about 6.8 billion USD, or 42.8%; USDT accounts for about 2.9 billion USD, or 18.2%; and USDG accounts for about 1.2 billion USD, or 7.4%.At the same time, the number of active addresses for Solana stablecoins has reached 1.7 million, setting a historical record, indicating that the demand for stablecoins in this network continues to grow.

Circle officially announced that its euro stablecoin EURC has surpassed a circulation of 400 million euros, becoming an important growth node in the on-chain financial ecosystem of the Eurozone. Circle stated that the supply of EURC has increased by over 100% in the past year, as the demand for compliant stablecoins has risen from trading platforms, payment networks, and institutional businesses, moving EURC from the experimental phase to practical application. EURC was first launched on Ethereum in June 2022 and has since expanded to multiple blockchains including Avalanche, Stellar, Solana, and Base.As of the end of 2024, EURC has covered five chains, with a circulation scale of approximately 80 million euros, and continues to grow. Currently, EURC has been launched on several mainstream trading platforms such as Bitpanda, Bitstamp, Bybit, Coinbase, and Kraken, supporting EURC/EUR and EURC/USD trading pairs, further enhancing on-chain liquidity for euros. Circle stated that the application scenarios for EURC are expanding from trading to payments, settlements, and institutional fund management. Currently, fiat withdrawal and recharge service providers such as Mercuryo, MoonPay, Ramp, and Transak have supported users to directly access digital assets using euros, and institutional custody and settlement platforms such as Cobo, Copper, and Fireblocks have also integrated EURC.In addition, both Visa and Mastercard have previously expanded their support for EURC's settlement capabilities, making it available for cross-border payments, card payment settlements, and enterprise-level fund circulation scenarios. With the full implementation of the EU's Markets in Crypto-Assets Regulation (MiCA), EURC operates under the electronic money token (EMT) standard, issued by Circle's French electronic money institution and regulated by the French Prudential Supervision and Resolution Authority (ACPR). The reserve assets of EURC are completely isolated from Circle's corporate funds and are regularly audited and confirmed by independent third parties.As of January 2026, the total supply of global stablecoins is approximately 300 billion dollars. Although dollar stablecoins still dominate, euro stablecoins have become the second largest category. The market size of euro stablecoins has grown from about 400 million euros in June 2025 to about 650 million euros in June 2026, with EURC maintaining a leading position. Circle stated that despite the growth of EURC, euro stablecoins are still in the early stages compared to the M2 money supply of over 16 trillion euros in the Eurozone, and there is still significant room for growth in real-time settlements, cross-border payments, and enterprise financial infrastructure in the future.

KOL Ansem (@blknoiz06) announced the launch of the first on-chain index z500 on Ansem.io. The protocol allows new project teams to airdrop a portion of their token supply to $ANSEM holders at the time of token issuance, and to demonstrate long-term alignment intentions by buying and burning $ANSEM, thereby improving their ranking on the z500 leaderboard. $ANSEM holders only need to hold one token to gain exposure to multiple successful projects through automatic airdrops.Ansem stated that Pump.fun solved the token creation problem but has yet to address the filtering and curation issues. z500 requires teams to invest value upfront (such as buying and burning $ANSEM) to enhance transparency and filter long-term projects, reducing bundled sell-offs and quick exits. The leaderboard will showcase teams that buy and burn the most $ANSEM and those with the best market performance of airdropped tokens. Ansem claims it will actively share the top projects on the list and noted that the market cap of $ANSEM has risen from about $200,000 to over $200 million since its takeover.This mechanism aims to flip the creator economy model, allowing brands to deliver value directly to $ANSEM holders instead of paying KOLs who might sell off, thus providing productized alignment marketing for quality teams while enhancing network effects.

According to on-chain data analysis platform Glassnode, the current consumer confidence index has hit a historic low, yet the stock market continues to reach new highs. Funds are accelerating from cash into stocks, AI, and commodities, while Bitcoin has been significantly overlooked in this round of rotation.On-chain data shows that the heavy buy order support wall formed below the price has been continuously fading since June, and the bottom support structure is clearly thinning.

The Ethereum staking protocol Lido DAO officially interprets the NEST (Network Economic Support Tokenomics) mechanism, which binds the protocol's revenue to the value of LDO tokens through an on-chain automated method, achieving continuous LDO buybacks. The aim is to allow LDO holders to more directly share in the protocol's growth profits. This mechanism is supported by the surplus funds of the DAO treasury. When Lido's staking business revenue exceeds the set benchmark, a portion of the excess revenue will be automatically exchanged for LDO through CoW Swap.According to the initial parameters set by Lido DAO, the NEST revenue benchmark is an annualized $40 million (approximately $109,000 daily), with 50% of the excess allocated for LDO buybacks, a daily buyback limit of $50,000, and a cumulative limit of $10 million over 365 days. Buybacks are executed daily using a permissionless on-chain process.In the initial phase of NEST, a "Treasury-only mode" will be adopted, where purchased LDO will go directly into the DAO treasury. In the future, when market conditions are favorable, the DAO can switch to LP mode through on-chain voting, using half of the funds to purchase LDO and converting the other half into wstETH to provide Curve liquidity.

According to on-chain analyst Ai Yi (@ai_9684xtpa), the largest on-chain Bitcoin short has increased its position to $125 million, with an unrealized profit of $1.794 million.The whale added another 258 BTC 5 minutes ago, bringing the latest position update to 1,900 BTC, with an opening price of $63,582.