如果更多公司采用这种模式，会员积分将会演变成比我们一直以来所接受的那些无用的积分更有用的东西。

波动起来，稳定币只剩两件事重要：能不能兑，兑得有多快。

According to PANews, Polish President Karol Nawrocki has declined to sign a bill aimed at imposing stringent regulations on the cryptocurrency market, a decision that has garnered praise from the crypto community but sharp criticism from government officials. In a statement released by the presidential office on Monday, Nawrocki vetoed Poland's Crypto Asset Market Bill, citing concerns that its provisions pose a tangible threat to the freedom, property, and national stability of Polish citizens. One of the primary reasons for the veto was the bill's allowance for authorities to easily block cryptocurrency market operation websites, with the presidential office noting that the legal framework for domain blocking is opaque and could lead to abuse. Additionally, the bill has been criticized for its length and complexity, which detracts from transparency and leads to "over-regulation," contrasting sharply with the simpler regulatory frameworks of countries like the Czech Republic. Nawrocki also emphasized that high regulatory costs could stifle startups, benefiting foreign companies and banks instead. The bill was introduced in June and faced criticism from industry insiders, including Polish politician Tomasz Mentzen, who anticipated the president's refusal to sign it after parliamentary approval. Cryptocurrency advocates view the veto as a victory for the market, while several government officials have condemned the decision, accusing the president of choosing chaos and holding him accountable for the consequences.

According to ChainCatcher, Wintermute's market report indicates that expectations of a rate hike by the Japanese central bank have completely erased last week's stability, leading to widespread deleveraging. The market structure has been reset, with leverage significantly reduced, liquidity returning to neutral, and spot market participation notably increasing. Currently, everything is trading according to macroeconomic logic, but major currency pairs appear less fragile. From a market structure perspective, conditions are actually improving. The basis has fallen to a cyclical low, with Bitcoin's 90-day annualized basis close to 4% to 5% and Ethereum near 3% to 4%, reflecting a continued increase in leveraged long positions. The total open interest in perpetual contracts has decreased from approximately $230 billion at the beginning of October to about $135 billion now, clearing a substantial amount of excess leverage and reducing the likelihood of further mechanical liquidations. The proportion of spot trading volume has increased, and considering the impact of the Thanksgiving holiday, the depth of spot supply is better than expected. Lower leverage, negative financing, and healthier spot participation are typically needed before the market restructures again after macroeconomic stabilization.

Binance Blockchain Week 2025 returns on December 3–4, 2025, with its most ambitious edition yet, hosted at Dubai’s Coca-Cola Arena. Positioned in one of the world’s fastest-growing digital asset hubs, this year’s conference is set to deliver high-impact keynotes, macro insights, Web3 innovation showcases, and institution-level panels.This guide covers the event location, ticket details, agenda structure, and the major updates that make BBW 2025 stand out.Location: Coca-Cola Arena, DubaiVenue: Coca-Cola Arena, City Walk, Dubai, UAEDates: December 3–4, 2025The Coca-Cola Arena is a landmark venue in Dubai, known for hosting global conferences, concerts, and large-scale productions. For Binance Blockchain Week, this venue signals a significant expansion in scope, scale, and audience capacity.Dubai remains a strategic choice due to its fast-developing regulatory landscape, led by VARA, and its emergence as a global center for blockchain innovation, crypto investment, and digital asset regulation.TicketsTickets are available via the official Binance Blockchain Week website. Expected ticket categories include:Standard PassFull access to main-stage sessionsExhibition areasGeneral networking zonesVIP PassVIP seatingPrivate networking loungesPriority access to select speaker interactionsBuilder / Developer PassTechnical workshopsDeveloper-focused tracksAccess to ecosystem partners such as BNB Chain, Solana, Polygon, TON, and othersEarly-bird passes historically sell out quickly, particularly once headline speakers are announced.What’s New at Binance Blockchain Week 20251. Arena-Scale Production2025 marks the first BBW hosted inside a premier global entertainment arena. This expands the event’s capacity and elevates its production quality to match major global tech conferences.2. Strong Institutional PresenceSpeakers from BlackRock, Citi Institute, Ripple, TON Foundation, and global regulatory bodies indicate a shift toward deeper institutional engagement and policy-focused discussions.3. AI and Crypto ConvergenceDedicated panels will explore AI-driven:trading modelson-chain data analyticsfraud detectionwallet intelligenceautomated economic agentsThis reflects one of the industry's most significant emerging trends.4. New Builder and Founder ShowcasesFeaturing teams from Polygon, Solayer, YZ1 Labs, Trust Wallet, BNB Chain, and early-stage ecosystems, the event will highlight product innovation, infrastructure upgrades, and next-generation Web3 use cases.5. High-Profile Debates and Fireside SessionsOne of the most notable:Peter Schiff vs. CZ in “Bitcoin vs. Tokenized Gold.”This headline session will examine competing visions for the future of digital stores of value.Day 1 Highlights – December 3, 2025Richard Teng (CEO, Binance) – Opening VisionH.E. Omar Sultan Al Olama – The UAE’s Digital Economy StrategyMichael Saylor – The Case for BitcoinTony Ashraf (BlackRock) & Ronit Ghose (Citi Institute) – Client Asset AllocationPierre Gasly & Rachel Conlan – Drive Your Own RaceBrad Garlinghouse (Ripple) & Lily Liu (Solana) – The Path AheadAlice Liu (CoinMarketCap) & Yi He (Binance) – Community and AdoptionEowyn Chen (Trust Wallet) – The Future of Web3 WalletsPeter Schiff vs. CZ – Bitcoin vs. Tokenized GoldDay 2 Highlights – December 4, 2025Raoul Pal (Real Vision) – The Alpha Thesis for 2026Chef Kids (PancakeSwap) & Opinion Research Lead – Future of Onchain MarketsKeith Kim (Nexpace) – MapleStory’s Web3 EvolutionHashed & Celo – On-Chain Finance and Stable PaymentsBio Protocol & Apeiron – AI, Biotech, and CryptoTom Lee (Bitmine) – Ethereum’s Market RoleStablecoin and Digital Dollar PanelsEmerging Builders ShowcaseClosing Keynote by Yi He

South Korea’s government must submit a plan for a unified stablecoin framework by 10 December 2025, or lawmakers may push their own bill. Banks and regulators disagree over control, while private firms are already developing stablecoin projects amid the uncertainty.

Distributed Lab's zero-knowledge Secret Santa protocol demonstrates how Ethereum can execute private transactions without revealing participant identities, marking progress toward enterprise-grade privacy as regulatory frameworks tighten globally. source: https://cryptonews.com/news/ethereums-privacy-upgrade-hides-transaction-details-like-secret-santa-game/

Nvidia has unveiled new tools and open model development for physical and digital AI, including Nvidia Drive Alpamayo-R1 for autonomous driving. source: https://www.cryptopolitan.com/nvidia-advances-physical-and-digital-ai/

According to BlockBeats, Telegram founder Pavel Durov announced the official launch of Cocoon, a decentralized privacy computing network. Cocoon is composed of three main components: clients, proxies, and work nodes. Clients initiate work requests to proxies and pay fees upon completion. Proxies route these requests to work nodes, selecting nodes based on device model, load, and reputation. Protected by TEE, proxies pay nodes from client fees, with nodes earning commissions. Telegram plans to allow anyone to run their own proxy, aiming for complete decentralization. Work nodes execute AI inference requests within TEE-protected virtual machines and receive payment from proxies. Anyone with a GPU can become a work node and earn $TON by contributing AI computing power to the decentralized network. By running the Cocoon protocol stack on TEE-supported GPU servers, private and verifiable AI model execution is possible, with transparent $TON payments for processed requests. Durov noted that some AI-related Telegram features, such as message translation, are partially supported by Cocoon. He mentioned voice-to-text and summarization features, indicating Cocoon's practical applications from the start. Telegram mini-programs are expected to increase demand for Cocoon's network. Unlike previous Telegram NFT projects, Cocoon integrates blockchain and $TON as a payment method, focusing on decentralized AI computing without issuing new tokens. This reflects a growing trend of privacy concerns regarding centralized AI companies. In the crypto space, privacy projects increasingly emphasize "data sovereignty protection." Currently, Cocoon's total TVL is approximately 4487 TON, with 30 work nodes, 18 proxies, and 12 clients, indicating early-stage development. Supported by Telegram's built-in functionality and TON incentives, Cocoon's future trajectory remains to be seen, as it seeks to differentiate itself from other crypto computing projects.

null source: https://x.com/BTC_Archive/status/1995788192050459056

According to ChainCatcher, the USD/JPY exchange rate has surpassed 156, marking a daily increase of 0.34%.

Poland’s president has vetoed a sweeping cryptocurrency bill over concerns that it would drive startups abroad, sparking a fierce political clash. source: https://cointelegraph.com/news/poland-president-veto-crypto-bill-political-clash?utm_source=rss_feed&utm_medium=rss%3F_nocache%3D1764668021627%26sid%3D25f654eb1b7e6b98%26noCache%3Dtrue&utm_campaign=rss_partner_inbound

The global cryptocurrency market cap now stands at $2.94T, down by -5.06% over the last day, according to CoinMarketCap data. Bitcoin (BTC) has been trading between $83,823 and $87,350 over the past 24 hours. As of 09:30 AM (UTC) today, BTC is trading at $86,832, up by 0.28%. Most major cryptocurrencies by market cap are trading mixed. Market outperformers include BAND, ANIME, and SUPER, up by 15%, 13%, and 12%, respectively. Top stories of the day: U.S. Bitcoin Spot ETF Sees Continued Inflows Canaan Technology and SynVista Energy Form Strategic Partnership for Green Bitcoin Mining Blackrock Executives on Tokenization's Role in Global Market Development Franklin Templeton Expands Crypto ETF Portfolio with Six New Tokens Crypto News Today: Digital Asset ETFs Record Over $1B of Inflows as Rate-Cut Hopes Spark Market Rebound Crypto News Today: Why Crypto is Down Today? (Decmeber, 1, 2025) Hidden Macro Shock Triggers BTC, ETH Sell-Off Bitcoin News Today: Bitcoin Falls Below $87.5K as Japan Bond Yields Hit 17-Year High and BOJ Rate-Hike Bets Surge Bitcoin News: Bitcoin Falls to $85K, Worst Month Since 2018 Sparks New $50K Predictions Market movers: ETH: $2805.35 (-1.15%) BNB: $832.91 (+0.79%) XRP: $2.0167 (-1.42%) SOL: $127 (-0.16%) TRX: $0.2771 (+0.11%) DOGE: $0.13586 (-0.96%) WLFI: $0.1555 (+3.25%) ADA: $0.3889 (+0.78%) WBTC: $86726.97 (+0.29%) BCH: $525.9 (+0.77%) Top gainers on Binance: BAND/USDT (+15%) ANIME/USDT (+13%) SUPER/USDT (+12%)

真正值得关注的，不是哪一个币对会暴涨，而是资金如何流动、情绪如何被重构。

2015 年，以太坊将去中心化、抗审查性和无需信任视为终极价值。

Japan set up a new office to review old tax breaks and subsidies as debt and public concern grow. Ministers agreed to check which schemes still work and plan changes for the 2027 budget.

Grayscale：已有迹象表明比特币和其他加密资产可能已经触底。尽管前景不明朗，但我们认为四年周期理论将被证明是错误的，比特币价格明年可能创下新高。

即使所有人都说不应该存在，为什么本地稳定币仍然存在？

若最终提名哈塞特担任下届美联储主席，，是因为他满足特朗普的两大核心标准：忠诚度与市场信誉。然而这一潜在人选也让外界对其能否在政治压力下保持央行独立性产生疑虑。

当前只有人工智能还在拉动GDP前行，其他方面如劳动力市场、家庭、可负担性、资产获取都在下滑。所有人都在等待“周期反转”，但根本不存在周期。