Crypto

• Cross the Ages (CTA) exemplifies the transmedia IP practice in the gaming sector by establishing literary content as its foundational asset and expanding it across interactive and physical formats.
• The game originated from a seven-volume dystopian novel saga and began development in 2020, leading the team to secure a $12 million Series A investment in March 2022.
• The Trading Card Game (TCG), the flagship product, is designed to translate narrative elements into interactive gameplay. The TCG has achieved over 400,000 cumulative worldwide downloads and maintains robust engagement with approximately 148,000 monthly active users.

• Cosmo Giang, partner at Pantera Capital, discusses the investment thesis behind digital asset treasury companies (DATs) and their role in the crypto ecosystem, particularly highlighting Solana as their largest position.
• Giang compares DATs to traditional financial companies, emphasizing how they can generate yield on assets like Bitcoin and Solana, similar to how banks generate returns on deposits.
• Giang reveals how Solana’s smart contract platform offers more sustainable yield potential compared to Bitcoin, leading to Pantera’s bullish stance on the cryptocurrency.

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• 4Q for the last two years has seen strong performance for cryptocurrencies. BTC was up more than 45% in 4Q23 and more than 65% in 4Q24.
• Given the strong institutional interest in crypto after the US passed the GENIUS Actand the amount of capital going into digital asset treasury (DAT) companies, we could see a similar strong performance in 4Q25.
• There has been significant interest in DAT companies, particularly those focusing on coins other than Bitcoin and those adding return enhancers to their models, DAT++ companies.

• This report argues that the August 2025 Executive Order allowing Bitcoin inside 401(k) plans is a structural breakthrough — potentially more transformative than the ETF approvals.
• While ETFs made Bitcoin easy to buy, 401(k) integration ties BTC to the U.S.’s largest savings engine: $9.3 trillion in employer retirement plans funded automatically every paycheck.
• Unlike ETF flows that rise and fall with sentiment, 401(k) contributions are programmatic, recurring, and extremely sticky — with 95% of participants never changing allocations.

• Q3 saw a shift in altcoin exchange listing activities from a low phase to a more volatile model.

• July marked the first recovery, driven by Bitget and MEXC. A full rebound occurred in September, with strong listing activities from both large and mid-size exchanges, reaching January’s listing event levels and surpassing its initial trading volume.

• We anticipate continued volatility in listing activity due to overall market uncertainty.

• AI industrial developments are advancing fast, presenting a paradigm shift from human centric systems to human-system interactions.
• Emerging standards are shaping the AI agent economy, including the X402 protocol developed by Coinbase and the A2A and AP2 protocols by Google.
• Kite AI is a PoAI-powered L1 blockchain optimized for the AI agent economy, enabling near-instant, sub-cent stablecoin micropayments via state channels and payment lanes.

• Valuation inflated by AI market enthusiasm, not genuine federated learning adoption, and limited exchange listing. 
• Demand for federated AI data solutions remains uncertain at this stage.
• High execution risk persists, as federated learning infrastructure is still conceptual and progress may lag expectations.

• AMGI Studios combines animation expertise with gaming technology to explore new entertainment formats.
• Its first title, My Pet Hooligan (MPH), is a multiplayer shooter with open-world gameplay, tokenized assets, and on-chain progression.
• To expand its audience, AMGI leverages Web3 and AI. Web3 features like $KARRAT tokens, NFTs, and an on-chain marketplace attract blockchain-native players and reward engagement, while Studio Chain is designed to support fast, scalable, and secure transactions.

• Fully Diluted Valuation (FDV) and Market Capitalisation (MC), while subject to various externalities, are often used as reference points for token valuation. However, this approach is ambiguous for early-stage tokens: Small circulating floats and speculative momentum often inflate FDV, creating uncertainty over whether to benchmark against peers’ FDV or to adjust for differences in circulating supply.
• We analysed over 800 tokens, regressing circulating supply (%CS) against both Fully Diluted Valuation (FDV) and Market Capitalisation (MC), with results segmented by project maturity and time.
• Main finding: Throughout most of a token’s life, MC explains valuation behaviour more reliably than FDV. The market anchors on circulating supply rather than total theoretical value.

• Hyperliquid, a popular decentralized exchange, recently initiated an open Request for Proposal (RFP) for issuers of its native stablecoin, USDH.
• The requirements for issuers were clear: they needed to be “Hyperliquid-first,” “Hyperliquid-aligned,” and compliant.
• The platform’s substantial existing stablecoin demand of $6 billion, coupled with its rapid growth potential, attracted numerous stablecoin issuers.

• Exchanges have evolved from simple matching engines into platforms offering custody, derivatives, and broader asset management, gradually becoming the main gateway into crypto.
• Yet the traditional model has hit a ceiling, with user growth slowing and expansion momentum fading.
• Mainstream adoption faces clear barriers.

• The on-chain real-world asset (RWA) market (ex-stablecoins) has grown to an estimated $24.8B (+57.9% YTD), validated by the presence of institutional TradFi giants like BlackRock, Franklin Templeton, Invesco, UBS, and Apollo.
• The key challenge hindering DeFi scale is not creating tokenized assets, but distributing them to the DeFi ecosystem.
• This bottleneck is a complex knot of regulatory fragmentation and requirements, the inability of permissioned assets to integrate with permissionless DeFi protocols, multi-platform interoperability, information asymmetry for investors, and attracting sufficient demand.