PANews

Written by: CoolFish
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> A company with 3,000 employees earns more than Citibank and Bank of America. It doesn't advertise, has no CEO, and doesn't sign non-compete agreements. Its name rarely appears in the news until it appears in the defendant's seat.
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On February 24, Terraform's liquidation party sued Todd Snyder for suing high-frequency trading giant Jane

Author: Changan, Biteye Content Team
A few days ago, many KOLs on X suddenly discovered that the badges symbolizing their partnership with Kalshi had disappeared from their accounts.
Prediction News reported on this incident, and soon a hilarious screenshot surfaced: Polymarket's official account quietly liked the report.
The business rivalry between Polymarket and Kalshi has been ongoing for a long time, and the prediction market is entering a true duopoly era.
On one side is the crypto-native Polymarket, and on the other is the compliant financial system's

Circle releases 2025 financial report, with the stock price rising 35% to $83. Allaire stated on CNBC that USDC accounts for 50% of stablecoin transactions, with on-chain transaction volume increasing 250% year-over-year. AI payments are a key growth area for USDC, surpassing the error correction capabilities of traditional financial systems.

Author: Yuan Hong, Global Times
On February 26, the China National Computer Virus Emergency Response Center and other departments jointly released the latest report showcasing how the United States leverages technological dominance to harvest global virtual currency assets. According to incomplete statistics, from 2022 to 2025, the U.S. has confiscated over $30 billion worth of global virtual currency assets through various cases, with the Chen Zhi case alone accounting for $15 billion, or 50% of the total.
On the 26th, the China National Computer Virus Emergency Response Center, the National Engineering Laboratory for Computer Virus Prevention and Control Technology, as well as 360 Digital Security Group and Ant Technology Group Co., Ltd., jointly published "The 'Number One Player'—An In-Depth Analysis of the U.S. Technological Hegemony and Global Virtual Currency Asset Harvesting Operations." The report, combining typical cases such as the Chen Zhi case and Zhao Changpeng case, explores the background of blockchain technology and security risks, systematically analyzing how the U.S. exploits technological dominance to harvest global assets.

Author: Frank, PANews
An on-chain transaction costing less than $0.10 can instantly wipe out market-making orders worth tens of thousands of dollars from Polymarket's order book. This is not just a theoretical scenario; it is happening in reality.
In February 2026, a user disclosed a new type of attack against Polymarket market makers on social media. Blogger BuBBliK described it as “elegant & brutal,” because the attacker only needs to pay less than $0.1 in Gas fees on the Polygon network to complete an attack cycle in about 50 seconds. The victims—market makers and automated trading bots that display real buy and sell orders on the order book—face multiple blows: forced removal of orders, passive exposure of positions, and even direct losses.
PANews reviewed a report about this attack.

Author: Cambrian Network
Translation: Deep Tide TechFlow
Deep Tide Introduction: This is the most comprehensive quarterly industry report on the integration of "AI Agent + Blockchain Infrastructure," published by Cambrian Network. The report not only provides a checklist but also analyzes the overall market evolution logic: from decision rule automation to LLM intelligence, from user key ownership to autonomous Agent execution, as well as the latest developments in key infrastructure standards like x402 payment standard, ERC-8004 identity protocol, and more. This report is essential for understanding the current landscape of the AgentFi sector and its trajectory toward 2026.
Full text below:
Since we published the previous issue of "Agentic" in December 2025

Author: Deep Thought Circle
Have you ever thought that the goals you desperately pursue might actually be the things preventing you from success? Promotions, salary increases, titles, social status—these seemingly natural milestones in life—may actually be trapping you in a carefully designed trap. Recently, I watched a video where Chamath Palihapitiya, an early Facebook executive and well-known investor, summarized his 30 years of business experience in 13 minutes. One sentence he said completely shocked me: "It took me 30 years to realize that all the goals I once desperately chased were foolish." This is not a cliché motivational quote, but a profound reflection from a billionaire after experiencing countless successes and failures.
Chamath's resume itself is legendary. He was a core member of Facebook's growth team and later became a venture...

Written by: Cosmic Wave Naruto, Deep Tide TechFlow
In February 2026, the tech stock market is experiencing a systemic crash that some media are calling "SaaSpocalypse" (the end of SaaS).
Salesforce's stock price has fallen nearly 40% from its peak in 2025; after the quarterly earnings report, ServiceNow's stock plummeted by over in a single day.

Tether achieved a net profit of $13 billion in 2024, becoming the world's most profitable stablecoin issuer. Through the "Stablecoin Floating Reserve Game," it invests customer funds in high-yield U.S. Treasury bonds while also holding gold and Bitcoin. Tether is restructuring traditional payment and financial models to improve efficiency and reduce costs, actively investing in Bitcoin mining farms and AI sectors. Its development indicates that the definition of currency is gradually shifting toward digital networks, challenging the traditional financial system.

Author: Zui Feng Trading Desk
As AI products become easier to replicate, the market is beginning to reprice "hard-to-copy tangible assets" such as power grids, pipelines, infrastructure, and long-term capacity.
On February 24, Goldman Sachs Global Investment Research released its latest report, "The HALO Effect: Heavy Assets, Low Obsolescence in the AI Era," which states: Under the combined effects of higher real interest rates, geopolitical fragmentation, supply chain restructuring, and a wave of AI capital expenditures, the core valuation logic of the stock market is shifting from an "expandable light-asset narrative" to "buildable, hard-to-replace tangible capacity and networks."
Goldman Sachs summarizes this change as a "repricing of scarcity."
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> "Higher real yields, geopolitical fragmentation, and supply

Author: Go2Mars Web3 Research
The true exit is structural migration, not emotional venting; it’s acceptance, not chasing popularity. The next phase of RWA is not a breakout point but an entry point; not a traffic outlet but an institutional gateway.
In 2025, the hottest projects are HyperLiquid and Aster. There are many explanations for why they will explode in popularity, with some very niche perspectives. However, the fundamental reason for their explosive growth might be easier to understand if we look at it from a product perspective. After analyzing this, can we extend these insights to RWA DEX? If so, how should we upgrade and derive from them? In this article, we will try to clarify these points as much as possible.
Understanding the Essence of HyperLiquid and Aster’s Explosive Growth
Aster and

The article discusses the evolution of radio and the future of Bitcoin. Radio was once a hobby for geeks, but now it has become a widely used technology; similarly, Bitcoin will also integrate into people's daily lives in the future, becoming a common digital asset on smartphones rather than being seen as an exclusive hobby.

Written by: Cosmic Wave Naruto, Deep Tide TechFlow
In May 2022, $40 billion evaporated within 72 hours.
It was the most devastating crash in the history of cryptocurrency. Once hailed as the "crown jewel of algorithmic stablecoins," UST plummeted from $1 to worthless paper within days; Luna, which had a market cap of nearly $40 billion, fell from a high of $116 to nearly zero.
Millions of ordinary investors lost their savings that early summer. They kept refreshing their screens, staring at the continuously falling candlestick chart, clueless about what was happening or what to do.
The official explanation came quickly: the algorithm was flawed, Do Kwon lied, and the market naturally died. Most people accepted this answer, attributing the catastrophe to "another lesson in the crypto world," and then moved on.
This explanation held for nearly four years.

The stablecoin USD1 experienced a depegging on February 23, dropping to 0.98 USDT at one point. The project team attributed this to a "collaborative attack." Although the price quickly recovered, it raised concerns in the market about its reserve transparency and credit structure. This incident is seen as a trust stress test for liquidity shocks. While it did not pose systemic risk, it serves as a reminder for the market to reassess the credit and risk of stablecoins.

Author: Climber, CryptoPulse Labs
In the past few years, DeFi has spawned countless trading products, but the projects that truly bring professional trading on-chain are few and far between. The emergence of Hyperliquid has, to some extent, changed this landscape.
It’s not just creating a contract DEX on Ethereum, but rather building a Layer1 designed specifically for trading. It aims to handle order books, matching, execution, and clearing as much as possible on-chain, while refining the user experience to be close to that of centralized exchanges. As a result, a huge market traditionally belonging to CEXs—perpetual contracts—has begun to be genuinely disrupted by on-chain forces.
Hyperliquid is regarded as the king of on-chain contracts, but it is also highly controversial due to concerns over risk control, decentralization, and systemic risk. Is it truly representing the next leap for DeFi, or is it a more complex risk experiment?

Author: The Kobeissi Letter
Translation: Felix, PANews
The stock market has evaporated $800 billion in market value as the idea that AI is "taking over the world" becomes mainstream. This view is too obvious, and "obvious" trades often do not end up winning.
The reason this doomsday rhetoric is spreading wildly is because it touches on a deep-seated pain point. It depicts AI as a macroeconomic destabilizer rather than a productivity tool, and suggests it will trigger a negative feedback loop: layoffs lead to weak consumption, weak consumption leads to more automation, and automation accelerates layoffs.
The obvious fact is: AI is not just another software feature or efficiency boost. It is a general capability disruption that impacts the workflows of all white-collar workers. Unlike any revolution in history, AI is simultaneously enhancing all aspects of