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Building Web3 Super Applications: The Evolution from Fat Protocol to Fat Applications
The concept of fat protocol was proposed in 2016 and has performed well as an investment theme, but for protocols that create most of the value, this concept seems to be not comprehensive enough. This article proposes the concept of fat application (FAPP) and assumes:
Applications that offer a wide range of products will accumulate the most value.
Dominant applications in the Web2 space usually start from a specific professional field, and after gaining dominance, they will offer a range of different products to leverage network effects and fully utilize user advantages.
"Use tools to attract users, use the network to retain users."
Killer applications and products in the cryptocurrency space perform exceptionally well in various aspects. A certain trading platform is a typical example, as it spares no effort in catering to every user, gradually offering all cryptocurrency-related products within its custodial platform.
From the very beginning, the main Web 2.1 applications were exchanges that provided a large number of services.

Web3 New Wave: The Rise and Development of DeFAI
In early 2025, the AI hackathon hosted by the Solana platform attracted over 400 projects. After fierce competition, the DeFAI project The Hive (BUZZ) ultimately claimed the crown, winning a prize of $60,000.
The Hive is a modular, interoperable DeFi Agent network built on Solana. It employs a Swarm architecture that can automatically handle complex DeFi operations such as trading, staking, and lending through user chat commands. The success of The Hive has sparked a craze in the DeFAI sector, which saw its market value soar to 2.7 billion dollars, although it has since fallen back to around 800 million dollars.
The concept of DeFAI originates from decentralization.

Memecoins have evolved from initially humorous tokens to a market capitalization of 100 billion, gradually becoming a vehicle for expressing support and belief, attracting a large number of investors. However, hidden behind this is high risk and desire, and investors need to carefully examine market dynamics and project quality.

The encrypted economy is facing pressure from the Bear Market, due to the interest rate hikes by The Federal Reserve (FED) and capital tightening. Despite the poor market outlook, Ethereum and its zkRollup solutions still have potential for technological innovation. zkEVM needs to optimize its efficiency and requires an independent data availability layer to drop transaction costs. Overall future development needs to follow risks and technological advancements.

This week, the crypto assets market has warmed up, with the sentiment index rising to 35% and capital inflows increasing, especially for small market capitalization tokens and those related to Decentralized Finance and AI. The DeFAI project has seen a fourfold rise in market capitalization, indicating the market's focus on innovative applications. The public chain remains stable overall, and future competition may revolve around AI computing, so investors need to pay attention to project implementation and policy changes.

The Hong Kong SFC releases a virtual asset roadmap, professional lawyers interpret the future development prospects.
On February 19, 2025, the Hong Kong Securities and Futures Commission officially announced the "Virtual Asset Roadmap," aimed at addressing various challenges in the development of the virtual asset trading market in Hong Kong.
The roadmap known as "A-S-P-I-Re" proposes 12 key measures from five aspects: connection, security, products, infrastructure, and communication, conveying to market participants the comprehensive development and regulatory direction of Hong Kong in the virtual asset sector over the next few years.
As a professional legal team that has long been focused on the dynamics of the global Web3 and cryptocurrency sectors, we have in-depth understanding and practical experience in the Hong Kong virtual asset trading market. Taking this opportunity, we will interpret this roadmap from a professional legal perspective and analyze the current situation, challenges, and future development trends of the Hong Kong virtual asset trading market.
1. Roadmap Creation

This week, the Bitcoin market is experiencing high-level fluctuations. The ALPACA incident has revealed the risks of capital manipulation, attracting retail investors to shorting, only to be played for suckers by market makers. Meanwhile, U.S. policies are gradually supporting crypto assets, and Arizona has passed relevant legislation to accelerate the mainstreaming of Bitcoin.

Wisp Swap is an innovative DeFi protocol on the Sui Network, providing diverse financial services such as trading, lending, and staking, utilizing the Ve(3,3) token model, and supporting decentralized prediction markets. The team has extensive experience and is committed to enhancing user experience and capital efficiency, and is expected to become an important financial platform in the Sui ecosystem.

Sonic SVM is the first game-specific Layer 2 scaling project on the Solana Blockchain, aimed at optimizing high-frequency interactive applications, providing a high-performance and low-cost blockchain environment. The project covers technical architecture, economic models, and development plans, and is expected to occupy an important position in the rapidly rising blockchain gaming market. Investors should follow its development dynamics and market performance.

The SEC recently filed lawsuits against Binance and Coinbase, marking a significant shift in regulatory attitudes toward the Crypto Assets industry. These lawsuits reflect the SEC's stance of viewing most crypto assets as securities, which may prompt Congress to take action and raise the thresholds for new projects. The future of the industry will be profoundly affected.

The cryptocurrency project supported by Facebook announced its rebranding to "Diem" to highlight its independence and seek regulatory approval. The rebranding plan is led by the Diem Association based in Geneva, whose CEO Stuart Levy stated that the name change aims to emphasize the simplification and improvement of the project structure.
"Diem" means "day" in Latin, reflecting the new direction of the project. Currently, the main goal of the project is to launch a digital currency pegged to the US dollar. Although there is much interest from the outside regarding the specific launch date of the project, Levi remains cautious and has not disclosed a specific date.
According to media reports, this digital currency may be launched as early as January next year. However, the project team emphasizes that it will only officially start after obtaining approval from the Swiss market regulatory authority. This cautious attitude indicates that the project team is working hard to balance the demands of innovation and compliance.
This renaming is not just a simple brand adjustment,

TON is a high-performance decentralized blockchain network that features high concurrency and scalability, capable of processing millions of transactions per second. Through its parallel architecture and sharding mechanism, TON can dynamically optimize transaction processing, supporting a rich array of applications, especially performing outstandingly on the Telegram platform, driving the development of the Web3 ecosystem.

The article discusses the current development status and future prospects of the Sui ecosystem, emphasizing its advantages in infrastructure, transaction experience, and security. It analyzes the risk insights brought by the Cetus incident, suggesting the need to improve infrastructure, balance technology and regulation, focus on RWA and gaming tracks, and strengthen cooperation with Web2 giants, aiming to become a bridge between Web2 and Web3.

The Bitcoin Layer 2 project Bitlayer recently completed a $11 million Series A funding round, with investors including several TradFi and Crypto Assets institutions. This round of financing marks Bitlayer's technological leadership in the Bitcoin ecosystem and the recognition of Blockchain technology by TradFi. Bitlayer plans to use these funds to expand into global markets, promote Decentralized Finance applications, and is committed to developing native Bitcoin Layer 2 solutions.

The intelligent agent issuance platform is reshaping the crypto market: from the remnants of blockchain games to a new era of AI economy.
In June 2025, the crypto world witnessed an astonishing wealth reorganization: the new project IRIS launched with an initial investment of $200,000 via a certain intelligent agent issuance platform, and after going live, its market value skyrocketed to $80 million, a 400-fold increase, breaking industry records. This performance not only surpassed previous increase records but also made other ecosystem projects appear insignificant. As the driving force behind this miracle, the platform's token achieved a 400% growth within six months, with a market cap peak exceeding $5 billion. Currently, it has become the largest AI intelligent agent launch platform on a certain network. Behind this carnival lies a wealth distribution experiment based on entirely new rules, quietly reshaping the speculative logic and value order of the crypto market.
The magnificent transformation from a gaming guild to an AI intelligent agent platform.
A certain smart contract issuance platform is deployed on the Ethereum Layer-2 network.

The Hyperlane protocol simplifies blockchain interoperability through permissionless deployment, modular security, and developer-friendly tools, lowering the access threshold. It supports multiple Virtual Machines, facilitates cross-chain asset transfers, and is expected to become a key infrastructure for Web3 interoperability in the future.

Market Overview
This week, the cryptocurrency market has shown a wide range of fluctuations, with the market sentiment index dropping to 10%, entering the extreme fear zone. The market capitalization of stablecoins continues to grow, indicating that institutional funds are still entering the market. The poor market sentiment is mainly affected by Trump's failure to promptly launch cryptocurrency-related policies after taking office. Although Trump issued relevant legislation on Thursday, it did not significantly boost market sentiment, leading to most tokens declining more than the overall market, and Altcoins performing weaker than the benchmark index.
DeFi ecosystem development
The DeFi sector has performed outstandingly, with TVL increasing from $53.5 billion to $53.8 billion, a growth rate of 0.56%, marking two consecutive weeks of positive growth. This is mainly attributed to the rise in the prices of underlying assets and project incentive measures, with on-chain APY generally improving. Projects like Sumer.money and Meteora have shown remarkable performance in terms of TVL, indicating that investors are beginning to pay attention to DeFi again.

The Solana Web3.js 2.x version will be released in November, restructured into a modular design and adopting functional programming, reducing code redundancy and loading time. The new version enhances security, supports React, provides a more efficient and flexible way of network interaction, and promotes future project migration and development.

BAYC founders Greg Solano and Wylie Aronow are feeling panic due to their identification being exposed. Their NFT project has rapidly risen and sparked controversies, and they are currently focused on developing the Metaverse project Otherside, striving to compete with giants like Meta. Despite the challenges, they are confident about the future.