<div><div class="ace-line ace-line old-record-id-Nxoddku8Wo0Adlxvs4BuYv3cshg"><strong style="background-color:rgb( 255 , 255 , 255 )">Dear MEXCers,</strong></div><div class="ace-line ace-line old-record-id-KdPudocshoZ95kxZBPmu5g1esRe"><span style="background-color:rgb( 255 , 255 , 255 )"><br /></span></div><div class="ace-line ace-line old-record-id-Hhz5d9YSSog2CGxYwKyuAvIisXe"><span style="background-color:rgb( 255 , 255 , 255 )">To celebrate the launch of the MEXC x TON collaboration, MEXC is offering a special rewards campaign for new users from the TON community and all existing MEXC users. Don’t miss your chance to share in the prize pool!</span></div><p><img src="https://mexc-rainbown-activityimages.s3.ap-northeast-1.amazonaws.com/banner/F20241218165514928wYpdfRufXdeVQ0.png" width="880" /></p><div class="ace-line ace-line old-record-id-MwJxdWqgCo7OsGxYqHuuUv2WsCb"><span style="background-color:rgb( 255 , 255 , 255 )"><br /></span></div><div class="ace-line ace-line old-record-id-FemWdj80aoM2zex2nLzuTIJbstg"><span style="background-color:rgb( 255 , 255 , 255 )"><strong>Event Period: Dec 18, 2024, 10:00 </strong><strong>(UTC)</strong><strong> – Jan 1, 2025, 10:00 (UTC)</strong></span></div><div class="ace-line ace-line old-record-id-XTwkdc6apoW6ObxAitEuVWqysUg"><span style="background-color:rgb( 255 , 255 , 255 )"><br /></span></div><p><br /></p><h3 class="heading-3 ace-line old-record-id-LgVpdIhVsoOjBWx4RoUuRsxvshh"><span style="background-color:rgb( 255 , 255 , 255 )">Exclusive Offer 1: Sign up on MEXC to receive a 20 USDT bonus and rewards of up to 8,000 USDT. </span></h3><div class="ace-line ace-line old-record-id-O2BydM63mo7IGWx7sdju73sgssh"><span style="background-color:rgb( 255 , 255 , 255 )">Sign up on MEXC to receive a 20 USDT Futures bonus. <a href="https://www.mexc.com/login?isAutoAgreed=1" rel="nofollow">Get started now</a> >></span></div><div class="ace-line ace-line old-record-id-N8IQdqDmVoxVNpxHlyRuNHk8sxd"><span style="background-color:rgb( 255 , 255 , 255 )">Earn rewards worth up to 8,000 USDT by completing tasks like making deposits, trading, and exploring platform features.</span></div><div class="ace-line ace-line old-record-id-FSuPdH35Ao6SyRxCy7euclSjskh"><span style="background-color:rgb( 255 , 255 , 255 )">For more details, visit <a href="https://www.mexc.com/futures-activity/bonus" rel="nofollow">https://www.mexc.com/futures-activity/bonus</a></span></div><div class="ace-line ace-line old-record-id-RDUWdEVJnoqMXWxKAIauQmTJsEc"><span style="background-color:rgb( 255 , 255 , 255 )"><br /></span></div><p><br /></p><h3 class="heading-3 ace-line old-record-id-AsiRdkk3Ro3IfIxPZr0ui174sff"><span style="background-color:rgb( 255 , 255 , 255 )">Exclusive Offer 2: Trade Futures and Share 200,000 USDT in Bonuses</span></h3><div class="ace-line ace-line old-record-id-VqpOd4ymqonErsxDJiJuK0eIsIf"><span style="background-color:rgb( 255 , 255 , 255 )"><br /></span></div><div class="ace-line ace-line old-record-id-JsfkdZRjNoM0Crx3mhIuEuuBsTd"><span style="background-color:rgb( 255 , 255 , 255 )"><strong>Event 1: New User Exclusive </strong><strong>—</strong><strong> Share</strong><strong> a</strong><strong> 100,000 USDT Bonus Pool</strong></span></div><div class="ace-line ace-line old-record-id-LRMbdzQzUonLlXxrHfsuaJcjsQc"><span style="background-color:rgb( 255 , 255 , 255 )">During the event, new users who complete KYC, trade Futures for the first time on MEXC, and achieve a cumulative trading volume of at least 1,000 USDT in the TON USDT Perpetual Futures pair will receive a 10 USDT Futures bonus. First come, first served!</span></div><div class="ace-line ace-line old-record-id-RI2id0vqgovFYix4kt7uKBR3s0b"><span style="background-color:rgb( 255 , 255 , 255 )"><br /></span></div><div class="ace-line ace-line old-record-id-WUeEd2hyhoLPEXxo67OuIahlsnc"><span style="background-color:rgb( 255 , 255 , 255 )"><strong>Event 2: TON Futures Trading Leaderboard </strong><strong>—</strong><strong> Share 100,000 USDT </strong><strong>in </strong><strong>Bonus</strong><strong>es</strong></span></div><div class="ace-line ace-line old-record-id-FoIGdBpM6oUdHoxrFLtupl83sef"><span style="background-color:rgb( 255 , 255 , 255 )">During the event, the <strong>top 5,000 users</strong> with a cumulative TON USDT trading volume of ≥ 20,000 USDT will share a 100,000 USDT Bonus Pool. Both new and existing users are welcome to participate!</span></div><div class="ace-line ace-line old-record-id-RpwmdVZofoZxPYxlJhXuhsUMsif"><span style="background-color:rgb( 255 , 255 , 255 )"><br /></span></div><div class="ace-line ace-line old-record-id-ZdLbdophjoUlQpxnD2PuO4lRsbf"><span style="background-color:rgb( 255 , 255 , 255 )">The rewards are as follows:</span></div></div><p><span style="background-color:rgb( 255 , 255 , 255 )"><br /></span></p><table style="border-collapse:collapse;width:100%"><tbody><tr><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="font-size:14px"><strong style="background-color:rgb( 255 , 255 , 255 )">Rank</strong></span></td><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="background-color:rgb( 255 , 255 , 255 )"><strong style="font-size:14px">Reward Per User (Futures Bonus/USDT)</strong><br /></span></td><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="background-color:rgb( 255 , 255 , 255 )"><span style="font-size:14px"><strong>Min. Trading Vol. (USDT)</strong></span><br /></span></td></tr><tr><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="background-color:rgb( 255 , 255 , 255 )">1</span></td><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="background-color:rgb( 255 , 255 , 255 )">5,000<br /></span></td><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="background-color:rgb( 255 , 255 , 255 )">25,000,000<br /></span></td></tr><tr><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="background-color:rgb( 255 , 255 , 255 )">2</span></td><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="background-color:rgb( 255 , 255 , 255 )">3,000<br /></span></td><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="background-color:rgb( 255 , 255 , 255 )">15,000,000<br /></span></td></tr><tr><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="background-color:rgb( 255 , 255 , 255 )">3<br /></span></td><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="background-color:rgb( 255 , 255 , 255 )">1,500<br /></span></td><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="background-color:rgb( 255 , 255 , 255 )">7,500,000<br /></span></td></tr><tr><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="background-color:rgb( 255 , 255 , 255 )">4 - 10</span></td><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="background-color:rgb( 255 , 255 , 255 )">600</span></td><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="background-color:rgb( 255 , 255 , 255 )">3,000,000<br /></span></td></tr><tr><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="background-color:rgb( 255 , 255 , 255 )">11 - 30</span></td><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="background-color:rgb( 255 , 255 , 255 )">300</span></td><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="background-color:rgb( 255 , 255 , 255 )">1,500,000<br /></span></td></tr><tr><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="background-color:rgb( 255 , 255 , 255 )">31 - 60</span></td><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="background-color:rgb( 255 , 255 , 255 )">100</span></td><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="background-color:rgb( 255 , 255 , 255 )">600,000<br /></span></td></tr><tr><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="background-color:rgb( 255 , 255 , 255 )">61 - 200</span></td><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="background-color:rgb( 255 , 255 , 255 )">50</span></td><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="background-color:rgb( 255 , 255 , 255 )">300,000<br /></span></td></tr><tr><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="background-color:rgb( 255 , 255 , 255 )">201 - 500</span></td><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="background-color:rgb( 255 , 255 , 255 )">25</span></td><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="background-color:rgb( 255 , 255 , 255 )">150,000<br /></span></td></tr><tr><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="background-color:rgb( 255 , 255 , 255 )">501 - 1000</span></td><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="background-color:rgb( 255 , 255 , 255 )">15</span></td><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="background-color:rgb( 255 , 255 , 255 )">80,000<br /></span></td></tr><tr><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="background-color:rgb( 255 , 255 , 255 )">1001 - 5000<br /></span></td><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="background-color:rgb( 255 , 255 , 255 )">56,000 USDT will be distributed based on<br />each user's share of the total trading volume, with individual rewards not exceeding 15 USDT<br /></span></td><td style="width:33.3333%;text-align:center;border-color:rgb( 0 , 0 , 0 )"><span style="background-color:rgb( 255 , 255 , 255 )">20,000<br /></span></td></tr></tbody></table><div><div class="ace-line ace-line old-record-id-O1YMdLAhXoywVBxgClWuFKDVsNe"><span style="background-color:rgb( 255 , 255 , 255 )">*Only Futures volume from contracts with non-zero fees will be counted for the event. Rewards for Event 1 and Event 2 can be combined. The more you participate, the greater the cumulative rewards!</span></div><div class="ace-line ace-line old-record-id-WYV8dHIGooEt5ZxSP96uZbE7sid"><span style="background-color:rgb( 255 , 255 , 255 )"><br /></span></div><p><br /></p><h3 class="heading-3 ace-line old-record-id-GwAIdcfDUoEK45xvP56ujMoDsZB"><span style="background-color:rgb( 255 , 255 , 255 )">Exclusive Offer 3: Earn the MEXC x TON SBT in a Few Simple Steps</span></h3><div class="ace-line ace-line old-record-id-ROmOdC2n0oYhNOx3t6luEbSCs7c"><span style="background-color:rgb( 255 , 255 , 255 )">During the event period, new users can earn an SBT by completing the following tasks:</span></div><ol start="1" class="list-number1"><li style="text-align:left" class="ace-line ace-line old-record-id-MH6vdlx2WowkE5xXh94uydbLsLb"><div><span style="background-color:rgb( 255 , 255 , 255 )">Sign up on MEXC.</span></div></li><li style="text-align:left" class="ace-line ace-line old-record-id-SFcEdvk8Xomrhkx5QQDulVK0sVh"><div><span style="background-color:rgb( 255 , 255 , 255 )">Follow TON's official <a href="https://x.com/ton_blockchain" rel="nofollow">X account</a> and join the official <a href="https://t.me/toncoin" rel="nofollow">TON Telegram community</a>.</span></div></li><li style="text-align:left" class="ace-line ace-line old-record-id-CmfDd4zgLoE95PxhZaJu9Yi1sTc"><div><span style="background-color:rgb( 255 , 255 , 255 )">Share the event link on X or any social media platforms.</span></div></li><li style="text-align:left" class="ace-line ace-line old-record-id-Qx28dt3COoNnFHxfHyYusZsXsSc"><div><span style="background-color:rgb( 255 , 255 , 255 )">Follow <a href="https://x.com/MEXC_Official" rel="nofollow">@MEXC_Official</a> and join the official <a href="https://t.me/MEXCofficialNews" rel="nofollow">MEXC Community Telegram Channel</a>. </span></div></li><li style="text-align:left" class="ace-line ace-line old-record-id-LepYdk5s1o0RfNxMnfiueuKpssh"><div><span style="background-color:rgb( 255 , 255 , 255 )">Complete one or more of the following tasks:</span></div><ul><li><div><span style="background-color:rgb( 255 , 255 , 255 )">Deposit at least <strong>100 USDT</strong> or <strong>25 TON</strong></span></div></li></ul><ul><li><div><span style="background-color:rgb( 255 , 255 , 255 )">Accumulate a Spot trading volume of at least 100 USDT in the <strong>TON/USD</strong><strong>T </strong>pair</span></div></li></ul><ul><li><div><span style="background-color:rgb( 255 , 255 , 255 )">Accumulate a Futures trading volume of at least 100 USDT in the <strong>TON</strong><strong>USDT </strong>contract</span></div></li></ul></li><li style="text-align:left" class="ace-line ace-line old-record-id-AQU8dwCreoH5jSxUv4huJMu7sig"><div><span style="background-color:rgb( 255 , 255 , 255 )">Join the <a href="https://gleam.io/uoWTF/mexc-x-ton-sbt" rel="nofollow">Gleam campaign</a>.</span></div></li></ol><div class="ace-line ace-line old-record-id-XLVGdEIY1o6NMHxACLTuBq3ssve"><span style="background-color:rgb( 255 , 255 , 255 )">Note：Soul Bound Token (SBT) is a unique badge on the TON Society platform that rewards participation and enhances digital identity.</span></div><p><br /></p><h3 class="heading-3 ace-line old-record-id-Q1T5d5ON2o6rtex4D9ruszM3sxh"><span style="background-color:rgb( 255 , 255 , 255 )">Terms and Conditions</span></h3><ol start="1" class="list-number1"><li class="ace-line ace-line old-record-id-N8lPdrx96ofbZLx3pacuIHOHs2f"><div><span style="background-color:rgb( 255 , 255 , 255 )">New users are defined as those who sign up during the event or have deposited less than $100 before the event, including on-chain, fiat, and P2P deposits.</span></div></li><li class="ace-line ace-line old-record-id-MP9LdiY9SowGRtxFmdMuhdEzsmf"><div><span style="background-color:rgb( 255 , 255 , 255 )">Upon successful registration, the system will automatically track deposits and trading volumes throughout the entire event period, not just from the time of registration.</span></div></li><li class="ace-line ace-line old-record-id-GULWdAPRDoJdxoxokuDuldC0swh"><div><span style="background-color:rgb( 255 , 255 , 255 )">Rewards for the <strong>New User Exclusive </strong>eventwill be distributed on a first-come, first-served basis, according to the order in which users complete the trading tasks.</span></div></li><li class="ace-line ace-line old-record-id-IQ1hdtZqZoDlMKxQWrJuTCUtsnf"><div><span style="background-color:rgb( 255 , 255 , 255 )">For the <strong>TON Futures Trading Leaderboard</strong>, only Futures trades with fees greater than zero will be counted.</span></div></li><li class="ace-line ace-line old-record-id-TiFGdovlFoRFAIx56G3uzwUCsAd"><div><span style="background-color:rgb( 255 , 255 , 255 )">Participants in the <strong>Exclusive Offer 2</strong> must complete <a href="https://www.mexc.com/user/id-auth" rel="nofollow">KYC Verification</a> before the event ends to qualify for rewards.</span></div></li><li style="text-align:left" class="ace-line ace-line old-record-id-DVzQdHWBJoNto5x01l7uyh1nsgg"><div><span style="background-color:rgb( 255 , 255 , 255 )">Event rewards will be distributed within 10 business days after the event concludes. SBT rewards will be airdropped by the TON official team to the valid TON address provided on Gleam. <a href="https://www.mexc.com/announcements/article/360054857791" rel="nofollow">Futures bonuses</a> will be airdropped to the participant's Futures account. </span></div></li><li class="ace-line ace-line old-record-id-LxzndfQJEoMwT1xhQGCuUzw7sSt"><div><span style="background-color:rgb( 255 , 255 , 255 )">The bonus can be used as margin for Futures trading, as well as to offset trading fees, losses, and funding costs. Any profits earned from the bonus can be withdrawn, but the bonus itself is non-withdrawable.</span></div><ul><li><div><span style="background-color:rgb( 255 , 255 , 255 )">Before the bonus is fully utilized, any asset transfers out of the Futures account will result in the forfeiture of the remaining bonus balance.</span></div></li></ul><ul><li><div><span style="background-color:rgb( 255 , 255 , 255 )">The bonus is valid for a maximum of 14 days. Any unused bonus after expiration will be revoked. Please be aware of the associated liquidation risks during this time.</span></div></li></ul></li><li class="ace-line ace-line old-record-id-G4PTdLDcMo5VlSxR5szu2FDmsRd"><div><span style="background-color:rgb( 255 , 255 , 255 )">Participation in the event is entirely voluntary, and the information provided about this campaign does not constitute investment advice.</span></div></li><li class="ace-line ace-line old-record-id-NDm8dn2wWoeUiOx6AOgu43Fdsfg"><div><span style="background-color:rgb( 255 , 255 , 255 )">Market makers and institutional users are not eligible to participate or receive rewards.</span></div></li><li class="ace-line ace-line old-record-id-U9S2d780PonS5YxvhRvuVMnJsZb"><div><span style="background-color:rgb( 255 , 255 , 255 )">Participants must strictly adhere to the MEXC Terms of Service. MEXC reserves the right to disqualify users suspected of wash trading, bulk account registrations, self-trading, or market manipulation during the event.</span></div></li><li class="ace-line ace-line old-record-id-D7DNdU2GUoWzm4xCRXbu4aNbsKg"><div><span style="background-color:rgb( 255 , 255 , 255 )">MEXC reserves the right to modify the terms of this event without prior notice.</span></div></li><li class="ace-line ace-line old-record-id-GHyLdHL48of0e1xVz1NuT9qastb"><div><span style="background-color:rgb( 255 , 255 , 255 )">MEXC reserves the right of final interpretation for this event. If you have any questions, please contact the customer service team.</span></div></li></ol><div class="ace-line ace-line old-record-id-PhV4dTgenoKMhjx9eEYuCHcHsNb"><span style="background-color:rgb( 255 , 255 , 255 )"><br /></span></div><h3 class="heading-3 ace-line old-record-id-Y3iFd8dsRo4KPTxPEjcuKsgkshc"><strong style="background-color:rgb( 255 , 255 , 255 )">Risk Disclaimer:</strong></h3><div class="ace-line ace-line old-record-id-MJOFdnIurovHMaxClICuZ5ousBb"><span style="background-color:rgb( 255 , 255 , 255 )">Blockchain startup projects may carry significant risks in terms of operation, underlying technology, and regulatory environment. Participating in such projects requires advanced technical and financial knowledge to understand these inherent risks. Before making any investment decision, we recommend conducting thorough due diligence and consulting professional advisors.</span></div><div class="ace-line ace-line old-record-id-ZaODdCF5uoMHxkxA4xPuKMWysFf"><span style="background-color:rgb( 255 , 255 , 255 )">The price of digital assets associated with blockchain projects is highly volatile and may fluctuate due to various factors, potentially leading to significant or even total losses. Additionally, due to issues like underlying technology or hacking attacks, you may face risks of not being able to fully or partially withdraw your digital assets.</span></div><div class="ace-line ace-line old-record-id-AtoSdmURLoHS0LxDe6EuvmdAsMG"><span style="background-color:rgb( 255 , 255 , 255 )">Please carefully assess the risks and make decisions based on your risk tolerance. MEXC does not provide guarantees or compensation for your investment losses.</span></div><div class="ace-line ace-line old-record-id-NeCzdeXqtoWk1jxlIWHubT3vszb"><span style="background-color:rgb( 255 , 255 , 255 )"><br /></span></div><div class="ace-line ace-line old-record-id-N3oxdld9Nog75rx4w5EukuX5sPh"><span style="background-color:rgb( 255 , 255 , 255 )"><br /></span></div><p><br /></p><div class="ace-line ace-line old-record-id-ObN4dy63howmhpxDgJVuXU2ksZb"><span style="background-color:rgb( 255 , 255 , 255 )">Enjoy trading on MEXC.</span></div><div class="ace-line ace-line old-record-id-XRWydB7t0oeQvXxvIpxuiAf1sDe"><span style="background-color:rgb( 255 , 255 , 255 )">The MEXC Team</span></div><div class="ace-line ace-line old-record-id-LLYNd8dPeoTwVOx8D4SuhayKsJd"><span style="background-color:rgb( 255 , 255 , 255 )">December 18, 2024</span></div></div><br />
<div style="color:rgb( 0 , 0 , 0 );font-style:normal;font-weight:400;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none"><div class="ace-line ace-line old-record-id-Qfw2dZveHolNOOxzbuBus47CskF"><strong>MEXC Stands with Malaysia: Supporting Flood Relief Efforts</strong></div><div class="ace-line ace-line old-record-id-KY6jdcPEtomQ7Ax4ZbmuHoQfsrc"><br /></div><div class="ace-line ace-line old-record-id-Iic7dVQeToaRyvxeFowuu3AosId">MEXC expresses deep concern over the devastating floods caused by continuous heavy rainfall across multiple regions in Malaysia. Our heartfelt sympathies go out to all affected individuals and their families during this challenging time. The disaster has severely impacted local communities, disrupting lives and damaging essential infrastructure.</div><div class="ace-line ace-line old-record-id-YUKMdHQCBornBKxg1sUulLp6s9b"><br /></div><div class="ace-line ace-line old-record-id-OcA6dVbxgooBS5xS3DnuOILnsNc">At MEXC, we are committed to social responsibility. In response to the floods, our Malaysia team has promptly established a "Malaysia Flood Emergency Relief Task Force" to coordinate efforts with local rescue organizations and charities.</div><div class="ace-line ace-line old-record-id-IPo0dOPDooXu7IxROjPuEbrdsRe"><br /></div><div class="ace-line ace-line old-record-id-JNL0d1DnpolJZKx4Fvuuj3zLsEc">To support relief efforts, MEXC has allocated 100,000 MYR in disaster relief funds, which will be used to procure and deliver essential supplies, providing immediate assistance to those in need.</div><div class="ace-line ace-line old-record-id-Eqead7TQioBKPixDuC0u6kqgsjd"><br /></div><div class="ace-line ace-line old-record-id-A86zdiCCtoVReyxG8XbuWds1sMg">MEXC remains steadfast in its commitment to the recovery of flood-affected areas. We will continue to monitor the situation closely and work hand-in-hand with local institutions to support rebuilding efforts and help communities restore their lives.</div><div class="ace-line ace-line old-record-id-OG1xdyuByobkPDxRZTRuNo57sDd"><br /></div><p><br /></p><p><br /></p><div class="ace-line ace-line old-record-id-Qdiodey1Bo203NxYqEoupGrhs4d">MEXC Malaysia Team</div><div class="ace-line ace-line old-record-id-Q73QdHjFfoKa7Fx6RE7uKtx6s9c">December 4, 2024</div></div><p><span class="lark-record-clipboard" style="color:rgb( 0 , 0 , 0 );font-style:normal;font-weight:400;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none"></span></p>
<div><div class="ace-line ace-line old-record-id-RCxXdiqIoohAyBxcV67uXhResDf"><strong>MEXC Supports Spain Flood Relief Efforts </strong> <br /><br /></div><div class="ace-line ace-line old-record-id-BenJdby6EoDElaxipeOubN8zs7u">MEXC extends its sincere condolences to the families of those affected by the recent severe flooding in southeastern Spain, which has caused widespread and unprecedented damage across the region.</div><div class="ace-line ace-line old-record-id-PsFudar9mojs2jxHUsDutaPQs3c"><br /></div><div class="ace-line ace-line old-record-id-Xa5CdR4jYoix8Cx1qNTuysuMsbf">In response, MEXC’s Spain team has promptly established a dedicated "Spain Flood Relief Task Force" and is actively collaborating with local charities. A relief fund of €100,000 has been allocated to procure essential supplies and support the immediate needs of impacted communities.</div><div class="ace-line ace-line old-record-id-IC5EdQnuio1vzQxhZMeuTpNLsYd"><br /></div><div class="ace-line ace-line old-record-id-MK8WdxDdJodQAkxI0DyuGMVPsWe">MEXC will continue to closely monitor the flood situation in Spain and provide support for recovery efforts, helping affected communities return to normal life as soon as possible.</div><div class="ace-line ace-line old-record-id-HnGvdslYUoN5zyx6sEru5QG0sBe"><br /><br /><br /></div><div class="ace-line ace-line old-record-id-PdaGdnpxKo6lgsxhK5NuZdRZs6O"><strong>MEXC Spain Team</strong> <br />November 5, 2024</div></div><p><br /></p>
<p><br /></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><br /></p><p style="line-height:1.38;text-align:center;margin-top:12pt;margin-bottom:12pt"><img src="https://mexc-rainbown-activityimages.s3.ap-northeast-1.amazonaws.com/banner/F20230810142117416cp4wVwTX5KRkJH.jpeg" width="635" /></p><h1 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:24pt;margin-bottom:6pt;padding:0pt 0pt 0pt 18pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><strong id="docs-internal-guid-0932019f-7fff-a430-cf5a-9454bfa25626" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:23pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Preface</span></strong></strong></h1><p><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><strong id="docs-internal-guid-0932019f-7fff-a430-cf5a-9454bfa25626" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><br /></strong></strong></p><p style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><strong id="docs-internal-guid-0932019f-7fff-a430-cf5a-9454bfa25626" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">With the arrival of the scorching July summer, the market's heat seems to be lagging behind. Although the market has not experienced significant fluctuations compared to the previous month, signs of market recovery are evident in the activity within certain sectors.</span></strong></strong></p><p style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><strong id="docs-internal-guid-0932019f-7fff-a430-cf5a-9454bfa25626" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Traditional DeFi projects have shown renewed vitality as they establish themselves in their respective niches and continue to grow. The 3-year-long legal battle between XRP and SEC has finally come to an end, with XRP emerging victorious, imbuing the market with a boost of confidence. ETF applications are being submitted one after another, and significant projects are continuously being financed, driving BTC's price to a new high for this year…</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><br /><br /></span></strong></strong></p><p style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><strong id="docs-internal-guid-0932019f-7fff-a430-cf5a-9454bfa25626" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">When we extend the time scale to a 4-year cycle, the recovery in July may not seem particularly remarkable. However, it is crucial to recognize that qualitative transformations stem from the cumulative effects of quantitative shifts. c</span></strong></strong></p><h1 style="line-height:1.38;text-align:justify;margin-top:24pt;margin-bottom:6pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><strong id="docs-internal-guid-0932019f-7fff-a430-cf5a-9454bfa25626" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:23pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">1. Macroeconomics</span></strong></strong></h1><h2 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:18pt;margin-bottom:6pt;padding:0pt 0pt 0pt 18pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><strong id="docs-internal-guid-0932019f-7fff-a430-cf5a-9454bfa25626" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">1.1 The U.S. Passed Two Crypto Bills on July 26</span></strong></strong></h2><p style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><strong id="docs-internal-guid-0932019f-7fff-a430-cf5a-9454bfa25626" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">On July 26, local time, the U.S. House Financial Services Committee approved two cryptocurrency-related bills, the "Financial Innovation and Technology for the 21st Century Act" and the "Blockchain Regulatory Certainty Act," with a vote of 35 to 15. The "Financial Innovation and Technology for the 21st Century Act" aims to set forth regulations for crypto companies, dictating the appropriate timing for their registration with either the Commodity Futures Trading Commission (CFTC) or the Securities and Exchange Commission (SEC). The "Blockchain Regulatory Certainty Act" aims to provide guidance and eliminate barriers and requirements for "blockchain developers and service providers" such as miners, multi-signature service providers, and decentralized finance (DeFi) platforms. (Source: Cointelegraph)</span></strong></strong></p><h2 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:18pt;margin-bottom:6pt;padding:0pt 0pt 0pt 18pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><strong id="docs-internal-guid-0932019f-7fff-a430-cf5a-9454bfa25626" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">1.2 Federal Reserve Raises Federal Fund Rate Target Range by 25 Basis Points on July 26</span></strong></strong></h2><p style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><strong id="docs-internal-guid-0932019f-7fff-a430-cf5a-9454bfa25626" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">On July 26, local time, the Federal Open Market Committee (FOMC) of the United States announced its latest rate decision, raising the federal fund rate target range by 25 basis points to between 5.25% and 5.5%, reaching the highest level in 22 years. This is also the 11th interest rate hike by the Federal Reserve since March of last year. Federal Reserve Chairman, Jerome Powell, stated that despite a slight slowdown in inflation in the United States since the middle of last year, the inflation rate remains well above the 2% target. The future rate-hiking process will be data-dependent, and the decision to raise rates will continue to be made on a meeting-by-meeting basis. In fact, the Federal Reserve's rate hike this time was in line with market expectations. The market's attention is centered on whether July will mark the Federal Reserve's final rate hike. Powell pointed out that the Fed has not made any decisions on future actions and that if the data supports it, there may be another rate hike in September. (Source: Forbes)</span></strong></strong></p><h2 style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:14pt;margin-bottom:6pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><strong id="docs-internal-guid-0932019f-7fff-a430-cf5a-9454bfa25626" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">1.3. Google Cloud Aims to Play a Bigger Role in the Rapidly Developing Web3 Space</span></strong></strong></h2><p><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><strong id="docs-internal-guid-0932019f-7fff-a430-cf5a-9454bfa25626" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><br /></strong></strong></p><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:0pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><strong id="docs-internal-guid-0932019f-7fff-a430-cf5a-9454bfa25626" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">James Tromans, the head of Google Cloud Web3, told Blockworks that the technology giant's cloud computing service department will continue to build services with its blockchain node engine. He added that helping customers</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">become transformative participants in the Web3 ecosystem</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"> is now </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">a core part of the company's mission.</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><br /><br /></span></strong></strong></p></li></ul><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><strong id="docs-internal-guid-0932019f-7fff-a430-cf5a-9454bfa25626" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The executive did not provide specific details about </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">any potential measures that may be under consideration.</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><br /><br /></span></strong></strong></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:10pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><strong id="docs-internal-guid-0932019f-7fff-a430-cf5a-9454bfa25626" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Google Cloud is collaborating with players in the financial services and gaming industries to explore how Web3 technology can streamline their operations and</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline"> unlock alternative business models and revenue streams.</span></strong></strong></p></li></ul><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:10pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><strong id="docs-internal-guid-0932019f-7fff-a430-cf5a-9454bfa25626" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The company is also focusing on artificial intelligence (AI), an area highly valued by some cryptocurrency companies. However, others state that </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">the potential use cases</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"> of this technology in their business are </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">still inconclusive.</span></strong></strong></p></li></ul><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><strong id="docs-internal-guid-0932019f-7fff-a430-cf5a-9454bfa25626" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">(Source: Blockworks)</span></strong></strong></p><p><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><strong id="docs-internal-guid-0932019f-7fff-a430-cf5a-9454bfa25626" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><br /></strong></strong></p><h2 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:14pt;margin-bottom:6pt;padding:0pt 0pt 0pt 18pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><strong id="docs-internal-guid-0932019f-7fff-a430-cf5a-9454bfa25626" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">1.4 Putin Signs Digital Ruble Bill to Take Effect on August 1</span></strong></strong></h2><p><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><strong id="docs-internal-guid-0932019f-7fff-a430-cf5a-9454bfa25626" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><br /></strong></strong></p><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:0pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><strong id="docs-internal-guid-0932019f-7fff-a430-cf5a-9454bfa25626" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Russian President </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Vladimir</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Putin signed the Digital Ruble bill on July 24</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">, and its implementation is scheduled for August 1, 2023.</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><br /><br /></span></strong></strong></p></li></ul><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><strong id="docs-internal-guid-0932019f-7fff-a430-cf5a-9454bfa25626" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The new legislation officially authorizes the Central Bank of Russia to launch the first CBDC pilot aimed at real consumers in August. Earlier, the government had planned to launch the pilot with 13 local banks, including major banks like Sberbank, in April.</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><br /><br /></span></strong></strong></p></li></ul><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:12pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><strong id="docs-internal-guid-0932019f-7fff-a430-cf5a-9454bfa25626" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Under the newly signed law, the Central Bank of Russia will become the main operator of the Digital Ruble infrastructure and will be responsible for all stored assets. The design of the Digital Ruble is intended as a payment and transfer method rather than an investment.</span></strong></strong></p></li></ul><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><strong id="docs-internal-guid-0932019f-7fff-a430-cf5a-9454bfa25626" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">(Source: Finance Magnates)</span></strong></strong></p><p><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><strong id="docs-internal-guid-0932019f-7fff-a430-cf5a-9454bfa25626" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><br /></strong></strong></p><h2 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:14pt;margin-bottom:6pt;padding:0pt 0pt 0pt 18pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><strong id="docs-internal-guid-0932019f-7fff-a430-cf5a-9454bfa25626" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">1.5 Binance Initiates Motion to Dismiss CFTC's Lawsuit in the United States</span></strong></strong></h2><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><strong id="docs-internal-guid-0932019f-7fff-a430-cf5a-9454bfa25626" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><br /><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">According to a recent court filing on July 24 (Monday), cryptocurrency exchange giant, Binance, has filed a motion for permission with the U.S. Northern District of Illinois court, seeking to submit a legal memorandum to initiate a motion to dismiss the U.S. CFTC's lawsuit.</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><br /><br /></span></p></li></ul><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Earlier this year, in March, Binance, along with its CEO Changpeng Zhao (CZ), former chief legal officer Samuel Lim, Binance Holdings Limited, Binance Holdings (IE) Limited, Binance (Services) Holdings Limited, and other entities, faced a lawsuit filed by the U.S. Commodity Futures Trading Commission (CFTC) in the federal court of Chicago. The charges against Binance were for knowingly </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:italic;text-decoration:none;vertical-align:baseline">violating the law by providing unregistered cryptocurrency derivatives trading services </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">in the United States, </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:italic;text-decoration:none;vertical-align:baseline">violating federal laws.</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><br /><br /></span></p></li></ul><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">According to the latest document, the deadline for Binance to respond to the CFTC lawsuit is July 27. However, considering the complexity of the case, Binance has formally petitioned the court to increase the page limit for the legal memorandum from 15 pages to 50 pages. Moreover, the company has stated that it has engaged in discussions with CFTC lawyers regarding this proposal.</span></p></li></ul><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">(Source: Finance Magnates)</span></p><h1 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:24pt;margin-bottom:6pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:23pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2. MEXC Updates</span></h1><h2 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:18pt;margin-bottom:6pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.1 MEXC Official Information </span></h2><h3 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:16pt;margin-bottom:4pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.1.1 MEXC Futures Launches the “21-200x Futures Leverage Challenge” </span></h3><p style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Beginning in July, MEXC has continuously launched various futures bonus reward events. By trading futures with leverages ranging from 21x to 200x, every MEXCer has the opportunity to receive great rewards.</span></p><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:10pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">For new users: During the event, first-time traders who trade any event futures trading pairs with leverages ranging from 21x to 200x and accumulate a total futures trading volume exceeding 30,000 USDT will receive a free futures bonus airdrop.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:10pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">For high-volume traders: Similar to the M-Day event rules, during the event, users who trade any event futures trading pairs with leverages ranging from 21x to 200x and accumulate a corresponding total futures trading volume exceeding 90,000 USDT will receive a free futures bonus airdrop once the conditions are met.</span></p></li></ul><h3 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.1.2 MEXC Futures Launches the “July Futures Competition” </span></h3><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:10pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">MEXC kicked off its July Futures Competition on July 18. The registration period started on the 18th and ended on the 31st, lasting a total of 13 days. During the period, users with an account equity greater than 300 USDT were eligible to participate in the competition.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:10pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">During the event, MEXC specially designed two types of profit opportunities for the participants, which are the Daily Checkpoint Challenge rewards and the PNL Amount Ranking rewards. The Daily Checkpoint Challenge had a daily total prize pool of 36,000 USDT, while the PNL Amount Ranking had a total prize pool of 100,000 USDT.</span></p></li></ul><h3 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.1.3 MEXC App Upgrade to v4.1.5 </span></h3><p style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">To provide MEXCers with a better user experience featuring enhanced services and improved functionality, the MEXC App underwent an upgrade on July 28, 2023, at 01:00 (UTC). The update implemented comprehensive improvements across various aspects of the MEXC App.</span></p><h4 style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:14pt;margin-bottom:4pt"><span style="font-size:13pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.1.3.1 New Features and Enhanced User Experience: Update Aims to Create a Smoother and More Efficient User Experience</span></h4><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">For example:</span></p><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:10pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">An information section has been added to the futures trading interface for each futures trading pair, allowing MEXCers to gain an understanding of the underlying asset for the selected futures pair.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:10pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">K-line chart drawing tools have been enhanced for optimized technical trading analysis.</span></p></li></ul><h4 style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:14pt;margin-bottom:4pt"><span style="font-size:13pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.1.3.2 Security and Stability Enhancement: Update Aims to Provide Stronger Security and Stability</span></h4><h4 style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:14pt;margin-bottom:4pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">For example</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">: To ensure account security, MEXCers who log in to multiple accounts simultaneously on the app will receive an email or SMS every time they switch between accounts, notifying them of logins from other devices.</span></h4><h4 style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:14pt;margin-bottom:4pt"><span style="font-size:13pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.1.3.3 Performance Optimization: Update Aims to Enable Faster Loading and Smoother Running</span></h4><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">For example</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">: The layout and style of app menus have been optimized, allowing MEXCers to adjust preference settings quickly.</span></p><h2 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:18pt;margin-bottom:6pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.2 Product/Function Update</span></h2><h3 style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.2.1 MEXC Futures Now Supports Multi-Chart Mode for TradingView K-Line on the Website</span></h3><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Website:</span></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><img src="https://lh4.googleusercontent.com/MRVkCAvmBz0GhgajksI84V9wmMsBnuSVTca894u_Irsxx4xo1AWPydTvA4ewX9n3kICJca7cAaC_oUtUG8BM7WR5JPHBAVVD4MoYbpbknNzg6DsTXAbbkTRJTFTyTyTjYmtP4rccTCvsd2mtJQiUahk" width="505" style="margin-left:0px;margin-top:0px" /></p><br /><p style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Feature Description</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">: A feature that allows simultaneous viewing of multiple K-line charts has been added to Trading View on the MEXC website. With this feature, users can customize the layout settings for multiple K-line charts and seamlessly switch between multiple charts in full-screen mode.</span><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><br /><br /></span></p><h3 style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.2.2 The Futures Trading Page has Added Crypto Overview and Trading Rules</span></h3><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Visual Representation</span></p><br /><br /><br /><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Website:</span></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><img src="https://lh3.googleusercontent.com/L-kROf_xoOahcp5fgEnijhCzGS_Dqgp28QUHtxTm713J6hA2JIf-vITwevXyvvnzs2TZ4n5YEGgfbn06beDNE3eLBy5C7o78jrvZbZo2uVx65RCsp85JpZRDySBASx0dO-3gsq7OrPzIWDFN7xIR_bE" width="326" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">App: </span></p><br /><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><img src="https://lh5.googleusercontent.com/CScc-gE3B7DJ26Fy_CCFJIDSyIe9xgkkgsXvcnmN_RzE_W76kUT4t5fNHknIqQVxysZ0XduHsgF_r-rNvIh1hz9kT-E77c75BfjY1btLtIo_Qy5aGkdJOpVTMDkmKPCLXtrSrrWs8kRZQ9VSZIQURJs" width="148" style="margin-left:0px;margin-top:0px" /><img src="https://lh4.googleusercontent.com/GMZi6FhhfeY-YJpkKHifaNUDZg5_PsoKyLBLa53bKQJ59BnP2B9KH4tjomgrE3iSGIjaFLFOmjGMSQbxb6_vTJJZm6C3ehvgJgLF__BQLSE4mllTYYVGxJIyjQKCmrhA2y9stgzF86Fs7mVq5Dh_Y3I" width="147" style="margin-left:0px;margin-top:0px" /></p><br /><p style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Feature Description</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">: On both the MEXC website and app, the futures trading page has been enhanced to include crypto overviews and corresponding trading rules for each trading pair.</span></p><br /><h3 style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.2.3 Notifications Sent to Users Upon Detection of MEXC App Logins From Other Devices</span></h3><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Visual Representation:</span></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><img src="https://lh5.googleusercontent.com/X_uX6rZA_2VJQgY4Pu1eysKxyTuvRMeNoxgx7wvaY4mXZala0HLbg1RvWcFdln0KrgaaGCmoGIBuHjdseUedL7PtUHMuxTZB7T0X98alDbjsejebN7AxVchk9-zT1Z_VEgMHrz87jcRlqS9lAxaus6c" width="195" style="margin-left:0px;margin-top:0px" /></p><br /><p style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Feature Description</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">: MEXCers who log in to multiple accounts simultaneously on the app will receive an email or SMS every time they switch between accounts (e.g., switching from Account A to Account B), notifying them of the login from another device.</span></p><br /><br /><h2 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.3 National Line Popular Events</span></h2><h3 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.3.1 Turkey</span></h3><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Kickstarter Series</span></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><img src="https://lh3.googleusercontent.com/4gxtIro2q6-YofSO6j62eVDAiYQHiwggHFU8yG1EV6G8qOjuGLlgOPNsenQ5kTrQV2wmSp1mwwoSQ_t5Nj3T7FjM6UfzRIz6Ef0a7EhbDkZlAcu1ovuAJ9gbPM-H1SkMQdTJhPFKi1UvAp80Lxp7RSY" width="263" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Event Venue: </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Twitter</span></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Event Details:</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"> </span></p><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">At the beginning of July, the MEXC Turkey Team hosted </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">a series of Kickstarter events</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">, successfully garnering a total of 422 participating MEXCers in the first event.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Detailed Reward Rules: A</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline"> total prize pool of 500 USDT </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">was shared among 50 MEXCers.</span></p></li></ul><h3 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.3.2 Vietnam</span></h3><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Go MEXCer - Born Pink</span></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><img src="https://lh4.googleusercontent.com/hKWQ0I2RrTAhe9pCZ7uVC8dvrCHuOVFtKlV8v_pZIGqobIUEdqwgu7oYFKN8T3VgDntAud7oaAt_8RBpnICinq1y6cv4guWM5jFlOCe8mq-R-3fWQCR4tC-4R1Hd_haR3v0ZlaRLnrEHCeHuXWo5A7k" width="331" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Event Venue: </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Telegram group</span></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Event Details:</span></p><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Vietnamese MEXCers had the opportunity to win</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline"> two Born Pink concert tickets </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">and share </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">500 USDT </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">worth of futures bonuses by </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">referring at least 3 new users to sign up</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"> on the platform.</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><br /><br /></span></p></li></ul><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Detailed Reward Rules</span></p></li></ul><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Referrer:</span></p></li></ul><ol style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:decimal;font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Have a spot trading volume ≥ 500 USDT or futures trading volume ≥ 5,000 USDT.</span></p></li><li style="list-style-type:decimal;font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">At the same time, the referrer must </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">refer at least 3 new users to sign up</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"> on the platform.</span></p></li></ol><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Referral:</span></p></li></ul><ol style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:decimal;font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Complete KYC verification.</span></p></li><li style="list-style-type:decimal;font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Have a spot trading volume ≥ 500 USDT or futures trading volume ≥ 500 USDT.</span></p></li></ol><h3 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:16pt;margin-bottom:4pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.3.3 Russia</span></h3><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">MEME 2.0</span></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><img src="https://lh4.googleusercontent.com/q54gN3PEdEEyxxeUIZY8lx6XII7SIXczd4FYGiQ77ndZiwMiTf5YpqgjiO6VfCWQLYE7y6wb4Sk4svl6reeu6H8hOKx7ZNNuaVh5wNIcWX1jPy4baDDYoo2TWprW49LKqe9ZtWqOia0sZC00y31mAdM" width="389" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Event Venue: </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Twitter</span></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Event Details: </span></p><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">MEXCers had the opportunity to share </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">a total prize pool of 2,000 USDT</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"> by retweeting the MEME 2.0 poster and having a futures trading volume ≥ </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:rgb( 255 , 255 , 0 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">10 USDT</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"> at the same time.</span></p></li></ul><h3 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:16pt;margin-bottom:4pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.3.4 Japan</span></h3><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">MEXC Tanabata Festival</span></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><img src="https://lh4.googleusercontent.com/65uoS9zrjGCXo16SvY6a-MmAinaPDYMH9nSbrkjuHK3kAbGYYf9Hmj3QB0YwN6EDbXgMRUUT5Yg-gH--VlebKIfM7tnBqjqGeVUGS-KrHTa5Cb3OxsnUBfzZxT3EqHbQ5cE3M3V7lIOTictr-kdy1Bc" width="338" style="margin-left:0px;margin-top:0px" /></p><br /><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Event Venue: </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Twitter</span></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Event Details: </span></p><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">MEXCers had the opportunity to receive a free airdrop of a token of their choice worth 10,000 Japanese Yen simply by making a wish and stating their desired token in the comment section.</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><br /><br /></span></p></li></ul><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Detailed Reward Rules: One participant will be selected daily to receive 10,000 Japanese Yen worth of crypto, with the </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">total value </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">of the event rewards being </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">30,000 Japanese Yen.</span></p></li></ul><h3 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:16pt;margin-bottom:4pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.3.5 Korea</span></h3><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">BTC Price Change Prediction</span></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><img src="https://lh4.googleusercontent.com/0POseyzcuOsyp9X_eqFSBAtOYXvvTFma4Kfccc0_0piJgRnD_SALMcZfRZXCm41fy8NIW4rNs7hm3zbkhkwvnzDWFCVL5D_lpTyTNXqBdlsCmu1D7cqKFtpwVSffZhYmgk5YVtgt_inPPIOYcIMSg4A" width="330" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Event Venue: </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Twitter</span></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Event Details: </span></p><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">MEXCers had the opportunity to receive a free airdrop reward by predicting the price change of BTC. A total of 199 MEXCers received the reward.</span></p></li></ul><br /><br /><h1 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:23pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">3. MX Updates</span></h1><h2 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:18pt;margin-bottom:6pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">3.1 MX Official Information</span></h2><h3 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">3.1.1 2023 Q2 MX Buyback and Burn Announcement</span></h3><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.2;text-align:justify;margin-top:10pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">On July 15, 2023, MEXC issued an official announcement to the MEXC community regarding the MX token’s burning situation for Q2. The burn was carried out based on MEXC's previous "buyback and burn'' plan and the community voting results for the MX Token 2.0 proposal.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.2;text-align:justify;margin-top:10pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">MX tokens burned during 2023 Q2: 1,562,500 MX</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.2;text-align:justify;margin-top:10pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">For detailed information about the burn</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">, please check the </span><a href="https://etherscan.io/tx/0x6c794bec611d8e6d0f824645d4a397a93d79cfd97acd49064640a38de7ba27c4" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:underline;vertical-align:baseline">Burn Address</span></a><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.2;text-align:justify;margin-top:10pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">"Buyback and Burn" </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Plan Review: MEXC allocates </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">40%</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"> of its quarterly profits to repurchasing and burning MX tokens from the market, with the aim of maintaining the circulating supply of MX tokens at 100 million.</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><br /><br /></span></p></li></ul><h2 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:18pt;margin-bottom:6pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">3.2 MX Monthly Insights</span></h2><h3 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:2pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">3.2.1 MX July Feast, More Privileges to be Unlocked</span></h3><h4 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:2pt;padding:0pt 0pt 0pt 18pt"><img src="https://lh4.googleusercontent.com/ZftoBx5ZnD3BY2jBlG7mt8d6NHURRUGySIZ3eLfHfwnaEyopCK5C_Wpe3MxGmbNiSD0uznggk9kWjYlwb0EZqj7hTfMDqHl-Onqq9LXeO1VM7mdZI_CpRrI2UiPr6KCuafUlPCAH9GfVwN6LXoqB7xw" width="438" style="margin-left:0px;margin-top:0px" /><span style="font-size:13pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline"> </span></h4><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:10pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">As we entered July, the scale of free MX airdrops </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:italic;text-decoration:none;vertical-align:baseline">did not decrease</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">. MEXC brings over </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:italic;text-decoration:none;vertical-align:baseline">20 free airdrops to all MX holder</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">s every week, </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:italic;text-decoration:none;vertical-align:baseline">totaling over 100 airdrops per month.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">According to calculations by MEXC's data team, the average return for each airdrop is 2 USDT. Optimistically, if you do not miss any airdrop rewards throughout the month, you will receive 200 USDT by the end of the month. Additionally, the returns from each airdrop will increase with the arrival of the bull market, leading to higher overall gains.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Since July, mainstream token trading has become active due to the "halving mechanism" of various major cryptocurrencies. On one hand, the substantial market capitalization of major cryptos has boosted the overall cryptocurrency market sentiment. On the other hand, it has led to a one-sided surge in low cap cryptos on various exchanges. The "celebration" of low cap cryptos indicates that the cryptocurrency bull market is approaching.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">According to MEXC's last semi-annual report, the price of MX has grown an incredible 350% in the past six months, gaining increasing popularity among MEXCers. Currently, MX ranks 111th, not far from the top 100. It is predicted that the number of MX token holders will increase by 30% and the total trading volume will increase by 40% in 2023.</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><br /></span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><br /><br /></span></p></li></ul><h4 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:2pt;padding:0pt 0pt 0pt 18pt"><img src="https://lh5.googleusercontent.com/PD6adWGyqZ8DHYCvGOiA1W9IVW6rS9HycVAo2b6CkHqzYU_Kho796Qq8GpiTkitGu02Kityo_y-i1aMLY_E2MOA4h3iBB0l6sEArQ4Nl9jkaMkpoayNvS4rgfyY967X8ZwGBEBwSmtb2_BVNRdq8BmY" width="602" style="margin-left:0px;margin-top:0px" /></h4><h4 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:2pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">(Source: CoinMarketCap)</span></h4><br /><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:10pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">As an important part of the MEXC ecosystem, MX token not only allows you to earn passive income by participating in Launchpool and Kickstarter events, it also enables you to join MEXC's </span><a href="https://www.mexc.com/en-US/announcements/article/13022292167065" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">commission program</span></a><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">! If you hold a certain amount of MX tokens, you can earn commissions by actively referring new users to register and trade.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:10pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">You can receive up to 70% of your referral’s trading fees.</span></p></li></ul><br /><h2 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:18pt;margin-bottom:6pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">3.3 MX Popular Events</span></h2><h3 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">3.3.2 Launchpool and Kickstarter</span></h3><br /><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><img src="https://lh5.googleusercontent.com/g51Ct0GLZgqsManntXPT1Zc_9bvQkmC23IPlV5YXbqqkyHLNdhPl5Yfnbve9oQxdY94_J_27Rxgq0C0LQ0HkyQgDami93yXmPzHOPTbBdpNIlOus_ENHj3qir11EsWKwvCGBVwFlqkF0Ijmpwo0icJs" width="379" style="margin-left:0px;margin-top:0px" /></p><h4 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:14pt;margin-bottom:4pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:13pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">3.3.2.1 July: Endless Benefits</span></h4><br /><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">In July, MEXC's new tokens listings remained strong, leading to the booming popularity of two important sections: Launchpool and Kickstarter. Throughout July, every MEXCer participating in the events from these two sections received over 100 airdrop rewards. In fact, if you check MEXC's Twitter, you'll find more than 30 events happening every week. The </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">high frequency</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"> of events led to </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">higher returns</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">, allowing more frequent </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">zero-cost acquisitions of "original'' tokens.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">From July 1 to July 23, if you simultaneously participated in Launchpool and Kickstarter with just 1,000 MX (the minimum amount), you could have potentially earned 111.30 USDT. Excluding ongoing and upcoming events, your </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">July yield rate could have reached 4.03%</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"> (based on the highest USDT price point). Conservatively, your </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">APY could exceed 48%</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">. These returns </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">only account for passive income</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"> and do not include potential gains from increases in MX token‘s price.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Across various exchanges, July's hottest sector was "Meme 2.0," with many related concept tokens experiencing explosive growth after listing, such as XRP2.0, PEPE2.0, etc. For many MEXCers who are enthusiastic about collecting these crypto assets, this is undoubtedly good news. Additionally, </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">high-quality tokens have enormous growth potential.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:10pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">In the first half of the year alone, these tokens saw astonishing growth on MEXC: PEPE’s token price increased by as much as 11,399.75%; MONG’s token price increased by 10,756.63%; SCT’s token price increased by 3,479.00%.</span></p></li></ul><br /><h1 style="line-height:1.38;text-align:justify;margin-top:20pt;margin-bottom:6pt"><span style="font-size:23pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4. An Analysis of Hot Topics in the Blockchain Industry</span></h1><br /><h2 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:6pt"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.1 NFT Cooling and the Azuki Incident </span></h2><h3 style="line-height:1.38;text-align:justify;margin-top:16pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.1.1 Overview of the NFT Market </span></h3><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Since June 2023, the NFT market may be facing one of the most severe winters in its history. According to data from the NFT browser NFTGO, the NFT Blue Chip Index, which reflects the price performance of the NFT market, has dropped by over 30% within a month since June. Many blue-chip NFTs have experienced significant declines, and countless NFTs have been heavily affected. Among them, the blue-chip Bored Ape Yacht Club (BAYC) has fallen from 45 ETH in June to a low of 30 ETH in July. The blue-chip Azuki, influenced by the "Azuki Elemental Beans mint mishap," experienced the largest decline, plummeting from 16 ETH in June to nearly 5 ETH at present.</span></p><br /><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh5.googleusercontent.com/Rdj73zfmxjSqpakBrvXwFGq0itbJsDbQO3v8bE9kU1tPJk2wOi0gsJCZNXZ_F0P4fOAnE4ZLu8ZFmRIxlmnM24MoUVKBdoX9rMeOHoinusYkdrLYKh8YbvYndiPUcXDNmCa4fvKiAHXb0XAiuaQ0jcI" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:9pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: NFTGO</span></p><br /><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">In addition to the decline in NFT prices, the overall market capitalization and liquidity of the NFT market are also entering a "decline phase." Over the past three months, the overall valuation of the NFT market has decreased by 23.28%, down to 3.15 million ETH, approximately $6 billion. The trading volume has shrunk by more than half, leaving only 1.04 million ETH, around $2 billion.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh4.googleusercontent.com/KKhgum9Sxo8y-71QpZXTQP82J0X8EJu3W9VgTa7us1tdUl9Iwkxy8Lo8Oh9QQl_BeGKkefXy4yuEEz2D5akGGXd0FE7_yQFFjH5vTDBxdFFLw-jd8fGPcEYYXyGEK8PjFWis4k41jju9kRLKyqJRals" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:9pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: NFTGO</span></p><br /><h3 style="line-height:1.38;text-align:justify;margin-top:16pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.1.2 Introduction to Azuki</span></h3><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Azuki is currently one of the most successful NFT brands. It offers 10,000 character images to its community members. In addition to NFT sales, it plans to establish offline streetwear brand stores, organize meet-ups, and host live music events in the future.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Since entering the market in January 2022, Azuki has gained popularity among many fans due to its unique Japanese anime style, quickly attaining NFT blue-chip status. During this time, the Azuki community has introduced various NFT protocols and innovative gameplay, such as the ERC721A protocol and the Azuki partner BEANZ series. However, due to the impact of the "mint mishap" during the release of Azuki Elemental Beans, Azuki's former glory has faded.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">It all started in late June when the Azuki official team launched the offline event themed "Follow the Rabbit" in Las Vegas. At the end of the month, they announced the new Azuki Elementals series of NFTs and immediately commenced the pre-sale.</span><span style="font-size:12pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><br /><br /></span></p><h3 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.1.3 Azuki Elemental Beans Mint Mishap </span></h3><h3 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The "Azuki Elemental Beans Mint Mishap" occurred on June 28, 2023, at midnight when Azuki's new series, Azuki Elemental Beans, was officially released for sale. As soon as the sale began, all Azuki Elemental Beans were quickly sold out at a price of 2 ETH each. Some users who couldn't purchase Azuki Elemental Beans during the initial sale even resorted to buying them at higher prices in the secondary market. According to data from NFTScan, the trading volume and floor price of Azuki Elemental Beans at the time of sale reached 9,422.2074 ETH and 2.2139 ETH, respectively.</span></h3><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh4.googleusercontent.com/8GHANkytZQfs5KqpytNTzCkypDNEF1d6kOSycFsIQuvLv9-ORlDlp9QTwhIdkasAtpD8xG8SbzPvkEi-oCTudUTHkNldEmwgU8QhgpFw9uLuBxdwmQC98rzW-j_BOiELd4PFR2ZSgwRssa2A8ydPtbw" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:9pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: NFTScan </span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Even though the Azuki project team did not disclose the specific utility of the artwork before its official release, they generated excitement with a captivating promotional video. As a leading NFT project, users firmly believe that Azuki will take this opportunity to launch an exceptional piece of work.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">With the unveiling of Azuki Elemental Beans, users were astonished to find that Azuki Elemental Beans was almost an exact replica of the original Azuki artwork. Some went so far as to say that Azuki Elemental Beans completely copied the original Azuki artwork. The image on the left is Azuki, and the image on the right is Azuki Elemental Beans.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh4.googleusercontent.com/D34FAfBQCAkoRMjsr2-AaRE4h73KmNTjwLrmHADPIGV_RLw9ihJai-eyzw41WzyWc5KKiC8htO32HjP2_A1goj6jxt5SE49CSLYgj0O5fHFUxiWQqTug7aIBOhDfopU6FSBSOhOcxXM-RIsO9tyBVYc" width="449" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:9pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Image Source: Twitter</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">After the unveiling of Azuki Elemental Beans, the entire community was filled with disappointment and anger. Numerous Azuki holders started selling their Azuki tokens. As shown in the chart below, before the opening of Azuki Elemental Beans, the price of Azuki was relatively stable and even experienced an increase, reaching around 16 ETH at one point. However, after the opening of Azuki Elemental Beans, the price of Azuki plummeted all the way down to around 5 ETH. Azuki Elemental Beans also experienced a rapid decline and, at the time of writing, has already dropped to around 1 ETH.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh5.googleusercontent.com/9vTde6gTV4D8EcusjYjVm_8ijLOFo9TZCqZn8B9fgAng0UQSh8v952eO--Ng63m6bEm1AGzktnHNmLkjmayMiidSCLhf-ClE_FpqhbwAiSmdv8fVmORJasa0hvvX0A5vY1tJvGbnd5L2cug7OptH1RQ" width="494" style="margin-left:0px;margin-top:0px" /></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:9pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: NFT Price Floor</span></p><br /><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 19 , 25 , 38 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">During the cryptocurrency bear market, the NFT market already had limited liquidity. Azuki's actions not only drained the scarce liquidity in the market but also triggered a trust crisis that dealt a severe blow to the entire NFT market.</span></p><br /><h2 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:6pt"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.2 XRP’s Legal Victory </span></h2><h3 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.2.1 U.S. Judge Rules XRP is Not a Security </span></h3><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">On July 14, a U.S. judge ruled that the XRP token is "not necessarily a security on its face" and its sale did not violate federal securities laws, bringing an end to the three-year-long legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC). This positive news led to a surge in the entire cryptocurrency market, especially for tokens like XRP, SOL, MATIC, ADA, FIL, SAND, and others that were previously considered securities by the SEC.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The entire Ripple vs. SEC lawsuit is a microcosm of the current global cryptocurrency market. The emerging cryptocurrency market still faces many uncertainties in terms of regulations and oversight. Due to the lack of clarity in the scope and responsibilities of regulations, cryptocurrency companies find it challenging to have stable expectations regarding regulatory measures. The cryptocurrency market urgently needs well-defined regulatory frameworks to reduce potential market turmoil. The outcome of this lawsuit could serve as a pivotal moment for cryptocurrency regulatory reform and carry historic significance.</span></p><br /><h3 style="line-height:1.38;text-align:justify;margin-top:16pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.2.2 Introduction to XRP</span></h3><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 21 , 22 , 23 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Ryan Fugger founded RipplePay in 2004 with the core idea of creating a peer-to-peer payment network that could replace the traditional banking system. In 2012, Ryan Fugger handed over RipplePay to early Bitcoin pioneer Jed McCaleb, who then invited Chris Larsen to serve as the executive chairman. Together, they launched the OpenCoin project, which later became Ripple Labs at the end of 2013, and was eventually renamed to Ripple in 2015.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 21 , 22 , 23 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">In January 2013, the company introduced the cryptocurrency XRP, with a total supply limited to 100 billion tokens. XRP's initial private sale price was extremely low, reportedly at $0.0000001. The purpose of XRP's issuance was for international remittances. Traditional international remittances were typically conducted through SWIFT (Society for Worldwide Interbank Financial Telecommunication), which incurred high costs and required long transfer times. Using XRP for remittances could significantly reduce the required time and fees. Due to the potential and innovation of XRP in the field of international remittances, notable investment firms such as Google Ventures and Andreessen Horowitz participated in XRP's first round of private fundraising. XRP went through a total of four rounds of financing, as shown in the following figure.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh6.googleusercontent.com/TacjYipFCiml80EWrva4_9nDONv5e_ZFQnFZQsQax-PYwrNAvhrc8OgXbWo7ad0EUDze3umbhy_CFxXTUz0gmjTsBeyON0k1Q1INgIcNGQdd7loLvw4df6yXWl8PXw7o8qgpwCEYMsfhdrmTBhmfijM" width="490" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: RootData</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 21 , 22 , 23 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Unlike other cryptocurrencies, XRP does not operate on a traditional blockchain. Instead, it utilizes a distributed ledger technology called XRP Ledger and an authorized algorithm known as the Ripple Protocol Consensus Algorithm (RPCA). In contrast to Bitcoin's proof-of-work mechanism (POW), XRP only requires approval from 80% of validators to validate transactions and does not involve mining. As a result, blocks can be quickly added to the XRP ledger, allowing XRP to process up to 1500 transactions per second and complete payments within 5 seconds.</span></p><br /><h3 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.2.3 The History of the XRP and SEC Lawsuit </span></h3><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">In December 2020, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple. According to the document, from 2013 to the present, Ripple and its founders sold a total of 14.6 billion XRP, raising over $1.3 billion in funds. The defendants did not register the offering and sales of XRP with the SEC and did not obtain an exemption from registration, which the SEC alleges violated U.S. federal securities laws. Under the SEC's regulations, individuals or cryptocurrency companies must register securities offerings with regulatory authorities or apply for an exemption. Following the SEC's lawsuit, many exchanges delisted XRP, causing a 20% price drop.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">It's worth noting that the SEC had previously stated that due to the decentralized nature of Bitcoin and Ethereum, they can be considered cryptocurrencies rather than securities. The SEC chose XRP as a significant target in the crypto space for two reasons: </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 21 , 22 , 23 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">①</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"> Ripple has operated as a company with a clear entity and team, and </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 21 , 22 , 23 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">②</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"> Ripple has repeatedly proposed collaboration with European and American banks and third-party payment and financial institutions, demonstrating its significant presence in penetrating traditional financial systems, which is comparable to other mainstream cryptocurrencies.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">In February 2021, after the SEC filed the complaint, Ripple responded to the SEC's allegations, asserting that XRP is a cryptocurrency and does not meet the definition of a security because it lacks contracts, investor rights, and issuer obligations. Subsequently, the two parties engaged in a court battle that lasted for over two years.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><img src="https://lh5.googleusercontent.com/28yKAf1pptWeShInHcpIYDkXXXMFsDuuCtaCNFIvaekkcfnlAVeYyrJ81pFw2FtGle1l9Z1-4CFcJ4V0gxQDmuiBW4adeDbVOzTdtYLthmHTRteRntJLHgA3xHppwLYuXUtbJi5UMMRiAedyxfsSVas" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 21 , 22 , 23 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">On July 14, 2023, local time in the United States, a federal judge finally issued a ruling stating that “XRP is not necessarily a security on its face”, and Ripple's sale of XRP tokens through exchanges does not violate U.S. federal securities laws. This marked a significant milestone in the long-standing confrontation between the parties, with Ripple achieving a partial victory. Following the release of the ruling, XRP surged, with its price increasing by over 70% at one point.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 21 , 22 , 23 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The reason the U.S. federal judge ruled XRP not a security is that Ripple's sale of XRP through exchanges does not meet the third prong of the Howey Test - "expectation of profits." </span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 21 , 22 , 23 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The court considered XRP's sales as "blind” transactions because the majority of investors who purchased XRP from exchanges did not do so for investment purposes or with the expectation of profits. They were not aware of where the funds from purchasing XRP would flow, and they did not reasonably expect profits from Ripple's operations.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><img src="https://lh3.googleusercontent.com/XiDv0lAhN0BNquZ-i5QZZ8EYxBz1LkhV0eg_Nbmzs_XlAqreZd22QVWBRHWTEQIWHlYiIipvmA6KeJgJRgOiTAYHsYxFq_OcI8kfOt1o5G3golxZ867GkVbC1-xpgu6F97boClxl-ebm7dpOvzeeHb8" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Twitter</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">After the verdict was announced, Ripple's General Counsel, Stuart Alderoty, expressed on Twitter that this was a tremendous victory for Ripple. He stated, "as a matter of law - XRP is not a security. Also a matter of law - sales on exchanges are not securities. Sales by executives are not securities. Other XRP distributions - to developers, to charities, to employees are not securities."</span></p><br /><h3 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.2.4 The Significance of XRP's Legal Victory for the Industry </span></h3><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">① Creating a more lenient environment for innovation in the industry.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Securities are subject to strict regulation by the U.S. Securities and Exchange Commission (SEC), as various processes, including registration and issuance, need to pass SEC scrutiny. With XRP being ruled not a security, it doesn't need to undergo the complex regulatory process of the SEC, and the same would apply to other cryptocurrency projects. Additionally, if exchanges can sell XRP, they can also trade other cryptocurrencies, as per the precedent set, other cryptocurrencies should also not be classified as securities. These two points will create a more lenient environment for innovation in the industry.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">② Cryptocurrency companies' first legal victory against the SEC.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">In the U.S. judicial system, precedents carry significant weight, meaning previous rulings are taken into consideration when making judgments. If other cryptocurrency projects have disputes with the SEC, the court can refer to the ruling on XRP. Therefore, this ruling sets a precedent for future cryptocurrency cases, potentially becoming a crucial turning point for the cryptocurrency industry.</span></p><br /><h2 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:6pt"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.3 EthCC 2023</span></h2><h3 style="line-height:1.38;text-align:justify;margin-top:16pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.3.1 Introduction to EthCC</span></h3><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">EthCC, organized by the non-profit organization Ethereum France, has been held in Paris since 2018. It aims to provide more networking opportunities for startups and investors. On July 17, 2023, “EthCC 6” officially commenced in Paris, France, and the conference went on for four days.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">For both Ethereum developers and the entire cryptocurrency community, EthCC 2023 is the most anticipated event after EDCON in Montenegro this year. The conference boasts a diverse range of participants, including prominent projects such as Ethereum, Coindesk, Uniswap, Starknet, and others. Ethereum co-founder Vitalik Buterin attended the event and delivered a public speech on the history and future of account abstraction.</span></p><br /><h3 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.3.2 Summary of Vitalik Buterin's Speech</span></h3><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Currently, Ethereum accounts and keys are closely coupled, meaning if you control the private key, you have control over the account.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Account abstraction will decouple the entities (accounts) in the Ethereum Virtual Machine (EVM) from the entities (key pairs or signers) holding ownership of mobile assets. As long as a Contract Account (CA) supports specific functionalities, such as signature verification, it can act as an account.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Account abstraction essentially allows users to define the security model for their accounts, making Ethereum more adaptable to different use cases. For instance, this feature enables users to set their own transaction validation rules, such as multi-signature requirements or spending limits. They can also make their accounts compatible with future cryptographic algorithms.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Vitalik described account abstraction as allowing Ethereum accounts to be controlled by smart contract code instead of private keys. His vision is that in the future, people will switch from the current Externally Owned Account (EOA) wallets to smart contract-based wallets. If successful, managing crypto wallets would become as simple as managing email accounts.</span></p><br /><h3 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.3.3 Four Noteworthy Projects</span></h3><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 51 , 51 , 51 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">① Uniswap Launches Cross-AMM Protocol UniswapX</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 51 , 51 , 51 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Uniswap, one of the well-established decentralized exchanges, was launched in 2018 and currently supports millions of users. During the EthCC conference, Uniswap announced the release of UniswapX, a permissionless, open source, and Dutch auction-based cross-AMM protocol. Currently, the opt-in beta version of this protocol is available on the Uniswap Labs interface for the Ethereum mainnet, with plans to expand other chains and Uniswap wallets in the future.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><img src="https://lh6.googleusercontent.com/i_G-myTHayJLicJtk4__cQJPEfBwVdOd4C6WDC9pUiIMLzQ77JGD5naJWX2lwCCXKssckL2-YIGChJMMCh1oh89jCUukyiduakxZT5hu66CzJfpbsTmHgZshYewPANZQiYVAmA8lgE717c-V28vKGWo" width="602" style="margin-left:0px;margin-top:0px" /></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 51 , 51 , 51 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">UniswapX will gradually implement the following features: aggregating liquidity sources to improve exchange value, protection against MEV (Maximal Extractable Value), gas-free swapping, no cost for failed transactions, and expanding to support gas-free cross-chain gasless swap within a few months.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 51 , 51 , 51 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">② Lens Protocol Officially Released V2 Version</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 51 , 51 , 51 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">On May 18, 2022, Lens Protocol was launched on the Polygon mainnet as a decentralized social protocol, and it has garnered 120,000 users to date. During the EthCC conference in Paris, Lens Protocol announced the release of its V2 version. The V2 version focuses on openness and composability, allowing users to directly execute external smart contract operations within Lens publications. Additionally, Lens V2 has introduced the capability to interact with smart contracts within social media platforms. </span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The highlights of Lens Protocol V2 are as follows: The introduction of ERC-6551 to aggregate value into NFTs rather than wallets. Addition of third-party operation permissions, including whitelist addition, and more.</span></p><br /><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 51 , 51 , 51 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">③ Chainlink Launches Cross-Chain Interoperability Protocol (CCIP)</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Chainlink is a decentralized oracle project designed to securely and reliably connect blockchain smart contracts to off-chain systems, providing secure and reliable data sources for blockchains.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">On July 18, Chainlink announced the launch of the Cross-Chain Interoperability Protocol (CCIP), designed for cross-chain applications and services. Currently, CCIP provides early users with real-time access on various blockchains such as Avalanche, Ethereum, Optimism, and Polygon.</span></p><br /><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">④ Starknet Launches Starknet Appchains</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Starknet is a Layer2 blockchain network built by the StarkWare team, operating as a ZK Rollup on Ethereum. According to data from L2BEAT, Starknet's Total Value Locked (TVL) has seen a rapid surge since the 10th and has now surpassed $115 million.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><img src="https://lh4.googleusercontent.com/LrrHRRhsgK5REsPw-B_uyiEF4A04xdogSRn4MkPuGYN7nvLOhx_KE6H6BzDRrLlnlPkybbc52Ohm71a5x9PdtGhtdwqdxk_Q-TGAEQdcz8JBd7ZeozLKtmb9aKuv0c9B0A65OavuYw6dnq5x1oLa_SY" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: L2BEAT</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">At the EthCC conference, StarkNet officially announced the launch of StarkNet Appchains, which improves transaction processing speed and enhances user experience. With this update, transactions are no longer subject to the long processing times of 5-10 minutes as before. Additionally, StarkNet also unveiled the high-performance sequencer Madara, which enhances the capabilities of the Cairo VM using the Substrate framework, further improving the appchains' capabilities and Starknet's interoperability and on-chain privacy levels.</span></p><br /><h2 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:6pt"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.4 Curve Finance Crisis</span></h2><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Due to a bug in certain versions of the Ethereum programming language Vyper, four Curve Finance pools were exploited and the funds were stolen. The potential crisis was exacerbated as the founder of Curve Finance had used a significant amount of CRV tokens as collateral for loans on multiple lending platforms, putting CRV at risk of potential liquidation.</span></p><br /><h3 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.4.1 Reentrancy Attacks</span></h3><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">On July 30, at 21:34, the NFT lending protocol was suspected of being under attack. Subsequently, Curve Finance reported that JPEG'd had suffered a read-only reentrancy attack, causing the pETH price on the pETH-ETH pool on Curve to drop to $383. (Note: pETH is a derivative asset of ETH issued by JPEG'd.)</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">At 22:50, the msETH-ETH pool on Curve was attacked.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">At 23:34, the alETH-ETH pool on Curve was attacked.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">On July 31, at 0:44, the Ethereum programming language Vyper tweeted that the reentrancy locks in versions 0.2.15, 0.2.16, and 0.3.0 were ineffective.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">At 0:45, Curve’s official Twitter account posted that many stablecoin pools using Vyper 0.2.15 (alETH / msETH / pETH) were attacked due to a reentrancy lock failure, while other pools are safe.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">At 3:08, CRV-ETH was attacked, with the lowest CRV on the chain falling to around 0.08.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">At 7:50, c0ffeebabe.eth, the deployer of the Mev Bot that frontrun the CRV/ETH Pool, returned 2,879.54 ETH worth approximately $5.39 million to Curve Finance deployer.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">At 9:37, Upbit, South Korea’s largest exchange, suspended CRV deposit and withdrawal services.</span></p></li></ul><br /><h3 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.4.2 Impact of Reentrancy Attacks</span></h3><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">According to DefiLlama data, Curve Finance's Total Value Locked (TVL) decreased by 43.6% in the span of 24 hours, dropping to $2.28 billion, with liquidity reduced by 63%.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><img src="https://lh6.googleusercontent.com/yzcnk-m2LuJHv9crjNubeh6DZdrO_TShcFq363g2qJPeZLfhLJDm4syOek8M68ylD4RHq0BAOd72y-IfrPLaEjRIwm2ljqH9awy_dKaGEd2hbcbQkltylgW6V51DvzSzeSfYgpzIwHdjgsyTfpt0PO0" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: DefiLlama</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">This reentrancy attack mainly involved several pools that utilized specific versions of Vyper. Currently, Curve Finance has suspended deposit and staking features for these affected pools. Additionally, they have delisted the corresponding pools from their platform, abandoning their use, and introduced new secure pools.</span></p><br /><h3 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.4.3 Liquidation Crisis</span></h3><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The liquidation crisis stems from Curve Finance founder Michael Egorov's collateral loans on lending platforms, including Frax Finance and Aave. Michael's loan positions are as follows:</span></p><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">On Aave v2, he supplied 257.44 million CRV tokens and borrowed 49.25 million USDT, with a liquidation price of approximately $0.35.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">On Frax Finance, he supplied 38.6 million CRV tokens and borrowed 9.19 million FRAX tokens, with a liquidation price of approximately $0.3.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">On Abracadabra, he supplied 46.65 million CRV tokens and borrowed 12 million MIM tokens.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">On Inverse Finance, he supplied 29.1 million CRV tokens and borrowed 7.7 million DOLA tokens.</span></p></li></ul><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">If liquidation occurs, not only will Curve Finance suffer significant asset losses, the lending platforms involved will also face substantial economic losses. Both borrowers and lenders will have to face the pressure of dealing with the repercussions of this loan arrangement.</span></p><br /><h3 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.4.4 Loan Resolution</span></h3><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Currently, Curve Finance founder Michael Egorov is using over-the-counter (OTC) sales of CRV tokens to repay his loans.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">According to @EmberCN's monitoring, Michael has sold a total of 54.5 million CRV tokens at an average price of $0.4. The buyers include DWFLabs (12.5 million CRV), Justin Sun (5 million CRV), Jeffrey Huang (3.75 million CRV), Cream.Finance (2.5 million CRV), and others.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The root cause of the Curve incident lies in the issue with the Ethereum programming language Vyper, which eventually led to user funds being compromised on Curve. This event may serve as a wake-up call for DeFi projects to place even greater emphasis on ensuring user asset security and isolation.</span></p><br /><h1 style="line-height:1.38;text-align:justify;margin-top:20pt;margin-bottom:6pt"><span style="font-size:23pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5. BTC & ETH Analysis</span></h1><h2 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:6pt"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.1 Bitcoin</span></h2><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">In terms of token price, the trends of Bitcoin and Ethereum largely represent the overall market trends in the industry. However, when it comes to assessing whether the entire industry is experiencing a recovery and resurgence, price is only one part of the equation. Our aim is to provide more support for making judgments by analyzing some underlying data.</span></p><br /><h3 style="line-height:1.38;text-align:justify;margin-top:24pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.1.1 Price</span></h3><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Following the positive trend from the previous month, the price of Bitcoin fluctuated around $30,000 in this month. Based on the chart from Look Into Bitcoin, it is evident that most of the time, the price remained above $30,000. On July 14, the price of Bitcoin reached its highest point this year at $31,544.7.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><img src="https://lh4.googleusercontent.com/xi9BcpQes_7-E11zdUdOiw7tIOHl_yz_8DhnjbuO6To5Pv694itGWKv3elexDxxDUGF129jeoJKfaQDX3pUYTGrnjhFA61lJtt4zGtCrYP6c7ycYKHjtXdqyfE6f3RPh2OXWPtU8ci6feE1u_Sn6hFE" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Look Into Bitcoin</span></p><br /><h3 style="line-height:1.38;text-align:justify;margin-top:16pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.1.2 Institutional Holdings</span></h3><br /><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.1.2.1 Grayscale Investments</span></h4><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">According to CoinGlass data, Grayscale Investments have been consistently reducing their BTC holdings this year. In July, they reduced their BTC holdings by approximately 1,000 BTC, and in the past 7 days, they reduced their holdings by 380 BTC. Currently, they hold approximately 624,700 BTC.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The Grayscale Bitcoin Trust (GBTC) currently has a primary market price of $26.4 and a secondary market price of $19.04, with a premium rate of -27.88%.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh5.googleusercontent.com/derj4vIRzEQH-sJZpEBw4bjIavErF66tPezfDqiuud7W33nfaV4PbbS5nMdqyabgZVD3rHPTWH7PHlY2ankWEss0gUkWgFjjt5j55Jd9yUkvGnuMnIx5T4_TYoVsxYVaNseQ6FAfuNhBtoNF8LGrhwc" width="597" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: 2023 Grayscale Investments BTC Holdings Data</span></p><br /><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.1.2.2 Publicly Listed Companies</span></h4><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The Bitcoin Treasuries website compiles data on 41 publicly listed companies that hold BTC, including well-known entities like MicroStrategy, Tesla, Coinbase, Meitu, and others.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">According to the data from the chart, we can calculate the average cost of holdings for these companies: MicroStrategy at $29,647, Tesla at $34,722, Coinbase at $12,342, and Meitu at $52,609. With the current market price of BTC being $29,316, most of these companies are still in a loss-making position.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><img src="https://lh6.googleusercontent.com/3SQKILZbQxmzTOZG1wxE5JqmUArcIph2J0YuKmfZlLWAnEaZF3l7RKaM9Z6Zt_q6uLpbshMu0NDLqLSUuYiydyyaqM7xbCfqIYOPPcVtUIiiH1Fu3rHsWtxQ9Say8It2qkN0Y14zBAcpNYnxM3tlofs" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Chart of BTC holding cost value for 41 publicly listed companies (partial)</span></p><br /><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.1.2.3 Centralized Exchanges</span></h4><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">According to CoinGlass data, a total of 20 exchanges, including but not limited to Binance, Coinbase, OKX, Bybit, Kraken, Huobi, Kucoin, Gate, and Bitmex, saw an outflow of 18,618.85 BTC in the past month. The main contributor to the outflow was Coinbase, which saw an outflow of 27,065.56 BTC.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">However, data from the past 7 days shows that these 20 exchanges are experiencing an inflow trend, with a total inflow of 17,159.89 BTC. The main contributor to the inflow was Binance, which saw an inflow of 10,729.99 BTC.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh5.googleusercontent.com/x_bfrKKV_73qcUdnAGApJCE6AZu73_utdMykHF12rOEn8yWAWEQ_sEtPJe4PXjKdDwylg2_B0Mtn7kucTbUPr9dchyvgm63km4F0Ph6iuZYSDBPi2bEDZDoQruo8iLdxb5tNHUfdypEePZhhVEWVk-c" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Exchanges’ Bitcoin Wallet Balances in July</span></p><br /><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh5.googleusercontent.com/SIB_-kUpQMGzoA4YPpb4cdnsiMP469CptPoCjKaB4lVH0MjaJ3myK-3zMG2Dotf7APGpF9GQDFVi3dfw7HvhvKRH6K94RganQgLlhhvubyyuvyJqWmzcsarS_0PDLCnwUVAVc-t9PyXZzXJQRV5XZFo" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Exchanges’ Bitcoin Wallet Inflow and Outflow in July</span></p><br /><br /><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.1.2.4 Governments</span></h4><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The Bitcoin Treasuries website also compiles data on BTC holdings for four countries and regions, including Ukraine, the United States, El Salvador, and the state of Georgia. El Salvador is a pioneer in BTC adoption, being the first country to adopt Bitcoin as legal tender. According to the data, El Salvador's average cost of BTC holdings is around $45,006, indicating that it is currently in a loss-making position.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh4.googleusercontent.com/k_0irfOAIDb1q3w5HvtkKTo6zeS_kRVkmY5GVgv660lHdZ1hDXwuPLOji0vLriHUL9s_pENAnVdioN6jgDYmizHKG-98Sd-MYXckvkk989ldFxC0uPcjXBeq6Q-y9D_E1G7UAzwrtPGA92oJNAU3noI" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Bitcoin Treasuries</span></p><br /><br /><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:12pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.1.2.5 </span><span style="font-size:13pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Comparison of BTC Holding Positions by Different Entities</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh6.googleusercontent.com/SJwqO7ORfxlfKKx82kaFWCh9c5wEdb1J-N2o0IQ0sK6IhSG7pxmYWMrQ_GwdVSu4mnW9chDvNZr3Q9vPlxLbVTbre7c3UnLp7KoSGfwXYpiWb4h8_wIdHbSkNaiH63JG4dtnyi4fwk0gPkfbUtnSGg0" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Bitcoin Treasuries</span></p><br /><br /><h3 style="line-height:1.38;text-align:justify;margin-top:16pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.1.3 Return on Investment (ROI) </span></h3><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">From the institutional holdings data above, we can see that most of the holding institutions are still at a loss. According to CoinGlass's monthly investment return data, Bitcoin showed a negative return rate of -0.42% in July. In comparison, the return rate for June was the third-highest this year, reaching 11.98%.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><img src="https://lh3.googleusercontent.com/7BjZiv4_PxilSIx1ZNaSDu4ig8pYjTazagdfvjrWSRVs9TUVEY2rymRXvSaCO1pGOHH3BrSVXkk2harTzHwuoE2bSMJB1-WNR9GDA5USTZtOZDgj4J-BvbN_VpvXn9WvgXn3VaNE2pWmGvNRTp-60RI" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Bitcoin Investment Return Rate For The Past Years (Monthly Data)</span></p><br /><h3 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.1.4 Volatility</span></h3><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Volatility is used to measure the uncertainty of asset returns and reflects the level of risk in financial assets. Higher volatility means more significant fluctuations in the price of financial assets and greater uncertainty in asset returns. Lower volatility, on the other hand, indicates smoother price movements and higher certainty in asset returns.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">According to CoinGlass's volatility chart, Bitcoin's volatility reached its peak in March this year, and the volatility in June decreased by one percentage point and remained between 2.4% and 2.6%. In July, Bitcoin's volatility decreased by another percentage point, with the highest volatility being only 1.39%. Bitcoin's price fluctuated relatively smoothly in July, mostly between $29,000 and $30,000.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><img src="https://lh4.googleusercontent.com/5icHpNZ4BcFhRaArah2gxllkzjnDZ_n_0cpwXieLqtG4_t4tFbr_SpCleLYzWISIt6K55gpLz0gLW51-1H6b5rXCoqdVjIVbzGJK5TO1rev4UNFs_x8XaLOB0lTOBlITmHGAsVENYT5JY6PVu6wqkiE" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Bitcoin Volatility in 2023</span></p><br /><h3 style="line-height:1.38;text-align:justify;margin-top:16pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.1.5 Funding Rate </span></h3><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Looking at the funding rate chart for this month, almost all rates are positive. This data indicates that the overall market still has a bullish sentiment, expecting prices to rise. However, the overall market trend cannot solely rely on one chart but requires combining more data to make judgments.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh5.googleusercontent.com/EwpswdErmecTiT6TsV10dKnz5POzZsLysbKF0nwsv-mVgv7KHluEZhQqwxgADc-YWx2erGPwYq6727ad53wB_au8M_yKynN5DKNxB6fM96XbPfk6qjDngihDGUqhce6CwLrHEg8dVv1Pv6Y7_8xwN-I" width="580" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Look Into Bitcoin</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The number of active Bitcoin addresses is still maintained at over 930,000, with little difference compared to the data from the previous month. At its peak activity, the number of addresses still did not surpass 1 million.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh3.googleusercontent.com/9oiVoHtjdhVWRo9gLVVsx6mEx3ap2gPwZ0pFplDNTYijo_eqGkjh0YcpClFKBAclc0r67soDkduGiSYeQH2xq4pEFI98o6JwwJEWZmrtdFIVcKYpz68m0sRQ57Xw_Py7oV-EGxoIl8L7CRFgVvdeDmM" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Look Into Bitcoin</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">From the holding data, there are different trends for large investors and retail investors.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The number of addresses holding more than 0.01 BTC increased by 100,000 in July compared to June, reaching 12.16 million. The number of addresses holding more than 0.1 BTC increased by 22,000, reaching 4.41 million.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The number of addresses holding more than 1 BTC increased by 4,300, reaching 1.01 million. The number of addresses holding more than 10 BTC increased by 200, reaching 156,000.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh3.googleusercontent.com/FCUT4o-AYz2ykYUVf6sS-BfL-06gfdC5ZqlVBMs0RAF6JsMEJp53xlX24o5N97b6TJDIHhD_PC6PaQFRZccdzFv7zrWZq2B1yT5gCWKdDQ2dYRFS6ZFLxEpZfkWxCsT_T49Un8ZVZOTcrrqH23P9kbc" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Look Into Bitcoin</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">However, for whale addresses holding more than 1,000 BTC, the holdings are decreasing. The number of addresses holding more than 1,000 BTC decreased by nearly 20, leaving only 2,018 addresses still holding more than 1,000 BTC.</span></p><br /><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh3.googleusercontent.com/TPaQq9A7iB-3om_VThplEcVP8EylDMXW_q0cqkNzMLtbmzW0gC-QaNsVEE2sYXMlUFaetL7IVX8qJQB-kxyI2cIV7X1NxqBmxPaGLmtFE7hkaZiJBK1FDwLhq0ZXuNJylILbwe_6Us0_HnWRYh4f08g" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Look Into Bitcoin</span></p><br /><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">According to data from CoinMarketCap, in the cryptocurrency market share over the past month, the proportion of Bitcoin has shown a slight decline after July 14, decreasing by 1%.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh5.googleusercontent.com/SriMrS7DWnZhi1hGWG0BunU1Wfr6ev2TkIJpyxX7wH0_Y3Gq6ZPzR4j75CYrm9S48zg37A6G6aH5FsBDb6wi6FjfWEFCXxDSM5Dmuo9Q-8pmTrLRd-OiOH_krR1hJ2WAyQrqvucExSwGbz5IxXz4XVI" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: CoinMarketCap</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Similarly, the global cryptocurrency market cap shows a similar trend. After reaching a peak on July 14, the market cap quickly returned to fluctuate around the average value for the past month.</span></p><br /><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh6.googleusercontent.com/HCvmmrv3GSClQO-LaWKZY4pnVW00hNB1gOPnRyYa6lLNiLhW9JMAVtS6lfOpYwD6FO7p8CnlZKpqcMIG_U5-ySHMIG23krEBa2bMwhO1iZU1SyO6i6dJd1siMWmofvaB8rCJdOPGV8PD4ZWScFXN1OM" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: CoinMarketCap</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The date July 14 appears repeatedly in the charts and data we have seen, as July 14 is when XRP won the lawsuit, driving the overall market's surge. As the excitement surrounding the event fades, the market enthusiasm also subsides.</span></p><br /><h2 style="line-height:1.38;text-align:justify;margin-top:24pt;margin-bottom:6pt"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.2 Ethereum</span></h2><br /><h3 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.2.1 Price</span></h3><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Compared to Bitcoin, ETH experienced larger price fluctuations in July. On July 14, the Ethereum price reached its monthly high, approaching $2,000. At its lowest point, the price almost touched the $1,800 mark.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh4.googleusercontent.com/ksonFvVBusOstG3bfMfA01SMQ_fohdAz7ufvMqVbIxtjsEan0K2orpzJvoAlX5n67_YNgjr6i8NPXZ4R1S7TH5ykdVWeColXoQRqoME63jWrusj-djZyE-epIG09ABVONlUILZnHCth8ULvjTdSuCOU" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Fei Xiao Hao</span></p><br /><h3 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.2.2 Institutional Holdings </span></h3><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Grayscale Investments </span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Similar to Bitcoin, Grayscale Investments</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">has been reducing its holdings of ETH this year. In July, it sold more than 6,000 ETH, and in the past 7 days, it sold over 2,000 ETH. It is currently holding 2.9936 million ETH, according to the data from the CoinGlass website.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The current primary market price of Grayscale Investments EETH is $17.86, and the secondary market price is $10.44, with a premium rate of -41.55%.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh3.googleusercontent.com/l8jCzt6X1c6Tb3Eph3ePKNQjN2-Jv65B5TvVrSKOcq0kbxV4ElnQTFRy90GhCXk-7yZAiRxzCDsCARAeG2Brbfiq3z_DKSbwaaQ4eL7HSTQ7HKUazW8jDmlI4w5FqX0b7DznbfRLBSf0WaKhUThPTlo" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: 2023 Grayscale Investments ETH Holdings Data</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Centralized Exchanges </span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Among the 20 centralized exchanges tracked by CoinGlass, there was a total outflow of 112,519.67 ETH in the past month. OKX and Huobi had significant outflows, with 91,326.95 ETH and 70,234.22 ETH respectively. In the past 7 days, there was a total outflow of 19,512.76 ETH, primarily due to Huobi's outflow of 59,376.02 ETH, and Binance's inflow of 96,311.16 ETH.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh6.googleusercontent.com/M4_RtqxS8-xLTtJ0y_tvTFio5TK-SeRMtqnzpY0pBBd2Q-QMpCeXT7KcHycPEnZcZqBcgYFYQDvfmgUI7iWal6EIHESCzRo1wSEGlvfMLqgrSoP-3JoMSlE5UFJujOrm7B709inAPLmr2WCysW1FIzE" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Exchanges’ ETH Wallet Balances in July</span></p><br /><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh6.googleusercontent.com/Wei4AL3IpkVeU8aebYQ-FK-EeDfdS-pyAqzEvQsV_7BLOHk8mdVN_F6SoJ2t-pTzw9dWrX6RFEqCqOlLLht29Cq9Oovfe7LhNJvUR-2PNqeRhIl7SjB0JI55sr9QJHvpOYr2L4Dd6-2fnG-KVznTrfs" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Exchanges’ ETH Wallet Inflow and Outflow in July</span></p><br /><h3 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.2.3 Return on Investment </span></h3><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Based on CoinGlass's monthly investment return data, ETH has shown relatively low fluctuations in ROI since April. However, in July, it had the first negative ROI of the year, which was -3.99%.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh5.googleusercontent.com/RGSUPEf_ski6EwRqfIiL93HHjJfdvVlFudgt4ZqRsfS6A0KSqbj5S6HPXUKwlitcV1I4yLMfkychGhQB1st_DDjSluN_oB26zvMpK2YjFzUP0OnGAWvtGCL0pY4F4Yicdab98Ak7IVPwAyjQ2hV5Cmw" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: ETH Investment Return Rate for the Past Years (Monthly Data)</span></p><br /><h3 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.2.4 ETH Lockup Amount and Yield Rate</span></h3><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Despite Grayscale Investments' continuous reduction in ETH holdings, data from Fei Xiao Hao shows that the on-chain lockup amount of ETH has been steadily increasing. Even after the Shanghai upgrade, the originally unlocked ETH did not change this trend and continued to be staked and locked.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">As the lockup amount continues to increase, the yield shows a declining trend. It has currently decreased from a peak of over 20% to below 5%.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><img src="https://lh6.googleusercontent.com/4tAOH99yv5u6Rq5lF0fUzk0Nvf4jN5bkolBYRRvg-otpk2wQ4ttj6agmdk1Q3IlgyMQ00oBgU7-49FTYD4jV2nPDP2BEhj1e8lnaumFqBUcyl-kMBeMsYBKhZRi661891AyEYMnkuX_1VOeu9AelMrY" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: ETH Lockup Amount</span></p><br /><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh4.googleusercontent.com/v-dJCZ6GeHWE1F2kWmvmmbk5hO-wwJZkJyS4UkbtAi4SDrk9UlxfWUdz9CADl3HPYBPhdkXkdFTg9SLxh2RxJzDMEgZNOEONUzTT16rPt1yNlszse8XRiFcUnmI7n13OefZh5wKb9NCWnN_3yR7rcQM" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: ETH Yield Rate</span></p><br /><br /><h3 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.2.5 ETH Inflation and Burning </span></h3><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">After introducing the ETH-1559 burning protocol, Ethereum's previous inflation model now has the potential for deflation, reducing the overall circulating supply of ETH.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">According to data from Fei Xiao Hao, Ethereum was in a deflationary state in July, with daily burning exceeding the amount of new issuance, which benefits ETH holders.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh5.googleusercontent.com/Vo0DddgIrLvk1Tm3LPis31vmPmfnUNbRLU6nmoNgmQeQv5yLhc0BhZNJlBkwADp6zlEKDVmaTZ0Jd6ddt_dEGjbVIdrtMy5KcQbb8mXgHeiZ2ePkrGBthPd77KDDBz-3vEIa7l_vnY4seCYseBZQz8E" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: July ETH Inflation</span></p><br /><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh5.googleusercontent.com/mIHCBz7WLJTjdjuukz9H2q3ZG2wnhUUbKz_qUtK_Jxxb23vh5K2c91L_-Vgm0zwDnGbj99ZxJ_ii3Nh3MsmQxbCL4O0Dj5kjHVbe_HTNErrIajYySy2EGd6dTQ9vqTOc-Vg0fEdnswlPPdbmVnT7MLM" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Daily ETH Burning Amount</span></p><br /><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">In addition, according to data from Token Terminal, in the past month, Ethereum's revenue increased by 1.83%, fees increased by 3.87%, total market value decreased by 2.12%, and daily active users decreased by 13%. However, the number of core developers increased by 5%, and the total code commits increased by 8.1%.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The increase in developer count and code commits is likely related to relatively more activities in the past month, mainly focusing on EthCC-related events and local activities in Japan.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh6.googleusercontent.com/GgHZX3nsbsImlLPKPOMJj1_K6wm6j8QbloHI3OksOyK__9xKRAoUWwA5-aeJldvgMB0LioL4LNid-g-zJbp-9RZtxCb2jSS09ZNN-FHaHZQhMbdeXkkZzK1Uwonh30Nx7r4IRsNiDJ95-aH8DQVIm0U" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Token Terminal</span></p><br /><br /><h3 style="line-height:1.38;text-align:justify;margin-top:16pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.2.6 Conclusion </span></h3><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Based on the market trends and data of Bitcoin and Ethereum, there are no clear signs of a rebound. We need to exercise more patience and wait for the bull market to arrive.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">For long-term holders, waiting seems to have become a habit, and persistence will eventually lead to the dawn of victory. For users skilled in short-term trading, every market fluctuation serves as a test of their strategies, making effective risk management particularly crucial.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Market recovery still requires time and capital injection. Let's remain hopeful that we will all be here to witness its arrival.</span></p><br /><br /><h1 style="line-height:1.38;text-align:justify;margin-top:20pt;margin-bottom:6pt"><span style="font-size:23pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">6. Closing Remarks</span></h1><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">According to data from RootData, there have been 68 financings in the cryptocurrency market in the past 30 days, equivalent to an increase of 11.84%. The total financing amount was $618 million, equivalent to an increase of 26.99%.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh5.googleusercontent.com/RIkXlGiY6mVW7QZ5wnpc4xXXCmd90SmHdMwbkN5wmH9dbZHjQ-BfzTVKjwW__OHbyZD5tQIw9HH0t2dbMKBGkNSH6TuJgLFt9fkhHCLGXjlwYTEvVBaHfKEQFsB0Mp0xG1deYqlBCJdwDCQduFBJWZg" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: RootData</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Capital is mainly concentrated in investment infrastructure projects. Among the top 10 blockchain projects in terms of financing amount, half of them belong to infrastructure projects, while the rest include exchanges, Layer 1 public chains, music NFT platforms, etc.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh6.googleusercontent.com/dJXvUzGhXQdR0qHPKYQa8jnZhyylKgcVGFwipBV3geeTsSA0dA8fupub8r2w-YSLibMI4HhKdbQleY-g-F6t-k0N6dbz3eJrOZZkMHchSh8I92pSx1bqasEZSde8mj2mIzOuxc5N1VDxSEMR6MCw6_A" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: RootData</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">As capital enters the market and market sentiment begins to brew, it seems as if, just like the familiar saying, "everything is coming back." We have traversed the winter, patiently waiting for the bull market's arrival, and all the waiting preceding this moment will prove to be worthwhile.</span></p><br /><br /><br /><h1 style="line-height:1.38;text-align:justify;margin-top:20pt;margin-bottom:6pt"><span style="font-size:23pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">7. List of References</span></h1><br /><br /><ol style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://cointelegraph.com/news/crypto-regulatory-framework-bill-pass-house-congressional-committee" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://cointelegraph.com/news/crypto-regulatory-framework-bill-pass-house-congressional-committee</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://www.forbes.com/sites/rohitarora/2023/07/26/fed-raises-interest-rates-to-22-year-high-credit-crunch-continues-for-small-businesses/?sh=4d24ed995b21" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://www.forbes.com/sites/rohitarora/2023/07/26/fed-raises-interest-rates-to-22-year-high-credit-crunch-continues-for-small-businesses/?sh=4d24ed995b21</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://blockworks.co/news/google-cloud-web3-dive" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://blockworks.co/news/google-cloud-web3-dive</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://www.financemagnates.com/cryptocurrency/russian-president-vladimir-putin-approves-law-on-digital-rubble/" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://www.financemagnates.com/cryptocurrency/russian-president-vladimir-putin-approves-law-on-digital-rubble/</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://www.financemagnates.com/cryptocurrency/binance-takes-on-cftc-with-plans-to-seek-dismissal-of-lawsuit/" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://www.financemagnates.com/cryptocurrency/binance-takes-on-cftc-with-plans-to-seek-dismissal-of-lawsuit/</span></a><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"> </span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://coinmarketcap.com/currencies/mx-token/" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://coinmarketcap.com/currencies/mx-token/</span></a><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"> </span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://www.lookintobitcoin.com/bitcoin-price-live/" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://www.lookintobitcoin.com/bitcoin-price-live/</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://www.lookintobitcoin.com/charts/bitcoin-funding-rates/" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://www.lookintobitcoin.com/charts/bitcoin-funding-rates/</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://www.lookintobitcoin.com/charts/bitcoin-active-addresses/" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://www.lookintobitcoin.com/charts/bitcoin-active-addresses/</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://www.lookintobitcoin.com/charts/addresses-greater-than-1000-btc/" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://www.lookintobitcoin.com/charts/addresses-greater-than-1000-btc/</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://coinmarketcap.com/charts/" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://coinmarketcap.com/charts/</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://coinmarketcap.com/charts/" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://coinmarketcap.com/charts/</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://tokenterminal.com/terminal/projects/ethereum?ref=bankless.ghost.io" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://tokenterminal.com/terminal/projects/ethereum?ref=bankless.ghost.io</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://etherscan.io/chart/dailyethburnt" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://etherscan.io/chart/dailyethburnt</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://blockchair.com/bitcoin/charts/average-transaction-fee-usd" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://blockchair.com/bitcoin/charts/average-transaction-fee-usd</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://blockchair.com/litecoin/charts/average-transaction-fee-usd" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://blockchair.com/litecoin/charts/average-transaction-fee-usd</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://explorer.viawallet.com/halving" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://explorer.viawallet.com/halving</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://coinmarketcap.com/currencies/litecoin/" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://coinmarketcap.com/currencies/litecoin/</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://galxe.com/Linea" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://galxe.com/Linea</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://dune.com/ataraxiae/linea-goerli-testnet-zk-rollup-by-consensys" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://dune.com/ataraxiae/linea-goerli-testnet-zk-rollup-by-consensys</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://defillama.com/chain/Linea?volume=true" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://defillama.com/chain/Linea?volume=true</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://twitter.com/Linea_Ecosystem/status/1679430944158289921" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://twitter.com/Linea_Ecosystem/status/1679430944158289921</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://twitter.com/Starknet/status/1681603967787122688?s=20" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://twitter.com/Starknet/status/1681603967787122688?s=20</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://dune.com/chaininsight/starknet-overview" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://dune.com/chaininsight/starknet-overview</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://l2beat.com/scaling/projects/zksync-era" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://l2beat.com/scaling/projects/zksync-era</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://www.coingecko.com/en/global-charts" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://www.coingecko.com/en/global-charts</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://twitter.com/CurveFinance/status/1681086036078739456" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://twitter.com/CurveFinance/status/1681086036078739456</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://nftgo.io/analytics/market-overview" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://nftgo.io/analytics/market-overview</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://www.nftscan.com/0x3af2a97414d1101e2107a70e7f33955da1346305" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://www.nftscan.com/0x3af2a97414d1101e2107a70e7f33955da1346305</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://nftpricefloor.com/zh/azuki?sort=ranking&dir=asc" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://nftpricefloor.com/zh/azuki?sort=ranking&dir=asc</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">.</span><a href="https://pro.opensea.io/collection/opepen-edition?showSuspicious=false&rarity_tier=Top+1%25&traits=%7B%22Release%22%3A%5B%22001%22%5D%7D" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://pro.opensea.io/collection/opepen-edition?showSuspicious=false&rarity_tier=Top+1%25&traits=%7B%22Release%22%3A%5B%22001%22%5D%7D</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://opensea.io/collection/lens-protocol-profiles?tab=items" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://opensea.io/collection/lens-protocol-profiles?tab=items</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://dune.com/rustamov/lens" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://dune.com/rustamov/lens</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://triple-a.io/crypto-ownership-data/" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://triple-a.io/crypto-ownership-data/</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://www.rootdata.com/Projects/detail/Worldcoin?k=MTg0Mw%3D%3D" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://www.rootdata.com/Projects/detail/Worldcoin?k=MTg0Mw%3D%3D</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://optimistic.etherscan.io/token/0xdc6ff44d5d932cbd77b52e5612ba0529dc6226f1#balances" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://optimistic.etherscan.io/token/0xdc6ff44d5d932cbd77b52e5612ba0529dc6226f1#balances</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://www.rootdata.com/dashboard" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://www.rootdata.com/dashboard</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://www.coinglass.com/Balance" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://www.coinglass.com/Balance</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://www.coinglass.com/Grayscale" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://www.coinglass.com/Grayscale</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://bitcointreasuries.net/" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://bitcointreasuries.net/</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://www.feixiaohaozh.info/data/eth.html" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://www.feixiaohaozh.info/data/eth.html</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://dune.com/sixdegree/base-blockchain-overview" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://dune.com/sixdegree/base-blockchain-overview</span></a></p></li></ol></strong><img src="https://lh3.googleusercontent.com/oPI9L222kVvokNWTgbEOyGUIZXoUQxNQ2id-EdqoaSKofX1GUy75ugF0CX8uT_9XqF-5Bs62ZAkqxERXXrwyl8r7LFiUtjr7u-vUEFWC31dHE6OQEJ_3wWD-zpeadDg4PZ3toBbrMe5HPcGMzvvDl6E" width="602" style="margin-left:0px;margin-top:0px" /></strong><p></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><h1 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:24pt;margin-bottom:6pt;padding:0pt 0pt 0pt 18pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:23pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Preface</span></strong></h1><p><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><br /></strong></p><p style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">With the arrival of the scorching July summer, the market's heat seems to be lagging behind. Although the market has not experienced significant fluctuations compared to the previous month, signs of market recovery are evident in the activity within certain sectors.</span></strong></p><p style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Traditional DeFi projects have shown renewed vitality as they establish themselves in their respective niches and continue to grow. The 3-year-long legal battle between XRP and SEC has finally come to an end, with XRP emerging victorious, imbuing the market with a boost of confidence. ETF applications are being submitted one after another, and significant projects are continuously being financed, driving BTC's price to a new high for this year…</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><br /><br /></span></strong></p><p style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">When we extend the time scale to a 4-year cycle, the recovery in July may not seem particularly remarkable. However, it is crucial to recognize that qualitative transformations stem from the cumulative effects of quantitative shifts. c</span></strong></p><h1 style="line-height:1.38;text-align:justify;margin-top:24pt;margin-bottom:6pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:23pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">1. Macroeconomics</span></strong></h1><h2 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:18pt;margin-bottom:6pt;padding:0pt 0pt 0pt 18pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">1.1 The U.S. Passed Two Crypto Bills on July 26</span></strong></h2><p style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">On July 26, local time, the U.S. House Financial Services Committee approved two cryptocurrency-related bills, the "Financial Innovation and Technology for the 21st Century Act" and the "Blockchain Regulatory Certainty Act," with a vote of 35 to 15. The "Financial Innovation and Technology for the 21st Century Act" aims to set forth regulations for crypto companies, dictating the appropriate timing for their registration with either the Commodity Futures Trading Commission (CFTC) or the Securities and Exchange Commission (SEC). The "Blockchain Regulatory Certainty Act" aims to provide guidance and eliminate barriers and requirements for "blockchain developers and service providers" such as miners, multi-signature service providers, and decentralized finance (DeFi) platforms. (Source: Cointelegraph)</span></strong></p><h2 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:18pt;margin-bottom:6pt;padding:0pt 0pt 0pt 18pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">1.2 Federal Reserve Raises Federal Fund Rate Target Range by 25 Basis Points on July 26</span></strong></h2><p style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">On July 26, local time, the Federal Open Market Committee (FOMC) of the United States announced its latest rate decision, raising the federal fund rate target range by 25 basis points to between 5.25% and 5.5%, reaching the highest level in 22 years. This is also the 11th interest rate hike by the Federal Reserve since March of last year. Federal Reserve Chairman, Jerome Powell, stated that despite a slight slowdown in inflation in the United States since the middle of last year, the inflation rate remains well above the 2% target. The future rate-hiking process will be data-dependent, and the decision to raise rates will continue to be made on a meeting-by-meeting basis. In fact, the Federal Reserve's rate hike this time was in line with market expectations. The market's attention is centered on whether July will mark the Federal Reserve's final rate hike. Powell pointed out that the Fed has not made any decisions on future actions and that if the data supports it, there may be another rate hike in September. (Source: Forbes)</span></strong></p><h2 style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:14pt;margin-bottom:6pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">1.3. Google Cloud Aims to Play a Bigger Role in the Rapidly Developing Web3 Space</span></strong></h2><p><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><br /></strong></p><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:0pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">James Tromans, the head of Google Cloud Web3, told Blockworks that the technology giant's cloud computing service department will continue to build services with its blockchain node engine. He added that helping customers</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">become transformative participants in the Web3 ecosystem</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"> is now </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">a core part of the company's mission.</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><br /><br /></span></strong></p></li></ul><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The executive did not provide specific details about </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">any potential measures that may be under consideration.</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><br /><br /></span></strong></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:10pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Google Cloud is collaborating with players in the financial services and gaming industries to explore how Web3 technology can streamline their operations and</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline"> unlock alternative business models and revenue streams.</span></strong></p></li></ul><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:10pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The company is also focusing on artificial intelligence (AI), an area highly valued by some cryptocurrency companies. However, others state that </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">the potential use cases</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"> of this technology in their business are </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">still inconclusive.</span></strong></p></li></ul><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">(Source: Blockworks)</span></strong></p><p><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><br /></strong></p><h2 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:14pt;margin-bottom:6pt;padding:0pt 0pt 0pt 18pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">1.4 Putin Signs Digital Ruble Bill to Take Effect on August 1</span></strong></h2><p><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><br /></strong></p><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:0pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Russian President </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Vladimir</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Putin signed the Digital Ruble bill on July 24</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">, and its implementation is scheduled for August 1, 2023.</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><br /><br /></span></strong></p></li></ul><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The new legislation officially authorizes the Central Bank of Russia to launch the first CBDC pilot aimed at real consumers in August. Earlier, the government had planned to launch the pilot with 13 local banks, including major banks like Sberbank, in April.</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><br /><br /></span></strong></p></li></ul><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:12pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Under the newly signed law, the Central Bank of Russia will become the main operator of the Digital Ruble infrastructure and will be responsible for all stored assets. The design of the Digital Ruble is intended as a payment and transfer method rather than an investment.</span></strong></p></li></ul><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">(Source: Finance Magnates)</span></strong></p><p><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><br /></strong></p><h2 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:14pt;margin-bottom:6pt;padding:0pt 0pt 0pt 18pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">1.5 Binance Initiates Motion to Dismiss CFTC's Lawsuit in the United States</span></strong></h2><p><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><br /></strong></p><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:0pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">According to a recent court filing on July 24 (Monday), cryptocurrency exchange giant, Binance, has filed a motion for permission with the U.S. Northern District of Illinois court, seeking to submit a legal memorandum to initiate a motion to dismiss the U.S. CFTC's lawsuit.</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><br /><br /></span></strong></p></li></ul><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Earlier this year, in March, Binance, along with its CEO Changpeng Zhao (CZ), former chief legal officer Samuel Lim, Binance Holdings Limited, Binance Holdings (IE) Limited, Binance (Services) Holdings Limited, and other entities, faced a lawsuit filed by the U.S. Commodity Futures Trading Commission (CFTC) in the federal court of Chicago. The charges against Binance were for knowingly </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:italic;text-decoration:none;vertical-align:baseline">violating the law by providing unregistered cryptocurrency derivatives trading services </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">in the United States, </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:italic;text-decoration:none;vertical-align:baseline">violating federal laws.</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><br /><br /></span></strong></p></li></ul><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:12pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">According to the latest document, the deadline for Binance to respond to the CFTC lawsuit is July 27. However, considering the complexity of the case, Binance has formally petitioned the court to increase the page limit for the legal memorandum from 15 pages to 50 pages. Moreover, the company has stated that it has engaged in discussions with CFTC lawyers regarding this proposal.</span></strong></p></li></ul><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">(Source: Finance Magnates)</span></strong></p><h1 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:24pt;margin-bottom:6pt;padding:0pt 0pt 0pt 18pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:23pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2. MEXC Updates</span></strong></h1><h2 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:18pt;margin-bottom:6pt;padding:0pt 0pt 0pt 18pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.1 MEXC Official Information </span></strong></h2><h3 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:16pt;margin-bottom:4pt;padding:0pt 0pt 0pt 18pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.1.1 MEXC Futures Launches the “21-200x Futures Leverage Challenge” </span></strong></h3><p style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Beginning in July, MEXC has continuously launched various futures bonus reward events. By trading futures with leverages ranging from 21x to 200x, every MEXCer has the opportunity to receive great rewards.</span></strong></p><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:10pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">For new users: During the event, first-time traders who trade any event futures trading pairs with leverages ranging from 21x to 200x and accumulate a total futures trading volume exceeding 30,000 USDT will receive a free futures bonus airdrop.</span></strong></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:10pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">For high-volume traders: Similar to the M-Day event rules, during the event, users who trade any event futures trading pairs with leverages ranging from 21x to 200x and accumulate a corresponding total futures trading volume exceeding 90,000 USDT will receive a free futures bonus airdrop once the conditions are met.</span></strong></p></li></ul><h3 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.1.2 MEXC Futures Launches the “July Futures Competition” </span></strong></h3><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:10pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">MEXC kicked off its July Futures Competition on July 18. The registration period started on the 18th and ended on the 31st, lasting a total of 13 days. During the period, users with an account equity greater than 300 USDT were eligible to participate in the competition.</span></strong></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:10pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">During the event, MEXC specially designed two types of profit opportunities for the participants, which are the Daily Checkpoint Challenge rewards and the PNL Amount Ranking rewards. The Daily Checkpoint Challenge had a daily total prize pool of 36,000 USDT, while the PNL Amount Ranking had a total prize pool of 100,000 USDT.</span></strong></p></li></ul><h3 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.1.3 MEXC App Upgrade to v4.1.5 </span></strong></h3><p style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">To provide MEXCers with a better user experience featuring enhanced services and improved functionality, the MEXC App underwent an upgrade on July 28, 2023, at 01:00 (UTC). The update implemented comprehensive improvements across various aspects of the MEXC App.</span></strong></p><h4 style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:14pt;margin-bottom:4pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:13pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.1.3.1 New Features and Enhanced User Experience: Update Aims to Create a Smoother and More Efficient User Experience</span></strong></h4><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">For example:</span></strong></p><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:10pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">An information section has been added to the futures trading interface for each futures trading pair, allowing MEXCers to gain an understanding of the underlying asset for the selected futures pair.</span></strong></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:10pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">K-line chart drawing tools have been enhanced for optimized technical trading analysis.</span></strong></p></li></ul><h4 style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:14pt;margin-bottom:4pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:13pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.1.3.2 Security and Stability Enhancement: Update Aims to Provide Stronger Security and Stability</span></strong></h4><p><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><br /></strong></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">For example</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">: To ensure account security, MEXCers who log in to multiple accounts simultaneously on the app will receive an email or SMS every time they switch between accounts, notifying them of logins from other devices.</span></strong></p><h4 style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:14pt;margin-bottom:4pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:13pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.1.3.3 Performance Optimization: Update Aims to Enable Faster Loading and Smoother Running</span></strong></h4><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><br /></span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">For example</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">: The layout and style of app menus have been optimized, allowing MEXCers to adjust preference settings quickly.</span></strong></p><h2 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:18pt;margin-bottom:6pt;padding:0pt 0pt 0pt 18pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.2 Product/Function Update</span></strong></h2><h3 style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.2.1 MEXC Futures Now Supports Multi-Chart Mode for TradingView K-Line on the Website</span></strong></h3><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Website:</span></strong></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><img src="https://lh3.googleusercontent.com/ROcyAxB8r1GB0dKYAyC8aiPpi0L_R0JbcOF0-6AF4oLGy6bUSTL4DP2PBffsnU4sEfWgcKiydWArl-4YUBBb3gTB7bRzlcFdEPbHQgUIc_r8ItvAumXksNQiS4yy4gx7MECS2pHbunkNeweAzU8xZWQ" width="505" style="margin-left:0px;margin-top:0px" /></strong></p><p><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><br /></strong></p><p style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Feature Description</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">: A feature that allows simultaneous viewing of multiple K-line charts has been added to Trading View on the MEXC website. With this feature, users can customize the layout settings for multiple K-line charts and seamlessly switch between multiple charts in full-screen mode.</span><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><br /><br /></span></strong></p><h3 style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.2.2 The Futures Trading Page has Added Crypto Overview and Trading Rules</span></strong></h3><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Visual Representation</span></strong></p><strong id="docs-internal-guid-5e2fd66a-7fff-2c55-867a-0c2e08e8a5f4" style="font-style:normal;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;text-decoration:none;color:rgb( 0 , 0 , 0 );font-weight:normal"><br /><br /><br /><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Website:</span></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><img src="https://lh3.googleusercontent.com/uxqnnGnG1mYMllC6oi1h6MDIYfEc8-I_9I3RdX14GjJ7l99dQhWO67Z-yjUGRDbuc2b1IhOmjGSPFHIRghgwAtK0FHklW6fLTTtW4x5xdzKf9DarAWobfi-tFNvaHht3TCFbhazXJXxO9d9S2sO4-x8" width="326" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">App: </span></p><br /><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><img src="https://lh3.googleusercontent.com/xtoJGzg6BKjJZ53nh_5Op9vr9VzzYGIBi4xpaUj1fjYQDi2-AjbSWfJXXv1oBDnF0V4DF-eG4zj8OBNUxzfVllfse3eN3f2IkyE4n-9ZITxjipOUBDjSVTdZ8Czq4gTIFJuGSRUXi7t-PIg4nuP6AIs" width="148" style="margin-left:0px;margin-top:0px" /><img src="https://lh6.googleusercontent.com/ZtWd7iY21r5uWNzjEXbRNy0jJIz7l2osqtz885ECjseX5V7jwuo2ss0Y0mwgN9TTrEbCidN1WqKMGTLidVNmKWUIa70kLzUiAQoWpuAzroLcMorzQ6idvQ4Nqw2XBBdYSq2YbC2w1LWEVBiYY0Lliiw" width="147" style="margin-left:0px;margin-top:0px" /></p><br /><p style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Feature Description</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">: On both the MEXC website and app, the futures trading page has been enhanced to include crypto overviews and corresponding trading rules for each trading pair.</span></p><br /><h3 style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.2.3 Notifications Sent to Users Upon Detection of MEXC App Logins From Other Devices</span></h3><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Visual Representation:</span></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><img src="https://lh5.googleusercontent.com/Qv2AWj4mT5BjwOqOE3HGLd-rx8fDYA7YqCbFfSY7Kw1WTtuMkmu1Oy7REkVwEld1kj48-rPG8NzAbXfNhuRzS2sJEoQtNeqmXiQ_FczB9f8TttD71FRzkSfHqn9Kw1p-ZOdezs9iVEJBvVWs1NF_jds" width="195" style="margin-left:0px;margin-top:0px" /></p><br /><p style="line-height:1.38;margin-left:18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Feature Description</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">: MEXCers who log in to multiple accounts simultaneously on the app will receive an email or SMS every time they switch between accounts (e.g., switching from Account A to Account B), notifying them of the login from another device.</span></p><br /><br /><h2 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.3 National Line Popular Events</span></h2><h3 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.3.1 Turkey</span></h3><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Kickstarter Series</span></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><img src="https://lh5.googleusercontent.com/9EoA1inhnhijzmS-8PgbIiXOjQnrxoAMh9HsrrYAVv17smAhEO2q0Eg_zBwwyN6OTXJCZWgpLkCIhpYoBMTmrF1o2QO6A-o5MFb77OKPL9Q4Gp6u-AvtwXcW-Abx4RpGIpOiqNt48w3H9pyBqvF0I8s" width="263" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Event Venue: </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Twitter</span></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Event Details:</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"> </span></p><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">At the beginning of July, the MEXC Turkey Team hosted </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">a series of Kickstarter events</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">, successfully garnering a total of 422 participating MEXCers in the first event.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Detailed Reward Rules: A</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline"> total prize pool of 500 USDT </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">was shared among 50 MEXCers.</span></p></li></ul><h3 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.3.2 Vietnam</span></h3><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Go MEXCer - Born Pink</span></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><img src="https://lh4.googleusercontent.com/AO7btGoUEzqysvhXerlZW6T6Ei2koBNbu46zwuerILEHepwZzx-8mxJnxtOTaNDIsjgkvnN-g2g6SnVu6YZF5jaZjdrDKwQ82XeSG6BrpB2QJ12u-3wSkJJ4asReX3wrWc91aFXfuN00DWMEUlRSQZw" width="331" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Event Venue: </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Telegram group</span></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Event Details:</span></p><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Vietnamese MEXCers had the opportunity to win</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline"> two Born Pink concert tickets </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">and share </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">500 USDT </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">worth of futures bonuses by </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">referring at least 3 new users to sign up</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"> on the platform.</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><br /><br /></span></p></li></ul><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Detailed Reward Rules</span></p></li></ul><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Referrer:</span></p></li></ul><ol style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:decimal;font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Have a spot trading volume ≥ 500 USDT or futures trading volume ≥ 5,000 USDT.</span></p></li><li style="list-style-type:decimal;font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">At the same time, the referrer must </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">refer at least 3 new users to sign up</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"> on the platform.</span></p></li></ol><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Referral:</span></p></li></ul><ol style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:decimal;font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Complete KYC verification.</span></p></li><li style="list-style-type:decimal;font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Have a spot trading volume ≥ 500 USDT or futures trading volume ≥ 500 USDT.</span></p></li></ol><h3 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:16pt;margin-bottom:4pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.3.3 Russia</span></h3><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">MEME 2.0</span></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><img src="https://lh5.googleusercontent.com/F6vR6Cam__EaNmKI5ybRAVK2xODt9c2erSKErX-gdZdG3fTLUwTE9q2kzGIolW2gT4Lx1NHbZgkRVDMUJgd5K3IxITFQq7i06j-c0SLGs9Um_U1OfATMUSpU4d3x3f4sAUHRELpKgTaB1i1tCoc627Q" width="389" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Event Venue: </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Twitter</span></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Event Details: </span></p><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">MEXCers had the opportunity to share </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">a total prize pool of 2,000 USDT</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"> by retweeting the MEME 2.0 poster and having a futures trading volume ≥ </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:rgb( 255 , 255 , 0 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">10 USDT</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"> at the same time.</span></p></li></ul><h3 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:16pt;margin-bottom:4pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.3.4 Japan</span></h3><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">MEXC Tanabata Festival</span></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><img src="https://lh5.googleusercontent.com/Qlx_O4SvINFr7c4K0OTRy6f0kIpZIjsVlvlnrX8plGTT_tNC242fdMiBjkOIyITs8IjTnazY9CajMCiy2xOeh4q04l4-p6ar__u4xX85AodsQe8TQ_yEjUGrD1_54M2N4WzKhEMG4JcdrTnH3PgoyRY" width="338" style="margin-left:0px;margin-top:0px" /></p><br /><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Event Venue: </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Twitter</span></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Event Details: </span></p><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">MEXCers had the opportunity to receive a free airdrop of a token of their choice worth 10,000 Japanese Yen simply by making a wish and stating their desired token in the comment section.</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><br /><br /></span></p></li></ul><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Detailed Reward Rules: One participant will be selected daily to receive 10,000 Japanese Yen worth of crypto, with the </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">total value </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">of the event rewards being </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">30,000 Japanese Yen.</span></p></li></ul><h3 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:16pt;margin-bottom:4pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">2.3.5 Korea</span></h3><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">BTC Price Change Prediction</span></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><img src="https://lh5.googleusercontent.com/fihtFb1jJ6x__rB8oFhiUJwNJ2MlNSREERO81O5SyEVP6ZHfrNflZFwYbudnZn3DD4rnZcgpD1NTDopg-gWL_cx7vv_0HwjS5geXs3eUIKRR6-vpaqG3s_NEktIPCN2uCch7rmffc4VhsFz5Lv7h6Mg" width="330" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Event Venue: </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Twitter</span></p><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Event Details: </span></p><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">MEXCers had the opportunity to receive a free airdrop reward by predicting the price change of BTC. A total of 199 MEXCers received the reward.</span></p></li></ul><br /><br /><h1 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:23pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">3. MX Updates</span></h1><h2 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:18pt;margin-bottom:6pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">3.1 MX Official Information</span></h2><h3 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">3.1.1 2023 Q2 MX Buyback and Burn Announcement</span></h3><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.2;text-align:justify;margin-top:10pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">On July 15, 2023, MEXC issued an official announcement to the MEXC community regarding the MX token’s burning situation for Q2. The burn was carried out based on MEXC's previous "buyback and burn'' plan and the community voting results for the MX Token 2.0 proposal.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.2;text-align:justify;margin-top:10pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">MX tokens burned during 2023 Q2: 1,562,500 MX</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.2;text-align:justify;margin-top:10pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">For detailed information about the burn</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">, please check the </span><a href="https://etherscan.io/tx/0x6c794bec611d8e6d0f824645d4a397a93d79cfd97acd49064640a38de7ba27c4" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:underline;vertical-align:baseline">Burn Address</span></a><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.2;text-align:justify;margin-top:10pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">"Buyback and Burn" </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Plan Review: MEXC allocates </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">40%</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"> of its quarterly profits to repurchasing and burning MX tokens from the market, with the aim of maintaining the circulating supply of MX tokens at 100 million.</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><br /><br /></span></p></li></ul><h2 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:18pt;margin-bottom:6pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">3.2 MX Monthly Insights</span></h2><h3 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:2pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">3.2.1 MX July Feast, More Privileges to be Unlocked</span></h3><h4 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:2pt;padding:0pt 0pt 0pt 18pt"><img src="https://lh5.googleusercontent.com/i9GpjubKVjzyJkCBOt15o1gN0quaOmYxj5odzvn0sPxBwMb64xJXs5b0eWHaOkDPUmvVmHc1otf4IoNHgh9cUnS98ztz_6IaJ9-VBwoIK8fkGPdIAYUnYE0VwaoxcVFyb98xRrHYrEJ4E-j6nEoB3jU" width="438" style="margin-left:0px;margin-top:0px" /><span style="font-size:13pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline"> </span></h4><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:10pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">As we entered July, the scale of free MX airdrops </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:italic;text-decoration:none;vertical-align:baseline">did not decrease</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">. MEXC brings over </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:italic;text-decoration:none;vertical-align:baseline">20 free airdrops to all MX holder</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">s every week, </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:italic;text-decoration:none;vertical-align:baseline">totaling over 100 airdrops per month.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">According to calculations by MEXC's data team, the average return for each airdrop is 2 USDT. Optimistically, if you do not miss any airdrop rewards throughout the month, you will receive 200 USDT by the end of the month. Additionally, the returns from each airdrop will increase with the arrival of the bull market, leading to higher overall gains.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Since July, mainstream token trading has become active due to the "halving mechanism" of various major cryptocurrencies. On one hand, the substantial market capitalization of major cryptos has boosted the overall cryptocurrency market sentiment. On the other hand, it has led to a one-sided surge in low cap cryptos on various exchanges. The "celebration" of low cap cryptos indicates that the cryptocurrency bull market is approaching.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">According to MEXC's last semi-annual report, the price of MX has grown an incredible 350% in the past six months, gaining increasing popularity among MEXCers. Currently, MX ranks 111th, not far from the top 100. It is predicted that the number of MX token holders will increase by 30% and the total trading volume will increase by 40% in 2023.</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><br /></span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><br /><br /></span></p></li></ul><h4 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:2pt;padding:0pt 0pt 0pt 18pt"><img src="https://lh5.googleusercontent.com/dz2DArPEiwux8226OoqeIf30J37D5EvfpAjqDU8HxjFrx5NsU4B-8FeUy77a1qVGTwosA7wP0jaOeFYpzDQeqcbruMevn8wuRyUSHwzdVV29-8uWWijxsMRXf6_wJqpKG1efVc0QxPpWt573W5CgBQQ" width="602" style="margin-left:0px;margin-top:0px" /></h4><h4 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:2pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">(Source: CoinMarketCap)</span></h4><br /><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:10pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">As an important part of the MEXC ecosystem, MX token not only allows you to earn passive income by participating in Launchpool and Kickstarter events, it also enables you to join MEXC's </span><a href="https://www.mexc.com/en-US/announcements/article/13022292167065" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">commission program</span></a><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">! If you hold a certain amount of MX tokens, you can earn commissions by actively referring new users to register and trade.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:10pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">You can receive up to 70% of your referral’s trading fees.</span></p></li></ul><br /><h2 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:18pt;margin-bottom:6pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">3.3 MX Popular Events</span></h2><h3 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">3.3.2 Launchpool and Kickstarter</span></h3><br /><p style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;padding:0pt 0pt 0pt 18pt"><img src="https://lh4.googleusercontent.com/MaRTNw1xYW_gSVzpdLxZEG5XQBzVT1bRh7s3LTTwHDVQDhT1Uu4MUGS0ExL0ivN7WgMcLntmjLlodKlfBATgg1g_AjyAyTy_v6OKE9nC2Ih7WZPWykB4phNps4JFE72NYyJdEsuaT4XWhLaWLQ5I5VA" width="379" style="margin-left:0px;margin-top:0px" /></p><h4 style="line-height:1.38;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:14pt;margin-bottom:4pt;padding:0pt 0pt 0pt 18pt"><span style="font-size:13pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">3.3.2.1 July: Endless Benefits</span></h4><br /><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">In July, MEXC's new tokens listings remained strong, leading to the booming popularity of two important sections: Launchpool and Kickstarter. Throughout July, every MEXCer participating in the events from these two sections received over 100 airdrop rewards. In fact, if you check MEXC's Twitter, you'll find more than 30 events happening every week. The </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">high frequency</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"> of events led to </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">higher returns</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">, allowing more frequent </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">zero-cost acquisitions of "original'' tokens.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">From July 1 to July 23, if you simultaneously participated in Launchpool and Kickstarter with just 1,000 MX (the minimum amount), you could have potentially earned 111.30 USDT. Excluding ongoing and upcoming events, your </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">July yield rate could have reached 4.03%</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"> (based on the highest USDT price point). Conservatively, your </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">APY could exceed 48%</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">. These returns </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">only account for passive income</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"> and do not include potential gains from increases in MX token‘s price.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Across various exchanges, July's hottest sector was "Meme 2.0," with many related concept tokens experiencing explosive growth after listing, such as XRP2.0, PEPE2.0, etc. For many MEXCers who are enthusiastic about collecting these crypto assets, this is undoubtedly good news. Additionally, </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">high-quality tokens have enormous growth potential.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:10pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">In the first half of the year alone, these tokens saw astonishing growth on MEXC: PEPE’s token price increased by as much as 11,399.75%; MONG’s token price increased by 10,756.63%; SCT’s token price increased by 3,479.00%.</span></p></li></ul><h1 style="line-height:1.38;text-align:justify;margin-top:20pt;margin-bottom:6pt"><span style="font-size:23pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4. An Analysis of Hot Topics in the Blockchain Industry</span></h1><br /><h2 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:6pt"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.1 NFT Cooling and the Azuki Incident </span></h2><h3 style="line-height:1.38;text-align:justify;margin-top:16pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.1.1 Overview of the NFT Market </span></h3><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Since June 2023, the NFT market may be facing one of the most severe winters in its history. According to data from the NFT browser NFTGO, the NFT Blue Chip Index, which reflects the price performance of the NFT market, has dropped by over 30% within a month since June. Many blue-chip NFTs have experienced significant declines, and countless NFTs have been heavily affected. Among them, the blue-chip Bored Ape Yacht Club (BAYC) has fallen from 45 ETH in June to a low of 30 ETH in July. The blue-chip Azuki, influenced by the "Azuki Elemental Beans mint mishap," experienced the largest decline, plummeting from 16 ETH in June to nearly 5 ETH at present.</span></p><br /><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh3.googleusercontent.com/8Dbsxr2Xm2XaVdhsiMEEspNlN9LAou5EVNC-p04Ny34FKU_FydnNV7O278sh6lI_40UdO8irarHCRpfAhipP1EEm_KIkCmqxFROq5z53Bz5zHtLDvpt8XIHyqcQXteQ2Ac0eAVSc1l-Pv-VMZG4r3dQ" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:9pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: NFTGO</span></p><br /><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">In addition to the decline in NFT prices, the overall market capitalization and liquidity of the NFT market are also entering a "decline phase." Over the past three months, the overall valuation of the NFT market has decreased by 23.28%, down to 3.15 million ETH, approximately $6 billion. The trading volume has shrunk by more than half, leaving only 1.04 million ETH, around $2 billion.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh4.googleusercontent.com/dQuhY70ou5kPHeAsSiQoFqOk9-8f7rQG8p4zXSxdzdgFKQvuvVPEcCufIQQfoIPySATWe30adMRQlhVIa0gMnWj8jvrnfjumT7waVoDUL_kjG1CkIbNHN0QIom-UTFjxFLDGNiW0S8psGJeYFuAo9fM" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:9pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: NFTGO</span></p><br /><h3 style="line-height:1.38;text-align:justify;margin-top:16pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.1.2 Introduction to Azuki</span></h3><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Azuki is currently one of the most successful NFT brands. It offers 10,000 character images to its community members. In addition to NFT sales, it plans to establish offline streetwear brand stores, organize meet-ups, and host live music events in the future.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Since entering the market in January 2022, Azuki has gained popularity among many fans due to its unique Japanese anime style, quickly attaining NFT blue-chip status. During this time, the Azuki community has introduced various NFT protocols and innovative gameplay, such as the ERC721A protocol and the Azuki partner BEANZ series. However, due to the impact of the "mint mishap" during the release of Azuki Elemental Beans, Azuki's former glory has faded.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">It all started in late June when the Azuki official team launched the offline event themed "Follow the Rabbit" in Las Vegas. At the end of the month, they announced the new Azuki Elementals series of NFTs and immediately commenced the pre-sale.</span><span style="font-size:12pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><br /><br /></span></p><h3 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.1.3 Azuki Elemental Beans Mint Mishap </span></h3><h3 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The "Azuki Elemental Beans Mint Mishap" occurred on June 28, 2023, at midnight when Azuki's new series, Azuki Elemental Beans, was officially released for sale. As soon as the sale began, all Azuki Elemental Beans were quickly sold out at a price of 2 ETH each. Some users who couldn't purchase Azuki Elemental Beans during the initial sale even resorted to buying them at higher prices in the secondary market. According to data from NFTScan, the trading volume and floor price of Azuki Elemental Beans at the time of sale reached 9,422.2074 ETH and 2.2139 ETH, respectively.</span></h3><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh4.googleusercontent.com/3zAXNetvuTPlRr7Rvat62K1EzH5VSTp1gj4XPfelBE08FAEQRfIMeWwRcXL-iNwL-E1BnBBgRoFbZWMdatZYrvNav-qrAQzBZK4K1WWfSLFqYVWwgCtQixI8w6pziUC01cTJ7zH92SBr2nkTjsDrAAg" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:9pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: NFTScan </span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Even though the Azuki project team did not disclose the specific utility of the artwork before its official release, they generated excitement with a captivating promotional video. As a leading NFT project, users firmly believe that Azuki will take this opportunity to launch an exceptional piece of work.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">With the unveiling of Azuki Elemental Beans, users were astonished to find that Azuki Elemental Beans was almost an exact replica of the original Azuki artwork. Some went so far as to say that Azuki Elemental Beans completely copied the original Azuki artwork. The image on the left is Azuki, and the image on the right is Azuki Elemental Beans.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh3.googleusercontent.com/HAOMW9Er7ch-XSKfdUXReUFJcfslBk9mCZRXEcnfscweiyxDZay-J1i5XmGxSpvkzjmB4GSy8SboGfup3wdvUfucjB85wZs3AsYdfatafypcghcMvA9NwhIS0ndYgLJQ0Kvu4Kyva4uESRdjFVTSDr0" width="449" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:9pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Image Source: Twitter</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">After the unveiling of Azuki Elemental Beans, the entire community was filled with disappointment and anger. Numerous Azuki holders started selling their Azuki tokens. As shown in the chart below, before the opening of Azuki Elemental Beans, the price of Azuki was relatively stable and even experienced an increase, reaching around 16 ETH at one point. However, after the opening of Azuki Elemental Beans, the price of Azuki plummeted all the way down to around 5 ETH. Azuki Elemental Beans also experienced a rapid decline and, at the time of writing, has already dropped to around 1 ETH.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh4.googleusercontent.com/RAk0qU1OHHL6OEnjt6fAneZxTTyt8wFtzI8iV-NKq8twgkPni39LJXeMoym1u4f55sAy58DoWGUURH-lJnUr9GdrpgXvXCRjdzSCBQ8ZrdfsdS7tJ2xKxKEalvNBLNtXIwh8DvmzLk9g5IMAsWaCz0E" width="494" style="margin-left:0px;margin-top:0px" /></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:9pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: NFT Price Floor</span></p><br /><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 19 , 25 , 38 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">During the cryptocurrency bear market, the NFT market already had limited liquidity. Azuki's actions not only drained the scarce liquidity in the market but also triggered a trust crisis that dealt a severe blow to the entire NFT market.</span></p><br /><h2 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:6pt"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.2 XRP’s Legal Victory </span></h2><h3 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.2.1 U.S. Judge Rules XRP is Not a Security </span></h3><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">On July 14, a U.S. judge ruled that the XRP token is "not necessarily a security on its face" and its sale did not violate federal securities laws, bringing an end to the three-year-long legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC). This positive news led to a surge in the entire cryptocurrency market, especially for tokens like XRP, SOL, MATIC, ADA, FIL, SAND, and others that were previously considered securities by the SEC.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The entire Ripple vs. SEC lawsuit is a microcosm of the current global cryptocurrency market. The emerging cryptocurrency market still faces many uncertainties in terms of regulations and oversight. Due to the lack of clarity in the scope and responsibilities of regulations, cryptocurrency companies find it challenging to have stable expectations regarding regulatory measures. The cryptocurrency market urgently needs well-defined regulatory frameworks to reduce potential market turmoil. The outcome of this lawsuit could serve as a pivotal moment for cryptocurrency regulatory reform and carry historic significance.</span></p><br /><h3 style="line-height:1.38;text-align:justify;margin-top:16pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.2.2 Introduction to XRP</span></h3><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 21 , 22 , 23 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Ryan Fugger founded RipplePay in 2004 with the core idea of creating a peer-to-peer payment network that could replace the traditional banking system. In 2012, Ryan Fugger handed over RipplePay to early Bitcoin pioneer Jed McCaleb, who then invited Chris Larsen to serve as the executive chairman. Together, they launched the OpenCoin project, which later became Ripple Labs at the end of 2013, and was eventually renamed to Ripple in 2015.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 21 , 22 , 23 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">In January 2013, the company introduced the cryptocurrency XRP, with a total supply limited to 100 billion tokens. XRP's initial private sale price was extremely low, reportedly at $0.0000001. The purpose of XRP's issuance was for international remittances. Traditional international remittances were typically conducted through SWIFT (Society for Worldwide Interbank Financial Telecommunication), which incurred high costs and required long transfer times. Using XRP for remittances could significantly reduce the required time and fees. Due to the potential and innovation of XRP in the field of international remittances, notable investment firms such as Google Ventures and Andreessen Horowitz participated in XRP's first round of private fundraising. XRP went through a total of four rounds of financing, as shown in the following figure.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh4.googleusercontent.com/Fe-VFvjgGqLdvLC1gPPRnhC523n3gOiNfXPpD4hk5Ynzaa2nJ-az8Q0aUUgoViJO1WjToVh988BS3MxfaqV_Q6d4Wa8sL6Rk9bPWGraIwTLk3m63YJH3J6oPmz2b5bGTfQlmepy9go7sKx6m29dnUnE" width="490" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: RootData</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 21 , 22 , 23 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Unlike other cryptocurrencies, XRP does not operate on a traditional blockchain. Instead, it utilizes a distributed ledger technology called XRP Ledger and an authorized algorithm known as the Ripple Protocol Consensus Algorithm (RPCA). In contrast to Bitcoin's proof-of-work mechanism (POW), XRP only requires approval from 80% of validators to validate transactions and does not involve mining. As a result, blocks can be quickly added to the XRP ledger, allowing XRP to process up to 1500 transactions per second and complete payments within 5 seconds.</span></p><br /><h3 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.2.3 The History of the XRP and SEC Lawsuit </span></h3><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">In December 2020, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple. According to the document, from 2013 to the present, Ripple and its founders sold a total of 14.6 billion XRP, raising over $1.3 billion in funds. The defendants did not register the offering and sales of XRP with the SEC and did not obtain an exemption from registration, which the SEC alleges violated U.S. federal securities laws. Under the SEC's regulations, individuals or cryptocurrency companies must register securities offerings with regulatory authorities or apply for an exemption. Following the SEC's lawsuit, many exchanges delisted XRP, causing a 20% price drop.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">It's worth noting that the SEC had previously stated that due to the decentralized nature of Bitcoin and Ethereum, they can be considered cryptocurrencies rather than securities. The SEC chose XRP as a significant target in the crypto space for two reasons: </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 21 , 22 , 23 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">①</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"> Ripple has operated as a company with a clear entity and team, and </span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 21 , 22 , 23 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">②</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"> Ripple has repeatedly proposed collaboration with European and American banks and third-party payment and financial institutions, demonstrating its significant presence in penetrating traditional financial systems, which is comparable to other mainstream cryptocurrencies.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">In February 2021, after the SEC filed the complaint, Ripple responded to the SEC's allegations, asserting that XRP is a cryptocurrency and does not meet the definition of a security because it lacks contracts, investor rights, and issuer obligations. Subsequently, the two parties engaged in a court battle that lasted for over two years.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><img src="https://lh4.googleusercontent.com/kTCZYvV0yuMafy4350YsM8ADX_iJT7ww3rj1FN4wnUAnChQWKeXu6KO3ddIo7dpbszO_mX44R8Txd5tuKDkzxmKU1m9Myko9HWXbx63bTrxWsMGG2g_jpFPj4vbbTvuVPov3eJJM-1EmtJUA1R-KJiw" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 21 , 22 , 23 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">On July 14, 2023, local time in the United States, a federal judge finally issued a ruling stating that “XRP is not necessarily a security on its face”, and Ripple's sale of XRP tokens through exchanges does not violate U.S. federal securities laws. This marked a significant milestone in the long-standing confrontation between the parties, with Ripple achieving a partial victory. Following the release of the ruling, XRP surged, with its price increasing by over 70% at one point.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 21 , 22 , 23 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The reason the U.S. federal judge ruled XRP not a security is that Ripple's sale of XRP through exchanges does not meet the third prong of the Howey Test - "expectation of profits." </span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 21 , 22 , 23 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The court considered XRP's sales as "blind” transactions because the majority of investors who purchased XRP from exchanges did not do so for investment purposes or with the expectation of profits. They were not aware of where the funds from purchasing XRP would flow, and they did not reasonably expect profits from Ripple's operations.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><img src="https://lh5.googleusercontent.com/JRTDUnxQq-LdMQ2et8BuDg-6KsYRKB9musK8REzmtehuAXXSmgKJxr2fGuDlbFGYKDPgT8YH5G9U2mnW0oIshx1Z_N9eoN8USPgPBM1tp6JuG-mk2g3AprtCUhWRxkS9zU-oWCBhMc2lIZ2rtQprVuY" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Twitter</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">After the verdict was announced, Ripple's General Counsel, Stuart Alderoty, expressed on Twitter that this was a tremendous victory for Ripple. He stated, "as a matter of law - XRP is not a security. Also a matter of law - sales on exchanges are not securities. Sales by executives are not securities. Other XRP distributions - to developers, to charities, to employees are not securities."</span></p><br /><h3 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.2.4 The Significance of XRP's Legal Victory for the Industry </span></h3><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">① Creating a more lenient environment for innovation in the industry.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Securities are subject to strict regulation by the U.S. Securities and Exchange Commission (SEC), as various processes, including registration and issuance, need to pass SEC scrutiny. With XRP being ruled not a security, it doesn't need to undergo the complex regulatory process of the SEC, and the same would apply to other cryptocurrency projects. Additionally, if exchanges can sell XRP, they can also trade other cryptocurrencies, as per the precedent set, other cryptocurrencies should also not be classified as securities. These two points will create a more lenient environment for innovation in the industry.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">② Cryptocurrency companies' first legal victory against the SEC.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">In the U.S. judicial system, precedents carry significant weight, meaning previous rulings are taken into consideration when making judgments. If other cryptocurrency projects have disputes with the SEC, the court can refer to the ruling on XRP. Therefore, this ruling sets a precedent for future cryptocurrency cases, potentially becoming a crucial turning point for the cryptocurrency industry.</span></p><br /><h2 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:6pt"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.3 EthCC 2023</span></h2><h3 style="line-height:1.38;text-align:justify;margin-top:16pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.3.1 Introduction to EthCC</span></h3><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">EthCC, organized by the non-profit organization Ethereum France, has been held in Paris since 2018. It aims to provide more networking opportunities for startups and investors. On July 17, 2023, “EthCC 6” officially commenced in Paris, France, and the conference went on for four days.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">For both Ethereum developers and the entire cryptocurrency community, EthCC 2023 is the most anticipated event after EDCON in Montenegro this year. The conference boasts a diverse range of participants, including prominent projects such as Ethereum, Coindesk, Uniswap, Starknet, and others. Ethereum co-founder Vitalik Buterin attended the event and delivered a public speech on the history and future of account abstraction.</span></p><br /><h3 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.3.2 Summary of Vitalik Buterin's Speech</span></h3><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Currently, Ethereum accounts and keys are closely coupled, meaning if you control the private key, you have control over the account.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Account abstraction will decouple the entities (accounts) in the Ethereum Virtual Machine (EVM) from the entities (key pairs or signers) holding ownership of mobile assets. As long as a Contract Account (CA) supports specific functionalities, such as signature verification, it can act as an account.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Account abstraction essentially allows users to define the security model for their accounts, making Ethereum more adaptable to different use cases. For instance, this feature enables users to set their own transaction validation rules, such as multi-signature requirements or spending limits. They can also make their accounts compatible with future cryptographic algorithms.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Vitalik described account abstraction as allowing Ethereum accounts to be controlled by smart contract code instead of private keys. His vision is that in the future, people will switch from the current Externally Owned Account (EOA) wallets to smart contract-based wallets. If successful, managing crypto wallets would become as simple as managing email accounts.</span></p><br /><h3 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.3.3 Four Noteworthy Projects</span></h3><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 51 , 51 , 51 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">① Uniswap Launches Cross-AMM Protocol UniswapX</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 51 , 51 , 51 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Uniswap, one of the well-established decentralized exchanges, was launched in 2018 and currently supports millions of users. During the EthCC conference, Uniswap announced the release of UniswapX, a permissionless, open source, and Dutch auction-based cross-AMM protocol. Currently, the opt-in beta version of this protocol is available on the Uniswap Labs interface for the Ethereum mainnet, with plans to expand other chains and Uniswap wallets in the future.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><img src="https://lh6.googleusercontent.com/FRsrIiL8ZVCpLxvrCxihHwd54rAAIMa7HyDLbf5sIR5s46eZXNtGW-C17VJirlomTCyzSM-rBYnMyBpjC97tEUKQxY3urnZsdIkKWEp4MNnEkDfj_6ytNEh_Xfs6E4V-Wh8AogYPnLywjz2cjeRhNTw" width="602" style="margin-left:0px;margin-top:0px" /></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 51 , 51 , 51 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">UniswapX will gradually implement the following features: aggregating liquidity sources to improve exchange value, protection against MEV (Maximal Extractable Value), gas-free swapping, no cost for failed transactions, and expanding to support gas-free cross-chain gasless swap within a few months.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 51 , 51 , 51 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">② Lens Protocol Officially Released V2 Version</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 51 , 51 , 51 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">On May 18, 2022, Lens Protocol was launched on the Polygon mainnet as a decentralized social protocol, and it has garnered 120,000 users to date. During the EthCC conference in Paris, Lens Protocol announced the release of its V2 version. The V2 version focuses on openness and composability, allowing users to directly execute external smart contract operations within Lens publications. Additionally, Lens V2 has introduced the capability to interact with smart contracts within social media platforms. </span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The highlights of Lens Protocol V2 are as follows: The introduction of ERC-6551 to aggregate value into NFTs rather than wallets. Addition of third-party operation permissions, including whitelist addition, and more.</span></p><br /><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 51 , 51 , 51 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">③ Chainlink Launches Cross-Chain Interoperability Protocol (CCIP)</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Chainlink is a decentralized oracle project designed to securely and reliably connect blockchain smart contracts to off-chain systems, providing secure and reliable data sources for blockchains.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:rgb( 255 , 255 , 255 );font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">On July 18, Chainlink announced the launch of the Cross-Chain Interoperability Protocol (CCIP), designed for cross-chain applications and services. Currently, CCIP provides early users with real-time access on various blockchains such as Avalanche, Ethereum, Optimism, and Polygon.</span></p><br /><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">④ Starknet Launches Starknet Appchains</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Starknet is a Layer2 blockchain network built by the StarkWare team, operating as a ZK Rollup on Ethereum. According to data from L2BEAT, Starknet's Total Value Locked (TVL) has seen a rapid surge since the 10th and has now surpassed $115 million.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><img src="https://lh6.googleusercontent.com/2yaYE29an9kWCQy3nGx6dTUee7EKqHSLNUz48ys_ueC-OpK0qHT7JUdB5PuwirZKaHApeUaehrgYbBHzx4VzFL-n9A9NbguNQTQ-U82Y4TdUPADipcIEcsWMMCF3pqLg1k7bQSx3NW3Fdy_P9MShsmE" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: L2BEAT</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">At the EthCC conference, StarkNet officially announced the launch of StarkNet Appchains, which improves transaction processing speed and enhances user experience. With this update, transactions are no longer subject to the long processing times of 5-10 minutes as before. Additionally, StarkNet also unveiled the high-performance sequencer Madara, which enhances the capabilities of the Cairo VM using the Substrate framework, further improving the appchains' capabilities and Starknet's interoperability and on-chain privacy levels.</span></p><br /><h2 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:6pt"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.4 Curve Finance Crisis</span></h2><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Due to a bug in certain versions of the Ethereum programming language Vyper, four Curve Finance pools were exploited and the funds were stolen. The potential crisis was exacerbated as the founder of Curve Finance had used a significant amount of CRV tokens as collateral for loans on multiple lending platforms, putting CRV at risk of potential liquidation.</span></p><br /><h3 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.4.1 Reentrancy Attacks</span></h3><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">On July 30, at 21:34, the NFT lending protocol was suspected of being under attack. Subsequently, Curve Finance reported that JPEG'd had suffered a read-only reentrancy attack, causing the pETH price on the pETH-ETH pool on Curve to drop to $383. (Note: pETH is a derivative asset of ETH issued by JPEG'd.)</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">At 22:50, the msETH-ETH pool on Curve was attacked.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">At 23:34, the alETH-ETH pool on Curve was attacked.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">On July 31, at 0:44, the Ethereum programming language Vyper tweeted that the reentrancy locks in versions 0.2.15, 0.2.16, and 0.3.0 were ineffective.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">At 0:45, Curve’s official Twitter account posted that many stablecoin pools using Vyper 0.2.15 (alETH / msETH / pETH) were attacked due to a reentrancy lock failure, while other pools are safe.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">At 3:08, CRV-ETH was attacked, with the lowest CRV on the chain falling to around 0.08.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">At 7:50, c0ffeebabe.eth, the deployer of the Mev Bot that frontrun the CRV/ETH Pool, returned 2,879.54 ETH worth approximately $5.39 million to Curve Finance deployer.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">At 9:37, Upbit, South Korea’s largest exchange, suspended CRV deposit and withdrawal services.</span></p></li></ul><br /><h3 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.4.2 Impact of Reentrancy Attacks</span></h3><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">According to DefiLlama data, Curve Finance's Total Value Locked (TVL) decreased by 43.6% in the span of 24 hours, dropping to $2.28 billion, with liquidity reduced by 63%.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><img src="https://lh5.googleusercontent.com/NsptrE6rraApLZgeoYvDQF9r8A4GR0JFbltE4ehmb1f5Wt5G9LRdp5ppS2bMVoIMb73wsK-REdzvhYimF0tBTnebe2PuT1hlj0FzYQ2HEclZh0vAfZZiYU_ZOIPAvVb1gOn4pqrZxUgbF4wClywo054" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: DefiLlama</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">This reentrancy attack mainly involved several pools that utilized specific versions of Vyper. Currently, Curve Finance has suspended deposit and staking features for these affected pools. Additionally, they have delisted the corresponding pools from their platform, abandoning their use, and introduced new secure pools.</span></p><br /><h3 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.4.3 Liquidation Crisis</span></h3><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The liquidation crisis stems from Curve Finance founder Michael Egorov's collateral loans on lending platforms, including Frax Finance and Aave. Michael's loan positions are as follows:</span></p><ul style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">On Aave v2, he supplied 257.44 million CRV tokens and borrowed 49.25 million USDT, with a liquidation price of approximately $0.35.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">On Frax Finance, he supplied 38.6 million CRV tokens and borrowed 9.19 million FRAX tokens, with a liquidation price of approximately $0.3.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">On Abracadabra, he supplied 46.65 million CRV tokens and borrowed 12 million MIM tokens.</span></p></li><li style="list-style-type:disc;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">On Inverse Finance, he supplied 29.1 million CRV tokens and borrowed 7.7 million DOLA tokens.</span></p></li></ul><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">If liquidation occurs, not only will Curve Finance suffer significant asset losses, the lending platforms involved will also face substantial economic losses. Both borrowers and lenders will have to face the pressure of dealing with the repercussions of this loan arrangement.</span></p><br /><h3 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">4.4.4 Loan Resolution</span></h3><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Currently, Curve Finance founder Michael Egorov is using over-the-counter (OTC) sales of CRV tokens to repay his loans.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">According to @EmberCN's monitoring, Michael has sold a total of 54.5 million CRV tokens at an average price of $0.4. The buyers include DWFLabs (12.5 million CRV), Justin Sun (5 million CRV), Jeffrey Huang (3.75 million CRV), Cream.Finance (2.5 million CRV), and others.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The root cause of the Curve incident lies in the issue with the Ethereum programming language Vyper, which eventually led to user funds being compromised on Curve. This event may serve as a wake-up call for DeFi projects to place even greater emphasis on ensuring user asset security and isolation.</span></p><br /><h1 style="line-height:1.38;text-align:justify;margin-top:20pt;margin-bottom:6pt"><span style="font-size:23pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5. BTC & ETH Analysis</span></h1><h2 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:6pt"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.1 Bitcoin</span></h2><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">In terms of token price, the trends of Bitcoin and Ethereum largely represent the overall market trends in the industry. However, when it comes to assessing whether the entire industry is experiencing a recovery and resurgence, price is only one part of the equation. Our aim is to provide more support for making judgments by analyzing some underlying data.</span></p><br /><h3 style="line-height:1.38;text-align:justify;margin-top:24pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.1.1 Price</span></h3><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Following the positive trend from the previous month, the price of Bitcoin fluctuated around $30,000 in this month. Based on the chart from Look Into Bitcoin, it is evident that most of the time, the price remained above $30,000. On July 14, the price of Bitcoin reached its highest point this year at $31,544.7.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><img src="https://lh6.googleusercontent.com/nIn39fFSWWNR1Sapp6XCz4VzL3fvLH0q6_loFD_AwKWdSSJujiVWx-K7d59ZHo0uxUDdxX-LK5VPpdQV8ZBwRrjAzx_HIsIVXKvGWRjpms_10FFAOo3s_2yjR30cpqXLs0j7q0zjGeI5xlI8zyRr2Wc" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Look Into Bitcoin</span></p><br /><h3 style="line-height:1.38;text-align:justify;margin-top:16pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.1.2 Institutional Holdings</span></h3><br /><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.1.2.1 Grayscale Investments</span></h4><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">According to CoinGlass data, Grayscale Investments have been consistently reducing their BTC holdings this year. In July, they reduced their BTC holdings by approximately 1,000 BTC, and in the past 7 days, they reduced their holdings by 380 BTC. Currently, they hold approximately 624,700 BTC.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The Grayscale Bitcoin Trust (GBTC) currently has a primary market price of $26.4 and a secondary market price of $19.04, with a premium rate of -27.88%.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh3.googleusercontent.com/heQCLZzB3uO0hSC3Cl2YAGYC_hq71TyD0U7qYMlr_XdWGVRzn0vZVRh-HPpMVvoIXegCHx9sHDmAv5_7ih2XCoriHHF25uSesOfMnxzvEYS52CkzMEqFphDchUJ4PWrs_c4yt1ro48pU6Q84CiduCho" width="597" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: 2023 Grayscale Investments BTC Holdings Data</span></p><br /><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.1.2.2 Publicly Listed Companies</span></h4><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The Bitcoin Treasuries website compiles data on 41 publicly listed companies that hold BTC, including well-known entities like MicroStrategy, Tesla, Coinbase, Meitu, and others.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">According to the data from the chart, we can calculate the average cost of holdings for these companies: MicroStrategy at $29,647, Tesla at $34,722, Coinbase at $12,342, and Meitu at $52,609. With the current market price of BTC being $29,316, most of these companies are still in a loss-making position.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><img src="https://lh3.googleusercontent.com/PTYgd3ctWQR3QrGZVXGdTbjygo2dGqYygyZAyJ50eeYp71M_E8o1Z0srQlhUanr7IQ3kEZeai694VgD7No7Lp9xkzB3fzfXWMmBgemm3J5kMJjwzYmvHWy-mOni9rkTcEADt2Zxh0Mu2-_3DV9Li6yw" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Chart of BTC holding cost value for 41 publicly listed companies (partial)</span></p><br /><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.1.2.3 Centralized Exchanges</span></h4><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">According to CoinGlass data, a total of 20 exchanges, including but not limited to Binance, Coinbase, OKX, Bybit, Kraken, Huobi, Kucoin, Gate, and Bitmex, saw an outflow of 18,618.85 BTC in the past month. The main contributor to the outflow was Coinbase, which saw an outflow of 27,065.56 BTC.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">However, data from the past 7 days shows that these 20 exchanges are experiencing an inflow trend, with a total inflow of 17,159.89 BTC. The main contributor to the inflow was Binance, which saw an inflow of 10,729.99 BTC.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh4.googleusercontent.com/OMQxBZiTrDnDGNJCL1MjVDeXTsgoA4gJQ6OQ3fxSdMvzOW2OJ_f69Ug3bha2sdeXssXkhzTi6M-Pkww2Qn8TnbVeynUBzUtkf1bbEwEqc_Xf1XC-c2RptMrKlvCZlqirgwvNjdRM9wPBvBIdPba8emk" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Exchanges’ Bitcoin Wallet Balances in July</span></p><br /><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh6.googleusercontent.com/uyS3ATkEddWZCaT9Yx62XRdPzz0U9z-xSno8nWbmmUarnfLWtQeASj0GMxwsrnBXHsL832CBKbOftcnq7ivFzkirkx5VljGEIGP3qwYjJacidRFeJ3pk4kKkqgg1eLbrIuIzoRP_LPDjjIppznIjJvM" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Exchanges’ Bitcoin Wallet Inflow and Outflow in July</span></p><br /><br /><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:13pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.1.2.4 Governments</span></h4><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The Bitcoin Treasuries website also compiles data on BTC holdings for four countries and regions, including Ukraine, the United States, El Salvador, and the state of Georgia. El Salvador is a pioneer in BTC adoption, being the first country to adopt Bitcoin as legal tender. According to the data, El Salvador's average cost of BTC holdings is around $45,006, indicating that it is currently in a loss-making position.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh4.googleusercontent.com/M1BH4sSx0uvLogQBb0V7Kz94dt3S0ocuQu_xSfXnkNIdbBIdbXJ11NPYPfE196NgrSyc1kEYic5bsUAUyHTapN4Gl-F11dqjZCZ6C90NJ26D-LagZjGbBzpdyANI8ff5WKwi8f-kdcwEx0_FyQhvILM" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Bitcoin Treasuries</span></p><br /><br /><h4 style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:12pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.1.2.5 </span><span style="font-size:13pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Comparison of BTC Holding Positions by Different Entities</span></h4><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh5.googleusercontent.com/E0ZVaqXVFHyBcHfxR8SkjYcHMa0SKCD6gKVyQX9GooB3Uz4ot4ubp5w8lx2KPIUEwIny9di9nx8p00yrJDBsL6crp_RuUHYg_wrm_e3kdYkbF_lHe5kDgOxQd_yewutWJiRYnYT5H7Z3ehtw-lT01qg" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Bitcoin Treasuries</span></p><br /><br /><h3 style="line-height:1.38;text-align:justify;margin-top:16pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.1.3 Return on Investment (ROI) </span></h3><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">From the institutional holdings data above, we can see that most of the holding institutions are still at a loss. According to CoinGlass's monthly investment return data, Bitcoin showed a negative return rate of -0.42% in July. In comparison, the return rate for June was the third-highest this year, reaching 11.98%.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><img src="https://lh5.googleusercontent.com/FzcNMHuY2yqpyXnVWHqz_2DADfNEj9WkK3jyq0r67kZFzeK5TQtnEKuj9hnHF2wPpcrGrI1_D6tyCmeVwabVpateOvjM9aRWmYS2cDTIeqvqu3EUqf7MxG5g3bhwGL5qTskUWMgvXuvfISuvRz43X_U" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Bitcoin Investment Return Rate For The Past Years (Monthly Data)</span></p><br /><h3 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.1.4 Volatility</span></h3><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Volatility is used to measure the uncertainty of asset returns and reflects the level of risk in financial assets. Higher volatility means more significant fluctuations in the price of financial assets and greater uncertainty in asset returns. Lower volatility, on the other hand, indicates smoother price movements and higher certainty in asset returns.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">According to CoinGlass's volatility chart, Bitcoin's volatility reached its peak in March this year, and the volatility in June decreased by one percentage point and remained between 2.4% and 2.6%. In July, Bitcoin's volatility decreased by another percentage point, with the highest volatility being only 1.39%. Bitcoin's price fluctuated relatively smoothly in July, mostly between $29,000 and $30,000.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><img src="https://lh6.googleusercontent.com/BnYVIF66p8YPP602fAq0jq6f40Ergk4wsrhPK2QwhDycIQ_1a-nF8iOAIDnuebEqigUdeRxtvLpHN2LKz0rWZkXDJpJph7vkvzkpXTxAoPOcSoDrZGNI_IbpnEamc90plz7z0FXB_QRj5GQloFfV-hg" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Bitcoin Volatility in 2023</span></p><br /><h3 style="line-height:1.38;text-align:justify;margin-top:16pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.1.5 Funding Rate </span></h3><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Looking at the funding rate chart for this month, almost all rates are positive. This data indicates that the overall market still has a bullish sentiment, expecting prices to rise. However, the overall market trend cannot solely rely on one chart but requires combining more data to make judgments.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh3.googleusercontent.com/f6QzQFv_jHa53zd8CiRLH-E8zrtum5u_5k_tzEdfHokmsuj4-d3gZ1Qr_tv8dPhbYFUsHOlsYgwk8RGU-P3iqQGNzSUK7Z68CG_B1W5U6VAnA05NCPKAZxNxU62Zft7wRum1dInJzNWwYDEC5OpllUw" width="580" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Look Into Bitcoin</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The number of active Bitcoin addresses is still maintained at over 930,000, with little difference compared to the data from the previous month. At its peak activity, the number of addresses still did not surpass 1 million.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh4.googleusercontent.com/B77ph_fEcpgQ3oeRuKtKJvjh1-DiF51NvLMslfMweVhg418nYc2KENWmWvoVPPkjfFchZngJEuZmy1L8SFf5Cte-A_YkUCo5t618bVj8ffsYve8uhNl0fOOqFBTkFm3iLbLNAVM43-0IOACC2J02JmM" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Look Into Bitcoin</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">From the holding data, there are different trends for large investors and retail investors.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The number of addresses holding more than 0.01 BTC increased by 100,000 in July compared to June, reaching 12.16 million. The number of addresses holding more than 0.1 BTC increased by 22,000, reaching 4.41 million.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The number of addresses holding more than 1 BTC increased by 4,300, reaching 1.01 million. The number of addresses holding more than 10 BTC increased by 200, reaching 156,000.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh6.googleusercontent.com/qkm-TjJ8t0Elw4dPPzIiEiZooS9wZ1bcRzZA0Ye95hddF80kXiRgrv1sA13fF7iWdaY-t3aN-0Qz6PDWMj7nXhhMTHFPNZD54eTMX3xkwsrUiPkEsR90mG76cvDO_Oe0vFf10pnexZx6pLQHRcgNHhY" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Look Into Bitcoin</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">However, for whale addresses holding more than 1,000 BTC, the holdings are decreasing. The number of addresses holding more than 1,000 BTC decreased by nearly 20, leaving only 2,018 addresses still holding more than 1,000 BTC.</span></p><br /><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh5.googleusercontent.com/qHKYEiUVXqXIRUgo4fu0Sk_RQBI3RVoqDQtb8QdC-HqkbYHMMs3PIU7_f7yw0Ia7zq8qXMKkHNvzKH2GHw_iFaF-Ux_oUwszpRe79L-Wx0jLiejUB0eiNr1_NQ_9LZb-yT4qOmqsnJyma2dYQBo8OHk" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Look Into Bitcoin</span></p><br /><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">According to data from CoinMarketCap, in the cryptocurrency market share over the past month, the proportion of Bitcoin has shown a slight decline after July 14, decreasing by 1%.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh3.googleusercontent.com/sNSFqq13MAyxtnQBRHhHpUYULnIGxRpLGzvB-keGXQfq07XZEdPURet1xhCnTBlZ8LQHYyQ93bUFyNu9mpmb7A_zTp1xt_rLWiAK9WFiAMtjXZ0yNZypFGIZMhppNiZKABspEGRqAcnZ_iDuqAYQoKQ" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: CoinMarketCap</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Similarly, the global cryptocurrency market cap shows a similar trend. After reaching a peak on July 14, the market cap quickly returned to fluctuate around the average value for the past month.</span></p><br /><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh5.googleusercontent.com/kAv5zO1lnnJhDPfg5uhPwf9AzDAzF80I4zk5vaCkn-fyiTp0yrDT5M1WAar_4WZWdBHcg3utxo0PNhlnOgx_rZhlSLx1ZX1SEoSzSQNnH6bQkCMmbygE2N-pjHMhbdL-V-2Q9E2UlfQLk67EO_V_cnU" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: CoinMarketCap</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The date July 14 appears repeatedly in the charts and data we have seen, as July 14 is when XRP won the lawsuit, driving the overall market's surge. As the excitement surrounding the event fades, the market enthusiasm also subsides.</span></p><br /><h2 style="line-height:1.38;text-align:justify;margin-top:24pt;margin-bottom:6pt"><span style="font-size:20pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.2 Ethereum</span></h2><br /><h3 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.2.1 Price</span></h3><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Compared to Bitcoin, ETH experienced larger price fluctuations in July. On July 14, the Ethereum price reached its monthly high, approaching $2,000. At its lowest point, the price almost touched the $1,800 mark.</span></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh5.googleusercontent.com/bl3JSnMbBjDsun0QVVaSvZ1wHHieOPuOjeQfdiAOD_5HTFJEdOaEqtfF-9eckyA5FR6McCoEUB7bdnOBkSjha7rxWXjCkTkjocDU-whz-SmNg9WOqhAx_0W-BOD8sfU0gdXZD1CInsYSqBIhXf7S6MU" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Fei Xiao Hao</span></p><br /><h3 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.2.2 Institutional Holdings </span></h3><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Grayscale Investments </span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Similar to Bitcoin, Grayscale Investments</span><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">has been reducing its holdings of ETH this year. In July, it sold more than 6,000 ETH, and in the past 7 days, it sold over 2,000 ETH. It is currently holding 2.9936 million ETH, according to the data from the CoinGlass website.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The current primary market price of Grayscale Investments EETH is $17.86, and the secondary market price is $10.44, with a premium rate of -41.55%.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh3.googleusercontent.com/_QIIX9jAR8l8Inj4o5yVqEw7o9x8WJ43oINWJxbgnKAlhKiHiur6y974kMbjCzrHGNzyOSOlYU0mKszUL1_eqOeNWEQ8pvjRH9ruzBczVu3GIXxIqQ3KDherWlwQER6kljv-X2Dbh0LfxJ2yR4VGsAs" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: 2023 Grayscale Investments ETH Holdings Data</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">Centralized Exchanges </span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Among the 20 centralized exchanges tracked by CoinGlass, there was a total outflow of 112,519.67 ETH in the past month. OKX and Huobi had significant outflows, with 91,326.95 ETH and 70,234.22 ETH respectively. In the past 7 days, there was a total outflow of 19,512.76 ETH, primarily due to Huobi's outflow of 59,376.02 ETH, and Binance's inflow of 96,311.16 ETH.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh5.googleusercontent.com/PUpw5bnZbl63zdMM08gl8R7_3fA3AWfJWZAbo5wshBGydAbs5LTf7hAfRT9n7H3GD9esSVHXOthq2kmr_DPkv1Z4AoR5eb8N1NkCkjXbNO6-wGoILTap-SPpt3-6wftR6EqlNQlu8zJqBZHEwgcoh50" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Exchanges’ ETH Wallet Balances in July</span></p><br /><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh6.googleusercontent.com/x1Uuf7azWFo7Dro81UWSIFrjWWEwKSOJOwEr5j0Ece1EXxfr5RJyR9ouzCNevfMrCBNhQuVmmA1vLgeMu8DZc4dkFzxzu49hl4n_vJgXmh4Nlv9316ioHg4mIXKBv_mzmjsIUwf97Slfjk6SmaHrUMM" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Exchanges’ ETH Wallet Inflow and Outflow in July</span></p><br /><h3 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.2.3 Return on Investment </span></h3><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Based on CoinGlass's monthly investment return data, ETH has shown relatively low fluctuations in ROI since April. However, in July, it had the first negative ROI of the year, which was -3.99%.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh6.googleusercontent.com/t4FMgRB6sR31w8FfZrfgeRpUSkx4XADbEUNsNtR7RIsuXzZswNCxbxB7OYb_vvFt0PwwA1-TPWDFLMyheJ93_UgH6qLvEkOlMqRkTqU7pT0r5h5d6_XISDxRw3XmBVhjoRrjTA4U4vILbywEMp1ZxQc" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: ETH Investment Return Rate for the Past Years (Monthly Data)</span></p><br /><h3 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.2.4 ETH Lockup Amount and Yield Rate</span></h3><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Despite Grayscale Investments' continuous reduction in ETH holdings, data from Fei Xiao Hao shows that the on-chain lockup amount of ETH has been steadily increasing. Even after the Shanghai upgrade, the originally unlocked ETH did not change this trend and continued to be staked and locked.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">As the lockup amount continues to increase, the yield shows a declining trend. It has currently decreased from a peak of over 20% to below 5%.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><img src="https://lh6.googleusercontent.com/QNjbPTskq7sYd-pSsGYKgSLaug-aaETXuWQFTl1Q3Qr5kLU_ujsCZPk1GiJfbyzOUrdLx9GJ1Fl9ecSFNaAw5_ZTjvgZBArS5p31SjNmziX5MCE7fthwjv_ArLn9hQSuBMd-avAMBLXJzkcUP7UYEGA" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: ETH Lockup Amount</span></p><br /><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh6.googleusercontent.com/QN2RKmrYIl9qLw-eoMD8WEmzum4xB2MmJyhnlzhpyOkh0AXbm8AIxnvuiwub5uccMkK685XOsj5FrOvZbn4v62C8avkZNXCZ-XsABV8XM6nZ-b-USLZIs5QRwM1HuItJqcHJM5oN4xbtkLixrzIAucU" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: ETH Yield Rate</span></p><br /><br /><h3 style="line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.2.5 ETH Inflation and Burning </span></h3><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">After introducing the ETH-1559 burning protocol, Ethereum's previous inflation model now has the potential for deflation, reducing the overall circulating supply of ETH.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">According to data from Fei Xiao Hao, Ethereum was in a deflationary state in July, with daily burning exceeding the amount of new issuance, which benefits ETH holders.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh3.googleusercontent.com/LSjJ27ARbeVbPod-o-l2CRqnLnsWzceydCYfchVtvip0fs_vYO-Nx1yrj8i9U_zpfn7VAFM8QoE9LQLPsNwNHAwsH7ffhNwpjpmsvWQLiEqrZCm3NPCdBIT1WCA19Tvige-VJobhWXyz9AF_FHpsM3g" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: July ETH Inflation</span></p><br /><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh5.googleusercontent.com/fMMSW17oiQ3yOfDY9zqy8sDkDPWKV03jVmBwSexJK5jll0ayeU40QvULFvPEHl0Us5kGeE2eWs8Ummu2lrfJrg3Ecd_2RkxSYfAgAd_xeo_4e2qUYRMmO_SQTcPG4AGoY8r0xQKwfk6fBSAcwjB1fHo" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Daily ETH Burning Amount</span></p><br /><br /><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">In addition, according to data from Token Terminal, in the past month, Ethereum's revenue increased by 1.83%, fees increased by 3.87%, total market value decreased by 2.12%, and daily active users decreased by 13%. However, the number of core developers increased by 5%, and the total code commits increased by 8.1%.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">The increase in developer count and code commits is likely related to relatively more activities in the past month, mainly focusing on EthCC-related events and local activities in Japan.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh3.googleusercontent.com/OtewXfso-WntwZ1MSiIlD9cGgMe53iGfbtg-Flt-oEJtEYZWQyp8lbCGDHZD2_FD4Z10lMqsrhJzH-GSblJdNDBrWxH6IqML6JZAQyqUac9AzH6TYwGUQNW5LPYSYtY3IGYMLEuusZenb3OQozFWbqI" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: Token Terminal</span></p><br /><br /><h3 style="line-height:1.38;text-align:justify;margin-top:16pt;margin-bottom:4pt"><span style="font-size:16pt;font-family:'arial' , sans-serif;color:rgb( 67 , 67 , 67 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">5.2.6 Conclusion </span></h3><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Based on the market trends and data of Bitcoin and Ethereum, there are no clear signs of a rebound. We need to exercise more patience and wait for the bull market to arrive.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">For long-term holders, waiting seems to have become a habit, and persistence will eventually lead to the dawn of victory. For users skilled in short-term trading, every market fluctuation serves as a test of their strategies, making effective risk management particularly crucial.</span></p><p style="line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:12pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Market recovery still requires time and capital injection. Let's remain hopeful that we will all be here to witness its arrival.</span></p><br /><br /><h1 style="line-height:1.38;text-align:justify;margin-top:20pt;margin-bottom:6pt"><span style="font-size:23pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">6. Closing Remarks</span></h1><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">According to data from RootData, there have been 68 financings in the cryptocurrency market in the past 30 days, equivalent to an increase of 11.84%. The total financing amount was $618 million, equivalent to an increase of 26.99%.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh5.googleusercontent.com/VCdIm8Ewo6uurQysAgBbfvxIjYdH14z_REjVX4xRcia2HFztZxCwTaRiIJZuiKtYf0wVLfTHJlv7PBBCYvlynyJWjsVEZd_xmONkQuu7ls0JusvXV7hVCNIVxlPfwEMDf0q9zmrHaRWO-MeVxA8S_yI" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: RootData</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Capital is mainly concentrated in investment infrastructure projects. Among the top 10 blockchain projects in terms of financing amount, half of them belong to infrastructure projects, while the rest include exchanges, Layer 1 public chains, music NFT platforms, etc.</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><img src="https://lh4.googleusercontent.com/rm3MtHl3XBLYPYrXRTIeLuHO2iMBhpW1eQ45jce2eat0CU1-er05SMk6RE9Y8iHIGm1QQtqMXs3RfhWsFtuWs-2FhYI7vzd3Z6TIIdLM7zhXrP2RH3tpaFSZLZOGubx1v2BWLlq1mVwJ5ijMGZj1Cfk" width="602" style="margin-left:0px;margin-top:0px" /></p><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:'arial' , sans-serif;color:rgb( 153 , 153 , 153 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">Data Source: RootData</span></p><br /><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">As capital enters the market and market sentiment begins to brew, it seems as if, just like the familiar saying, "everything is coming back." We have traversed the winter, patiently waiting for the bull market's arrival, and all the waiting preceding this moment will prove to be worthwhile.</span></p><br /><br /><br /><h1 style="line-height:1.38;text-align:justify;margin-top:20pt;margin-bottom:6pt"><span style="font-size:23pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:700;font-style:normal;text-decoration:none;vertical-align:baseline">7. List of References</span></h1><br /><br /><ol style="margin-top:0px;margin-bottom:0px"><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://cointelegraph.com/news/crypto-regulatory-framework-bill-pass-house-congressional-committee" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://cointelegraph.com/news/crypto-regulatory-framework-bill-pass-house-congressional-committee</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://www.forbes.com/sites/rohitarora/2023/07/26/fed-raises-interest-rates-to-22-year-high-credit-crunch-continues-for-small-businesses/?sh=4d24ed995b21" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://www.forbes.com/sites/rohitarora/2023/07/26/fed-raises-interest-rates-to-22-year-high-credit-crunch-continues-for-small-businesses/?sh=4d24ed995b21</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://blockworks.co/news/google-cloud-web3-dive" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://blockworks.co/news/google-cloud-web3-dive</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://www.financemagnates.com/cryptocurrency/russian-president-vladimir-putin-approves-law-on-digital-rubble/" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://www.financemagnates.com/cryptocurrency/russian-president-vladimir-putin-approves-law-on-digital-rubble/</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://www.financemagnates.com/cryptocurrency/binance-takes-on-cftc-with-plans-to-seek-dismissal-of-lawsuit/" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://www.financemagnates.com/cryptocurrency/binance-takes-on-cftc-with-plans-to-seek-dismissal-of-lawsuit/</span></a><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"> </span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://coinmarketcap.com/currencies/mx-token/" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://coinmarketcap.com/currencies/mx-token/</span></a><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"> </span></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://www.lookintobitcoin.com/bitcoin-price-live/" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://www.lookintobitcoin.com/bitcoin-price-live/</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://www.lookintobitcoin.com/charts/bitcoin-funding-rates/" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://www.lookintobitcoin.com/charts/bitcoin-funding-rates/</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://www.lookintobitcoin.com/charts/bitcoin-active-addresses/" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://www.lookintobitcoin.com/charts/bitcoin-active-addresses/</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://www.lookintobitcoin.com/charts/addresses-greater-than-1000-btc/" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://www.lookintobitcoin.com/charts/addresses-greater-than-1000-btc/</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://coinmarketcap.com/charts/" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://coinmarketcap.com/charts/</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://coinmarketcap.com/charts/" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://coinmarketcap.com/charts/</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://tokenterminal.com/terminal/projects/ethereum?ref=bankless.ghost.io" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://tokenterminal.com/terminal/projects/ethereum?ref=bankless.ghost.io</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://etherscan.io/chart/dailyethburnt" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://etherscan.io/chart/dailyethburnt</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://blockchair.com/bitcoin/charts/average-transaction-fee-usd" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://blockchair.com/bitcoin/charts/average-transaction-fee-usd</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://blockchair.com/litecoin/charts/average-transaction-fee-usd" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://blockchair.com/litecoin/charts/average-transaction-fee-usd</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://explorer.viawallet.com/halving" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://explorer.viawallet.com/halving</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://coinmarketcap.com/currencies/litecoin/" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://coinmarketcap.com/currencies/litecoin/</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://galxe.com/Linea" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://galxe.com/Linea</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://dune.com/ataraxiae/linea-goerli-testnet-zk-rollup-by-consensys" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://dune.com/ataraxiae/linea-goerli-testnet-zk-rollup-by-consensys</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://defillama.com/chain/Linea?volume=true" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://defillama.com/chain/Linea?volume=true</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://twitter.com/Linea_Ecosystem/status/1679430944158289921" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://twitter.com/Linea_Ecosystem/status/1679430944158289921</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://twitter.com/Starknet/status/1681603967787122688?s=20" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://twitter.com/Starknet/status/1681603967787122688?s=20</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://dune.com/chaininsight/starknet-overview" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://dune.com/chaininsight/starknet-overview</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://l2beat.com/scaling/projects/zksync-era" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://l2beat.com/scaling/projects/zksync-era</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://www.coingecko.com/en/global-charts" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://www.coingecko.com/en/global-charts</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://twitter.com/CurveFinance/status/1681086036078739456" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://twitter.com/CurveFinance/status/1681086036078739456</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://nftgo.io/analytics/market-overview" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://nftgo.io/analytics/market-overview</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://www.nftscan.com/0x3af2a97414d1101e2107a70e7f33955da1346305" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://www.nftscan.com/0x3af2a97414d1101e2107a70e7f33955da1346305</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://nftpricefloor.com/zh/azuki?sort=ranking&dir=asc" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://nftpricefloor.com/zh/azuki?sort=ranking&dir=asc</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline">.</span><a href="https://pro.opensea.io/collection/opepen-edition?showSuspicious=false&rarity_tier=Top+1%25&traits=%7B%22Release%22%3A%5B%22001%22%5D%7D" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://pro.opensea.io/collection/opepen-edition?showSuspicious=false&rarity_tier=Top+1%25&traits=%7B%22Release%22%3A%5B%22001%22%5D%7D</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://opensea.io/collection/lens-protocol-profiles?tab=items" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://opensea.io/collection/lens-protocol-profiles?tab=items</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://dune.com/rustamov/lens" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://dune.com/rustamov/lens</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://triple-a.io/crypto-ownership-data/" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://triple-a.io/crypto-ownership-data/</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://www.rootdata.com/Projects/detail/Worldcoin?k=MTg0Mw%3D%3D" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://www.rootdata.com/Projects/detail/Worldcoin?k=MTg0Mw%3D%3D</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://optimistic.etherscan.io/token/0xdc6ff44d5d932cbd77b52e5612ba0529dc6226f1#balances" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://optimistic.etherscan.io/token/0xdc6ff44d5d932cbd77b52e5612ba0529dc6226f1#balances</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://www.rootdata.com/dashboard" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://www.rootdata.com/dashboard</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://www.coinglass.com/Balance" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://www.coinglass.com/Balance</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://www.coinglass.com/Grayscale" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://www.coinglass.com/Grayscale</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://bitcointreasuries.net/" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://bitcointreasuries.net/</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://www.feixiaohaozh.info/data/eth.html" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://www.feixiaohaozh.info/data/eth.html</span></a></p></li><li style="list-style-type:decimal;font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 0 , 0 , 0 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:none;vertical-align:baseline"><p style="line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt"><a href="https://dune.com/sixdegree/base-blockchain-overview" style="text-decoration:none"><span style="font-size:11pt;font-family:'arial' , sans-serif;color:rgb( 17 , 85 , 204 );background-color:transparent;font-weight:400;font-style:normal;text-decoration:underline;vertical-align:baseline">https://dune.com/sixdegree/base-blockchain-overview</span></a></p></li></ol></strong><p></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p>
<p><br /></p><p style="line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt"><strong style="font-weight:normal" id="docs-internal-guid-3774ec9b-7fff-66a0-f78e-65e2f95e296e"><span style="font-size:11pt;font-family:'inter' , sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Brief Introduction</span></strong></p><p style="line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt"><strong style="font-weight:normal" id="docs-internal-guid-3774ec9b-7fff-66a0-f78e-65e2f95e296e"><span style="font-size:11pt;font-family:'inter' , sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Founded by two prominent finance professors and backed by industry heavyweights, including top market makers, VC funds, and Polygon co-founders, VirtuSwap brings revolutionary financial engineering and state-of-the-art data science and optimization to increase DEX efficiency for traders (in the form of lower trading costs) and liquidity providers (in form of higher yields).</span></strong></p><p style="line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt"><strong style="font-weight:normal" id="docs-internal-guid-3774ec9b-7fff-66a0-f78e-65e2f95e296e"><span style="font-size:11pt;font-family:'inter' , sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">VirtuSwap is dedicated to make the DEX trading ecosystem as efficient as CEX trading, to reduce reliability on centralized entities, and promote the promise of cryptocurrencies - transparent, immutable, and accessible efficient financial layer.</span></strong></p><p style="line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt"><strong style="font-weight:normal" id="docs-internal-guid-3774ec9b-7fff-66a0-f78e-65e2f95e296e"><span style="font-size:11pt;font-family:'inter' , sans-serif;color:#ff0000;background-color:transparent;font-weight:700;font-style:italic;font-variant:normal;text-decoration:none;vertical-align:baseline">Please note:</span></strong></p><p style="line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt"><strong style="font-weight:normal" id="docs-internal-guid-3774ec9b-7fff-66a0-f78e-65e2f95e296e"><span style="font-size:11pt;font-family:'inter' , sans-serif;color:#ff0000;background-color:transparent;font-weight:700;font-style:italic;font-variant:normal;text-decoration:none;vertical-align:baseline">All information in this page is provided by the project team. Strictly for references only.</span></strong></p><p style="line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt"><strong style="font-weight:normal" id="docs-internal-guid-3774ec9b-7fff-66a0-f78e-65e2f95e296e"><span style="font-size:11pt;font-family:'inter' , sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> </span></strong><br /></p><p style="line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt"><strong style="font-weight:normal" id="docs-internal-guid-3774ec9b-7fff-66a0-f78e-65e2f95e296e"><span style="font-size:11pt;font-family:'inter' , sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Project Highlights</span></strong></p><p style="line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt"><strong style="font-weight:normal" id="docs-internal-guid-3774ec9b-7fff-66a0-f78e-65e2f95e296e"><span style="font-size:11pt;font-family:'inter' , sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">VirtuSwap is an innovative DEX addressing a large and neglected market segment - trading in assets with limited liquidity (i.e. outside the top 5). Limited or absent of direct liquidity between traded assets results in costly indirect trades (i.e. trade is routed via 3rd assets), as a result of which a trader suffers double trading fees, price impact and gas fees. Indirect trade composes over 20% of people's trade activity over the past year.</span></strong></p><p style="line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt"><strong style="font-weight:normal" id="docs-internal-guid-3774ec9b-7fff-66a0-f78e-65e2f95e296e"><span style="font-size:11pt;font-family:'inter' , sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">VirtuSwap is dedicated to bringing innovation to the DeFi ecosystem at large and making DEX trading as efficient as CEX trading. There are two key components to VirtuSwap DEX. The first is a new pool architecture allowing reserve-based, direct trading among any two assets regardless of the presence of a corresponding liquidity pool. The second is the "Minerva engine" -- an AI-based optimizer of economic incentives to pool to maximize the benefits of the protocol participants (liquidity providers and traders).</span></strong></p><p style="line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt"><strong style="font-weight:normal" id="docs-internal-guid-3774ec9b-7fff-66a0-f78e-65e2f95e296e"><span style="font-size:11pt;font-family:'inter' , sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">A combination of both elements results in up to 50% lower trading costs; while enabling up to 400% more returns to liquidity providers.</span></strong></p><p><strong style="font-weight:normal" id="docs-internal-guid-3774ec9b-7fff-66a0-f78e-65e2f95e296e"><br /><br /></strong></p><p style="line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt"><strong style="font-weight:normal" id="docs-internal-guid-3774ec9b-7fff-66a0-f78e-65e2f95e296e"><span style="font-size:11pt;font-family:'inter' , sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Token Allocation:</span></strong></p><div style="margin-left:1.5pt"><table style="border:none;border-collapse:collapse"><colgroup><col width="293" /><col width="159" /><col width="148" /></colgroup><tbody><tr style="height:33.75pt"><td style="border-left:solid #808080 0.75pt;border-right:solid #808080 0.75pt;border-bottom:solid #808080 0.75pt;border-top:solid #808080 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt"><p style="line-height:1.3800000000000001;text-align:center;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Type</span></p></td><td style="border-left:solid #808080 0.75pt;border-right:solid #808080 0.75pt;border-bottom:solid #808080 0.75pt;border-top:solid #808080 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt"><p style="line-height:1.3800000000000001;text-align:center;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Percentage</span></p></td><td style="border-left:solid #808080 0.75pt;border-right:solid #808080 0.75pt;border-bottom:solid #808080 0.75pt;border-top:solid #808080 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt"><p style="line-height:1.3800000000000001;text-align:center;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Amount (VRSW)</span></p></td></tr><tr style="height:38.5pt"><td style="border-left:solid #808080 0.75pt;border-right:solid #808080 0.75pt;border-bottom:solid #808080 0.75pt;border-top:solid #808080 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt"><p style="line-height:1.3800000000000001;text-align:center;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Community and Growth</span></p></td><td style="border-left:solid #808080 0.75pt;border-right:solid #808080 0.75pt;border-bottom:solid #808080 0.75pt;border-top:solid #808080 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt"><p style="line-height:1.3800000000000001;text-align:center;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">60%</span></p></td><td style="border-left:solid #808080 0.75pt;border-right:solid #808080 0.75pt;border-bottom:solid #808080 0.75pt;border-top:solid #808080 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt"><p style="line-height:1.3800000000000001;text-align:center;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">600,000,000</span></p></td></tr><tr style="height:38.5pt"><td style="border-left:solid #808080 0.75pt;border-right:solid #808080 0.75pt;border-bottom:solid #808080 0.75pt;border-top:solid #808080 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt"><p style="line-height:1.3800000000000001;text-align:center;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Team, Advisors and Investors</span></p></td><td style="border-left:solid #808080 0.75pt;border-right:solid #808080 0.75pt;border-bottom:solid #808080 0.75pt;border-top:solid #808080 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt"><p style="line-height:1.3800000000000001;text-align:center;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">34%</span></p></td><td style="border-left:solid #808080 0.75pt;border-right:solid #808080 0.75pt;border-bottom:solid #808080 0.75pt;border-top:solid #808080 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt"><p style="line-height:1.3800000000000001;text-align:center;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">340,000,000</span></p></td></tr><tr style="height:38.5pt"><td style="border-left:solid #808080 0.75pt;border-right:solid #808080 0.75pt;border-bottom:solid #808080 0.75pt;border-top:solid #808080 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt"><p style="line-height:1.3800000000000001;text-align:center;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Development Fund</span></p></td><td style="border-left:solid #808080 0.75pt;border-right:solid #808080 0.75pt;border-bottom:solid #808080 0.75pt;border-top:solid #808080 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt"><p style="line-height:1.3800000000000001;text-align:center;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">6%</span></p></td><td style="border-left:solid #808080 0.75pt;border-right:solid #808080 0.75pt;border-bottom:solid #808080 0.75pt;border-top:solid #808080 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt"><p style="line-height:1.3800000000000001;text-align:center;margin-top:0pt;margin-bottom:0pt"><span style="font-size:11pt;font-family:'arial';color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">60,000,000</span></p></td></tr></tbody></table></div><p><strong style="font-weight:normal" id="docs-internal-guid-3774ec9b-7fff-66a0-f78e-65e2f95e296e"><br /></strong></p><p style="line-height:1.3800000000000001;margin-top:0pt;margin-bottom:0pt"><strong style="font-weight:normal" id="docs-internal-guid-3774ec9b-7fff-66a0-f78e-65e2f95e296e"><span style="font-size:11pt;font-family:'inter' , sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Total Supply: 1,000,000,000 VRSW</span></strong></p><p style="line-height:1.3800000000000001;margin-top:0pt;margin-bottom:0pt"><strong style="font-weight:normal" id="docs-internal-guid-3774ec9b-7fff-66a0-f78e-65e2f95e296e"><a href="https://virtuswap.io/" style="text-decoration:none"><span style="font-size:11pt;font-family:'inter' , sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;vertical-align:baseline">Official Website</span></a><span style="font-size:11pt;font-family:'inter' , sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> | </span><a href="https://etherscan.io/token/0x99A01A4d6a4D621094983050D9A2F10B2912e53D" style="text-decoration:none"><span style="font-size:11pt;font-family:'inter' , sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;vertical-align:baseline">Block Explorer</span></a><span style="font-size:11pt;font-family:'inter' , sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> |</span><a href="https://twitter.com/VirtuSwap" style="text-decoration:none"><span style="font-size:11pt;font-family:'inter' , sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;vertical-align:baseline"> Twitter</span></a><span style="font-size:11pt;font-family:'inter' , sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> | </span><a href="https://t.me/official_virtuswap" style="text-decoration:none"><span style="font-size:11pt;font-family:'inter' , sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;vertical-align:baseline">Telegram</span></a><span style="font-size:11pt;font-family:'inter' , sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> | </span><a href="https://virtuswap.io/docs/whitepaper.pdf" style="text-decoration:none"><span style="font-size:11pt;font-family:'inter' , sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;vertical-align:baseline">Whitepaper</span></a><span style="font-size:11pt;font-family:'inter' , sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> </span></strong></p><p><strong style="font-weight:normal" id="docs-internal-guid-3774ec9b-7fff-66a0-f78e-65e2f95e296e"><br /></strong></p><p style="line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt"><strong style="font-weight:normal" id="docs-internal-guid-3774ec9b-7fff-66a0-f78e-65e2f95e296e"><span style="font-size:11pt;font-family:'inter' , sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Find us on</span></strong></p><p style="line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt"><strong style="font-weight:normal" id="docs-internal-guid-3774ec9b-7fff-66a0-f78e-65e2f95e296e"><a href="https://twitter.com/MEXC_Official" style="text-decoration:none"><span style="font-size:11pt;font-family:'inter' , sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;vertical-align:baseline">Twitter</span></a><span style="font-size:11pt;font-family:'inter' , sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> |</span><a href="https://t.me/MEXCEnglish" style="text-decoration:none"><span style="font-size:11pt;font-family:'inter' , sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;vertical-align:baseline"> Telegram</span></a><span style="font-size:11pt;font-family:'inter' , sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> | </span><a href="https://www.facebook.com/mexcofficial" style="text-decoration:none"><span style="font-size:11pt;font-family:'inter' , sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;vertical-align:baseline"> Facebook</span></a><span style="font-size:11pt;font-family:'inter' , sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> |</span><a href="https://discord.com/invite/Hs2e93Xav5" style="text-decoration:none"><span style="font-size:11pt;font-family:'inter' , sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;vertical-align:baseline"> Discord</span></a><span style="font-size:11pt;font-family:'inter' , sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">｜</span><a href="https://www.instagram.com/mexc_official/" style="text-decoration:none"><span style="font-size:11pt;font-family:'inter' , sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;vertical-align:baseline">Instagram</span></a><span style="font-size:11pt;font-family:'inter' , sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">｜</span><a href="https://blog.mexc.com/" style="text-decoration:none"><span style="font-size:11pt;font-family:'inter' , sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;vertical-align:baseline">Blog</span></a><span style="font-size:11pt;font-family:'inter' , sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> |</span><a href="https://www.reddit.com/r/MEXC_official/" style="text-decoration:none"><span style="font-size:11pt;font-family:'inter' , sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;vertical-align:baseline"> Reddit</span></a><span style="font-size:11pt;font-family:'inter' , sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> |</span><a href="https://www.youtube.com/@MEXCofficial" style="text-decoration:none"><span style="font-size:11pt;font-family:'inter' , sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;vertical-align:baseline"> YouTube</span></a></strong></p><p style="line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt"><strong style="font-weight:normal" id="docs-internal-guid-3774ec9b-7fff-66a0-f78e-65e2f95e296e"><span style="font-size:11pt;font-family:'inter' , sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Buy USDT Instantly here:</span><a href="https://otc.mexc.com/" style="text-decoration:none"><span style="font-size:11pt;font-family:'inter' , sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;vertical-align:baseline">https://otc.mexc.com/</span></a></strong></p><p style="line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt"><strong style="font-weight:normal" id="docs-internal-guid-3774ec9b-7fff-66a0-f78e-65e2f95e296e"><span style="font-size:11pt;font-family:'inter' , sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Refer a friend to enjoy a high rebate, create your personalized invitation link today:</span><a href="https://www.mexc.com/invite" style="text-decoration:none"><span style="font-size:11pt;font-family:'inter' , sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;vertical-align:baseline"> https://www.mexc.com/invite</span></a></strong></p><p style="line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt"><strong style="font-weight:normal" id="docs-internal-guid-3774ec9b-7fff-66a0-f78e-65e2f95e296e"><span style="font-size:11pt;font-family:'inter' , sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline"> </span><br /></strong></p><p style="line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt"><strong style="font-weight:normal" id="docs-internal-guid-3774ec9b-7fff-66a0-f78e-65e2f95e296e"><span style="font-size:11pt;font-family:'inter' , sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">Enjoy trading on MEXC.</span></strong></p><p style="line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt"><strong style="font-weight:normal" id="docs-internal-guid-3774ec9b-7fff-66a0-f78e-65e2f95e296e"><span style="font-size:11pt;font-family:'inter' , sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">The MEXC Team</span></strong></p><p style="line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt"><strong style="font-weight:normal" id="docs-internal-guid-3774ec9b-7fff-66a0-f78e-65e2f95e296e"><span style="font-size:11pt;font-family:'inter' , sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">8 July 2023</span></strong></p><p><br /></p><p><br /></p><p><br /></p><br class="Apple-interchange-newline" /><br /><p><br /></p>