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What #RWA coin is making you smile the weekend? Mine are $RIO $BKN $PROPS $ONDO

Original | Odaily Daily (@OdailyChina) Author | Jingle Bell (@XiaMiPP) On July 1, on the stage of the ETHCC conference in France, Ethereum core developer Zak Cole announced the establishment of the "Ethereum Community Foundation (ECF)" to drive the price of ETH up, and shouted the slogan "ETH will rise to $10,000". ETH's recent price performance has been really good, especially in early May, when it soared by more than 40% in a single day. The small goal of returning to $3,000 in the short term seems to have become an obsession with the "E Guard". But behind this craze, there is actually a deeper story of value belonging and self-repair. ECF: Speak for coin holders Zak Cole does not hide the ECF's positioning and ambitions: "It's not an extension of the Ethereum Foundation (EF), but a new force designed to 'correct deviations'. We say what EF wouldn't dare to say and do what they don't want to do. We serve ETH holders because you deserve better. ” ECF's mission is clear: to drive institutional adoption of Ethereum infrastructure, accelerate ETH burn mechanisms, and increase ETH market value. ECF has raised millions of dollars in ETH funding and plans to prioritize funding for "neutral, immutable, token-free" public technology projects, with a focus on supporting critical infrastructure such as tokenized real-world assets (RWAs) and fixing blob space pricing mechanisms. Despite the limited size of fundraising, ECF has introduced a "token voting" mechanism in governance to ensure that the flow of funds is open and transparent. Its first funding project is the "Ethereum Validator Association", which aims to provide resources and channels for the validator community to speak out, and provide institutional guarantees for network operators. This move not only responds to the community's demand for transparent governance, but also injects new vitality into the Ethereum ecosystem. The Ethereum Foundation's Old Problems: The Centralization Dilemma and the Transparency Crisis The birth of ECF is more like a clear challenge to the long-standing ills of the Ethereum Foundation. The Ethereum Foundation, which has been established for 11 years, has been a solid backing for the development of Ethereum. But in recent years, it has been criticized for over-indulging in long-term research and ignoring the short-term needs of users and developers. Even more dissatisfying is its centralized governance structure and opaque decision-making mechanism. Ethereum developer Péter Szilágyi has been at loggerheads with Tomasz Stańczak, co-executive director of the Ethereum Foundation. Szilágyi said that as a key member of the development team for Geth (Go Ethereum's main client software), the Foundation has repeatedly proposed to bid $5 million in the past for the Geth team to be spun off from the Foundation and operate independently. A similar transfer of funds has happened to Parity, another Ethereum client development company. The Ethereum Foundation's long-term "diversification" strategy for client development may be intended to reduce the risk of single-point dependency, but it also exacerbates the friction between internal resource allocation and power negotiation. The bigger governance chaos is reflected in the Ethereum Foundation's organizational structure itself. Christine Kim, former vice president of Galaxy Digital, has openly questioned the opacity of EF's organizational structure: Tim Beiko, Barnabé Monnot, Alex Stokes and others juggle the dual tasks of "coordinating L1 and L2 scaling" and "leading the R&D team." In addition, Christine had doubts about the details of the architecture diagram, such as whether the bold name is the team leader, and the purpose of highlighting some of them, including the puzzle of the color grouping logic, such as why the consensus mechanism and account abstraction are grouped together, but the stateless consensus is not included; There is no clear explanation as to why Testing is grouped with pandaops and Security is not. Another point that the Ethereum Foundation has been criticized for is the "selling of coins". As a core supporter of the Ethereum ecosystem, EF owns a large amount of ETH to sustain operations and fund development. However, the question among community members is why they choose to sell directly instead of staking DeFi (such as Aave) to earn yield, not to mention the fact that EF's coin selling behavior is often accompanied by ETH price movements, which makes market sentiment sensitive and vulnerable. Some argue that EF's sell-off was in response to operating expenses; There are also concerns that this may be a sign of a lack of strategic planning. Data shows that the Ethereum Foundation spent as much as $134.9 million in 2023 to fund projects such as mainnet upgrades and zero-knowledge proofs, but it delivered an unsatisfactory answer in terms of funding transparency. Struggling Self-Healing: EF's Path to Transformation Under the many doubts, the Ethereum Foundation also began to take the initiative to change. At the beginning of 2025, its internal governance and personnel structure began to loosen. On March 10, Hsiao-Wei Wang officially joined the Board of Directors of the Ethereum Foundation. The female technology leader, who has grown from a core researcher to an Asia-Pacific community ambassador to a co-executive director, complements Nethermind founder Tomasz Stańczak and symbolizes EF's transition from "Vitalik unipolar authority" to "technology + infrastructure" governance. Wang Xiaowei is deeply engaged in shard expansion and the Asia-Pacific ecosystem, while Tomasz focuses on client development and MEV mechanism optimization, which is a combination of "Eastern technology geeks + Western infrastructure architects", which is considered to be EF's active choice to deal with ecological fragmentation. Related Reading: Who Will Save Ethereum from the "Midlife Crisis"? Can Wang Xiaowei help? 》 On June 3, the Ethereum Foundation announced a major reorganization of its research and development team, laying off some of its staff, and renaming the department "Protocol" to focus on the core challenges of protocol design. This change is in response to ongoing community criticism of the Foundation's stewardship and strategic direction. The restructured Protocol team will work around three priorities: scaling the scalability of Ethereum's underlying network, advancing blobspace scaling in a data availability strategy, and improving the user experience. The restructured team will also focus on increasing transparency in upgrade timelines, technical documentation, and research. Although the number of layoffs has not been disclosed, it is a "broken arm to survive" type of organizational remodeling. Wang Xiaowei has publicly expressed the hope that the new structure will push the core project forward more efficiently. However, in response to the Ethereum Foundation's layoff plan and subsequent development direction, Kyle Samani, co-founder of Multicoin Capital, reminded that there is a tension between the Ethereum Foundation's new goals: if layoffs, restructuring, and promotion of multiple projects at the same time weaken concentration? Of course, reform doesn't stop at the organizational level. On June 5, the Ethereum Foundation released the latest version of its fiscal policy document, clarifying its asset management strategy, ETH sale mechanism, and long-term commitment to the DeFi ecosystem. The document notes that EF is currently setting annual operating spending at 15% of the total fiscal balance, retaining a 2.5-year spending buffer, and will gradually transition to a long-term spending level of 5%, emphasizing increased support during market downturns, and restraint in a bull market. In terms of crypto asset allocation, EF will give priority to supporting secure, decentralized, and open-source DeFi protocols, using methods such as wETH staking, stablecoin lending, etc. to obtain reasonable returns, and explore Tokenized RWA (tokenized real asset) allocation. At the same time, EF explicitly supports the concept of "Defipunk", encourages KYC-free, self-custodial, and privacy-friendly DeFi protocols, and plans to use privacy standards, decentralized UI, and anti-censorship mechanisms as the core evaluation criteria for fund deployment. EF said that its own financial management will gradually adopt decentralized, privacy-friendly tools and workflows to "live" the crypto values it advocates and continue to provide long-term stable support for the Ethereum ecosystem. In the coming year, the Ethereum Foundation's work will focus on two core pillars: core values and strategic goals, underpinned by technical excellence, to drive the long-term success of the Ethereum ecosystem. Specific highlights include: Scaling the Ethereum mainnet (L1) and data scaling (Blobs); improve user experience (UX) to enhance L2 interoperability and application layer development; Promote the developer experience (DevEx) and enhance the exposure and support of applications and L2 projects on platforms such as Devcon. In addition, the Ethereum Foundation will accelerate the path for developers, entrepreneurs, and institutions to build and adopt Ethereum, leveraging EF's knowledge and leadership to attract and nurture the next generation of builders. New Narrative: The Emergence of Ethereum as an "Institutional Asset". In addition to the governance adjustments, it is worth noting that Ethereum is ushering in a larger narrative transformation: ETH is transforming from a "development fuel" to an "asset reserve". U.S.-listed companies such as SharpLink, Siebert Financial, Treasure Global, and others are adding ETH to their balance sheets. At the same time, institutions such as BlackRock's BUIDL fund, Securitize platform, and Franklin Templeton's BENJI fund are also actively building asset channels with ETH as the underlying architecture, and deploying tokenized financial infrastructure with the help of the Ethereum network. In this megatrend, the ECF was not established to overthrow EF, but to complement a force that is closer to market efficiency and more appropriate to the financial context. While EF is still coordinating documentation and research routes, ECF accelerates ETH's path to appreciation through a mechanism close to the market. Between the two, it is not a zero-sum game, but a more complex and real synergistic tension. On the one hand, there are traditional foundations that are self-correcting and trying to rebuild credibility, and on the other hand, there are emerging forces calling for efficiency and market mechanisms. When we turn our attention back to Ethereum, it is no longer a single-direction project, but a more complex, multipolar technology and power structure.

🔥 The MACD signal has crossed. Could we see a new run in $ESX? The $ESX chart is solid despite the boring market and has been one of the most successful launches, along with $GRAY & $AVM, in the last 3 weeks

Author: X Mere  Over the past few years, the crypto industry has been trying to connect with real-world assets (RWAs), but most of them have stayed at the tokenization of "niche assets" such as bonds, real estate, and art. And Robinhood's latest move may be the watershed of "on-chain mainstream assets" in the true sense. A New Era of U.S. Stock Tokenization: Robinhood's Crypto Breakout and Global Ambitions On June 30, 2025, Robinhood launched an epoch-making tokenized stock trading service in Cannes, France, allowing EU users to trade U.S. stocks through crypto for the first time, which is a substantial step forward in the integration of equity securities and Web3. In this plan, Robinhood will issue more than 200 mainstream U.S. stocks and ETFs into 1:1 pegged on-chain tokens (Stock Tokens), including Apple, Nvidia, Tesla, Google, etc.; At the same time, it includes indirect token exposure products of unlisted companies such as OpenAI and SpaceX. As a brokerage with a U.S. securities license and EU MiCA compliance qualification, this move is not only a technical breakthrough, but also a tipping point for the integration of traditional finance (TradFi) and crypto finance (DeFi). 1. Analysis of Robinhood's stock tokenization mechanism 🚨 Note: Tokenized stocks ≠ traditional stocks. OpenAI and SpaceX have officially stated that they are not cooperating with Robinhood, and that this type of asset is only an indirect simulated position and has no equity relationship. 2. Technical path and ecological layout Phase 1: Deploy Stock Tokens on Arbitrum Arbitrum is used as the infrastructure to quickly integrate with EVMs, Ethereum wallets, DEXs, and more. All tokens can be viewed on-chain records (e.g. etherscan). The liquidity pool plans to connect to protocols such as Uniswap and SushiSwap. Phase 2: Building Robinhood Chain (Layer 2) Robinhood Chain is planned to be launched by the end of the year, built on zk technology (or OP Stack). Realize the closed loop of Robinhood ecological assets (Stock Token, stablecoins, derivatives, RWA, staking services, etc.). Users don't need to switch wallet addresses to achieve "on-chain wealth management" on Robinhood Chain. 3. Regulatory Pathways: Fine-grained in the gray area Paul Atkins, former chairman of the SEC, recently said, "Tokenized securities are an inevitable trend, and more clarity is needed at this time." This statement is seen by the market as one of the signals of the direction of deregulation. 4. Global Competitive Landscape: Platform Technology, Liquidity and Regulatory Game Robinhood's "Licensed Broker Identity + Token Custody" model theoretically has stronger legal endorsements and user trust barriers Why is this step significant? We dismantle Robinhood's stock tokenization + Layer2 strategy from six levels and the far-reaching impact it has had on the crypto industry. 1. RWA is "mainstreamed" for the first time: making on-chain assets truly accessible to global investors Real World Assets (RWA) has been a hot topic for on-chain asset expansion. However, in the past, most projects revolved around real estate, private bonds or art, and there were problems such as high cognitive thresholds, poor liquidity, and vague pricing mechanisms. Robinhood directly introduces the world's most liquid, recognizable, and traded asset class – US equities – and maps them to on-chain tokens. 👀 Compare influence: you tell people "I bought art tokens", and no one understands; But to say "I bought Apple stock (AAPL) on-chain", almost everyone knows what it is. This marks a new era of more mass, higher frequency, and more compliant RWA. 2. Compliance Demonstration: The first real-world model for institutional-grade on-chain asset issuance Robinhood is a US-based licensed broker-dealer and one of the first compliance platforms to pass the EU's MiCA framework. This means: Stock tokens are not "shadow assets", but "on-chain mappings" backed by real stock custody and protected by regulators. This is very likely to become a standard path for financial giants such as BlackRock and Fidelity to enter the chain in the future, establishing a set of compliance templates for institutional-level funds to "test the waters of DeFi". 3. The revolution of the user entry path: a natural transition from stock trading apps to on-chain assets Once known as the "enlightenment tool for retail investors", Robinhood is now starting to direct tens of millions of Web2 investors into Web3: Users don't need a wallet plug-in to trade on-chain assets through Robinhood's account system; Support traditional payment methods for depositing, shielding complex processes such as wallets, mnemonics, and GAS fees; Deliver on-chain financial services through a familiar UI/UX. This is a truly "low-threshold, high-value" user entry channel, which is expected to become the new main force of Crypto customer acquisition. 4. Layer2 New Paradigm: Not Game, Not DeFi, It's "On-Chain Wealth Management" Unlike the previous Layer2 scaling for NFTs or DeFi, Robinhood Chain has a clear positioning: to serve on-chain wealth management scenarios. Hold stock tokens, crypto assets, and stablecoins on the chain at the same time; Realize diversified operations such as financial management, lending, dividends, and reinvestment; Provide hundreds of millions of users with a complex investment experience of "traditional wealth management + on-chain assets". This is an unprecedented Layer2 narrative angle that has the potential to redefine the L2 paradigm. 5. Global trading hours restructured: U.S. stocks can also trade 24 hours a day? Traditional U.S. stocks can only be traded in EST, and if you miss it, you have to wait a day. After the stock token is launched, users can achieve almost 24/5 trading liquidity on the chain, and even up to 7x24 in the future. This is especially friendly to investors in non-US time zones such as Asia, the Middle East, and Africa, and truly achieves: "Anyone, at any time, in the world can participate in the world's best quality asset trading without barriers." This may also gradually affect the traditional market mechanism - causing the mainstream securities market to start to consider the possibility of optimizing the trading structure brought about by "on-chain". 6. DeFi's underlying asset quality has jumped: market capitalization, liquidity, and trust have been comprehensively improved In the current DeFi market, a large number of collaterals are ETH, stETH, LSD tokens or platform tokens, which are volatile and cyclical. And the stock token will: to be a more robust collateral base; Provide stronger endorsement support for stablecoins; Provide more room for creation of on-chain derivatives (e.g., options, ETFs). This has a substantial effect on the "anti-cyclical and anti-credit risk ability" of the entire on-chain financial system. Write at the end Robinhood's launch of stock tokenization and Robinhood Chain is not just a product iteration or chain building, but more like a gong sounding for the crypto industry: "The golden age of on-chain finance will no longer be limited to native assets, but will fully embrace the world's mainstream financial assets." Crypto is no longer the antithesis of the financial system, but is reconstructing the logic of global asset trading with blockchain technology. In the past, we had expected BlackRock to do this, or Coinbase, Binance to do it. But now, Robinhood is the first to take a key step to break through the triple loop of compliance, users, and assets. This will be the "front door" for Crypto to enter the mainstream financial ecosystem, rather than a detour or smuggling.