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# Emerging Divergent Trends in the DeFi Market: Transaction Volatility vs. TVL Growth The decentralized finance (DeFi) market is witnessing two distinct trends: a surge in short-term trading volume for certain chains, and steady increases in total value locked (TVL) for others, driven by long-term capital inflows. # Unichain and Sui Dominating the DEX Landscape In the past week, April 18-25, Unichain and Sui have become standout players in the decentralized exchange (DEX) market, according to DeFiLlama data. Unichain, an Ethereum Layer 2 scaling solution from Uniswap Labs optimized for DeFi, saw a staggering 307% week-over-week increase in trading volume, reaching $1.339 billion. This propelled Unichain to the 7th position in the DEX market rankings. Sui also displayed remarkable growth, with weekly trading volume climbing 35.01% to $2.942 billion, capturing a 6.07% market share and securing a strong position among the top chains. Notably, Sui’s growth is not limited to trading volume; its TVL has also been on the rise, indicating robust technical development and a growing user base. # Solana Maintains Market Leadership; Ethereum Faces Decline Solana (SOL) retained its dominance in the DEX market, recording $16.558 billion in weekly trading volume and commanding a 29.28% market share. Although its volume only increased by 2.48% from the previous week, Solana’s dynamic community and consistent activity levels underpin its sustained market leadership. In contrast, Ethereum (ETH) struggled as its trading volume dropped by 14.39% to $10.584 billion, pushing its market share to a modest 16.77%. Despite Ethereum’s advanced technology and expansive ecosystem, the decline in short-term trading activity suggests a cooling momentum, at least for now. # TVL Growth Concentrates on Base and Sui In terms of long-term capital flows, TVL data highlighted Base and Sui as top performers. Base, a Coinbase-backed ecosystem, led the week with a 23.33% increase in TVL to $3.564 billion, thanks to organic ecosystem expansion and sustained investor confidence. Sui followed closely with a 37.96% surge in TVL, reaching $1.731 billion and marking the second-highest growth rate for the week. The combination of escalating transaction volumes and surging TVL has positioned Sui as a pivotal focal point for DeFi investors. Meanwhile, Solana recorded a 9.99% increase, pushing its TVL to $9.561 billion, attaining double-digit growth. Ethereum retained the top position in absolute TVL terms at $54.89 billion, although its 9.54% week-over-week increase lagged behind some of its peers. # Key Takeaways: A Fragmented DeFi Market This week’s overarching theme for the DeFi market is "divergence." While some chains are attracting short-term speculative trading, others are showcasing stable TVL growth driven by long-term capital inflows. Chains like Solana, Sui, and Base are strengthening their presence in both trading activity and TVL expansion. As a result, they are well-positioned to act as critical pivot points for a potential market rebound. The future trajectory of the DeFi sector may be shaped by these dynamic shifts, signaling opportunities for both short-term traders and long-term investors.

**The Growing Significance of Data Rights and Digital Autonomy in the Era of AI** As artificial intelligence advances, the importance of individual data rights and digital autonomy is becoming increasingly urgent. Anna Kazlauskas, co-founder of Vana and CEO of Open Data Labs, highlighted the necessity for individuals to control their data at the "Making Waves" panel discussion on April 25. **Rights Must Be Preserved in the Digital Realm** Kazlauskas compared data in the digital space to personal property in the physical world. "Just as I own my house or car in the real world, data should be viewed as a personal asset in the digital realm," she stated. She emphasized the need for a system where individuals can store, manage, and utilize their data actively. Kazlauskas also advocated for individuals' involvement in AI training and their ability to claim rights over resulting AI models. "The texts and information I posted on the internet years ago are now making AI smarter," she remarked. "Since AI evolves through collective knowledge, those who contribute should receive economic rewards." **Vana Experimenting with a 'Data Cooperative' Model** Vana is creating a platform that allows individuals to use their data to train AI, sharing ownership and profits. Kazlauskas describes this framework as a "data union" or "data cooperative." Communities from Reddit, Tesla, and Amazon are voluntarily joining this initiative. "We are working on a series of AI models called 'Collective.' About one million people have contributed their data to the first model so far," she said. "While this is just the beginning and the model’s initial performance may not be perfect, our ultimate goal is to expand the user base and develop the most advanced AI." Kazlauskas criticized the current corporate-centric AI industry, which she believes threatens information flow in society. "The centralization of large AI models dominating societal information streams is dangerous," she warned. "We need a new internet order where individual users retain data sovereignty." She stressed that "Individuals—not just users—must take center stage in the digital space. Technology should enhance human choice, not control it." **Opportunities in the AI Era: "The Real Alternative Is Collective Action"** Kazlauskas warned of a significant challenge in the AI industry: the imminent data scarcity problem, or the "Data Wall." "We are at a point where individuals, as the original sources of data, have the opportunity to assert their rights," she said. Kazlauskas envisioned a future where collective action redefines the AI landscape. "Instead of 100 people pooling data to create a single AI model, imagine 100 million people collaborating to build the best AI and share the benefits fairly," she said. "It’s time to shift the focus from technology to structural transformation."

# SEC Commissioner Paul Atkins Announces Reassessment of Cryptocurrency Regulation Paul Atkins, Commissioner of the U.S. Securities and Exchange Commission (SEC), has announced plans to reevaluate the regulations governing digital assets, including cryptocurrencies. In his debut cryptocurrency-focused roundtable since taking office on October 25, Atkins criticized the SEC’s past methods, stating, "The SEC has fostered regulatory uncertainty, stifling innovation in the industry." He emphasized the need to shift "from an adversarial regulatory approach to one that is more collaboration-oriented." "Market participants utilizing technology deserve clear regulatory guidance," Atkins said, adding, "The current market environment demonstrates the pressing need for a serious reevaluation of existing regulatory frameworks." # Expansive Regulatory Authority, Less Reliance on Congress Atkins clarified that the SEC possesses "broad regulatory authority" to tackle challenges in the crypto space. While congressional support would be welcomed, he stated, "We have sufficient discretionary power even without it." His remarks indicate a potential departure from the stricter cryptocurrency regulatory measures introduced under the Biden administration. This could signify a notable shift in U.S. policy as the SEC aims to balance innovation with effective oversight. # Avoiding Comment on Trump Family's Crypto Ventures Atkins declined to comment on criticisms suggesting that cryptocurrency activities involving former President Donald Trump’s family could undermine public trust in regulatory policy. "I have nothing to say regarding that issue," he stated. The controversy stems from actions by Donald Trump Jr. and Eric Trump, who launched a digital asset platform, World Liberty Financial (WLFl), in October 2022. The platform issued a series of cryptocurrency tokens, including a Trump-themed meme coin. Atkins’ remarks herald a potential recalibration in the SEC’s stance toward digital assets, suggesting an approach that promotes clarity and cooperation in support of technological innovation within the financial sector. Further developments could clarify the extent of these regulatory shifts.

# Bitcoin (BTC) Opens Door to Real-World Asset Returns Through xSolvBTC Initiative Bitcoin (BTC) holders can now access real-world asset (RWA)-based yields through a partnership between Solv Protocol (SOLV) and Ozean. This collaboration introduces xSolvBTC, a digital asset that connects institutional-grade real-world asset returns directly to Bitcoin holders. This initiative transcends traditional financial infrastructure in decentralized finance (DeFi) by linking Bitcoin to income-generating assets such as government bonds, trade finance, private credit, and pre-settlement invoices. xSolvBTC, a yield-bearing asset issued against Bitcoin deposits, retains Bitcoin's price appreciation potential while facilitating on-chain trading and collateral use within various DeFi protocols. # Ozean's Expertise in Real-World Asset Finance Meets Solv's Innovation Ozean, a Layer 2 blockchain focused on real-world asset finance, underpins xSolvBTC with its robust infrastructure, handling asset registration, custody, and regulatory compliance. Integrating xSolvBTC with Ozean's system allows Bitcoin holders to join Ozean's Liquidity Generation Event (LGE), crafting an ecosystem that merges digital and real-world finance. # Multi-Layered Yield Opportunities for Participants Participants in the Liquidity Generation Event can access diverse yield opportunities, including: - Ozean Droplets, convertible to $CPOOL tokens - Triple Solv Points - Extra yields from staking xSolvBTC Bitcoin depositors can expect annual returns of 5% to 10% based on BTC valuations during Ozean's pre-launch phase. As the ecosystem evolves, with the introduction of ozUSD-based returns and a broader lending market, participants could enjoy further earnings diversification. # ETF-like Structures and Stablecoin Integration on the Horizon Following the mainnet launch, xSolvBTC will be used as collateral within Ozean's Port Vault, enabling ETF-like portfolio products and structured financial products based on T-bills and private credit. xSolvBTC holders will also be able to borrow stablecoins like ozUSD for reinvestment in other RWA-focused strategies, creating a cyclical ecosystem of value generation. # Transforming Idle BTC into Productive Assets This initiative by Solv and Ozean seeks to unlock Bitcoin's economic potential beyond being a store of value, transforming it into a significant collateral asset in real-world, income-generating financial infrastructures. Both companies stated, "We aim to evolve Bitcoin from passive storage to a foundational collateral asset for real-world, income-generating opportunities." This milestone not only bridges the gap between decentralized and traditional finance but also positions Bitcoin as a key player in future real-world asset-based markets.

# Cantor Equity Partners SPAC Surges 197% on Bitcoin Pivot Announcement A special purpose acquisition company (SPAC) targeting transformation into a Bitcoin investment firm experienced a dramatic stock surge on October 25, according to New York financial market reports. Cantor Equity Partners, a SPAC supported by Cantor Fitzgerald, a leading investment firm, announced its strategic shift toward cryptocurrency-focused investments. As a result, the company's stock surged 197%, closing at $31.50. # Merger with Major Crypto Players Boosts Market Sentiment Cantor Equity Partners revealed plans to merge with significant entities in the digital asset ecosystem, including Tether, a stablecoin issuer; Bitfinex, a leading cryptocurrency exchange; and 21Capital, backed by SoftBank Group. This merger announcement, originally disclosed on April 22, sparked substantial investor interest, positioning the firm as a potential leader in crypto investment strategies. Post-merger, the total outstanding shares are anticipated to reach 370.7 million, with a market capitalization around $12 billion. The newly transformed firm also announced plans to allocate $4 billion for Bitcoin investments, emphasizing its commitment to becoming a major institutional player in the cryptocurrency space. # Drawing Parallels to MicroStrategy Market observers are drawing comparisons between Cantor Equity Partners and firms like MicroStrategy, known for aggressive Bitcoin acquisition strategies. With its Bitcoin-centric pivot, analysts view Cantor Equity Partners as a bridge for retail and institutional investors seeking indirect exposure to the world's largest cryptocurrency. Bill Papanastasiou, an analyst from Keefe, Bruyette & Woods, told Bloomberg that the SPAC-turned-investment firm presents "an accessible vehicle for both retail and institutional investors to gain indirect exposure to Bitcoin." # Post-Merger Ownership Distribution Revealed The merger will substantially alter the firm's ownership structure. Post-merger, Tether will possess 43% of the shares, Bitfinex 16%, SoftBank 24%, and Cantor affiliates 1.9%. However, existing SPAC shareholders will see their stake significantly reduced to just 2.7% of the total outstanding shares. # Market Optimism for Crypto Industry Collaboration This merger signifies a substantial collaboration among leading entities in the digital asset industry, fostering optimism among market participants. Papanastasiou remarked, “The alliance between some of the most prominent names in the digital asset market has driven elevated expectations and confidence within the space.” With Cantor Equity Partners' audacious pivot and substantial Bitcoin investment plans, it is poised to become a key player in mainstream institutional cryptocurrency adoption. The market will closely monitor its future actions as the company progresses towards completing the merger and realizing its Bitcoin investment goals.

# Trump Indicates Tariff Relief Hinges on China’s Concrete Concessions Washington—On October 25, U.S. President Donald Trump, en route to Rome, stated that tariff reductions on Chinese goods would only occur if Beijing makes significant concessions. Speaking aboard Air Force One, Trump mentioned multiple communications with Chinese President Xi Jinping amid the ongoing trade dispute, underscoring that tariff relief is contingent on substantial actions from China. “We won’t lower them unless they give us something substantial,” Trump told reporters when asked about conditions for reducing tariffs on Chinese imports. He added confidently, “It’ll all work out. These things always work out.” When asked to specify "substantial concessions," Trump highlighted the necessity of opening China’s market, citing long-standing U.S. concerns about non-tariff barriers that hinder American businesses. “It’s about freeing up China, letting us go in and do business there,” Trump explained, noting that earlier negotiations had nearly met U.S. demands before China seemingly retreated. “That’s honestly what we wanted all along,” he added. Further elaborating, Trump remarked, “Selling our products and goods in China—that’s what we call ‘opening China.’ It would be a significant victory.” However, he expressed doubt about persuading Beijing to open its market, observing that “China doesn’t want to open up.” # Ongoing Tariffs and Trump's Hints at Negotiation Intentions Currently, the U.S. imposes tariffs totaling 145% on Chinese imports, while China enforces tariffs averaging 125% on American goods, prolonging the trade war between the two leading economies. Despite these tensions, Trump reiterated his openness to negotiations with Beijing. Speaking to reporters before boarding Marine One at the White House, Trump refrained from sharing specific details of his communications with Xi but confirmed that dialogues had occurred. “I’ve spoken with him multiple times,” he said, without specifying the exact timeline of their last conversation. When questioned about the timing of talks with Xi, Trump responded, “I’ll tell you at the right time. Let’s see if we can reach an agreement.” In a *Time* magazine interview published the same day, Trump revealed that while he would not initiate a call to Xi, he remains receptive to communication. “Xi called me. I don’t take that as a sign of weakness from him,” Trump was quoted. Additionally, he concurred with Treasury Secretary Scott Besant’s recent comment, highlighting the unsustainability of the current U.S.-China trade dynamic. Trump hinted at potential negotiations, stating, “There’s a number they [China] feel comfortable with.” # Progress in Negotiations With Japan and Korea Trump also touched on trade talks with Japan, indicating that both countries are nearing an agreement. “I get along very well with Japan,” Trump told reporters, adding, “We are very close to a deal.” On October 17, a Japanese delegation visited Washington for tariff negotiations, with Trump making an unannounced appearance at the meeting. Meanwhile, South Korea recently began formal trade talks with the U.S., though Trump did not comment on these discussions. # Visit to Italy for Pope Francis' Funeral and Diplomatic Meetings Trump departed for Rome with First Lady Melania Trump to attend the funeral of Pope Francis on October 26. This trip marks Trump’s first international journey since taking office. The two-day visit includes meetings with Italian Prime Minister Giorgia Meloni and other world leaders attending the funeral, amid speculation about a potential meeting with Ukrainian President Volodymyr Zelensky regarding differing views on a peace settlement for the Russia-Ukraine conflict.

# SK Telecom Offers Free USIM Replacement After Security Breach SK Telecom has announced that it will offer free replacement of Subscriber Identity Module (USIM) cards to all customers starting on October 28. This initiative follows concerns about possible criminal misuse of personal data after a recent hacking incident leaked USIM information. ## Why Replacing USIM Cards is Essential USIM data, being highly sensitive, poses significant threats if compromised. Hackers, using stolen USIM data, could potentially clone USIM cards and duplicate phones for fraudulent activities like SIM swapping. Such crimes, targeting telecom users, have occurred as recently as 2022. SK Telecom's initial investigations indicate that only some USIM-related data—such as the International Mobile Subscriber Identity (IMSI) and International Mobile Equipment Identity (IMEI)—may have been leaked. More sensitive personal information, like names, Social Security numbers, addresses, and email addresses, appears to be unaffected. Despite ongoing investigations by cybersecurity authorities and police, a full understanding of the breach's scope and source remains elusive. SK Telecom has advised against premature conclusions about the data theft's full extent and its potential for criminal exploitation. While the risk of SIM-swapping crimes is currently low, SK Telecom emphasizes its Fraud Detection System (FDS), implemented in 2023, which blocks unusual verification attempts. This system can immediately intercept attempted SIM-swapping attacks, providing added security for users. To further protect customers, SK Telecom offers a free "USIM Protection Service" that prevents external duplication of USIM cards. Customers can register for this service via the T World app or the customer center by dialing 114, at no cost. Starting on October 25, SMS notifications about the service were sent to five million customers daily. This service is also available to mobile virtual network operator (MVNO) customers using the SK Telecom network. Experts still recommend replacing affected USIM cards as the safest option. This ensures compromised data is rendered useless to hackers, especially without complete confirmation about the breach's scale and impact. Lee Jong-hoon, Head of SK Telecom's Infrastructure Strategy Division, stated, "The USIM Protection Service prevents cloning or tampering with one's USIM. Combined with a new USIM, this provides customers with the most fundamental solution to alleviate their concerns." ## Free USIM Replacement Process: ID Needed, Available at Specific Locations The free USIM replacement program starts at 10 a.m. on October 28 and is open to any SK Telecom subscriber registered as of midnight on October 18. Subscribers who joined after that date are excluded, as they were issued unaffected USIM cards. Shared data USIMs, like those used in tablets, are also eligible for replacement. Customers can perform USIM exchanges at authorized SK Telecom stores. Telecom retail locations selling SIM cards from all three major carriers will not process replacements. For added convenience, USIM replacements will also be available at airport roaming centers, catering to customers traveling abroad who might struggle to visit a store. This ensures roaming customers, for whom the USIM Protection Service is unavailable during roaming, can swap their cards before departure. eSIM users can download replacements remotely or process them directly at SK Telecom locations. Customers expecting long wait times at stores are encouraged to make reservations in advance. Some devices, including certain smartwatches and children's phones with embedded USIMs, are excluded from the replacement initiative due to technical constraints. To replace a USIM, customers must bring valid identification for verification. Those with data stored on their USIMs, such as phone numbers or certificates (e.g., financial authentication certificates), should transfer this data to their smartphones before the exchange. Certificates that cannot be transferred will need to be reissued by the respective financial institutions following the USIM replacement. MVNO subscribers using the SK Telecom network are also eligible for free USIM replacement through their respective service providers, who will handle the logistics. ## Reimbursement for Previously Replaced USIMs Customers who replaced their USIMs prior to the program's launch can be reimbursed for the costs incurred. A similar reimbursement policy applies to eSIMs, with refunds processed through billing discounts. If all 24.8 million SK Telecom network subscribers replaced their USIMs, the estimated customer benefits would be about KRW 191 billion, assuming a retail USIM price of KRW 7,700 per unit. However, the actual cost for SK Telecom is expected to be lower, with wholesale USIM costs estimated at around KRW 3,000 each, resulting in an approximate total expense of KRW 74.4 billion. Baek Byung-chan, Head of SK Telecom’s Mobile Network Operations Division, commented, “Although the total number of customers is fixed, there are many variables in determining per-customer costs—for example, the type of USIM card replaced and contractual agreements with USIM suppliers. As such, the overall cost calculation will only become clear later.” SK Telecom also plans to expand the compatibility of its USIM Protection Service by next month, allowing users on roaming plans to benefit from enhanced security measures.

# Nvidia Stock Surges for Fourth Consecutive Day as Morgan Stanley Elevates 2027 Revenue Forecast Driven by AI Demand Nvidia (NVDA), a front-runner in artificial intelligence (AI) technology, experienced its fourth straight day of stock gains, breaking past the $110 mark once more. Closing at $111.01 on the New York Stock Exchange on October 25, Nvidia's stock rose 4.3% from the previous session. This marks its first return above $110 in 10 days, with a notable 15% rebound from its recent low of $96.91 on October 21. Starting steady, the stock surged during the day, briefly exceeding a 5% intraday jump before closing near its peak. This rally is partly attributed to eased U.S.-China trade tensions and a positive report from Morgan Stanley, which has increased Nvidia's revenue forecast for 2027 due to the growing demand for AI. # Morgan Stanley Raises Nvidia Revenue Forecast Amid AI Expansion Morgan Stanley increased its 2027 revenue projection for Nvidia, citing robust demand for AI inference chips and associated technology despite broader economic uncertainties. Analyst Joseph Moore revised Nvidia's expected total revenue for 2027 from $230.9 billion to $255.5 billion, a substantial upgrade. Morgan Stanley’s positive outlook follows improved U.S.-China trade relations. President Donald Trump hinted at reducing tariffs on Chinese imports, and Beijing is considering retracting a 125% additional tariff on select U.S. goods, according to CNN. These diplomatic moves suggest that China might be more amenable to negotiations than previously indicated. # Broader Tech and Semiconductor Stocks Join the Uptrend The tech-centric stock market saw overall gains during the session. Tesla (TSLA) surged 9.8%, while Apple (AAPL), Microsoft (MSFT), Amazon (AMZN), Google-parent Alphabet (GOOGL), and Meta Platforms (META) posted gains ranging from 0.44% to 2.65%. Semiconductor companies also capitalized on the positive momentum. Broadcom (AVGO) and TSMC (TSM) increased by 4.16% and 1.45%, respectively, aiding a 1.03% rise in the Philadelphia Semiconductor Index. This trend highlights the sector's resilience amid growing AI and chip demands. As Nvidia continues to lead in technological innovation and navigate geopolitical changes, its status as the top AI stock is bolstered, with analysts showing confidence in the company’s long-term growth outlook.

# Fed Warns of Potential Downside Risks with Elevated Asset Valuations Amid Global Trade Concerns (New York = Yonhap News) -- The U.S. Federal Reserve (Fed) issued a warning on the 25th (local time) regarding persistent elevated asset valuations, which continue to highlight vulnerabilities within the financial market despite recent stock market adjustments. In its semi-annual Financial Stability Report released on Wednesday, the Fed stated, "Despite the recent decline in equity prices, valuations remain high relative to market experts' outlook for corporate earnings." This suggests that although there has been a recent pullback in stock prices, valuation metrics still indicate historically high prices, posing potential downside risks. According to *The Wall Street Journal* (WSJ), as of Wednesday, the 12-month forward price-to-earnings (P/E) ratio of the S&P 500 index was 20.47. Comparatively, JP Morgan Chase reports that the 30-year average forward P/E ratio for the S&P 500 index is significantly lower at 16.93. # Leverage and Liquidity Risks Persist Despite Resilient Funding Markets The Fed also expressed ongoing concerns regarding leverage and funding risks within financial markets. However, it noted that funding markets have shown resilience despite increased volatility observed in early April. This report reflects market conditions and data up to April 11. It also pointed out significant unrealized losses in some banks' bond portfolios, underscoring their increased susceptibility to interest rate changes. Earlier in 2023, the sharp rise in U.S. Treasury yields led to substantial declines in bond portfolio valuations, which contributed to the collapse of Silicon Valley Bank (SVB) among other factors according to industry assessments. # Growing Concerns Over Global Trade and Policy Uncertainties Furthermore, the Fed's survey of market participants, research institutions, and academics revealed heightened concerns over global trade risks. Respondents highlighted uncertainties about policy directions and risks associated with the sustainability of U.S. government debt levels. The report stated that most survey responses were collected before April 2, the date when announcements about reciprocal trade tariffs were made. The Fed publishes its Financial Stability Report twice a year to identify and assess potential risks and vulnerabilities in U.S. financial markets to ensure effective evaluation of their stability. pan@yna.co.kr