: : [Data] Neutrl Points Dashboard
Dashboard by Heun

With our new dashboard, users can easily check out all the details of the Neutrl points program and see where they rank.

▫️About Neutrl Tokens
▫️How Neutrl Works
▫️S1: Neutrl Origin Overview
▫️Hold Token
▫️Lock Token

📱 Dashboard Summary (Post)
📊 Full Dashboard (Dune)

FP Website | Telegram (EN / KR) | X (EN / KR)

: : [Issue] A Decision That Can’t Be Deferred Any Longer (ASA News #9)
Written by ASA, Moyed, Heechang

[News #1] South Korea Pushes Regulators for Stablecoin Bill by Year-End, Issues Final Ultimatum
✍️ Legislative Delays Continue Amid Government–Parliament Disagreements (by Moyed)

[News #2] Sony Bank Plans to Issue USD Stablecoin in the U.S. by 2026
✍️ Aiming to Build a Unified Payment Token for Sony’s Ecosystem (by Moyed)

[News #3] Taiwan Set to Launch Its First Regulated Stablecoin in 2026
✍️ Choice of Settlement Currency Emerges as Pivotal Regulatory Variable (by Moyed)

—
*This is the Bi-Weekly Newsletter on Asia Stablecoin (Subscribe to the Newsletter)

📱 Full Issue Article (Post)
🌎 Full Issue Article (Website)

FP Website | Telegram (EN / KR) | X (EN / KR)

: : [Newsletter] Foreseeing 2026, Zero-Knowledge and Ethereum Update (Week 49, 2025)

[Article]

- ZK-101: The Hitchhiker’s Guide to the ZK Galaxy

[Issues]

- Is the Age of Human Auditing Really Over?
- Fusaka: Be Ready to Meet New Ethereum!

[Report]

- 2026 Outlook: Restructuring

🌎 Week 49 Full Newsletter

FP Website | Telegram (EN / KR) | X (EN / KR)

: : 2026 Outlook: Restructuring - Heechang's Perspective
Written by Heechang

- Until 2025, many of the assets moving onchain were merely imagination. Now they are taking on clear direction and becoming reality. Across the three axes of what money looks like, what money means, and where money is used, structural changes are happening simultaneously.

- First shift: the form of money is diversifying. Stablecoins, tokenized deposits, and CBDCs will coexist with distinct roles. On/off-ramps, payment infrastructure, and IT platforms are rapidly adopting stablecoins, expanding the post-issuance business landscape and usage ecosystem at an accelerated pace.

- Second shift: the concept of money is expanding. Tokenization is turning not only physical and financial assets but also intangible elements like attention and prediction into assets. This breaks down the boundary between money and assets, redefining both toward a world where “everything we own” becomes a fluid unit of value.

- Third shift: the uses of money are broadening. Centralized exchanges are evolving beyond simple trading venues, building full-stack financial ecosystems across derivatives, RWA, on-chain debit/credit card, onchain defi, and even their own networks. As a result, real-world blockchain use cases are diversifying around exchanges as central hubs.

▫️ The First Shift: The Form of Money Diversifies with Stablecoins
▫️ The Second Shift: The Concept of Money Expands with Tokenization
▫️ The Third Shift: The Uses of Money Expand with CEX

📱 Full Article (Post)
🌎 Full Article (Website)

FP Website | Telegram (EN / KR) | X (EN / KR)

: : 2026 Outlook: Restructuring - Heun's Perspective
Written by Heun

- Data is rapidly becoming the core economic infrastructure of the AI era, yet the global data storage and delivery landscape remains heavily centralized around AWS, Azure, and GCP. Repeated large-scale outages have exposed the structural vulnerabilities of centralized infrastructure and intensified the fundamental need for decentralized storage solutions.

- Despite offering lower costs and censorship resistance, earlier decentralized storage systems struggled to achieve meaningful adoption due to complex developer and user experiences, as well as limited ecosystem maturity. As a result, the market largely views decentralized storage as a technology with significant potential but not yet ready for mainstream integration.

- Next-generation protocols such as Walrus, Shelby, and Irys are evolving to directly address the limitations of their predecessors by improving developer accessibility, enabling real-time performance, and introducing programmable data capabilities. Their growing integrations with Web2 businesses indicate that decentralized storage is beginning to prove its viability as real-world infrastructure rather than remaining confined to the Web3 domain.

- Although decentralized storage remains in an early adoption phase, the combination of rapidly expanding data demand and the mounting structural risks of centralized cloud systems makes gradual maturation increasingly inevitable. Achieving widespread adoption will require standardized developer tooling, broader infrastructure expansion, and significant UX improvements. If these developments continue, decentralized storage is positioned to evolve from a niche technical alternative into a new paradigm for global data infrastructure.

▫️ Early-Stage Decentralized Storage Still Holds Plenty of Promise

📱 Full Article (Post)
🌎 Full Article (Website)

FP Website | Telegram (EN / KR) | X (EN / KR)

: : 2026 Outlook: Restructuring - Ingeun's Perspective
Written by Ingeun

- 2025 was the year when regulations became clearer and Ethereum was recognized as a “digital commodity,” leading institutional investors to begin accumulating Ethereum in earnest and introducing it into traditional finance. Institutions are rapidly expanding so-called “active money” strategies, in which they not only hold Ethereum but also directly participate in a strengthened DeFi ecosystem that meets security and KYC·AML standards to seek additional yield.

- The Ethereum network and major protocols are building an environment that allows large-scale capital to circulate stably within the ecosystem through scalability upgrades and the development of institution-focused infrastructure. With the continued inflow of large, long-term capital, such as pension funds, and stronger institutional support like 401(k) plans, institutional investment in the Ethereum ecosystem is expected to keep increasing in 2026.

- Today, ZK technology is entering a transition period in which it is evolving beyond a simple blockchain scalability solution into an independent industrial ecosystem equipped with infrastructure and market structure. Thanks to the rapid advancement of the industrial foundation known as the “zkVM,” development barriers have significantly lowered, and competition to achieve real-time proofs is accelerating.

- In addition, the emergence of “prover networks,” which efficiently buy and sell high-performance computing power, and “verifier networks,” aimed at reducing costs, is beginning to form an economic market structure. As demand surges across various sectors, including AI and finance, the ZKP market is expected to grow as large as the PoS staking market and ultimately establish itself as a core trust layer of the digital ecosystem, much like HTTPS.

▫️ Will Institutions Keep Choosing Ethereum in 2026?
▫️ Twin Engines of ZK: zkVMs and Proving·Verification Market

📱 Full Article (Post)
🌎 Full Article (Website)

FP Website | Telegram (EN / KR) | X (EN / KR)

: : [Report] The Definitive Guide to Prediction Markets
Written by Ponyo

- Prices in prediction markets are not mere trade outcomes but public probability signals that compress the information participants are willing to back with capital.

- Because financial incentives force people to reveal their actual beliefs rather than their stated opinions, prediction markets often produce signals that outperform polls and expert commentary.

- These markets operate most effectively when information updates continuously, participation is recurrent, and the event has real economic or social weight.

- Unlike gambling, which generates outcomes detached from reality, prediction markets turn wagering into an information-producing mechanism whose output can be reused and analyzed.

- They also separate probabilistic exposure from the complex derivative structures that traditionally embed it, offering a cleaner and more direct way to express uncertainty.

- Volume, open interest, and user activity all indicate that prediction markets have achieved product–market fit, with Polymarket and Kalshi forming the core of the ecosystem’s liquidity and participation.

- As large consumer platforms integrate prediction markets into their own workflows, the center of value capture is beginning to shift from venue infrastructure toward the distribution layer that controls user flow.

- The path forward hinges on resolving oracle fragility, improving capital efficiency for long-dated markets, and introducing leverage primitives that expand how belief can be expressed.

▫️ Making Sense of the Whole
▫️ What Prediction Markets Actually Are
▫️ The Art of Simplicity
▫️ The Tech Stack
▫️ Where We Are (The Polymarket–Kalshi Axis)
▫️ The Next Wave of Builders
▫️ Open Questions & Future Innovations
▫️ 0 → 1 → ∞

📱 Report Summary (Post)
🌎 Full Report (Article)
📋 Full Report (PDF)

FP Website | Telegram (EN / KR) | Twitter (EN / KR)

: : No Cap, Just Cap: Introducing Verifiable Finance
Written by c4lvin

- Existing yield-bearing stablecoins share common limitations: difficulty in verifying the yield generation process, direct transfer of losses to depositors when operators fail, and absence of automated remediation mechanisms when defaults occur. Cap was designed to address these issues through a triangular structure of depositors, operators, and delegators, where each participant's incentives serve as checks on the others.

- Cap utilizes restaking protocols for credit underwriting purposes. When delegators pre-deposit collateral and assign it to specific operators, this collateral is automatically slashed and redistributed to cUSD holders in case of operator default. This programmatic protection mechanism ensures that users are always safeguarded through smart contract execution, without requiring governance votes or legal proceedings.

- Cap records key information on-chain, including reserve composition, operator borrowing status, and collateral ratios, allowing anyone to verify in real-time. Yield distribution also occurs transparently through Dutch auction-style fee auctions. When operators fail, delegator collateral absorbs losses first, and risks are isolated by operator so that one operator's failure does not affect delegators of other operators.

- Cap currently has major traditional financial institutions such as Susquehanna and Flow Traders registered as operators. If these institutions begin using Cap as a core funding channel rather than a mere experiment, Cap could reach a significant turning point as a mechanism that complements the problems of traditional finance. Of course, this will require stress testing of various mechanisms designed to address the risks inherent in Cap’s current structure, as well as sufficient liquidity inflows.

▫️ No Financial Product is Completely Risk-Free
▫️ Cap’s Structure: The Triangular Structure of Depositors, Operators, and Delegators
▫️ Cap’s Implementation of Verifiable Financial Products
▫️ Current Status of Cap
▫️ Cap’s Structural Risks
▫️ Looking Ahead

📱 Full Article (Post)
🌎 Full Article (Website)

FP Website | Telegram (EN / KR) | X (EN / KR)

: : 2026 Outlook: Restructuring - Jay's Perspective
Written by Jay

- The driving force behind crypto adoption—alongside improvements in scalability—has been the rise of the abstraction stack. Infrastructure innovations that remove complexity across multiple layers—wallets, asset and interaction representations, multi-chain management, and integrations with the Web2 stack—have made real-world Web3 usage possible, sparked new classes of applications, and accelerated entry from both enterprises and institutions. Wallet abstraction layers like Privy and Turnkey, protocol-native features provided by Sui and Solana, LayerZero’s OFT-based multi-chain token standard, and Rialo’s full-stack architecture are all emblematic examples of this broader shift.

- Ultimately, the competitiveness of next-generation smart contract platforms will hinge on the maturity of their native ecosystems. As infrastructure performance rapidly converges upward, technical superiority alone is no longer enough to sustain meaningful differentiation. Instead, only ecosystems where long-standing developer communities, broad user bases, distinct cultures, stable liquidity, and strategically operated foundations lock together to produce compounding effects will be able to maintain long-term momentum. In that sense, Ethereum and Solana have already carved out defensible moats and established themselves as robust, self-sustaining ecosystems.

- Among the emerging players, Hyperliquid and MegaETH stand out. Their ecosystems remain small in absolute size, yet both have already demonstrated the potential to build self-contained communities grounded in a clear shared philosophy - Hyperliquid has cultivated a powerful trader-centric user base through user-first design and a feedback-driven, community-returning incentive model. MegaETH, meanwhile, has combined ultra-high-performance infrastructure with its “MegaMafia” strategy—curating use cases that can only exist on MegaETH and granting exclusive advantages to a small, contribution-based community—to secure a rapidly growing and highly loyal following. Whether these networks ultimately evolve into major ecosystems will depend on how consistently their communities uphold the protocol’s core philosophy, how effectively they generate synergy among participants, and how reliably they can sustain this execution over time.

▫️ The Abstraction Stack That Will Keep Remaining Essential for Adoption
▫️ Platforms with Mature and Distinct Ecosystems Will Ultimately Earn Broader Adoption

📱 Full Article (Post)
🌎 Full Article (Website)

FP Website | Telegram (EN / KR) | X (EN / KR)

: : [Issue] ZeroOS: The “Layer Zero” for Verifiable Computing Era
Written by c4lvin

- zkVM projects are currently suffering from "Version Hell," where each project must individually fork and modify programming language toolchains. The current structure requires repeated modifications every time a new version is released, and security patches must be manually applied to each fork, resulting in massive resource waste and inherent security risks.

- Researchers from LayerZero Labs and Stanford University propose ZeroOS as a solution to this problem. Instead of modifying the internals of each language, ZeroOS takes an approach that modifies the system call interface layer that all languages commonly use. This allows developers using zkVMs to use unmodified standard toolchains as-is, eliminating the burden of version management.

- When all zkVM projects share the same ZeroOS code, a single security audit or performance improvement can immediately propagate across the entire ecosystem. Individual projects will be able to focus on developing their own core technologies instead of maintaining toolchains.

📱 Full Issue Article (Post)
🌎 Full Issue Article (Website)

FP Website | Telegram (EN / KR) | X (EN / KR)

: : 2026 Outlook: Restructuring - Ponyo's Perspective
Written by Ponyo

- HIP-3 removes the technical barrier to launching new perpetual futures markets and enables a demand driven model of market creation, turning DEXs from CEX competitors in a PvP dynamic into PvE style expansion paths that extend into non crypto assets and real world data.

- The market is transitioning from narrative driven growth to cash flow driven, sustainability oriented valuation, and only the small set of projects with real revenue that flows back to the token, such as Hyperliquid and Pump.fun, are likely to control the next cycle.

- Prediction markets convert what used to be private or illicit betting activity into public, on chain data and time series data of collective expectations, creating real time probability signals and alt data that financial institutions, data vendors, and AI models can use as an economic mechanism for aggregating information and estimating probabilities.

- Regulation has produced a split regime in which prediction markets move toward institutionalization in the West and suppression in Asia, creating a major short term constraint but opening the path for prediction markets to evolve into infrastructure for turning collective beliefs into data and markets that produce information.

▫️ How HIP-3 Opens a New PvE-Style Growth Regime
▫️ From Narrative-Driven Valuations to Cash-Flow-Driven Valuations
▫️ Quantifying Market Expectations Through Prediction Markets

📱 Full Article (Post)
🌎 Full Article (Website)

FP Website | Telegram (EN / KR) | X (EN / KR)

: : [Newsletter] Definitive, Verifiable Guide to Prediction Markets, Finance & Computing (Week 50, 2025)

[Article]
- The Definitive Guide to Prediction Markets
- No Cap, Just Cap: Introducing Verifiable Finance

[Issues]
- A Decision That Can’t Be Deferred Any Longer (ASA News #9)
- ZeroOS: The “Layer Zero” for Verifiable Computing Era

[Report]
- The Definite Guide to Prediction Markets

🌎 Week 50 Full Newsletter

FP Website | Telegram (EN / KR) | X (EN / KR)

: : 2026 Outlook: Restructuring - Steve's Perspective
Written by Steve

- I believe the growth trajectory of smart contract platforms can be divided into three distinct phases. The first is the Attention Phase, where a platform begins to attract market interest. The second is the Hype Phase, where that attention translates into real expectations and investor conviction. The final stage is the Maturity Phase, where the platform not only meets market expectations but also establishes a sustainable ecosystem beyond short-term excitement. Based on these criteria, Ethereum and Solana can be seen as platforms that have entered the maturity phase, while Sui and Hyperliquid sit in the hype phase, and Monad and Rialo remain in the attention phase. What we should focus on going forward is whether Sui and Hyperliquid—and similarly, Monad and Rialo—can each progress to the next stage. For Sui and Hyperliquid, this will require deeper ecosystem expansion, while Monad and Rialo must solidify their differentiated value propositions.

- Crypto as an asset class is also reaching an important inflection point where fundamentals are finally being established. As the SEC’s stance on tokens becomes increasingly clear, even app tokens that were previously dismissed as “meme coins” have begun to link application revenue with token value through revenue-driven token buyback strategies. This creates a more concrete framework for evaluating token value. Moreover, smart contract platforms are now experimenting with mechanisms that connect ecosystem growth directly to token value—going beyond simple governance and transaction fee models. As a result, the key question becomes which platforms can build the strongest and most sustainable fundamentals over time.

- Lastly, the stablecoin market is poised for significant disruption. Until now, the space has effectively been a duopoly dominated by Tether and Circle. But going forward, major networks are likely to push for their own native stablecoins, investing heavily in their growth. Revenue generated from stablecoin business models may increasingly be reinvested back into the ecosystem. In particular, Bridge’s Stablecoin-as-a-Service model removes many of the long-standing obstacles that have prevented ecosystems from launching their own stablecoins, suggesting that we may soon see a proliferation of chain-specific stablecoins competing for market share. We are entering an era where stablecoin issuers create chains, and chains create stablecoins. Where does this competition ultimately lead?

▫️ Beyond the Initial Buzz: Watching Which Smart Contract Platforms Can Cross the “Hype” Gap and Reach “Maturity”
▫️ It’s Time to Talk “Fundamentals”: Preparing for an Era of More Mature Crypto Assets

📱 Full Article (Post)
🌎 Full Article (Website)

FP Website | Telegram (EN / KR) | X (EN / KR)

: : [Issue] Aave V4: From Lending App To Infra
Written by Ponyo

- Aave v4 replaces pool-based lending with a chain-level unified liquidity (Hub) and modular credit markets (Spokes).

- Liquidity is centralized, while collateralization and liquidation risk remain isolated at the Spoke level.

- Hub-level base rates position Aave as an on-chain reference rate for funding costs, with early market adoption.

- Scalability depends less on architecture and more on governance throughput, incentives, and user understanding.

📱 Full Issue Article (Post)
🌎 Full Issue Article (Website)

FP Website | Telegram (EN / KR) | X (EN / KR)

: : [Data] SUIG Dashboard
Dashboard by Heun

With our new dashboard, users can easily access an overview of SUIG, key metrics such as holdings and mNAV, and important events.

▫️What is SUIG?
▫️Metrics
▫️Major Events
▫️mNAV

📱 Dashboard Summary (Post)
📊 Full Dashboard (Dune)

FP Website | Telegram (EN / KR) | X (EN / KR)

: : [Issue] HyperEVM’s “Deadly Sins”
Written by Ponyo, Kirby(Hypurrcollective)

- HyperEVM showed that liquidity does not guarantee distribution when projects launch without protection.

- Most HyperEVM project failures are predictable outcomes of a no-subsidy, no preferential treatment, no-narrative environment, not design flaws.

- Without CEX listings, hedging venues, or committed market makers, price discovery on HyperEVM becomes asymmetric and failure cascades quickly.

- HyperEVM is an extension of a mature trading system, where new products are judged immediately against existing markets.

- Despite early chaos, fair launch enables permissionless access to real traders from day one, making surviving products structurally stronger.

📱 Full Issue Article (Post)
🌎 Full Issue Article (Website)

FP Website | Telegram (EN / KR) | X (EN / KR)

: : [Issue] One Onchain Trend, Very Different Strategies (ASA News #10)
Written by ASA, Moyed

[News #1] Kyobo Life Begins Blockchain-Based Insurance Experiment, Potential Use of USDC
✍️ Smarter Insurance and the Blockchain’s integration to Payment (by Moyed)

[News #2] Standard Chartered Launches Tokenized Deposits with Ant in Hong Kong
✍️ Tokenized Deposits as an Onchain Experiment for Bank Money (by Moyed)

[News #3] Japan’s SBI Holdings to Launch Yen-Pegged Stablecoin
✍️ Yen Stablecoins and Japan’s Approach to Tokenized Finance (by Moyed)

—
*This is the Bi-Weekly Newsletter on Asia Stablecoin (Subscribe to the Newsletter)

📱 Full Issue Article (Post)
🌎 Full Issue Article (Website)

FP Website | Telegram (EN / KR) | X (EN / KR)

: : [Newsletter] The New Standard for 2026: Aave V4’s Bold Vision and HyperEVM’s Response (Week 51, 2025)

[Issues]
- Aave V4: From Lending App To Infra
- HyperEVM’s “Deadly Sins”

[Comments]
- Brevis’s TODA: Perfect Auction Mechanism for ZK Proving Market

🌎 Week 51 Full Newsletter

FP Website | Telegram (EN / KR) | X (EN / KR)