The past day has been full of turbulence in the crypto market.

First, the "split" in regulatory circles. A leading compliant platform and the banking system publicly diverged on the crypto draft issue, reflecting fundamental disagreements between traditional finance and the Web3 camp in policy making. On one side are innovative trading platforms embracing new technology, and on the other are traditional banking systems maintaining risk control bottom lines. The two sides are unlikely to reach consensus in the short term.

The trading market has also been active. The DEX leader Polymarket staged a "liquidity harvesting show" — over the weekend, due to insufficient trading depth, a clear arbitrage loophole appeared and was openly exploited by savvy traders. The weakness of low liquidity was exposed once again, sounding an alarm for small tokens and emerging DEXs.

On the product side, WalletConnect's new POS stablecoin payment service has attracted attention. Paying directly with stablecoins, bypassing the cumbersome traditional payment networks, this move is quite strategic.

Although Hyperliquid, a derivatives exchange, has recently seen a decline in revenue, its daily income still exceeds one million, indicating that high-frequency trading remains highly profitable. The market's appetite for leverage and derivatives is far from satiated.

Finally, a painful lesson. Sonic's unclaimed airdrop was voluntarily destroyed by "passerby A" — the root cause was fully exposed: the project’s contract permissions were poorly controlled, opening a window for malicious operations. A reminder to all project teams: contract details determine life or death.