The blockchain landscape continues to evolve rapidly, with significant advancements in infrastructure, regulation, and market dynamics shaping the industry’s trajectory. This week brought pivotal developments—from the launch of Ethereum’s multi-client testnet to regulatory clarity in key financial hubs and shifting market rankings among major cryptocurrencies. Below is a comprehensive overview of the most impactful events.
Ethereum 2.0 Multi-Client Testnet Medalla Goes Live
A major milestone was achieved with the official launch of the Ethereum 2.0 multi-client testnet, Medalla, on August 4, 2020. This marks a critical step toward the long-anticipated Phase 0 of Ethereum 2.0. Five independently developed clients are now participating in consensus:
- Teku (ConsenSys)
- Prysm (Prysmatic Labs)
- Nimbus (Status)
- Lodestar (ChainSafe Systems)
- Lighthouse (Sigma Prime)
The success of Medalla serves as a real-world stress test for cross-client interoperability and network resilience. If no critical bugs emerge, developers project that Ethereum 2.0 could go live by November 2020. This transition to proof-of-stake represents one of the most significant upgrades in blockchain history, promising enhanced scalability, security, and sustainability.
👉 Discover how Ethereum 2.0 is reshaping decentralized finance and staking opportunities.
LINK Overtakes BSV to Rank Sixth by Market Cap
Chainlink’s native token, LINK, reached new heights this week, climbing to an all-time high of $13.85 and surpassing Bitcoin SV (BSV) in market capitalization with a valuation exceeding $4.49 billion. This move solidifies LINK’s position as a top-tier digital asset amid growing adoption of decentralized oracles across DeFi protocols.
The surge reflects increasing confidence in Chainlink’s role as a critical infrastructure layer, enabling smart contracts to securely interact with real-world data. As DeFi expands, demand for reliable price feeds and external data sources continues to rise—fueling investor interest in LINK.
Regulatory Developments Shape Industry Outlook
Hong Kong Grants Licenses to Huobi Subsidiary
Huobi Technology announced that its wholly-owned subsidiary, Huobi Asset Management (Hong Kong), received Type 4 (advisory) and Type 9 (asset management) licenses from the Securities and Futures Commission (SFC) of Hong Kong. The firm will now offer professional investment services combining traditional and digital assets, signaling deeper institutional integration.
U.S. NYDFS Introduces Cryptocurrency "Green List"
The New York State Department of Financial Services (NYDFS) unveiled a pre-approved "green list" of cryptocurrencies eligible for listing and trading by licensed entities. Approved assets include BTC, ETH, LTC, XRP, and stablecoins like GUSD and BUSD. This regulatory clarity streamlines compliance for firms operating under BitLicense frameworks.
Japan Advocates for 20% Crypto Profit Tax and CBDC Trials
Japanese crypto industry groups JCBA and JVCEA jointly proposed a 20% tax on cryptocurrency gains as part of the 2021 tax reform agenda. Additionally, the Bank of Japan confirmed plans to begin proof-of-concept trials for a central bank digital currency (CBDC), emphasizing features like universal access and disaster resilience.
Russia Bans Anonymous Wallet Deposits
In an effort to combat money laundering, Russia has banned anonymous deposits into online wallets—including platforms like Yandex and WebMoney. While initially targeting fiat transactions, experts anticipate these anti-money laundering (AML) measures may soon extend to cryptocurrency services.
Kyrgyzstan Proposes Mining Taxation Framework
The Ministry of Economy in Kyrgyzstan released a draft resolution outlining a taxation system for crypto mining operations. Miners would be required to register as taxpayers—a move aimed at boosting state revenue amid economic challenges caused by the pandemic.
Blockchain Infrastructure & Security Advances
China’s Supreme Court Endorses Blockchain for Evidence Submission
In a landmark development, China’s Supreme People’s Court endorsed the use of blockchain-based evidence in intellectual property cases. The ruling supports timestamping and decentralized storage as valid methods for proving ownership and authenticity—addressing longstanding challenges in digital rights enforcement.
Industrial Ministry Targets Blockchain Security Initiatives
The Chinese Ministry of Industry and Information Technology included blockchain security as a priority in its 2020 cybersecurity pilot program. Focus areas include identity verification, secure data sharing, and protection of blockchain platforms across industries like supply chain and insurance.
BM Reveals Blockchain Voting Patent
EOS founder Daniel Larimer (BM) disclosed a 2015 patent for a blockchain-based electronic voting system designed to ensure verifiable fairness while preserving voter privacy. With global interest in secure digital elections rising, this innovation could influence future governance models.
Key Cryptocurrency & Network Updates
BTC-Pegged Tokens Surge on Ethereum
The total supply of Bitcoin-pegged tokens on Ethereum surpassed 20,567 BTC, reflecting a 71.4% increase over the past 30 days. Wrapped Bitcoin (WBTC) remains dominant with a 75.5% share, followed by renBTC and sBTC. This growth underscores rising demand for cross-chain liquidity in DeFi applications.
👉 Learn how BTC-pegged tokens are powering yield farming and lending markets.
Grayscale Files for Ethereum Trust Registration
Grayscale Investments submitted an application to register its Ethereum Trust (ETHE) with the U.S. SEC—an important step toward institutional legitimacy. If approved, ETHE would become the second SEC-reporting digital asset product after GBTC. Benefits include shorter lock-up periods for accredited investors and greater accessibility for regulated institutions.
Uniswap Secures $11 Million in A Round Funding
Decentralized exchange Uniswap raised $11 million in Series A funding led by Andreessen Horowitz (a16z), with participation from Paradigm, USV, and others. The capital will support development of Uniswap V3, aiming to enhance capital efficiency and customization options for liquidity providers.
Filecoin Launchpad Accelerator Set for September
Protocol Labs and ConsenSys Labs announced that the Filecoin Launchpad accelerator will officially launch on September 21, 2025. The program aims to drive integration between Filecoin’s decentralized storage network and Ethereum-based DeFi projects.
Mining & Hardware Developments
New ASIC Models from Canaan and Ebang
Canaan Creative launched the AvalonLiner 1146 Pro (63 TH/s, ~3276W), while Ebang introduced the E12+ (50 TH/s, ~2500W). Despite improvements, both lag behind Bitmain’s latest offerings in performance efficiency.
Antminer Delays Shipments Due to Operational Challenges
Orders for Antminer devices scheduled for June–July delivery have been postponed to September–October due to operational disruptions. Affected customers can choose between compensation via PPS-value coupons or initiate refund requests after a 60-day waiting period post-notification.
Market Insights: ETH Profitability Hits Multi-Year High
According to Glassnode, over 90% of circulating ETH is now in profit—last seen during ETH’s peak in early 2018 at $925. The current profitability rate aligns with growing network activity and optimism around Ethereum 2.0 upgrades.
Additionally, Ripple reported strong performance metrics for XRP in Q2 2025:
- Total sales: $32.55 million (up from $1.75 million)
- Reduced volatility: Daily standard deviation dropped to 3.0%
- Lower market impact: Sales represented just 0.18% of daily trading volume
FAQ: Frequently Asked Questions
Q: What is the significance of the Medalla testnet launch?
A: Medalla is the final testing phase before Ethereum 2.0 Phase 0 goes live. It validates multi-client coordination under real conditions—a crucial step toward full network decentralization.
Q: Why did LINK surpass BSV in market cap?
A: LINK’s rise reflects growing reliance on decentralized oracle networks in DeFi. Its utility-driven demand contrasts with BSV’s declining ecosystem activity.
Q: How does China’s blockchain evidence ruling affect IP protection?
A: It legally recognizes blockchain-stored data as admissible evidence, making it easier for creators to enforce copyrights without relying solely on centralized intermediaries.
Q: What does Grayscale’s SEC filing mean for ETHE investors?
A: Approval would shorten lock-up periods from 12 to 6 months and allow institutional investors restricted from unregistered products to participate.
Q: Are BTC-pegged tokens safe to use in DeFi?
A: While convenient, they carry custodial risks depending on the issuer. WBTC is currently the most audited and widely trusted option.
Q: Will Japan issue a digital yen soon?
A: No immediate rollout is planned, but pilot tests are expected soon. The focus remains on ensuring accessibility, resilience, and privacy.
👉 Stay ahead with real-time insights on Ethereum upgrades, DeFi trends, and secure trading practices.
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