9.14 AI Daily: Ethereum Privacy Computing Roadmap Launched, Advancing Security and Innovation in the Encryption Industry

1. Headlines

1. The Ethereum Foundation releases an end-to-end privacy roadmap to advance privacy writing, reading, and proof.

The Ethereum Foundation recently released an end-to-end privacy roadmap aimed at building comprehensive privacy protection for the world's second-largest blockchain. The original "Privacy and Scaling Exploration Team" has been renamed to "Ethereum Privacy Steward" ( PSE ), shifting its focus from speculative exploration to solving real-world problems and optimizing ecological outcomes.

The roadmap focuses on three main directions: privacy writing, privacy reading, and privacy proof. Privacy writing aims to make on-chain privacy operations as efficient as public operations; privacy reading allows access to blockchain data without exposing identity and intent; privacy proof ensures that the generation and verification processes are quick and secure.

The roadmap is expected to promote the expansion of the Ethereum ecosystem into the fields of privacy computing and compliant finance. Analysts believe that privacy computing is an important development direction for blockchain technology, which will help attract more institutional users. At the same time, privacy protection is also a key focus area for regulatory agencies, and the implementation of the roadmap will facilitate the alignment of the Ethereum ecosystem with regulatory requirements.

However, the development of privacy computing technology still faces many challenges, such as performance, usability, and scalability. The Ethereum Foundation needs to collaborate with the ecosystem to continuously optimize the underlying technology of privacy computing and launch more privacy-friendly products at the application layer in order to truly achieve the large-scale application of privacy computing.

2. Yala was attacked by hackers, causing the stablecoin to depeg, with losses potentially reaching 30 million dollars.

The cryptocurrency ecosystem is witnessing a "black swan" event. On September 14, Bitcoin's liquidity and its native stablecoin project Yala were attacked by hackers, causing its stablecoin YU to briefly decouple, resulting in losses of up to 30 million dollars.

Event summary: On that day, community users discovered that Yala's stablecoin YU could not be redeemed through official channels, and Pendle also issued a risk warning. Yala urgently responded that the protocol was attacked but the issue has been identified and the system is being upgraded, and user assets are temporarily safe.

Subsequently, Yala suspended the Convert and Bridge functions for system upgrades, while other protocol functions remain unaffected. After the maintenance is completed, Yala will announce the latest progress.

Analysis points out that this attack once again highlights the security risks of the decentralized finance ( DeFi ) ecosystem. As the cornerstone of the DeFi ecosystem, stablecoins, once a major vulnerability occurs, will trigger a chain reaction, threatening the entire ecosystem.

At the same time, hacker attacks have intensified regulatory pressure. Recently, the U.S. Securities and Exchange Commission has repeatedly stated that it will strengthen regulation of stablecoins. This incident may further prompt regulatory authorities to introduce related policies to standardize the operation of stablecoins.

3. The Hong Kong Monetary Authority explores tokenized carbon credit trading to enhance liquidity in the carbon market.

The Hong Kong Monetary Authority is exploring how tokenization can improve the issuance and trading of carbon credits through the Ensemble sandbox project, in order to enhance the liquidity and depth of the carbon market.

The Financial Secretary of Hong Kong, Paul Chan, stated in his latest essay that Hong Kong is a leader in green and sustainable finance in Asia. However, apart from quantity, it is also essential to provide innovative products to meet the development needs of different countries and regions.

Analysts point out that tokenized carbon rights trading helps improve the efficiency of the carbon market. Traditional carbon trading faces issues such as information asymmetry and poor liquidity. Through tokenization, higher transparency and more convenient transactions can be achieved, thereby attracting more participants and invigorating the carbon market.

However, tokenized carbon credit trading still faces many challenges, such as standard formulation, regulatory policies, and technical guarantees. Industry insiders are calling for relevant departments to accelerate top-level design, clarify the operational rules of tokenized carbon credits, and create a favorable environment for its healthy development.

At the same time, tokenized carbon rights will also promote the integrated development of financial technology and green finance, which will help Hong Kong consolidate its position as an international financial center and contribute to global climate change governance.

4. Coinbase reiterates that listing is free, Justin Sun previously accused it of demanding 500 million TRX listing fee.

In the context of Justin Sun's previous accusation that Coinbase demanded a listing fee of 500 million TRX, Coinbase CEO Brian Armstrong reiterated that listing is free and that each asset will be evaluated based on its own value according to the same standards.

According to the Coinbase digital asset listing process guide, the application time for listing can range from a few hours to several months, depending on the complexity of the asset and the completeness of the submitted content. Typically, it follows steps such as submission of application, business assessment, core review, communication with the issuer, and approval.

Analysis indicates that Coinbase's statement aims to eliminate industry doubts and rebuild credibility. As a leading cryptocurrency exchange, Coinbase has always been seen as the "beacon" of the industry. However, in recent years, its listing standards have been criticized for lacking transparency.

This clarification of the listing process may enhance Coinbase's credibility. However, some analysts believe that Coinbase should further improve its listing mechanism by introducing elements such as community voting to increase decision-making transparency and dispel industry doubts.

At the same time, controlling the qualifications for listing coins is also a regulatory focus. Regulatory authorities will have higher requirements for the listing standards of exchanges to prevent illegal activities such as money laundering. Coinbase needs to balance innovation and compliance while meeting regulatory requirements.

5. The altcoin season index remains high, and the industry is optimistic about the performance of quality altcoins.

On September 14, the Altcoin Season Index ( reported a value of 70, maintaining a high level over the past 90 days, indicating that approximately 70% of cryptocurrencies have outperformed Bitcoin in price increases over the past three months, reflecting the market's preference for altcoins.

Analysis indicates that the arrival of the altcoin season is closely related to the cyclical patterns of the cryptocurrency market. Typically, in the early stages of a bull market, investors will first buy mainstream coins, and once the market stabilizes, funds will flow into altcoins with higher risk appetite.

The arrival of this round of altcoin season is also attributed to the clarification of US regulatory policies. With the launch of Bitcoin and Ethereum futures ETFs, institutional funds are gradually flowing into the crypto market, and some of these funds may further flow into potential altcoins.

However, the high-risk, high-return nature of altcoins still warrants caution. Analysts suggest that investors should carefully select projects, paying attention to the actual application scenarios, technical strength, and team capabilities of the projects, while strictly controlling risk exposure.

At the same time, exchanges have an unshirkable responsibility in the listing of altcoins. Exchanges should improve their project review processes, adhere to strict standards, and prevent excessive funds from flowing into "useless" projects to avoid the risk of bubbles.

2. Industry News

) 1. Bitcoin has once again breached the $116,000 mark, with institutional buying continuing to enter the market.

After a period of consolidation, Bitcoin once again broke through the $116,000 mark on September 14, reaching a high of $116,500. This increase was mainly driven by sustained buying from institutional investors. Data show that over $2.3 billion flowed into Bitcoin spot ETFs in the past week, reflecting institutional investors' optimism about the long-term prospects of Bitcoin.

Analysts point out that after Bitcoin breaks the $116,000 level, the next resistance level is around $120,000. If it can sustain a breakthrough of this key position, it will open up space for further upward movement of Bitcoin. However, some analysts also caution that Bitcoin may face some pullback pressure in the short term, and investors need to remain cautious.

Overall, the continuous inflow of institutional funds has provided strong support for Bitcoin. However, investors should also be cautious of market volatility and manage risks appropriately.

2. Ethereum's daily trading volume surpassed 1 trillion USD, setting a new historical high.

On September 14th, the daily transaction volume of the Ethereum network surpassed 1 trillion USD, setting a new historical high. This phenomenon is mainly attributed to the continued popularity of hot applications such as DeFi and NFTs within the Ethereum ecosystem.

Data shows that on that day, the number of transactions on the Ethereum network exceeded 15 million, far surpassing that of the Bitcoin network. Analysts state that this reflects the higher activity and application scenarios of the Ethereum network compared to Bitcoin, attracting a large number of users and funds.

At the same time, Ethereum's Gas fees have also seen a significant increase. Analysts point out that if congestion on the Ethereum network worsens, Gas fees could soar further, affecting user experience. However, the Ethereum community is actively promoting the Ethereum 2.0 upgrade in hopes of addressing scalability issues.

Overall, the new high in Ethereum's trading volume reflects an increase in its ecosystem's activity, but it also faces scalability pressure. The subsequent advancement of Ethereum 2.0 may bring new development opportunities for the network.

3. The Solana ecosystem continues to heat up, with SOL price breaking through 240 dollars.

The Solana ecosystem continues to heat up, with its native token SOL breaking the $240 mark on September 14, setting a new historical high. The rise in SOL's price is mainly driven by the ongoing popularity of Solana ecosystem projects.

Data shows that new killer applications have emerged in popular sectors such as DeFi, NFT, and GameFi within the Solana ecosystem, attracting a large amount of funds and users. Meanwhile, the Solana Foundation continues to invest funds to support ecosystem development.

Analysts believe that the prosperity of the Solana ecosystem is mainly due to its high performance, low transaction fees, and other advantages. However, there are also voices pointing out that Solana faces skepticism regarding its lower level of decentralization, and its future development still needs further observation.

Overall, the continued warming of the Solana ecosystem has provided strong support for the price of SOL. However, investors also need to pay attention to potential risk factors when investing.

3. Project News

1. The Ethereum Foundation releases end-to-end privacy roadmap to advance privacy writing, reading, and proof.

The Ethereum Foundation recently released an end-to-end privacy roadmap aimed at building comprehensive privacy protection for the world's second-largest blockchain. This roadmap focuses on three key areas: private writing, private reading, and private proof, with the goal of making private on-chain operations on Ethereum ubiquitous, cost-effective, and compliant.

Private Writes ### aspect, the Ethereum Foundation will strive to make the cost and convenience of on-chain private operations consistent with public operations; Private Reads ( aspect will achieve reading data from the blockchain without exposing identity or intent; Private Proving ) aspect, the Ethereum Foundation will make the generation and verification of proofs fast, private, and easily accessible.

The advancement of this roadmap will help enhance the privacy and anonymity of Ethereum, providing users with a safer trading environment. At the same time, privacy protection is also an important part of the development of the Ethereum ecosystem, which is beneficial for attracting more privacy computing and privacy DeFi projects.

Industry insiders believe that privacy computing is an important development direction for blockchain technology, and the privacy roadmap of the Ethereum Foundation will guide the development of privacy computing across the entire industry. However, how to balance privacy protection with regulatory compliance remains a topic that requires ongoing exploration.

( 2. Yala was attacked by hackers, and the stablecoin YU briefly lost its peg.

Bitcoin liquidity and its native stablecoin project Yala recently suffered a hacker attack, causing its stablecoin YU to briefly depeg. The Yala team has contacted various security partners and is analyzing the details of the attack.

It has been reported that community users found that Yala's stablecoin YU could not be redeemed through official channels, and Pendle has also issued a risk warning. The Yala team subsequently confirmed that the protocol suffered a failed attack, which briefly affected the peg price of YU; its stablecoin YU had previously experienced a severe decoupling, with losses potentially reaching 30 million USD.

Yala stated that, with the assistance of partners, they have identified the issues and are implementing improvements to further enhance system security. All user assets remain safe and secure, and Yala will focus on consolidating stability to make the protocol more robust.

Industry insiders point out that stablecoins serve as a crucial link between cryptocurrencies and traditional finance, and their security is of utmost importance. The recent attack on Yala once again highlights the significance of stability and will prompt the industry to place greater emphasis on it.

At the same time, the innovation of algorithmic stablecoins will also become a future development direction. Traditional fully or partially collateralized stablecoins carry certain risks, and algorithmic stablecoins may become a new development hotspot in the industry.

) 3. The market share of the Solana ecological token issuance platform pump.fun has risen to 84.1%.

According to the data panel, in the ranking of market shares of token issuance platforms in the Solana ecosystem over the past 24 hours, pump.fun ranks first with 84.1%, Letsbonk ranks second with 9.69%, and Believe ranks third with 2.31%.

pump.fun is a decentralized token issuance platform based on Solana, where users can create and issue their own tokens. With its user-friendly operation process and low fees, pump.fun has quickly gained widespread attention within the Solana ecosystem.

With the continuous rise of the Solana ecosystem, more and more creators and communities are choosing to issue tokens on pump.fun. The co-founder of pump.fun stated that the average number of concurrent live streams on the platform has surpassed Rumble and is currently approaching about 1% of Twitch's market share, accelerating its market share acquisition.

Industry insiders believe that the rise of decentralized token issuance platforms such as pump.fun reflects the cryptocurrency community's desire for decentralization and fair distribution. Compared to traditional ICOs, this new token issuance model is more transparent and equitable, and it also provides opportunities for ordinary users to participate.

However, some analysts remind us that due to the lack of regulation, decentralized token issuance platforms pose certain investment risks, and investors need to have a thorough understanding of the integrity of the project parties and the actual value of the tokens. At the same time, the regulatory policies regarding this new type of token issuance model also need to be clarified.

( 4. Coinbase reiterates that listing is free and evaluated according to a uniform standard.

Coinbase CEO Brian Armstrong recently published an article explaining the listing process on Coinbase. He stated that listing on Coinbase is completely free, and each asset will be evaluated according to the same standards based on the asset's inherent value.

Armstrong explained that Coinbase received a large number of questions about how and why assets are listed, so they created a guide that details the entire listing process. This typically includes steps such as application submission, business assessment, core review, communication with the issuer, and approval.

He emphasized that the application time for listing coins can vary from a few hours to several months, depending on the complexity of the asset and the completeness of the submission. A complete and well-prepared application is crucial for an effective review.

Previously, founder Justin Sun criticized Coinbase for demanding 500 million TRX as a listing fee. Armstrong's latest statement aims to clarify the transparency of Coinbase's listing process and reaffirm its principles of fairness and justice.

Industry insiders believe that the transparency of the listing standards and processes of exchanges has always been a focal point of concern in the industry. Coinbase's explanation this time helps to enhance the credibility of the listing process and will also encourage other exchanges to increase transparency.

At the same time, some analysts have pointed out that the neutrality of exchanges in listing coins is still worth paying attention to. Some exchanges may treat certain projects "differently" based on commercial interests, and in this case, the fairness of the listing standards will also be called into question.

4. Economic Dynamics

) 1. The Federal Reserve may raise interest rates by 75 basis points next week as inflationary pressures persist.

Economic Background: The US economy is facing the highest inflation pressure in 40 years. According to the latest data, the Consumer Price Index (CPI) rose by 8.3% year-on-year in August, exceeding market expectations. Despite the slowing GDP growth, the labor market remains strong, with the unemployment rate staying low at 3.7%.

Important event: In order to curb the rising trend of inflation, the Federal Reserve is expected to raise interest rates significantly again at its monetary policy meeting on September 20-21. The market generally anticipates a 75 basis point increase, with some institutions even predicting an increase of up to 100 basis points. This would be the largest rate hike by the Federal Reserve since the 1980s.

Market Reaction: The Federal Reserve's hawkish stance has raised investors' concerns about the increased risk of an economic hard landing. U.S. stocks have recently plummeted, with the S&P 500 index entering a technical bear market. Bond yields have surged, with the 10-year U.S. Treasury yield nearing 3.5%. The U.S. dollar index has reached a 20-year high, reflecting pressure from capital outflows.

Expert Opinion: Former Federal Reserve Chairman Ben Bernanke stated that the Federal Reserve should continue to raise interest rates decisively until inflation shows a clear downward trend. However, he also warned that excessive rate hikes could lead to a deterioration in the job market. The chief economist at Goldman Sachs believes that the Federal Reserve needs to seek a balance between curbing inflation and avoiding an economic hard landing, which will be a difficult process.

2. The European energy crisis is intensifying, and the risk of economic recession is rising.

Economic Background: Affected by the Russia-Ukraine conflict, Europe is experiencing an unprecedented energy crisis. Natural gas and electricity prices have soared, significantly increasing manufacturing production costs. The inflation rate in the Eurozone reached 9.1% in August, setting a record high. Economic activity is slowing down, with GDP growth of only 0.6% in the second quarter.

Important events: In response to the energy shortage, EU member states are formulating a series of measures. Germany has announced a €20 billion relief plan to provide energy subsidies for businesses and households. The European Commission has also proposed an emergency plan to reduce natural gas demand. However, Russia has suspended gas supplies to major pipelines in Europe, and the energy crisis may worsen further.

Market reaction: The surge in energy prices has intensified cost pressures on businesses and consumers, with manufacturing and services PMI data continuing to decline. The Eurozone economy may enter a recession by the end of this year or early next year. The euro to dollar exchange rate has fallen below 0.99, hitting a 20-year low. European stock markets have plummeted, with the German DAX index down more than 20% this year.

Expert Opinion: The president of the German Institute for Economic Research believes that the German economy is facing the most severe shock since the oil crisis of the 1970s. If Russia completely cuts off gas supplies, Germany's GDP may shrink by more than 5%. Goldman Sachs predicts that if this winter is colder than usual, the Eurozone economy will fall into a prolonged recession next year.

3. China's economic data is improving, with increased policy力度.

Economic Background: Affected by the pandemic, China's economic growth slowed in the first half of this year. However, the latest data shows that the economy stabilized and rebounded in August. Industrial production, investment, and consumption data all exceeded expectations, and the unemployment rate also decreased. China is striving to achieve a GDP growth target of 5.5% this year.

Important Event: In order to stabilize economic growth, the Chinese government and central bank have recently intensified policy measures. The central bank unexpectedly lowered the reserve requirement ratio by 0.25 percentage points in August, releasing 1 trillion yuan in long-term funds. Many regions have also introduced new policies to support the real estate market, aiming to promote the recovery of the real estate industry.

Market reaction: China's economic data has boosted market confidence. The RMB exchange rate rebounded significantly in August, with the offshore RMB to USD exchange rate having re-established itself above the 6.9 level. The A-share market also rebounded over 5% in August. However, investors still have doubts about the sustained economic recovery, fearing that tightening pandemic control measures may again suppress the economy.

Expert Opinion: The chief economist of the China Center for International Economic Exchanges believes that the Chinese economy is in a critical period of stabilization and recovery, and increased policy efforts will help solidify the foundation for economic recovery. However, he also pointed out that worsening external conditions and domestic pandemic factors remain significant uncertainties. Nomura Securities expects the Chinese economy to further recover in the fourth quarter, with annual GDP growth potentially reaching around 4%.

5. Regulation & Policy

1. The Ethereum Foundation has released an end-to-end privacy roadmap, covering privacy writing, reading, and proof.

The Ethereum Foundation has released an end-to-end privacy roadmap aimed at building comprehensive privacy protection for the world's second-largest blockchain. The original "Privacy and Scaling Exploration Team" has been renamed to "Ethereum Privacy Keeper" ### PSE (, with the focus shifting from speculative exploration to solving practical issues and optimizing ecosystem outcomes.

This roadmap revolves around three key areas: private writing, private reading, and private proof, with the goal of making private operations on Ethereum's private chain widespread, low-cost, and compliant with regulations. Private writing aims to align the cost and convenience of on-chain private operations with those of public operations; private reading allows for reading data from the blockchain without exposing identity or intent; and private proof aims to make the generation and verification of proofs fast, private, and easily accessible.

The release of this roadmap reflects the Ethereum Foundation's high regard for privacy protection. As regulators' attention to cryptocurrency increases, enhancing privacy helps meet compliance requirements. Industry insiders believe that privacy protection not only benefits attracting more users to the Ethereum ecosystem but will also drive the development of more privacy protection applications.

Messari crypto analyst Liu Haoran stated: "Privacy is one of the core values of blockchain technology. The Ethereum Foundation's launch of an end-to-end privacy roadmap is a positive signal. This will help attract more privacy-protecting applications into the Ethereum ecosystem while also meeting regulatory compliance requirements for privacy."

) 2. The Hong Kong Monetary Authority is exploring the issuance and trading of tokenized carbon credits to enhance liquidity in the carbon market.

The Financial Secretary of Hong Kong, Paul Chan Mo-po, stated in his latest article that the Hong Kong Monetary Authority is exploring the application of tokenization in the issuance and trading of carbon credits through the Ensemble sandbox project to enhance the liquidity and depth of the carbon market.

Carbon credits refer to the rights that companies or individuals need to purchase in order to offset their greenhouse gas emissions. Traditional carbon credit issuance and trading face issues such as inefficiency and lack of liquidity. Through tokenization, blockchain technology can enhance the transparency, security, and efficiency of carbon credit issuance and trading.

The Hong Kong Monetary Authority's exploration aims to promote the development of green finance in Hong Kong. Tokenized carbon credits are expected to attract more investors to participate in the carbon market, enhancing the liquidity and depth of the carbon market and thereby better supporting companies' emission reduction efforts.

Green finance expert Zhang Xiaoming stated: "Tokenized carbon rights are an important direction for the development of green finance. Through blockchain technology, the issuance and trading of carbon rights can be automated and made transparent, reducing transaction costs and increasing liquidity. The Hong Kong Monetary Authority's exploration will provide valuable reference for other regions."

Industry insiders expect that tokenized carbon rights will become the mainstream model for future carbon trading, helping to promote global climate change governance. However, it is also necessary to improve relevant regulatory policies to prevent potential risks.

3. The regulatory authorities in Shanxi Province are wary of engaging in illegal financial activities under the guise of investing in "RWA" and other similar schemes.

The Shanxi Provincial WeChat public account for preventing and combating illegal fundraising has issued a risk warning, urging caution against illegal financial activities conducted under the guise of investing in "RWA", "stablecoins", and other names.

RWA###Real World Assets### refers to crypto assets linked to real-world assets, such as real estate tokens, equity tokens, etc. In recent years, RWA projects have emerged in the cryptocurrency field, but there are also some problematic projects that use this as a guise to engage in illegal fundraising and other unlawful activities.

This risk warning indicates that if you discover suspicious clues of engaging in illegal financial activities under the guise of investing in RWA, stablecoins, etc., please report them promptly. If you have unfortunately been defrauded, you should immediately stop investing funds, preserve evidence, and report to the public security authorities.

Industry insiders believe that the RWA concept itself is legal and compliant, but due to the lag in regulatory policies, there are indeed some institutions engaging in illegal activities by exploiting regulatory loopholes. Therefore, it is necessary for relevant regulatory authorities to strengthen oversight and regulate the order of the RWA market.

Golden Finance analyst Zhang Tao stated: "RWA is an innovative application of blockchain technology in the traditional financial sector, with broad development prospects. However, there is currently a lack of clear regulatory policies, providing opportunities for some criminals. We hope that regulatory authorities can quickly introduce relevant policies to create an environment conducive to the healthy development of RWA."

( 4. Shanghai Municipal Party Secretary: Guide more financial institutions to go on-chain and use blockchain to establish a financial risk monitoring and early warning system.

During a visit to the Shanghai headquarters of the People's Bank of China, Shanghai Municipal Party Secretary Chen Jining pointed out that more financial institutions should be guided to go on-chain and use blockchain, to jointly develop supply chain finance based on a secure and trustworthy credit system, and to establish a financial risk monitoring and early warning system relying on blockchain technology.

The application of blockchain technology in the financial sector has attracted much attention. Using on-chain technology helps improve the transparency, efficiency, and security of financial operations, while reducing operational costs. Establishing a blockchain-based financial risk monitoring and early warning system can achieve real-time risk monitoring and early warnings.

As a financial center city, Shanghai is at the forefront of blockchain financial innovation in the country. The Shanghai Municipal Party Committee and Municipal Government attach great importance to the application of blockchain in the financial sector and have introduced multiple support policies.

Xu Ming, the director of the Fintech Research Center at Shanghai Jiao Tong University, stated: "The application prospects of blockchain technology in the financial sector are broad, helping to improve the transparency and efficiency of financial operations, as well as reduce operational costs and risks. The deployment by the Shanghai Municipal Party Committee and Municipal Government will further promote blockchain financial innovation, providing a better development environment for financial institutions."

Industry insiders believe that the development of blockchain technology cannot be separated from support and guidance from policies. The call from the Shanghai Municipal Party Committee and Municipal Government will promote more financial institutions to accelerate the application of blockchain technology and drive the prosperous development of the blockchain financial ecosystem.