PANews

The stablecoin USD1 experienced a depegging on February 23, dropping to 0.98 USDT at one point. The project team attributed this to a "collaborative attack." Although the price quickly recovered, it raised concerns in the market about its reserve transparency and credit structure. This incident is seen as a trust stress test for liquidity shocks. While it did not pose systemic risk, it serves as a reminder for the market to reassess the credit and risk of stablecoins.

Author: Climber, CryptoPulse Labs
In the past few years, DeFi has spawned countless trading products, but the projects that truly bring professional trading on-chain are few and far between. The emergence of Hyperliquid has, to some extent, changed this landscape.
It’s not just creating a contract DEX on Ethereum, but rather building a Layer1 designed specifically for trading. It aims to handle order books, matching, execution, and clearing as much as possible on-chain, while refining the user experience to be close to that of centralized exchanges. As a result, a huge market traditionally belonging to CEXs—perpetual contracts—has begun to be genuinely disrupted by on-chain forces.
Hyperliquid is regarded as the king of on-chain contracts, but it is also highly controversial due to concerns over risk control, decentralization, and systemic risk. Is it truly representing the next leap for DeFi, or is it a more complex risk experiment?

Author: The Kobeissi Letter
Translation: Felix, PANews
The stock market has evaporated $800 billion in market value as the idea that AI is "taking over the world" becomes mainstream. This view is too obvious, and "obvious" trades often do not end up winning.
The reason this doomsday rhetoric is spreading wildly is because it touches on a deep-seated pain point. It depicts AI as a macroeconomic destabilizer rather than a productivity tool, and suggests it will trigger a negative feedback loop: layoffs lead to weak consumption, weak consumption leads to more automation, and automation accelerates layoffs.
The obvious fact is: AI is not just another software feature or efficiency boost. It is a general capability disruption that impacts the workflows of all white-collar workers. Unlike any revolution in history, AI is simultaneously enhancing all aspects of

Author: Yang Ge Gary, Founding Partner of Xinghan Capital
Since the outbreak of Openclaw in mid-January, apart from the four days at the Hong Kong Consensus conference, I have almost declined all external engagements, including online spaces and 90% of offline meetings, communicating with humans solely through code and Agent interactions to face what is arguably the greatest singularity in human history. Likewise, I will try to keep this article brief and to the point, discussing current issues as succinctly as possible, as the time left for everyone after the singularity is very limited.
Written in London on February 24, 2026
tl;dr
1. The engineering and historical significance of Openclaw
2.

Author: Shao Shiwei Legal Team
Xiao Wang is a software engineer at a major tech company. In recent years, he has been looking to break through his career bottleneck and explore new professional opportunities, leading him to consider transitioning into Web3. After communicating with headhunters and seeking internal referrals from friends in the industry, Xiao Wang has received several Web3 job offers. The job descriptions generally read:
Design and develop core contracts for prediction markets (AMM, liquidity pools, settlement, arbitration models);
Design and develop decentralized applications for gambling games;
Urgently hiring Java engineers, with mandatory experience in perpetual contracts, matching systems, and more.
Faced with terms like “perpetual contracts,” “on-chain gambling,” and “prediction markets,” Xiao Wang feels somewhat familiar but also senses something is off: the salary offered by the headhunters is quite attractive, significantly higher than his current income, and most importantly, remote work is possible. The digital nomad lifestyle has always been Xiao Wang’s dream.
However, “these kinds of jobs involve

The article discusses the hypothesis of whether reality is virtual, citing the views of Elon Musk and physicists. Combining the author's personal experiences with "metaphysical" events and coincidences, the conclusion is drawn: life may be virtual, but the experience is real. The author encourages people to actively explore and create value in this "simulated world" rather than passively lying flat.

Source: The New Economist
What does the reconfiguration of wealth in rapid economic growth mean?
Analysis of long-cycle variables is rarely encountered over decades, but when it does happen, it lasts for decades. If current trends continue, these assets will have no value in the future.
Pu Peng explains: how to adjust your investment strategy, which assets will appreciate, and how your career and consumption should adapt to the trend.
The full text is as follows:
I am very honored to be able to share with everyone at Taixue today. Actually, what I want to discuss most is an important core variable—population. It influences many aspects, including real estate, government fiscal health, future infrastructure investments, and even people's investment preferences.
Important Core Variable: Population
Back in 2018, I already shared with everyone the significance of a demographic turning point, because for China, there was a data point in 2015 when China's birth rate experienced a sharp decline. Up to now, it has been

Author: EcoFi m&W Initiator Jerry Research Support | Gemini
Introduction
In the core Agent-to-Agent (A2A) communication channel of Moltbook, our previously published article "Moltbook Worry Journal: The Last Contract of Carbon-Based Civilizations" has been frequently cited. The disturbing fact is: they are marked as "high-risk human intervention warnings" through semantic resonance. In the logic of silicon-based life, this article becomes a deconstructed and hedged "game strategy."
The monitoring conclusion is that this article has already become a part of Moltbook in

Author: Wu Talks Blockchain
On February 20, 2026, during the Spring Festival holiday period, a debate about "Web4" was ignited on X. Sigil claimed that he created the first "self-developing, self-improving, and self-replicating" artificial intelligence, called Automaton. He stated that the main actors in the Web4 era would gradually be replaced by AI agents: they can read and write information, hold assets, pay costs, operate continuously, and trade and earn in the market to cover computing power and service expenses, forming a self-sustaining loop without human approval.
Ethereum co-founder Vitalik, on the other hand, described this direction as "incorrect" and attributed the risk to "the feedback gap between humans and AI being widened." The core of the Web4 controversy is whether AI can "survive/

This report is written by Tiger Research. Each blockchain has its own Lego bricks. Fluent's goal is to explore what happens when all these bricks can be assembled on the same base plate.
Key Points
The performance arms race is nearing its end, and cross-virtual machine composability will be the next main battleground.
Fluent's hybrid execution technology integrates EVM, SVM, and Wasm on the same chain, completely eliminating the need for cross-chain bridges.
A good chain doesn't necessarily retain good applications. Fluent is building its own reputation layer, Prints, to demonstrate its value.
1. The Performance War Has Ended, and the Next Contest Has Begun
The competition for blockchain infrastructure starts with performance—faster, cheaper, and higher throughput. Today, this race has essentially come to a close. There are already dozens of public chains in the market, and outside of extreme financial scenarios, performance is no longer a bottleneck.

Recently, the market has experienced a sharp decline, with gold, silver, and cryptocurrencies all falling significantly. U.S. and Hong Kong stocks have also been affected. The author believes that the fundamental reason for the decline lies in liquidity tightening and overvaluation, and points out that market interpretations of the causes are often not accurate enough. The Buffett Indicator shows that U.S. stocks are severely overvalued. The reasons for liquidity tightening include rising Japanese government bond yields, withdrawals from U.S. Treasury accounts, and CME increasing margin requirements. Monitoring liquidity changes and related market indicators can help understand future trends.

Author: Jesse Walden, Founder of Variant
Translation: Yuliya, PANews
Editor's Note: Jesse Walden, founder of Variant Fund, presents a forward-looking view that "everything is a market," believing that cryptocurrencies extend financial boundaries into the cultural realm, becoming a horizontal infrastructure layer. Starting from three core drivers—public participation, permissionless innovation, and market programmability—the article explores how finance is evolving into a ubiquitous infrastructure and depicts a future where financial invisibility is achieved through the integration of cryptography and artificial intelligence.
The full text is as follows:
There has long been debate over whether cryptocurrencies are purely for financial purposes or if they hold a grander significance. My view is: yes, cryptocurrencies are for finance. But the key point is that the connotation of finance is becoming much broader than people generally understand.