Industry News

Tracks company news, strategic changes, funding activities, and personnel adjustments across the blockchain and crypto industries, delivering a full-spectrum industry overview for our users.

After a Valuation of $1 Billion and Five Years of Exploration, Why Did It 'Admit Defeat'?

After five years of development and raising $180 million at a near $1 billion valuation, Farcaster has officially conceded that its Web3 social strategy did not succeed. The platform, initially designed as a decentralized alternative to Twitter, aimed to address issues like platform monopoly, user data ownership, and creator monetization through an on-chain, protocol-based approach. Despite a brief surge in early 2024—when monthly active users (MAU) peaked at around 80,000—growth quickly stalled. MAU has since declined to under 20,000 by late 2025. Farcaster’s user base remained heavily concentrated within the crypto-native community, failing to attract mainstream users due to high barriers to entry, niche content, and inferior user experience compared to established platforms like X or Instagram. Co-founder Dan Romero announced a strategic pivot from social-first to a wallet-focused product, acknowledging that social alone wasn’t driving sustainable growth. Internal data showed that wallet features—used for transactions, trading, and interacting with dApps—consistently outperformed social modules in user retention and frequency. The shift reflects a broader realization: It’s easier to add social features to a wallet than to build a social product around crypto. While the move has sparked some community discontent, Farcaster is betting that deeper integration with on-chain utilities represents a more viable path to product-market fit.

深潮12/09 03:51

After a Valuation of $1 Billion and Five Years of Exploration, Why Did It 'Admit Defeat'?

深潮12/09 03:51

Serial criminal Cinnabon worker in viral hate video denies she’s racist for bizarre reason

Former Cinnabon employee Crystal Wilsey, a 43-year-old with a lengthy criminal record, was fired after a viral video showed her using racial slurs against a Somali couple. Despite admitting to being racist in the footage, she later denied prejudice, citing her son with darker skin—which she attributed to a health condition, Addison’s disease—as proof. Wilsey has faced over a dozen charges, including child endangerment, drug possession, and disorderly conduct. A fundraiser supporting her has raised over $110,000, claiming she was harassed. Wilsey insists she was defending herself, not being racist.

nypost12/08 22:00

Serial criminal Cinnabon worker in viral hate video denies she’s racist for bizarre reason

nypost12/08 22:00

The 'Final Battle' of Crypto Treasuries: The Myth of Buying the Dip Is Collapsing

Amid a recent crypto market downturn, crypto treasury companies—previously major buyers that fueled market rallies—have significantly slowed or halted their purchases, despite prices reaching potential bottom. This inaction is not due to depleted funds or panic but stems from a structural paralysis in their funding mechanisms, which rely heavily on stock premiums. These companies, exemplified by industry leader Strategy, primarily fund crypto acquisitions through convertible notes and At-The-Market (ATM) equity offerings. The ATM mechanism allows issuing new shares at a premium to net asset value (NAV) to raise capital for buying more crypto. However, when their stock price falls below the NAV per share (mNAV < 1), selling shares becomes dilutive and economically unfeasible, effectively locking their "ammunition." Strategy, for instance, still has over $30 billion in ATM capacity but cannot utilize it while trading at a discount. Other crypto treasury firms face similar constraints. Many have mNAV ratios below 1, rendering their ATM plans unusable. While some, like BitMine (a major Ethereum holder), continue buying using cash reserves, overall effective purchasing power is limited. The sector is shifting focus from leveraged accumulation to earning yield through staking (e.g., Ethereum staking yields ~8%) to cover interest costs and ensure survival. This reflects a broader move away from "infinite bullet" theories dependent on perpetual premiums, underscoring that these companies amplify trends rather than counteract downturns. Market recovery is essential to restart the funding flywheel.

比推12/08 09:27

The 'Final Battle' of Crypto Treasuries: The Myth of Buying the Dip Is Collapsing

比推12/08 09:27

活动图片

Hot Categoriesright-arrow

Hot Tagsright-arrow

Technology Trends

Bitcoin