律动BlockBeats

Original title: Johann Kerbrat: Inside Robinhood's Crypto Strategy (Full Explanation)
Original source: TheRollup
Original translation: Deep Tide TechFlow
Conflict of interest
Johann Kerbrat is a Robinhood executive responsible for the entire product line of its crypto business (including Robinhood Chain, tokenized stocks, staking services, and perpetual contracts). His compensation and equity incentives are directly tied to the $HOOD stock price. All discussions in this issue about Robinhood Chain involve the business area that he directly oversees. The title uses an “insider perspective” rather than “analysis,” reflecting this conflict of interest.

BlockBeats message: On July 27, U.S. spot Bitcoin ETFs recorded net inflows for the third consecutive week, marking the first time three consecutive weeks of gains have occurred since early May. However, due to fund outflows before the weekend, the scale of inflows in this round has slowed noticeably.
As of the week ending July 24, U.S.-listed spot Bitcoin ETFs in total recorded net inflows of $33.79 million. In the two preceding weeks, inflows reached $197 million and $75.67 million, respectively.
Data show that on July 23 and July 24, Bitcoin ETFs recorded net outflows of approximately $225.2 million and $240.1 million, respectively, ending the prior trend of fund inflows for seven consecutive trading days. Among them, the IBIT product under BlackRock accounted for the majority of the outflows, at about $415 million.

BlockBeats news: On July 27, Changxin Technology made its debut on the STAR Market today. On its first trading day, the stock surged 465.82% to close at RMB 49 per share, with the intraday high reaching a gain of 535.45%. Based on the issue price of RMB 8.66 per share, a winning lot (500 shares) would be up by approximately RMB 20,200.
According to off-market placement data, a total of 5,507 products under 100 public fund management firms and 2,458 products under 112 private fund firms were allocated to Changxin Technology, receiving approximately 1.251 billion shares and 161 million shares, respectively.
Among them, public institutions collectively received an allocation amount of approximately RMB 10.829 billion; 69 institutions received more than RMB 10 million, and 18 made it into the “100-million-yuan club.” E Fund was allocated the largest amount, with an unrealized gain exceeding RMB 6.8 billion on the first day after listing. Southern Fund and Industrial and Commercial Bank of China Asset Management ranked second and third, respectively.

Last month, we covered the on-chain TCG cards narrative in detail. “Gacha pulls” are almost the next “crypto-native printing press” after Hyperliquid and pump.fun:
“CARDS up 5x in 2 months—could on-chain TCG cards be another major narrative after HYPE?”
And last week, the “gacha” wind finally blew onto the Ethereum mainnet. A new protocol called Fake World Assets, launched just a little over a week ago, already generated around $1.3 million in revenue—ranking 15th on the past 7 days’ crypto app revenue leaderboard:
Meanwhile, the protocol token $FWA also surged from an initial listing market cap of about $47,550 to a peak of roughly $38.8 million—an 800x “big dog.” At the same time, with Collector Cards still maintaining strong revenue momentum, its token $CARDS has fallen from a month-ago peak near a $90 million market cap all the way down to just about $28.87 million.

BlockBeats message: On July 27, U.S. President Donald Trump’s plan to push for interest-rate cuts once again faces challenges. Wall Street analysts generally expect that the Federal Open Market Committee (FOMC) meeting the Federal Reserve holds this week will keep rates unchanged, and there may even be a possibility of a rate hike. Meanwhile, Trump’s Middle East policy is becoming an important factor affecting rate-decision deliberations.
The FOMC will hold a meeting on Tuesday and Wednesday this week to assess progress in the job market and toward inflation targets. Current U.S. inflation stands at about 3.5%. Although it has declined somewhat from May to June, it remains clearly above the Federal Reserve’s 2% goal.

BlockBeats message: On July 27, the commander of U.S. Central Command, Brad Cooper, said that the U.S. military’s current military actions against Iran have reached the “effectiveness ceiling,” and advised stopping airstrikes on Iranian targets around the Strait of Hormuz.
Reports say that Cooper’s assessment affected U.S. President Donald Trump’s decision to pause military action. Since last Friday, the United States has not launched any new attacks, and Iran has also suspended military actions against targets in the Gulf region.
It is understood that the U.S. military had previously carried out strikes against Iran for nearly two weeks, significantly weakening Iran’s military deployments around the Strait of Hormuz. At the same time, Dan Caine, chairman of the Joint Chiefs of Staff, said that the stockpile of U.S. intercept missiles is declining, which may affect the U.S.’s ability to protect its own positions and those of its allies.

BlockBeats news, July 27—according to the Bloomberg Billionaires Index, after Changxin Technology went public, CEO Zhu Yiming’s net worth surged by nearly 300%, reaching $13.9 billion.
In the company’s May IPO prospectus, Zhu Yiming pledged to transfer 767.9 million shares to an employee incentive plan. After Changxin Technology’s stock price jumped 466% on its first day of trading, the value of these shares had already reached $5.6 billion. Put another way, 40% of Zhu Yiming’s wealth would be distributed to employees as bonuses.
Meanwhile, Zhu Yiming also promised not to reduce his shareholdings within 10 years. However, Changxin Technology’s bonus plan comes with specific conditions, including issuance after three years, an issuance period of 10 years, and an unspecified beneficiary scope. As of the end of 2025, the company had 19,298 employees.

BlockBeats report: On July 27, as U.S. government debt continues to climb, investors are refocusing on scarce assets such as Bitcoin and gold, viewing them as tools to hedge against a decline in the purchasing power of the U.S. dollar.
U.S. Department of the Treasury “debt by the penny” data shows that, as of last Friday, the U.S. federal debt has risen to a record $39.7 trillion. Market participants note that U.S. government debt is currently increasing by about $7 billion per day; measured by market value, this incremental amount already exceeds most cryptocurrencies.
The founder of LondonCryptoClub said that the pace of U.S. debt growth is driving the so-called “currency devaluation trade,” in which investors buy assets with limited supply—such as gold and Bitcoin—to manage the long-term risk of fiat currency depreciation.

BlockBeats news, July 27, according to (The New York Times), U.S. President Trump is facing a difficult choice on Iran policy. In an interview, Trump said that the only constraint he faces is “moral standards,” because he controls the most powerful military force in the world.
Reports say that Trump has recently held multiple discussions on the situation in Iran with Vice President Vance, Defense Secretary Hegseth, Chairman of the Joint Chiefs of Staff Dan Kahn, son-in-law Kushner, and Middle East envoy Witkow, among others. At present, the three main options facing Trump are: expanding military operations, applying pressure through economic sanctions, or announcing victory and then withdrawing.

BlockBeats message: On July 27, a 26-year-old trader in Hong Kong was suspected of misappropriating HK$50 million from the company without authorization as margin, using financing to gain leverage and buy the Southern East Asia (South China) double-long Leverage Hailisi ETF. The trader ultimately suffered paper losses of up to HK$150 million due to a sharp drop in the underlying asset, and has now been arrested by police on suspicion of theft.
According to information, the trader carried out the above transactions between January 9 and July 20 this year, using HK$50 million in principal combined with margin financing to leverage billions of Hong Kong dollars to bet on Hailisi rising. However, because the ETF itself is a two-times leveraged product, the financing leverage and the ETF leverage are compounded, further magnifying the risk.

Original Title: (Interview: Lunar Exploration Program Hackathon Champion Team: Open-Sourcing the Fifth-Generation Body, Self-Evolution, and the Roadmap Waiting for Store Validation)
Original Author: Beating Insight
In 1961, Unimate was put into use on an assembly line at General Motors in the United States. In an earlier concept, an operator could first walk through the task with a mechanical gripper, letting the machine record the positions, and then do it again according to the recorded steps. The first thing industrial robots learned wasn’t to explain the world—it was to repeat an action reliably enough.
More than sixty years later, at the on-site embodied intelligence hackathon for the lunar exploration program, the LoopMaster team tried to bring that idea into retail stores. A robot composed of an all-direction wheel base, a lifting mechanism, dual mechanical arms, and a front tray was imagined as a “sales robot” that could move between shelves and customers. The store manager or staff first had it learn about display cases, shelving, and pickup routes through teleoperation, spoken commands, and a small amount of demonstration. The machine then went on to pick up, hand over, restock, and log each interaction along the way.

TL;DR
· SK Group and NVIDIA, as well as Samsung and Broadcom, have successively announced AI supply-chain collaborations, with combined framework size exceeding $700 billion.
· The cooperation covers HBM4, AI factories, foundry processes below 2nm, and advanced packaging. The core is to lock in AI server supply in advance.
· These arrangements are still mainly partnerships and MOUs; actual purchase volumes, pricing, and delivery schedules have not been disclosed.
The AI supply chain is shifting from rushing for GPUs to locking in memory and advanced packaging ahead of time.
On July 24, SK Group and NVIDIA announced an expansion of their comprehensive cooperation exceeding $500 billion at the AI Summit in San Francisco, covering AI factories and next-generation memory. Samsung Electronics later signed an MOU with Broadcom, expecting their cooperation in the memory and foundry sectors to exceed $200 billion over the five years through 2030.

Today, Changxin Tech opened at 49.5 yuan on the STAR Market, corresponding to a market cap of about 3.3 trillion yuan. One minute before the open, the CXMT perpetual contract on TradeXYZ was quoted at 48.11 yuan—about a 3% difference between the two.
An on-chain market scheduled to run 12 days early, nearly hitting the spot opening price.
The last fifteen minutes
The CXMT perpetual contract started at $5.00, surged to $8.09 after nine hours, and then gradually pulled back to $6.01. On the night before the listing, the contract price was still at $6.44, equivalent to 43.6 yuan—about 12% away from the next day's opening price.
The real convergence of the price gap happened after the SSE released the indicative price for the call auction. In the final 15 minutes before the open, the contract's trading volume reached $14 million, and the price quickly climbed to $7.11, equivalent to 48.11 yuan. Changxin Tech's underlying stock opened at 49.5 yuan. During the morning trading session, the gap between the perpetual contract and the spot narrowed further to about 1%.