PANews

Written by: Cosmic Wave Naruto, Deep Tide TechFlow
In February 2026, the tech stock market is experiencing a systemic crash that some media are calling "SaaSpocalypse" (the end of SaaS).
Salesforce's stock price has fallen nearly 40% from its peak in 2025; after the quarterly earnings report, ServiceNow's stock plummeted by over in a single day.

Tether achieved a net profit of $13 billion in 2024, becoming the world's most profitable stablecoin issuer. Through the "Stablecoin Floating Reserve Game," it invests customer funds in high-yield U.S. Treasury bonds while also holding gold and Bitcoin. Tether is restructuring traditional payment and financial models to improve efficiency and reduce costs, actively investing in Bitcoin mining farms and AI sectors. Its development indicates that the definition of currency is gradually shifting toward digital networks, challenging the traditional financial system.

Author: Zui Feng Trading Desk
As AI products become easier to replicate, the market is beginning to reprice "hard-to-copy tangible assets" such as power grids, pipelines, infrastructure, and long-term capacity.
On February 24, Goldman Sachs Global Investment Research released its latest report, "The HALO Effect: Heavy Assets, Low Obsolescence in the AI Era," which states: Under the combined effects of higher real interest rates, geopolitical fragmentation, supply chain restructuring, and a wave of AI capital expenditures, the core valuation logic of the stock market is shifting from an "expandable light-asset narrative" to "buildable, hard-to-replace tangible capacity and networks."
Goldman Sachs summarizes this change as a "repricing of scarcity."
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> "Higher real yields, geopolitical fragmentation, and supply

Author: Go2Mars Web3 Research
The true exit is structural migration, not emotional venting; it’s acceptance, not chasing popularity. The next phase of RWA is not a breakout point but an entry point; not a traffic outlet but an institutional gateway.
In 2025, the hottest projects are HyperLiquid and Aster. There are many explanations for why they will explode in popularity, with some very niche perspectives. However, the fundamental reason for their explosive growth might be easier to understand if we look at it from a product perspective. After analyzing this, can we extend these insights to RWA DEX? If so, how should we upgrade and derive from them? In this article, we will try to clarify these points as much as possible.
Understanding the Essence of HyperLiquid and Aster’s Explosive Growth
Aster and

The article discusses the evolution of radio and the future of Bitcoin. Radio was once a hobby for geeks, but now it has become a widely used technology; similarly, Bitcoin will also integrate into people's daily lives in the future, becoming a common digital asset on smartphones rather than being seen as an exclusive hobby.

Written by: Cosmic Wave Naruto, Deep Tide TechFlow
In May 2022, $40 billion evaporated within 72 hours.
It was the most devastating crash in the history of cryptocurrency. Once hailed as the "crown jewel of algorithmic stablecoins," UST plummeted from $1 to worthless paper within days; Luna, which had a market cap of nearly $40 billion, fell from a high of $116 to nearly zero.
Millions of ordinary investors lost their savings that early summer. They kept refreshing their screens, staring at the continuously falling candlestick chart, clueless about what was happening or what to do.
The official explanation came quickly: the algorithm was flawed, Do Kwon lied, and the market naturally died. Most people accepted this answer, attributing the catastrophe to "another lesson in the crypto world," and then moved on.
This explanation held for nearly four years.

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