8.29 AI Daily Report The U.S. Department of Commerce has put core economic data such as GDP on the blockchain, ushering in a new era of government data blockchain.

1. Headlines

1. The U.S. Department of Commerce has put core economic data such as GDP on the blockchain, ushering in the era of government data on the chain.

On August 28, the U.S. Department of Commerce announced that starting from the data for July 2025, it will publish six key economic data points on the blockchain, including actual Gross Domestic Product (GDP), Personal Consumption Expenditures (PCE) price index, and actual final sales to domestic private buyers. This decision marks the first time that the world's largest economy will natively put core economic data on-chain, ushering in the era of government data on the blockchain.

The U.S. Department of Commerce has chosen Pyth Network as its official partner to verify and distribute on-chain economic data, covering eight major blockchain networks including Bitcoin, Ethereum, and Solana. Wormhole will serve as the cross-chain transport layer to ensure seamless data flow between chains. In addition, Chainlink will also be involved, providing reliable oracle services for on-chain data.

This initiative not only brings government-level endorsement to cryptocurrency technology but may also become a key step in pushing global commodity and financial data onto the blockchain. Analysts believe that migrating government data to the blockchain is expected to enhance transparency, reduce costs, and improve auditability and traceability, injecting new vitality into traditional financial infrastructure. In the future, more government agencies may follow the example of the U.S. Department of Commerce by migrating key data to the blockchain.

2. Eliza Labs is suing Musk's company X, accusing it of stealing technology and launching imitation products.

Software development company Eliza Labs has filed a lawsuit against Musk's X company, accusing it of stealing its technology and launching imitation products after suspending Eliza's social media accounts. Eliza and its founder and plaintiff Shaw Walters state that X induced them to share technical details about the AI agents operating on the social platform and forced developers to pay high corporate licensing fees to continue operating.

The lawsuit claims that X abused its dominant position on social media to suppress competitors, violating antitrust laws. Eliza emphasized that her expulsion from the platform was not a publishing decision, but a "deliberately planned and cunning" act that harmed the company's relationship with clients and limited the company's growth. The case is currently being heard in federal court in San Francisco, and representatives for X and Eliza have not yet responded to requests for comment.

This case has once again raised industry concerns about the monopoly status of technology giants. Analysts point out that X, as a social media giant, could severely hinder industry innovation and fair competition if it abuses its market dominance to suppress competitors. Regulatory authorities need to strengthen antitrust oversight to maintain market order.

3. Federal Reserve Governor Waller: Supports a 25 basis point rate cut in September, worsening non-farm data may increase the magnitude.

Federal Reserve Governor Christopher Waller stated that he will support a 25 basis point rate cut at the September meeting and expects that further cuts may continue over the next three to six months. If the upcoming non-farm payroll data deteriorates significantly, Waller may consider a larger rate cut.

Waller pointed out that current core inflation is close to 2%, and there are risks of weakness in the labor market, so the Federal Reserve should timely lower policy interest rates. He emphasized that the Federal Reserve should ignore the short-term impact of tariffs on inflation in order to shift towards a more neutral monetary policy stance.

Analysts believe that Waller's remarks reflect a consensus within the Federal Reserve regarding a rate cut in September. However, there are still differences in the extent of the cut, depending on the performance of employment and inflation data. If further signs of economic slowdown emerge, the Federal Reserve may adopt a more aggressive easing policy.

The direction of the Federal Reserve's monetary policy will directly impact the global financial markets. Expectations of interest rate cuts are likely to boost risk assets, but excessive reductions may also raise concerns about a rebound in inflation. Investors need to closely monitor the September Fed meeting to assess the impact of policy adjustments on asset allocation.

4. 21Shares submitted a SEI spot ETF application to the SEC, exploring SEI staking business.

The cryptocurrency ETP issuer 21Shares has submitted an SEI ETF S-1 registration statement to the U.S. Securities and Exchange Commission (SEC) and stated in the prospectus that it seeks to explore the staking of SEI. This initiative aims to provide institutional investors with more channels to invest in SEI.

SEI is a computing power token that represents ownership of computing power. SEI holders can earn income by leasing out computing power. The SEI ETF planned by 21Shares will enable institutional investors to directly invest in SEI and share in the profits of the computing power economy.

In addition, 21Shares also hopes to explore SEI staking business. By staking SEI to obtain computing power rewards, it can provide investors with an additional source of income. Analysts believe that the launch of SEI ETF and staking business will further expand institutional investors' access to the computing power economy, helping to promote the development of the computing power market.

The SEC's regulatory stance on digital assets is becoming stricter, and whether 21Shares will be approved remains uncertain. However, industry insiders believe that regulatory agencies are expected to provide more investment channels for institutional investors while ensuring the protection of investors' interests.

5. The contract trading function experienced a brief downtime and has now resumed normal operation.

On August 29, the community reported interruptions in functions such as contract trading, data updates, and transfers. After urgent handling, it was announced that the related functions had fully resumed operation on the afternoon of the same day.

The specific reason for this downtime has not yet been disclosed. However, analysts point out that cryptocurrency exchanges occasionally experience brief outages due to system capacity and architectural limitations. As the user base continues to expand, exchanges need to increase infrastructure investment to enhance system stability.

In addition, some exchanges have adopted highly customized system architectures in pursuit of extreme performance. This makes system maintenance and upgrades more complex, and also increases potential risk hazards. In the future, this may drive exchanges to transition towards standardized architectures, improving the maintainability and scalability of systems.

Overall, exchange downtime incidents occur from time to time, with limited impact and the ability to recover quickly. However, in the long run, exchanges still need to continuously optimize system architecture and capacity planning to provide users with more stable and reliable services.

2. Industry News

1. The short-term battle between bulls and bears for Bitcoin is intense, with key support around $111,000.

Bitcoin's price is fluctuating around $112,000, with intense short-term long and short battles. Analysts point out that $111,000 is a key support level, and if it fails to hold, it may further drop to $110,000. Meanwhile, the Relative Strength Index (RSI) for Bitcoin continues to decline, showing a divergence similar to that seen before the peak of the bull market in 2021, suggesting that the price may be too high and at risk of a correction.

However, institutional demand for Bitcoin is rapidly increasing. According to statistics, in 2023, the rate at which enterprises are acquiring Bitcoin has surpassed the contributions of miners, marking a significant shift in market dynamics. With supply being limited, the anticipated rise in demand could bring a new wave of upward momentum for Bitcoin.

2. Ethereum follows Bitcoin's bull market script, with a historical high of $10,000 in sight

Ethereum's price briefly broke through $4,900, setting a new high. Analysts believe that Ethereum is following the bullish market cycle trajectory that Bitcoin experienced earlier. With continuous capital inflow and the management scale of spot ETFs surpassing $30.5 billion, if it can hold the short-term support level, Ethereum is expected to maintain its upward trend, showing a structure that is clearly stronger than Bitcoin.

At the same time, the Ethereum ecosystem is showing trends of institutionalization and cross-ecosystem integration. The collaboration between BenFen and the Stellar Foundation to promote tokenization of physical assets, along with Wormhole's proposal to acquire StarGate, reflects the rapid development of the industry.

3. Pyth Network surged 100% to break $0.23, marking the start of the on-chain economic data era.

The U.S. Department of Commerce announced the selection of Pyth Network as its official partner responsible for verifying and distributing on-chain economic data. This significant positive news has driven the PYTH price to surge 100% in 24 hours, currently breaking through $0.23. This collaboration marks the first time the U.S. government has put core economic data such as GDP on-chain, covering eight major blockchain networks including Bitcoin, Ethereum, and Solana.

On-chain data shows that whale holdings increased by 14.5% within 7 days, while exchange inventories decreased by 8%, signaling bullish sentiment. Analysts believe that PYTH has broken through a 7-month downtrend line, with bullish targets looking towards $0.31. This milestone event signifies a new government endorsement for the crypto world and marks the official beginning of the on-chain economic data era.

4. The Solana ecosystem continues to heat up, with a capital inflow of $116 million triggering a new round of price increases.

The Solana ecosystem continues to heat up, with a net inflow of $116 million in the past 24 hours. Analysts point out that the recently announced $2.5 billion SOL DAT plan is equivalent to the $30 billion financing scale of Ethereum or the $91 billion of Bitcoin, reflecting institutions' strong enthusiasm for the Solana ecosystem.

At the same time, the net growth of the realized market value of SOL and ETH has both surpassed BTC, with SOL's growth trend slightly outpacing ETH in the past week. Recently, funds have chosen ETH, but now they are once again embracing SOL. Analysts believe that Solana may replicate the explosive market trends of 2021 and 2023, resulting in a potential increase of over 10 times.

5. Is the altcoin season coming? Dogecoin, Pepe, and other meme coins lead the way.

Shiba Inu coin, Pepe, and other meme coins have surged over 150% in the past 24 hours, reflecting investors' ongoing interest in active community meme coins. Analysts point out that this may signal the arrival of altcoin season.

At the same time, traders are diversifying their investments, with funds flowing from mainstream coins like Bitcoin and Solana to altcoins such as XRP and NEAR. Some analysts believe that emerging meme coins like MAGACOIN could bring an investment return of 6200%.

However, the long-term outlook for meme coins remains controversial. Analysts remind investors to cautiously assess risks, as the performance of altcoins may be worse than expected, forcing industry participants to reassess innovation and real use cases.

3. Project News

1. The DeSci ecological AI agent yesnoerror announces the start of the public beta phase.

On August 29, the DeSci ecosystem AI agent yesnoerror announced the start of its public testing phase. The project is supported by the YNE token and aims to leverage the latest AI models to review and analyze over 500 new papers daily on artificial intelligence and computer science topics.

yesnoerror was born at the end of last year, launched by a leading cryptocurrency exchange in Africa, as a mini application within its Circle browser. The project utilizes AI technology to automate the paper review process, significantly improving efficiency. During the public testing phase, yesnoerror will cross-chain the YNE token to the Base blockchain, expand the auditing scope to journals beyond arXiv, and develop personalized research AI agents.

This innovative attempt organically combines AI technology with blockchain, bringing a brand new research experience to the academic community. Through a decentralized approach, yesnoerror is expected to promote the openness and transparency of academic research, facilitating the free flow of knowledge. At the same time, the project also expands new possibilities for the application of AI in the Web3 field.

Industry insiders are optimistic about the prospects of yesnoerror. Analysts believe that with the continuous development of AI technology and the expansion of application scenarios, similar projects will become a future trend. However, some viewpoints point out that yesnoerror still faces challenges in ensuring review quality and impartiality. Overall, the market is looking forward to this attempt, believing it will bring positive impacts to academia and the crypto world.

2. Caldera: The Pillar of the New Internet Web3 - Every Application Has Its Own Blockchain

Caldera is an infrastructure platform designed to provide independent, customizable rollups for each application, featuring high speed, security, and interaction with the entire ecosystem. The project is driving a new model for blockchain scalability.

Traditionally, Layer-2 is seen as the best solution for blockchain scalability. However, Caldera takes it a step further by providing a dedicated rollup for each application, allowing them to run on Ethereum while enjoying the benefits of an independent blockchain. This not only enhances the performance and privacy of applications but also strengthens interoperability with the Ethereum ecosystem.

Caldera's innovation lies in its tight integration of rollups with applications. Each rollup is tailored for a specific application, allowing parameters and functionalities to be adjusted based on demand. This flexibility enables developers to fully leverage blockchain technology without being constrained by a single chain.

The project is expected to become a key infrastructure in the Web3 era. By providing a dedicated chain for each application, Caldera can support large-scale parallel computing, achieving true scalability. At the same time, it also paves the way for interoperability between applications, promoting the integrated development of the Web3 ecosystem.

Caldera has attracted significant attention within the industry. Analysts believe that this innovative solution will greatly promote the development of blockchain technology and outline a grand blueprint for the Web3 era. However, the implementation of the project still faces numerous challenges, including technical and governance issues. Undoubtedly, Caldera has opened up a new path worth exploring for the expansion of blockchain.

3. AI Agent Market Map: The Hype Fades, Technology Continues

As the price of tokens plummeted, the AI Agent market temporarily lost its momentum. However, technological development is still progressing steadily, and DeFi( decentralized finance) has regained attention in the artificial intelligence field.

The AI Agent craze originated in 2022, when various general-purpose AI agents emerged. However, with the end of airdrops, a large number of users have left, and the development of these projects has stagnated. Third-party research shows that the user churn rate reached as high as 80% after the end of airdrops.

However, the industry has not stopped there. Specialized AI Agents optimized for specific functions are beginning to replace general-purpose AI Agents. Projects like Virtuals are actively building the infrastructure to connect these AI Agents and enable collaboration between them.

At the same time, AI Agents are beginning to integrate into the core functions of crypto projects. Analysts expect that the infrastructure ensuring smooth communication and collaboration between Agents will become crucial.

Although the hype around the AI Agent market has passed, the development of technology is still worth paying attention to. Through the actual product releases and specialized on-chain functions, the DeFi artificial intelligence sector has regained market attention. This trend reflects the industry's optimistic outlook on the prospects of AI technology.

However, some individuals are cautious about the current AI Agent projects. They believe that most projects are still in the conceptual stage, and the actual applications are still quite limited. To achieve deep integration between AI and cryptocurrency, both sides need further development and innovation.

Overall, the AI Agent market has undergone a reshuffle, but technological development has not ceased. In the future, the application prospects of AI in the Web3 field are broad and will bring profound impacts to the entire cryptocurrency world.

4. Economic Dynamics

1. Federal Reserve Governor Waller supports a 25 basis point rate cut in September.

The U.S. economy performed strongly in the first half of this year, but recent data indicates that growth momentum is slowing. The annualized GDP growth rate for the second quarter was 2.4%, an increase from 2% in the first quarter, but far below the 7.2% of the same period last year. Although the inflation rate has eased, it remains above the Federal Reserve's target level of 2%. In July, the core Personal Consumption Expenditures Price Index (PCE) rose 4.7% year-on-year, slightly down from 4.8% in June.

Federal Reserve Governor Waller stated in a recent speech that he supports a 25 basis point rate cut at the September meeting. He believes that although the economy remains relatively strong, inflationary pressures are easing, and there are signs of a slowdown in the labor market. Unless the August employment report shows significant economic weakness and inflation is well-controlled, he does not believe a larger rate cut is necessary in September.

The market reacted lukewarmly to Waller's remarks. Investors generally expect the Federal Reserve to raise interest rates again in September, although there are differences in the extent. According to CME's FedWatch tool, the current market probability of a 25 basis point rate hike in September is 19.6%, while the probability of a 50 basis point increase is 80.4%.

Goldman Sachs chief economist Jan Hatzius stated that the Federal Reserve may pause interest rate hikes in September, waiting for more data to assess the economic trend. He expects that the Federal Reserve will ultimately end the current rate hike cycle in early 2024, at which point the federal funds rate will reach a range of 5.25% to 5.5%.

2. China's August Manufacturing PMI Returns to Expansion Zone

China's official manufacturing Purchasing Managers' Index (PMI) for August ( returned to the expansion zone, indicating that the economy is gradually recovering. The PMI for August was 49.7, up from 49.0 in July, ending three consecutive months of contraction. This data is better than market expectations and reflects that a series of recent support measures are beginning to take effect.

The sub-item data shows that both the production index and the new orders index have returned to the expansion zone, at 53.1 and 51.7, respectively. The new export orders index has also rebounded, but is still below the critical point. The employment index has been in a contraction state for the 28th consecutive month, indicating that companies remain cautious in terms of hiring.

Data from the National Bureau of Statistics of China indicates that the production and business activities of manufacturing enterprises have improved, and market demand is gradually recovering. However, attention should still be paid to adverse factors such as the employment situation and rising raw material prices.

Zhang Yang, Head of Asia Economic Research at Citibank, believes that the August PMI data meets expectations and reflects that the economy is gradually stabilizing and recovering. He anticipates that as the effectiveness of policies continues to be released, the economy will further improve in the second half of the year. However, it is still necessary to be vigilant about the impact of geopolitical risks and weak global demand.

) 3. The U.S. Department of Commerce has published the GDP data hash value on the blockchain.

The U.S. Department of Commerce announced that starting from the data of July 2025, it will publish actual GDP ### data on the blockchain. The first batch of data types will include six related data types, including actual GDP, personal consumption expenditures ( PCE ) price index, and actual final sales to domestic private purchasers.

This data on-chain involves 9 public chains and 2 oracle networks. For the crypto industry, this marks that the core data of the world's most important economies is moving from traditional centralized institutions to being natively available on-chain. On one hand, this government-led data on-chain brings new endorsement to the crypto world. On the other hand, it opens up a whole new path for the integration of traditional finance and blockchain.

The U.S. Department of Commerce stated that this move aims to enhance the transparency and credibility of economic data and explore the application prospects of blockchain technology in government data publishing. Compared with traditional methods, blockchain can ensure the immutability and traceability of data.

Goldman Sachs analysts indicate that this move reflects the government's serious consideration of the application of blockchain technology in the field of public data. However, due to a lack of regulatory clarity, it may be difficult to promote this to more areas in the short term. They believe that relevant regulations may be introduced in the future to provide a systemic foundation for the on-chain management of government data.

5. Regulation & Policy

( 1. The U.S. Department of Commerce is putting GDP data on the blockchain, and the CFTC is issuing guidelines for foreign trading platform registration.

The U.S. Department of Commerce announced that starting from the data of July 2025, the hash values of key economic data such as Gross Domestic Product (GDP) will be published on 9 public blockchains, including Bitcoin, Ethereum, Solana, and others. This is the world's first instance of official GDP data being put on-chain, marking a further application of blockchain in the transmission of government data.

This initiative is led by the U.S. Department of Commerce's Bureau of Economic Analysis and implements on-chain verification and distribution of data through the two major oracle networks, Pyth Network and Chainlink. The first batch of data types to be put on-chain includes six core economic indicators such as GDP and the Personal Consumption Expenditures Price Index.

Background: With the development of blockchain technology and increasingly clear regulations, government agencies are beginning to explore the feasibility of putting official data on the blockchain. The purpose of this on-chain initiative is to enhance data transparency, traceability, and tamper-resistance, laying the foundation for the future on-chain of government data.

Content: According to the announcement from the Ministry of Commerce, the GDP for July 2025 is revised to an annualized growth estimate of 3.3%. The related data hash values have been published to Mantle, Arrum, Avalanche, and 9 other mainstream public chains. In the future, more links and data types will be covered.

Market Reaction: This move is seen as an important milestone for blockchain technology gaining government recognition. The cryptocurrency market reacted positively, with mainstream coins like Bitcoin and Ethereum rising in the short term. Industry insiders believe that the government's data going on-chain will inject new momentum into on-chain financial innovation, promoting the implementation of applications such as DeFi and RWA.

Expert Opinion: Delphi Digital analysts suggest that government data on the blockchain is expected to drive regulatory agencies to further embrace blockchain technology, creating a favorable environment for the compliant development of cryptocurrencies. Messari founder Ryan Selkis believes that this is a government-led blockchain application implementation that will bring new development opportunities to the industry.

) 2. The CFTC has issued guidance on a framework for foreign trading platform registration, providing regulatory clarity for non-U.S. trading platforms to return to the U.S. market.

The Market Surveillance Division of the Commodity Futures Trading Commission (CFTC) has issued guidance on the registration framework for Foreign-Based Trading Platforms (FBOT), applicable to non-U.S. entities that are legally organized and operating outside the United States and wish to offer direct trading platform access to individuals located in the U.S. This registration framework applies to all markets, regardless of asset class, including both traditional and digital asset markets.

Background: In recent years, due to regulatory uncertainty, some cryptocurrency exchanges have been forced to exit the U.S. market. This guidance aims to provide a compliance pathway for these exchanges to return to the U.S. while meeting the demands of American investors for a rich array of products and a liquid market.

Content: According to the guidance, foreign trading platforms must register as "foreign trading boards" and obtain full licensing under a regulatory system recognized by the CFTC as comparable to U.S. regulatory standards. After registration, they can provide trading services for financial products such as derivatives to U.S. investors.

Market reaction: This move is seen as a significant shift in the U.S. cryptocurrency regulatory policy, ending the "enforcement-style regulation" approach of the past few years. Industry insiders believe that this will significantly enhance market liquidity and investment options, benefiting the long-term healthy development of the crypto industry.

Expert Opinion: Oppenheimer analysts indicate that the CFTC's new policy is expected to attract more institutional investors and trading volume into the cryptocurrency market, pushing the industry towards maturity. Fundstrat analysts believe that this is an important part of the Trump administration's "crypto sprint" strategy, which will create a favorable environment for the compliant development of cryptocurrencies.