South Korea is emerging as one of the most important global hubs for regulated digital assets, and Upbit sits at the center of this shift. Naver’s proposed acquisition could create the country’s dominant super app for payments, trading, and digital finance. This report breaks down the numbers, the regulatory tailwinds, the economics of the deal, and why the merger may unlock one of the most attractive asymmetries in Korea’s public markets.

Built on Solana, Loopscale is an orderbook-based lending protocol that pairs the efficiency of direct market matching with the flexibility and UX of modular protocols. We believe Loopscale can help scale NNAs in Solana DeFi and act as their foundational credit layer. Stablecoin deposits and select USD-pegged Loops on Loopscale are offering competitive yields, with an additional upside from farming the protocol and adjacent ecosystem projects (e.g., OnRe, Hylo) for potential future airdrops.

Bitcoin miners are entering a structural transformation as power replaces hashrate as the key driver of value. Following the latest halving and record network difficulty, margins have compressed sharply, accelerating a pivot towards high-performance computing (HPC). Miners controlling cheap, scalable, grid-connected megawatts are evolving into critical infrastructure providers. This shift is redefining valuations, from legacy EV/Hashrate multiples to EV/MW and HPC cash-flow potential. Leaders such as IREN, Core Scientific, TeraWulf, and Cipher are capitalizing through colocation and cloud contracts, positioning the sector at the intersection of AI infrastructure

Flying Tulip's perpetual put option provides real principal protection, but investors must pay a valuation premium today for products that have to be built over the next 24 months. This structure works best as a stablecoin substitute where the put allows continuous monitoring—accept opportunity cost in exchange for asymmetric upside if the team executes on its ambitious cross-collateral architecture.