TRON Industry Weekly Report: Strong Momentum in US Stocks but Crypto Market in a Dilemma, Detailed Explanation of Building a Professional-Level DeFi Strategy Protocol Mellow

# I. Outlook

1. Macroeconomic Summary and Future Predictions

Last week, U.S. stocks showed overall strong fluctuations. The market interpreted "weakening manufacturing but not stalling + moderate cooling in employment" as favorable for a policy shift within the year. The technology and growth sectors performed relatively well, with the S&P 500 and Nasdaq recording slight increases, while cyclical and manufacturing-related sectors faced pressure.

Looking ahead, the U.S. economy is likely to operate within a "slowing but not recessionary" range. If subsequent data continues to confirm cooling employment and inflation does not rebound, easing expectations will continue to support U.S. stock valuations. However, if the service sector and consumption strengthen again, and inflation expectations rise, the sensitivity of high-level U.S. stocks to data will significantly increase, leading to greater volatility risks.

2. Market Changes and Warnings in the Cryptocurrency Industry

Last week, the cryptocurrency market experienced a noticeable pullback after an early-year rebound, indicating concentrated selling pressure from above. Trading volume expanded during the decline, with clear signs of capital withdrawing from risk assets, and ETF inflows slowed or even weakened temporarily. Altcoins and high-volatility varieties saw more severe pullbacks, with the previously high-performing MEME sector experiencing rapid declines, and some tokens showing significant weekly losses, leading to a quick cooling of market risk appetite.

From a risk perspective, this round of pullback reflects that the current market still belongs to a rebalancing phase after a rebound, rather than the initiation of a trend-driven bull market. If Bitcoin cannot regain and establish effective support at $100,000, there is a possibility of further testing key support areas in the short term, with high-volatility sectors being the most affected. Additionally, with macro data returning intensively in January, if interest rates or inflation expectations show adverse changes, the magnitude of the pullback may be further amplified. Overall, the cryptocurrency market remains weak in the short term, and caution is advised against the risk of a pullback evolving into a deeper adjustment.

3. Industry and Sector Hotspots

A total financing of $447 million, Canton Network, backed by JP Morgan and Nasdaq, is a public Layer-1 blockchain launched by Digital Asset, designed specifically for institutional finance; with a financing of $1 million, Haiku, led by BIG BRAIN HOLDINGS, is an AI-driven on-chain intent trading protocol and decentralized derivatives exchange based on Solana.

# II. Market Hotspot Sectors and Potential Projects of the Week

1. Overview of Potential Projects

1.1. Analysis of $447 Million Financing, Backed by JP Morgan and Nasdaq------Canton Network, an Institutional-Level Layer1 Focused on Need-to-Know Privacy and Cross-Application Atomic Interoperability

Introduction

Canton Network is a public Layer-1 blockchain launched by Digital Asset, designed specifically for institutional finance, integrating privacy, interoperability, and high scalability. It is built on DAML smart contracts and ensures that participants can only access transaction data relevant to them through a "need-to-know" privacy mechanism.

Canton supports atomic-level transactions across applications (such as settlement between tokenized bonds and cash), while maintaining asset isolation, privacy protection, and strict regulatory compliance controls.

Canton Network consists of all applications and users built and operated using Canton software, with these independent instances interconnected through the Canton protocol, forming a global interoperability system.

1. Contract Instances and Smart Contract Templates

• The core data unit managed and synchronized by Canton is the contract instance.

• Each contract instance is based on a template, which defines the business logic and permission rules of the smart contract.

• Choices in the template determine executable state updates: archiving the old contract and creating a new contract in an atomic operation.

• All templates and instances constitute a complete ledger.

1. Parties and Ledger Ownership

• Each contract belongs to one or more parties.

• Each party connects to the network through its own validator and can only view contract data relevant to itself.

• When multiple validators connect to different networks, the entire network forms a virtual global ledger not controlled by any single entity.

1. Canton Infrastructure: Synchronizers and Validators

• Validator: Executes and verifies transactions, managing the ledger state of its organization; does not open ports to the outside.

• Synchronizer: Responsible for transaction ordering, buffering, and securely forwarding encrypted messages; cannot see transaction content.

• A validator can connect to multiple synchronizers simultaneously, automatically forming a "network of networks."

1. Transaction Execution Method

• To complete cross-organization transactions, relevant validators must connect to the same synchronizer.

• Synchronizers are only responsible for transmission and ordering and do not understand business content.

• Among them, the Global Synchronizer (https://sync.global) is the backbone node of the network.

1. Stateless Synchronizers & Horizontal Network Expansion

• Contracts are not bound to any specific synchronizer; synchronizers are also invisible to each other.

• Validators can freely choose any connectable synchronizer for transactions.

• This design allows Canton Network to horizontally expand like the internet by adding synchronizers and validators.

Overview of Canton Network Application Architecture

1. Frontend

The frontend is responsible for allowing end users to interact with the application business process.
To ensure non-repudiation, all user operations must go through the backend of the organization to which the user belongs, submitted to the ledger via the organization's Participant Node. Therefore, best practice is for each organization to independently host its own frontend and authenticate through its IAM system. The frontend should not directly access the ledger but should call backend APIs, with the backend uniformly submitting commands.

2. Daml Model (Business Process and API Definition)

The Daml model defines the business logic, permission system, and operational modes shared across institutions. Its compiled product, the DAR file, must be deployed to all participating nodes.
The model should only express the current state and should not retain historical steps as long-term existing contracts to avoid infinite growth of ACS.
If historical records are needed, they should be queried through PQS event streams rather than maintaining active contracts in the model.
When cross-organization reference data needs to be shared, explicit disclosure is recommended to avoid performance overhead from numerous observers.

3. Backend (Core Backend)

The backend is responsible for:

3.1 Providing High-Level APIs

The backend abstracts the Ledger API, providing secure, scalable, and user-friendly interfaces for the frontend and external systems.

Read Path

• Uses PQS (Participant Query Store) as the main query engine.

• PQS supports SQL, historical event queries, and application-level indexing, suitable for building high-performance query services.

• PQS does not impose access control, so the backend must implement fine-grained permission management on returned data.

• PQS can serve various scenarios such as automation, integration, real-time UI, and analytical queries.

Write Path

• Emphasizes reliability (retry mechanisms) and idempotency:

• Failures must be safely retried.

• Use contract consumption or command deduplication to ensure submissions do not take effect multiple times.

• Provides unified encapsulation for the frontend and system (e.g., "submit order," "update status," etc. business-level APIs).

4. Backend Automation and External System Integration

4.1 Automated On-Ledger Workflows

Workflows on the ledger do not advance automatically; all actions must be initiated by the backend.
The backend should break down automated work into retryable tasks, with each task being independent, side-effect-free, and always using the latest ledger state.

Automation sources include:

• State-triggered: Polling for new contracts via PQS (e.g., new approval requests).

• Time-triggered: Scheduled tasks (e.g., regular reconciliations, event cancellations).

Note:

• Commands submitted automatically must consume the contract that triggered the task to prevent infinite loops.

• Retries should encompass the entire task flow, not just retry the command submission part.

4.2 Integration with External Systems

The backend serves as a bridge between the ledger and the external world, allowing integration with:

• KYC / AML systems.

• Market data sources.

• Accounting, clearing, and settlement systems.

• Order matching systems.

• Message queues.

Integration methods are flexible, allowing data to be pushed to the ledger or pulled from the ledger or subscribed to events. It is strongly recommended that external systems do not directly access the Ledger API; all reads and writes should be managed uniformly through the backend to ensure permissions, idempotency, and data consistency.

Tron Comments

Canton's advantages lie in its "need-to-know" privacy model, cross-application atomic interoperability capabilities, and horizontal expansion architecture, creating a compliant and high-performance blockchain infrastructure for institutional finance. Financial institutions can achieve cross-asset and cross-application collaboration while maintaining data isolation, privacy protection, and regulatory requirements, thus supporting the large-scale implementation of real-world financial applications. At the same time, the Canton network is governed collectively by global financial institutions, ensuring high security and credibility.

Its main disadvantage is the relatively high ecological threshold, requiring the use of DAML for development and requiring institutions to deploy participant nodes, resulting in a limited number of early developers, lower decentralization compared to public chains, and weaker accessibility for ordinary DeFi users.

1.2. Analysis of $1 Million Financing, Led by BIG BRAIN HOLDINGS------AI Intent-Driven Solana Ultra-Fast Perpetual Trading Layer Haiku

Introduction

Haiku is an AI-driven on-chain intent trading protocol and decentralized derivatives exchange based on Solana. It can convert any target trading state into a single unified on-chain transaction, abstracting away all DeFi complexities for users and integrators. Haiku offers ultra-fast, low-cost perpetual contract trading, with deep liquidity, advanced risk management mechanisms, and modular AMM infrastructure.

Architecture Overview

1. Haiku Pro

Haiku Pro is an advanced graphical strategy interface aimed at professional traders, asset managers, and advanced DeFi users, allowing them to build and execute complex multi-step on-chain strategies visually without writing any code.

Traditional trading interfaces typically only execute single operations, while Haiku Pro allows users to create all-in-one "All-or-Nothing" trades composed of multiple DeFi primitives (lending, borrowing, staking, LP, bridging, etc.) through drag-and-drop combinations.

Core Capabilities

· Visual Strategy Builder
Users can set initial asset states and target states freely, combining complex strategies across any supported chain and asset.

· Full Primitive Support
Strategies are not limited to swaps but can natively combine lending, collateralization, staking, cross-chain, LP, and other types of operations.

· Seamless Cross-Chain Operations
Multi-step cross-chain trades can be built in a single interface without needing multiple interfaces or multiple interactions.

· Pre-Execution Simulation
Provides a preview of trading results before signing, including:
--- Final asset quantity
--- Fees
--- Slippage
--- Execution path

Ensures user strategies are controllable, transparent, and predictable.

2. Haiku Agent

Haiku Agent is an interactive interface that executes complex DeFi strategies through natural language, allowing users to complete multi-step on-chain operations with a single sentence.

It serves as the conversational layer of our Declarative Transactions infrastructure, enabling users or AI agents to trigger complex on-chain strategies through simple text commands without needing to understand underlying protocols or interface logic.

This product eliminates the last layer of complexity in DeFi—the interface itself. Users only need to describe the desired final state, and Haiku Agent enables both zero-background users and advanced on-chain AI to utilize our execution engine.

How It Works

Haiku Agent is powered by a large language model (LLM) fine-tuned for DeFi protocols and financial primitives. The process is simple and smooth:

1. Describe Your Strategy

Users or AI agents input goals in natural language, such as: "Leverage long half of my ETH, and deposit the other half into a lending pool to earn interest."

2. Intelligent Parsing

The model understands the target state of the instruction and converts it into a structured execution request.

3. Dynamic Execution

The execution engine calculates the most capital-efficient path based on the request and completes the entire strategy in a single All-or-Nothing transaction.

3. Haiku API

Haiku API is the core access layer for developers to our Declarative Transactions infrastructure.
It provides developers, protocol parties, and on-chain fund managers with a high-performance, unified, and programmable entry point for executing complex multi-step on-chain strategies in an All-or-Nothing manner.

By integrating Haiku API, you can hand over the entire execution lifecycle to our engine, eliminating the need to build and maintain fragile, complex underlying execution logic, allowing you to focus on product and user experience.

Core Value Proposition

1. Abstract All Complexity

One integration grants access to 45+ protocols and 19 chains. Routing, cross-chain, swapping, and execution are all handled by Haiku, so you no longer need to worry about underlying interactions.

2. Unlock Advanced Features

Provide your users with capabilities that traditional aggregators cannot achieve, such as:

• True portfolio rebalancing

• One-click cross-chain deposits

• Leveraged positions and complex strategy combinations

• Automated execution of multi-protocol, multi-step trades

1. All-or-Nothing Execution Assurance

All multi-step strategies will be packaged into a single unified transaction for execution:

• Avoid partial execution failures

• Prevent funds from being stuck between steps

• Significantly enhance security and certainty

1. High Performance and Stability

Haiku's execution engine can dynamically return complex strategy routes within 200 milliseconds and achieve a 99.7% API success rate in real production environments, ensuring institutional-level reliability.

Tron Comments

Haiku's advantages lie in its AI-driven intent execution and Declarative Transactions architecture, abstracting multi-step on-chain operations into a single unified transaction, significantly lowering the complexity threshold of DeFi. With Haiku Pro, Haiku Agent, and Haiku API, users, AI agents, and developers can build and execute complex cross-chain, cross-protocol strategies in visual, natural language, or programming ways, enjoying ultra-fast low-cost execution, deep liquidity, and high composability, suitable for professional traders and institutional scenarios. Meanwhile, its All-or-Nothing execution model enhances fund security and certainty.

Its disadvantages include a high degree of abstraction that relies on the reliability and security of the underlying execution engine; any model misjudgment or routing error may lead to execution deviations. Additionally, the system has a strong dependence on external protocols, LLM reasoning, and cross-chain communication, which may face delays, failures, or risk amplification in extreme market conditions. Overall, Haiku brings revolutionary improvements to on-chain trading experiences but still needs to continuously strengthen risk control and infrastructure stability.

# III. Detailed Analysis of Key Projects of the Week

2.1. Detailed Analysis of $2.75 Million Round Financing, Led by Cyber Fund---Mellow, a Protocol Enabling Everyone to Build Professional-Level DeFi Strategies

Introduction

Mellow has built a composable liquidity treasury that allows for the completely permissionless creation of various types of vaults, including Simple LRT, MultiVaults, DVV, cross-ecosystem interoperable vaults, and more. This primitive consists of a set of vault smart contracts with customizable risk curves, managed by curators responsible for strategy execution and risk parameter management. This manual includes the overall architecture of Mellow Vaults, contract details, audit information, user tutorials, API descriptions, and incentive mechanisms.

Mellow's ALM (Asset-Liability Management) module is responsible for constructing on-chain structured products that enhance DeFi capital efficiency, evolving from Mellow Permissionless Vaults—a fully permissionless, automated active liquidity management system.

Architecture Overview

Mellow's positioning is to productize, standardize, and make complex DeFi yield strategies composable, allowing professional asset managers and curators to design, deploy, and scale on-chain structured products in a modular way.

1. Mellow Core Vaults: Modular Structured Product Infrastructure

The architecture of Core Vaults is built around four principles: modularity, composability, auditability, and security, providing a unified execution framework for complex strategies.

Core functions include:

• Custodial LP access modules (Deposit Queue & Redeem Queue)

• Unified, configurable security oracle

• Professional strategy execution units (Subvault + Verifier modules)

• Yield recording and certificate management (Share Manager)

• Four types of fee systems (Fee Manager)

• Risk control system (Risk Manager)

• Fine-grained role management (Mellow ACL)

Regardless of how complex the strategy (LP, leverage, yield layering, CEX execution, Restaking, Pendle, Aave, etc.), all strategy actions are executed through a standardized vault framework and strictly verified by the Verifier, ensuring safety and transparency.

Core Architecture Modules

1. Deposit Queue (Delayed Deposit)

• Prevents front-running.

• Waits for oracle pricing before minting shares at the price.

• Optional whitelist (for compliance).

1. Redeem Queue (Asynchronous Redemption)

• Prevents malicious user cancellations (avoiding "redeem-cancel" harassment governance).

• Allows curators to manage strategy liquidity asynchronously.

1. Signature Queues (Fast Track)

• Signed by a trusted group (consensus group).

• Immediate minting or redemption without waiting for the oracle.

• Suitable for institutional-level needs or OTC-style functions.

1. Vault Control (Combining All Modules)

• Controls asset inflows and outflows, fees, share logic, oracle reports, etc.

1. Subvault (Strategy Execution Unit)

• Each strategy has a Subvault, which can connect to any DeFi/CEX.

• The Verifier module restricts callable functions (security layer).

1. Verifier (Strategy Whitelisting System)

• Ensures that strategy calls are always authorized.

• Can use Merkle, on-chain, or external verifiers for validation.

1. Oracle (Trustless Pricing)

• Supports deviation checks (absolute & relative deviation).

• Can mark "suspicious prices" for administrator confirmation.

• Determines the final price for deposits/redemptions.

1. Share Manager (User Share Management)

• Whitelisting, locking, pausing, allocation, and other compliance functions.

• Supports precise accounting for "earned shares not claimed."

1. Fee Manager (Fee System)

• Deposit fees.

• Redemption fees.

• Performance fees.

• Protocol information fees.

1. Risk Manager (Risk Control)

• Limitations on each vault/subvault.

• Audits pending assets/actual asset differences.

• All limits are calculated based on oracle pricing.

1. ACL Permission System

• Dynamic roles.

• Auditable, facilitating institutional governance.

Supported Strategy Scenarios by Mellow

Through modular Subvaults, Mellow can support the most complex strategies across chains:

• Pendle: Future yield splitting/yield enhancement.

• Aave / Morpho / Gearbox: Leverage & lending strategies.

• Uniswap / Curve: Stable pool & non-stable pool LP management.

• Cowswap: Limit order execution.

• Symbiotic / EigenLayer: Restaking yield management.

• CEX execution + off-chain market-making strategies.

Core Vaults aim to become the most powerful structured product foundation on-chain.

2. SimpleLRT Architecture

SimpleLRT is a modular Liquid Restaking primitive built on a set of composable vault contracts, suitable for different risk configurations.
The system consists of the following key components:

• MellowSymbioticVault (main vault logic, ERC-4626 style).

• Assets (asset, such as wstETH) and corresponding DefaultCollateral.

• SymbioticVault (created via VaultConfigurator).

MellowSymbioticVault, as the core component, is responsible for:

• ERC-4626 standard deposits and withdrawals (withdrawals are asynchronous).

• Receiving rewards from Symbiotic vaults and distributing them to farms.

• Managing limits, pauses, whitelists, and other control logic.

Key Features

The vault provides standardized asset management capabilities:

• asset() / totalAssets() → Query underlying assets and TVL.

• convertToShares / convertToAssets → Conversion between assets and shares.

• preview*() → Deposit and withdrawal estimates.

• getBalances() → Query user’s available/total assets and shares.

Additionally, the system manages asynchronous withdrawals through an independent Withdrawal Queue, including:

• pendingAssetsOf / claimableAssetsOf.

• claim() completes the final claim.

SimpleLRT standardizes Restaking, asynchronous withdrawals, reward distribution, and risk control into composable primitives through a modular vault architecture, enabling permissionless creation of Liquid Restaking products with different risk preferences while being compatible with Symbiotic's underlying mechanisms.

3. MultiVault Architecture

MultiVault is an asset aggregation vault aimed at multi-source yield and re-staking scenarios, managing yields, re-staking, and liquidity from different protocols through modular design. The system is based on an extended ERC4626, implementing advanced features such as limits, whitelists, and locking.

Core Features

• Single asset entry, with MultiVault distributing and scheduling across multiple Subvaults.

• Subvaults support multi-protocol combinations, such as Symbiotic, EigenLayer, and standard ERC4626, to maximize yields and abstract underlying complexities.

• Unified protocol adaptation layer (Adapters):

• SymbioticAdapter.

• EigenLayerAdapter.

• EigenLayerWstETHAdapter.

• ERC4626Adapter.

Subvault Types

Currently, three types of Subvaults are supported:

1. SYMBIOTIC.

2. EIGEN_LAYER.

3. ERC4626.

Excess assets revert to Symbiotic's DefaultCollateral to enhance utilization efficiency.

Asset Management Strategy (RatiosStrategy)

Strategies control the target asset allocation range for each Subvault through minRatioD18 / maxRatioD18 and execute asset allocation during deposits, withdrawals, and rebalancing.

MultiVault abstracts multi-protocol re-staking and yield sources into a unified vault system, achieving flexible, scalable, and highly secure yield aggregation and asset scheduling through Ratio strategies, adapter layers, and asynchronous withdrawal queues.

4. Interoperable Vaults

Interoperable Vaults aim to allow users to deposit assets in L2 without transferring real assets across chains, executing re-staking (restaking) on L1 to obtain cross-chain yields and multi-network rewards.

The system relies on LayerZero's OFT (Omnichain Fungible Token) standard to achieve cross-chain mapping of assets, managed by Mellow's MultiVault on L1 for re-staking yields.

Core Process

1. Users deposit assets in L2 and receive receipt tokens.

2. Assets are locked in L2 without cross-chain movement.

3. The system mints corresponding OFT "shadow assets" on L1.

4. OFT is used for re-staking (Symbiotic / EigenLayer) on L1 to earn rewards.

5. Users receive dual yields: L2 incentives + L1 re-staking yields.

6. In the event of slashing, OFT is proportionally reduced, but the remaining portion can still be redeemed in L2.

Two Major Yield Sources

① L2 Yields

• L2 incentives.

• L2 DeFi strategy yields.

• Ecological rewards for receipt tokens.

② L1 Re-staking Yields

• Symbiotic / EigenLayer rewards.

• Network points.

• OFT is treated as equivalent to native assets, allowing full rewards.

Architecture Essentials

L2 (Source Chain)

• Users deposit & receive shares.

• Asset locking.

• L2 yield sources.

L1 (Target Chain)

• Mint OFT.

• MultiVault allocates to re-staking protocols.

• Generates L1 yields.

Cross-Chain Communication

• Uses LayerZero OFT.

• Only allows SourceCore to initiate cross-chain operations.

• Does not move real assets, only cross-chain mapping.

Tron Comments

Mellow's advantages lie in its highly modular and composable treasury infrastructure, supporting the permissionless creation of structured products such as various LRTs, MultiVaults, and cross-chain vaults, capable of connecting to multiple ecosystems like Symbiotic, EigenLayer, and DeFi, meeting institutional-level ALM, yield management, and re-staking needs. Its modules for strategies, risk control, queues, permissions, oracles, etc., are clearly separated, enhancing security, transparency, and scalability, and allowing curators to flexibly construct complex strategies, making it one of the most complete on-chain structured yield frameworks currently available.

Its disadvantages include a relatively complex system that relies on multi-layer queues and cross-chain components, posing a higher understanding threshold for ordinary users; additionally, the overlap of multi-protocol, cross-chain, and re-staking increases operational risk exposure, with strong dependencies on oracles, permission management, and external protocol stability, and the curator role may introduce certain trust assumptions and operational risks.

# IV. Industry Data Analysis

1. Overall Market Performance

1.1. Spot BTC vs ETH Price Trends

BTC

ETH

2. Public Chain Data

# V. Macroeconomic Data Review and Key Data Release Points for Next Week

Last week, the December non-farm payroll and unemployment rate data overall released signals of "employment continuing to cool but not stalling." The number of new non-farm jobs added in December was significantly below the average level for the year, indicating a further slowdown in corporate hiring intentions and weakening employment expansion momentum; meanwhile, the unemployment rate rose slightly, reflecting that the labor market is transitioning from a previously tight balance to a more relaxed state. This set of data reinforces the judgment that "the lagging impact of high interest rates on employment is becoming evident," and supports market expectations that the Federal Reserve's subsequent policies will lean more towards a wait-and-see approach, reserving space for interest rate cuts within the year. Overall, the employment data did not trigger a recession alarm but clearly pointed towards an economic slowdown.

Important data to be released this week:

January 13: U.S. December unadjusted CPI year-on-year.

# VI. Regulatory Policies

China: Reiterating Strict Regulation and Promoting Digital Currency

• Regulatory Tone: The People's Bank of China held a work meeting from January 5 to 6, clearly stating that it will further tighten regulation on virtual currency "mining" and trading activities by 2026, and increase efforts to combat related illegal financial activities.

• Payment Monitoring: The meeting required commercial banks and payment institutions to continuously strengthen monitoring of fund flows related to cryptocurrency transactions to prevent risk transmission.

• Digital Currency: The meeting reiterated the cautious and steady advancement of the research and pilot of the digital yuan (e-CNY), expanding its application scenarios and ecosystem construction.

United States: Key Legislative Procedures Entering the Sprint Stage

• Legislative Process: The Senate Banking Committee is officially scheduled to review and vote on the "Digital Asset Market Structure Act" (CLARITY Act) on January 15. This is a crucial step for the bill to enter a full Senate vote and ultimately become law.

• Clause Controversies: In the final text negotiations of the bill, lawmakers from both parties proposed specific amendments:

• Democratic Senator Angela Alsobrooks proposed allowing exchanges to pay rewards for active trading involving dollar-pegged stablecoins but prohibiting interest payments on stablecoins merely held in wallets to prevent unregulated "bank-like" products.

• The Republican side proposed amending the Bank Secrecy Act to explicitly include intermediaries for digital commodities (such as Bitcoin) within the definition of "financial institutions" in the act, to strengthen anti-money laundering obligations.

• Industry Actions: As the review date approaches, U.S. cryptocurrency industry organizations are ramping up lobbying efforts to secure a more favorable regulatory environment in the final terms.

International Organizations (OECD): A Key Step Towards Global Tax Transparency

• Framework Effectiveness: The "Crypto Asset Reporting Framework" (CARF) developed by the Organization for Economic Cooperation and Development (OECD) will officially take effect on January 1, 2026.

• Core Requirements: The framework requires cryptocurrency service providers (such as exchanges and custodians) in participating jurisdictions to collect transaction information about their clients (including individuals and entities) and automatically report it to their national tax authorities.

• Participation Scope: The first batch includes 48 jurisdictions joining the framework, including all EU member states, the UK, Brazil, Japan, South Korea, Australia, etc. The automatic information exchange plan between jurisdictions will begin implementation in 2027.