The latest Bitwise Crypto Market Review just dropped—and it’s the most important one we’ve ever published.
Why? Because it shows a tension in crypto markets that has historically signaled a bear-market bottom (see Q1 2023).
Receipts: During Q4 2025…
- ETH’s price fell 29% … at the same time that Ethereum transactions hit new all-time highs.
- Crypto equities fell 20% … while crypto company revenues were on pace to grow 3x faster than any other sector.
- Sentiment turned bearish … while stablecoin AUM and transactions soared to new heights.
That’s typically what you get at the bottom of bear markets: sentiment down, fundamentals up.
"Kalshi, the US-regulated exchange, prices the probability of American acquisition of Greenland at roughly 42%. Polymarket, the decentralized platform populated by global crypto-natives and offshore speculators, prices it at 15-23%."
I'm no expert on geopolitics but I do know arbitrage. Doesn't matter who the average user is, it only takes one person with access to both platforms to arb the spread down
Price differences like this in prediction markets come down to (sometimes subtle) differences in what is being bet, not different user bases
Skimmed both platforms and likely what is being compared is polymarket probability of it happening in 2026 (23% right now) to kalshi probability of it happening during trumps entire term (45% now) - two different bets
Theres a 5% spread btwn polymarket / kalshi on 2026 but that is explainable through things like different phrasing, settlement conditions and oracles... which can lead to people pricing risk differently between the two. The zelensky suit market is the best example of the subtleties here
It's now happening. The existing fiat monetary order, the domestic political order, and the international geopolitical order are all breaking down, so we are at the brink of wars. It all is happening because of the Big Cycle that is driven by the five big forces I've described repeatedly and laid out in detail in my book and Youtube video titled Principles for Dealing with The Changing World Order. You can find the video linked in the comments below.
In 2026, I plan to be fully back to decentralized social.
If we want a better society, we need better mass communication tools. We need mass communication tools that surface the best information and arguments and help people find points of agreement. We need mass communication tools that serve the user's long-term interest, not maximize short-term engagement. There is no simple trick that solves these problems. But there is one important place to start: more competition. Decentralization is the way to enable that: a shared data layer, with anyone being able to build their own client on top.
In fact, since the start of the year I've been back to decentralized social already. Every post I've made this year, or read this year, I made or read with https://t.co/BJ3J4TvNNu, a multi-client that covers reading and posting to X, Lens, Farcaster and Bluesky (though bluesky has a 300 char limit, so they don't get to see my beautiful long rants).
But crypto social projects has often gone the wrong way. Too often, we in crypto think that if you insert a speculative coin into something, that counts as "innovating", and moves the world forward. Mixing money and social is not inherently wrong: Substack shows that it's possible to create an economy that supports very high-quality content. But Substack is about _subscribing to creators_, not _creating price bubbles around them_. Over the past decade, we have seen many many attempts at incentivizing creators by creating price bubbles around them, and all fail by (i) rewarding not content quality, but pre-existing social capital, and (ii) the tokens all going to zero after one or two years anyway.
Too many people make galaxy-brained arguments that creating new markets and new assets is automatically good because it "elicits information", when the rest of their product development actions clearly betray that they're not actually interested in maximizing people's ability to benefit from that information. That is not Hayekian info-utopia, that is corposlop.
Hence, decentralized social should be run by people who deeply believe in the "social" part, and are motivated first and foremost by solving the problems of social.
The Aave team has done a great job stewarding Lens up to this point. I'm excited about what will happen to Lens over the next year, because I think the new team coming in are people who actually are interested in the "social": even back when the decentralized social space barely existed, they were trying to figure out how to do encrypted tweets.
I plan to post more there this year.
I encourage everyone to spend more time in Lens, Farcaster and the broader decentralized social world this year. We need to move beyond everyone constantly tweeting inside a single global info warzone, and into a reopened frontier, where new and better forms of interaction become possible.
You can hold ETH spot as collateral for perp trading, or if you want to do it delta neutral: ETH/stETH as collateral on spot and short ETH on the perp side, something I really miss on DEXes today as this is way more capital efficient than holding 60-70% of the capital on the spot side and 30-40% on the perp side.
As far as I know this is not possible on other DEXes today.
decentralized social can work if and only if:
- real proof of humanity + reputation
- decentralization not the only added value
- high cost for spam
- monetization based on quality > quantity
- coordinated and easy migration
odds of all this happening? extremely low ngl
Trove Markets raised $11.5M.
Promise: a Hyperliquid DEX launch
Fact: Dumped 194,273 HYPE tokens (worth ~$10M) in 24 hours and pivoted to Solana immediately after closing the ICO
ZachXBT is investigating where the funds went.
Here's what we know so far ↓
The HYPE dump came from wallet 0xebe07e...424cf719.
Started small at $160k, then escalated to $10M in a single day
Founder publicly denied controlling the wallet and asked for it to be shut down. Sales resumed minutes later anyway.
Zach found funds from the angel round were bridged and sent to a casino deposit address.
He publicly asked the team why this happened.
Separately, the project paid influencers $5k/month to promote the token without disclosure. Team also allegedly hid members' Iranian origins.
Instead of staking the 500k HYPE as promised for HIP-3 deployment, they sold it and bought into XMR1 (another shady project).
Then announced they're abandoning Hyperliquid entirely and rebuilding from scratch on Solana. AFTER collecting the money.
Hyperliquid Foundation donated 10k HYPE (~$254k) to ZachXBT to investigate further.
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PayAI要开始收手续费了。主要针对卖东西的商家，买东西的暂时不受影响。
有几个点，一是有免费额度，每个月前1000笔结算完全免费，不用额外操作，就跟现在一样。
超过部分，每笔只收0.001美元（很便宜。这笔钱用于覆盖gas费和服务器成本，让系统更稳定）。
此外，还有折扣福利，如果用他们的代币PAYAI来付这个费用，就能享受10%折扣（比如本来0.001美元，打折后0.0009美元）。
目前商家的支付方式是登录PayAI的仪表盘（dashboard），预充值“信用”（credits）。1个信用对应1笔交易，这些信用不过期，用不完可以提现。未来他们计划让收费直接嵌入支付流程里，不用管API密钥或私钥。
还有一个PAYAI代币持有人关心的问题：对PAYAI价值有什么好处？
这里有个销毁机制：当商家用PAYAI代币来购买“credits”（就是预付的手续费）时，那些用掉的PAYAI会直接被“烧掉”，也就是永久销毁。这部分相当于他们收到的PAYAI收入会被销毁，用来减少代币流通量，对持有者有利。
还有需要清楚的是，不是所有收入都销毁，只有用PAYAI支付的那部分（可获得10%折扣来激励商家使用PAYAI支付）。如果用其他方式付钱，就没这个销毁机制了。
我现在持有都是美元计价的资产甚至美元本身，比特币、美债、美股、做套利的稳定币。
所以，从 bags 角度，我最近也一直在思考这个问题。
达里奥在前几天的年度长文里，想传达的核心观点就是，逆全球化大周期开始，全球资金不再无条件信任美国，所以：黄金 ↑ 美股 → or ↓。
资本家有国界，资本可是无国界的。
不过，我最近生活上，也新接受了一个观点——人有了一定积累之后，就应该在自己的舒适区呆着。
举个例子，比如说你家附近有几十家饭店，年轻时候鼓励多探索，所以你挨个去探店。当你探店了 20、30 家之后，你已经大概知道了哪些饭店好吃，哪些饭店难吃。
可是，人到中年，这个时候你就没必要再探店了，去承受那个可能好吃、可能不好吃的赌博结果，你反而应该直接去你爱吃的那几家饭店，去享受胜利果实。
再说直白点，如果你是农民伯伯，种地时期确实有耕耘的快乐，但是你早晚也要采摘。
美国和欧洲的同盟，到底是谁收益更多，没人说得清楚。Gemini GPT 和 Grok 三位老师都给出了长篇累牍的废话，但是我逼他们给 1 个短答案，大家清一色都是说“欧洲”受益更多。
PS：当然了，不能排除这些 AI 都是美国 AI，它们可能拉偏架了哈哈哈😂。
那我是否可以理解？美国在多年耕耘欧洲之后，反复权衡，认为欧洲实质性在搭美国的便车（中国情况不同，以后再聊）。
美国国到中年，长期耕耘，苦哈哈多年（建设），也要开始进入舒适区享受了（套现）。
炒币也是一样，那些人买了一大堆 $币安人生，建设的时候不遗余力，无可指摘，那么现在上了现货，难道不出货么？
所以哪怕不是川普而是别人，可能也要开始了逆全球化了，只不过是早 4 年晚 4 年的事情。所以达里奥才判断，逆全球化大周期已经开始了。
那么，拿走欧洲的利益，美国（和美元资产）究竟是更强还是更弱呢？是短期弱长期强，还是短期强长期弱呢？
从情感的角度，大家认为是更弱，毕竟得道多助、失道寡助。
但是从 bags 的角度，也考虑到欧洲在搭美国便车这个事实，以及美国要是进入胜利果实的享受期的阶段，残酷事实可能是短期弱，长期强。弱肉被强食。
Wondering why BTC is so badly underperforming gold?
It's because of this. Financial Advisors read this kind of research and keep client allocations low or zero because quantum computing is an existential threat.
It's going to be a yoke around BTC's neck until this gets fixed https://t.co/yK2xDYjfU5
Main problems of crypto today:
- abundance of supply of tokens
- most talented people are being wasted in products with no use case
- products with no use cases take attention from the good ones
- the good ones are sustainable and don't need tokens
- sustainable ones with tokens are seen as boring and don't get any bids because crypto players only want to treat altcoins as a casino play
- the great ones are looking to IPO instead of TGE
- shortage of thoughtful discourse on social media
- shortage of people with original thoughts and courage to share them
- shortage of people interested in crypto for more than just making money
- crypto users attack the very few teams with PMF with reason being "extraction"
tough world. it will get better. maybe bitcoin needs to go down further for it to happen.
launching a token project right now is suicide imo
it’s clear that not only is the demand for tokens not there, but a reassessment of product value is taking place as the market has matured
all of this as bitcoin price action struggles in conditions that it was quite literally designed for, yet gold outperforms
failure of the below highlighted projects are memetic and carry their own momentum, stories of these failures compound and dampen potential of success for future token projects
crypto will see better days but in the meantime
stay alive
everyone is quite bullish this NYSE announcement of 24/7 trading and tokenization - however i think it really depends on how you look at it in context with the US market structure bill coming soon and if you are okay with your tokens being considered digital asset securities
ofc this solves a lot of the perp funding issues in AH trading - but i still expect some funky funding and price action on equity perps at least through YE
first, this NYSE announcement doesnt mean nyse is listing BTC ETH and SOL as they are likely to fall under CFTC jurisdiction.
second, NYSE is positioning for tokenized equities (24/7 + instant settlement) and digital asset securities.
from the market structure bill itself (page 25, Section 103), a token is NOT a digital commodity if it:
"represents or gives the holder an ownership interest or other interest in the revenues, profits, obligations, debts, assets... of the issuer"
someone correct me if i'm wrong, but it means that if it goes through then businesses like lighter will need to file an s1 and are likely deemed a digital asset security right? if so they will need to do proper reporting. everyone assumes "security" for crypto tokens = bad but this isnt true imo
i think this will actually solve a bunch of the token issues we have had in the past with poor operator practices and poor uses of capital. if you are a team and you believe this passes as is, i think you should get ahead of it and be hyper transparent. share something akin to an income statement, balance sheet, and cash flow statement. i think @Lighter_xyz should be doing this as a US based company (probably @OstiumLabs too) and as they try to win the favor of regulators and allocators. set the gold standard in the US and this will put you in good light with regulators and also shows allocators and CT that you are aligned and spending capital wisely on high ROI new ventures (options, predictions markets, on/off ramp, virtual banking)
but why do this now when you dont have to?
^ because it does two things. (1) it puts you in the good grace of US regulators early which gives you mindshare with them and (2) you are being radically transparent with current liquid allocators and CT.
as ive mentioned before, i firmly believe that one of the reasons $HYPE did so well last year was because it was an "easy" asset to own and an "easy" asset to bring to IC because as an analysts you knew where most profits were flowing and as a PM it was an easy story to sell to your LPs (ie @novogratz on cnbc and bloomberg). I think $LIT can do this as well and capture most of the US regulatory mindshare if they execute on this and are increasingly transparent.
^ obviously i'm not a securities lawyer so plz tell me where i'm wrong
Pendle经济模型大改，放弃了ve模型，转向sPENDLE，一种可流通的质押形态。
stoken vs vetoken 谁更优秀？
最主要的变化是由不可流通变为自由流通和组合，且支持14天退出 (支付罚金可以即时退出)，手动gauge voting也变成了算法自动化了。
另外一个重点是，增加了80% 的协议收入在市场上回购 $PENDLE 这个设定，然后再分配给活跃的sPENDLE。
总体来说是顺应市场潮流了，减少锁仓提升灵活性，增加回购机制。但ve模型我不认为是失败的，核心问题在于当下市场对于流动性控制/引导权的需求急剧下降，这个在上个周期被估值很高的能力，在这个周期逐渐失效了。
原来大家认为我有权力为某个Pool引导激励是一个很强的能力，哪怕这个Pool不是最高效的，那么治理权也可以把最好的激励资源投放到这里，所以在这里也诞生了贿选市场，当时外面的项目普遍都有流动性激励需求，Curve war就此打响，这种权力就能变现了，这是在上个周期跑通的模式。
坦白讲，我仍然认为这套机制是有价值的，流动性控制权也应该有它的定价，只是在当前的流动性低潮期，这套东西似乎没有人在意，如果加上治理参与度不高，那么反而会变得低效。
Pendle这次的转变，把激励引导变成了算法自动化，意味着市场表现越好的Pool，就会自动获得更高的奖励，而不是依靠流动性控制权的投票，那么好处就是提升了效率，也会让 $PENDLE 的激励排放更加合理，这是能更好适应现在市场环境的改变。
其实吧，现在说Crypto行业到了存亡时刻着实有点夸大其词了。
的确像作者所说，我们曾经期待的ETF获批了，DeFi被主流机构采纳了，MEME也破圈了，稳定币还在规模化增长。
宏观上明明一番繁华盛景的迹象，现实市场感官上大家却忍受着寒冬刺骨。Why？
1）胖协议理论失效了。过去我们信奉胖协议理论，认为底层Layer1公链会捕获最大的价值，但事实证明，layer2、layer3等公链上层也还在玩大兴基建的游戏，真实的应用端跑出来的流水，根本不足以通过Tokenomics回馈给协议底层。换句话说，业务跑通了，但价值没沉淀在Token上；
2）ETF带来了机构资金，也切断了资金轮动逻辑。ETF的获批把BTC、ETH等资产变成了华尔街机构配置里的封闭资产，这使得他们并不会像以前一样溢出到DeFi、山寨币等市场形成板块轮动。原本BTC吃肉，山寨跟着喝汤的联动逻辑似乎被切断了，造成BTC等主流资产越成功，原生Crypto山寨币市场反倒越落寞；
3）DeFi和MEME陷入二元对立内卷。DeFi被机构采纳，RWA叙事持续有落地等这些都是好事，只是依托传统金融的链上映射，并不能给Crypto原生行业带来持续造血能力。而MEME的火爆，却始终只是存量博弈，PVP的互割局面非但没有解决增量应用匮乏的事实，反倒把行业逼到逼仄的赌场死角。
说到底，我不认为是Crypto行业不行了，而只是过去那套“散户无脑暴富”和“草台班子低门槛创业”的野蛮增长期彻底过去了。
Crypto really in an existential crisis now. Everything we thought would happen on blockchain is now happening, but little if any of the value accrues to any stocks or tokens in our ecosystem.
Fat protocol thesis is long dead
BTC has nothing to do with ANY of the actual blockchain growth engines (no exposure to growth of stablecoins, DeFi or RWA tokenization).
Continue to think a handful of DeFi tokens, token launchpad companies, and GLXY stock are the only clear winners from this trend — when all assets are on onchain, DeFi goes from niche experiment to the full financial plumbing engine
Ethereum is the #1 choice for global financial institutions.
Over the last few months, adoption has accelerated. Here are 35 stories of how institutions are building on Ethereum.
1/ @krakenfx launched xStocks on Ethereum, issuing tokenized versions of popular U.S. stocks and ETFs as ERC-20 tokens.
Kraken’s eligible clients can now deposit and withdraw fully collateralized equities, directly on Ethereum.
2/ @OndoFinance launched Ondo Global Markets on Ethereum with 100+ tokenized U.S. stocks & ETFs.
24/7 access to programmable equities, backed by real securities, is now available alongside DeFi integrations for lending, trading, and more.
3/ @ChinaAMC_HK launched its Select USD Money Market Fund on Ethereum, one of the first tokenized funds from a major Chinese asset manager.
One of Asia’s largest firms (over $449B AUM) now provides access to high-quality, short-term USD instruments with 24/7 settlement.
4/ @Fidelity introduced the FDIT tokenized money market fund on Ethereum.
The Fidelity Digital Interest Token (FDIT) brings the bank’s investors the speed of onchain settlement alongside the stability of traditional instruments.
5/ @Google announced the Agent Payments Protocol (AP2), enabling AI agents to autonomously execute payments using stablecoins on Ethereum.
Built in collaboration with The Ethereum Foundation, Coinbase, MetaMask, and others, AP2 allows AI to transact securely, bridging the gap between automated intelligence and finance.
6/ @UBS, @PostFinance, @sygnumofficial, and the Swiss Bankers Association successfully piloted Deposit Tokens on Ethereum.
By demonstrating legally binding cross-bank settlement on Ethereum’s public infrastructure, the proof-of-concept paves the way for programmable, instant, cross-institution settlement.
7/ Santander’s @openbank_es launched ETH trading services in Germany, allowing customers to buy, sell, and custody ETH directly through their bank accounts.
This integration is a strong signal of institutional confidence in ETH under MiCa regulation.
8/ @AmericanExpress launched Amex Passport, blockchain-based travel stamps minted as NFTs on Ethereum L2 @base.
Cardholders can now create an onchain record of experiences and memories from international trips, blending loyalty rewards with digital ownership.
9/ The first tokenized S&P 500 Index Fund licensed by @SPDJIndices, SPXA, was launched by @centrifuge on Base.
10/ SWIFT and 30+ banks are designing a blockchain ledger to support tokenized assets and real-time, 24/7 cross-border payments alongside existing financial systems, starting with a prototype with Consensys.
@swiftcommunity connecting 11,500+ institutions globally will create a bridge between traditional finance and onchain value.
11/ @SocieteGenerale FORGE, an integrated subsidiary of the 161-year-old commercial bank, deployed EURCV & USDCV lending and trading on Ethereum DeFi protocols Morpho and Uniswap.
One of the largest custodians in Europe now provides institutional-grade collateral and liquidity for DeFi markets.
12/ @Stripe expanded its crypto support on Ethereum to include stablecoin-based subscriptions and recurring billing.
Hundreds of thousands of companies that use Stripe can now accept USDC for subscriptions with automatic renewals, building on Ethereum for lower-cost payments with near-instant settlement.
13/ @Securitize and @FGNexusio tokenized the FGNX stock on Ethereum, representing the first NASDAQ-listed preferred equity issued fully onchain.
Ethereum is the platform to build programmable assets that bring public markets to the digital age.
14/ @AntGroup, the fintech behind @Alipay, launched @JovayNetwork, a L2 for institutional tokenization.
The company behind one of the world's largest retail platforms is now building global institutional settlement for tokenized assets on Ethereum.
15/ @jpyc_official launched the world's first yen-pegged regulated stablecoin on Ethereum.
Complaint, programmable yen transactions are now available worldwide, backed 1:1 by yen reserves under Japan’s Payment Services Act.
16/ @BNYglobal and Securitize announced a tokenized AAA-rated CLO fund on Ethereum.
Institutional credit moving onchain brings liquidity and transparency to traditional asset classes.
17/ Google partnered with @Polymarket, integrating onchain prediction market data to Google search results.
The largest search provider now leverages the Ethereum ecosystem as a primary source of truth.
18/ @StartaleGroup released the Startale App, a SuperApp for @soneium's growing Ethereum L2.
Mainstream users in the Soneium L2 ecosystem can now access simple onchain interactions and rewards with a unified platform for wallets, assets, and apps.
19/ @jpmorgan migrated its tokenized deposit product, JPM Coin (JPMD), from its internal permissioned blockchain to Base.
Moving from a private chain to an Ethereum L2 will meet demand from JPMorgan’s institutional clients for payments, collateral, and margin settlement on public infrastructure.
20/ @Mastercard announced it will build on Ethereum L2 @0xPolygon to expand its Crypto Credential program to self-custody wallets.
Working with @mercuryo_io, the expansion will allow Mastercard users to send crypto using verified, human-readable aliases.
21/ @Amundi_ENG, Europe’s largest asset manager ($2.75T AUM), launched a tokenized share class of its euro money market fund on Ethereum mainnet.
Bringing traditional cash management onchain unlocks 24/7 settlement and composability for euro-denominated capital.
22/ Sony Bank announced plans to launch a USD-pegged stablecoin on @soneium, its Ethereum L2, in early 2026.
From gaming to finance, Sony is building its ecosystem’s home base on Ethereum.
23/ @WisdomTreeEU introduced the world’s first physically-backed ETP for @LidoFinance Staked Ether.
The fund will provide European investors with regulated exposure to the spot price of stETH and its ETH staking rewards.
24/ The @CFTC announced a pilot program that will allow ETH, BTC, and USDC to be used as collateral in US derivatives markets, alongside new guidance on using tokenized assets as collateral.
This marks a significant shift in how ETH and other digital assets can be integrated into regulated US markets.
25/ @BlackRock filed for a staked ETH ETF.
Following the success of their spot ETH ETF, this filing seeks to unlock the value of Ethereum's native staking reward rate for traditional investors.
26/ The @ADI_Foundation, backed by IHC, announced the mainnet launch of institutional L2 @ADIChain_, part of the @zksync Elastic Network.
Supported by the UAE's largest conglomerate, ADIChain will host the country's regulated stablecoins and aims to bring 1 billion people onchain across the Middle East, Asia and Africa.
27/ JP Morgan launched MONY, their first tokenized money market fund, on Ethereum mainnet.
The firm seeded the fund with $100M of its own capital, signaling their commitment to public chain tokenization.
28/ @coinbase announced Coinbase Tokenize, built on Base, as their new end-to-end institutional platform for tokenizing RWAs.
Combining issuance, custody, compliance, trading, and infrastructure, the new product will streamline the process of bringing assets like tokenized stocks, equities, funds, and real estate onchain in the Ethereum ecosystem.
29/ @RobinhoodApp added 500 tokenized assets on @arbitrum, bringing their platform to nearly 2000 assets tokenized.
With over $14M in total tokenized value, Robinhood continues deepening their integration with Ethereum’s L2 ecosystem.
30/ @BlackRock, @Mastercard, and @FTI_Global partnered with the ADI Foundation in the UAE, builders of the ADIChain L2.
The group will explore tokenized asset structures, digital asset regulatory frameworks, stablecoin settlement, and cross-border payment infrastructure.
31/ @SoFi became the first national US retail bank to issue a stablecoin (SoFiUSD) on a public, permissionless blockchain.
Launched on Ethereum, SoFiUSD will first be used for faster, cheaper internal settlements for the fintech giant and its partners.
32/ @telcoin launched eUSD on Ethereum and Polygon, a regulated U.S. dollar stablecoin issued by Nebraska state-chartered digital asset depository institution Telcoin Digital Asset Bank.
The launch marks another milestone in U.S.-regulated banks issuing stablecoins directly on public blockchains, bringing traditional regulated banking to the Ethereum ecosystem.
33/ @Grayscale distributed the first ETH staking rewards to ETHE ETF shareholders.
In a first for US regulated products, investors received Ethereum’s native yield directly, proving that staked ETH ETFs can deliver the economic utility of the network.
34/ @MorganStanley filed for a Staked Ether ETF, doubling down on its crypto strategy.
One of the world’s largest wealth managers is moving beyond spot exposure to capture Ethereum’s native staking yield for clients, signaling a shift to productive participation.
35/ The ADI Foundation partnered with M-Pesa to bring 60M+ users onchain.
Africa’s largest mobile money platform is integrating blockchain rails to power instant cross-border payments and stablecoin transactions, merging massive fintech scale with Ethereum’s global settlement layer.
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Ethereum is the trusted, global settlement layer for real-world adoption, used by institutions, governments, and enterprises worldwide.
Learn more about building on the institutional liquidity layer: https://t.co/jUshBvAXKa
MetaDAO is headed in the right direction, however its current design is a bit flawed: it incentivizes short term yield farming.
In the current model, farmers can oversubscribe with massive size to secure a small pro-rata allocation. Because TGEs always happen at a very low valuation, the allocation will almost certainly pump. So for a negligible time commitment, farmers get a really nice APY.
While this inflates vanity metrics (like Total Volume Committed), it fails to maximize long term holders. And attracts a fair bunch of short-term flippers.
Implementing a lockup (eg: 6 months) before the treasury can be redeemed would be one way to solve this. It would deter mercenary capital and attract more long-term capital.
@MetaDAOProject
Summary & some questions on NYSE tokenization platform:
[Summary]
- a new NYSE venue
- 24/7 trading
- Instant settlement
- Stablecoin-based Funding
- Supporting tokenized shares fungible with traditionally issued securities as well as tokens natively issued as digital securities
- Tokenized shareholders have dividends and governance rights.
[Questions]
- How will this integrate with the existing NYSE infrastructure in terms of clearing/settlement backend and liquidity?
- What is natively issued digital securities?
- Tokenization isn’t only about 24/7 trading, it’s also about global access. How does this actually help more users get in?
特朗普对欧洲盟友挥舞关税大棒，比特币应声暴跌破93000美元。
有趣的是，黄金白银却在创历史新高。这说明了什么？
当美国与传统盟友发生根本冲突时，比特币暴露了其"美国资产"本质，依赖美元体系稳定性。而黄金作为"无国籍"资产，反而成为真正的避险选择。
或许比特币需要一场去"美国化"革命，摆脱美元地心引力，回归服务全人类的去中心化本质。
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