137Labs Global
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137Labs identifies real market needs to help users seize Web3 opportunities. We research promising projects and provide clear insights.
@137labscn
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137·První blok 🍺 1 - 10
Přehled za 24 hodin | Přehled trhu
1. Nasdaq a CME Group spustily index Nasdaq–CME Crypto, který sjednocuje jejich stávající benchmarky kryptoměn.
2. Polymarket se stal výhradním partnerem predikčního trhu pro Zlaté glóby v Hollywoodu.
3. Očekává se, že americký nejvyšší soud vydá rozhodnutí nebo stanovisko k případu trestních cla proti Trumpovi 14. ledna.
4. Třicet demokratických zákonodárců podpořilo návrh zákona, který by zakazoval voleným úřadníkům sázet na politicky související predikční trhy.
5. #a16z vybralo 15 miliard USD, přičemž byly nasazeny několik fondů s cílem pomoci Spojeným státům „vyhrát“ globální soutěž v oblasti technologií.
6. Akcie Intel vzrostly až o téměř 9 %, dosáhly nejvyšší úrovně od dubna 2024.
7. Incentivní program BNB Chain na 100 milionů USD koupil dvě memetokens: hodnotu 50 000 USD „#我踏马来了 “ a hodnotu 50 000 USD „#币安人生 “.
8. Pump.fun zlepšil svůj model poplatků pro tvůrce. Po změnách dosáhla denní emise tokenů nejvyšší úrovně od září, přičemž PUMP vzrostl o 11 %.
#BTC #ETH
Přehled za 24 hodin | Přehled trhu
1. Nasdaq a CME Group spustily index Nasdaq–CME Crypto, který sjednocuje jejich stávající benchmarky kryptoměn.
2. Polymarket se stal výhradním partnerem predikčního trhu pro Zlaté glóby v Hollywoodu.
3. Očekává se, že americký nejvyšší soud vydá rozhodnutí nebo stanovisko k případu trestních cla proti Trumpovi 14. ledna.
4. Třicet demokratických zákonodárců podpořilo návrh zákona, který by zakazoval voleným úřadníkům sázet na politicky související predikční trhy.
5. #a16z vybralo 15 miliard USD, přičemž byly nasazeny několik fondů s cílem pomoci Spojeným státům „vyhrát“ globální soutěž v oblasti technologií.
6. Akcie Intel vzrostly až o téměř 9 %, dosáhly nejvyšší úrovně od dubna 2024.
7. Incentivní program BNB Chain na 100 milionů USD koupil dvě memetokens: hodnotu 50 000 USD „#我踏马来了 “ a hodnotu 50 000 USD „#币安人生 “.
8. Pump.fun zlepšil svůj model poplatků pro tvůrce. Po změnách dosáhla denní emise tokenů nejvyšší úrovně od září, přičemž PUMP vzrostl o 11 %.
#BTC #ETH
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WLFI–USD1: A Deeper Look at Liquidity, Structure, and Market Concerns
USD1 is positioned as a fiat-backed, 1:1 USD-redeemable stablecoin, with its issuer emphasizing institutional custody, reserve attestations, and regulatory alignment. On paper, it sits closer to USDC than to any algorithmic or synthetic stablecoin.
Yet market discussion around USD1 has been dominated not by peg stability, but by liquidity structure and transparency cadence. These concerns are not abstract — they stem from how USD1’s supply, trading venues, and disclosure practices interact in practice.
1. Where #USD1 Looks Strong: An Institutional-Oriented Design
USD1’s design choices signal a clear intent to appeal to regulated and professional capital.
· Reserve framing focuses on cash and high-liquidity U.S. government instruments.
· Custody and disclosure are routed through institutional providers, with third-party attestation reports published rather than vague self-statements.
Distribution channels include both major centralized exchanges and large on-chain venues, giving USD1 real transactional reach rather than niche usage.
· From a structural standpoint, this puts USD1 firmly in the “institutional pathway” camp. The project understands that for stablecoins at scale, credibility is built on documentation, not narratives.
2. Why Liquidity Became the Core Question
The market’s skepticism around USD1 liquidity is often misunderstood.
It is not about whether USD1 trades, nor about day-to-day peg behavior.
The real question is:
How resilient is USD1’s liquidity under stress or large directional flows?
Three structural factors drive this concern.
3. Supply Concentration: Single-Chain Dependency
For a significant period, USD1 supply has been heavily concentrated on a single chain, with only marginal circulation elsewhere.
This has two implications:
Liquidity is operationally efficient in the dominant ecosystem.
Systemic risk is also concentrated in that same ecosystem.
Concentration is not inherently negative — many assets bootstrap liquidity this way — but for a stablecoin aspiring to institutional usage, it increases sensitivity to chain-specific disruptions, policy changes, or liquidity migration events.
A globally usable stablecoin typically converges toward multi-chain distribution, not because of ideology, but because diversification improves arbitrage reliability and confidence in redemption pathways.
4. Trading Concentration: Depth vs. Distribution
USD1 trading activity has been highly concentrated in a small number of pools, particularly on a single dominant DEX.
This creates a misleading signal:
· Headline volume can look large, even impressive.
· Effective depth, however, may still be shallow when flows are directional or one-sided.
When over 80–90% of activity is tied to one venue, liquidity becomes fragile. If a single pool’s market makers reduce exposure, spreads widen immediately. The issue is not volume — it is redundancy.
Healthy stablecoin liquidity is characterized by:
· Multiple deep pools
· Cross-venue arbitrage
· Competitive market-maker participation
USD1 has volume; it is still building redundancy.
5. Transparency Cadence and the “Liquidity Discount”
Perhaps the most underappreciated factor is disclosure timing.
Even with credible attestation frameworks, delays or gaps in regular reporting introduce uncertainty. For professional market makers, uncertainty is not philosophical — it is priced.
When reserve confirmations lag:
· Market makers widen spreads
· LPs reduce inventory
· Large trades face higher slippage
In other words, transparency gaps translate directly into a liquidity discount, even if reserves are ultimately sound.
This dynamic explains why liquidity concerns can persist even without any visible peg instability.
6. Is This a Structural Flaw or a Transitional Phase?
Importantly, none of the above necessarily imply fatal weakness.
USD1 currently looks like a stablecoin in mid-transition:
· It has moved beyond niche issuance.
· It has achieved meaningful trading adoption.
· But it has not yet completed the shift toward diversified, institution-grade liquidity structure.
Historically, stablecoins that succeed at scale tend to converge toward:
Multi-chain issuance
Multi-venue depth
Predictable, uninterrupted disclosure cycles
USD1 is partially there — but not fully.
7. How to Tell If Liquidity Risk Is Improving
For observers and analysts, four signals matter more than narratives:
1. Consistency of reserve attestations (on time, every cycle)
2. Declining chain concentration of circulating supply
3. Emergence of multiple deep liquidity pools, not just one dominant venue
4. Sustained tight spreads on major CEX pairs, beyond event-driven spikes
If these improve in parallel, liquidity concerns will naturally fade — without any need for marketing.
Conclusion
USD1’s challenge is not credibility in principle, but credibility at scale.
Its institutional framing, custody choices, and disclosure intent are real strengths.
Its current liquidity profile, however, reflects concentration risk and transitional structure, amplified by imperfect transparency cadence.
In short:
USD1 does not lack demand — it lacks fully mature liquidity architecture.
Whether it becomes a durable institutional stablecoin will depend less on announcements, and more on whether its liquidity and disclosure structures can evolve faster than market skepticism.
#BTC #ETH
Yet market discussion around USD1 has been dominated not by peg stability, but by liquidity structure and transparency cadence. These concerns are not abstract — they stem from how USD1’s supply, trading venues, and disclosure practices interact in practice.
1. Where #USD1 Looks Strong: An Institutional-Oriented Design
USD1’s design choices signal a clear intent to appeal to regulated and professional capital.
· Reserve framing focuses on cash and high-liquidity U.S. government instruments.
· Custody and disclosure are routed through institutional providers, with third-party attestation reports published rather than vague self-statements.
Distribution channels include both major centralized exchanges and large on-chain venues, giving USD1 real transactional reach rather than niche usage.
· From a structural standpoint, this puts USD1 firmly in the “institutional pathway” camp. The project understands that for stablecoins at scale, credibility is built on documentation, not narratives.
2. Why Liquidity Became the Core Question
The market’s skepticism around USD1 liquidity is often misunderstood.
It is not about whether USD1 trades, nor about day-to-day peg behavior.
The real question is:
How resilient is USD1’s liquidity under stress or large directional flows?
Three structural factors drive this concern.
3. Supply Concentration: Single-Chain Dependency
For a significant period, USD1 supply has been heavily concentrated on a single chain, with only marginal circulation elsewhere.
This has two implications:
Liquidity is operationally efficient in the dominant ecosystem.
Systemic risk is also concentrated in that same ecosystem.
Concentration is not inherently negative — many assets bootstrap liquidity this way — but for a stablecoin aspiring to institutional usage, it increases sensitivity to chain-specific disruptions, policy changes, or liquidity migration events.
A globally usable stablecoin typically converges toward multi-chain distribution, not because of ideology, but because diversification improves arbitrage reliability and confidence in redemption pathways.
4. Trading Concentration: Depth vs. Distribution
USD1 trading activity has been highly concentrated in a small number of pools, particularly on a single dominant DEX.
This creates a misleading signal:
· Headline volume can look large, even impressive.
· Effective depth, however, may still be shallow when flows are directional or one-sided.
When over 80–90% of activity is tied to one venue, liquidity becomes fragile. If a single pool’s market makers reduce exposure, spreads widen immediately. The issue is not volume — it is redundancy.
Healthy stablecoin liquidity is characterized by:
· Multiple deep pools
· Cross-venue arbitrage
· Competitive market-maker participation
USD1 has volume; it is still building redundancy.
5. Transparency Cadence and the “Liquidity Discount”
Perhaps the most underappreciated factor is disclosure timing.
Even with credible attestation frameworks, delays or gaps in regular reporting introduce uncertainty. For professional market makers, uncertainty is not philosophical — it is priced.
When reserve confirmations lag:
· Market makers widen spreads
· LPs reduce inventory
· Large trades face higher slippage
In other words, transparency gaps translate directly into a liquidity discount, even if reserves are ultimately sound.
This dynamic explains why liquidity concerns can persist even without any visible peg instability.
6. Is This a Structural Flaw or a Transitional Phase?
Importantly, none of the above necessarily imply fatal weakness.
USD1 currently looks like a stablecoin in mid-transition:
· It has moved beyond niche issuance.
· It has achieved meaningful trading adoption.
· But it has not yet completed the shift toward diversified, institution-grade liquidity structure.
Historically, stablecoins that succeed at scale tend to converge toward:
Multi-chain issuance
Multi-venue depth
Predictable, uninterrupted disclosure cycles
USD1 is partially there — but not fully.
7. How to Tell If Liquidity Risk Is Improving
For observers and analysts, four signals matter more than narratives:
1. Consistency of reserve attestations (on time, every cycle)
2. Declining chain concentration of circulating supply
3. Emergence of multiple deep liquidity pools, not just one dominant venue
4. Sustained tight spreads on major CEX pairs, beyond event-driven spikes
If these improve in parallel, liquidity concerns will naturally fade — without any need for marketing.
Conclusion
USD1’s challenge is not credibility in principle, but credibility at scale.
Its institutional framing, custody choices, and disclosure intent are real strengths.
Its current liquidity profile, however, reflects concentration risk and transitional structure, amplified by imperfect transparency cadence.
In short:
USD1 does not lack demand — it lacks fully mature liquidity architecture.
Whether it becomes a durable institutional stablecoin will depend less on announcements, and more on whether its liquidity and disclosure structures can evolve faster than market skepticism.
#BTC #ETH
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137·První blok 🍺1 - 9
Přehled za 24 hodin | Přehled trhu
1. Trump uvedl, že momentálně nemá plány o prominutí FTX zakladatele Sama Bankman-Frieda (SBF).
2. Senate zákon o „strukturě trhu“ v oblasti kryptoměn vstoupil do kritické fáze hlasování, přičemž skupiny z Wall Streetu a zástupci DeFi sdělily pokrok při zúžení rozdílů.
3. CFTC vydala zásah bez jednání pro Bitnomial, což zpřísnilo jeho nabídku událostí a smluv o předpovědi.
4. Coinglass: průlom BTC nad 92 000 USD může způsobit přibližně 1,15 miliardy USD likvidace krátkých pozic; pokles pod 89 000 USD může vést k přibližně 944 milionům USD likvidace dlouhých pozic.
5. Sektor soukromých mincí: XMR se posiluje a znovu získává významné postavení mezi vedoucími soukromými aktivy, zatímco Zcash čelí vnitřním potížím, které způsobily zpomalení jeho dynamiky.
6. Průzkum New Yorkského Fedu:
Očekávání inflace za rok stouply na 3,4 % v prosinci, zatímco očekávání pravděpodobnosti znovuzačlenění klesla na historický minima.
7. Podle zpráv Alphabet překonává Apple a stává se druhou největší veřejně obchodovanou firmou na světě s tržní kapitalizací přibližně 3,96 bilionu USD.
Přehled za 24 hodin | Přehled trhu
1. Trump uvedl, že momentálně nemá plány o prominutí FTX zakladatele Sama Bankman-Frieda (SBF).
2. Senate zákon o „strukturě trhu“ v oblasti kryptoměn vstoupil do kritické fáze hlasování, přičemž skupiny z Wall Streetu a zástupci DeFi sdělily pokrok při zúžení rozdílů.
3. CFTC vydala zásah bez jednání pro Bitnomial, což zpřísnilo jeho nabídku událostí a smluv o předpovědi.
4. Coinglass: průlom BTC nad 92 000 USD může způsobit přibližně 1,15 miliardy USD likvidace krátkých pozic; pokles pod 89 000 USD může vést k přibližně 944 milionům USD likvidace dlouhých pozic.
5. Sektor soukromých mincí: XMR se posiluje a znovu získává významné postavení mezi vedoucími soukromými aktivy, zatímco Zcash čelí vnitřním potížím, které způsobily zpomalení jeho dynamiky.
6. Průzkum New Yorkského Fedu:
Očekávání inflace za rok stouply na 3,4 % v prosinci, zatímco očekávání pravděpodobnosti znovuzačlenění klesla na historický minima.
7. Podle zpráv Alphabet překonává Apple a stává se druhou největší veřejně obchodovanou firmou na světě s tržní kapitalizací přibližně 3,96 bilionu USD.
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CRCL v popředí:
Institucionální pohledy, tržní začlenění a debata kolem veřejného vydavatele stabilní měny
Veřejné zveřejnění Circle Internet Group (NYSE:
) představilo vzácný okamžik, kdy základní část kryptoinfrastruktury přešla přímo na trh tradičních akcií. Jako vydavatel USDC, druhé největší stabilní měny na světě, zaujímá Circle pozici, která není čistě fintech společností ani typickým kryptoburzovním provozovatelem.
Od svého IPO se CRCL stala jednou z nejdiskutovanějších kryptosouvisejících akcií na trzích v USA – ne kvůli stabilnímu zjišťování ceny, ale kvůli ostrému rozdílu mezi institucionálními názory ohledně její dlouhodobé role.
Veřejné zveřejnění Circle Internet Group (NYSE:
) představilo vzácný okamžik, kdy základní část kryptoinfrastruktury přešla přímo na trh tradičních akcií. Jako vydavatel USDC, druhé největší stabilní měny na světě, zaujímá Circle pozici, která není čistě fintech společností ani typickým kryptoburzovním provozovatelem.
Od svého IPO se CRCL stala jednou z nejdiskutovanějších kryptosouvisejících akcií na trzích v USA – ne kvůli stabilnímu zjišťování ceny, ale kvůli ostrému rozdílu mezi institucionálními názory ohledně její dlouhodobé role.
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137·První blok 🍺1 - 8
Přehled za 24 hodin | Přehled trhu
1. Senát Spojených států amerických, výbor pro bankovnictví a výbor pro zemědělství, je plánován k přezkumu a hlasování (markup) o legislativě týkající se struktury kryptomarketu dne 15. ledna.
2. Subjekt přidružený k #WLFI podal žádost o národní bankovní charter u OCC, aby mohl přímo vydávat a zajišťovat 1 miliardu USD a rozšířit služby pro institucionální zajištění a převody stabilních mincí.
3. Aave: Čisté vklady na trhu s půjčkami Horizon RWA překročily 600 milionů USD.
4. Komise pro stabilní token ve státě Wyoming umožnila veřejnosti koupit stabilní minci FRNT prostřednictvím Kraken.
5. Kryptomarkety oslabily: #BTC dočasně klesl pod 91 000 USD, zatímco #ETH a #SOL klesaly současně.
6. Morph spustil program akcelerátoru plateb ve výši 150 milionů USD za účelem podpory škálování on-chain systémů reálných plateb.
7. Binance zveřejnil svůj 38. zprávu o důkazu zásob: k 1. lednu činily majetky uživatelů 618 tisíc BTC, 4,17 milionu ETH a 38,2 miliardy USDT.
7. Národní token Solana Mobile, #SKR , je plánován k uvedení na trh 21. ledna.
Přehled za 24 hodin | Přehled trhu
1. Senát Spojených států amerických, výbor pro bankovnictví a výbor pro zemědělství, je plánován k přezkumu a hlasování (markup) o legislativě týkající se struktury kryptomarketu dne 15. ledna.
2. Subjekt přidružený k #WLFI podal žádost o národní bankovní charter u OCC, aby mohl přímo vydávat a zajišťovat 1 miliardu USD a rozšířit služby pro institucionální zajištění a převody stabilních mincí.
3. Aave: Čisté vklady na trhu s půjčkami Horizon RWA překročily 600 milionů USD.
4. Komise pro stabilní token ve státě Wyoming umožnila veřejnosti koupit stabilní minci FRNT prostřednictvím Kraken.
5. Kryptomarkety oslabily: #BTC dočasně klesl pod 91 000 USD, zatímco #ETH a #SOL klesaly současně.
6. Morph spustil program akcelerátoru plateb ve výši 150 milionů USD za účelem podpory škálování on-chain systémů reálných plateb.
7. Binance zveřejnil svůj 38. zprávu o důkazu zásob: k 1. lednu činily majetky uživatelů 618 tisíc BTC, 4,17 milionu ETH a 38,2 miliardy USDT.
7. Národní token Solana Mobile, #SKR , je plánován k uvedení na trh 21. ledna.
Přeložit
A Review of OKX Earn Products and Historical Yield Performance
From Simple Yield Tools to a Multi-Strategy Income Framework
Over the past few years, centralized exchanges have increasingly positioned yield products as a way to retain users and improve capital efficiency. Among them, OKX has built one of the more comprehensive “Earn” product suites in the market.
Rather than offering a single fixed-income product, OKX has gradually expanded into a range of yield mechanisms, each with different risk profiles, return sources, and market dependencies. This article reviews OKX’s major Earn products and looks at how yields have behaved historically.
1. Overview of the #OKX Earn Framework
OKX’s yield products are grouped under its Earn section, designed to help users generate returns from idle crypto assets. The core categories include:
· Simple Earn (Flexible & Fixed)
· Dual Investment
· On-chain Earn (staking and #DeFi participation)
· Other structured or strategy-based products
Each category sources yield differently, including lending interest, protocol rewards, and platform-level incentives. As a result, returns are variable rather than guaranteed.
2. Simple Earn: The Primary Entry Point
How It Works
Simple Earn is the most widely used OKX yield product and serves as the entry-level option for most users. Assets such as USDT, #BTC , and #ETH are deposited into OKX-managed pools and may be:
· Lent to margin or borrowing markets
· Used in staking or protocol-level yield generation
· Supplemented by platform incentives during high-demand periods
Users can choose between:
· Flexible deposits, which allow instant redemption but offer floating yields
· Fixed-term deposits, which lock assets for a set period in exchange for higher expected returns
3. Historical Yield Performance: Volatility and Peak Periods
Yields on OKX Earn products fluctuate based on market conditions, borrowing demand, and liquidity stress.
Normal Market ConditionsDuring relatively stable market periods, Simple Earn products typically offer moderate yields aligned with lending and staking rates across the industry.
Short-Term Yield Spikes
In periods of heightened market activity or liquidity imbalance, yields have shown sharp but temporary spikes:
· In late 2024, USDT Simple Earn annualized yields briefly exceeded 20–27%
· During episodes of extreme volatility in 2025, reported flexible USDT yields temporarily surged into the 40–50%+ range
These spikes were driven by sudden increases in leverage demand and short-term capital shortages, rather than structural yield changes. Rates generally normalized quickly once market conditions stabilized.
4. Beyond Simple Earn: Product Expansion
Dual Investment
Dual Investment products allow users to earn higher yields by taking on conditional price exposure. Returns depend on whether the underlying asset settles above or below a predefined price at maturity.
This structure can enhance yield in sideways or range-bound markets, but it introduces directional risk, making it less suitable for passive investors.
On-chain Earn
On-chain Earn enables users to participate in proof-of-stake networks and selected DeFi protocols directly through OKX’s interface. Returns are tied to:
· Network staking rewards
· Protocol incentives
· Smart contract performance
While potentially attractive, these products carry additional protocol and smart contract risks.
5. User Experience and Yield Transparency
OKX provides users with relatively granular visibility into their Earn performance:
· Daily and cumulative yield tracking
· Asset-level breakdowns
· Integration with overall portfolio PnL views
However, yields are displayed in percentage terms and do not account for underlying asset price volatility, which can materially impact real returns.
6. Risk Considerations
Despite their convenience, OKX Earn products are not risk-free. Key considerations include:
1.Market Risk
Yield may be positive while asset prices decline.
2.Platform Risk
Assets are custodial. Users are exposed to operational and liquidity risks during extreme market events.
3.Yield Variability
High historical yields do not imply persistence. Most rates are demand-driven and highly dynamic.
Understanding these risks is essential when evaluating historical performance.
7. Conclusion
OKX’s Earn products have evolved from basic yield tools into a diversified income framework covering lending, staking, and structured strategies.
Historically, they have delivered:
· Stable yields during normal market conditions
· Occasional high-yield spikes during liquidity stress
· A wide range of options catering to different risk preferences
While past performance highlights the potential for attractive returns, yields remain market-dependent and should be assessed alongside risk management considerations rather than in isolation.
Over the past few years, centralized exchanges have increasingly positioned yield products as a way to retain users and improve capital efficiency. Among them, OKX has built one of the more comprehensive “Earn” product suites in the market.
Rather than offering a single fixed-income product, OKX has gradually expanded into a range of yield mechanisms, each with different risk profiles, return sources, and market dependencies. This article reviews OKX’s major Earn products and looks at how yields have behaved historically.
1. Overview of the #OKX Earn Framework
OKX’s yield products are grouped under its Earn section, designed to help users generate returns from idle crypto assets. The core categories include:
· Simple Earn (Flexible & Fixed)
· Dual Investment
· On-chain Earn (staking and #DeFi participation)
· Other structured or strategy-based products
Each category sources yield differently, including lending interest, protocol rewards, and platform-level incentives. As a result, returns are variable rather than guaranteed.
2. Simple Earn: The Primary Entry Point
How It Works
Simple Earn is the most widely used OKX yield product and serves as the entry-level option for most users. Assets such as USDT, #BTC , and #ETH are deposited into OKX-managed pools and may be:
· Lent to margin or borrowing markets
· Used in staking or protocol-level yield generation
· Supplemented by platform incentives during high-demand periods
Users can choose between:
· Flexible deposits, which allow instant redemption but offer floating yields
· Fixed-term deposits, which lock assets for a set period in exchange for higher expected returns
3. Historical Yield Performance: Volatility and Peak Periods
Yields on OKX Earn products fluctuate based on market conditions, borrowing demand, and liquidity stress.
Normal Market ConditionsDuring relatively stable market periods, Simple Earn products typically offer moderate yields aligned with lending and staking rates across the industry.
Short-Term Yield Spikes
In periods of heightened market activity or liquidity imbalance, yields have shown sharp but temporary spikes:
· In late 2024, USDT Simple Earn annualized yields briefly exceeded 20–27%
· During episodes of extreme volatility in 2025, reported flexible USDT yields temporarily surged into the 40–50%+ range
These spikes were driven by sudden increases in leverage demand and short-term capital shortages, rather than structural yield changes. Rates generally normalized quickly once market conditions stabilized.
4. Beyond Simple Earn: Product Expansion
Dual Investment
Dual Investment products allow users to earn higher yields by taking on conditional price exposure. Returns depend on whether the underlying asset settles above or below a predefined price at maturity.
This structure can enhance yield in sideways or range-bound markets, but it introduces directional risk, making it less suitable for passive investors.
On-chain Earn
On-chain Earn enables users to participate in proof-of-stake networks and selected DeFi protocols directly through OKX’s interface. Returns are tied to:
· Network staking rewards
· Protocol incentives
· Smart contract performance
While potentially attractive, these products carry additional protocol and smart contract risks.
5. User Experience and Yield Transparency
OKX provides users with relatively granular visibility into their Earn performance:
· Daily and cumulative yield tracking
· Asset-level breakdowns
· Integration with overall portfolio PnL views
However, yields are displayed in percentage terms and do not account for underlying asset price volatility, which can materially impact real returns.
6. Risk Considerations
Despite their convenience, OKX Earn products are not risk-free. Key considerations include:
1.Market Risk
Yield may be positive while asset prices decline.
2.Platform Risk
Assets are custodial. Users are exposed to operational and liquidity risks during extreme market events.
3.Yield Variability
High historical yields do not imply persistence. Most rates are demand-driven and highly dynamic.
Understanding these risks is essential when evaluating historical performance.
7. Conclusion
OKX’s Earn products have evolved from basic yield tools into a diversified income framework covering lending, staking, and structured strategies.
Historically, they have delivered:
· Stable yields during normal market conditions
· Occasional high-yield spikes during liquidity stress
· A wide range of options catering to different risk preferences
While past performance highlights the potential for attractive returns, yields remain market-dependent and should be assessed alongside risk management considerations rather than in isolation.
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137·První blok🍺 1 - 7
24H přehled | Přehled trhu
1. Podle zpráv Morgan Stanley podává žádosti týkající se ETF s čísly #BTC a #solana ; ETF s Bitcoinem zaznamenaly přibližně 697 milionů USD čistých přítoků kapitálu za jeden den.
2. Solana zveřejnil své roční přehledy za rok 2025, přičemž několik ukazatelů dosáhlo rekordních výsledků, včetně příjmů z aplikací, objemu obchodů na DEX, počtu aktivních uživatelů a REV.
3. Podle CoinDesk růst stabilní měny USDC, která je vázána na dolar a patří společnosti Circle Internet (#CRCL ), překonal růst Tetheru USDT po druhý rok v řadě v roce 2025.
4. Makro & rizikové aktiva: Akcie USA zůstávají odolné, zatímco zlato a stříbro nadále stoupají. Očekává se zvýšená poptávka po technologii a výpočetní síle, což posiluje trh. Kapitálizace stříbra dosáhla 4,63 bilionu USD, čímž překonala #NVIDIA a stala se druhým největším aktivem na světě.
5. Walmart spustil služby obchodování s #Bitcoinem a #Ethereum prostřednictvím aplikace ONEPAY.
6. Senát USA posouvá legislativu trhu s kryptoměnami: Komise pro bankovnictví má podle zpráv být připravena přezkoumat a hlasovat o návrhu zákona příští týden, přičemž Sacks se angažuje u senátorů, aby zrychlil postup.
7. Nejvyšší soud Spojených států určil tuto pátek jako „den vydání rozhodnutí“, přičemž může dojít k významnému soudnímu rozhodnutí ohledně legálnosti globálních cla uplatňovaných Trumpem.
24H přehled | Přehled trhu
1. Podle zpráv Morgan Stanley podává žádosti týkající se ETF s čísly #BTC a #solana ; ETF s Bitcoinem zaznamenaly přibližně 697 milionů USD čistých přítoků kapitálu za jeden den.
2. Solana zveřejnil své roční přehledy za rok 2025, přičemž několik ukazatelů dosáhlo rekordních výsledků, včetně příjmů z aplikací, objemu obchodů na DEX, počtu aktivních uživatelů a REV.
3. Podle CoinDesk růst stabilní měny USDC, která je vázána na dolar a patří společnosti Circle Internet (#CRCL ), překonal růst Tetheru USDT po druhý rok v řadě v roce 2025.
4. Makro & rizikové aktiva: Akcie USA zůstávají odolné, zatímco zlato a stříbro nadále stoupají. Očekává se zvýšená poptávka po technologii a výpočetní síle, což posiluje trh. Kapitálizace stříbra dosáhla 4,63 bilionu USD, čímž překonala #NVIDIA a stala se druhým největším aktivem na světě.
5. Walmart spustil služby obchodování s #Bitcoinem a #Ethereum prostřednictvím aplikace ONEPAY.
6. Senát USA posouvá legislativu trhu s kryptoměnami: Komise pro bankovnictví má podle zpráv být připravena přezkoumat a hlasovat o návrhu zákona příští týden, přičemž Sacks se angažuje u senátorů, aby zrychlil postup.
7. Nejvyšší soud Spojených států určil tuto pátek jako „den vydání rozhodnutí“, přičemž může dojít k významnému soudnímu rozhodnutí ohledně legálnosti globálních cla uplatňovaných Trumpem.
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Infrastruktura kryptoměn v éře on-chain akcií
Jak jsou tokenizované akcie Spojených států přesměrovávány likvidita a struktura trhu
Tokenizace akcií Spojených států už není teoretickou diskuzí.
V roce 2025 se stala provozní realitou — skrytě přesměrovávající infrastrukturu kryptoměn, poskytování likvidity a roli trhových operátorů.
Když se tradiční finanční aktiva přesouvají na blockchain, kryptonativní systémy jsou nuceny se přizpůsobit. Tento přesun jde spíše o tržní infrastrukturu než o novinku produktu.
1. Od konceptu k provedení: akcie Spojených států na blockchainu
Tokenizace akcií Spojených států už není teoretickou diskuzí.
V roce 2025 se stala provozní realitou — skrytě přesměrovávající infrastrukturu kryptoměn, poskytování likvidity a roli trhových operátorů.
Když se tradiční finanční aktiva přesouvají na blockchain, kryptonativní systémy jsou nuceny se přizpůsobit. Tento přesun jde spíše o tržní infrastrukturu než o novinku produktu.
1. Od konceptu k provedení: akcie Spojených států na blockchainu
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137·First Block 🍺
24H Highlights | Market Snapshot
1、Bitfinex Report: Bitcoin is trading in a tight range between USD 85,000–94,000, with liquidity conditions showing signs of potential improvement.
2、U.S. “Crypto Market Structure Bill”: Legislative progress may be significantly delayed, with passage pushed to as late as 2027 and full implementation potentially extending to 2029.
3、Ritchie Torres is preparing a proposal to restrict government officials from participating in prediction markets, responding to insider trading concerns linked to bets around the “Maduro incident.”
4、Market Rumor: Polymarket is expected to launch a real estate prediction market, allowing users to bet on housing price trends, with pricing data provided by $PRLC.
5、Fed Rate Cut Expectations (CME FedWatch):No change in January: ~82.8%
25 bp rate cut: ~17.2%
6、Jupiter has launched its native stablecoin JupUSD, with 90% of reserves backed by BlackRock and Ethena’s USDtb.
7、BTC briefly broke above USD 94,000 before entering high-level consolidation. Liquidation data indicates a short-dominated structure.
24H Highlights | Market Snapshot
1、Bitfinex Report: Bitcoin is trading in a tight range between USD 85,000–94,000, with liquidity conditions showing signs of potential improvement.
2、U.S. “Crypto Market Structure Bill”: Legislative progress may be significantly delayed, with passage pushed to as late as 2027 and full implementation potentially extending to 2029.
3、Ritchie Torres is preparing a proposal to restrict government officials from participating in prediction markets, responding to insider trading concerns linked to bets around the “Maduro incident.”
4、Market Rumor: Polymarket is expected to launch a real estate prediction market, allowing users to bet on housing price trends, with pricing data provided by $PRLC.
5、Fed Rate Cut Expectations (CME FedWatch):No change in January: ~82.8%
25 bp rate cut: ~17.2%
6、Jupiter has launched its native stablecoin JupUSD, with 90% of reserves backed by BlackRock and Ethena’s USDtb.
7、BTC briefly broke above USD 94,000 before entering high-level consolidation. Liquidation data indicates a short-dominated structure.
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Přehled Web3 tokenových odkupů v roce 2025
Od tržního signalizování k recyklaci kapitálu na řetězci
V roce 2025 se odkupy tokenů staly jedním z nejčastěji diskutovaných — a stále více prováděných — finančních akcí napříč ekosystémem Web3.
Na rozdíl od dřívějších cyklů, kde odkupy často sloužily jako krátkodobé tržní signály, současná vlna ukazuje jasnější spojení s příjmy protokolu, správou pokladny a restrukturací ekonomiky tokenů. Napříč centralizovanými platformami, DeFi protokoly, infrastrukturními projekty a vybranými aplikačními vrstvami jsou odkupy postupně méně považovány za oznámení a více jako operační mechanismy.
V roce 2025 se odkupy tokenů staly jedním z nejčastěji diskutovaných — a stále více prováděných — finančních akcí napříč ekosystémem Web3.
Na rozdíl od dřívějších cyklů, kde odkupy často sloužily jako krátkodobé tržní signály, současná vlna ukazuje jasnější spojení s příjmy protokolu, správou pokladny a restrukturací ekonomiky tokenů. Napříč centralizovanými platformami, DeFi protokoly, infrastrukturními projekty a vybranými aplikačními vrstvami jsou odkupy postupně méně považovány za oznámení a více jako operační mechanismy.
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137·První blok 🍺
24H Zprávy | Tržní přehled
1、Semafor: The New York Times a The Washington Post byly informovány o tajné operaci USA proti Venezuele před jejím provedením.
2、Spot Ethereum #ETFs v USA zaznamenal čisté přílivy ve výši 160,8 milionu USD tento týden.
3、#WLFI : Nasadí odemčené státní fondy k podpoře přijetí #USD1 .
4、Makro: CME FedWatch ukazuje přibližně 16%–17% pravděpodobnost snížení sazby o 25 bp v lednu.
5、Kryptoměnové trhy: Choppy zotavení, s Meme tokeny vedoucími rotaci. #BTC #Eth
Podle Coinglass dosáhly celkové likvidace kryptoměn 191 milionů USD za posledních 24 hodin, včetně 33,1 milionu USD v dlouhých likvidacích a 158 milionů USD v krátkých likvidacích.
6、Data DefiLlama naznačují ostrý nárůst příjmů v celém ekosystému Solana.
24H Zprávy | Tržní přehled
1、Semafor: The New York Times a The Washington Post byly informovány o tajné operaci USA proti Venezuele před jejím provedením.
2、Spot Ethereum #ETFs v USA zaznamenal čisté přílivy ve výši 160,8 milionu USD tento týden.
3、#WLFI : Nasadí odemčené státní fondy k podpoře přijetí #USD1 .
4、Makro: CME FedWatch ukazuje přibližně 16%–17% pravděpodobnost snížení sazby o 25 bp v lednu.
5、Kryptoměnové trhy: Choppy zotavení, s Meme tokeny vedoucími rotaci. #BTC #Eth
Podle Coinglass dosáhly celkové likvidace kryptoměn 191 milionů USD za posledních 24 hodin, včetně 33,1 milionu USD v dlouhých likvidacích a 158 milionů USD v krátkých likvidacích.
6、Data DefiLlama naznačují ostrý nárůst příjmů v celém ekosystému Solana.
Zobrazit originál
RootData 2025 Web3 Annual Report | Source Files 01–04: Section-by-Section Extraction
Když se rok 2025 chýlí ke konci, průmysl Web3 se nehroutí — ale jasně se na některých místech smršťuje.
Podle zprávy @RootDataCrypto o ročním trhu Web3 v roce 2025 byl minulý rok definován méně explozivním růstem a více strukturální reallocací.
V rámci výkonnosti trhu, fundraisingových aktivit, rozložení sektorů a míry přežití projektů se průmysl vzdaluje od expanze řízené narativem a směřuje k mnohem nižší toleranci vůči neefektivitě.
Tato změna byla tichá, ale rozhodující.
Podle zprávy @RootDataCrypto o ročním trhu Web3 v roce 2025 byl minulý rok definován méně explozivním růstem a více strukturální reallocací.
V rámci výkonnosti trhu, fundraisingových aktivit, rozložení sektorů a míry přežití projektů se průmysl vzdaluje od expanze řízené narativem a směřuje k mnohem nižší toleranci vůči neefektivitě.
Tato změna byla tichá, ale rozhodující.
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A16z’s 17 Signals for 2026
🎉Happy New Year 2026~
In a previous post, we summarized A16z’s view on the overall trajectory of crypto in 2026, covering everything from payments and asset forms to infrastructure. The post highlighted the main areas institutional players are focusing on as the industry evolves.
See the original here: https://x.com/137LabsCN/status/2003795134698360924?s=20
Building on that, A16z released an update yesterday with a more detailed checklist for 2026.
Titled “17 things we’re excited about for crypto in 2026”, the update lists 17 specific directions across stablecoins and payments, real-world assets (RWA), identity and privacy, AI, communications infrastructure, and legal/technical alignment.
Compared with the previous high-level outlook, this update focuses more on concrete issues and implementation paths, showing A16z’s attention to crypto moving from concept to execution.
A16z’s 17 Signals for 2026
1、More efficient stablecoin onramps/offramps
Adoption depends heavily on how efficiently and cheaply funds move on and off-chain. Competition will focus on who can provide smoother, compliant access.
2、Looking at RWA and stablecoins in a crypto-native way
Instead of copying traditional finance, the focus is on whether assets are truly chain-native—composable, automatically settled, and programmable.
3、Stablecoins driving upgrades to banking ledgers
Stablecoins act as a ledger upgrade for traditional banking systems, supporting faster settlements and new payment scenarios.
4、The internet taking on banking functions
As stablecoins, payment protocols, and wallet infrastructure develop, some traditional banking functions are being handled natively online.
5、Wealth management for a wider audience
On-chain finance can lower the barrier to wealth management, letting more users access automated, low-cost services.
6、From KYC to KYA (Know Your Agent)
With AI agents participating in trading, research, and asset management, systems need to recognize and control agents, not just individuals.
7、Using AI for substantive research
AI is moving from support tools to active participants in data analysis, research, and decision-making.
8、Invisible costs on open networks
Open networks carry hidden cost structures that affect user behavior and system efficiency.
9、Privacy as a core moat
Privacy is now a fundamental factor in whether a system can be sustainable.
10、Decentralized, quantum-resistant communication
Future messaging systems need both quantum resistance and decentralization.
11、Secrets-as-a-service
Key and sensitive information management is evolving into a service, forming part of infrastructure.
12、From “code is law” to “spec is law”
System rules are defined not only by code but also by clear specifications and standards.
13、Expansion of prediction markets
Prediction markets will cover more areas and become more sophisticated in structure and intelligence.
14、Staked media
Content combined with financial mechanisms, creating media models based on staking and incentives.
15、Crypto as a reusable technical primitive
Blockchain capabilities can be called by broader systems beyond the chain itself.
16、Trading as a waypoint, not the end
Trading becomes a step within a larger business model rather than the final product.
17、Alignment of legal and technical frameworks
Blockchain potential is fully realized when legal structures better match technical systems.
From these 17 points, it’s clear A16z is focused on building core capabilities rather than chasing short-term market trends. Payments, asset forms, identity, privacy, and legal structures appear repeatedly, signaling areas that need solving.
Overall, A16z’s view on 2026 emphasizes long-term, structural development. The focus is on usability, sustainability, and better integration with the real world. Progress might be subtle, but it will shape the industry’s path.
Finally, wishing everyone a happy new year. Stay safe, keep building, and may 2026 bring steady progress.
In a previous post, we summarized A16z’s view on the overall trajectory of crypto in 2026, covering everything from payments and asset forms to infrastructure. The post highlighted the main areas institutional players are focusing on as the industry evolves.
See the original here: https://x.com/137LabsCN/status/2003795134698360924?s=20
Building on that, A16z released an update yesterday with a more detailed checklist for 2026.
Titled “17 things we’re excited about for crypto in 2026”, the update lists 17 specific directions across stablecoins and payments, real-world assets (RWA), identity and privacy, AI, communications infrastructure, and legal/technical alignment.
Compared with the previous high-level outlook, this update focuses more on concrete issues and implementation paths, showing A16z’s attention to crypto moving from concept to execution.
A16z’s 17 Signals for 2026
1、More efficient stablecoin onramps/offramps
Adoption depends heavily on how efficiently and cheaply funds move on and off-chain. Competition will focus on who can provide smoother, compliant access.
2、Looking at RWA and stablecoins in a crypto-native way
Instead of copying traditional finance, the focus is on whether assets are truly chain-native—composable, automatically settled, and programmable.
3、Stablecoins driving upgrades to banking ledgers
Stablecoins act as a ledger upgrade for traditional banking systems, supporting faster settlements and new payment scenarios.
4、The internet taking on banking functions
As stablecoins, payment protocols, and wallet infrastructure develop, some traditional banking functions are being handled natively online.
5、Wealth management for a wider audience
On-chain finance can lower the barrier to wealth management, letting more users access automated, low-cost services.
6、From KYC to KYA (Know Your Agent)
With AI agents participating in trading, research, and asset management, systems need to recognize and control agents, not just individuals.
7、Using AI for substantive research
AI is moving from support tools to active participants in data analysis, research, and decision-making.
8、Invisible costs on open networks
Open networks carry hidden cost structures that affect user behavior and system efficiency.
9、Privacy as a core moat
Privacy is now a fundamental factor in whether a system can be sustainable.
10、Decentralized, quantum-resistant communication
Future messaging systems need both quantum resistance and decentralization.
11、Secrets-as-a-service
Key and sensitive information management is evolving into a service, forming part of infrastructure.
12、From “code is law” to “spec is law”
System rules are defined not only by code but also by clear specifications and standards.
13、Expansion of prediction markets
Prediction markets will cover more areas and become more sophisticated in structure and intelligence.
14、Staked media
Content combined with financial mechanisms, creating media models based on staking and incentives.
15、Crypto as a reusable technical primitive
Blockchain capabilities can be called by broader systems beyond the chain itself.
16、Trading as a waypoint, not the end
Trading becomes a step within a larger business model rather than the final product.
17、Alignment of legal and technical frameworks
Blockchain potential is fully realized when legal structures better match technical systems.
From these 17 points, it’s clear A16z is focused on building core capabilities rather than chasing short-term market trends. Payments, asset forms, identity, privacy, and legal structures appear repeatedly, signaling areas that need solving.
Overall, A16z’s view on 2026 emphasizes long-term, structural development. The focus is on usability, sustainability, and better integration with the real world. Progress might be subtle, but it will shape the industry’s path.
Finally, wishing everyone a happy new year. Stay safe, keep building, and may 2026 bring steady progress.
Přeložit
The 2026 Crypto Bellwether: Who Will Make It to the Public Markets
For years, the crypto industry faced a recurring question: can it be truly understood, evaluated, and held by traditional capital markets over the long term?
As we move into 2025, the market is starting to provide an answer. According to DLNews, crypto companies raised roughly $3.4 billion through IPOs in 2025. Looking ahead to 2026, expectations are for even larger and more frequent listings.
Which Web3 / crypto companies are eyeing IPOs, and what does this wave of listings signal? Let’s dive in.
6 Crypto IPO Candidates to Watch in 2026
A common thread among these companies: they are largely infrastructure-focused, regulatory-compliant, or positioned as core gateways into the ecosystem.
1️⃣ Kraken
A leading U.S. crypto exchange, valued at around $20 billion, planning a H1 2026 IPO.
As a veteran platform, Kraken has long prioritized compliance, risk management, and institutional services. A successful IPO could serve as a key proof point that the exchange model remains commercially viable even under heavy regulatory scrutiny.
2️⃣ ConsenSys
The parent company of MetaMask and Infura, valued at about $7 billion, currently preparing its IPO in partnership with JPMorgan and Goldman Sachs.
If successful, it will mark the first time crypto software and developer infrastructure are integrated into Wall Street’s mainstream pricing frameworks.
3️⃣ BitGo
Specializing in custody, settlement, and asset security, serving almost exclusively institutional clients.
These “boring” services are nonetheless critical to enabling large-scale capital flows into crypto. BitGo’s IPO prospects highlight that compliance and security have become core capabilities that can be explicitly valued by the market.
4️⃣ Animoca Brands
A major player in Web3 gaming and digital assets, valued around $6 billion, planning a reverse merger to go public.
The real question is whether the company can demonstrate that its application layer has sustainable cash flows independent of subsidies or speculative hype.
5️⃣ Ledger
A hardware wallet maker with over 6 million units sold.
With clear product logic, a trusted security brand, and real paying users, Ledger stands out as unusually “traditional” in crypto. Its potential IPO offers a tangible benchmark for the industry.
6️⃣ Bithumb
A leading South Korean exchange, planning a local IPO.
This move signals that crypto exchange capitalization paths are becoming regionalized and not solely focused on U.S. markets.
Taken together, these IPO candidates send a clear message: capital currently favors exchanges, wallets, custody, security, and developer tools—the core infrastructure layer.
The rationale is straightforward: these companies have clear revenue streams, well-defined compliance boundaries, and long-term customers. Their growth scales with the overall crypto market. In contrast, models relying solely on narratives and cyclical hype are being pushed to the margins.
While 2026 is unlikely to produce overnight crypto legends, one trend will persist: companies capable of gaining mainstream capital acceptance will be gradually and selectively validated.
The question remains: who will reach mainstream first—“infrastructure plays” like exchanges and custody solutions, or application-layer companies that have already proven their business models? 🤔
As we move into 2025, the market is starting to provide an answer. According to DLNews, crypto companies raised roughly $3.4 billion through IPOs in 2025. Looking ahead to 2026, expectations are for even larger and more frequent listings.
Which Web3 / crypto companies are eyeing IPOs, and what does this wave of listings signal? Let’s dive in.
6 Crypto IPO Candidates to Watch in 2026
A common thread among these companies: they are largely infrastructure-focused, regulatory-compliant, or positioned as core gateways into the ecosystem.
1️⃣ Kraken
A leading U.S. crypto exchange, valued at around $20 billion, planning a H1 2026 IPO.
As a veteran platform, Kraken has long prioritized compliance, risk management, and institutional services. A successful IPO could serve as a key proof point that the exchange model remains commercially viable even under heavy regulatory scrutiny.
2️⃣ ConsenSys
The parent company of MetaMask and Infura, valued at about $7 billion, currently preparing its IPO in partnership with JPMorgan and Goldman Sachs.
If successful, it will mark the first time crypto software and developer infrastructure are integrated into Wall Street’s mainstream pricing frameworks.
3️⃣ BitGo
Specializing in custody, settlement, and asset security, serving almost exclusively institutional clients.
These “boring” services are nonetheless critical to enabling large-scale capital flows into crypto. BitGo’s IPO prospects highlight that compliance and security have become core capabilities that can be explicitly valued by the market.
4️⃣ Animoca Brands
A major player in Web3 gaming and digital assets, valued around $6 billion, planning a reverse merger to go public.
The real question is whether the company can demonstrate that its application layer has sustainable cash flows independent of subsidies or speculative hype.
5️⃣ Ledger
A hardware wallet maker with over 6 million units sold.
With clear product logic, a trusted security brand, and real paying users, Ledger stands out as unusually “traditional” in crypto. Its potential IPO offers a tangible benchmark for the industry.
6️⃣ Bithumb
A leading South Korean exchange, planning a local IPO.
This move signals that crypto exchange capitalization paths are becoming regionalized and not solely focused on U.S. markets.
Taken together, these IPO candidates send a clear message: capital currently favors exchanges, wallets, custody, security, and developer tools—the core infrastructure layer.
The rationale is straightforward: these companies have clear revenue streams, well-defined compliance boundaries, and long-term customers. Their growth scales with the overall crypto market. In contrast, models relying solely on narratives and cyclical hype are being pushed to the margins.
While 2026 is unlikely to produce overnight crypto legends, one trend will persist: companies capable of gaining mainstream capital acceptance will be gradually and selectively validated.
The question remains: who will reach mainstream first—“infrastructure plays” like exchanges and custody solutions, or application-layer companies that have already proven their business models? 🤔
Přeložit
What Uniswap’s Zero App & API Fees Really Means
Yesterday, Uniswap disclosed that fees across its app and API have been reduced to zero, signaling not just a pricing change, but a broader reconfiguration of its protocol-level value capture model.
I. Underlying Logic
The first reaction might be “front-end is free, users save money,” but the real rationale is deeper:
▪️Front-end fees zeroed: App and API no longer charge for access.
▪️Fee Switch activation imminent: Protocol-level revenue becomes the primary value driver.
▪️UNI deflationary mechanism: Large-scale UNI burns lock value capture back to the token.
Key takeaway: Front-end revenue exits, value and revenue return to the protocol and its holders.
II. Market & Community Focus
1. Value Capture Mechanism
Who will ultimately receive Fee Switch revenue? LPs, UNI holders, or the foundation?
Will the revenue mechanism be auctioned or dynamically adjusted?
These questions are more critical than the front-end fee cut itself because they determine UNI’s long-term value anchor.
2. UNI Deflation Impact
100 million UNI burned—a historic-level deflation event.
Market attention is on post-burn circulating supply and price reaction.
This serves as a real-world test in the DeFi community of how deflation impacts token value.
3. Protocol Revenue Restructuring
Front-end fees zeroed + Fee Switch activation + UNI burn all happening together mean that future revenue sources become more transparent, and markets will start pricing UNI based on real protocol income and cash flow, rather than narratives.
III. Potential Chain Reactions
▪️Other protocols may adjust revenue structures: Sushiswap, Balancer, Curve, Aave, etc., may reconsider front-end vs. protocol-layer revenue allocation, following Uniswap’s example.
▪️Lower barriers for developers and aggregators: Free APIs encourage deeper integrations and may accelerate the growth of second-layer apps and data services.
▪️UNI valuation becomes usage- and revenue-driven: Future pricing may shift from “short-term hype + wallet counts” to a model closer to equity valuation: Trading Volume × Protocol Revenue × Deflation Expectations.
IV. Summary
Uniswap’s zeroing of front-end and API fees is not a simple user benefit—it is a protocol-level economic restructure:
Front-end revenue exits
Protocol income and deflationary mechanisms anchor token value
Long-term impact for the ecosystem, developers, and market
It also sets a standard for the DeFi ecosystem: protocols that can reliably and stably return revenue to tokens are positioned to become top-tier infrastructure in 2026.
I. Underlying Logic
The first reaction might be “front-end is free, users save money,” but the real rationale is deeper:
▪️Front-end fees zeroed: App and API no longer charge for access.
▪️Fee Switch activation imminent: Protocol-level revenue becomes the primary value driver.
▪️UNI deflationary mechanism: Large-scale UNI burns lock value capture back to the token.
Key takeaway: Front-end revenue exits, value and revenue return to the protocol and its holders.
II. Market & Community Focus
1. Value Capture Mechanism
Who will ultimately receive Fee Switch revenue? LPs, UNI holders, or the foundation?
Will the revenue mechanism be auctioned or dynamically adjusted?
These questions are more critical than the front-end fee cut itself because they determine UNI’s long-term value anchor.
2. UNI Deflation Impact
100 million UNI burned—a historic-level deflation event.
Market attention is on post-burn circulating supply and price reaction.
This serves as a real-world test in the DeFi community of how deflation impacts token value.
3. Protocol Revenue Restructuring
Front-end fees zeroed + Fee Switch activation + UNI burn all happening together mean that future revenue sources become more transparent, and markets will start pricing UNI based on real protocol income and cash flow, rather than narratives.
III. Potential Chain Reactions
▪️Other protocols may adjust revenue structures: Sushiswap, Balancer, Curve, Aave, etc., may reconsider front-end vs. protocol-layer revenue allocation, following Uniswap’s example.
▪️Lower barriers for developers and aggregators: Free APIs encourage deeper integrations and may accelerate the growth of second-layer apps and data services.
▪️UNI valuation becomes usage- and revenue-driven: Future pricing may shift from “short-term hype + wallet counts” to a model closer to equity valuation: Trading Volume × Protocol Revenue × Deflation Expectations.
IV. Summary
Uniswap’s zeroing of front-end and API fees is not a simple user benefit—it is a protocol-level economic restructure:
Front-end revenue exits
Protocol income and deflationary mechanisms anchor token value
Long-term impact for the ecosystem, developers, and market
It also sets a standard for the DeFi ecosystem: protocols that can reliably and stably return revenue to tokens are positioned to become top-tier infrastructure in 2026.
Zobrazit originál
Komplexní přehled selhání hlasování Aave DAO
V poslední době proběhla významná diskuse o události „selhání hlasování Aave“. Na základě zpráv z několika mediálních zdrojů tento článek poskytuje úplný přehled události, klíčových účastníků a kritických faktorů, což pomáhá pochopit, jak se tento spor o správu vyvinul krok za krokem.
Incident se zaměřuje na klíčový návrh na správu v rámci Aave DAO, který se zabýval kontrolou značkových aktiv Aave, front-end produkty a příjmovými toky, a neformálním rozdělením odpovědností mezi Aave DAO a Aave Labs.
Incident se zaměřuje na klíčový návrh na správu v rámci Aave DAO, který se zabýval kontrolou značkových aktiv Aave, front-end produkty a příjmovými toky, a neformálním rozdělením odpovědností mezi Aave DAO a Aave Labs.
Přeložit
Bitwise’s 2026 Crypto Outlook: From Narrative Hype to Structural Growth
As the year comes to a close, let’s review how various institutions are looking at 2026. Today, we’ll focus on Bitwise’s outlook.
Bitwise’s “10 Crypto Predictions for 2026” highlights structural drivers, institutional inflows, ETF dynamics, product maturity, and regulatory developments shaping the next market cycle.
Core Thesis:
2026 is expected to move beyond single narrative cycles. Market dynamics are increasingly defined by supply-demand imbalances, ongoing allocation flows, and infrastructure upgrades, rather than hype-driven sentiment.
I. BTC Price Dynamics
The traditional 4-year halving cycle may no longer dictate BTC price trends. Persistent institutional inflows and ETF demand could support new all-time highs independent of historical cycles.
II. Volatility Moderation
As liquidity providers and long-term allocators increase exposure, BTC volatility may stabilize, reflecting portfolio asset behavior rather than speculative swings.
III. Spot ETFs and Supply Absorption
Spot ETFs could absorb more than 100% of new BTC, ETH, and SOL issuance, according to Bitwise estimates, generating structural support for prices through real demand absorption.
IV. Crypto Equities Outperformance
Public companies in exchanges and infrastructure are likely to outperform broader tech indices, driven by growth momentum and ecosystem expansion.
V. Prediction Market Growth
On-chain prediction and derivatives markets continue to mature, with open interest surpassing previous US election highs, indicating robust adoption of decentralized betting infrastructure.
VI. Stablecoins Scaling to Macro Relevance
As total value locked (TVL) grows, stablecoins will become central to discussions on global liquidity and emerging market currency impacts.
VII. On-Chain Vaults (“ETF 2.0”)
Automated, yield-bearing on-chain strategies provide institutions with risk-managed exposure, creating a decentralized alternative to traditional investment rails.
VIII. Regulatory Clarity as a Catalyst
Legislation such as the CLARITY Act could significantly rerate valuations of major layer-1 protocols, including ETH and SOL, by reducing regulatory uncertainty.
IX. Institutional Mainstreaming
University endowments and large allocators are increasingly integrating crypto as a core portfolio component, transitioning it from a speculative side bet to a strategic allocation.
X. Expansion of Crypto-Linked ETFs
The launch of 100+ crypto ETFs in the U.S. will facilitate seamless onboarding for both retail and traditional financial institutions.
Structural Implications
Demand is increasingly institutional and less driven by retail FOMO.
Investment tools are evolving from spot trading to layered DeFi/TradFi hybrids.
Regulatory clarity and infrastructure improvements reinforce long-term market stability.
Market narratives are shifting from price speculation to operational understanding, portfolio allocation, and compounding strategies.
Bottom Line:
Bitwise’s base case for 2026 is a market powered by structure, regulation, and infrastructure—not hype. Expect steadier, deeper, and more sustainable growth.
Full Report: https://s3.us-east-1.amazonaws.com/static.bitwiseinvestments.com/Research/Bitwise-The-Year-Ahead-10-Crypto-Predictions-for-2026.pdf
I’ll be sharing more insights and forecasts from leading institutions on the direction of 2026. Piecing together these different perspectives could be more useful than staring at daily charts. If you’re interested, hit follow
Bitwise’s “10 Crypto Predictions for 2026” highlights structural drivers, institutional inflows, ETF dynamics, product maturity, and regulatory developments shaping the next market cycle.
Core Thesis:
2026 is expected to move beyond single narrative cycles. Market dynamics are increasingly defined by supply-demand imbalances, ongoing allocation flows, and infrastructure upgrades, rather than hype-driven sentiment.
I. BTC Price Dynamics
The traditional 4-year halving cycle may no longer dictate BTC price trends. Persistent institutional inflows and ETF demand could support new all-time highs independent of historical cycles.
II. Volatility Moderation
As liquidity providers and long-term allocators increase exposure, BTC volatility may stabilize, reflecting portfolio asset behavior rather than speculative swings.
III. Spot ETFs and Supply Absorption
Spot ETFs could absorb more than 100% of new BTC, ETH, and SOL issuance, according to Bitwise estimates, generating structural support for prices through real demand absorption.
IV. Crypto Equities Outperformance
Public companies in exchanges and infrastructure are likely to outperform broader tech indices, driven by growth momentum and ecosystem expansion.
V. Prediction Market Growth
On-chain prediction and derivatives markets continue to mature, with open interest surpassing previous US election highs, indicating robust adoption of decentralized betting infrastructure.
VI. Stablecoins Scaling to Macro Relevance
As total value locked (TVL) grows, stablecoins will become central to discussions on global liquidity and emerging market currency impacts.
VII. On-Chain Vaults (“ETF 2.0”)
Automated, yield-bearing on-chain strategies provide institutions with risk-managed exposure, creating a decentralized alternative to traditional investment rails.
VIII. Regulatory Clarity as a Catalyst
Legislation such as the CLARITY Act could significantly rerate valuations of major layer-1 protocols, including ETH and SOL, by reducing regulatory uncertainty.
IX. Institutional Mainstreaming
University endowments and large allocators are increasingly integrating crypto as a core portfolio component, transitioning it from a speculative side bet to a strategic allocation.
X. Expansion of Crypto-Linked ETFs
The launch of 100+ crypto ETFs in the U.S. will facilitate seamless onboarding for both retail and traditional financial institutions.
Structural Implications
Demand is increasingly institutional and less driven by retail FOMO.
Investment tools are evolving from spot trading to layered DeFi/TradFi hybrids.
Regulatory clarity and infrastructure improvements reinforce long-term market stability.
Market narratives are shifting from price speculation to operational understanding, portfolio allocation, and compounding strategies.
Bottom Line:
Bitwise’s base case for 2026 is a market powered by structure, regulation, and infrastructure—not hype. Expect steadier, deeper, and more sustainable growth.
Full Report: https://s3.us-east-1.amazonaws.com/static.bitwiseinvestments.com/Research/Bitwise-The-Year-Ahead-10-Crypto-Predictions-for-2026.pdf
I’ll be sharing more insights and forecasts from leading institutions on the direction of 2026. Piecing together these different perspectives could be more useful than staring at daily charts. If you’re interested, hit follow
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