虾币币的比特世界

Recently, PancakeSwap launched its first Pre-Access project, pPOLY, issued by Paimon Finance and participated in via Binance Wallet for subscription. The product’s reference subscription price is $15.5, with an issuance size of approximately $4.8 million. It is scheduled to open for redemption and trading on September 24. Because the name includes “POLY” and it has been described as a Polymarket-related listed pre-tokenization product, many people’s first reaction was: “Did Binance start letting retail investors buy Polymarket Pre-IPO stock?” But it’s not that simple. The $15.5 you pay doesn’t get you Polymarket stock, nor a token issued directly by Polymarket. Instead, it represents an indirect economic exposure packaged through an SPV and a third-party issuer.

Yesterday, BNB first broke above $800, and BNB's total market capitalization surpassed $110 billion. The bull market predicted five years ago seems to have materialized today. On July 25, 2020, I first wrote about my long-term judgment on BNB in a public account, titled 'Long-term Judgment on BNB'; at that time, BNB's price was $18, with a total market capitalization of $2.7 billion. Subsequently, I wrote several articles supplementing the logic of a long-term view of a $100 billion market cap. In the 2021 bull market, BNB's total market capitalization exceeded $90 billion but did not reach $100 billion. This year, it has officially broken through. Looking back now, some of the logic has been validated, while some have been falsified, but overall, it can be considered a successful prediction. This article serves as a conclusion to the prediction made five years ago!

In the past two rounds of privacy coin market action, there’s one phenomenon worth thinking about: XMR, which is genuinely praised by crypto OGs and has more thoroughly implemented privacy, actually lagged behind ZEC in terms of price gains. Many people would look for answers in terms of technology, community belief, or the project’s history, but I think the most core reason is actually not that complicated—not that XMR’s privacy isn’t good. Rather, it’s that its privacy is done so well that it sacrificed the most important thing in the secondary market: liquidity.
XMR uses a default privacy design in which the sender, receiver, and amount of a transaction are all hidden. Ring signatures, stealth addresses, and confidential transactions together form a privacy system that runs by default. Users can’t temporarily switch a particular on-chain transaction to a public mode just to satisfy the requirements of exchanges or regulatory bodies. This is also why XMR has been recognized and approved by crypto punks and crypto OGs: privacy is not an add-on feature—it’s the system’s default state. But from the perspective of centralized exchanges, this design also means higher anti–money laundering, funds tracing, and “Travel Rule” compliance costs. As a result, over time XMR has lost access points on some major trading platforms and regulated markets, with its liquidity becoming increasingly concentrated in a small number of platforms, OTC trading, and decentralized channels. Research literature also points to the delisting of major centralized exchanges as an important reason pushing the Monero ecosystem toward P2P and decentralized trading.

Some things in the crypto world taste completely different when you look back after three years. In 2022, Circle reported concerns about reserves for Binance-related stablecoins to New York regulators. In 2023, Paxos was ordered to stop issuing new BUSD. A stablecoin that had once reached a scale of over $20 billion and ranked third globally began to exit the historical stage. Strictly speaking, stopping BUSD cannot be simply attributed to Circle’s single complaint—there were more complex issues involving Paxos, Binance, and regulators behind the scenes. But without a doubt, Circle was an important participant in that stablecoin battle at the time. As it turns out, three years later, the plot delivered an almost nobody-expected twist: Binance paid $100 million to subscribe to 1.237 million shares of Circle stock at $80.84 per share. Meanwhile, both sides expanded their USDC cooperation even further—and the agreement is for five years. Three years ago, they were rivals in the stablecoin arena; three years later, Binance not only helped Circle push USDC, it also directly took a seat among Circle’s shareholders.