农民Frank
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农民Frank
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Block User
一切皆可 Farm 🌽
投资圈里懂种地，庄稼地里做投资
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Article
From USDGO to OUSD: Enterprise stablecoins “cross 1 billion”—what’s left before 10 billion?From Asia-Pacific and emerging markets to global corporate demand, compliant digital dollars have quietly entered an era of strategic maneuvering where “distribution is king.”
By Frank the farmer
Regarding enterprise stablecoins, in the past few years, the market has been discussing a story of what is “about to happen.”
This story has many versions, but the core thread is roughly the same: traditional financial institutions are moving in, compliant stablecoins will become the underlying infrastructure for cross-border payments, and corporate treasury management will undergo a paradigm shift as a result—carried by a new generation of stablecoins co-developed and supported by banks, payment institutions, and technology platforms.
From USDGO to OUSD: Enterprise stablecoins “cross 1 billion”—what’s left before 10 billion?
From Asia-Pacific and emerging markets to global corporate demand, compliant digital dollars have quietly entered an era of strategic maneuvering where “distribution is king.”
By Frank the farmer
Regarding enterprise stablecoins, in the past few years, the market has been discussing a story of what is “about to happen.”
This story has many versions, but the core thread is roughly the same: traditional financial institutions are moving in, compliant stablecoins will become the underlying infrastructure for cross-border payments, and corporate treasury management will undergo a paradigm shift as a result—carried by a new generation of stablecoins co-developed and supported by banks, payment institutions, and technology platforms.
By Frank the farmer
Regarding enterprise stablecoins, in the past few years, the market has been discussing a story of what is “about to happen.”
This story has many versions, but the core thread is roughly the same: traditional financial institutions are moving in, compliant stablecoins will become the underlying infrastructure for cross-border payments, and corporate treasury management will undergo a paradigm shift as a result—carried by a new generation of stablecoins co-developed and supported by banks, payment institutions, and technology platforms.
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Article
Avenir Group Bets on WasabiCard: Why the U Cards Are Cooling Off While Stablecoin Payments Are Becoming More Attractive?Capital is betting on card issuance, compliance, clearing and settlement, and enterprise APIs; the dividends of stablecoin payments are shifting from 'cards' to 'underlying infrastructure.'
Written by: Farmer Frank
Li Lin has placed another bet.
On June 3, 2026, the global stablecoin payment infrastructure platform WasabiCard completed its Pre-A funding round, bringing its total financing close to $10 million, including previous early rounds. Investors include Vernal Capital, Avenir Group, Vision Plus Capital, and 01VC—where Avenir Group is none other than Li Lin's family office.
Interestingly, almost simultaneously, another message flooded the community: Fiat24 has suspended new account applications in mainland China, while several crypto payment card services familiar to Chinese users, such as SafePal and Bitget Wallet, have partnerships with Fiat24 regarding their card issuance capabilities.
Avenir Group Bets on WasabiCard: Why the U Cards Are Cooling Off While Stablecoin Payments Are Becoming More Attractive?
Capital is betting on card issuance, compliance, clearing and settlement, and enterprise APIs; the dividends of stablecoin payments are shifting from 'cards' to 'underlying infrastructure.'
Written by: Farmer Frank
Li Lin has placed another bet.
On June 3, 2026, the global stablecoin payment infrastructure platform WasabiCard completed its Pre-A funding round, bringing its total financing close to $10 million, including previous early rounds. Investors include Vernal Capital, Avenir Group, Vision Plus Capital, and 01VC—where Avenir Group is none other than Li Lin's family office.
Interestingly, almost simultaneously, another message flooded the community: Fiat24 has suspended new account applications in mainland China, while several crypto payment card services familiar to Chinese users, such as SafePal and Bitget Wallet, have partnerships with Fiat24 regarding their card issuance capabilities.
Written by: Farmer Frank
Li Lin has placed another bet.
On June 3, 2026, the global stablecoin payment infrastructure platform WasabiCard completed its Pre-A funding round, bringing its total financing close to $10 million, including previous early rounds. Investors include Vernal Capital, Avenir Group, Vision Plus Capital, and 01VC—where Avenir Group is none other than Li Lin's family office.
Interestingly, almost simultaneously, another message flooded the community: Fiat24 has suspended new account applications in mainland China, while several crypto payment card services familiar to Chinese users, such as SafePal and Bitget Wallet, have partnerships with Fiat24 regarding their card issuance capabilities.
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Article
Old maps accelerate obsolescence: Mastercard's $1.8 billion and the second half of stablecoin paymentsThis bill does not make sense from a financial logic perspective, as it is a struggle for the next generation global payment system's 'Strait of Hormuz'.
Written by: Farmer Frank
In March 2026, Mastercard announced it would acquire the stablecoin payment company BVNK for up to $1.8 billion, with the deal expected to close by the end of the year.
If we only look at the financial data, this transaction is not cheap. BVNK processed $30 billion in stablecoin payments in 2025, but the annual revenue was only $40 million. From this perspective, the valuation is obviously difficult to explain using traditional revenue multiples.
Mastercard is clearly not aiming for the current profits of BVNK.
Old maps accelerate obsolescence: Mastercard's $1.8 billion and the second half of stablecoin payments
This bill does not make sense from a financial logic perspective, as it is a struggle for the next generation global payment system's 'Strait of Hormuz'.
Written by: Farmer Frank
In March 2026, Mastercard announced it would acquire the stablecoin payment company BVNK for up to $1.8 billion, with the deal expected to close by the end of the year.
If we only look at the financial data, this transaction is not cheap. BVNK processed $30 billion in stablecoin payments in 2025, but the annual revenue was only $40 million. From this perspective, the valuation is obviously difficult to explain using traditional revenue multiples.
Mastercard is clearly not aiming for the current profits of BVNK.
Written by: Farmer Frank
In March 2026, Mastercard announced it would acquire the stablecoin payment company BVNK for up to $1.8 billion, with the deal expected to close by the end of the year.
If we only look at the financial data, this transaction is not cheap. BVNK processed $30 billion in stablecoin payments in 2025, but the annual revenue was only $40 million. From this perspective, the valuation is obviously difficult to explain using traditional revenue multiples.
Mastercard is clearly not aiming for the current profits of BVNK.
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Article
When gold is "trapped" in Dubai, it is time to clearly "bullish" Hong Kong.The restructuring of geopolitical order + the compliance of virtual assets is, for Hong Kong, an unprecedented major change in the 21st century.
Written by: Farmer Frank
Dubai's gold has shown a rare "negative premium" since last week.
According to a report by Bloomberg citing sources, due to the ongoing impact of the Middle East conflict, many Dubai gold traders are selling off inventory at a wholesale price that is $30 lower per ounce than the London benchmark price to avoid bearing storage and financing costs indefinitely, as they cannot ensure timely delivery.
Although this time the gold "negative premium" is mainly concentrated at the wholesale level and has not yet affected retail gold prices, it is almost never seen in a normal market because gold has always been regarded as one of the most liquid physical assets globally. Theoretically, as long as there is a significant price difference, arbitrage funds will quickly transport it to markets with higher prices, eliminating all price discrepancies.
When gold is "trapped" in Dubai, it is time to clearly "bullish" Hong Kong.
The restructuring of geopolitical order + the compliance of virtual assets is, for Hong Kong, an unprecedented major change in the 21st century.
Written by: Farmer Frank
Dubai's gold has shown a rare "negative premium" since last week.
According to a report by Bloomberg citing sources, due to the ongoing impact of the Middle East conflict, many Dubai gold traders are selling off inventory at a wholesale price that is $30 lower per ounce than the London benchmark price to avoid bearing storage and financing costs indefinitely, as they cannot ensure timely delivery.
Although this time the gold "negative premium" is mainly concentrated at the wholesale level and has not yet affected retail gold prices, it is almost never seen in a normal market because gold has always been regarded as one of the most liquid physical assets globally. Theoretically, as long as there is a significant price difference, arbitrage funds will quickly transport it to markets with higher prices, eliminating all price discrepancies.
Written by: Farmer Frank
Dubai's gold has shown a rare "negative premium" since last week.
According to a report by Bloomberg citing sources, due to the ongoing impact of the Middle East conflict, many Dubai gold traders are selling off inventory at a wholesale price that is $30 lower per ounce than the London benchmark price to avoid bearing storage and financing costs indefinitely, as they cannot ensure timely delivery.
Although this time the gold "negative premium" is mainly concentrated at the wholesale level and has not yet affected retail gold prices, it is almost never seen in a normal market because gold has always been regarded as one of the most liquid physical assets globally. Theoretically, as long as there is a significant price difference, arbitrage funds will quickly transport it to markets with higher prices, eliminating all price discrepancies.
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Article
Open Unicorn Tickets: From Robinhood to MSX, an On-Chain Equality Experiment for Pre-IPOWith the help of tokenization, will allowing ordinary users to enter unicorns like SpaceX before the bell ring be the new future proposition for RWA?
Written by: Farmer Frank
Since 2026, RWA seems to have no new battles.
Looking back over the past 5 years, from stablecoins to US Treasuries, and then to funds and US stocks, mainstream assets have gradually been introduced into the on-chain system. Through tokenization, they have become tradable new financial products, which to some extent has successfully run the on-chain trading logic of TradFi secondary market assets.
But in the primary market, the place that hides super unicorns like SpaceX, ByteDance, OpenAI, and Anthropic, still keeps its doors tightly closed. Users can smoothly trade Tesla on-chain, but it's difficult to buy a 'ticket' for SpaceX before the bell rings.
Open Unicorn Tickets: From Robinhood to MSX, an On-Chain Equality Experiment for Pre-IPO
With the help of tokenization, will allowing ordinary users to enter unicorns like SpaceX before the bell ring be the new future proposition for RWA?
Written by: Farmer Frank
Since 2026, RWA seems to have no new battles.
Looking back over the past 5 years, from stablecoins to US Treasuries, and then to funds and US stocks, mainstream assets have gradually been introduced into the on-chain system. Through tokenization, they have become tradable new financial products, which to some extent has successfully run the on-chain trading logic of TradFi secondary market assets.
But in the primary market, the place that hides super unicorns like SpaceX, ByteDance, OpenAI, and Anthropic, still keeps its doors tightly closed. Users can smoothly trade Tesla on-chain, but it's difficult to buy a 'ticket' for SpaceX before the bell rings.
Written by: Farmer Frank
Since 2026, RWA seems to have no new battles.
Looking back over the past 5 years, from stablecoins to US Treasuries, and then to funds and US stocks, mainstream assets have gradually been introduced into the on-chain system. Through tokenization, they have become tradable new financial products, which to some extent has successfully run the on-chain trading logic of TradFi secondary market assets.
But in the primary market, the place that hides super unicorns like SpaceX, ByteDance, OpenAI, and Anthropic, still keeps its doors tightly closed. Users can smoothly trade Tesla on-chain, but it's difficult to buy a 'ticket' for SpaceX before the bell rings.
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18 Line Small County Town Spring Festival Observation —— Byte, the 'Attention King' of the Sinking Market
18 Line Small County Town Spring Festival Observation —— Byte, the 'Attention King' of the Sinking Market
1. Douyin has become the social infrastructure of the new rural society
In county towns and rural areas, young people generally start to display Douyin QR codes to add friends, partially replacing QQ/WeChat, which is definitely not good news for Tencent. If they can't come up with a more appealing new platform for young people, their social base might be in danger.
The main platform for middle-aged and elderly people's life sharing has also shifted from Moments to Douyin. Various BGM videos on Douyin are very easy to make, and then friends, colleagues, and neighbors interact with likes and share Douyin with one click, creating a complete social loop.
2. From Hongguo short dramas to Tomato novels, the immersion level is ridiculously high
Elders, peers, and younger generations in the family are basically all using Hongguo, locking in the fragmented time from the 60s to the 00s, especially through a 'video-text' traffic funnel:
Watch short dramas on Hongguo, then go chase thrilling novels on Tomato; or read thrilling novels on Tomato, and then wait a few days for Hongguo to release new short dramas before going back to watch them. People of all ages are deeply immersed in it.
3. Installing Doubao on parents' phones when returning home for the New Year has become a new compulsory course
It's not an exaggeration to say that for many people born in the 60s and 70s, their first AI enlightenment was not GPT, not DeepSeek, but Doubao.
In terms of actual usage, by 2025, Doubao will be quite popular in small county towns. Taking advantage of the festive atmosphere during the New Year, many young people returning home also guide their elders, who have not experienced it yet, to download and try it out, achieving a very successful new user acquisition this Spring Festival.
Currently, the common usage scenarios for elders around me are also very practical: asking how to cook, checking the weather, taking pictures of various flowers and plants, pure chatting to relieve boredom (phone/video calls), filling a huge emotional and companionship void for many middle-aged and elderly people. It truly has the flavor of a 'rural version of Jarvis' and can be considered another kind of productivity tool.
4. Doubao input method may give Sogou, iFlyTek, and other input method manufacturers a small byte shock in 2026
I think many people might underestimate this. For elderly people who are not familiar with Pinyin and are slow at handwriting, 'being able to understand dialects' and having almost 0 recognition errors is a game changer.
18 Line Small County Town Spring Festival Observation —— Byte, the 'Attention King' of the Sinking Market
18 Line Small County Town Spring Festival Observation —— Byte, the 'Attention King' of the Sinking Market
1. Douyin has become the social infrastructure of the new rural society
In county towns and rural areas, young people generally start to display Douyin QR codes to add friends, partially replacing QQ/WeChat, which is definitely not good news for Tencent. If they can't come up with a more appealing new platform for young people, their social base might be in danger.
The main platform for middle-aged and elderly people's life sharing has also shifted from Moments to Douyin. Various BGM videos on Douyin are very easy to make, and then friends, colleagues, and neighbors interact with likes and share Douyin with one click, creating a complete social loop.
2. From Hongguo short dramas to Tomato novels, the immersion level is ridiculously high
Elders, peers, and younger generations in the family are basically all using Hongguo, locking in the fragmented time from the 60s to the 00s, especially through a 'video-text' traffic funnel:
Watch short dramas on Hongguo, then go chase thrilling novels on Tomato; or read thrilling novels on Tomato, and then wait a few days for Hongguo to release new short dramas before going back to watch them. People of all ages are deeply immersed in it.
3. Installing Doubao on parents' phones when returning home for the New Year has become a new compulsory course
It's not an exaggeration to say that for many people born in the 60s and 70s, their first AI enlightenment was not GPT, not DeepSeek, but Doubao.
In terms of actual usage, by 2025, Doubao will be quite popular in small county towns. Taking advantage of the festive atmosphere during the New Year, many young people returning home also guide their elders, who have not experienced it yet, to download and try it out, achieving a very successful new user acquisition this Spring Festival.
Currently, the common usage scenarios for elders around me are also very practical: asking how to cook, checking the weather, taking pictures of various flowers and plants, pure chatting to relieve boredom (phone/video calls), filling a huge emotional and companionship void for many middle-aged and elderly people. It truly has the flavor of a 'rural version of Jarvis' and can be considered another kind of productivity tool.
4. Doubao input method may give Sogou, iFlyTek, and other input method manufacturers a small byte shock in 2026
I think many people might underestimate this. For elderly people who are not familiar with Pinyin and are slow at handwriting, 'being able to understand dialects' and having almost 0 recognition errors is a game changer.
18 Line Small County Town Spring Festival Observation —— Byte, the 'Attention King' of the Sinking Market
1. Douyin has become the social infrastructure of the new rural society
In county towns and rural areas, young people generally start to display Douyin QR codes to add friends, partially replacing QQ/WeChat, which is definitely not good news for Tencent. If they can't come up with a more appealing new platform for young people, their social base might be in danger.
The main platform for middle-aged and elderly people's life sharing has also shifted from Moments to Douyin. Various BGM videos on Douyin are very easy to make, and then friends, colleagues, and neighbors interact with likes and share Douyin with one click, creating a complete social loop.
2. From Hongguo short dramas to Tomato novels, the immersion level is ridiculously high
Elders, peers, and younger generations in the family are basically all using Hongguo, locking in the fragmented time from the 60s to the 00s, especially through a 'video-text' traffic funnel:
Watch short dramas on Hongguo, then go chase thrilling novels on Tomato; or read thrilling novels on Tomato, and then wait a few days for Hongguo to release new short dramas before going back to watch them. People of all ages are deeply immersed in it.
3. Installing Doubao on parents' phones when returning home for the New Year has become a new compulsory course
It's not an exaggeration to say that for many people born in the 60s and 70s, their first AI enlightenment was not GPT, not DeepSeek, but Doubao.
In terms of actual usage, by 2025, Doubao will be quite popular in small county towns. Taking advantage of the festive atmosphere during the New Year, many young people returning home also guide their elders, who have not experienced it yet, to download and try it out, achieving a very successful new user acquisition this Spring Festival.
Currently, the common usage scenarios for elders around me are also very practical: asking how to cook, checking the weather, taking pictures of various flowers and plants, pure chatting to relieve boredom (phone/video calls), filling a huge emotional and companionship void for many middle-aged and elderly people. It truly has the flavor of a 'rural version of Jarvis' and can be considered another kind of productivity tool.
4. Doubao input method may give Sogou, iFlyTek, and other input method manufacturers a small byte shock in 2026
I think many people might underestimate this. For elderly people who are not familiar with Pinyin and are slow at handwriting, 'being able to understand dialects' and having almost 0 recognition errors is a game changer.
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At this stage, it is precisely the time for researchers to play their role.
Whether in the US stock market or on-chain, many major logics have been laid out over the years: monetary easing is beneficial, tapering is a negative, defensive strategies in the late cycle, and it’s best to sell during an inverted yield curve...
These have all become market reflexes, and traders can place orders without much thought.
What is truly worth spending time on is actually those structural micro changes — which experiences are still effective, which have failed, which narratives can become foundations, and which foundations are starting to loosen.
There has never been a one-size-fits-all "experience"; even Duan Yongping's advice to "just buy the S&P 500 index" carries inherent restrictive premises (that American financial/military hegemony can still be maintained).
Thus, Vida keeps a large amount of cash, anticipating that when those "mindless leveraged long positions in the S&P 500" pay the price, it may not conflict with Duan Yongping.
Investment cannot rely solely on knee-jerk reactions; at this time, researchers must go to the front lines. Even if the foundations are generally settling, there will always be some people taking the elevator up, creating localized structural prosperity.
Like last year, many star small-cap stocks like RKLB saw numerous buyers following the logic.
Moreover, research is different from arbitrage; it is not a cold game of zero-sum. As long as the value growth you are researching is real, this ship may not sink even if there are more people on board.
Especially in this era where large models can write reports, sharing is not just an output, but also a practice to force a logical closed loop through public expression.
2026, LFG
At this stage, it is precisely the time for researchers to play their role.
Whether in the US stock market or on-chain, many major logics have been laid out over the years: monetary easing is beneficial, tapering is a negative, defensive strategies in the late cycle, and it’s best to sell during an inverted yield curve...
These have all become market reflexes, and traders can place orders without much thought.
What is truly worth spending time on is actually those structural micro changes — which experiences are still effective, which have failed, which narratives can become foundations, and which foundations are starting to loosen.
There has never been a one-size-fits-all "experience"; even Duan Yongping's advice to "just buy the S&P 500 index" carries inherent restrictive premises (that American financial/military hegemony can still be maintained).
Thus, Vida keeps a large amount of cash, anticipating that when those "mindless leveraged long positions in the S&P 500" pay the price, it may not conflict with Duan Yongping.
Investment cannot rely solely on knee-jerk reactions; at this time, researchers must go to the front lines. Even if the foundations are generally settling, there will always be some people taking the elevator up, creating localized structural prosperity.
Like last year, many star small-cap stocks like RKLB saw numerous buyers following the logic.
Moreover, research is different from arbitrage; it is not a cold game of zero-sum. As long as the value growth you are researching is real, this ship may not sink even if there are more people on board.
Especially in this era where large models can write reports, sharing is not just an output, but also a practice to force a logical closed loop through public expression.
2026, LFG
Whether in the US stock market or on-chain, many major logics have been laid out over the years: monetary easing is beneficial, tapering is a negative, defensive strategies in the late cycle, and it’s best to sell during an inverted yield curve...
These have all become market reflexes, and traders can place orders without much thought.
What is truly worth spending time on is actually those structural micro changes — which experiences are still effective, which have failed, which narratives can become foundations, and which foundations are starting to loosen.
There has never been a one-size-fits-all "experience"; even Duan Yongping's advice to "just buy the S&P 500 index" carries inherent restrictive premises (that American financial/military hegemony can still be maintained).
Thus, Vida keeps a large amount of cash, anticipating that when those "mindless leveraged long positions in the S&P 500" pay the price, it may not conflict with Duan Yongping.
Investment cannot rely solely on knee-jerk reactions; at this time, researchers must go to the front lines. Even if the foundations are generally settling, there will always be some people taking the elevator up, creating localized structural prosperity.
Like last year, many star small-cap stocks like RKLB saw numerous buyers following the logic.
Moreover, research is different from arbitrage; it is not a cold game of zero-sum. As long as the value growth you are researching is real, this ship may not sink even if there are more people on board.
Especially in this era where large models can write reports, sharing is not just an output, but also a practice to force a logical closed loop through public expression.
2026, LFG
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Article
Hunting Ethereum Bulls: 'Whales' Have Lost $7 Billion and Are Being Observed CollectivelyThe live broadcast of whales 'cutting flesh with a small knife' on the edge of high leverage is also a unique form of performance art in the history of crypto finance.
Written by: Frank, Mai Tong MSX
Tom Lee and Yilihua are probably both having a hard time sleeping these days.
After all, if one were to choose a dramatic protagonist for the crypto market at the beginning of 2026, it would probably not be Bitcoin, nor a new narrative that has emerged, but these two ETH 'whales' being publicly roasted over the fire.
Onlookers have never found a funeral too large to watch.
These past few days, global investors have been holding their breath, collectively watching how the largest and most transparent batch of long positions in Ethereum's history is struggling for survival amid paper losses.
Hunting Ethereum Bulls: 'Whales' Have Lost $7 Billion and Are Being Observed Collectively
The live broadcast of whales 'cutting flesh with a small knife' on the edge of high leverage is also a unique form of performance art in the history of crypto finance.
Written by: Frank, Mai Tong MSX
Tom Lee and Yilihua are probably both having a hard time sleeping these days.
After all, if one were to choose a dramatic protagonist for the crypto market at the beginning of 2026, it would probably not be Bitcoin, nor a new narrative that has emerged, but these two ETH 'whales' being publicly roasted over the fire.
Onlookers have never found a funeral too large to watch.
These past few days, global investors have been holding their breath, collectively watching how the largest and most transparent batch of long positions in Ethereum's history is struggling for survival amid paper losses.
Written by: Frank, Mai Tong MSX
Tom Lee and Yilihua are probably both having a hard time sleeping these days.
After all, if one were to choose a dramatic protagonist for the crypto market at the beginning of 2026, it would probably not be Bitcoin, nor a new narrative that has emerged, but these two ETH 'whales' being publicly roasted over the fire.
Onlookers have never found a funeral too large to watch.
These past few days, global investors have been holding their breath, collectively watching how the largest and most transparent batch of long positions in Ethereum's history is struggling for survival amid paper losses.
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Article
Meta's Bold Bet on AI: Spending $135 billion, is Mark Zuckerberg in 2026 worth trusting?With strong cash flow backing, a significant investment in AI, the market seems to applaud the 'spending spree'. Will this time be different from the metaverse?
Written by: Frank, MTT MSX
$135 billion, this is the amount Meta (META.M) plans to spend in 2026.
2025 Q4 performance and 2026 Q1 guidance exceeded expectations, easing the concerns of shareholders who have been struggling with questions of 'falling behind'. However, at the same time, the total capital expenditure (CapEx) for 2026 is projected to soar to $135 billion, almost double that of last year, raising concerns about whether this will be another aggressive gamble.
Meta's Bold Bet on AI: Spending $135 billion, is Mark Zuckerberg in 2026 worth trusting?
With strong cash flow backing, a significant investment in AI, the market seems to applaud the 'spending spree'. Will this time be different from the metaverse?
Written by: Frank, MTT MSX
$135 billion, this is the amount Meta (META.M) plans to spend in 2026.
2025 Q4 performance and 2026 Q1 guidance exceeded expectations, easing the concerns of shareholders who have been struggling with questions of 'falling behind'. However, at the same time, the total capital expenditure (CapEx) for 2026 is projected to soar to $135 billion, almost double that of last year, raising concerns about whether this will be another aggressive gamble.
Written by: Frank, MTT MSX
$135 billion, this is the amount Meta (META.M) plans to spend in 2026.
2025 Q4 performance and 2026 Q1 guidance exceeded expectations, easing the concerns of shareholders who have been struggling with questions of 'falling behind'. However, at the same time, the total capital expenditure (CapEx) for 2026 is projected to soar to $135 billion, almost double that of last year, raising concerns about whether this will be another aggressive gamble.
2
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Intel's 'Line of Life and Death' Moment: At the ICU Door, How Will Lip-Bu Tan Settle the Legacy and Start Self-Rescue?Behind the Q4 financial report is the new leader dismantling the previous 'technological utopia' through 'layoffs' and 'asset sales', betting on the 18A process to carve out a path for survival.
Written by: DaiDai, Mike Tong MSX
Compiled by: Frank, Mike Tong MSX
2025 is a critical year for Intel.
Compared to Nvidia dancing in the spotlight of AI, Intel (INTC.M) resembles a foot lingering at the ICU door. With 'technology missionary' Pat Gelsinger's lonely departure at the end of last year, the new leader Lip-Bu Tan officially took over this burdened old machine.
Intel's 'Line of Life and Death' Moment: At the ICU Door, How Will Lip-Bu Tan Settle the Legacy and Start Self-Rescue?
Behind the Q4 financial report is the new leader dismantling the previous 'technological utopia' through 'layoffs' and 'asset sales', betting on the 18A process to carve out a path for survival.
Written by: DaiDai, Mike Tong MSX
Compiled by: Frank, Mike Tong MSX
2025 is a critical year for Intel.
Compared to Nvidia dancing in the spotlight of AI, Intel (INTC.M) resembles a foot lingering at the ICU door. With 'technology missionary' Pat Gelsinger's lonely departure at the end of last year, the new leader Lip-Bu Tan officially took over this burdened old machine.
Written by: DaiDai, Mike Tong MSX
Compiled by: Frank, Mike Tong MSX
2025 is a critical year for Intel.
Compared to Nvidia dancing in the spotlight of AI, Intel (INTC.M) resembles a foot lingering at the ICU door. With 'technology missionary' Pat Gelsinger's lonely departure at the end of last year, the new leader Lip-Bu Tan officially took over this burdened old machine.
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Article
The 'Ultimate Simulation' of the Smartest People in Silicon Valley: What Should We 'All-In' on in 2026?From Silicon Valley giants to the 'White House AI and Crypto Tsar,' a complete judgment on business, politics, and technology in 2026 has been provided.
Written by: Frank, Maitong MSX Research Institute
At the beginning of 2026, the whole world stands at an extremely fragmented crossroads.
On one side, inflation is falling, AI is accelerating its penetration, and the capital markets are stirring; on the other side, there are geopolitical frictions, rising institutional uncertainty, and widespread skepticism about whether the 'next round of growth is truly existent.' Against this backdrop, the globally influential tech business podcast (All-In Podcast) has released its annual ultimate forecast:
The 'Ultimate Simulation' of the Smartest People in Silicon Valley: What Should We 'All-In' on in 2026?
From Silicon Valley giants to the 'White House AI and Crypto Tsar,' a complete judgment on business, politics, and technology in 2026 has been provided.
Written by: Frank, Maitong MSX Research Institute
At the beginning of 2026, the whole world stands at an extremely fragmented crossroads.
On one side, inflation is falling, AI is accelerating its penetration, and the capital markets are stirring; on the other side, there are geopolitical frictions, rising institutional uncertainty, and widespread skepticism about whether the 'next round of growth is truly existent.' Against this backdrop, the globally influential tech business podcast (All-In Podcast) has released its annual ultimate forecast:
Written by: Frank, Maitong MSX Research Institute
At the beginning of 2026, the whole world stands at an extremely fragmented crossroads.
On one side, inflation is falling, AI is accelerating its penetration, and the capital markets are stirring; on the other side, there are geopolitical frictions, rising institutional uncertainty, and widespread skepticism about whether the 'next round of growth is truly existent.' Against this backdrop, the globally influential tech business podcast (All-In Podcast) has released its annual ultimate forecast:
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Article
We Used Large Models to 'Divine' the Future of Tokenization/Web3 in 2026We gathered genuine insights (positions) from frontline Builders, broke them down into a word cloud, and fed them into ChatGPT, Gemini, and DeepSeek.
Written by Frank, MSX Researcher at Maitong
For the same dataset, do you trust human interpretation or AI 'divination'?
It sounds like a cyberpunk joke, but in today's environment of countless opinions and high emotional intensity, what the market truly lacks are unfiltered, raw real-world samples.
After all, positions can be deceptive.
As we approach the pivotal transition point between 2025 and 2026, to get as close as possible to the truth of tokenization/Web3, we conducted an anonymous survey targeting frontline Builders at Maitong MSX, focusing on three key questions:
We Used Large Models to 'Divine' the Future of Tokenization/Web3 in 2026
We gathered genuine insights (positions) from frontline Builders, broke them down into a word cloud, and fed them into ChatGPT, Gemini, and DeepSeek.
Written by Frank, MSX Researcher at Maitong
For the same dataset, do you trust human interpretation or AI 'divination'?
It sounds like a cyberpunk joke, but in today's environment of countless opinions and high emotional intensity, what the market truly lacks are unfiltered, raw real-world samples.
After all, positions can be deceptive.
As we approach the pivotal transition point between 2025 and 2026, to get as close as possible to the truth of tokenization/Web3, we conducted an anonymous survey targeting frontline Builders at Maitong MSX, focusing on three key questions:
Written by Frank, MSX Researcher at Maitong
For the same dataset, do you trust human interpretation or AI 'divination'?
It sounds like a cyberpunk joke, but in today's environment of countless opinions and high emotional intensity, what the market truly lacks are unfiltered, raw real-world samples.
After all, positions can be deceptive.
As we approach the pivotal transition point between 2025 and 2026, to get as close as possible to the truth of tokenization/Web3, we conducted an anonymous survey targeting frontline Builders at Maitong MSX, focusing on three key questions:
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Article
A 2026 Survival Guide for 'Crypto Stock Enthusiasts'Narrative realization is unfolding, bringing new variables of certainty. Perhaps in 2026, structural opportunities in U.S. stocks / tokenization / Web3 are just beginning to emerge.
Written by: MSX Researcher, Ma Tong
Regretting the past is futile; what lies ahead can still be pursued.
2025 has passed in the blink of an eye. This year, global financial markets underwent repeated 'extreme stress tests': recurring geopolitical tensions, shifting macro expectations, fading narratives, and diverging liquidity, all while tokenization quietly accelerated under the drive of compliance and infrastructure development.
It can be said that the two forces, traditionally parallel—TradFi and Web3—are converging at an unprecedented pace, aiming for the on-chain and programmable transformation of various financial assets.
A 2026 Survival Guide for 'Crypto Stock Enthusiasts'
Narrative realization is unfolding, bringing new variables of certainty. Perhaps in 2026, structural opportunities in U.S. stocks / tokenization / Web3 are just beginning to emerge.
Written by: MSX Researcher, Ma Tong
Regretting the past is futile; what lies ahead can still be pursued.
2025 has passed in the blink of an eye. This year, global financial markets underwent repeated 'extreme stress tests': recurring geopolitical tensions, shifting macro expectations, fading narratives, and diverging liquidity, all while tokenization quietly accelerated under the drive of compliance and infrastructure development.
It can be said that the two forces, traditionally parallel—TradFi and Web3—are converging at an unprecedented pace, aiming for the on-chain and programmable transformation of various financial assets.
Written by: MSX Researcher, Ma Tong
Regretting the past is futile; what lies ahead can still be pursued.
2025 has passed in the blink of an eye. This year, global financial markets underwent repeated 'extreme stress tests': recurring geopolitical tensions, shifting macro expectations, fading narratives, and diverging liquidity, all while tokenization quietly accelerated under the drive of compliance and infrastructure development.
It can be said that the two forces, traditionally parallel—TradFi and Web3—are converging at an unprecedented pace, aiming for the on-chain and programmable transformation of various financial assets.
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Article
2025 US Stock Market Yearbook: High Walls Rising, Fences Collapsing, How to Find New Anchors for Order in 2026?2025 is a year of simultaneous acceleration and mutual compression of capital, institutions, technology, and politics.
Written by: Frank, McTong MSX Research Institute
All that is past is prologue.
As we reach the end of 2025, reflecting on the past 12 months of the US stock market and global financial markets, it is challenging to encapsulate this year with linear terms like 'rise' or 'correction'. Instead, it resembles a series of intense, mutually compressive structural changes—technology acceleration, capital expansion, political polarization, and institutional loosening occurring simultaneously and amplifying each other within the same cycle.
2025 US Stock Market Yearbook: High Walls Rising, Fences Collapsing, How to Find New Anchors for Order in 2026?
2025 is a year of simultaneous acceleration and mutual compression of capital, institutions, technology, and politics.
Written by: Frank, McTong MSX Research Institute
All that is past is prologue.
As we reach the end of 2025, reflecting on the past 12 months of the US stock market and global financial markets, it is challenging to encapsulate this year with linear terms like 'rise' or 'correction'. Instead, it resembles a series of intense, mutually compressive structural changes—technology acceleration, capital expansion, political polarization, and institutional loosening occurring simultaneously and amplifying each other within the same cycle.
Written by: Frank, McTong MSX Research Institute
All that is past is prologue.
As we reach the end of 2025, reflecting on the past 12 months of the US stock market and global financial markets, it is challenging to encapsulate this year with linear terms like 'rise' or 'correction'. Instead, it resembles a series of intense, mutually compressive structural changes—technology acceleration, capital expansion, political polarization, and institutional loosening occurring simultaneously and amplifying each other within the same cycle.
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U.S. Stocks Sprint Towards 'Never Closing': Why Did Nasdaq Launch the '5×23 Hour' Trading Experiment?This node proposed the '23-hour system', not out of consideration for Asian traders, but to pave the way for seizing global liquidity high ground.
Written by: Frank, MSX Research Institute
In the past, trading U.S. stocks meant sleepless nights; will there be no sleep during the day in the future?
As the Crypto market has become accustomed to a 7×24 never-sleeping rhythm, Nasdaq, standing at the core hub of TradFi, finally couldn't sit still.
On December 15, Nasdaq officially submitted documents to the U.S. Securities and Exchange Commission (SEC), planning to extend trading hours from the current 5 days a week, 16 hours a day (pre-market / intraday / post-market), to 5 days a week, 23 hours a day (daytime / nighttime).
U.S. Stocks Sprint Towards 'Never Closing': Why Did Nasdaq Launch the '5×23 Hour' Trading Experiment?
This node proposed the '23-hour system', not out of consideration for Asian traders, but to pave the way for seizing global liquidity high ground.
Written by: Frank, MSX Research Institute
In the past, trading U.S. stocks meant sleepless nights; will there be no sleep during the day in the future?
As the Crypto market has become accustomed to a 7×24 never-sleeping rhythm, Nasdaq, standing at the core hub of TradFi, finally couldn't sit still.
On December 15, Nasdaq officially submitted documents to the U.S. Securities and Exchange Commission (SEC), planning to extend trading hours from the current 5 days a week, 16 hours a day (pre-market / intraday / post-market), to 5 days a week, 23 hours a day (daytime / nighttime).
Written by: Frank, MSX Research Institute
In the past, trading U.S. stocks meant sleepless nights; will there be no sleep during the day in the future?
As the Crypto market has become accustomed to a 7×24 never-sleeping rhythm, Nasdaq, standing at the core hub of TradFi, finally couldn't sit still.
On December 15, Nasdaq officially submitted documents to the U.S. Securities and Exchange Commission (SEC), planning to extend trading hours from the current 5 days a week, 16 hours a day (pre-market / intraday / post-market), to 5 days a week, 23 hours a day (daytime / nighttime).
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Dialogue with StakeStone founder Charles: 'Premature' for 28 years, x402 has endured to welcome its 'future banking' era.The convergence of blockchain and AI has given the dormant 402 status code, which has been 'needed' for 28 years, a chance.
Written by: Web3 Farmer Frank
Old technologies colliding with new computational paradigms, evolving into a financial behemoth beyond everyone's expectations?
Don't get it twisted, I'm not talking about Bitcoin, but x402.
As an HTTP status code that was 'designed ahead of time' as early as 1997, 402 was born in an era when the internet only belonged to humans. At that time, there was no demand for high-frequency payments from machine accounts, nor were there low-cost, reliable on-chain settlement mechanisms, which is why it has never been truly activated in the past 28 years.
Dialogue with StakeStone founder Charles: 'Premature' for 28 years, x402 has endured to welcome its 'future banking' era.
The convergence of blockchain and AI has given the dormant 402 status code, which has been 'needed' for 28 years, a chance.
Written by: Web3 Farmer Frank
Old technologies colliding with new computational paradigms, evolving into a financial behemoth beyond everyone's expectations?
Don't get it twisted, I'm not talking about Bitcoin, but x402.
As an HTTP status code that was 'designed ahead of time' as early as 1997, 402 was born in an era when the internet only belonged to humans. At that time, there was no demand for high-frequency payments from machine accounts, nor were there low-cost, reliable on-chain settlement mechanisms, which is why it has never been truly activated in the past 28 years.
Written by: Web3 Farmer Frank
Old technologies colliding with new computational paradigms, evolving into a financial behemoth beyond everyone's expectations?
Don't get it twisted, I'm not talking about Bitcoin, but x402.
As an HTTP status code that was 'designed ahead of time' as early as 1997, 402 was born in an era when the internet only belonged to humans. At that time, there was no demand for high-frequency payments from machine accounts, nor were there low-cost, reliable on-chain settlement mechanisms, which is why it has never been truly activated in the past 28 years.
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MSX Practical Manual: From U to Tokenized U.S. Stocks, A Comprehensive Guide to Directly Connecting On-Chain to TradFiUse U for transactions to access tokenized U.S. stocks and other global assets on-chain.
Written by: Web3 Farmer Frank
What is the greatest common divisor between RWA and on-chain?
In the context of the U.S. stock market reaching new highs and the tightening liquidity of Alt, more and more people are beginning to realize that assets with true certainty, verifiable cash flow, and real returns are becoming the new consensus in the on-chain market.
However, objectively speaking, while assets like U.S. stocks in the real world have certainty, they are new to most traditional financial users and even Web3 players, making it difficult to overcome the cognitive gap from 0 to 1 and achieve rapid expansion from 1 to 100.
MSX Practical Manual: From U to Tokenized U.S. Stocks, A Comprehensive Guide to Directly Connecting On-Chain to TradFi
Use U for transactions to access tokenized U.S. stocks and other global assets on-chain.
Written by: Web3 Farmer Frank
What is the greatest common divisor between RWA and on-chain?
In the context of the U.S. stock market reaching new highs and the tightening liquidity of Alt, more and more people are beginning to realize that assets with true certainty, verifiable cash flow, and real returns are becoming the new consensus in the on-chain market.
However, objectively speaking, while assets like U.S. stocks in the real world have certainty, they are new to most traditional financial users and even Web3 players, making it difficult to overcome the cognitive gap from 0 to 1 and achieve rapid expansion from 1 to 100.
Written by: Web3 Farmer Frank
What is the greatest common divisor between RWA and on-chain?
In the context of the U.S. stock market reaching new highs and the tightening liquidity of Alt, more and more people are beginning to realize that assets with true certainty, verifiable cash flow, and real returns are becoming the new consensus in the on-chain market.
However, objectively speaking, while assets like U.S. stocks in the real world have certainty, they are new to most traditional financial users and even Web3 players, making it difficult to overcome the cognitive gap from 0 to 1 and achieve rapid expansion from 1 to 100.
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Article
The Evolution of Preconfs: From 'Patch' to 'Infrastructure', How does UniFi AVS affect the rules of the game for Based Rollup?As a recognized necessary patch for Based Rollup, Preconfs has finally taken a key step towards standardization.
Written by: Web3 Farmer Frank
Why is Based Rollup, regarded as the 'orthodox' solution for Ethereum's scaling, always 'well-received but not executed'?
On one hand, it achieves the most thorough alignment of security and decentralization with the mainnet by returning the sorting rights to L1, but on the other hand, it has to endure a confirmation delay of up to 12 seconds, which almost discourages high-frequency trading and real-time financial scenarios.
Therefore, Preconfs was proposed as a necessary patch for Based Rollup, attempting to mitigate delays with sub-second transaction commitments, but for a long time, Preconfs has remained in a small-scale, non-standard exploratory stage, lacking a unified mechanism and stable returns, and has never truly scaled up.
The Evolution of Preconfs: From 'Patch' to 'Infrastructure', How does UniFi AVS affect the rules of the game for Based Rollup?
As a recognized necessary patch for Based Rollup, Preconfs has finally taken a key step towards standardization.
Written by: Web3 Farmer Frank
Why is Based Rollup, regarded as the 'orthodox' solution for Ethereum's scaling, always 'well-received but not executed'?
On one hand, it achieves the most thorough alignment of security and decentralization with the mainnet by returning the sorting rights to L1, but on the other hand, it has to endure a confirmation delay of up to 12 seconds, which almost discourages high-frequency trading and real-time financial scenarios.
Therefore, Preconfs was proposed as a necessary patch for Based Rollup, attempting to mitigate delays with sub-second transaction commitments, but for a long time, Preconfs has remained in a small-scale, non-standard exploratory stage, lacking a unified mechanism and stable returns, and has never truly scaled up.
Written by: Web3 Farmer Frank
Why is Based Rollup, regarded as the 'orthodox' solution for Ethereum's scaling, always 'well-received but not executed'?
On one hand, it achieves the most thorough alignment of security and decentralization with the mainnet by returning the sorting rights to L1, but on the other hand, it has to endure a confirmation delay of up to 12 seconds, which almost discourages high-frequency trading and real-time financial scenarios.
Therefore, Preconfs was proposed as a necessary patch for Based Rollup, attempting to mitigate delays with sub-second transaction commitments, but for a long time, Preconfs has remained in a small-scale, non-standard exploratory stage, lacking a unified mechanism and stable returns, and has never truly scaled up.
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Dialogue with Jack, head of FufutureDAO Foundation: When NASDAQ enters the scene, who can ride the historic train of RWA?On-chain is just the starting point for RWA; making assets truly tradable is the ultimate goal of tokenization.
Written by: Web3 farmer Frank
RWA narrative, when can we truly shift from 'mapping track' to 'trading logic'?
After witnessing the successive entries of Wall Street giants like BlackRock and Franklin Templeton, the answer to this question seems to have remained unresolved until the emergence of a key variable—the potential entry of NASDAQ, which will undoubtedly accelerate this profound narrative iteration with the most powerful push.
Against this backdrop, RWA has reached a delicate turning point. The past gameplay, which lingered at the level of 'asset mapping,' has shown signs of fatigue, and the new paradigm concerning 'on-chain native use' and 'composable trading' is becoming the focal point of competition. When putting assets on-chain is no longer a challenge, the real test lies in: who can catch the 'last mile' of on-chain trading?
Dialogue with Jack, head of FufutureDAO Foundation: When NASDAQ enters the scene, who can ride the historic train of RWA?
On-chain is just the starting point for RWA; making assets truly tradable is the ultimate goal of tokenization.
Written by: Web3 farmer Frank
RWA narrative, when can we truly shift from 'mapping track' to 'trading logic'?
After witnessing the successive entries of Wall Street giants like BlackRock and Franklin Templeton, the answer to this question seems to have remained unresolved until the emergence of a key variable—the potential entry of NASDAQ, which will undoubtedly accelerate this profound narrative iteration with the most powerful push.
Against this backdrop, RWA has reached a delicate turning point. The past gameplay, which lingered at the level of 'asset mapping,' has shown signs of fatigue, and the new paradigm concerning 'on-chain native use' and 'composable trading' is becoming the focal point of competition. When putting assets on-chain is no longer a challenge, the real test lies in: who can catch the 'last mile' of on-chain trading?
Written by: Web3 farmer Frank
RWA narrative, when can we truly shift from 'mapping track' to 'trading logic'?
After witnessing the successive entries of Wall Street giants like BlackRock and Franklin Templeton, the answer to this question seems to have remained unresolved until the emergence of a key variable—the potential entry of NASDAQ, which will undoubtedly accelerate this profound narrative iteration with the most powerful push.
Against this backdrop, RWA has reached a delicate turning point. The past gameplay, which lingered at the level of 'asset mapping,' has shown signs of fatigue, and the new paradigm concerning 'on-chain native use' and 'composable trading' is becoming the focal point of competition. When putting assets on-chain is no longer a challenge, the real test lies in: who can catch the 'last mile' of on-chain trading?
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Article
Offshore 'Feast Has Ended': From US Stock Tax Backtracking to On-Chain Pricing Power, the 'Route Struggle' of Crypto ExchangesCompliance is rising, DEX is exploding, and offshore is being squeezed; the endgame for Crypto exchanges has no middle ground.
Written by: Web3 Farmer Frank
Have you ever thought about whether Crypto trading will be taxed in the future?
Since this spring, many users from mainland China trading US stocks via Tiger Brokers, Futu Securities, etc., have been receiving tax backtracking notices; this is no coincidence. With the implementation of CRS global information exchange, overseas accounts and investments are under comprehensive monitoring from high net worth to ordinary middle-class individuals.
The principle is the same; the 'sovereign vacuum period' in finance is often very short. Today's US stock brokers are not the rehearsal for tomorrow's Crypto trading—once the chaotic era passes, Liangshan will have to be incorporated into regular armies:
Offshore 'Feast Has Ended': From US Stock Tax Backtracking to On-Chain Pricing Power, the 'Route Struggle' of Crypto Exchanges
Compliance is rising, DEX is exploding, and offshore is being squeezed; the endgame for Crypto exchanges has no middle ground.
Written by: Web3 Farmer Frank
Have you ever thought about whether Crypto trading will be taxed in the future?
Since this spring, many users from mainland China trading US stocks via Tiger Brokers, Futu Securities, etc., have been receiving tax backtracking notices; this is no coincidence. With the implementation of CRS global information exchange, overseas accounts and investments are under comprehensive monitoring from high net worth to ordinary middle-class individuals.
The principle is the same; the 'sovereign vacuum period' in finance is often very short. Today's US stock brokers are not the rehearsal for tomorrow's Crypto trading—once the chaotic era passes, Liangshan will have to be incorporated into regular armies:
Written by: Web3 Farmer Frank
Have you ever thought about whether Crypto trading will be taxed in the future?
Since this spring, many users from mainland China trading US stocks via Tiger Brokers, Futu Securities, etc., have been receiving tax backtracking notices; this is no coincidence. With the implementation of CRS global information exchange, overseas accounts and investments are under comprehensive monitoring from high net worth to ordinary middle-class individuals.
The principle is the same; the 'sovereign vacuum period' in finance is often very short. Today's US stock brokers are not the rehearsal for tomorrow's Crypto trading—once the chaotic era passes, Liangshan will have to be incorporated into regular armies:
6
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