137Labs Global

USD1 è posizionato come uno stablecoin con copertura in valuta fiat, 1:1 rimborsabile in USD, con l'emittente che mette in risalto la custodia istituzionale, le attestazioni di riserva e l'allineamento normativo. Su carta, si colloca più vicino a USDC che a qualsiasi altro stablecoin algoritmico o sintetico.

Tuttavia, il dibattito sul mercato riguardo a USD1 è stato dominato non dalla stabilità del tasso di cambio, ma dalla struttura della liquidità e dalla cadenza della trasparenza. Questi sono preoccupazioni non astratte — derivano dal modo in cui l'offerta di USD1, i mercati di scambio e le pratiche di divulgazione interagiscono nella pratica.

Viste istituzionali, inclusione sul mercato e il dibattito intorno a un emittente di stablecoin pubblica

L'ammontare pubblico di Circle Internet Group (NYSE:

) ha rappresentato un momento raro in cui un elemento fondamentale dell'infrastruttura crittografica è entrato direttamente nel mercato azionario tradizionale. Come emittente di USDC, la seconda stablecoin più grande al mondo, Circle occupa una posizione che non è né una pura azienda fintech né una tipica piattaforma di scambio crittografica.

Dal suo IPO, CRCL è diventata una delle azioni più discusse nel settore crittografico nei mercati statunitensi — non per una stabile scoperta del prezzo, ma per la netta divergenza di opinioni istituzionali riguardo al suo ruolo a lungo termine.

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.
 
 

How Tokenized U.S. Stocks Are Reshaping Liquidity and Market Structure
The tokenization of U.S. equities is no longer a theoretical discussion.
In 2025, it has become an operational reality — one that is quietly reshaping crypto infrastructure, liquidity provision, and the role of market operators.
As traditional financial assets move on-chain, crypto-native systems are being forced to adapt. This shift is less about product novelty and more about market plumbing.
1. From Concept to Execution: U.S. Stocks on-Chain
Historically, U.S. equity trading has been constrained by fixed market hours, T+2 settlement cycles, and geographically fragmented access. Tokenization introduces a fundamentally different operating model:
· Continuous (24/7) trading availability
· Near-instant settlement
· Programmable ownership and composability
In 2025, tokenized equities are increasingly backed by real shares or ETFs held via regulated custodial structures, rather than synthetic price references. This distinction matters. It shifts tokenized stocks from “crypto derivatives” toward financial infrastructure extensions.
2. Liquidity Is the Bottleneck — Not Asset Issuance
While issuing tokenized equities has become technically straightforward, liquidity remains the primary constraint.
Tokenized stocks differ from native crypto assets in several ways:
· Order sizes are larger, but participation is thinner
· Price discovery must stay tightly aligned with traditional markets
· Market quality expectations are closer to equities than to DeFi tokens
This creates friction for existing DeFi liquidity models. AMMs designed for volatile, retail-driven assets struggle to provide efficient depth for equity-like instruments.
3. Infrastructure Adapts: From Trading Layers to Market Systems
To address these challenges, crypto infrastructure is evolving along three main axes.
First, asset registration and settlement layers.
Tokenized equities increasingly rely on dual systems that synchronize on-chain records with off-chain legal ownership. This is not a full replacement of traditional registries, but an extension of them.
Second, liquidity coordination layers.
Rather than relying purely on AMMs, platforms are experimenting with hybrid models that combine on-chain settlement with off-chain or semi-centralized liquidity management.
Third, collateral and financing primitives.
Tokenized equities are beginning to appear as collateral in on-chain financing structures, allowing holders to unlock liquidity without exiting positions.
4. The Role of Operators: Why Canada Matters
While the U.S. remains cautious on retail-facing tokenized securities, operators in jurisdictions like Canada have taken a more infrastructure-first approach.
Rather than marketing tokenized stocks as trading products, these operators focus on:
· Blockchain-based settlement systems
· Transparent record-keeping
· Integration with existing financial compliance frameworks
In practice, this positions them as liquidity coordinators and infrastructure providers, not just exchanges.
5. What This Means for Crypto Markets
The rise of on-chain equities signals a broader transition:
· Liquidity provision becomes more professionalized
· Infrastructure competes on reliability, not speed alone
· Regulatory compatibility becomes a design constraint, not an afterthought
Crypto infrastructure is no longer serving only crypto-native assets. It is being retooled to support traditional capital markets — incrementally, and often invisibly.
 
Tokenized equities are not about replacing stock exchanges overnight. They are about rewiring how capital moves, settles, and interfaces with global liquidity.
As U.S. stocks move on-chain, crypto infrastructure is being pulled into a new phase — one defined less by experimentation and more by market discipline.

#BTC #ETH #加密市场观察

Dal Segnale di Mercato al Riciclo di Capitale On-Chain
Nel 2025, i riacquisti di token sono diventati una delle azioni finanziarie più frequentemente discusse — e sempre più eseguite — nell'ecosistema Web3.
A differenza dei cicli precedenti, in cui i riacquisti servivano spesso come segnali di mercato a breve termine, l'attuale ondata mostra una connessione più chiara con il reddito del protocollo, la gestione del tesoro e la ristrutturazione economica dei token. Su piattaforme centralizzate, protocolli DeFi, progetti infrastrutturali e strati applicativi selezionati, i riacquisti vengono gradualmente trattati meno come annunci e più come meccanismi operativi.

Man mano che il 2025 volge al termine, l'industria Web3 non sta collassando — ma si sta chiaramente contraendo in alcune aree.

Secondo il Rapporto Annuale sull'Industria Web3 2025 di @RootDataCrypto, l'anno passato è stato definito meno da una crescita esplosiva e più da una riallocazione strutturale.
Attraverso le performance di mercato, l'attività di raccolta fondi, la distribuzione dei settori e i tassi di sopravvivenza dei progetti, l'industria si sta allontanando da un'espansione guidata dalla narrativa e verso una tolleranza molto più bassa per l'inefficienza.
Questo cambiamento è stato silenzioso, ma decisivo.

🎉Buon Anno 2026~

In un post precedente, abbiamo riassunto la visione di A16z sulla traiettoria complessiva delle criptovalute nel 2026, coprendo tutto, dai pagamenti e forme di asset all'infrastruttura. Il post ha evidenziato le principali aree su cui si concentrano i player istituzionali mentre l'industria si evolve.
Vedi l'originale qui: https://x.com/137LabsCN/status/2003795134698360924?s=20

Costruendo su questo, A16z ha rilasciato un aggiornamento ieri con una checklist più dettagliata per il 2026.
Intitolato "17 cose che ci entusiasmano per le criptovalute nel 2026", l'aggiornamento elenca 17 direzioni specifiche relative a stablecoin e pagamenti, asset del mondo reale (RWA), identità e privacy, intelligenza artificiale, infrastruttura di comunicazione e allineamento legale/tecnico.

Per anni, l'industria delle criptovalute ha affrontato una domanda ricorrente: può essere veramente compresa, valutata e mantenuta dai mercati dei capitali tradizionali nel lungo termine?
Man mano che ci avviciniamo al 2025, il mercato sta iniziando a fornire una risposta. Secondo DLNews, le aziende crypto hanno raccolto circa 3,4 miliardi di dollari tramite IPO nel 2025. Guardando al 2026, le aspettative sono per quotazioni ancora più grandi e frequenti.
Quali aziende Web3 / crypto stanno puntando alle IPO, e cosa segnala questa ondata di quotazioni? Approfondiamo.

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.

Recentemente, c'è stata una significativa discussione attorno all'evento del “fallimento del voto Aave”. Sulla base di rapporti provenienti da diverse fonti mediatiche, questo articolo fornisce una panoramica completa dell'evento, dei partecipanti chiave e dei fattori critici, aiutando a comprendere come si è sviluppata questa controversia di governance passo dopo passo.

L'incidente ruota attorno a una proposta di governance chiave all'interno di Aave DAO, che affrontava il controllo delle risorse del marchio Aave, dei prodotti front-end e delle fonti di reddito, e la divisione informale delle responsabilità tra Aave DAO e Aave Labs.

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