137Labs Global

アンドリーセン・ホロウィッツ（@a16zcrypto）が2025年に150億ドルを調達したのを見て、最初に感じたのは「すばらしい」という気持ちではなかった。
混乱だった。

これは多くの人々が2017年以来で最も弱い米国ベンチャーキャピタル調達環境と呼ぶ中で起こった。米国のVC調達額は約660億ドルに低下し、前年比35％減少した。しかし、a16zはその年間全体の約18％を単独で獲得した。

さらに興味深いのは、ベン・ホロウィッツがこれを通常の資金調達成功として捉えていなかったことだ。彼は明確に米中競争と結びつけ、AIと暗号資産を「重要な未来のインフラ」と表現した。

USD1は、発行者が機関の保管、準備金の証明、および規制の整合性を強調する、法定通貨に裏打ちされた1:1のUSD償還可能なステーブルコインとして位置付けられています。書面上では、USDCに近い位置にあり、アルゴリズムまたは合成ステーブルコインとは異なります。

しかし、USD1に関する市場の議論は、ペッグの安定性ではなく、流動性構造と透明性のリズムが支配しています。これらの懸念は抽象的なものではなく、USD1の供給、取引所、開示慣行が実際にどのように相互作用するかから生じています。

機関投資家の視点、市場参加、そして公共のステーブルコイン発行者に関する議論

Circle Internet Groupの上場（NYSE:

）は、暗号資産インフラの核心部分が伝統的な株式市場に直接参入した稀な瞬間を象徴している。USDCの発行者として、世界で2番目に大きいステーブルコインを発行しているCircleは、純粋なフィンテック企業でも、一般的な暗号資産取引所でもない独自の立場にある。

IPO以降、CRCLは米国市場で最も議論されている暗号資産関連の銘柄の一つとなった——価格の安定した発見ではなく、その長期的役割についての機関投資家の意見の明確な分かれ目が理由である。

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.
 
 

トークン化された米国株式が流動性および市場構造をどのように再構築しているか
米国株式のトークン化は、もはや理論的な議論ではなくなりました。
2025年には、運用上の現実となっています。これは、暗号資産インフラ、流動性供給、市場運営者の役割を静かに再構築しています。
伝統的な金融資産がオンチェーンに移行する中で、暗号資産ネイティブなシステムは適応を迫られています。このシフトは製品の新規性よりも、市場の基盤技術（マーケットプラumbing）に焦点を当てています。
1. コンセプトから実行へ：オンチェーン上の米国株式

市場シグナルからオンチェーン資本リサイクリングへ
2025年に、トークンの買い戻しはWeb3エコシステム全体で最も頻繁に議論され、ますます実行される金融行動の1つとなりました。
以前のサイクルとは異なり、買い戻しはしばしば短期的な市場シグナルとして機能していましたが、現在の波はプロトコル収益、財務管理、トークン経済の再構築との明確な関連性を示しています。中央集権的なプラットフォーム、DeFiプロトコル、インフラプロジェクト、そして特定のアプリケーションレイヤーにわたって、買い戻しは徐々に発表としてではなく、運営メカニズムとして扱われつつあります。

2025年の終わりが近づく中、Web3業界は崩壊していない — しかし、明らかにいくつかの場所で縮小しています。

@RootDataCryptoによる2025年Web3業界年次報告書によれば、昨年は爆発的な成長よりも構造的な再配分によって特徴づけられました。
市場のパフォーマンス、資金調達活動、セクターの分配、プロジェクトの生存率全体にわたり、業界は物語主導の拡大から非効率に対する耐性がはるかに低い方向に移行しています。
この変化は静かですが、決定的です。

🎉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.

何年もの間、暗号産業は繰り返される質問に直面してきました：それは本当に理解され、評価され、伝統的な資本市場によって長期的に保持されることができるのでしょうか？
2025年に向けて、マーケットは答えを提供し始めています。DLNewsによると、暗号企業は2025年にIPOを通じて約34億ドルを調達しました。2026年を見据えると、さらに大規模で頻繁な上場が期待されています。
どのWeb3 / 暗号企業がIPOを視野に入れており、この上場の波は何を意味するのでしょうか？さあ、深堀りしてみましょう。

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.

Recently, there has been significant discussion around the “Aave vote failure” event. Based on reports from multiple media sources, this article provides a full breakdown of the event, key participants, and critical factors, helping to understand how this governance dispute unfolded step by step.

The incident centers on a key governance proposal within Aave DAO, which addressed control of Aave’s brand assets, front-end products and revenue streams, and the informal division of responsibilities between Aave DAO and Aave Labs.

Aave operates as a hybrid model: the DAO, via AAVE token voting, handles protocol governance and strategic decisions, while Aave Labs manages front-end development, brand operations, and user-facing platforms. No formal codified boundaries exist between the two; their relationship has evolved through historical collaboration and implicit consensus.

Event Timeline: Phase 1 – Front-End Update Sparks Discussion
The incident began with a front-end update by Aave Labs, integrating the swap functionality on aave.com into CoW Swap. Community members noticed that fees from this front-end were directed to wallets controlled by Aave Labs rather than the DAO treasury.
This triggered discussions around front-end revenue ownership and gradually expanded to broader governance questions: whether the DAO truly controls economic rights associated with the protocol’s brand and entry points, and the DAO’s role within the Aave ecosystem.
Attention also turned to control over brand assets, domains, social accounts, and related IP. Opinions diverged: some argued that the DAO should have ultimate control; others noted legal, operational, and liability considerations that make full delegation uncertain.
A formal governance proposal was then submitted to Aave DAO, aiming to transfer brand asset control to the DAO and align associated revenue streams under DAO governance. The proposal sparked active discussion in the governance forum even before voting.

Phase 2 – Proposal Discussion and Voting Preparation
Debates during this stage focused on proposal feasibility, potential legal/operational considerations, redefining DAO–Labs responsibilities, and governance process transparency.
During voting, discussions arose around voting power and token holdings. On-chain data showed that Aave founder Stani Kulechov purchased a substantial amount of AAVE tokens before and during the vote, prompting community speculation about influence. Stani clarified that the purchases were personal long-term investments, unrelated to the proposal, which addressed some concerns but discussions on voting power concentration persisted.
Controversy also arose regarding proposal initiation: it was attributed to former Aave Labs members, some of whom later clarified they had not consented to advancing it in its submitted form, highlighting DAO mechanisms for proposal authorization and process transparency.

Phase 3 – Vote Outcome
The vote concluded with the proposal rejected: 55.29% against, 41.21% abstained, and 3.5% supported. Under current governance rules, abstentions prevent proposals from passing, resulting in formal rejection.
This vote failure was not an isolated incident but the result of gradual escalation: front-end updates, revenue allocation discussions, governance debates, voting power scrutiny, and procedural controversies all contributed to this concentrated governance event.
The vote marks the end of this proposal in its current stage, but discussions around DAO–Labs responsibilities, brand and front-end control, and governance processes remain ongoing.

As the community continues to examine governance boundaries and transparency, additional discussions or proposals may arise. Future developments will be monitored and summarized to provide a complete view of Aave DAO’s governance dynamics. Stay tuned for updates to track the latest progress within Aave DAO.

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