usdt

USDC

doge

steth

wbtc

wbeth

link

USDE

avax

HYPE

hbar

usds

shib

WLFI

aave

JITOSOL

pepe

near

ondo

ASTER

USD1

pyusd

algo

RETH

atom

PUMP

PENGU

USDtb

RENDER

xaut

TRUMP

BFUSD

bonk

LBTC

COAI

cake

nexo

paxg

METH

fdusd

aero

MAG7

SoSoScholar

<div class="bn-block-group" data-node-type="blockGroup"><div class="bn-block-outer" data-node-type="blockOuter" data-id="4854d2fe-7cc9-4fdb-b9dc-e10c0c299572"><div class="bn-block" data-node-type="blockContainer" data-id="4854d2fe-7cc9-4fdb-b9dc-e10c0c299572"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>Tokenized real-world asset issuer <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.theblock.co/post/306595/ondos-usdy-launches-natively-in-cosmos-ecosystem-via-noble">Ondo Finance</a> and the Ondo</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="6f97bf22-d95d-40a0-a3a5-bcefb7bc56c0"><div class="bn-block" data-node-type="blockContainer" data-id="6f97bf22-d95d-40a0-a3a5-bcefb7bc56c0"><div class="bn-block-content" data-content-type="image" data-url="https://static.sosovalue.com/sosovalue/2025/10/10/thumbnails/931cf34a-834c-41d2-81a8-4a558bc8cfa6.png" data-file-block=""><div class="bn-file-block-content-wrapper"><div class="bn-visual-media-wrapper"><img class="bn-visual-media" src="https://static.sosovalue.com/sosovalue/2025/10/10/thumbnails/931cf34a-834c-41d2-81a8-4a558bc8cfa6.png" alt="BlockNote image"></div></div></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="9dfd1af0-169a-4efd-b712-02769e55ee4b"><div class="bn-block" data-node-type="blockContainer" data-id="9dfd1af0-169a-4efd-b712-02769e55ee4b"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>ONDO-2.66%</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="eca9a97d-3a4f-4e39-b7f8-239ef8b1b844"><div class="bn-block" data-node-type="blockContainer" data-id="eca9a97d-3a4f-4e39-b7f8-239ef8b1b844"><div class="bn-block-content" data-content-type="image" data-url="https://static.sosovalue.com/sosovalue/2025/10/10/thumbnails/c4b9233c-746b-491d-9ec5-b1004ccb3c22.png" data-file-block=""><div class="bn-file-block-content-wrapper"><div class="bn-visual-media-wrapper"><img class="bn-visual-media" src="https://static.sosovalue.com/sosovalue/2025/10/10/thumbnails/c4b9233c-746b-491d-9ec5-b1004ccb3c22.png" alt="BlockNote image"></div></div></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="8578095d-5083-4ad2-9411-f152a5dcd0f3"><div class="bn-block" data-node-type="blockContainer" data-id="8578095d-5083-4ad2-9411-f152a5dcd0f3"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">Foundation have launched 24/7 onchain access to more than 100 U.S. stocks and ETFs.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="2e164af1-af23-4202-9025-6ad32e8d960e"><div class="bn-block" data-node-type="blockContainer" data-id="2e164af1-af23-4202-9025-6ad32e8d960e"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>The project's Ondo Global Markets platform is available to eligible Asia-Pacific, European, African, and Latin American investors, with plans to scale to over 1,000 assets by year-end, according to a statement shared with The Block.</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="75dc8765-03ea-4e91-ac1c-9fac35749551"><div class="bn-block" data-node-type="blockContainer" data-id="75dc8765-03ea-4e91-ac1c-9fac35749551"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>Ondo Global Markets enables users to mint and redeem tokenized U.S. stocks and ETFs, 24 hours a day, five days a week, with access to traditional exchange liquidity. The solution provides exposure to the total economic return of U.S. stocks and ETFs, backed and secured by those assets held at one or more U.S.-registered broker-dealers and cash in transit. While the platform itself excludes U.S. and UK retail and institutional participants, the tokenized stocks and ETFs are transferable peer-to-peer onchain 24/7.</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="0637e741-beb6-402e-bca9-8a185bbe32f4"><div class="bn-block" data-node-type="blockContainer" data-id="0637e741-beb6-402e-bca9-8a185bbe32f4"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>"Many tokenized stock offerings today remain confined to siloed platforms with restricted transferability, or suffer from low liquidity," the project said. "Ondo takes a different path: Global Markets is designed for accessibility, giving investors the ability to transfer tokenized equities across wallets, exchanges, and protocols, while providing seamless onchain access to robust traditional exchange liquidity across hundreds of stocks."</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="8c82e216-2c8c-4a02-a467-a12d4a586b2c"><div class="bn-block" data-node-type="blockContainer" data-id="8c82e216-2c8c-4a02-a467-a12d4a586b2c"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>The Ondo Global Markets platform was previously <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.theblock.co/post/338975/ondo-finance-launches-rwa-tokenization-platform">unveiled</a> in February, designed to offer exposure to securities listed on the NYSE and NASDAQ, including fixed-income ETFs and individual stocks of companies such as Apple and Tesla, now available on Ethereum as of Wednesday. Blockchain support is set to expand to BNB Chain and Solana "soon," the project said, with interoperability powered by LayerZero.</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="1ffde936-e3c7-49a0-9d0f-548a475f4483"><div class="bn-block" data-node-type="blockContainer" data-id="1ffde936-e3c7-49a0-9d0f-548a475f4483"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>The platform is also said to offer issuers permissionless integrations to give decision-making power to stakeholders.</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="0becfe4d-0ffc-49f0-833d-a9a94edc164c"><div class="bn-block" data-node-type="blockContainer" data-id="0becfe4d-0ffc-49f0-833d-a9a94edc164c"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>"Ondo Global Markets is a breakthrough in financial access," Ondo Finance founder and CEO Nathan Allman said. "Global investors can now access the largest selection of transferable tokenized U.S. stocks and ETFs onchain. We saw stablecoins export the U.S. dollar by bringing it onchain. Now, Ondo Global Markets is doing the same thing for U.S. securities."</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="312b5693-6bae-4764-b6c3-059f2a213cba"><div class="bn-block" data-node-type="blockContainer" data-id="312b5693-6bae-4764-b6c3-059f2a213cba"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>Ondo tokenized stocks are supported by leading crypto wallets, exchanges, protocols, and infrastructure providers at launch, including OKX Wallet, Bitget Wallet, Trust Wallet, Gate, BitGo, Ledger, LayerZero, Morpho, and 1inch, with Chainlink serving as the oracle platform for trusted asset price data.</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="7ea098e1-e282-4a77-98d6-15c3fbf16e8c"><div class="bn-block" data-node-type="blockContainer" data-id="7ea098e1-e282-4a77-98d6-15c3fbf16e8c"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>1inch, for example, has upgraded its Swap API to enable access to these tokenized real-world assets through its dapp, wallet, and partner platforms in eligible jurisdictions. "By upgrading the 1inch Intent-based Swap API, we're now enabling efficient, jurisdiction-aware access to tokenized assets through the 1inch ecosystem, helping reduce barriers and expand access where permitted," 1inch co-founder Sergej Kunz said in a separate statement.</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="f1a48d2b-e670-4839-90dc-debcfc8cdb1b"><div class="bn-block" data-node-type="blockContainer" data-id="f1a48d2b-e670-4839-90dc-debcfc8cdb1b"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>"The 1inch Swap API plays an important role in powering Ondo Global Markets by enabling efficient onchain execution for our tokenized assets, helping us deliver deep liquidity and competitive pricing," Ondo Finance Chief Strategy Officer Ian De Bode said.</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="e4d47e58-9a6e-4b0e-a94b-76c30a30c0e5"><div class="bn-block" data-node-type="blockContainer" data-id="e4d47e58-9a6e-4b0e-a94b-76c30a30c0e5"><div class="bn-block-content" data-content-type="heading"><h2 class="bn-inline-content"><strong>Expanding tokenized security solutions</strong></h2></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="ef7837a7-2525-4b1e-a46f-2c66bc9768f9"><div class="bn-block" data-node-type="blockContainer" data-id="ef7837a7-2525-4b1e-a46f-2c66bc9768f9"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>According to an announcement on Wednesday, Ondo is also integrating with the startup Block Street, which calls itself a chain-agnostic "unified liquidity layer for tokenized stocks." Block Street aims to offer institutional-grade liquidity rails for these assets, "bringing borrowing, shorting, and hedging at scale to DeFi."</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="edf4f03c-e4a3-45b5-ae44-c92900cf709c"><div class="bn-block" data-node-type="blockContainer" data-id="edf4f03c-e4a3-45b5-ae44-c92900cf709c"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>The system uses "two-way markets" that enable users to borrow tokenized stocks using USDT and borrow USDT against their stocks like "AAPLon, NVDAon, and TSLAon," according to its website. The startup is a relatively recent player, according to its statement, with its testnet attracting more than 200,000 users. It also cites Point72 and Jane Street as backers.</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="0273d7b5-96c4-4790-9f36-78190d812d09"><div class="bn-block" data-node-type="blockContainer" data-id="0273d7b5-96c4-4790-9f36-78190d812d09"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>Ondo is not the only crypto project launching tokenized security solutions, with Kraken and Backed recently <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.theblock.co/post/367638/kraken-expands-its-tokenized-xstocks-to-tron-in-latest-expansion-of-backed-partnership">expanding</a> xStocks support to BNB Chain, Tron, and Ethereum alongside Solana, including AAPLx, TSLAx, SPYx, and NVDAx. Currently, xStocks are available for trading on Kraken 24 hours a day, five days a week, extending access beyond traditional market hours, and weekend trading is planned for the future. However, when withdrawn to a self-custodied wallet, xStocks can be traded onchain at any time. Bybit and Gate have also launched support for xStocks.</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="9996e833-5835-44ce-986a-93df408d7443"><div class="bn-block" data-node-type="blockContainer" data-id="9996e833-5835-44ce-986a-93df408d7443"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>Furthermore, <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.theblock.co/post/360347/robinhood-expands-into-tokenized-equities-and-crypto-perp-futures-plans-layer-2-blockchain-with-arbitrum">Robinhood</a> also recently expanded into onchain equities, offering more than 200 tokenized versions of U.S. stocks to EU users on Arbitrum. Meanwhile, <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.theblock.co/post/358581/coinbase-seeks-sec-greenlight-for-tokenized-stocks-to-compete-with-robinhood-charles-schwab">Coinbase</a> is seeking SEC approval to bring tokenized stocks stateside.</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="44a1ddbd-8bb8-46b5-8efd-94069f72a99d"><div class="bn-block" data-node-type="blockContainer" data-id="44a1ddbd-8bb8-46b5-8efd-94069f72a99d"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>"Tokenized financial assets are moving from pilot to at-scale deployment. Adoption is not yet widespread, but financial institutions with blockchain capabilities in place will have a strategic advantage," according to a recent McKinsey <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.mckinsey.com/industries/financial-services/our-insights/from-ripples-to-waves-the-transformational-power-of-tokenizing-assets">report</a> cited by Block Street, which estimates that, even excluding stablecoins, the total tokenized market cap could reach $2 trillion by 2030.</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="27690a2a-4dcb-43dd-b80e-c68de3e026cf"><div class="bn-block" data-node-type="blockContainer" data-id="27690a2a-4dcb-43dd-b80e-c68de3e026cf"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>Earlier this year, Ondo <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.theblock.co/post/339113/ondo-finance-expands-onchain-offerings-with-new-layer-1-blockchain">announced</a> the launch of its own Layer 1 blockchain called Ondo Chain, which is designed to accelerate the creation of institutional-grade financial markets onchain. However, the project has not outlined any plans to launch the tokenized stocks and ETFs on the network as yet.</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="591412e5-9fee-45b7-ba0c-fb8d2d3150f0"><div class="bn-block" data-node-type="blockContainer" data-id="591412e5-9fee-45b7-ba0c-fb8d2d3150f0"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>In July, Ondo and Pantera Capital unveiled plans to invest <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.theblock.co/post/361018/ondo-and-pantera-plan-250-million-investment-into-rwa-projects-axios">$250 million</a> in real-world asset projects, hoping to bring traditional financial markets and the digital assets sector more closely together.</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="8617da88-8a66-43eb-bb66-eb9d56436e59"><div class="bn-block" data-node-type="blockContainer" data-id="8617da88-8a66-43eb-bb66-eb9d56436e59"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"></p></div></div></div></div>

Daily Roast

Ondo debuts over 100 tokenized US stocks and ETFs on Ethereum, with BNB Chain and Solana support to follow

Ondo 在 Ethereum 上首次推出 100 多种代币化的美国股票和 ETF，随后将支持 BNB Chain 和 Solana

<div class="bn-block-group" data-node-type="blockGroup"><div class="bn-block-outer" data-node-type="blockOuter" data-id="1d728196-7183-45b4-88be-ef1355d80fc8"><div class="bn-block" data-node-type="blockContainer" data-id="1d728196-7183-45b4-88be-ef1355d80fc8"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>On Friday, the Ethereum Foundation outlined a multi-track roadmap to make Ethereum feel “like one chain again,” publishing a protocol update that prioritizes faster confirmations, trust-minimized cross-chain interactions, and new UX and privacy tooling on crypto’s second-largest blockchain.</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="5cc38cee-df08-4474-a6ba-63425ce24cbe"><div class="bn-block" data-node-type="blockContainer" data-id="5cc38cee-df08-4474-a6ba-63425ce24cbe"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>The plan introduces a trio of workstreams dubbed “Initialisation,” “Acceleration,” and “Finalisation.” It also shares deliverables and target dates extending into 2026, according to the official <a target="_blank" rel="noopener noreferrer nofollow" href="https://blog.ethereum.org/2025/08/29/protocol-update-003">blog post</a>.</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="03a9f839-dc3b-4ac9-8f09-0fb8a58b3f09"><div class="bn-block" data-node-type="blockContainer" data-id="03a9f839-dc3b-4ac9-8f09-0fb8a58b3f09"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>Under the Initialisation stream, EF engineers and ecosystem teams are rolling out an Open Intents Framework that lets users express desired outcomes. Additionally, developers proposed an Ethereum Interoperability Layer aimed at facilitating trustless transactions across Layer 2 networks, along with a set of standards designed to reduce friction.&nbsp;</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="635c4743-a2b8-400b-9960-a4556f66dc24"><div class="bn-block" data-node-type="blockContainer" data-id="635c4743-a2b8-400b-9960-a4556f66dc24"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>"The Ethereum Interoperability Layer (EIL) focuses on making Ethereum feel like one chain again, without compromising on CROPS values (censorship-resistance, open-source, privacy, and security), developers wrote.&nbsp; Production contracts for the intents framework are live, with audits and a reference solver due by Q4 2025.&nbsp; A public design document for the Interoperability Layer is scheduled for release in October.</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="4ea0888b-00b7-4491-9e6c-d34972569d60"><div class="bn-block" data-node-type="blockContainer" data-id="4ea0888b-00b7-4491-9e6c-d34972569d60"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>Acceleration, the second stream, targets latency. A fast L1 confirmation rule—giving strong confirmations in roughly 15–30 seconds—will be specified and implemented across consensus clients, with broad availability targeted for Q1 2026.</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="69f4334a-8e34-410a-afdf-3b3acab1dc47"><div class="bn-block" data-node-type="blockContainer" data-id="69f4334a-8e34-410a-afdf-3b3acab1dc47"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>Parallel work explores halving slot times from 12 seconds to 6 seconds to shorten the inclusion and finality periods. There are also plans to support optimistic rollups that adopt ZK-based real-time proving or a secure “2-of-3” faster settlement mechanism to reduce withdrawal delays.</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="073fb934-641c-4bc0-b446-860c41aeb736"><div class="bn-block" data-node-type="blockContainer" data-id="073fb934-641c-4bc0-b446-860c41aeb736"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>The Finalisation stream pushes toward research and development of real-time proving, or snarkification, for cross-chain settlement and materially faster Layer 1 finality.&nbsp; Snarkifying or snarkification refers to utilizing zero-knowledge proofs, specifically ZK-SNARKS, to improve the Ethereum Virtual Machine (EVM) environment.</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="53e9a496-d1d9-47c1-a0fe-35139ba91aa0"><div class="bn-block" data-node-type="blockContainer" data-id="53e9a496-d1d9-47c1-a0fe-35139ba91aa0"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>According to the Aug. 29 blog update, developers are exploring options such as changes to the beacon chain, three-slot finality designs, and alternative consensus protocols that reduce finality to seconds if proven safe and decentralized.</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="8b9b03b7-091c-43d0-b63a-3ea96d849128"><div class="bn-block" data-node-type="blockContainer" data-id="8b9b03b7-091c-43d0-b63a-3ea96d849128"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>The latest protocol update ties the UX agenda to two ongoing EF initiatives aimed at advancing Ethereum’s global computer plan. First, Phase 2 of the “<a target="_blank" rel="noopener noreferrer nofollow" href="https://www.theblock.co/post/367694/ethereum-foundations-trillion-dollar-security-plan-zeroes-in-on-improving-ux">Trillion Dollar Security</a>” program, which focuses on safer signing, key management, and wallet standards.</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="cc93f38a-e342-4d3c-9a4a-5243527e3fc6"><div class="bn-block" data-node-type="blockContainer" data-id="cc93f38a-e342-4d3c-9a4a-5243527e3fc6"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>It also links to “Kohaku,” a privacy wallet effort co-led by Ethereum co-creator Vitalik Buterin and EF coordinator Nicolas Consigny. It aims to ship an SDK and an advanced browser extension with private addresses, balances, and sends backed by a light client.</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="ba6d40ec-7fcc-4716-a004-9ab2dde540b9"><div class="bn-block" data-node-type="blockContainer" data-id="ba6d40ec-7fcc-4716-a004-9ab2dde540b9"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>In other related news, onchain activity on Ethereum has surged while developers work to improve the blockchain's engine room. The Block reported that <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.theblock.co/post/368753/ethereum-onchain-volume-surges-to-4-year-high">monthly onchain volume surpassed $320 billion</a>, a four-year high and the third-highest level ever.</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="582829f5-353b-498b-97a3-9acd9f2db087"><div class="bn-block" data-node-type="blockContainer" data-id="582829f5-353b-498b-97a3-9acd9f2db087"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"></p></div></div></div></div>

Ethereum Foundation aims to make Layer 2s feel like one chain with interoperability framework

以太坊基金会的目标是使 Layer 2 感觉像一个具有互操作性框架的链

<div class="bn-block-group" data-node-type="blockGroup"><div class="bn-block-outer" data-node-type="blockOuter" data-id="d92901bf-c597-4afd-a382-36fcf7dbc120"><div class="bn-block" data-node-type="blockContainer" data-id="d92901bf-c597-4afd-a382-36fcf7dbc120"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">Binance is close to inking a deal with the U.S. Justice Department that would allow it to drop its court-mandated compliance officer potentially years ahead of schedule, according to a <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.bloomberg.com/news/articles/2025-09-16/binance-nears-deal-to-escape-compliance-monitor-imposed-by-doj">Bloomberg report</a>, citing unnamed sources.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="cdb0d99f-8ae5-4aa9-b0eb-3970538e0800"><div class="bn-block" data-node-type="blockContainer" data-id="cdb0d99f-8ae5-4aa9-b0eb-3970538e0800"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">As part of its guilty plea in 2023 over money-laundering and sanctions violations, U.S. regulators appointed two separate independent compliance monitors to oversee Binance’s operations. The exchange, the world’s largest, also agreed to pay $4.3 billion in fines.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="859b5085-21ca-4155-9e28-de70a0c3870f"><div class="bn-block" data-node-type="blockContainer" data-id="859b5085-21ca-4155-9e28-de70a0c3870f"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">The alleged discussions are part and parcel of the U.S. regulatory regime’s softening stance towards the crypto industry under President Donald Trump’s second term. Trump has pushed regulators to prioritize writing clear guidance and clearing the path for crypto firms to reenter the United States.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="8c261150-b5f5-42c1-a557-5044bebc736f"><div class="bn-block" data-node-type="blockContainer" data-id="8c261150-b5f5-42c1-a557-5044bebc736f"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">Notably, in April, the DOJ sent out a memo stating that it "<a target="_blank" rel="noopener noreferrer nofollow" href="https://www.theblock.co/post/351111/sweeping-doj-memo-signals-turning-point-and-possible-relief-for-embattled-crypto-firms">is not a digital assets regulator</a>"&nbsp;and would therefore not pursue litigation or charges that would superimpose "regulatory frameworks on digital assets while President Trump's actual regulators do this work outside the punitive criminal justice framework."</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="f27f08e5-a3fd-4dca-ba72-01986ace87d5"><div class="bn-block" data-node-type="blockContainer" data-id="f27f08e5-a3fd-4dca-ba72-01986ace87d5"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">Instead, the agency would prioritize cases involving actual harm and clearer federal crimes, like terrorism and hacks. Samson Enzer, a partner at Cahill Gordon &amp; Reindel LLP, said at the time the DOJ would likely close some investigations or dismiss some charges under its updated mandate.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="b0b3cd74-0a8e-4da7-a296-b4703096e2c5"><div class="bn-block" data-node-type="blockContainer" data-id="b0b3cd74-0a8e-4da7-a296-b4703096e2c5"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">That said, money-laundering and sanctions violations are federal crimes in the U.S., typically investigated by executive-level agencies like the FBI, DEA, and OFAC, often in coordination with the Justice Department.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="c62d439f-7f7a-44d7-b274-0116f65c50dd"><div class="bn-block" data-node-type="blockContainer" data-id="c62d439f-7f7a-44d7-b274-0116f65c50dd"><div class="bn-block-content" data-content-type="heading"><h2 class="bn-inline-content"><strong>Binance’s plea</strong></h2></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="80bc360d-98d3-4256-86c7-af8bc9e97a52"><div class="bn-block" data-node-type="blockContainer" data-id="80bc360d-98d3-4256-86c7-af8bc9e97a52"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">Binance agreed to a <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.theblock.co/post/293834/doj-taps-fra-over-sullivan-cromwell-for-binances-3-year-monitorship-report">three-year monitorship</a> under Forensic Risk Alliance as part of its plea deal with the DOJ, while the Treasury Department’s Financial Crimes Enforcement Network selected a partner at law firm Sullivan &amp; Cromwell to serve as a monitor for five years. Forensic Risk Alliance was officially <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.theblock.co/post/293834/doj-taps-fra-over-sullivan-cromwell-for-binances-3-year-monitorship-report">appointed</a> as a monitor in May 2024.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="338acfde-f480-4303-aa87-3ffa9fa8434c"><div class="bn-block" data-node-type="blockContainer" data-id="338acfde-f480-4303-aa87-3ffa9fa8434c"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">It is unclear if the exchange is also engaged in discussions with FinCEN regarding its monitor. The move was reportedly the first time FinCEN, the Treasury Department’s anti-money-laundering unit, appointed a monitor as part of an enforcement action, according to The <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.wsj.com/articles/binance-gets-two-compliance-monitors-in-settlements-with-u-s-authorities-5ec6c22a?gaa_at=eafs&amp;gaa_n=ASWzDAjSEYPEJ-oMuxqTUoubM8-L6lAxBDjA4UGlkxe_4XqWIKb3Fdb0L0fZh8PU61o%3D&amp;gaa_ts=68c9a055&amp;gaa_sig=pYXiCnPiAoXGmDJSfHVoLsmibAK9-mlcF5cPAahKu4Mpjfj7Egf7TtEBcznR6Yi8VMiQqmsSDNR-_nDocunkTg%3D%3D">Wall Street Journal</a>.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="a04204b5-9ba3-4c58-ac31-c819d0770771"><div class="bn-block" data-node-type="blockContainer" data-id="a04204b5-9ba3-4c58-ac31-c819d0770771"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">Richard Teng, who <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.theblock.co/post/264174/meet-richard-teng-a-primer-on-the-new-ceo-of-worlds-largest-crypto-exchange">took over</a> as chief executive of Binance after Changpeng Zhao was required to step down, also took steps to <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.theblock.co/post/312552/binance-plans-to-hire-1000-compliance">bolster the exchange’s compliance unit</a>. The exchange spent an estimated $200 million on compliance in 2024, The Block previously reported.&nbsp;</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="8d01e552-a631-432f-916c-a69233ffca02"><div class="bn-block" data-node-type="blockContainer" data-id="8d01e552-a631-432f-916c-a69233ffca02"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">Binance entered into a plea deal with the DOJ in late 2023, as the exchange and former CEO Zhao agreed to settle criminal charges for failing to prevent bad actors and criminals from moving billions of dollars worth of ill-gotten proceeds through the platform, among other violations, like failing to register as a money transmitter.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="0633b000-9181-43ad-9425-b471f6bfffdb"><div class="bn-block" data-node-type="blockContainer" data-id="0633b000-9181-43ad-9425-b471f6bfffdb"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">DOJ prosecutors argued Binance prioritized growth and profits over compliance, charges to which the exchange and Zhao admitted fault. Independent monitors, one imposed for criminal conduct and the other for civil conduct, would help ensure that Binance was indeed operating adequate KYC and AML screens and following U.S. law.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="88642926-909e-4a46-8daf-18b060bc490d"><div class="bn-block" data-node-type="blockContainer" data-id="88642926-909e-4a46-8daf-18b060bc490d"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">Analysts <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.theblock.co/post/264379/where-does-binance-go-from-here">at the time noted</a> that Binance’s strict monitorship would redirect "internal resources" and impose a large cost on the exchange, while also offering it the opportunity to "re-enter a lot of markets they were dropped from."</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="5ce61439-7013-45a4-ba7e-e9151991ccf9"><div class="bn-block" data-node-type="blockContainer" data-id="5ce61439-7013-45a4-ba7e-e9151991ccf9"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"></p></div></div></div></div>

Binance in talks with DOJ over dropping independent compliance monitor: Bloomberg

据彭博社报道，Binance 正在与美国司法部商谈放弃独立合规监督员事宜。

<div class="bn-block-group" data-node-type="blockGroup"><div class="bn-block-outer" data-node-type="blockOuter" data-id="afa61bdc-3de0-408b-a499-5ad52252d97f"><div class="bn-block" data-node-type="blockContainer" data-id="afa61bdc-3de0-408b-a499-5ad52252d97f"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>The U.S. Securities and Exchange Commission and Gemini have reached "a resolution in principle," after the agency accused the crypto exchange of not following its rules when it launched a crypto lending program.</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="d146843c-1dd5-44bc-bdf0-e0ac5ff09684"><div class="bn-block" data-node-type="blockContainer" data-id="d146843c-1dd5-44bc-bdf0-e0ac5ff09684"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>In a court filing on Monday sent to Judge Edgardo Ramos in the U.S. District Court for the Southern District of New York, lawyers for Gemini Trust Company, LLC, and the SEC stated that they had reached a resolution and said the regulator would need to sign off.</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="0f91f2e9-7198-4aef-8355-c29e04364578"><div class="bn-block" data-node-type="blockContainer" data-id="0f91f2e9-7198-4aef-8355-c29e04364578"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>"The parties in this case have reached a resolution in principle that would completely resolve this litigation, subject to review and approval by the Commission," they said in the filing. They also asked for all "pending dates" to be put on pause.</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="9685fec5-fb83-4d26-a7cb-e7cc1535b97c"><div class="bn-block" data-node-type="blockContainer" data-id="9685fec5-fb83-4d26-a7cb-e7cc1535b97c"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>The SEC <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.theblock.co/post/201805/sec-charges-gemini-and-genesis-for-unregistered-offering">charged</a> Genesis Global Capital, LLC and Gemini in January 2023 for the unregistered offer and sale of securities to retail investors through Gemini Earn. In 2021, the Winklevoss twins-led company launched Gemini Earn, allowing Gemini customers to loan their crypto to now-bankrupt Genesis Global Capital, LLC and <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.prnewswire.com/news-releases/gemini-launches-gemini-earn-a-new-way-to-earn-interest-on-crypto-assets-301219887.html">earn</a> up to 7.4% APY.</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="4a94de95-8b08-4c89-9bfd-04fa2511aa35"><div class="bn-block" data-node-type="blockContainer" data-id="4a94de95-8b08-4c89-9bfd-04fa2511aa35"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>Gemini did not immediately respond to a request for comment on Monday. An SEC spokesperson declined to comment beyond public filings.&nbsp;</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="f7d38538-1f05-45e4-a1dd-e950feeee3ff"><div class="bn-block" data-node-type="blockContainer" data-id="f7d38538-1f05-45e4-a1dd-e950feeee3ff"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>The regulator has turned over a new leaf over the past year since President Donald Trump took office in January. Trump tapped crypto-friendly Paul Atkins to lead the agency, who has since launched "Project Crypto" to <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.theblock.co/post/365096/sec-chair-atkins-debuts-project-crypto-to-update-rules-and-regulations-with-a-focus-on-onchain">modernize</a> its rules around digital assets. The regulator has also dropped lawsuits against major crypto firms, including Coinbase, Binance, and Ripple.</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="9e51616c-c50c-4cd6-8551-d55da75ad7ff"><div class="bn-block" data-node-type="blockContainer" data-id="9e51616c-c50c-4cd6-8551-d55da75ad7ff"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>After <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.theblock.co/post/370424/winklevoss-gemini-425-million-ipo">raising $425 million</a> in an IPO, Gemini's stock <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.theblock.co/post/370488/gemini-ipo-trades-over-40-per-share-sending-winklevoss-led-firms-valuation-to-4-75-billion">debuted</a> on the Nasdaq last Friday. Founded in 2014, Gemini acts as a crypto trading platform and custodian.</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="13b3c450-87e9-4039-9b2c-6b9880e27005"><div class="bn-block" data-node-type="blockContainer" data-id="13b3c450-87e9-4039-9b2c-6b9880e27005"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"></p></div></div></div></div>

SEC, Winklevoss-led Gemini reach 'resolution in principle' over years long lawsuit involving Gemini Earn

美国证券交易委员会 (SEC) 与 Winklevoss 领导的 Gemini 就涉及 Gemini Earn 的长达数年的诉讼达成“原则性解决方案”

<div class="bn-block-group" data-node-type="blockGroup"><div class="bn-block-outer" data-node-type="blockOuter" data-id="4435b603-b44e-4a67-9cec-d66a344193e6"><div class="bn-block" data-node-type="blockContainer" data-id="4435b603-b44e-4a67-9cec-d66a344193e6"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">🔥 <strong>BlackRock’s spot ETFs</strong> made another major accumulation move on <strong>October 9</strong>:</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="5aade5b6-b826-40a5-a702-5a113a796cca"><div class="bn-block" data-node-type="blockContainer" data-id="5aade5b6-b826-40a5-a702-5a113a796cca"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content">🟠 <strong>2,070 BTC</strong> → <strong>$255.5M</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="efc64d3c-441b-40cf-9335-b587cf795060"><div class="bn-block" data-node-type="blockContainer" data-id="efc64d3c-441b-40cf-9335-b587cf795060"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content">🟣 <strong>8,690 ETH</strong> → <strong>$39.3M</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="7f5f5202-c776-4770-bbb3-493536bdd078"><div class="bn-block" data-node-type="blockContainer" data-id="7f5f5202-c776-4770-bbb3-493536bdd078"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">💰 This comes as <strong>BTC trades at $121,099.5</strong> and <strong>ETH at $4,340.03</strong>, highlighting ongoing <strong>institutional demand</strong> even at elevated price levels.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="9d0959b0-330f-4ba1-bf9c-0caca8d9a87f"><div class="bn-block" data-node-type="blockContainer" data-id="9d0959b0-330f-4ba1-bf9c-0caca8d9a87f"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">📊 Consistent ETF inflows remain a key <strong>structural driver</strong> of this cycle, underpinning price resilience and liquidity depth across majors.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="350d954a-9516-47c9-b276-a1f83186e2a0"><div class="bn-block" data-node-type="blockContainer" data-id="350d954a-9516-47c9-b276-a1f83186e2a0"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">🤔 <strong>Key Question:</strong><br>Will sustained ETF accumulation continue to fuel upside momentum — or are we approaching a near-term saturation point?</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="88225205-fb23-424d-81e5-c995ae825467"><div class="bn-block" data-node-type="blockContainer" data-id="88225205-fb23-424d-81e5-c995ae825467"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">#Bitcoin #Ethereum #BlackRock #ETF #InstitutionalAdoption #BTC #ETH #CryptoMarkets #Macro #Liquidity #Web3 #Investing #Trading</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="6848dd9d-93fc-4fcd-8cd4-0549de40efa1"><div class="bn-block" data-node-type="blockContainer" data-id="6848dd9d-93fc-4fcd-8cd4-0549de40efa1"><div class="bn-block-content" data-content-type="image" data-name="G238TL3XEAA3aVD.jfif" data-url="https://static.sosovalue.com/sosovalue/2025/10/10/093cf7c9-0391-4f66-8e71-a3d93eeef7a9.jpg" data-file-block=""><div class="bn-file-block-content-wrapper"><div class="bn-visual-media-wrapper"><img class="bn-visual-media" src="https://static.sosovalue.com/sosovalue/2025/10/10/093cf7c9-0391-4f66-8e71-a3d93eeef7a9.jpg" alt="G238TL3XEAA3aVD.jfif"></div></div></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="0fb00521-a46d-499e-b024-edc84e4a481b"><div class="bn-block" data-node-type="blockContainer" data-id="0fb00521-a46d-499e-b024-edc84e4a481b"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">Regards,</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="ebdde71e-61d3-4ec8-84b1-6fa7bbe73fd9"><div class="bn-block" data-node-type="blockContainer" data-id="ebdde71e-61d3-4ec8-84b1-6fa7bbe73fd9"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">FVM Research</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="cdc3b00b-9f74-4e99-a934-2b46dbe7ff57"><div class="bn-block" data-node-type="blockContainer" data-id="cdc3b00b-9f74-4e99-a934-2b46dbe7ff57"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">꧁𓊈𒆜𝓕𝓥𝓜𒆜𓊉꧂</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="d94df877-0b5f-4edb-989c-7997390fd56c"><div class="bn-block" data-node-type="blockContainer" data-id="d94df877-0b5f-4edb-989c-7997390fd56c"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">𝗙𝗼𝗹𝗹𝗼𝘄 𝗺𝗲╰┈➤ Forever_More 🔔</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="382174ec-a818-4440-a6d7-07f5a2a19b25"><div class="bn-block" data-node-type="blockContainer" data-id="382174ec-a818-4440-a6d7-07f5a2a19b25"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"></p></div></div></div></div>

🏦 BlackRock ETFs Scoop Up $BTC & $ETH on Oct 9「 ✦ FVM Research ✦ 」𓆰♕𓆪

🏦 BlackRock ETFs 在 10 月 9 日购买了 $BTC 和 $ETH「 ✦ FVM Research ✦ 」𓆰♕𓆪

<div class="bn-block-group" data-node-type="blockGroup"><div class="bn-block-outer" data-node-type="blockOuter" data-id="3274cca5-c184-4e8d-bbc5-d2a2a5b77a36"><div class="bn-block" data-node-type="blockContainer" data-id="3274cca5-c184-4e8d-bbc5-d2a2a5b77a36"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>MegaETH, an Ethereum scaling solution developed by MegaLabs, is introducing a stablecoin named USDm on the chain that’s touted to replace traditional sequencer margins and route reserve yield to cover network operations, according to details shared with The Block.</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="18c499ab-ff7c-4d5b-8aea-ca493b006399"><div class="bn-block" data-node-type="blockContainer" data-id="18c499ab-ff7c-4d5b-8aea-ca493b006399"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>Built in partnership with decentralized finance protocol Ethena, the model is designed to align chain and ecosystem incentives by running the sequencer at cost and keeping transaction fees low and stable for users and builders.</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="db83de0b-5ac5-415a-8fc9-bd1449e181c7"><div class="bn-block" data-node-type="blockContainer" data-id="db83de0b-5ac5-415a-8fc9-bd1449e181c7"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>Several Layer 2 networks generate revenue by adding a markup to sequencer fees. According to MegaETH, this model can create tension with users and developers, especially as EIP-4844 reduces data costs and makes fee margins more unpredictable.</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="87d8eef5-344d-4ab3-8ba0-65ffa9cd8deb"><div class="bn-block" data-node-type="blockContainer" data-id="87d8eef5-344d-4ab3-8ba0-65ffa9cd8deb"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>USDm seeks to resolve this by channeling stablecoin reserve yield toward shared network costs when the project goes live on mainnet. Rather than serving as profit for the chain, the reserve income is programmatically directed to cover sequencer operating expenses.</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="c815faa6-fa14-4891-a9b1-e21c09dc18a5"><div class="bn-block" data-node-type="blockContainer" data-id="c815faa6-fa14-4891-a9b1-e21c09dc18a5"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>The project launched its public testnet earlier this year and is currently operational, featuring 10ms block times and over 20,000 transactions per second.</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="77eb00bd-b2cd-4091-b963-78c494556f36"><div class="bn-block" data-node-type="blockContainer" data-id="77eb00bd-b2cd-4091-b963-78c494556f36"><div class="bn-block-content" data-content-type="heading"><h2 class="bn-inline-content"><strong>USDm on Ethena's rails</strong></h2></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="d950dc30-caf6-4dc1-b97f-48e6849bf4b5"><div class="bn-block" data-node-type="blockContainer" data-id="d950dc30-caf6-4dc1-b97f-48e6849bf4b5"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>The first iteration of USDm will be issued on Ethena’s USDtb rails. According to the teams, this structure provides institutional-grade backing and transparent accounting, as USDtb reserves are held primarily in BlackRock’s tokenized U.S. Treasury fund (BUIDL) via Securitize, alongside liquid stablecoins for redemptions.</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="1765fea3-e2c4-4770-aa2c-7e496acde3b2"><div class="bn-block" data-node-type="blockContainer" data-id="1765fea3-e2c4-4770-aa2c-7e496acde3b2"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>USDm will swap into USDtb rather than offer direct fiat redemption at launch, a MegaETH representative told The Block. The team didn’t disclose a target float to cover daily operating expenses, saying those parameters will be sized over time.</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="48e5acf8-3034-426f-8319-09213e95490c"><div class="bn-block" data-node-type="blockContainer" data-id="48e5acf8-3034-426f-8319-09213e95490c"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>Ethena, issuer of the third-largest stablecoin USDe, brings scale and compliance plumbing to the partnership. The protocol reports about $13 billion in TVL, making it a top-10 DeFi protocol, according to The Block's data dashboard. Furthermore, its reserve-backed USDtb has roughly $1.5 billion in circulation and a “line of sight” to compliance with the U.S. federal framework called the GENIUS Act <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.theblock.co/post/364119/anchorage-digital-genius-stablecoin-ethena">through a collaboration with Anchorage Digital Bank</a>.</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="6af75e90-149e-4277-ab64-d3f77399bff7"><div class="bn-block" data-node-type="blockContainer" data-id="6af75e90-149e-4277-ab64-d3f77399bff7"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>Regarding additional revenue sources, such as MEV, MegaETH stated that details will be revealed closer to the mainnet rollout. The project previously announced its <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.theblock.co/post/344385/megaeth-set-to-deploy-public-testnet-this-week">public testnet</a> in early March.</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="b17bd08c-9c12-439f-b8d9-02a29f86c6c8"><div class="bn-block" data-node-type="blockContainer" data-id="b17bd08c-9c12-439f-b8d9-02a29f86c6c8"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>Addressing alternatives like using fees for token buybacks or grants, as some competitors have floated, the team called buybacks “good in principle” but premature without an announced token. They added that distributing yield directly to users isn’t feasible under the GENIUS Act, so applying yield to sequencer OPEX is the first step and may evolve as the network matures.</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="9cd7e113-c7f1-460d-a2ba-9ae9eafce72e"><div class="bn-block" data-node-type="blockContainer" data-id="9cd7e113-c7f1-460d-a2ba-9ae9eafce72e"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>“Regarding buybacks, we think buybacks are good, but it’s premature to discuss buybacks without having announced a token,” the team told The Block. “The point of the stablecoin is to give the community better outcomes (yield distribution is not possible bc of genius). Today, that is OPEX. As stablecoin rev grows and mega matures, how that yield is best put back into users will also change.”</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="7b41d664-f4b7-4638-9d96-2aeac729e1cc"><div class="bn-block" data-node-type="blockContainer" data-id="7b41d664-f4b7-4638-9d96-2aeac729e1cc"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>USDm will be deeply integrated across wallets, paymasters, dapps, and onchain services on MegaETH. Stablecoins already active on the network, including USDT0, which is the chain’s canonical representation of USDT, and cUSD, remain options for developers and users.</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="e1e83c75-17ed-4306-a769-5ba8b90b73c4"><div class="bn-block" data-node-type="blockContainer" data-id="e1e83c75-17ed-4306-a769-5ba8b90b73c4"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>MegaETH bills itself as a real-time, Ethereum-secured blockchain with a heterogeneous, hyper-optimized execution environment. The network aims to achieve 10-millisecond latency and process up to 100,000 transactions per second, all while preserving Ethereum composability. According to the team, this performance can make entire categories of streaming and interactive applications viable once fees are consistently sub-cent. Last December, the protocol <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.theblock.co/post/330804/megaeth-funding-cobie-echo">raised $10 million in three minutes via Echo</a>, the angel investor platform founded by famous cryptocurrency trader Jordan Fish, popularly known as Cobie.</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="7e095b4a-e805-4b8c-8934-05641573109c"><div class="bn-block" data-node-type="blockContainer" data-id="7e095b4a-e805-4b8c-8934-05641573109c"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"></p></div></div></div></div>

MegaETH launches native USDm stablecoin with Ethena to subsidize sequencer fees

MegaETH 推出原生 USDm 稳定币，与 Ethena 合作补贴排序器费用

<div class="bn-block-group" data-node-type="blockGroup"><div class="bn-block-outer" data-node-type="blockOuter" data-id="cf1e6aa1-5be2-41c8-8dff-23ef69013d2e"><div class="bn-block" data-node-type="blockContainer" data-id="cf1e6aa1-5be2-41c8-8dff-23ef69013d2e"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="4a9abba4-0338-495d-8559-93012f1bdb1a"><div class="bn-block" data-node-type="blockContainer" data-id="4a9abba4-0338-495d-8559-93012f1bdb1a"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">Written by：<strong>cryptostream</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="dea9397e-73cd-4be1-a36b-c8ed9d6e2fb3"><div class="bn-block" data-node-type="blockContainer" data-id="dea9397e-73cd-4be1-a36b-c8ed9d6e2fb3"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="f518a49d-6d6e-407d-827b-70d3555dc233"><div class="bn-block" data-node-type="blockContainer" data-id="f518a49d-6d6e-407d-827b-70d3555dc233"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">Imagine a professional CS-GO game with a huge prize pool, but one team plays over a slow Wi-Fi connection, and the other team over an ultra-fast gigabit fiber connection.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="9c81ac3e-bf99-4956-9de9-7705ed462135"><div class="bn-block" data-node-type="blockContainer" data-id="9c81ac3e-bf99-4956-9de9-7705ed462135"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">That's a bit of an exaggeration, but it beautifully explains what DoubleZero does for validators and high-frequency traders:</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="c2c7f52d-7f97-455e-9618-a3b916764469"><div class="bn-block" data-node-type="blockContainer" data-id="c2c7f52d-7f97-455e-9618-a3b916764469"><div class="bn-block-content" data-content-type="heading"><h2 class="bn-inline-content"><strong>DoubleZero is building a parallel internet for high-speed applications, often 100x faster than the typical validator connection.</strong></h2></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="b921126c-261c-4411-af1d-8ef374e1f28a"><div class="bn-block" data-node-type="blockContainer" data-id="b921126c-261c-4411-af1d-8ef374e1f28a"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">Large tech companies such as Meta have been using their own private internet for a long time.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="5b563da5-8eb2-4b6f-9863-a6c348421fa9"><div class="bn-block" data-node-type="blockContainer" data-id="5b563da5-8eb2-4b6f-9863-a6c348421fa9"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">They do this because the incentive mechanisms for internet providers encourage them to get your data off their own network as quickly as possible and not to route your data via the fastest route.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="9784277e-882f-4b6e-a378-460e03f7ded9"><div class="bn-block" data-node-type="blockContainer" data-id="9784277e-882f-4b6e-a378-460e03f7ded9"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">This is important in markets where speed equals edge:</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="3213b8fa-dfa9-48c6-be9c-28f40b7311c6"><div class="bn-block" data-node-type="blockContainer" data-id="3213b8fa-dfa9-48c6-be9c-28f40b7311c6"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content"><strong>Lower latency &amp; jitter</strong> → Validators miss fewer slots, HTF traders execute with confidence.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="e4ba80ec-3553-4b1c-9cef-b5f80c938e89"><div class="bn-block" data-node-type="blockContainer" data-id="e4ba80ec-3553-4b1c-9cef-b5f80c938e89"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content"><strong>Massive bandwidth</strong> → Supports high-TPS chains with smooth block + orderflow propagation.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="8fbaee29-c1a5-4c6f-b2f0-05556b848037"><div class="bn-block" data-node-type="blockContainer" data-id="8fbaee29-c1a5-4c6f-b2f0-05556b848037"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content"><strong>Redundancy &amp; reliability</strong> → Multiple fiber paths protect against outages and detours, keeping performance consistent.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="9aaf2533-ed86-4543-b6b5-d52eb4db1ea6"><div class="bn-block" data-node-type="blockContainer" data-id="9aaf2533-ed86-4543-b6b5-d52eb4db1ea6"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">One of the north stars in the Solana roadmap is the term: <strong>Reduce latency, increase </strong>bandwidth<strong> </strong>(IBRL).</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="6866cb8d-8973-417a-8fd0-6ede1ebf87b0"><div class="bn-block" data-node-type="blockContainer" data-id="6866cb8d-8973-417a-8fd0-6ede1ebf87b0"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">But Solana and other high-throughput chains are no longer mainly limited by software or validator clients. Instead, they’re running into the <strong>physical limits of the public internet</strong> — things like latency, jitter, and routing inefficiencies.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="890256fe-176e-450f-b701-3bb12fa69b49"><div class="bn-block" data-node-type="blockContainer" data-id="890256fe-176e-450f-b701-3bb12fa69b49"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">Exactly what DoubleZero is solving.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="223b126e-6a7e-4a3f-91f4-5721925c9512"><div class="bn-block" data-node-type="blockContainer" data-id="223b126e-6a7e-4a3f-91f4-5721925c9512"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>Firedancer</strong> is a validator client for Solana, built by Jump Crypto, designed to process <strong>up to 1 million TPS - but it can't achieve its full potential on the public internet.</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="b63a87eb-a7cb-4baf-8097-196c2809f3db"><div class="bn-block" data-node-type="blockContainer" data-id="b63a87eb-a7cb-4baf-8097-196c2809f3db"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">This makes DoubleZero one of the key components to:</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="db50b6d8-8f72-46b0-a554-14b672d1f370"><div class="bn-block" data-node-type="blockContainer" data-id="db50b6d8-8f72-46b0-a554-14b672d1f370"><div class="bn-block-content" data-content-type="numberedListItem" data-index="1"><p class="bn-inline-content">Fulfill Solana's goal of reaching 1 million TPS</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="697cb9cd-fee5-4a21-bb7d-c8acde589634"><div class="bn-block" data-node-type="blockContainer" data-id="697cb9cd-fee5-4a21-bb7d-c8acde589634"><div class="bn-block-content" data-content-type="numberedListItem" data-index="2"><p class="bn-inline-content">Deliver trading performance that rivals TradFi</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="72651b40-5622-4dce-bfaf-b1651b3a6f4f"><div class="bn-block" data-node-type="blockContainer" data-id="72651b40-5622-4dce-bfaf-b1651b3a6f4f"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">Did you know that :</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="80126052-ec62-49fa-8a15-23268e3b8263"><div class="bn-block" data-node-type="blockContainer" data-id="80126052-ec62-49fa-8a15-23268e3b8263"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content">Austin Federa, Co-Founder of DoubleZero, previously worked as <strong>Head of Strategy &amp; Communications at the Solana Foundation </strong>and was involved in initiatives like Firedancer.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="cd541b02-0032-4bf5-8160-a5b224f1df65"><div class="bn-block" data-node-type="blockContainer" data-id="cd541b02-0032-4bf5-8160-a5b224f1df65"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content"><strong>16% of the Solana validator network</strong> connected to the DoubleZero testnet because it gave them <strong>better latency, lower skip rates, and more reliable performance.</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="59ac5a21-d98d-4282-8a18-9ddc7ec601a4"><div class="bn-block" data-node-type="blockContainer" data-id="59ac5a21-d98d-4282-8a18-9ddc7ec601a4"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content">The DoubleZero team had to move their mainnet launch forward <strong>to get the Solana validators off their testnet</strong>, so they can actually use it again to break things.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="cb3947d9-00e3-4d96-9a07-411a5a0f92e5"><div class="bn-block" data-node-type="blockContainer" data-id="cb3947d9-00e3-4d96-9a07-411a5a0f92e5"><div class="bn-block-content" data-content-type="heading"><h2 class="bn-inline-content"><strong>Risks:</strong></h2></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="5c540ab4-855e-42e6-8203-a084703be184"><div class="bn-block" data-node-type="blockContainer" data-id="5c540ab4-855e-42e6-8203-a084703be184"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>Tokenomics:</strong> 30% of the total supply is allocated to the foundation and fully unlocked at launch. The rationale is to use them for grants. The major risk here is the foundation allocating tokens for unproductive things.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="984c0d20-dae1-442d-b3a4-23a20bd5420a"><div class="bn-block" data-node-type="blockContainer" data-id="984c0d20-dae1-442d-b3a4-23a20bd5420a"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>Adoption</strong>: Requires a critical mass of validators to join the network to reach the full potential. Solana has to increase the throughput rates to a point where DoubleZero can optimally sell its product.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="dca1a3ab-8704-4373-abd8-1fad787fd7d4"><div class="bn-block" data-node-type="blockContainer" data-id="dca1a3ab-8704-4373-abd8-1fad787fd7d4"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="7ee17e09-e157-43c2-9699-fc84e51c9fef"><div class="bn-block" data-node-type="blockContainer" data-id="7ee17e09-e157-43c2-9699-fc84e51c9fef"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>AFFILIATE DISCLOSURES</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="b7bda8da-cfd2-40de-a9bc-fce92a485179"><div class="bn-block" data-node-type="blockContainer" data-id="b7bda8da-cfd2-40de-a9bc-fce92a485179"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content">The author and/or others the author advises do not currently hold, or plan to initiate, an investment position in target.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="674a6b89-2707-4ed8-ac20-d30983da3426"><div class="bn-block" data-node-type="blockContainer" data-id="674a6b89-2707-4ed8-ac20-d30983da3426"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content">The author does not hold an affiliated position with the target such as employment, directorship, or consultancy.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="efe35d29-3eab-4d3c-99fc-36e8da966205"><div class="bn-block" data-node-type="blockContainer" data-id="efe35d29-3eab-4d3c-99fc-36e8da966205"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content">The author is not being compensated in any form by the target in relation to this research.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="8a7f92ec-d73b-42ea-a80d-edfa57d814c5"><div class="bn-block" data-node-type="blockContainer" data-id="8a7f92ec-d73b-42ea-a80d-edfa57d814c5"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content">To the best of the author’s knowledge, the information provided here contains no material, non-public information. The accuracy of the information is the responsibility of the reader.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="97b017d1-b124-402e-8885-5c105549d156"><div class="bn-block" data-node-type="blockContainer" data-id="97b017d1-b124-402e-8885-5c105549d156"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"></p></div></div></div></div>

DoubleZero – The biggest launch that nobody is talking about

Written by：<strong>cryptostream</strong>

想象一下，一场奖金丰厚的专业 CS-GO 游戏，但一支队伍通过缓慢的 Wi-Fi 连接进行游戏，而另一支队伍通过超快速的千兆光纤连接进行游戏。

这有点夸张，但它完美地解释了 DoubleZero 为验证者和高频交易者所做的事情：

<strong>DoubleZero 正在为高速应用程序构建一个并行互联网，通常比典型的验证者连接快 100 倍。</strong>

Meta 等大型科技公司长期以来一直在使用自己的私有互联网。

他们这样做是因为互联网提供商的激励机制鼓励他们尽快将您的数据从他们自己的网络中移除，而不是通过最快的路线路由您的数据。

这在速度等于优势的市场中非常重要：

<strong>更低的延迟和抖动</strong> → 验证者错过更少的插槽，HTF 交易者可以充满信心地执行交易。

<strong>巨大的带宽</strong> → 支持具有平滑区块 + 订单流传播的高 TPS 链。

<strong>冗余和可靠性</strong> → 多条光纤路径可防止中断和绕道，从而保持性能一致。

Solana 路线图中的北极星之一是：<strong>降低延迟，增加</strong>带宽 (IBRL)。

但是 Solana 和其他高吞吐量链不再主要受软件或验证器客户端的限制。相反，它们正在遇到<strong>公共互联网的物理限制</strong>——例如延迟、抖动和路由效率低下。

这正是 DoubleZero 正在解决的问题。

<strong>Firedancer</strong> 是由 Jump Crypto 构建的 Solana 验证器客户端，旨在处理<strong>高达 100 万 TPS - 但它无法在公共互联网上充分发挥其潜力。</strong>

这使得 DoubleZero 成为以下关键组件之一：

实现 Solana 达到 100 万 TPS 的目标

提供可与 TradFi 相媲美的交易性能

您知道吗：

DoubleZero 联合创始人 Austin Federa 之前曾担任 <strong>Solana Foundation 的战略与传播主管</strong>，并参与了 Firedancer 等项目。

<strong>16% 的 Solana 验证器网络</strong>连接到 DoubleZero 测试网，因为它为他们提供了<strong>更好的延迟、更低的跳过率和更可靠的性能。</strong>

DoubleZero 团队不得不提前启动他们的主网，<strong>以便让 Solana 验证器脱离他们的测试网</strong>，这样他们实际上可以再次使用它来破坏东西。

<strong>风险：</strong>

<strong>Tokenomics：</strong>总供应量的 30% 分配给基金会，并在启动时完全解锁。理由是将它们用于赠款。这里的主要风险是基金会将代币分配给无成效的事情。

<strong>采用</strong>：需要大量的验证者加入网络才能充分发挥潜力。Solana 必须将吞吐量提高到 DoubleZero 可以最佳销售其产品的程度。

<strong>附属披露</strong>

作者和/或作者建议的其他人目前不持有或计划启动目标中的投资头寸。

作者与目标没有附属关系，例如雇佣、董事或咨询。

作者没有因本研究而获得目标的任何形式的报酬。

据作者所知，此处提供的信息不包含任何重要的非公开信息。信息的准确性由读者负责。


DoubleZero – 最大的发布，但无人谈论

2-in-1 deal in own a pot'l upload-to-earn AI startup & points / tokens in possibly hot tokenization startup for pseudo-equity optionality

拥有一个具有上传即赚功能的 AI 初创公司和一个可能热门的代币化初创公司的积分/代币的二合一交易，以实现伪股权选择权

<div class="bn-block-group" data-node-type="blockGroup"><div class="bn-block-outer" data-node-type="blockOuter" data-id="b667ba30-f384-4d60-adf3-92199dc29caa"><div class="bn-block" data-node-type="blockContainer" data-id="b667ba30-f384-4d60-adf3-92199dc29caa"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>President Donald Trump's two eldest sons notched a win on Wednesday as the Bitcoin</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="6f23458b-b437-489f-98c8-10a64985c0c9"><div class="bn-block" data-node-type="blockContainer" data-id="6f23458b-b437-489f-98c8-10a64985c0c9"><div class="bn-block-content" data-content-type="image" data-url="https://static.sosovalue.com/sosovalue/2025/10/10/thumbnails/3a5129ac-7377-44eb-9e6a-53cee03e65cc.png" data-file-block=""><div class="bn-file-block-content-wrapper"><div class="bn-visual-media-wrapper"><img class="bn-visual-media" src="https://static.sosovalue.com/sosovalue/2025/10/10/thumbnails/3a5129ac-7377-44eb-9e6a-53cee03e65cc.png" alt="BlockNote image"></div></div></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="3f92fc48-8813-42b5-b259-96478176e4ef"><div class="bn-block" data-node-type="blockContainer" data-id="3f92fc48-8813-42b5-b259-96478176e4ef"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>BTC-0.62%</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="83ad54ee-95bc-4a1b-910d-850f31e08073"><div class="bn-block" data-node-type="blockContainer" data-id="83ad54ee-95bc-4a1b-910d-850f31e08073"><div class="bn-block-content" data-content-type="image" data-url="https://static.sosovalue.com/sosovalue/2025/10/10/thumbnails/0dc931f2-5d50-4212-9251-dcbb81ce7450.png" data-file-block=""><div class="bn-file-block-content-wrapper"><div class="bn-visual-media-wrapper"><img class="bn-visual-media" src="https://static.sosovalue.com/sosovalue/2025/10/10/thumbnails/0dc931f2-5d50-4212-9251-dcbb81ce7450.png" alt="BlockNote image"></div></div></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="f423ae6c-2d34-494a-a1df-fe98ccc4152f"><div class="bn-block" data-node-type="blockContainer" data-id="f423ae6c-2d34-494a-a1df-fe98ccc4152f"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">company they partly own surged in its Nasdaq debut.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="09f27a22-8c94-4011-b36d-c6c6520e9967"><div class="bn-block" data-node-type="blockContainer" data-id="09f27a22-8c94-4011-b36d-c6c6520e9967"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>American Bitcoin (ticker ABTC), which is blending a strategy of both buying and mining BTC, saw its stock rise nearly 17% to $8.04 per share on its first day of trading, according to <a target="_blank" rel="noopener noreferrer nofollow" href="https://finance.yahoo.com/quote/ABTC/">Yahoo Finance</a>. Shares hit an intraday high at around $14.</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="d601cb21-9644-4e28-aa57-5f98d758a8ff"><div class="bn-block" data-node-type="blockContainer" data-id="d601cb21-9644-4e28-aa57-5f98d758a8ff"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>The stock saw more than 29 million shares traded during its first day of activity on the Nasdaq. Circle and Bullish, recent crypto IPOs to launch publicly at higher prices per share, had 46 million and 58 million shares traded, respectively, in their debuts.</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="2c31785c-296a-438a-90f5-b0c606a9e463"><div class="bn-block" data-node-type="blockContainer" data-id="2c31785c-296a-438a-90f5-b0c606a9e463"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>"At its core, we have a great mining business. Right no,w we are mining bitcoin at roughly $0.50 on the dollar to the actual price of bitcoin," Eric Trump <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.bloomberg.com/news/videos/2025-09-03/eric-trump-hut-8-ceo-on-american-bitcoin-debut-mining-video">told Bloomberg</a> on Wednesday. "We've got hundreds of millions of dollars of hard assets, data centers behind us ... while everybody has to accumulate at par, for us, we are able to mine at a substantial discount to par."</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="053bd1a0-389d-4500-8130-8a301db77cdc"><div class="bn-block" data-node-type="blockContainer" data-id="053bd1a0-389d-4500-8130-8a301db77cdc"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>With their decision to lean into crypto several months ago, Trump's sons have managed to significantly expand their public profiles as entrepreneurs. American Bitcoin's successful debut means that Eric Trump's stake in the company is valued at over $500 million, <a target="_blank" rel="noopener noreferrer nofollow" href="http://xn--eric%20trumps%20stake%20in%20a%20crypto%20company%20created%20this%20year%20is%20now%20worth%20about%20$548%20million-3g39e/">according to Bloomberg</a>.</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="aeeed535-a4f1-43a5-b882-acf8232f3300"><div class="bn-block" data-node-type="blockContainer" data-id="aeeed535-a4f1-43a5-b882-acf8232f3300"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>Besides American Bitcoin, the Trump brothers are also both linked to the DeFi project inspired by their father, World Liberty Financial. Additionally, Donald Trump Jr. <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.theblock.co/post/368292/donald-trump-jr-invests-in-polymarket-and-joins-advisory-board">has both invested</a> in the crypto-based prediction markets platform Polymarket and joined its board. He is also&nbsp;a <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.theblock.co/post/367421/trump-jr-backed-thumzup-crypto-treasury-company-pursues-all-stock-deal-with-dogecoin-and-litecoin-miner">shareholder in Thumzup</a>, a social media firm turned crypto treasury.</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="a6180c71-02a2-4253-b7ef-52b075d46a70"><div class="bn-block" data-node-type="blockContainer" data-id="a6180c71-02a2-4253-b7ef-52b075d46a70"><div class="bn-block-content" data-content-type="heading"><h2 class="bn-inline-content"><strong>American Bitcoin's formation</strong></h2></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="87fe30bf-8f98-4a15-aa6a-e2a82866dcf9"><div class="bn-block" data-node-type="blockContainer" data-id="87fe30bf-8f98-4a15-aa6a-e2a82866dcf9"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>American Bitcoin, which launched in March, is a crypto mining and holding company co-founded by Eric Trump and backed by Donald Trump Jr. Last month, Gryphon Digital Mining <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.theblock.co/post/368821/gryphon-digital-mining-shareholders-vote-to-combine-with-trump-linked-bitcoin-mining-venture">shareholders voted to merge</a> with American Bitcoin to form a new crypto mining venture.</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="1537e942-1810-42dc-bde4-e22bbfb57567"><div class="bn-block" data-node-type="blockContainer" data-id="1537e942-1810-42dc-bde4-e22bbfb57567"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>In June, American Bitcoin raised $220 million by selling around 11 million new shares in a private placement.</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="2aff73a5-54fd-4915-a8de-47ab462f9a43"><div class="bn-block" data-node-type="blockContainer" data-id="2aff73a5-54fd-4915-a8de-47ab462f9a43"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>Hut 8 maintains an 80% stake in American Bitcoin, with the remaining 20% controlled by American Data Centers, an entity backed by the Trump sons. Eric Trump serves as American Bitcoin's chief strategy officer.</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="743d0c9c-98d5-4c62-8329-1def799b0b53"><div class="bn-block" data-node-type="blockContainer" data-id="743d0c9c-98d5-4c62-8329-1def799b0b53"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>"By combining Bitcoin mining, opportunistic market purchases, and the backing of Hut 8's energy and digital infrastructure, we have created a vehicle designed to drive rapid, efficient Bitcoin-per-share growth," Hut 8 CEO Asher Genoot said in a statement.</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="c5482e00-f9da-4c9d-96e5-364a6a91d1e4"><div class="bn-block" data-node-type="blockContainer" data-id="c5482e00-f9da-4c9d-96e5-364a6a91d1e4"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>Genoot also serves as executive chairman at American Bitcoin.</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="156be58c-efc2-4f1b-9532-a5888d408104"><div class="bn-block" data-node-type="blockContainer" data-id="156be58c-efc2-4f1b-9532-a5888d408104"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"></p></div></div></div></div>

Trump-backed Bitcoin company soars in Nasdaq debut as president's sons expand crypto fortunes

在纳斯达克首次亮相时，特朗普支持的 Bitcoin 公司股价飙升，总统的儿子们扩大了加密货币财富

In 2025, the DXY has been declining, indicating a market phase favorable to risk assets and suggesting bullishness for cryptocurrencies. Ethereum (ETH) faced outflows but remains near the $4.2k support level, with a breakthrough above $4.7k indicating buyer strength and potential for new all time highs. AMBCrypto reports that Ethereum could reach $6k, supported by ongoing institutional demand. Joao Wedson highlighted a correlation between the Russell 2000 index and Ethereum prices, noting that small cap stock rallies often lead to similar rises in Ethereum. The expectation of rate cuts could ease financing for smaller companies, boosting their stock prices and weakening the dollar. Despite short-term volatility, the overall outlook for crypto remains positive, with Ethereum's on-chain activity showing significant growth and a solid bullish foundation due to regulatory support and corporate adoption. 
      <div>
        <img src="https://static.sosovalue.com/sosovalue/2025/10/10/44a399fc-7ef6-40bf-8aea-c65ba87cff1e.jpg" alt="">
      </div>
    

Ethereum mirrors small-cap index rally  New highs in sight?

以太坊效仿小盘股指数反弹 新高在望？

<div class="bn-block-group" data-node-type="blockGroup"><div class="bn-block-outer" data-node-type="blockOuter" data-id="6d20ecc8-04c9-41d3-acbe-dcb17089dfb9"><div class="bn-block" data-node-type="blockContainer" data-id="6d20ecc8-04c9-41d3-acbe-dcb17089dfb9"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">Coinbase and Mastercard are separately pursuing the acquisition of London-based <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.theblock.co/post/373970/citi-invests-in-stablecoin-firm-bvnk-as-banks-deepen-push-into-onchain-settlement">stablecoin startup BVNK</a>, according to a report from Fortune.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="990f2aa9-46b8-495f-8a55-ab29fc00becf"><div class="bn-block" data-node-type="blockContainer" data-id="990f2aa9-46b8-495f-8a55-ab29fc00becf"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">Citing anonymous sources familiar with the deals, the <a target="_blank" rel="noopener noreferrer nofollow" href="https://fortune.com/crypto/2025/10/09/bvnk-acquisition-coinbase-mastercard-stablecoins/">report said</a> the two companies have held advanced discussions on the acquisition, with the sale price projected to range from $1.5 billion to $2.5 billion.&nbsp;</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="6da8fc42-0184-4aa4-9962-924a17a18ab6"><div class="bn-block" data-node-type="blockContainer" data-id="6da8fc42-0184-4aa4-9962-924a17a18ab6"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">While discussions are not yet final, Fortune reported that Coinbase appears to have the upper hand over Mastercard. If completed, this would be the largest acquisition of a stablecoin company to date, surpassing Stripe's $1.1 billion acquisition of stablecoin payments platform Bridge in October 2024.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="43ede021-b8a4-436a-b403-525071f119d0"><div class="bn-block" data-node-type="blockContainer" data-id="43ede021-b8a4-436a-b403-525071f119d0"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>"We don't comment on rumors or speculation," a Coinbase spokesperson told The Block. BVNK and Mastercard have not responded to The Block's request for comment.</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="1bbbf303-7c3b-4cc8-ae57-f9609f955a02"><div class="bn-block" data-node-type="blockContainer" data-id="1bbbf303-7c3b-4cc8-ae57-f9609f955a02"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">Founded in 2021, BVNK provides stablecoin payment infrastructure to enterprise clients, including Worldpay, Flywire, and dLocal. It claims to process over $20 billion annually. Citi Ventures recently made a strategic investment in the company, signifying the rising institutional interest in stablecoins.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="2fbf7879-e12c-4576-a751-0d30717deb7c"><div class="bn-block" data-node-type="blockContainer" data-id="2fbf7879-e12c-4576-a751-0d30717deb7c"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">This surge of interest followed the <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.theblock.co/post/363425/trump-signs-stablecoin-genius-act-cementing-first-major-crypto-framework-in-us-law">passage of the GENIUS Act</a> in the U.S. in July, which established a fundamental set of rules for dollar-pegged stablecoins. Earlier in June, USDC issuer Circle Internet Group completed its initial public offering on the NYSE, with its price soaring 118% since its debut.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="8af13441-3b32-47a6-87eb-c04a948e9542"><div class="bn-block" data-node-type="blockContainer" data-id="8af13441-3b32-47a6-87eb-c04a948e9542"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">Earlier this month, the stablecoin market reached a new milestone, surpassing a total market capitalization of&nbsp;<a target="_blank" rel="noopener noreferrer nofollow" href="https://www.theblock.co/post/373314/stablecoin-market-cap-surpasses-300-billion-for-first-time-amid-crypto-rebound">$300 billion</a>, signaling its continued maturation.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="bc15f041-db0d-4c51-9d2c-f2e37c223653"><div class="bn-block" data-node-type="blockContainer" data-id="bc15f041-db0d-4c51-9d2c-f2e37c223653"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><br></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="0993c8ce-71b2-4a59-b2ca-c06646cc9565"><div class="bn-block" data-node-type="blockContainer" data-id="0993c8ce-71b2-4a59-b2ca-c06646cc9565"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"></p></div></div></div></div>

Coinbase and Mastercard in $2 billion bidding race for stablecoin firm BVNK: report

据报道，Coinbase 和 Mastercard 正在竞标稳定币公司 BVNK，出价 20 亿美元：

🚨 Linea Deep Dive & Data Insight: Unpacking zkEVM Technology, Ecosystem Growth, and Market Performance⚡

🚨 Linea 深度解析与数据洞察：剖析 zkEVM 技术、生态系统增长和市场表现⚡

<div class="bn-block-group" data-node-type="blockGroup"><div class="bn-block-outer" data-node-type="blockOuter" data-id="f4695a7b-bb5d-46dd-a363-2d293cfc21ae"><div class="bn-block" data-node-type="blockContainer" data-id="f4695a7b-bb5d-46dd-a363-2d293cfc21ae"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">📊 <strong>BREAKING:</strong> Global debt surged by <strong>$14 trillion in Q2 2025</strong>, reaching a <strong>record $337.7 trillion</strong>, according to the IIF.<br>In the <strong>first half of 2025</strong>, debt rose <strong>$21 trillion</strong>, matching the pace seen during the <strong>pandemic-era surge in H2 2020</strong>.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="b4246051-6f36-4fc9-b5a5-3121605f724a"><div class="bn-block" data-node-type="blockContainer" data-id="b4246051-6f36-4fc9-b5a5-3121605f724a"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">🏦 The biggest contributors: <strong>US, China, France, Germany, the UK, and Japan</strong>, amid a <strong>weakening US dollar</strong>.<br>🌐 <strong>Emerging markets</strong> added <strong>$3.4T</strong> in Q2 alone, pushing their total debt to <strong>$109T</strong> — an all-time high.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="7a5ff077-bd23-4fc0-9382-6df535068939"><div class="bn-block" data-node-type="blockContainer" data-id="7a5ff077-bd23-4fc0-9382-6df535068939"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">📈 The <strong>global Debt-to-GDP ratio</strong> now sits at <strong>324%</strong>, underscoring the <strong>systemic scale of leverage</strong> in both advanced and emerging economies.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="5b75b81f-4e7c-4665-865b-fa0446b48c7b"><div class="bn-block" data-node-type="blockContainer" data-id="5b75b81f-4e7c-4665-865b-fa0446b48c7b"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">⚠️ This acceleration comes as interest rates remain historically elevated, raising questions about <strong>debt sustainability</strong>, refinancing risk, and <strong>long-term growth prospects</strong>.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="366985ac-20bc-4728-8b98-8b9f8774fd07"><div class="bn-block" data-node-type="blockContainer" data-id="366985ac-20bc-4728-8b98-8b9f8774fd07"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">🤔 <strong>Key Question:</strong><br>Can the global financial system handle this level of leverage — or are we setting up for a structural debt reckoning?</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="195034bf-66e6-4024-b5c8-992187242429"><div class="bn-block" data-node-type="blockContainer" data-id="195034bf-66e6-4024-b5c8-992187242429"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">#GlobalDebt #Macro #Finance #Economy #IIF #DebtCrisis #Markets #US #China #EmergingMarkets #Dollar #Bonds #FiscalPolicy #SystemicRisk</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="ec519c8d-6c66-4a30-adf9-507e3dde7068"><div class="bn-block" data-node-type="blockContainer" data-id="ec519c8d-6c66-4a30-adf9-507e3dde7068"><div class="bn-block-content" data-content-type="image" data-name="G21UQVqXMAA8ajL.jfif" data-url="https://static.sosovalue.com/sosovalue/2025/10/10/3dc15786-92b7-4263-8aac-528dc45e895a.jpg" data-file-block=""><div class="bn-file-block-content-wrapper"><div class="bn-visual-media-wrapper"><img class="bn-visual-media" src="https://static.sosovalue.com/sosovalue/2025/10/10/3dc15786-92b7-4263-8aac-528dc45e895a.jpg" alt="G21UQVqXMAA8ajL.jfif"></div></div></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="20e4dd18-868f-445f-963a-a4408f0c37c3"><div class="bn-block" data-node-type="blockContainer" data-id="20e4dd18-868f-445f-963a-a4408f0c37c3"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">Regards,</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="f3dad15e-2410-4579-8906-b39f0d4e5fe5"><div class="bn-block" data-node-type="blockContainer" data-id="f3dad15e-2410-4579-8906-b39f0d4e5fe5"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">FVM Research</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="4d817840-2fb4-4d9d-b1ce-f5958800356e"><div class="bn-block" data-node-type="blockContainer" data-id="4d817840-2fb4-4d9d-b1ce-f5958800356e"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">꧁𓊈𒆜𝓕𝓥𝓜𒆜𓊉꧂</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="f5ace676-5518-428d-a77f-8b727ef17d1e"><div class="bn-block" data-node-type="blockContainer" data-id="f5ace676-5518-428d-a77f-8b727ef17d1e"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">𝗙𝗼𝗹𝗹𝗼𝘄 𝗺𝗲╰┈➤ Forever_More 🔔</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="62b459d2-3b60-4745-9c04-6e4f6f20a860"><div class="bn-block" data-node-type="blockContainer" data-id="62b459d2-3b60-4745-9c04-6e4f6f20a860"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"></p></div></div></div></div>

🌍 Global Debt Soars to $337.7T — Crisis Goes Worldwide「 ✦ FVM Research ✦ 」𓆰♕𓆪

🌍 全球债务飙升至 337.7 万亿美元——危机蔓延至全球「 ✦ FVM Research ✦ 」𓆰♕𓆪

/ according to on-chain analyst ai yi's monitoring, an address (0x909...82b15) deposited 1.50 million usdc into hyperliquid as collateral two hours ago, and then went long on ten tokens: btc, sol, hype, doge, ena, aster, pump, bonk , aave and stbl with a total position value of about 14.35 million us dollars and unrealized profit of nearly 20 thousand usdt.<br> al eth whale gamerfunk officially announced that it entered the arb meme territory by holding ross at an average price of $5.46<br> al eth whale gamerfunk bought 4k more bitcoin at an average price of $43 lambo at around 8pm utc yesterday<br> source the bullitins


STBL

An address deposited $1.50M in margin to Hyperliquid and opened a $14.35M long position.

一个地址向 Hyperliquid 存入了 150.00 万美元的保证金，并开设了一个 1435.00 万美元的多头头寸。

Take your brokerage fund and buy except for those who bought at .3142


TAKE

.2479 is a gift, sir.

.2479 是一份礼物，先生。

<div class="bn-block-group" data-node-type="blockGroup"><div class="bn-block-outer" data-node-type="blockOuter" data-id="8500c647-9d9a-4eef-bd91-82d3a07b26ef"><div class="bn-block" data-node-type="blockContainer" data-id="8500c647-9d9a-4eef-bd91-82d3a07b26ef"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="f61ec4d8-2930-4658-92c4-617aadb13743"><div class="bn-block" data-node-type="blockContainer" data-id="f61ec4d8-2930-4658-92c4-617aadb13743"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">Written by：<strong>brnt</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="504ed6aa-c554-4f14-a9d5-202fc05d27c6"><div class="bn-block" data-node-type="blockContainer" data-id="504ed6aa-c554-4f14-a9d5-202fc05d27c6"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="cc60089b-da60-4a88-b322-f6fad6c87499"><div class="bn-block" data-node-type="blockContainer" data-id="cc60089b-da60-4a88-b322-f6fad6c87499"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">The <strong>DoubleZero (2Z)</strong> token appears significantly overvalued relative to its fundamentals, with weak sustainability signals for its current adoption.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="28c81d42-7d51-489e-b501-67313b4187eb"><div class="bn-block" data-node-type="blockContainer" data-id="28c81d42-7d51-489e-b501-67313b4187eb"><div class="bn-block-content" data-content-type="heading"><h3 class="bn-inline-content"><strong>Valuation &amp; Tokenomics Concerns</strong></h3></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="201726d4-5466-43a8-b607-0b92c7af92e4"><div class="bn-block" data-node-type="blockContainer" data-id="201726d4-5466-43a8-b607-0b92c7af92e4"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content"><strong>Rich launch valuation</strong>: 2Z launched at an <strong>$8B FDV </strong>(at time of writing), with ICO participants (at a $400M entry) now sitting on massive gains. ~1.5% of supply was distributed via ICO, and <strong>30%+ of supply unlocked at TGE</strong>, creating substantial sell pressure.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="7dbf541a-6a94-4d73-a202-a0921d10140c"><div class="bn-block" data-node-type="blockContainer" data-id="7dbf541a-6a94-4d73-a202-a0921d10140c"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content"><strong>Extreme multiple</strong>: At ~$7B FDV, with estimated ~$7M protocol revenues, the token trades at <strong>~1000× P/E</strong> — far above industry benchmarks.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="cab874bc-ff7b-4966-a5c8-5bc9d0f5be3b"><div class="bn-block" data-node-type="blockContainer" data-id="cab874bc-ff7b-4966-a5c8-5bc9d0f5be3b"><div class="bn-block-content" data-content-type="heading"><h3 class="bn-inline-content"><strong>Adoption &amp; Revenue Model</strong></h3></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="4b305c88-df47-450b-8a1c-07917c192c7b"><div class="bn-block" data-node-type="blockContainer" data-id="4b305c88-df47-450b-8a1c-07917c192c7b"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content"><strong>Adoption via incentives</strong>: DoubleZero currently accounts for <strong>22% of all SOL stake</strong>(~91.8M SOL, or ~$20.7B), primarily driven by heavy <strong>stake pool incentives</strong>. Sustainability of this level of adoption is uncertain once incentives normalize.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="f9ac3a82-cf91-415d-80bb-9dd39f91e63a"><div class="bn-block" data-node-type="blockContainer" data-id="f9ac3a82-cf91-415d-80bb-9dd39f91e63a"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content"><strong>Revenue mechanics</strong>: DZ monetizes by charging <strong>5% of validator revenues</strong>(commissions + MEV). Validators only benefit if DZ delegation offsets the 5% tax, creating fragile alignment.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="a0ef0c7d-c77a-4d34-aebb-056b7c9b0444"><div class="bn-block" data-node-type="blockContainer" data-id="a0ef0c7d-c77a-4d34-aebb-056b7c9b0444"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content"><strong>Efficacy of uplift</strong>: DZ claims validators earn ~0.5% more voting credits. But charging 5% of all revenues for a 0.5% uplift implies a <strong>10× take rate on the incremental improvement</strong> — a tough value prop once subsidies fade.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="8aa31270-71ed-40bd-b492-a6c1aba78dde"><div class="bn-block" data-node-type="blockContainer" data-id="8aa31270-71ed-40bd-b492-a6c1aba78dde"><div class="bn-block-content" data-content-type="heading"><h3 class="bn-inline-content"><strong>Revenue Scenarios</strong></h3></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="24cec41b-b0e7-49fa-92d7-ecb167d55ce3"><div class="bn-block" data-node-type="blockContainer" data-id="24cec41b-b0e7-49fa-92d7-ecb167d55ce3"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content"><strong>Current adoption (22%)</strong>:</p></div><div class="bn-block-group" data-node-type="blockGroup"><div class="bn-block-outer" data-node-type="blockOuter" data-id="a714802a-c992-4ee9-872d-d628d5ae21d0"><div class="bn-block" data-node-type="blockContainer" data-id="a714802a-c992-4ee9-872d-d628d5ae21d0"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content"><em>Optimistic</em>: ~$6.7M annual protocol revenue (assuming 5% issuance commission + 10% MEV fees on average for validators).</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="5ffcf688-a632-4557-8f05-b7fa94d545fe"><div class="bn-block" data-node-type="blockContainer" data-id="5ffcf688-a632-4557-8f05-b7fa94d545fe"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content"><em>Conservative</em>: ~$3.8M annual protocol revenue (assuming near-0% fees).</p></div></div></div></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="84da133d-b819-4b87-bdee-3fee3efbe244"><div class="bn-block" data-node-type="blockContainer" data-id="84da133d-b819-4b87-bdee-3fee3efbe244"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content"><strong>Full adoption (100%)</strong>:</p></div><div class="bn-block-group" data-node-type="blockGroup"><div class="bn-block-outer" data-node-type="blockOuter" data-id="c93371eb-bb8a-4aa2-bb0e-5398c9dfe348"><div class="bn-block" data-node-type="blockContainer" data-id="c93371eb-bb8a-4aa2-bb0e-5398c9dfe348"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content"><em>Optimistic</em>: ~$30M revenue.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="7f85a1dc-f562-4a7a-8414-d2c132d58ca5"><div class="bn-block" data-node-type="blockContainer" data-id="7f85a1dc-f562-4a7a-8414-d2c132d58ca5"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content"><em>Pessimistic</em>: ~$17.65M revenue.</p></div></div></div></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="81d87d21-0fd5-4fda-ae2a-25d11845f618"><div class="bn-block" data-node-type="blockContainer" data-id="81d87d21-0fd5-4fda-ae2a-25d11845f618"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">Even at 100% adoption — an unrealistic ceiling — revenues justify at most a <strong>low-hundreds-of-millions valuation</strong>, not multi-billions.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="ab38a352-e283-4ca6-a030-fb43b0b3b802"><div class="bn-block" data-node-type="blockContainer" data-id="ab38a352-e283-4ca6-a030-fb43b0b3b802"><div class="bn-block-content" data-content-type="heading"><h3 class="bn-inline-content"><strong>Risks to the Bull Case</strong></h3></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="d52b71e8-4881-4231-a3c2-0a1c63a20df0"><div class="bn-block" data-node-type="blockContainer" data-id="d52b71e8-4881-4231-a3c2-0a1c63a20df0"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content">Reliance on stake incentives rather than organic validator adoption.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="436d661a-3519-4d75-8229-deec11fd26ec"><div class="bn-block" data-node-type="blockContainer" data-id="436d661a-3519-4d75-8229-deec11fd26ec"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content">Razor-thin profitability gains for validators, creating little stickiness.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="c9d1849c-877f-43fa-8e4d-3ac773344ad1"><div class="bn-block" data-node-type="blockContainer" data-id="c9d1849c-877f-43fa-8e4d-3ac773344ad1"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content">Token unlocks (30%+ at TGE) amplify sell pressure from early entrants.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="479adb01-6ff0-4626-94c2-e6b49532015e"><div class="bn-block" data-node-type="blockContainer" data-id="479adb01-6ff0-4626-94c2-e6b49532015e"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content">Narrative premium (22% of stake) obscures weak fundamentals.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="a004881f-b054-4d61-aa7d-eeb94f2e65ad"><div class="bn-block" data-node-type="blockContainer" data-id="a004881f-b054-4d61-aa7d-eeb94f2e65ad"><div class="bn-block-content" data-content-type="heading"><h3 class="bn-inline-content"><strong>Conclusion</strong></h3></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="ea186d60-fedc-48ab-9270-3c8bdd2960e6"><div class="bn-block" data-node-type="blockContainer" data-id="ea186d60-fedc-48ab-9270-3c8bdd2960e6"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">At $7–8B FDV, <strong>2Z is priced for perfection</strong>. Current adoption is incentive-driven and unlikely to sustain, revenues are thin relative to valuation, and the take rate economics are fragile. With early investors sitting on large gains and significant supply already unlocked, <strong>2Z represents an asymmetric short opportunity</strong> relative to fundamentals.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="b6200bbd-5f60-41d8-848d-526c15f2d0e6"><div class="bn-block" data-node-type="blockContainer" data-id="b6200bbd-5f60-41d8-848d-526c15f2d0e6"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">Sources: - <strong><u><a target="_blank" rel="noopener noreferrer nofollow" href="https://solanacompass.com/statistics/staking">https://solanacompass.com/statistics/staking</a></u></strong> - <strong><u><a target="_blank" rel="noopener noreferrer nofollow" href="https://cogentcrypto.io/ValidatorProfitCalculator">https://cogentcrypto.io/ValidatorProfitCalculator</a></u></strong> - <strong><u><a target="_blank" rel="noopener noreferrer nofollow" href="https://docs.malbeclabs.com/paying-fees/">https://docs.malbeclabs.com/paying-fees/</a></u></strong> - <strong><u><a target="_blank" rel="noopener noreferrer nofollow" href="https://doublezero.xyz/dashboard">https://doublezero.xyz/dashboard</a></u></strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="efa01ca9-66c1-4675-abe1-de493c6e1a4a"><div class="bn-block" data-node-type="blockContainer" data-id="efa01ca9-66c1-4675-abe1-de493c6e1a4a"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">Disclaimer: this thesis has been written by an LLM using calculations, data sources, reasoning and knowledge provided by the author.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="70d07b77-37de-4e45-bad6-9c887155cf51"><div class="bn-block" data-node-type="blockContainer" data-id="70d07b77-37de-4e45-bad6-9c887155cf51"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="647f6ee2-0927-4f7d-b59e-4311f7ab02ff"><div class="bn-block" data-node-type="blockContainer" data-id="647f6ee2-0927-4f7d-b59e-4311f7ab02ff"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>AFFILIATE DISCLOSURES</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="d5d0c678-0725-4300-9694-fc3cb56841fd"><div class="bn-block" data-node-type="blockContainer" data-id="d5d0c678-0725-4300-9694-fc3cb56841fd"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content">The author and/or others the author advises do not currently hold, or plan to initiate, an investment position in target.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="5fb1f717-a29e-44eb-8cef-9df94fcfcd27"><div class="bn-block" data-node-type="blockContainer" data-id="5fb1f717-a29e-44eb-8cef-9df94fcfcd27"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content">The author does not hold an affiliated position with the target such as employment, directorship, or consultancy.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="0eb22560-8846-4950-a38c-c649f2467141"><div class="bn-block" data-node-type="blockContainer" data-id="0eb22560-8846-4950-a38c-c649f2467141"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content">The author is not being compensated in any form by the target in relation to this research.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="bc171791-a703-44d1-88ab-9641a560d3e0"><div class="bn-block" data-node-type="blockContainer" data-id="bc171791-a703-44d1-88ab-9641a560d3e0"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content">To the best of the author’s knowledge, the information provided here contains no material, non-public information. The accuracy of the information is the responsibility of the reader.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="54ce320c-804a-4778-a678-f3e25d47734b"><div class="bn-block" data-node-type="blockContainer" data-id="54ce320c-804a-4778-a678-f3e25d47734b"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"></p></div></div></div></div>

Short 2Z (DoubleZero)

短 2Z（双零）

From September 20, 2025, the UAE will adopt the CARF rules to align its digital asset sector with international tax transparency standards. This includes obligations for reporting and automatic exchange of crypto-asset information (with first exchanges starting around 2028).

UAE’s “Crypto-Asset Reporting Framework (CARF)” introduced

阿联酋推出“加密资产报告框架 (CARF)”

<div class="bn-block-group" data-node-type="blockGroup"><div class="bn-block-outer" data-node-type="blockOuter" data-id="0e184e83-d687-45f7-8491-b72b7b948a90"><div class="bn-block" data-node-type="blockContainer" data-id="0e184e83-d687-45f7-8491-b72b7b948a90"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">Một trong những yếu tố quan trọng giúp <strong>Avalanche (AVAX)</strong> đạt được thông lượng cao, thời gian xác nhận giao dịch gần như tức thì và khả năng mở rộng linh hoạt chính là <strong>giao thức đồng thuận Snowman</strong>. Đây là một biến thể của <strong>Avalanche Consensus</strong>, được thiết kế tối ưu cho các chuỗi tuần tự như <strong>C-Chain và P-Chain</strong>, nơi các giao dịch cần được sắp xếp thứ tự rõ ràng để phục vụ hợp đồng thông minh và hoạt động quản trị mạng.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="10885339-a81b-427e-aa37-f1dc8aa2da70"><div class="bn-block" data-node-type="blockContainer" data-id="10885339-a81b-427e-aa37-f1dc8aa2da70"><div class="bn-block-content" data-content-type="heading"><h3 class="bn-inline-content">1. <strong>Từ Avalanche Consensus đến Snowman</strong></h3></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="9cd4f172-f46c-48b3-b336-980fab7cbeb5"><div class="bn-block" data-node-type="blockContainer" data-id="9cd4f172-f46c-48b3-b336-980fab7cbeb5"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">Avalanche Consensus gốc hoạt động trên cấu trúc <strong>DAG (Directed Acyclic Graph)</strong>, cho phép nhiều giao dịch được xử lý song song mà không cần sắp xếp tuyến tính. Điều này rất phù hợp với các hoạt động chuyển tài sản đơn giản (như trên X-Chain). Tuy nhiên, đối với <strong>smart contract</strong> hoặc <strong>staking/validator</strong>, hệ thống cần <strong>thứ tự giao dịch rõ ràng</strong> để tránh xung đột trạng thái.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="1556ac25-e547-4dcf-b5fc-02097ed77f42"><div class="bn-block" data-node-type="blockContainer" data-id="1556ac25-e547-4dcf-b5fc-02097ed77f42"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">👉 Đó là lý do Snowman ra đời.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="17427672-b6c3-4387-961a-d4575403b06d"><div class="bn-block" data-node-type="blockContainer" data-id="17427672-b6c3-4387-961a-d4575403b06d"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content"><strong>Snowman = Avalanche Consensus + Linearization (tuyến tính hóa)</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="c414c175-67ad-42fa-b35d-1f6b1eda3a8b"><div class="bn-block" data-node-type="blockContainer" data-id="c414c175-67ad-42fa-b35d-1f6b1eda3a8b"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content">Snowman vẫn giữ nguyên ưu điểm <strong>ngẫu nhiên, xác suất cao và không cần leader</strong> của Avalanche Consensus, nhưng sắp xếp các block theo một chuỗi liên tục, tương tự như Ethereum hay Bitcoin — chỉ khác là <strong>nhanh hơn rất nhiều</strong>.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="49b5a82b-f06a-43d1-b6ff-138584ff4cc5"><div class="bn-block" data-node-type="blockContainer" data-id="49b5a82b-f06a-43d1-b6ff-138584ff4cc5"><div class="bn-block-content" data-content-type="heading"><h3 class="bn-inline-content">2. <strong>Cơ chế hoạt động cốt lõi</strong></h3></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="c76fb231-78a0-4e1b-95f8-784b0145370e"><div class="bn-block" data-node-type="blockContainer" data-id="c76fb231-78a0-4e1b-95f8-784b0145370e"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">Snowman sử dụng quy trình <strong>repeated sub-sampled voting</strong> (bỏ phiếu ngẫu nhiên lặp lại nhiều lần):</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="d3cfda6f-f568-4ca8-8738-a0a6f7c42964"><div class="bn-block" data-node-type="blockContainer" data-id="d3cfda6f-f568-4ca8-8738-a0a6f7c42964"><div class="bn-block-content" data-content-type="numberedListItem" data-index="1"><p class="bn-inline-content">Khi có block mới, một node sẽ ngẫu nhiên <strong>chọn một tập con nhỏ các validator</strong> để hỏi xem block nào hợp lệ.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="780c72e7-6260-4052-bc73-0ab499f486a1"><div class="bn-block" data-node-type="blockContainer" data-id="780c72e7-6260-4052-bc73-0ab499f486a1"><div class="bn-block-content" data-content-type="numberedListItem" data-index="2"><p class="bn-inline-content">Nếu phần lớn đồng thuận trong tập con này chọn block A, node đó tiếp tục hỏi các tập con ngẫu nhiên khác.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="a1c0defd-1b39-41cc-875f-a349412a4012"><div class="bn-block" data-node-type="blockContainer" data-id="a1c0defd-1b39-41cc-875f-a349412a4012"><div class="bn-block-content" data-content-type="numberedListItem" data-index="3"><p class="bn-inline-content">Khi <strong>đủ vòng bỏ phiếu liên tiếp cho cùng một block</strong>, block đó được xem là “chấp nhận” với xác suất cực cao (gần như chắc chắn).</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="2deff089-f217-46e1-b56f-4803ef82cf8a"><div class="bn-block" data-node-type="blockContainer" data-id="2deff089-f217-46e1-b56f-4803ef82cf8a"><div class="bn-block-content" data-content-type="numberedListItem" data-index="4"><p class="bn-inline-content">Tất cả validator cuối cùng sẽ đạt đến <strong>hội tụ</strong> rất nhanh mà không cần leader hoặc global broadcast tốn kém.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="d1424d4a-5acb-4cf8-bf13-bebeb78668d1"><div class="bn-block" data-node-type="blockContainer" data-id="d1424d4a-5acb-4cf8-bf13-bebeb78668d1"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">✅ <strong>Không có leader → không có nút thắt cổ chai</strong> như trong PBFT hay HotStuff.<br>✅ <strong>Lấy mẫu ngẫu nhiên nhỏ → giảm overhead giao tiếp mạng</strong>, giúp mạng mở rộng đến hàng nghìn validator mà vẫn duy trì tốc độ.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="0495ab42-315d-4882-8c95-60a71637a9c5"><div class="bn-block" data-node-type="blockContainer" data-id="0495ab42-315d-4882-8c95-60a71637a9c5"><div class="bn-block-content" data-content-type="heading"><h3 class="bn-inline-content">3. <strong>Tốc độ &amp; khả năng mở rộng</strong></h3></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="b84230a3-bd89-4a20-9aca-60f51615d89d"><div class="bn-block" data-node-type="blockContainer" data-id="b84230a3-bd89-4a20-9aca-60f51615d89d"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content"><strong>Thời gian finality:</strong> trung bình 1–2 giây để xác nhận một block, nhanh hơn nhiều so với Ethereum (12–60 giây) hay Bitcoin (10 phút).</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="171d0b77-6098-44da-9d05-0ea98e3f2910"><div class="bn-block" data-node-type="blockContainer" data-id="171d0b77-6098-44da-9d05-0ea98e3f2910"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content"><strong>Thông lượng:</strong> có thể đạt hàng nghìn giao dịch/giây nhờ kiến trúc song song + linearization tối ưu.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="c9a33251-94aa-492e-9068-cb710d0295af"><div class="bn-block" data-node-type="blockContainer" data-id="c9a33251-94aa-492e-9068-cb710d0295af"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content"><strong>Quy mô validator:</strong> Avalanche hiện hỗ trợ <strong>hơn 1.500 validator hoạt động toàn cầu</strong>, minh chứng tính mở rộng mà không cần giảm phân quyền.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="5c2ae00c-9437-4d20-893e-6b9b31b29b4e"><div class="bn-block" data-node-type="blockContainer" data-id="5c2ae00c-9437-4d20-893e-6b9b31b29b4e"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">Đây là ưu điểm nổi bật so với các cơ chế như <strong>Nakamoto Consensus</strong> (chậm do cần nhiều block xác nhận) hay <strong>BFT truyền thống</strong> (khó mở rộng vì cần nhiều thông điệp giữa validator).</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="fa463a32-9076-406c-9efe-8706c282cbfe"><div class="bn-block" data-node-type="blockContainer" data-id="fa463a32-9076-406c-9efe-8706c282cbfe"><div class="bn-block-content" data-content-type="heading"><h3 class="bn-inline-content">4. <strong>Ứng dụng của Snowman trong hệ sinh thái Avalanche</strong></h3></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="857c39fc-ab75-4c1f-ae01-281bf7956919"><div class="bn-block" data-node-type="blockContainer" data-id="857c39fc-ab75-4c1f-ae01-281bf7956919"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content"><strong>C-Chain:</strong> Snowman đảm bảo các hợp đồng thông minh được thực thi theo trình tự rõ ràng, giống Ethereum nhưng nhanh hơn nhiều → lý tưởng cho DeFi, NFT, GameFi.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="cdfb7cc0-951d-4f6d-ab80-87f81c96c8dc"><div class="bn-block" data-node-type="blockContainer" data-id="cdfb7cc0-951d-4f6d-ab80-87f81c96c8dc"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content"><strong>P-Chain:</strong> Snowman quản lý staking, validator và subnet creation một cách tuyến tính → đảm bảo tính toàn vẹn của hệ thống quản trị.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="c8812112-5f37-4bd8-ad59-969f80607cfb"><div class="bn-block" data-node-type="blockContainer" data-id="c8812112-5f37-4bd8-ad59-969f80607cfb"><div class="bn-block-content" data-content-type="heading"><h3 class="bn-inline-content">✅ <strong>Kết luận</strong></h3></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="ad073d46-584e-4a08-8f51-d7c51deaa8c5"><div class="bn-block" data-node-type="blockContainer" data-id="ad073d46-584e-4a08-8f51-d7c51deaa8c5"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">Snowman là <strong>mảnh ghép kỹ thuật quan trọng</strong> trong kiến trúc Avalanche, kết hợp ưu điểm của đồng thuận DAG và linear chain để đạt <strong>tốc độ cao, độ bảo mật mạnh và khả năng mở rộng phi tập trung</strong>.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="2338c043-a080-4596-bab7-091d4646cfed"><div class="bn-block" data-node-type="blockContainer" data-id="2338c043-a080-4596-bab7-091d4646cfed"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content">Không cần leader → không nghẽn mạng.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="0ad49724-292f-4a6f-93da-eef373763d93"><div class="bn-block" data-node-type="blockContainer" data-id="0ad49724-292f-4a6f-93da-eef373763d93"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content">Lấy mẫu ngẫu nhiên → giảm tải giao tiếp.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="6575d7c7-e6a1-42d7-929c-39d44d76336d"><div class="bn-block" data-node-type="blockContainer" data-id="6575d7c7-e6a1-42d7-929c-39d44d76336d"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content">Linear chain → tương thích với smart contract.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="fbb09b5e-a007-4674-9bdf-4d9c84bfb0c6"><div class="bn-block" data-node-type="blockContainer" data-id="fbb09b5e-a007-4674-9bdf-4d9c84bfb0c6"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">Chính Snowman đã biến Avalanche trở thành một trong những Layer 1 có <strong>thời gian finality nhanh nhất thị trường</strong>, mở đường cho hàng loạt ứng dụng DeFi quy mô lớn hoạt động trơn tru.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="c672be3e-3ca9-4a4d-8bf3-955a74d9becc"><div class="bn-block" data-node-type="blockContainer" data-id="c672be3e-3ca9-4a4d-8bf3-955a74d9becc"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"></p></div></div></div></div>

Đồng thuận Snowman: Bí quyết tốc độ và khả năng mở rộng của Avalanche

Snowman 共识：Avalanche 速度和可扩展性的秘诀

October 2025 is CZ's playground on BNB Chain—fresh off the X account hack recovery and memecoin madness, the legend himself just dropped a bombshell: gas fees slashed 20x to a dirt-cheap 0.05 Gwei default!88d66c This isn't just a tweak; it's a full-throttle push for mass adoption, making BNB the go-to for DeFi, AI projects, and RWAs without the Ethereum gas pain.

Rewind to the chaos: Early Oct, BNB Chain's official X got jacked for phishing airdrop scams—$13K stolen before CZ locked it down, victims fully compensated, and security beefed up.a37d79703097 CZ's swift "Stay SAFU" alerts turned panic into praise, with the account restored by Oct 3.b38093 No major damage, but a wake-up on social hacks.

Then, CZ's "BNB meme szn!" tweet lit the fuse—tokens like $4 (CZ finger meme), Paul (his pup inspo), and Chinese-flavored bangers (币安人生, 客服小何) surged 2,000%+ in hours, minting millionaires from $3K flips and pulling 100K+ new traders.8967c8742775 Volumes hit $82M in a day, feeding back into BNB's climb past $1,000 ATH in Sept (up 4.5% to $1,004, now #5 by mcap).e04c5c083b18

Behind the scenes? $1.6B token burns last quarter alone, SEC lawsuit dropped, and Binance eyeing a DOJ deal that could greenlight CZ's full return rumors.568cd5b729f7 Add stablecoins like WLFI's USD1 filling BUSD's void, and you've got a chain exploding in liquidity.

CZ's BNB Chain Revival: Gas Fees Slashed, Memes Explode, and ATH Hype Rolls On! 🚀🔶

CZ 的 BNB Chain 复兴：Gas 费大幅削减，Memes 爆发，ATH 热潮持续！🚀🔶

With all the hype and excitement surrounding bitcoin's recent surge, you might think that other cryptocurrencies would also be soaring. but if we take a peek at some of the major players, it seems like there's been more talk than action when it comes to capitalizing on this btc frenzy. are these coins being kept down by some unseen force? or is there something else at play here that's holding them back despite their potential?

so what's happened with ethereum's eth token or binance smart chain's bnb token recently as well? while both have seen slight increases over time compared to 20% increases in btc prices - they still seem far from breaking into new all-time highs anytime soon! however this could indicate investors are not convinced yet which would explain why many traders still prefer keeping their investments towards top-tier assets only.
<br> <br> 
for those who believe long-term value exists within less popular coins though..not much luck here either!!
<br><br>
you can see where things went wrong:
matic lost its solid performance after having peaked above $1 mark6 months ago...
doge meme coin popularity faded away now averaged out under average line before memories fade fast enough
ada continued slipping(since late last yr!) downwards below .40$ threshold 
even avax came short against mighty price fluctuations (.09 km average)
yet somehow around 4 yrs'later we'll probably look back fondly remembering coti  ,lit ,sand,xch etc.,everything decks stacked* heavily against them(because "good" marketing?“trading volume?” right?)....but wouldn't increasing buying power via staking protocols help create better liquidity pools??!!
<br>..<br>
speculative gains !remains important metric evaluation<3
<br>so technically speaking[market cap/fv**outstanding shares]will always stay bull-ish😊🤘🏻for sure![despite constant distrustful speculation about future inflation rises]<img src="https://media.giphy.com/media/jd4nqidsvuj4edastw/giphy.gif"><br>(fv-*over*) **-negative earning+dividend stock-we’d most likely agree follow-up “leverage reports”provide needed data-summary breakdown solutions given monthly corrections show promise)<8yrs лo🕵️‍♀️💛🔥•©@miajosh edwards~8:38 aest-19may2025)}(


DESO

The crypto market might be up, but it's just another day in the altcoin graveyard...

加密货币市场可能上涨，但这只是山寨币坟场的又一天……