[{"data":1,"prerenderedAt":17813},["ShallowReactive",2],{"blog-catalog":3},[4,79,162,240,298,386,447,548,673,758,819,904,1007,1132,1216,1282,1343,1446,1489,1563,1659,1713,1790,1874,2010,2080,2126,2194,2273,2339,2428,2519,2613,2687,2733,2792,2874,2942,2994,3037,3109,3191,3248,3305,3353,3404,3453,3499,3546,3600,3677,3724,3771,3858,3944,4004,4058,4125,4177,4275,4357,4415,4513,4581,4651,4752,4824,4873,5010,5065,5117,5302,5366,5449,5519,5604,5659,5717,5781,5894,5967,6006,6055,6110,6162,6217,6263,6371,6438,6499,6636,6697,6756,6811,6917,6984,7067,7113,7167,7236,7297,7393,7492,7541,7622,7662,7711,7778,7843,7894,7937,7980,8070,8166,8213,8265,8329,8417,8506,8581,8754,8809,8898,8961,9019,9132,9244,9330,9413,9499,9590,9688,9740,9821,9867,9910,9996,10051,10210,10253,10318,10406,10458,10516,10620,10705,10803,10898,10987,11062,11108,11154,11254,11304,11482,11540,11614,11698,11862,11959,12046,12095,12207,12277,12334,12377,12458,12525,12609,12670,12754,12807,12880,12929,12993,13081,13194,13288,13399,13526,13648,13706,13761,13833,13918,13981,14112,14194,14242,14322,14394,14466,14593,14643,14689,14810,14949,14987,15049,15092,15188,15252,15340,15460,15518,15613,15733,15842,15915,15976,16190,16294,16465,16664,16758,16882,16954,17069,17178,17355,17544,17611,17741],{"id":5,"title":6,"body":7,"categories":68,"cover":17,"date":70,"description":18,"extension":71,"meta":72,"navigation":73,"path":74,"seo":75,"stem":76,"tags":77,"__hash__":78},"blog\u002Fblog\u002FUK sanctions Huobi and ruble stablecoin issuer in crackdown on Russia crypto networks.md","UK sanctions Huobi and ruble stablecoin issuer in crackdown on Russia crypto networks",{"type":8,"value":9,"toc":64},"minimark",[10,19,22,25,28,31,34,37,40,43,46,49,52],[11,12,13,18],"p",{},[14,15],"img",{"alt":16,"src":17},"pia19048_0","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F3ed99ad8e1d2af4b111b0bb301a546dddccbf65e4-6000x4000.avif","\nThe United Kingdom has imposed sanctions on a group of cryptocurrency exchanges, payment firms and individuals accused of helping Russia evade Western restrictions and finance its war in Ukraine, including crypto exchange Huobi.",[11,20,21],{},"The sanctions package from the U.K. Foreign, Commonwealth & Development Office targets 18 entities and individuals linked to what officials described as Russia’s “illicit financial infrastructure used to move funds, procure goods, and sustain its war.”",[11,23,24],{},"Among them are Huobi Global S.A., operator of the HTX exchange, Rapira Group LLC, Aifory LLC, Arvix LLC and Bitpapa IC FZC LLC.",[11,26,27],{},"HTX is one of the world’s largest crypto exchanges, with roughly $3.3 trillion in trading volume last year, according to a blog post from blockchain analytics firm Elliptic.",[11,29,30],{},"Elliptic said the platform is suspected of providing services to both the A7 payments network and Garantex, a Russian crypto exchange previously sanctioned by Western authorities. Garantex rebranded to Grinex earlier in the year and last month halted its operations after a $13 million “state-backed” hack.",[11,32,33],{},"Britain also sanctioned Open Joint Stock Company “Virtual Asset Issuer,” a Kyrgyzstan-linked company behind the USDKG gold-backed stablecoin, along with several people accused of sanctions-evasion activity, including Sergey Mendeleev, Igor Gorin, Irina Akopyan and Israeli national Liran Cohen.",[11,35,36],{},"The measures mark one of the country’s strongest moves yet against Russia’s use of cryptocurrencies and alternative payment systems. For the first time, the U.K. applied Regulation 17A of its Russia sanctions regime to crypto exchanges, a tool previously used against sanctioned banks.",[11,38,39],{},"Under the rules, U.K. financial firms and crypto service providers cannot maintain correspondent relationships with the designated entities or process payments tied to them. Companies may also need to freeze funds and trace blockchain transactions linked to sanctioned platforms.",[11,41,42],{},"Elliptic said the rules could require firms to trace transactions across multiple blockchain “hops,” meaning compliance checks would extend beyond direct counterparties to wallets and exchanges appearing anywhere in a transaction chain.",[11,44,45],{},"A major focus of the sanctions package is the Kremlin-backed A7 payments network, which British officials say helped process proceeds from Russian oil sales and supported military procurement. The U.K. says the network moved more than $90 billion last year.",[11,47,48],{},"Elliptic said other regulators are likely to watch closely as Britain tests a new model for applying traditional financial sanctions rules to digital asset markets.",[11,50,51],{},"The sanctions took effect immediately. CoinDesk has reached out to Huobi for comment but did not hear back by press time.",[11,53,54],{},[55,56,60],"a",{"href":57,"rel":58},"https:\u002F\u002Fwww.coindesk.com\u002Fbusiness\u002F2026\u002F05\u002F26\u002Fuk-sanctions-huobi-and-ruble-stablecoin-issuer-in-crackdown-on-russia-crypto-networks",[59],"nofollow",[61,62,63],"em",{},"Source",{"title":65,"searchDepth":66,"depth":66,"links":67},"",2,[],[69],"bitcoin","2026-5-27 12:23:53","md",{},true,"\u002Fblog\u002Fuk-sanctions-huobi-and-ruble-stablecoin-issuer-in-crackdown-on-russia-crypto-networks",{"title":6,"description":18},"blog\u002FUK sanctions Huobi and ruble stablecoin issuer in crackdown on Russia crypto networks",null,"Prd7pPHUw8Zunqqgxss8rqSwiS27eZkpp9OKmPv6rGI",{"id":80,"title":81,"body":82,"categories":156,"cover":88,"date":70,"description":89,"extension":71,"meta":157,"navigation":73,"path":158,"seo":159,"stem":160,"tags":77,"__hash__":161},"blog\u002Fblog\u002FBermuda, the small island nation with huge crypto ambitions.md","Bermuda, the small island nation with huge crypto ambitions",{"type":8,"value":83,"toc":152},[84,90,93,96,99,104,107,110,113,116,119,122,125,129,132,135,138,141,144],[11,85,86,89],{},[14,87],{"alt":16,"src":88},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002FBermuda4.avif","\nCraig Swan’s eyes light up, and his smile widens when he speaks of Bermuda's ambitions to become the world’s first economy to go fully onchain, a move he is certain will create amazing new opportunities for the country's citizens.",[11,91,92],{},"In an interview with CoinDesk in London, Swan, the CEO of Bermuda’s Money Authority (BMA), spoke of his tiny island nation’s huge plans.",[11,94,95],{},"“We carried out a huge event in Bermuda to educate our citizens on how to set up their crypto wallet, and we airdropped $100 in Circle’s stablecoin USDC, and showed them how to use it for purchases, transfer or send it to friends and family or convert it and even offramp it into fiat if they chose to,” Swan said.",[11,97,98],{},"The experiment was designed to onboard local vendors and the public simultaneously, Swan added. Attendees were able to immediately test the ecosystem at an on-site marketplace, using their newly minted stablecoins to purchase goods, while payment processors like MoneyGram provided immediate conversion back into paper currency.",[100,101,103],"h2",{"id":102},"driving-demand-at-the-dmv","Driving demand at the DMV",[11,105,106],{},"While the pop-up marketplace served as a sandbox, the BMA and the government of Bermuda are already scaling the infrastructure to prepare it for the blockchain. The island nation has amended its legislation to officially accept digital assets for public taxes, starting with its highest-volume public sector.",[11,108,109],{},"“We are starting at a high-volume area,\" Swan explained. \"Starting with the Department of Motor Vehicles, because most people have a car or licenses. We are going to cast that across the government itself.\"",[11,111,112],{},"The financial migration represents the real-world execution of a roadmap first unveiled at the World Economic Forum in Davos, where the Bermudan government announced a partnership with Circle and Coinbase to build out the infrastructure for the world's first fully onchain economy. Circle deployed its Circle Mint infrastructure to power the government’s digital treasury accounts, while Coinbase pledged its engineering rails to streamline institutional and consumer onboarding.",[11,114,115],{},"Bermuda also recently announced a third major partnership. This time with Stellar for the upcoming rollout of its official Bermuda digital dollar, a sovereign-grade stablecoin. Rather than compete with the traditional financial sector, Swan said he expects the onchain rails to coexist with legacy banks, which will continue to hold the fiat reserves backing the digital tokens and provide localized custody.",[11,117,118],{},"\"The reliance on legacy payments infrastructure has left Bermudians paying high fees and hindered additional economic growth,\" Premier E. David Burt noted following the Stellar announcement. By leveraging blockchain rails, Bermuda is attempting to bypass the expensive intermediary banking loops that chew up thin merchant margins, keeping capital circulating natively on-island.",[11,120,121],{},"However, moving a national economy onto a blockchain requires rewriting more than just banking rules, said Swan, noting that it requires changing the definition of property.",[11,123,124],{},"“When you look at contract law, and if you look at securities, in some cases, it's not clear whether or not a smart contract satisfies a legal transfer of ownership,\" Swan observed. \"We have to look at the legislation to make sure that it's aligned. I think there are a few tweaks the island needs to make around shares—the way legislation records a share register needs to be clear that it can exist in a digital form.”",[100,126,128],{"id":127},"regulating-the-ai-agent-wave","Regulating the AI agent wave",[11,130,131],{},"Bermuda’s testing programs have historically yielded massive macroeconomic results, Swan said. The island currently ranks among the world's top three largest reinsurance centers. The government is betting that its regulatory framework, the Digital Asset Business Act (DABA), can achieve the same global footprint for tokenized real-world assets (RWAs) and decentralized finance (DeFi).",[11,133,134],{},"To prove it, Swan said the BMA recently concluded a pilot program focused on embedding compliance directly inside smart contracts. The trial successfully demonstrated that protocols could automatically freeze a transaction if underlying collateral reserves fell below a specific threshold or block and exchange entirely if an address violated real-time anti-money laundering or sanctions screening.",[11,136,137],{},"To address these risks, Swan said the BMA is already looking beyond human traders to digital liquidity generated by automated machines. With that, he said, the BMA plans to roll out an AI payments hub to research and supervise transactional flows initiated entirely by autonomous software.",[11,139,140],{},"For larger G20 nations, scaling such an ambitious ledger remains a multi-year regulatory bottleneck. For Bermuda, its small population is its primary geopolitical advantage.",[11,142,143],{},"“Smaller jurisdictions with the resources will be able to follow us,\" Swan concluded, offering advice to other sovereign states looking to digitize their financial architecture. \"Larger jurisdictions would have to take a different train. But to attract companies that are serious, it's best not to race to the bottom.\"",[11,145,146],{},[55,147,150],{"href":148,"rel":149},"https:\u002F\u002Fwww.coindesk.com\u002Fbusiness\u002F2026\u002F05\u002F26\u002Fbermuda-the-small-island-nation-with-huge-crypto-ambitions",[59],[61,151,63],{},{"title":65,"searchDepth":66,"depth":66,"links":153},[154,155],{"id":102,"depth":66,"text":103},{"id":127,"depth":66,"text":128},[69],{},"\u002Fblog\u002Fbermuda-the-small-island-nation-with-huge-crypto-ambitions",{"title":81,"description":89},"blog\u002FBermuda, the small island nation with huge crypto ambitions","Vd1KZtyNur_zbx3-vesEvES8bg-lV1Hlh5LvFk19iB8",{"id":163,"title":164,"body":165,"categories":232,"cover":171,"date":234,"description":172,"extension":71,"meta":235,"navigation":73,"path":236,"seo":237,"stem":238,"tags":77,"__hash__":239},"blog\u002Fblog\u002FNew Instrument Used Antarctic Ice Sheet to Probe Extreme Universe.md","New Instrument Used Antarctic Ice Sheet to Probe Extreme Universe",{"type":8,"value":166,"toc":227},[167,173,176,179,182,187,190,194,197,201,204,208,211,216,219],[11,168,169,172],{},[14,170],{"alt":16,"src":171},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002FN6.jpg","\nThe Payload for Ultrahigh Energy Observations (PUEO) is a NASA Astrophysics Pioneers Program mission designed to detect the most energetic particles in the universe. The PUEO mission flew high above Antarctica on a Long Duration Balloon (LDB) and used the Antarctic ice sheet as an enormous detection volume to look for radio signals generated by the interactions of extremely energetic astrophysical neutrinos as they passed through the ice. In addition to searching for the highest energy neutrinos, PUEO could also detect radio signals from high energy cosmic rays showering in Earth’s atmosphere (a.k.a. air showers), either as the signals entered directly into the instrument or reflected off the ice below. The sensitivity achieved with the PUEO instrument was a result of technology advancements and careful optimization of the experimental design to enable accommodation within the balloon platform’s launch volume.",[11,174,175],{},"The ultra-high energy neutrinos that PUEO was searching for carry information from the most extreme places in the universe, including supermassive black holes that accrete matter at the centers of galaxies, neutron star mergers, and other powerful cosmic accelerators. Because these particles travel large distances along straight lines without being absorbed, they provide a unique view of the distant, most energetic universe. Not only will data collected by PUEO reveal the origin and composition of the highest-energy cosmic rays, it will also test fundamental physics at energies far beyond those achievable in human-made particle accelerators on Earth.",[11,177,178],{},"The PUEO mission built on heritage from the NASA-sponsored Antarctic Impulsive Transient Antenna (ANITA) mission, which had four successful flights from 2006-2016. Like ANITA, PUEO consisted of an array of radio-frequency antennas, an onboard data acquisition system that is triggered by neutrino-like signals and processes and saves the data, and a navigation and command and control system. From its 120,000-foot altitude, PUEO monitored an extremely large volume of Antarctic ice, looking for signals from very rare, high-energy neutrino interactions.",[11,180,181],{},"The first of NASA’s Astrophysics Pioneers missions to launch, PUEO took off Dec. 20, 2025, from NASA’s Long Duration Balloon Facility near McMurdo Station, Antarctica, and flew for 23 days before landing approximately 120 miles (200 km) from the South Pole. The full payload has been recovered, including the data drives. The PUEO team is currently analyzing the data collected—an undertaking that may take up to a year due to the complex nature of the task.",[11,183,184],{},[14,185],{"alt":16,"src":186},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002FN7.jpeg",[11,188,189],{},"The significant improvement in sensitivity achieved with the PUEO instrument compared to that of ANITA was due to a variety of technology advancements and careful optimization of the experimental design to enable accommodation within the balloon platform’s constrained launch volume.",[100,191,193],{"id":192},"lowering-detection-threshold-with-interferometric-triggering","Lowering detection threshold with interferometric triggering",[11,195,196],{},"At the heart of PUEO’s technology advancement was a new type of trigger called an interferometric phased array trigger. The PUEO trigger coherently summed signals from multiple antennas in real time, enabling the instrument to detect weaker signals than previously possible. By lowering the trigger threshold, PUEO could dig further into the noise, and find weaker neutrino and cosmic-ray signals than previous experiments.",[100,198,200],{"id":199},"more-channels-in-a-physically-constrained-space","More channels in a physically constrained space",[11,202,203],{},"The PUEO antenna collecting area for frequencies above 300 MHz was doubled compared to ANITA, improving the sensitivity to radio emission from particle interactions. To ensure the PUEO payload remained within the allowable launch volume, the team increased the low-frequency cutoff of the PUEO antennas, which enabled them to be even smaller than those used on ANITA.",[100,205,207],{"id":206},"low-frequency-instrument-for-air-shower-characterization","Low-frequency instrument for air shower characterization",[11,209,210],{},"To improve sensitivity to extensive air showers produced by cosmic rays and potentially neutrinos, PUEO incorporated a new low-frequency instrument that deployed once the payload reached float altitude (it would have been much too large to fit in the allowable launch volume in its flight configuration). This new low-frequency instrument incorporated antennas that are sensitive down to 50 MHz, and extended PUEOs sensitivity to air showers.",[11,212,213],{},[14,214],{"alt":16,"src":215},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002FN8.jpg",[11,217,218],{},"Many of the technology advancements that were developed for PUEO may also be applicable for mission concepts under development that would use the lunar regolith as a detector for ultra-high energy cosmic rays, and other potential future radio missions on the moon.",[11,220,221],{},[55,222,225],{"href":223,"rel":224},"https:\u002F\u002Fscience.nasa.gov\u002Fscience-research\u002Fscience-enabling-technology\u002Ftechnology-highlights\u002Fnew-instrument-used-antarctic-ice-sheet-to-probe-extreme-universe\u002F",[59],[61,226,63],{},{"title":65,"searchDepth":66,"depth":66,"links":228},[229,230,231],{"id":192,"depth":66,"text":193},{"id":199,"depth":66,"text":200},{"id":206,"depth":66,"text":207},[233],"space","2026-5-26 12:23:53",{},"\u002Fblog\u002Fnew-instrument-used-antarctic-ice-sheet-to-probe-extreme-universe",{"title":164,"description":172},"blog\u002FNew Instrument Used Antarctic Ice Sheet to Probe Extreme Universe","cskrEW5INsmnVPuFWryYPSKx75Gs3NeDHssf04p2YAg",{"id":241,"title":242,"body":243,"categories":291,"cover":249,"date":292,"description":250,"extension":71,"meta":293,"navigation":73,"path":294,"seo":295,"stem":296,"tags":77,"__hash__":297},"blog\u002Fblog\u002FThe agentic CFO in your pocket.md","The agentic CFO in your pocket",{"type":8,"value":244,"toc":289},[245,251,254,257,260,263,266,269,272,275,278,281],[11,246,247,250],{},[14,248],{"alt":16,"src":249},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Fagentic3.avif","\nThe next wave of financial disruption is not arriving as a better app or a cheaper brokerage built on decades-old infrastructure. It is a complete overhaul of the legacy system of rent-seeking middlemen and inefficient rails, ushered in by three forces converging at once: stablecoins as always-on digital cash, the tokenization of real-world assets from stocks to bonds to real estate, and autonomous AI agents capable of managing money. Together, they are about to put a turbo-charged CFO in every investor's pocket.",[11,252,253],{},"For generations, sophisticated treasury management has been the exclusive province of institutions and the ultra-wealthy. Large asset managers employ teams whose sole function is to ensure that not a single dollar sits idle, that every security generates income, and that every vote reflects their values. Retail investors have never had access to anything comparable. That is about to change.",[11,255,256],{},"Think of it as your own digital treasury agent: always on, never sleeping, executing your preferences with perfect fidelity. Your agent monitors your real-time cash flows and sweeps idle balances into yield-bearing instruments that reflect actual market rates. It manages your stablecoins and tokenized securities, lending them out to generate passive income, as institutions have for years. It votes your shares across thousands of positions without requiring a single stamp, guided by the values you set. The two sides of a balance sheet, spending and investing, finally work as one coordinated system rather than two separate domains.",[11,258,259],{},"The dollars at stake are substantial. American households hold an estimated $6 trillion in checking accounts, jumping up to nearly $15 trillion if you count savings and low-level time deposits, much of it earning a fraction of prevailing money-market rates. That structural drag costs U.S. retail savers at least $180 billion in foregone interest annually. Securities lending, a multibillion-dollar revenue stream, accrues predominantly to institutions rather than to retail investors who collectively own trillions in equities. And retail shareholders vote less than a third of their shares, compared with roughly 90 percent for institutions, leaving enormous influence over corporate governance unexercised.",[11,261,262],{},"For agents to close this gap, they need infrastructure that matches the way they operate: instant, programmable, continuous and available around the clock. Three converging technologies now provide it. Stablecoins provide the cash layer: digitally native dollars that settle in seconds rather than days, with no banking hours and no intermediaries required to move money across borders. Tokenization provides the asset format, converting stocks, bonds, funds and real estate into programmable units with fractional ownership and instant settlement. Decentralized finance provides the execution layer: lending, borrowing, market making and yield generation available to any agent, at any hour, without a human gatekeeper between the order and the outcome. This stands in sharp contrast to the current market structure, where trades settle in days, money moves only during banking hours, and portfolio optimization happens quarterly at best. Autonomous agents do not operate on that schedule. They transact continuously, at machine speed, across time zones and asset classes.",[11,264,265],{},"The legitimacy of these primitives is no longer confined to crypto circles. In December 2025, BlackRock's Larry Fink and Rob Goldstein argued in The Economist that tokenization is the next major evolution in market infrastructure, comparing the moment to the internet in 1996, when Amazon had sold just $16 million worth of books. Treasury Secretary Scott Bessent has projected the stablecoin market will grow from roughly $330 billion today to $3 trillion by 2030. TD Cowen projects the tokenized asset industry could reach $100 trillion by the end of the decade.",[11,267,268],{},"These agents are about to have serious resources to manage. An estimated $80 to $100 trillion in wealth is expected to pass from Baby Boomers to their heirs over the next two decades in the Great Wealth Transfer, the largest intergenerational movement of capital in recorded history. The recipients are crypto and AI-native. They trust code over traditional institutions, and they are skeptical of intermediaries who charge fees to perform periodically what software now performs in real time at near-zero cost. Whoever provides the rails beneath these agents stands to support the largest pool of capital in history, controlling the fees, the recommendations and the view into every dollar that moves. That is precisely why the largest incumbents are racing to own it before it can be deployed on a credibly neutral platform.",[11,270,271],{},"Stripe, which processed $1.9 trillion in payment volume last year, has launched a stablecoin-focused blockchain and a protocol for machine-to-machine payments. Visa, Mastercard and Google have each released competing agent payment standards within the past twelve months. These are not isolated product announcements. They are opening moves in a contest to own the rails on which autonomous agents will move money for hundreds of millions of households. The platform that wins controls fees on every transaction, gains visibility into agent decision flows and retains the ability to steer which products agents recommend and which yield instruments they sweep your cash into.",[11,273,274],{},"The history of transformative infrastructure teaches a consistent lesson. The Industrial Revolution produced Standard Oil and Carnegie Steel. Web 1 and Web 2 produced Google and Meta. In each case, whoever owned the infrastructure extracted the majority of the value it created. The agentic economy presents the same risk on a greater scale, because the infrastructure in question will not move goods or information. It will move money and invest capital, autonomously, on behalf of billions of people. If those rails are proprietary, the agent in your pocket answers to the company that built them rather than to you.",[11,276,277],{},"One architecture cannot be owned or improperly influenced by any single company: Ethereum, with more than a decade of continuous uptime and the institutional trust to match. The standards governing machine-to-machine commerce there are already written. X402, an open source payments protocol, lets agents settle stablecoin micropayments without the interchange constraints of card rails. Over 167 million agent-to-agent X402 transactions have already taken place this year. ERC-8004 establishes a verifiable identity framework that enables agents from different organizations to transact without prior bilateral trust, enabling open agent economies governed by common rules rather than by a single platform operator. Together, they let autonomous finance run on neutral, decentralized rails.",[11,279,280],{},"The institutions that recognize this shift early and build on decentralized infrastructure will not merely survive the transition. They will define what finance looks like for the generation inheriting the world. To some this may seem like a threat to the existing financial order, and that may be true, but it also promises to be the best opportunity individual retail investors have seen in many generations.",[11,282,283],{},[55,284,287],{"href":285,"rel":286},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2026\u002F05\u002F22\u002Fthe-agentic-cfo-in-your-pocket",[59],[61,288,63],{},{"title":65,"searchDepth":66,"depth":66,"links":290},[],[69],"2026-5-23 12:23:53",{},"\u002Fblog\u002Fthe-agentic-cfo-in-your-pocket",{"title":242,"description":250},"blog\u002FThe agentic CFO in your pocket","2hUKUdTJU9AjsFTgbinKoklUYK-MsaxnZWZcPcbM9UE",{"id":299,"title":300,"body":301,"categories":379,"cover":307,"date":380,"description":308,"extension":71,"meta":381,"navigation":73,"path":382,"seo":383,"stem":384,"tags":77,"__hash__":385},"blog\u002Fblog\u002FIran war shows markets no longer sleep.md","Iran war shows markets no longer sleep",{"type":8,"value":302,"toc":374},[303,309,312,316,319,322,325,328,332,335,338,341,344,348,351,354,357,360,363,366],[11,304,305,308],{},[14,306],{"alt":16,"src":307},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F2.avif","\nAs geopolitical tensions escalated and headlines broke across time zones, traders didn’t wait for markets to open, but instead used blockchain rails to trade oil and gold futures. Blockchain-native platforms like Hyperliquid became venues for round-the-clock price discovery, offering synthetic exposure to traditional assets without the constraints of legacy market hours.",[11,310,311],{},"This moment exposes a structural mismatch between how quickly information now moves and how slowly traditional financial systems are designed to respond. One thing is abundantly clear: the demand for 24\u002F7 markets is already here, and it’s growing.",[100,313,315],{"id":314},"information-doesnt-respect-market-hours","Information doesn’t respect market hours",[11,317,318],{},"The conflict involving Iran is a case study in continuous information flow. Developments are reported overnight, across time zones that have no relationship whatsoever to the operational hours of legacy financial systems.",[11,320,321],{},"Of course, nobody expects military strikes to schedule themselves around the New York Stock Exchange’s opening bell. They almost never do. But information used to travel slower. In today’s world, news breaks instantly, spreads globally within seconds, and is processed by algorithmic systems that can act without any human intervention at all.",[11,323,324],{},"In other words, the information environment that traders now operate in is effectively frictionless and nonstop. But market infrastructure can’t keep up with that.",[11,326,327],{},"When traditional markets close for the weekend, it’s as if they stop acknowledging all of the news coming in. Prices should be adjusting continuously, but instead, they accumulate a backlog of unprocessed reality. When markets reopen, that backlog hits all at once: spreads widen and volatility spikes. That turbulence is the cost of ignoring 48 hours of developments.",[100,329,331],{"id":330},"blockchain-rails-were-built-for-this","Blockchain rails were built for this",[11,333,334],{},"Traditional finance cannot fix this problem without rebuilding itself from the ground up. The entire architecture is tied to banking hours and jurisdictional boundaries. It adapts to national holidays. It was built with human limitations in mind.",[11,336,337],{},"Blockchains, however, were invented for the Internet age. They settle in real time and function globally without downtime. They allow financial instruments to be traded and composed programmatically, without the intervention of institutions that need to sleep.",[11,339,340],{},"This is why the most meaningful experimentation with continuous markets is happening in the blockchain space. Platforms like Hyperliquid are demonstrating what markets look like when infrastructure actually matches the speed of information.",[11,342,343],{},"Because, to be frank, traders are already operating on a 24\u002F7 basis. They're already processing news and running models on weekends, especially when major geopolitical events grab headlines. But they don’t have an outlet to adjust their positions — at least not in traditional markets. Only on blockchain rails is that currently possible. As the conflict with Iran has dragged on, blockchain’s proposition has proven not merely convenient but essential.",[100,345,347],{"id":346},"the-money-left-on-the-table","The money left on the table",[11,349,350],{},"Shutting down markets for the weekend has a cost. Trading volume evaporates, participants cannot manage risk efficiently. The firms and platforms that enable continuous trading capture this otherwise lost activity, improving both capital efficiency and user engagement. The revenue opportunity is not trivial — particularly in high-volatility asset classes, where the difference between acting on Saturday afternoon and waiting until Monday morning can be enormous.",[11,352,353],{},"Traditional finance faces a genuine competitive threat here, and it should be taken seriously. If traders can access faster settlement, constant uptime, and global liquidity through alternative systems, the rational calculation becomes clear. Over time (perhaps faster than incumbents expect) volume will migrate.",[11,355,356],{},"Derivatives and macro trading, where responsiveness is paramount, are the most obvious candidates. Legacy exchanges risk becoming secondary venues; still relevant for large-scale institutional flows, but no longer the primary arena where prices are actually discovered.",[11,358,359],{},"We’ve seen this dynamic happen before. Perpetual futures — derivative contracts that don’t face an expiration date — are a concept that has existed for decades, but traditional finance never fully adopted it because it would require a rewiring of the entire system. The blockchain space came along and started using perp futures extensively, and now traditional finance is pressured to catch up. Being able to trade 24\u002F7 is a capability that is too good to leave to the blockchain sector forever.",[11,361,362],{},"Nevertheless, such a transition wouldn’t be seamless. Current blockchain systems still face real limitations, especially in throughput, in latency, in the depth of liquidity needed to handle institutional-grade volume and in security. To fully rival traditional exchanges, these platforms must support high-frequency trading environments, robust risk management and the kind of capital depth that draws in the largest players.",[11,364,365],{},"But they’re incentivized to rise to the challenge. Traders have been ready for 24\u002F7 markets for years, and the conflict with Iran has made that demand obvious. Thirty percent of the week’s potential trading hours — that’s too much to leave on the table.",[11,367,368],{},[55,369,372],{"href":370,"rel":371},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2026\u002F05\u002F15\u002Firan-war-shows-markets-no-longer-sleep",[59],[61,373,63],{},{"title":65,"searchDepth":66,"depth":66,"links":375},[376,377,378],{"id":314,"depth":66,"text":315},{"id":330,"depth":66,"text":331},{"id":346,"depth":66,"text":347},[69],"2026-5-15 12:23:53",{},"\u002Fblog\u002Firan-war-shows-markets-no-longer-sleep",{"title":300,"description":308},"blog\u002FIran war shows markets no longer sleep","BqsIMGdDk0Y9NNBIV7Uklnig-ZEgmc_hbnASGCVrjXc",{"id":387,"title":388,"body":389,"categories":440,"cover":395,"date":441,"description":396,"extension":71,"meta":442,"navigation":73,"path":443,"seo":444,"stem":445,"tags":77,"__hash__":446},"blog\u002Fblog\u002FWeb3 VCs have a differentiation problem.md","Web3 VCs have a differentiation problem",{"type":8,"value":390,"toc":438},[391,397,400,403,406,409,412,415,418,421,424,427,430],[11,392,393,396],{},[14,394],{"alt":16,"src":395},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002FW1.avif","\nThe average Web3 VC pitch sounds like ours did three years ago. \"We have deep relationships across the ecosystem.\" \"We add value beyond capital.\" \"Our network is our edge.\" It's not that any of these statements is a lie; it's that everyone says them, which makes them effectively meaningless.",[11,398,399],{},"Liquidity providers (LPs) have heard this pitch so many times that the words have lost all shape. And yet somehow, the industry just keeps photocopying the same deck. Impressive logo slide. Vague thesis. Three bullet points about \"value add.\" A track record that, for most emerging managers, doesn't yet exist. Repeat until funded, or not.",[11,401,402],{},"My colleagues and I at TBV spent a lot of time asking ourselves what we actually had that no one else did. The answer, eventually, was humbling: not much. So we built something different.",[11,404,405],{},"Here's the thing that the data keeps trying to tell the industry and the industry keeps ignoring: emerging managers actually outperform. Studies consistently show they reach top-quartile performance more often than established funds and deliver materially higher returns on average. The upside is real. The problem is entirely structural — emerging managers can't communicate a clear reason to clients to back them over others, so capital flows to brands rather than potential.",[11,407,408],{},"When we built TBV, we decided the pitch had to be a product, not a promise. The question we kept returning to was: what does a fund actually own? Not who it knows. Connections are not defensible. What has it built, what data has it generated, and what platform value does it create for founders? That's defensible.",[11,410,411],{},"The answer we landed on was events. We weren’t looking for just a networking play or branding exercise. We wanted to develop a people-centric deal engine. Web3 runs on conferences. Everyone already knows this. Founders travel thousands of miles to shake hands at side events. VCs pay enormous sponsorship fees for access to people they could probably have reached by email. The ROI calculus has always been fuzzy at best. What we wanted to do was flip the model: instead of paying for access, build the environment. Own the data. Create the relationships at scale and feed them directly back into sourcing, diligence and value for everyone involved.",[11,413,414],{},"In 2025, our event series drew over 43,000 attendees and more than 100 partners. That didn't happen by accident, and it wasn't just a marketing stunt. It was deliberate infrastructure. Every interaction, every connection, every emerging trend spotted in those rooms feeds into TBX, our AI-driven deal engine. The events and the fund are the same flywheel.",[11,416,417],{},"\"We're not the only ones rethinking this. What's interesting is how different the approaches are and how few of them look anything like a traditional fund.\"",[11,419,420],{},"Another VC firm, Outlier Ventures, figured this out from a different angle. They leaned into the accelerator model — building a genuine platform of support around early-stage founders rather than just writing checks and showing up for board meetings. The result is a fund with over 300 portfolio companies and a real reason for founders to choose them over others with just more AUM. Paradigm went in a completely different direction: they got technical. They don't just invest in protocols; they contribute to them. That kind of depth is genuinely hard to replicate, and LPs can see it.",[11,422,423],{},"What these models share, and what the next generation of interesting managers will share, is that the fund itself is a product with utility beyond capital. The question isn't \"how do we tell a better story?\" It's \"how do we build something that makes the story self-evident?\"",[11,425,426],{},"The good news is there isn’t just one answer. The events model works for us. The accelerator model works for Outlier. Deep technical contribution works for Paradigm. What doesn't work, what has never really worked, and what LPs are increasingly unwilling to pretend works, is a pitch built entirely on relationships you can't show and value you can't measure.",[11,428,429],{},"Web3 moves fast enough that the managers who build real infrastructure now will be very hard to displace later. The ones still writing decks about their networks in three years will find the room has quietly emptied out around them. I'm genuinely curious to see what other models emerge. Competition in this space, when it's actually focused on doing something different, is the best thing that could happen to it.",[11,431,432],{},[55,433,436],{"href":434,"rel":435},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2026\u002F04\u002F19\u002Fweb3-vcs-have-a-differentiation-problem",[59],[61,437,63],{},{"title":65,"searchDepth":66,"depth":66,"links":439},[],[69],"2026-4-28 12:23:53",{},"\u002Fblog\u002Fweb3-vcs-have-a-differentiation-problem",{"title":388,"description":396},"blog\u002FWeb3 VCs have a differentiation problem","-o-Qc1T6KjXFobWunzJwrSCzLg6-JMngSv4l8hxXsHA",{"id":448,"title":449,"body":450,"categories":541,"cover":456,"date":542,"description":457,"extension":71,"meta":543,"navigation":73,"path":544,"seo":545,"stem":546,"tags":77,"__hash__":547},"blog\u002Fblog\u002FThe Lightning Network isn’t ‘helplessly broken’.md","The Lightning Network isn’t ‘helplessly broken’",{"type":8,"value":451,"toc":534},[452,458,461,464,468,471,475,478,481,484,487,490,494,497,500,503,507,510,513,517,520,523,526],[11,453,454,457],{},[14,455],{"alt":16,"src":456},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002FT2.avif","\nApost from Udi Wertheimer a few weeks ago made headlines across crypto media with a stark claim: the Lightning Network is \"helplessly broken\" in a post-quantum world, and its developers can do nothing about it. The headline traveled fast. For businesses that have built real payment infrastructure on Lightning or are evaluating it, the implications were unsettling.",[11,459,460],{},"It deserves a measured response.",[11,462,463],{},"Wertheimer is a respected Bitcoin developer, and his underlying concern is legitimate: quantum computers, if they ever become sufficiently powerful, pose a real long-term challenge to the cryptographic systems on which Bitcoin and Lightning depend. That part is true, and the Bitcoin development community is already working on it seriously. But the framing of Lightning as \"helplessly broken\" obscures more than it reveals, and businesses making infrastructure decisions deserve a clearer picture.",[100,465,467],{"id":466},"what-wertheimer-got-right","What Wertheimer got right",[11,469,470],{},"Lightning channels require participants to share public keys with their counterparty when opening a payment channel. In a world where cryptographically relevant quantum computers (CRQCs) exist, an attacker who obtains those public keys could theoretically use Shor's algorithm to derive the corresponding private key, and from there, steal funds.",[100,472,474],{"id":473},"this-is-a-real-structural-property-of-how-lightning-works-what-the-headline-leaves-out","This is a real structural property of how Lightning works. What the headline leaves out",[11,476,477],{},"The threat is far more specific and far more conditional than \"your Lightning balance can be stolen.\"",[11,479,480],{},"First, the channels themselves are protected by a hash while they are open. Funding transactions use P2WSH (Pay-to-Witness-Script-Hash), meaning the raw public keys inside the 2-of-2 multisig arrangement are hidden onchain for as long as the channel remains open. Lightning payments are also hash-based, routed through HTLCs (Hashed Time-Lock Contracts), which rely on hash preimage revelation rather than exposed public keys. A quantum attacker passively watching the blockchain cannot see the keys they would need.",[11,482,483],{},"The realistic attack window is much narrower: a force-close. When a channel is closed, and a commitment transaction is broadcast onchain, the locking script becomes publicly visible for the first time, including the local_delayedpubkey, a standard elliptic-curve public key. By design, the node that broadcasts it cannot immediately claim its funds: a CSV (CheckSequenceVerify) timelock, typically 144 blocks (about 24 hours), must first expire.",[11,485,486],{},"In a post-quantum scenario, an attacker watching the mempool could see that a commitment transaction confirms, extract the now-exposed public key, run Shor's algorithm to derive the private key and attempt to spend the output before the timelock expires. HTLC outputs at force-close create additional windows, some as short as 40 blocks, roughly six to seven hours.",[11,488,489],{},"This is a real and specific vulnerability. But it is a timed race against an attacker who must actively solve one of the hardest mathematical problems in existence, within a fixed window, for each individual output they want to steal. It is not a passive, silent drain on every Lightning wallet simultaneously.",[100,491,493],{"id":492},"the-quantum-hardware-reality-check","The quantum hardware reality check",[11,495,496],{},"Here is the part that rarely makes it into the headlines: cryptographically relevant quantum computers do not exist today, and the gap between where we are and where we would need to be is enormous.",[11,498,499],{},"Breaking Bitcoin's elliptic curve cryptography requires solving the discrete logarithm on a 256-bit key, a roughly 78-digit number, using millions of stable, error-corrected logical qubits running for an extended period. The largest number ever factored using Shor's algorithm on actual quantum hardware is 21 (3 × 7), achieved in 2012 with significant classical post-processing assists. The most recent record is a hybrid quantum-classical factoring of a 90-bit RSA number, impressive progress, but still roughly 2⁸³ times smaller than what it would actually take to break Bitcoin.",[11,501,502],{},"Google's quantum research is real and worth watching. The timelines discussed by serious researchers range from optimistic estimates for the late 2020s to more conservative projections for the 2030s or beyond. None of that is \"your Lightning balance is at risk today.\"",[100,504,506],{"id":505},"the-development-community-is-not-sitting-still","The development community is not sitting still",[11,508,509],{},"Wertheimer's framing, that Lightning developers are \"helpless\", is also out of step with what is actually happening. Since December alone, the Bitcoin development community has produced more than five serious post-quantum proposals: SHRINCS (324-byte stateful hash-based signatures), SHRIMPS (2.5 KB signatures across multiple devices, roughly three times smaller than the NIST standard), BIP-360, Blockstream's hash-based signatures paper, and proposals for OP_SPHINCS, OP_XMSS, and STARK-based opcodes in tapscript.",[11,511,512],{},"The correct framing is not that Lightning is broken and unfixable. It is that Lightning, like all of Bitcoin, and like most of the internet's cryptographic infrastructure, requires a base-layer upgrade to become quantum-resistant, and that work is underway.",[100,514,516],{"id":515},"what-this-means-for-businesses-building-on-lightning-today","What this means for businesses building on Lightning today",[11,518,519],{},"Lightning processes real payment volume for real enterprises today, iGaming platforms, crypto exchanges, neobanks, and payment service providers moving money globally at fractions of a cent with instant finality. The question businesses should be asking is not whether to abandon Lightning based on a theoretical future threat, but whether the teams building Lightning infrastructure are paying attention to what is coming and planning accordingly.",[11,521,522],{},"The answer, based on the volume and quality of post-quantum research happening in the Bitcoin development community right now, is yes.",[11,524,525],{},"The Lightning Network is not helplessly broken. It faces the same long-horizon cryptographic challenge as the entire digital financial system, and it has a development community actively working to address it. That is a different story from the one the headline told.",[11,527,528],{},[55,529,532],{"href":530,"rel":531},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2026\u002F04\u002F18\u002Fthe-lightning-network-isn-t-helplessly-broken",[59],[61,533,63],{},{"title":65,"searchDepth":66,"depth":66,"links":535},[536,537,538,539,540],{"id":466,"depth":66,"text":467},{"id":473,"depth":66,"text":474},{"id":492,"depth":66,"text":493},{"id":505,"depth":66,"text":506},{"id":515,"depth":66,"text":516},[69],"2026-4-19 12:23:53",{},"\u002Fblog\u002Fthe-lightning-network-isn't-'helplessly-broken'",{"title":449,"description":457},"blog\u002FThe Lightning Network isn’t ‘helplessly broken’","cEGl9hCM9R3pk6Ec2IZrIcfFd2yxgwQRn52jUfTLIk4",{"id":549,"title":550,"body":551,"categories":666,"cover":557,"date":667,"description":558,"extension":71,"meta":668,"navigation":73,"path":669,"seo":670,"stem":671,"tags":77,"__hash__":672},"blog\u002Fblog\u002FDeFi’s shakeout is a stress test, not a death sentence.md","DeFi’s shakeout is a stress test, not a death sentence",{"type":8,"value":552,"toc":659},[553,559,562,565,568,572,575,578,581,584,588,591,594,597,600,603,606,610,613,616,619,622,626,629,632,635,638,641,645,648,651],[11,554,555,558],{},[14,556],{"alt":16,"src":557},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002FD3.avif","\nDeFi protocol ZeroLend’s decision to shut down after three years in February, citing thin margins, hacks and inactive chains, landed with a tone the market now recognizes. Another reminder that the industry’s early optimism has given way to a far more demanding reality.",[11,560,561],{},"Zeroland isn’t alone. Several DeFi protocols and adjacent crypto platforms have wound down in 2025 and early 2026, squeezed by low usage, liquidity collapses, security incidents and token-driven business models that never achieved durable economics. For instance, Polynomial, a DeFi derivatives protocol that processed 27 million transactions, recently paused operations and is prioritizing user fund safety with plans to relaunch under the same team and a refined execution path. The confident mood across crypto has turned cautious.",[11,563,564],{},"But that wariness is cyclical, not terminal.",[11,566,567],{},"We are in a bear phase. In every asset class, bear markets contract speculative demand, thin liquidity and expose fragile structures. Weak models break, and strong ones consolidate. What we are witnessing in DeFi is not extinction but filtration.",[100,569,571],{"id":570},"the-data-shows-rotation-not-collapse","The data shows rotation, not collapse",[11,573,574],{},"The slowdown is visible. Total value locked (TVL), long treated as DeFi’s headline metric, has fallen from roughly $167 billion at its October 2025 peak to around $100 billion in early February. That is a sharp drawdown in a short period and reflects a clear cooling of speculative capital.",[11,576,577],{},"Yet TVL alone does not define structural health.",[11,579,580],{},"Stablecoin market capitalization has continued to expand, recently surpassing $300 billion. Growth may have moderated at the margin, but the broader signal is unmistakable: liquidity is repositioning toward lower-volatility instruments and infrastructure that serves practical utility.",[11,582,583],{},"Institutional behavior reinforces that interpretation. Apollo’s investment in Morpho, one of the fastest-growing lending protocols, signals long-term conviction. A trillion-dollar asset manager does not deploy capital into infrastructure it believes is structurally broken. It allocates where it sees efficiency, scalability and staying power. The data suggests capital rotation instead of systemic collapse.",[100,585,587],{"id":586},"the-structural-gaps-defi-still-must-solve","The structural gaps DeFi still must solve",[11,589,590],{},"ZeroLend’s closure, however, highlights unresolved weaknesses that define DeFi’s current phase.",[11,592,593],{},"Security risk remains systemic. DeFi operates through smart contracts, where code governs capital flows. Audits reduce exposure, but they do not eliminate it. Sophisticated exploits can erase years of accumulated trust in minutes because capital is programmatically accessible. This concentration of financial logic and liquidity makes DeFi uniquely attractive to attackers.",[11,595,596],{},"That said, not all protocols are equally fragile. Platforms such as Aave and Morpho have accumulated operating history, multiple audits, deep liquidity, institutional backers and visible teams whose reputations are intertwined with protocol stability. In a sector without harmonized global regulation, reputation functions as a form of soft governance.",[11,598,599],{},"Governance itself presents a second tension. Decentralization redistributes power; it does not eliminate concentration. Governance tokens enable community voting, but voting weight can cluster. Large holders can influence collateral parameters, risk models or incentive structures. Users, therefore, bear governance risk alongside market risk. Transparency is high. Stability is still maturing.",[11,601,602],{},"Regulation remains the third unresolved variable. Europe’s MiCA framework has introduced clarity for crypto assets broadly, but DeFi remains largely undefined. In the United States, regulatory posture has shifted with political cycles. Proposals to impose KYC-style obligations on decentralized protocols confront a practical question: who performs compliance in an autonomous system governed by code?",[11,604,605],{},"There is currently no technological architecture that seamlessly embeds global regulatory compliance into permissionless smart contracts without compromising decentralization. That ambiguity deters conservative capital, yet it has not halted development.",[100,607,609],{"id":608},"why-defi-lending-remains-economically-rational","Why DeFi lending remains economically rational",[11,611,612],{},"Paradoxically, bear markets may be when DeFi lending is most logical to use.",[11,614,615],{},"Long-term crypto holders frequently face a liquidity dilemma. Their wealth is concentrated in digital assets. Selling into weakness crystallizes losses and forfeits upside exposure. Borrowing against collateral preserves participation while unlocking stable liquidity.",[11,617,618],{},"DeFi enables that structure with clarity. Users pledge crypto assets and borrow stablecoins at rates that often fall below 5%, depending on asset pair and utilization dynamics. Compared with traditional asset-backed lending, these terms are competitive, and the mechanics are transparent. Collateral ratios are predefined, and liquidation thresholds are automatic, which means there is no discretionary credit committee adjusting terms mid-cycle.",[11,620,621],{},"Liquidation risk is real. If collateral values fall sharply, positions are closed algorithmically. But participants understand the parameters in advance. In centralized environments, flexibility may exist, yet discretion can cut both ways. DeFi’s execution is impartial. For sophisticated users, predictability is a feature.",[100,623,625],{"id":624},"what-the-shakeout-is-actually-filtering","What the shakeout is actually filtering",[11,627,628],{},"The current contraction is also clarifying which models are sustainable. Protocols that relied heavily on token emissions to attract mercenary liquidity are struggling as incentives fade. In contrast, platforms with sustainable revenue streams, diversified liquidity pools, institutional integrations and transparent governance structures are consolidating.",[11,630,631],{},"The market is distinguishing between subsidy-driven growth and genuine lending demand. Infrastructure-level integrations, including exchange partnerships and institutional backing, are becoming more important than headline yield.",[11,633,634],{},"Adoption remains the missing link. For DeFi to move beyond early adopters, two dynamics must evolve simultaneously. I'm talking about broader financial literacy around onchain mechanisms and trusted distribution channels that abstract technical complexity.",[11,636,637],{},"Large platforms such as Coinbase and Kraken have begun integrating DeFi functionality into retail-facing environments. When intermediaries distribute DeFi lending products with user-friendly interfaces, they act as bridges between permissionless infrastructure and mainstream users. Retail demand follows comprehension. Institutional distribution follows demand.",[11,639,640],{},"Banks once dismissed crypto entirely. Today, many provide structured exposure. The same gradual integration is plausible for collateralized onchain lending.",[100,642,644],{"id":643},"consolidation-is-a-necessary-phase","Consolidation is a necessary phase",[11,646,647],{},"Every financial innovation progresses through subsidy, speculation and consolidation. DeFi is now in consolidation.",[11,649,650],{},"ZeroLend’s closure is not evidence that DeFi has failed, as some have framed it. It is evidence that DeFi is being compelled to mature. Because at the end of the day, stress tests do not kill durable systems. They reveal them.",[11,652,653],{},[55,654,657],{"href":655,"rel":656},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2026\u002F04\u002F10\u002Fdefi-s-shakeout-is-a-stress-test-not-a-death-sentence",[59],[61,658,63],{},{"title":65,"searchDepth":66,"depth":66,"links":660},[661,662,663,664,665],{"id":570,"depth":66,"text":571},{"id":586,"depth":66,"text":587},{"id":608,"depth":66,"text":609},{"id":624,"depth":66,"text":625},{"id":643,"depth":66,"text":644},[69],"2026-4-13 12:23:53",{},"\u002Fblog\u002Fdefi's-shakeout-is-a-stress-test-not-a-death-sentence",{"title":550,"description":558},"blog\u002FDeFi’s shakeout is a stress test, not a death sentence","N8_Bj5ox9ZXT5T9qCKhNK9vJVL3y5OyRB4oON-JikjU",{"id":674,"title":675,"body":676,"categories":751,"cover":682,"date":752,"description":683,"extension":71,"meta":753,"navigation":73,"path":754,"seo":755,"stem":756,"tags":77,"__hash__":757},"blog\u002Fblog\u002FBitcoin-traders-keep-chasing-Trump’s-Iran-noise-The-real-signals-are-elsewhere.md","Bitcoin traders keep chasing Trump’s Iran noise. The real signals are elsewhere.",{"type":8,"value":677,"toc":746},[678,684,687,690,694,697,700,703,706,709,712,716,719,722,725,729,732,735,738],[11,679,680,683],{},[14,681],{"alt":16,"src":682},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F20260403-3.avif","\nThe past four weeks have been brutal for bitcoin traders as prices keep chasing comments by President Donald Trump, who can't make up his mind about Iran.",[11,685,686],{},"One day he talks peace, and bitcoin and risk assets rally while oil drops; the next day he turns hawkish, sending bitcoin down and oil back up. Meanwhile, Iran declares the Strait of Hormuz is \"closed forever,\" and analysts throw out wildly bullish and bearish oil targets. It's nearly impossible to navigate this choppy environment.",[11,688,689],{},"Traders may be better off focusing on the following real indicators that actually matter. These, unfortunately, do not paint a positive picture for risk assets, including bitcoin.",[100,691,693],{"id":692},"the-mid-april-spr-cliff","The mid-April SPR cliff",[11,695,696],{},"The fate of the global economy and risk assets could hinge on the next couple of weeks as a managed oil disruption threatens to become an unmanaged one.",[11,698,699],{},"After the Iran war began on Feb. 28, tanker traffic through the pivotal Strait of Hormuz, which handles roughly 20% of the world’s seaborne oil trade, all but collapsed. In response, the International Energy Agency’s 32 member nations agreed to the largest coordinated strategic stock release in its 50‑year history – about 400 million barrels, later raised to 426 million as more countries pitched in.",[11,701,702],{},"Those emergency barrels have been offsetting a supply shortfall of roughly 4.5 to 5 million barrels per day, the gap created by the near‑shutdown of Hormuz flows.",[11,704,705],{},"But now those reserves are expected to hit the wall in the next couple of weeks, in which case, that manageable deficit could double to roughly 10 to 11 million barrels per day – the projected deficit due to reserve depletion and disruption of normal flows.",[11,707,708],{},"The House of Saud described it as \"a shock of unprecedented scale with no obvious buffer left to absorb it.\"",[11,710,711],{},"So it doesn’t matter whether Trump continues the war against Iran or stops. If oil supplies aren’t materially restored within the next two weeks, we could see massive risk aversion across both crypto and traditional financial markets.",[100,713,715],{"id":714},"ship-insurance-premiums-through-hormuz","Ship insurance premiums through Hormuz",[11,717,718],{},"A ship insurance premium is the payment a shipowner makes to an insurance company to protect against financial losses that could happen while operating the ship.",[11,720,721],{},"Insurance costs for navigating the Strait of Hormuz have increased significantly, with reports indicating rates jumping from less than 1% of ship's value before the war to as high as 7.5% per trip. This means that a $100 million ship now has to pay around $2- $3 million in insurance, versus $250,000 before the conflict.",[11,723,724],{},"When premiums drop below 2%, that’s the clearest sign the route is genuinely safer, and it's time to take risk in markets again. No press conference, briefing, or Truth Social post from Trump can replicate the certainty embedded in those prices.",[100,726,728],{"id":727},"tanker-traffic","Tanker traffic",[11,730,731],{},"Trump has at times suggested that passage through the Strait of Hormuz can be secured, but so far, there is no clear evidence that tanker traffic has returned to anything like normal volumes.",[11,733,734],{},"In fact, only 21 tankers have transited Hormuz since the war began, compared with more than 100 ships daily before the conflict, according to S&P Global Market Intelligence.",[11,736,737],{},"A sustainable rally in risk assets requires this number to pick up materially; until then, Trump's attempts to calm markets are likely to be short-lived.",[11,739,740],{},[55,741,744],{"href":742,"rel":743},"https:\u002F\u002Fwww.coindesk.com\u002Fmarkets\u002F2026\u002F04\u002F02\u002Fbitcoin-traders-keep-chasing-trump-s-iran-noise-the-real-signals-are-elsewhere",[59],[61,745,63],{},{"title":65,"searchDepth":66,"depth":66,"links":747},[748,749,750],{"id":692,"depth":66,"text":693},{"id":714,"depth":66,"text":715},{"id":727,"depth":66,"text":728},[69],"2026-04-02 10:15:07",{},"\u002Fblog\u002Fbitcoin-traders-keep-chasing-trump's-iran-noise-the-real-signals-are-elsewhere",{"title":675,"description":683},"blog\u002FBitcoin-traders-keep-chasing-Trump’s-Iran-noise-The-real-signals-are-elsewhere","81OHO7BUNPvlcvOzq10OUeOz34ayLeL0ryS2v6Z73Zs",{"id":759,"title":760,"body":761,"categories":812,"cover":767,"date":813,"description":768,"extension":71,"meta":814,"navigation":73,"path":815,"seo":816,"stem":817,"tags":77,"__hash__":818},"blog\u002Fblog\u002FSome-quantum-resistant-tokens-jump-50-as-Google-flags-risks-to-Bitcoin-security.md","Some quantum-resistant tokens jump 50% as Google flags risks to Bitcoin security",{"type":8,"value":762,"toc":810},[763,769,772,775,778,781,784,787,790,793,796,799,802],[11,764,765,768],{},[14,766],{"alt":16,"src":767},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F20260403-4.avif","\nhe market appears to be reassessing long‑term technological risks in crypto following Google's major quantum computing research update on Monday.",[11,770,771],{},"While leading coins like bitcoin and ether (ETH) have seen only modest moves in the past 24 hours, several cryptocurrencies tied to the quantum‑resistant narrative have surged sharply, with some gaining more than 50%.",[11,773,774],{},"This outperformance of the so-called quantum-resistant tokens shows how quickly the market is pricing in potential technological risks, even if those are still theoretical. While quantum computers capable of attacking Bitcoin are still years away, traders are already signaling an appetite for \"future-proof\" assets.",[11,776,777],{},"Late Monday, Google’s Quantum AI team suggested that quantum computers could break the elliptic‑curve cryptography used by Bitcoin, with fewer than 500,000 quantum qubits, which is significantly less than previously estimated. This prompted some analysts to cite 2029 as a potential deadline for Bitcoin and the broader blockchain ecosystem to strengthen their defenses.",[11,779,780],{},"The study said that a sufficiently advanced quantum computer could attack Bitcoin within nine minutes. A separate report highlighted Ethereum’s vulnerabilities, identifying five potential attack vectors that could put an estimated $100 billion of assets at risk, including DeFi and tokenized holdings.",[11,782,783],{},"However, such machines do not exist and remain a threat that's still a few years away.",[11,785,786],{},"Still, over the past 24 hours, the market has shown increased interest in cryptocurrencies and projects that emphasize post‑quantum cryptographic designs, research into future‑proofing security, or that appear relatively more resilient than legacy chains.",[11,788,789],{},"Notably, Quantum Resistant Ledger (QRL) and Cellframe (CEL) have surged 50%, reflecting growing market attention to truly post‑quantum protocols, according to data source Coingecko. Other tokens in the category, such as Abelian (ABEL), have risen 25%, while Qubic (QUBIC) and QANplatform (QANX) have each gained 10%, and even the privacy‑focused Zcash (ZEC) has added nearly 7% in the same period.",[11,791,792],{},"The market cap of this group, comprising 20 coins, has increased by 8% to $4.66 billion over the past 24 hours. It's worth noting that ZEC is not yet truly quantum-resistant but is still included in the category by data sources because of its advanced cryptographic foundations, such as zero-knowledge proofs, and ongoing research into post-quantum secure ZK-SNARKs. These factors make it part of the “quantum-aware” narrative, even if it does not currently fully implement post-quantum cryptography.",[11,794,795],{},"While the risks remain largely theoretical, they have been influencing market behavior since last year. According to Charles Edwards, founder of Capriole Investments, concerns over quantum attacks contributed to Bitcoin’s decoupling from the rising stock market in the second half of 2025, with the cryptocurrency sliding from $126,000 to $80,000 in the final months of the year.",[11,797,798],{},"\"We have already started to see quantum risk be priced into Bitcoin. It’s the primary reason Bitcoin is trading -50% against the S&P 500 and -90% against gold since the inaugural Bitcoin Quantum Summit seven months ago,\" Edwards said in a report in February.",[11,800,801],{},"Coincidentally, this was exactly the period when ZEC staged a sharp rally. ZEC surged by over 1,200% in the second half of 2025, hitting a high of $744.",[11,803,804],{},[55,805,808],{"href":806,"rel":807},"https:\u002F\u002Fwww.coindesk.com\u002Fmarkets\u002F2026\u002F04\u002F01\u002Fthe-first-winners-of-the-quantum-crypto-debate-are-already-clear-and-some-of-them-are-up-50",[59],[61,809,63],{},{"title":65,"searchDepth":66,"depth":66,"links":811},[],[69],"2026-04-01 12:23:53",{},"\u002Fblog\u002Fsome-quantum-resistant-tokens-jump-50-as-google-flags-risks-to-bitcoin-security",{"title":760,"description":768},"blog\u002FSome-quantum-resistant-tokens-jump-50-as-Google-flags-risks-to-Bitcoin-security","a_oi2fh8zCpU5p2--gRmE10rjMrz6KmSSstNXINbKso",{"id":820,"title":821,"body":822,"categories":897,"cover":828,"date":898,"description":829,"extension":71,"meta":899,"navigation":73,"path":900,"seo":901,"stem":902,"tags":77,"__hash__":903},"blog\u002Fblog\u002FEthereum-Foundation-wants-the-network-to-be-the-trust-layer-for-AI.md","Ethereum Foundation wants the network to be the trust layer for AI",{"type":8,"value":823,"toc":895},[824,830,833,836,839,842,845,848,851,854,857,860,863,866,869,872,875,878,881,884,887],[11,825,826,829],{},[14,827],{"alt":16,"src":828},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Fb7dd683e48326c2ace004e4e6c4b4f6ff6c84c77-1920x1080.avif","\nAs artificial intelligence reshapes everything from finance to cybersecurity, the Ethereum Foundation (EF) is carving out a strategy for how the world’s second-largest blockchain fits into that future.",[11,831,832],{},"Instead of trying to fuse blockchains and AI at the level of raw computation — something Ethereum was never designed to handle — the EF sees the network playing a different role: acting as a coordination and verification layer in an increasingly AI-mediated world.",[11,834,835],{},"Davide Crapis, the AI lead at the EF, argues that the motivation is as philosophical as it is technical. More and more digital activity is being handled by AI systems, whether it’s answering questions, executing trades, screening applications or writing software. If those systems are controlled by centralized entities, the values that underpin much of the crypto movement — decentralization, self-sovereignty, censorship resistance and privacy — could erode.",[11,837,838],{},"“If AI doesn’t have the properties we care about — self-sovereignty, censorship resistance, privacy — and then we use AI for everything, basically no one has those properties anymore,” he said to CoinDesk in an interview at NEARCON 2026.",[11,840,841],{},"In that sense, the Ethereum Foundation’s AI push is less about competing with OpenAI or Google on model size and more about ensuring that as AI becomes the interface to the internet, it doesn’t quietly recentralize power.",[11,843,844],{},"The EF’s strategy rests on two broad fronts. The first is what Crapis calls decentralized AI coordination. As autonomous AI agents — software programs capable of carrying out tasks on their own — become more common, they will need ways to identify themselves, build trust and exchange payments. Ethereum, he argues, is well-suited to provide that infrastructure.",[11,846,847],{},"“Ethereum functions as a public, governance-less verification layer for AI,” he said.",[11,849,850],{},"In practical terms, that means the heavy computing work of AI remains off-chain, on traditional servers. But the network can help agents discover one another through public registries, assess reputation through transparent histories, route payments and anchor cryptographic proofs that verify outcomes. Crapis likens it to a decentralized version of Google Reviews combined with payment rails.",[11,852,853],{},"The EF has been involved in developing standards to formalize this ecosystem, including a protocol for agent identity and trust, known as ERC-8004. According to Crapis, these standards are gaining traction beyond Ethereum, signaling that the coordination layer for AI agents may become blockchain-based even if the AI itself is not.",[11,855,856],{},"The second focus area centers on bringing Ethereum’s core principles held by the community — such as privacy, openness, censorship resistance, and security — into the world of AI. Crapis refers to this effort internally as “Props AI,” shorthand for the values the Ethereum ecosystem has historically prioritized.",[11,858,859],{},"Privacy is a major part of that conversation. Interacting with centralized AI services can gradually generate detailed user profiles based on queries, usage patterns and behavior.",[11,861,862],{},"From the EF’s perspective, the challenge is to design AI systems that allow users to retain greater control over their data and identity. One approach is to encourage more AI processing to occur locally on users’ devices whenever possible, reducing the amount of information that needs to be sent to centralized servers.",[11,864,865],{},"The broader goal is to ensure that as AI becomes embedded in everyday digital interactions, individuals still retain meaningful control over their data and how it is used, rather than handing that power entirely to large platforms.",[11,867,868],{},"“We want to create a world where users retain as much data and power as possible,” Crapis said. “We just don’t give it to operators.”",[11,870,871],{},"Security concerns also underpin the strategy. As AI systems grow more capable, they are likely to automate and scale cyberattacks in ways that strain existing defenses. Crapis predicts a near future in which AI systems can convincingly impersonate humans, undermining traditional authentication methods.",[11,873,874],{},"“We will probably see hacks orchestrated by AI,” he said. “The old security models break when AI can impersonate a human.”",[11,876,877],{},"In that environment, cryptographic keys may become more important. Control of a private key is mathematically verifiable and does not depend on human judgment. Crapis frames Ethereum’s long-term role in stark terms.",[11,879,880],{},"“In a world where AI is in the wild, we want Ethereum to be the place with the big lock,” he said. “If I have the keys, I still have power.”",[11,882,883],{},"Crapis described the AI initiative that the EF is doing as one of several major priorities rather than the dominant one. Still, the move reflects a growing recognition within the crypto industry that AI will shape the next phase of the internet. If that future is mediated by intelligent agents rather than human clicks, the question becomes who controls the rails those agents run on.",[11,885,886],{},"The EF's bet is that even if it doesn’t power the brains of AI, it can help govern the environment in which those brains operate, anchoring identity, coordinating payments and preserving user control.",[11,888,889],{},[55,890,893],{"href":891,"rel":892},"https:\u002F\u002Fwww.coindesk.com\u002Ftech\u002F2026\u002F03\u002F04\u002Fethereum-foundation-wants-the-network-to-be-the-trust-layer-for-ai",[59],[61,894,63],{},{"title":65,"searchDepth":66,"depth":66,"links":896},[],[69],"2026-03-06 10:15:34",{},"\u002Fblog\u002Fethereum-foundation-wants-the-network-to-be-the-trust-layer-for-ai",{"title":821,"description":829},"blog\u002FEthereum-Foundation-wants-the-network-to-be-the-trust-layer-for-AI","nKf443AArGh4zsnZ93kn3rCsrbkUJXkHRhUYIZkacwU",{"id":905,"title":906,"body":907,"categories":1000,"cover":913,"date":1001,"description":914,"extension":71,"meta":1002,"navigation":73,"path":1003,"seo":1004,"stem":1005,"tags":77,"__hash__":1006},"blog\u002Fblog\u002FHere-is-why-Ethereum-s-bold-new-plan-could-make-the-blockchain-giant-high-speed-internet-of-value-by-2029.md","Here is why Ethereum's bold new plan could make the blockchain giant high-speed 'internet of value' by 2029",{"type":8,"value":908,"toc":996},[909,915,918,921,924,927,932,935,938,941,944,947,951,954,957,960,963,966,970,973,976,979,982,985,988],[11,910,911,914],{},[14,912],{"alt":16,"src":913},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F20260227-2.avif","\nThe Ethereum Foundation’s newly released “Strawmap” reads, at first glance, like something only a protocol researcher could immediately comprehend. It’s dense, diagram-heavy and packed with references to forks, zkEVMs and data availability sampling.",[11,916,917],{},"But beneath the technical language is a far simpler story: Ethereum — the second-largest blockchain with more than $200 billion market cap — is trying to decide what kind of infrastructure it wants to be by the end of the decade.",[11,919,920],{},"The 'Strawmap' — explicitly framed as a draft, not an official plan — sketches out Ethereum upgrades through 2029. It is not binding, but it signals where some of the network’s most influential researchers believe the base layer should head next.",[11,922,923],{},"“The Strawmap is largely independent from Ethereum governance… it’s a tool that helps inform R&D well ahead of Ethereum governance, potentially even years ahead,” Justin Drake, a prominent Ethereum Foundation researcher, told CoinDesk in an interview.",[11,925,926],{},"That direction has real consequences beyond core developers.",[11,928,929],{},[14,930],{"alt":16,"src":931},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F20260227-2.1.avif",[11,933,934],{},"At the center of the document are five ambitions: near-instant transaction finality, dramatically higher throughput, built-in privacy, quantum-resistant cryptography and tighter integration between Ethereum’s base layer and its layer 2 ecosystem.",[11,936,937],{},"Stripped of jargon, the goal is straightforward: make Ethereum faster, more scalable, more private and durable enough to last a long time.",[11,939,940],{},"Today, Ethereum transactions are included in blocks quickly, but the point at which they are considered irreversible, known as finality, takes too long (roughly 16 minutes). For most casual users, that nuance is invisible. For exchanges, bridges and financial applications, it’s critical.",[11,942,943],{},"In a thread responding to the roadmap, Ethereum co-founder Vitalik Buterin laid out how that could change. “Today, finality takes 16 minutes,” he wrote, adding that the goal is to “decouple slots and finality” and move toward a system where “endgame finality time might be eg. 6–16 sec.”",[11,945,946],{},"Moving from minutes to seconds changes how comfortably large amounts of value can move across the network.",[100,948,950],{"id":949},"the-layer-2-debate","The Layer 2 debate",[11,952,953],{},"Earlier this month, Buterin argued that some of the assumptions behind the original layer 2 roadmap “no longer make sense” in their earlier form. Layer-2 networks were previously incorporated into Ethereum’s roadmap to scale the network by processing transactions off the main blockchain and settling them back to Ethereum, helping reduce congestion and fees.",[11,955,956],{},"However, as layer 1 or base layer scaling has improved and some rollups have taken longer than expected to decentralize, the idea that Ethereum would outsource most of its scaling burden entirely to L2s has become less clear-cut.",[11,958,959],{},"Instead, Buterin suggested a more balanced future — one where the base layer continues to strengthen while layer 2 networks evolve into more specialized roles, whether for privacy, specific applications or enhanced security models.",[11,961,962],{},"“Ultimately, we’re going to have finality in seconds,” Drake told CoinDesk, arguing that faster settlement will “help with bridging between the L2s” and improve user experience.",[11,964,965],{},"The Strawmap reflects that shift. It doesn't necessarily say layer 2s will go extinct, but neither does it treat layer 1 as frozen. Instead, it builds on a stronger base layer, alongside improvements that enable significantly higher layer 2 capacity, which could be seen as a dual-track scaling strategy.",[100,967,969],{"id":968},"privacy-and-quantum-threat","Privacy and quantum threat",[11,971,972],{},"Privacy marks another notable shift in the draft of the new roadmap.",[11,974,975],{},"Ethereum’s transparency has long been viewed as a positive, as every transaction is visible. But openness limits certain use cases. The Strawmap contemplates native “shielded” transfers at the base layer, which would allow ETH to move without exposing full transaction details publicly. For individuals, that’s a matter of financial discretion. For businesses, it could determine whether certain activities move onchain at all.",[11,977,978],{},"And then there’s the long game: post-quantum cryptography. Quantum computing remains a developing field, but if Ethereum is meant to secure trillions in value over decades, its security assumptions cannot remain static. The Ethereum Foundation recently brought together a post-quantum team, and the roadmap only shows that it continues to double down on these efforts.",[11,980,981],{},"For developers and businesses, the roadmap provides directional clarity. Ethereum has often been criticized for moving slowly or for perpetually delaying the timelines of upgrades. By publishing a multi-year sketch, researchers are signaling that the network’s next phase is not just about patching limitations.",[11,983,984],{},"Ethereum’s history, though, is full of ambitious timelines that are overstretched. Governance in a decentralized system ensures debate and revision. The Strawmap itself acknowledges it will evolve.",[11,986,987],{},"“For me, this is ultimately about Ethereum becoming the internet of value, and ether, the asset, becoming money for the internet,” Drake told CoinDesk.",[11,989,990],{},[55,991,994],{"href":992,"rel":993},"https:\u002F\u002Fwww.coindesk.com\u002Fnews-analysis\u002F2026\u002F02\u002F26\u002Fhere-is-why-ethereum-s-bold-new-plan-could-make-the-blockchain-giant-high-speed-internet-of-value-by-2029",[59],[61,995,63],{},{"title":65,"searchDepth":66,"depth":66,"links":997},[998,999],{"id":949,"depth":66,"text":950},{"id":968,"depth":66,"text":969},[69],"2026-2-27 12:23:53",{},"\u002Fblog\u002Fhere-is-why-ethereum-s-bold-new-plan-could-make-the-blockchain-giant-high-speed-internet-of-value-by-2029",{"title":906,"description":914},"blog\u002FHere-is-why-Ethereum-s-bold-new-plan-could-make-the-blockchain-giant-high-speed-internet-of-value-by-2029","i9oMwlaEygVzoTao9rgIabZlIpXdFQF96fVWCM-p7MM",{"id":1008,"title":1009,"body":1010,"categories":1125,"cover":1016,"date":1126,"description":1017,"extension":71,"meta":1127,"navigation":73,"path":1128,"seo":1129,"stem":1130,"tags":77,"__hash__":1131},"blog\u002Fblog\u002FNASA’s-ESCAPADE-Ready-to-Study-Space-Weather-from-Earth-to-Mars.md","NASA’s ESCAPADE Ready to Study Space Weather from Earth to Mars",{"type":8,"value":1011,"toc":1120},[1012,1018,1021,1024,1027,1030,1034,1037,1040,1043,1046,1049,1052,1055,1058,1062,1065,1068,1073,1076,1079,1082,1085,1089,1092,1095,1100,1103,1106,1109,1112],[11,1013,1014,1017],{},[14,1015],{"alt":16,"src":1016},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Fng-2-ascent-2.jpg","\nMars is not what it used to be. Once warm, watery, and blanketed by a thick atmosphere, today the Red Planet is cold, dry, and draped by a thin atmospheric veil.",[11,1019,1020],{},"The main culprit is a relentless stream of particles from the Sun, known as the solar wind. Over billions of years, the solar wind has stripped away much of the Martian atmosphere, causing the planet to cool and its surface water to evaporate.",[11,1022,1023],{},"Now, NASA’s ESCAPADE (Escape and Plasma Acceleration and Dynamics Explorers) mission, which launched on Nov. 13, 2025, has turned on the science instruments that will investigate how this happened and how the Sun continues to influence the Red Planet. The science instruments, which are all operating as of Feb. 25, also will study space weather in new ways near Earth and on the way to Mars.",[11,1025,1026],{},"At Mars, ESCAPADE’s findings could also help NASA protect future explorers from the harsh Martian conditions.",[11,1028,1029],{},"“The pioneering ESCAPADE duo will not only investigate the Sun’s role in transforming Mars into an uninhabitable planet, but also will help inform the development of space weather protocols for solar events directed at Mars during future human missions to the Red Planet,” said Joe Westlake, heliophysics division director at NASA Headquarters in Washington. “By joining the heliophysics fleet of missions across the solar system, ESCAPADE will be another weather station making humans and technology in space safer and more successful.”",[100,1031,1033],{"id":1032},"first-of-its-kind","First of its kind",[11,1035,1036],{},"With its twin spacecraft, ESCAPADE is the first science mission to coordinate two orbiters around Mars, gaining a perspective we’ve never had before. Together, the ESCAPADE twins will measure short-term changes in the magnetized environment around Mars, called the magnetosphere, and uncover real-time processes driving the planet’s atmospheric escape.",[11,1038,1039],{},"“Having two spacecraft is going to help us understand cause and effect — how the solar wind, when it comes to Mars, interacts with the magnetic field,” said Michele Cash, ESCAPADE program scientist at NASA Headquarters.",[11,1041,1042],{},"The ESCAPADE orbiters build on earlier Mars missions that have studied Mars' atmosphere, but with just one spacecraft.",[11,1044,1045],{},"“The ESCAPADE mission is a game changer,” said Rob Lillis, the mission’s principal investigator at the University of California, Berkeley. “It gives us what you might call a stereo perspective — two different vantage points simultaneously.”",[11,1047,1048],{},"Once ESCAPADE reaches Mars, its twin spacecraft will follow each other in the same orbit, passing over the same areas at different times to uncover when and where changes are happening.",[11,1050,1051],{},"“When we have two spacecraft crossing those regions in quick succession, we can monitor how those regions vary on timescales as short as two minutes,” Lillis said. “This will allow us to make measurements we could never make before.”",[11,1053,1054],{},"After six months, the two spacecraft will shift into different orbits, with one traveling farther from Mars and the other staying closer to it. Planned to last for five months, this second formation aims to study the solar wind and Martian magnetosphere simultaneously, allowing scientists to investigate how Mars responds to the solar wind in real time.",[11,1056,1057],{},"“Prior spacecraft could either be in the upstream solar wind, or they could be close to the planet measuring its magnetosphere,” Lillis said, “but ESCAPADE allows us to be in two places at once and to simultaneously measure the cause and the effect.”",[100,1059,1061],{"id":1060},"preparing-for-human-exploration","Preparing for human exploration",[11,1063,1064],{},"When people set foot on Mars, they will not be as well protected from solar radiation as their family and friends on Earth.",[11,1066,1067],{},"Earth can withstand the solar wind’s ceaseless onslaught because it has a hardy magnetic field that shields us from the Sun’s energetic particles. However, Mars’ once robust magnetic field has weakened over time. Today it’s a patchwork of localized magnetism in the planet’s crust along with an ever-changing magnetic field generated by the solar wind’s interaction with charged particles in Mars’ upper atmosphere.",[11,1069,1070],{},[14,1071],{"alt":16,"src":1072},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Fmars-twisted-tail_16x9.jpg",[11,1074,1075],{},"This “hybrid” magnetosphere provides little protection against the atmosphere-stripping force of the solar wind. This, plus Mars’ thin atmosphere, allows the Sun’s energetic particles to easily reach the Martian surface, endangering future human explorers there.",[11,1077,1078],{},"“Before we send humans to Mars, we need to understand what type of environment these astronauts are going to encounter,” Cash said.",[11,1080,1081],{},"Additionally, ESCAPADE will provide more information about Mars’ ionosphere — part of the upper atmosphere that future astronauts will use to send radio and navigation signals around the planet, as we do on Earth.",[11,1083,1084],{},"“If we ever want GPS at Mars or long-distance communications, we need to understand the ionosphere,” Lillis said.",[100,1086,1088],{"id":1087},"unique-journey-to-mars","Unique journey to Mars",[11,1090,1091],{},"Previous Mars missions have launched when Earth and Mars are aligned in their orbits, which only happens every 26 months. But ESCAPADE launched early, pioneering a new strategy that allows Mars-bound spacecraft to launch almost anytime.",[11,1093,1094],{},"Instead of heading directly to Mars, ESCAPADE’s spacecraft are first looping around a location in space a million miles from Earth called Lagrange point 2. In November 2026, when Earth and Mars are aligned, the ESCAPADE spacecraft will return to Earth and use our planet’s gravity to slingshot themselves toward Mars for a September 2027 arrival.",[11,1096,1097],{},[14,1098],{"alt":16,"src":1099},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002FESCAPADE%20L2%20as%20flown%202026-02-24.jpg",[11,1101,1102],{},"This unique “loiter” orbit will extend approximately 2 million miles from our planet, making the ESCAPADE spacecraft the first to fly through a previously unexplored region of Earth’s distant magnetotail, part of Earth’s magnetosphere opposite the Sun.",[11,1104,1105],{},"“We’re going to be doing some discovery science,” Lillis said. “No one has ever measured Earth’s tail this far away.”",[11,1107,1108],{},"Later, during their 10-month cruise to Mars, ESCAPADE’s two spacecraft will study solar wind and the interplanetary magnetic environment that Mars-bound astronauts will also traverse, preparing for future journeys to the Red Planet.",[11,1110,1111],{},"The ESCAPADE mission is funded by NASA’s Heliophysics Division and is part of the NASA Small Innovative Missions for Planetary Exploration program. UC Berkeley’s Space Sciences Laboratory leads the mission with key partners Rocket Lab; NASA’s Goddard Space Flight Center in Greenbelt, Maryland; Embry-Riddle Aeronautical University; Advanced Space; and Blue Origin.",[11,1113,1114],{},[55,1115,1118],{"href":1116,"rel":1117},"https:\u002F\u002Fscience.nasa.gov\u002Fscience-research\u002Fheliophysics\u002Fnasas-escapade-ready-to-study-space-weather-from-earth-to-mars\u002F",[59],[61,1119,63],{},{"title":65,"searchDepth":66,"depth":66,"links":1121},[1122,1123,1124],{"id":1032,"depth":66,"text":1033},{"id":1060,"depth":66,"text":1061},{"id":1087,"depth":66,"text":1088},[233],"2026-2-26 12:23:53",{},"\u002Fblog\u002Fnasa's-escapade-ready-to-study-space-weather-from-earth-to-mars",{"title":1009,"description":1017},"blog\u002FNASA’s-ESCAPADE-Ready-to-Study-Space-Weather-from-Earth-to-Mars","FXIlOjtxM-C3GM_sWEWvtWsSGjRws1sUQxkiePSybKU",{"id":1133,"title":1134,"body":1135,"categories":1210,"cover":1141,"date":1126,"description":65,"extension":71,"meta":1211,"navigation":73,"path":1212,"seo":1213,"stem":1214,"tags":77,"__hash__":1215},"blog\u002Fblog\u002FBitcoin-snaps-back-near-69-000-but-analysts-warn-the-market-may-not-be-out-of-the-woods-yet.md","Bitcoin snaps back near $69,000 but analysts warn the market may not be out of the woods yet",{"type":8,"value":1136,"toc":1206},[1137,1142,1145,1148,1151,1154,1157,1160,1163,1166,1169,1173,1176,1179,1182,1185,1189,1192,1195,1198],[11,1138,1139],{},[14,1140],{"alt":16,"src":1141},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F20260227-3.avif",[11,1143,1144],{},"Bitcoin snapped back near $69,000 on Wednesday, rallying more than 10% from Tuesday’s low as crypto markets staged a broad relief rally after a prolonged stretch of pessimism.",[11,1146,1147],{},"Ethereum's ether (ETH), DOGE, native tokens of Solana (SOL) and\nADA all posted double-digit gains, extending a move that caught many traders leaning the wrong way.",[11,1149,1150],{},"Digital asset stocks, battered lower in the past months amid falling crypto prices, also enjoyed a relief rally. Stablecoin issuer Circle (CRCL) surged 34% after its earnings report, while crypto exchange Coinbase (COIN) jumped 14%. Strategy (MSTR), the largest corporate holder of bitcoin, climbed 9%, and the ether treasury firm BitMine advanced 12%.",[11,1152,1153],{},"The broad-based rally offered a welcome reprieve after weeks of persistent selling pressure and dread of a next leg lower.",[11,1155,1156],{},"Still, analysts cautioned that despite the sharp bounce across tokens and equities, crypto markets are not out of the woods yet, with key resistance levels and macro risks still looming.",[11,1158,1159],{},"While there was no immediate catalyst behind the Wednesday move, extreme fear and bearish positioning across crypto markets were prime conditions for a violent countertrend advance, according to Joel Kruger, market strategist at LMAX Group.",[11,1161,1162],{},"\"Crypto assets have been heavily pressured in recent months and overdue for a technical bounce,\" he wrote. \"The market had built up a meaningful tactical short bias, leaving it vulnerable to sharp squeezes on limited headlines.\"",[11,1164,1165],{},"Still, Kruger cautioned against calling the rebound the start of a durable uptrend yet.",[11,1167,1168],{},"\"Given the abrupt nature of the rally and the absence of a clear trigger — particularly against the backdrop of thinner liquidity conditions — the advance should be treated with caution,\" he said.",[100,1170,1172],{"id":1171},"chasing-the-rally","Chasing the rally",[11,1174,1175],{},"Joshua Lim, global co-head of markets at FalconX, said his desk is seeing heavy demand for bullish bets on ether in the options market. Specifically, traders are buying call options and call spreads in the $2,000–$2,200 range over the next two to three weeks, seeking to profit from further near-term upside.",[11,1177,1178],{},"Lim added that some funds are also \"chasing this rally\" by rotating into higher-volatility altcoins and using options to amplify potential gains — a sign that risk appetite has picked up quickly after the recent rebound.",[11,1180,1181],{},"Adding some complexity, roughly 115,000 BTC options worth $7.49 billion will expire Friday at month-end. The so-called \"max pain\" — the price level where the largest number of options expire worthless — currently is at around $75,000, Wintermute OTC trader Jasper De Maere noted. The \"max pain\" point can sometimes act as a magnetic level into expiry, though dealer positioning appears weak, he said.",[11,1183,1184],{},"\"Fundamental indicators still remain unconvincing that this strength will see much follow through,\" De Maere added.",[100,1186,1188],{"id":1187},"levels-to-watch","Levels to watch",[11,1190,1191],{},"Technically, bitcoin faces stiff resistance in the $70,000 and $72,000 zone, where recent rallies have stalled as sellers stepped in. Overcoming those levels would be the first challenge in turning the bounce into a durable move higher.",[11,1193,1194],{},"Bitfinex analysts also pointed to $78,000, where the \"True Market Mean,\" an onchain valuation metric to estimate bitcoin’s fair value based on actual capital flows into the network, currently sits.",[11,1196,1197],{},"That level must be reclaimed on a sustained weekly basis before the structural picture improves, Bitfinex analysts said.",[11,1199,1200],{},[55,1201,1204],{"href":1202,"rel":1203},"https:\u002F\u002Fwww.coindesk.com\u002Fmarkets\u002F2026\u002F02\u002F25\u002Fbitcoin-snaps-back-near-usd69-000-but-analysts-warn-the-market-may-not-be-out-of-the-woods-yet",[59],[61,1205,63],{},{"title":65,"searchDepth":66,"depth":66,"links":1207},[1208,1209],{"id":1171,"depth":66,"text":1172},{"id":1187,"depth":66,"text":1188},[69],{},"\u002Fblog\u002Fbitcoin-snaps-back-near-69-000-but-analysts-warn-the-market-may-not-be-out-of-the-woods-yet",{"title":1134,"description":65},"blog\u002FBitcoin-snaps-back-near-69-000-but-analysts-warn-the-market-may-not-be-out-of-the-woods-yet","fHb_dtMF4ed_dmx5b-KhrvlRGvkaczDqmi5DPtIN5-A",{"id":1217,"title":1218,"body":1219,"categories":1275,"cover":77,"date":1276,"description":1223,"extension":71,"meta":1277,"navigation":73,"path":1278,"seo":1279,"stem":1280,"tags":77,"__hash__":1281},"blog\u002Fblog\u002FMark-Zuckerberg-s-Meta-is-planning-stablecoin-comeback-in-the-second-half-of-this-year.md","Mark Zuckerberg's Meta is planning stablecoin comeback in the second half of this year",{"type":8,"value":1220,"toc":1272},[1221,1224,1227,1230,1233,1236,1239,1242,1246,1249,1252,1255,1258,1261,1264],[11,1222,1223],{},"Meta, the U.S. tech giant helmed by Facebook creator Mark Zuckerberg, is aiming to enter the stablecoin space later this year, pending successful integration with a third-party firm to facilitate payments using the dollar-pegged token technology, according to three people familiar with the plans.",[11,1225,1226],{},"The tech giant, which owns Facebook, WhatsApp and Instagram and has more than 3 billion users, wants to begin its stablecoin integration early in the second half of this year, said one of the people, who spoke on condition of anonymity because the plans are not public. Meta is planning to integrate a vendor to help administer stablecoin-backed payments and implement a new wallet, the person said.",[11,1228,1229],{},"A second person said that Meta has sent out a request for product (RFP) to third-party firms and mentioned Stripe as a likely candidate for piloting Meta’s stablecoin.",[11,1231,1232],{},"Stripe, which acquired stablecoin specialist Bridge last year, is a long-time partner of Meta, and Stripe CEO Patrick Collison joined Meta's board of directors in April 2025.",[11,1234,1235],{},"Meta, Stripe, and Bridge were approached for comment, but none responded by the time of publication.",[11,1237,1238],{},"Meta introducing stablecoins would let it open payment rails to its massive user base while bypassing expensive traditional banking fees, and potentially position it as a global leader in \"social commerce\" and cross-border remittances.",[11,1240,1241],{},"The move would also put the tech giant in direct competition with the likes of Elon Musk's social media platform X as well as messaging platform Telegram, both of which are aiming to bring payments in-house by becoming \"super apps.\" This was one of the original goals for the planned Libra project — allowing the social media company to tap its vast networks, including WhatsApp's peer-to-peer messaging service and Facebook and Instagram's network and commerce tools, for payments.",[100,1243,1245],{"id":1244},"regulatory-shift","Regulatory shift",[11,1247,1248],{},"Meta famously tried to introduce the Libra stablecoin, later renamed Diem, in 2019, only to face strong headwinds due to a less favorable regulatory climate than today’s and a lingering reputational hit from the Cambridge Analytica scandal.",[11,1250,1251],{},"In the face of a pushback against the project by U.S. lawmakers, the Libra Association, as it was then called, scaled back its ambitions in 2020, pivoting to the development of a number of stablecoins pegged to different currencies, as opposed to the original plan of a global digital currency backed by a basket of national currencies.",[11,1253,1254],{},"In the end, Meta’s stablecoin never formally launched, and the project was shut down and its assets sold off in early 2022.",[11,1256,1257],{},"The regulatory climate in the U.S. today is quite different. There are several crypto regulatory regimes underway, including President Donald Trump's GENIUS Act, which, for the first time, established a legal foundation for U.S. stablecoin issuers and opened the floodgates for market entrants with new tokens. However, U.S. regulators are still only in the early stages of drafting the regulations governing issuers.",[11,1259,1260],{},"That said, the whole Libra\u002FDiem experience has led Meta to prefer relying on a third-party stablecoin payments provider this time around, according to one of the sources.",[11,1262,1263],{},"“They want to do this, but at arm's length,” said the source.",[11,1265,1266],{},[55,1267,1270],{"href":1268,"rel":1269},"https:\u002F\u002Fwww.coindesk.com\u002Fbusiness\u002F2026\u002F02\u002F24\u002Fmark-zuckerberg-s-meta-is-planning-stablecoin-comeback-in-the-second-half-of-this-year",[59],[61,1271,63],{},{"title":65,"searchDepth":66,"depth":66,"links":1273},[1274],{"id":1244,"depth":66,"text":1245},[69],"2026-2-24 12:23:53",{},"\u002Fblog\u002Fmark-zuckerberg-s-meta-is-planning-stablecoin-comeback-in-the-second-half-of-this-year",{"title":1218,"description":1223},"blog\u002FMark-Zuckerberg-s-Meta-is-planning-stablecoin-comeback-in-the-second-half-of-this-year","HgPB6yW82q8d0zLZ8SpjKhrvBGec8YSVAm_DmIZ7Wz8",{"id":1283,"title":1284,"body":1285,"categories":1336,"cover":1291,"date":1337,"description":1292,"extension":71,"meta":1338,"navigation":73,"path":1339,"seo":1340,"stem":1341,"tags":77,"__hash__":1342},"blog\u002Fblog\u002FCitadel-Securities-backs-LayerZero-as-it-unveils-‘Zero’-blockchain-for-global-markets.md","Citadel Securities backs LayerZero as it unveils ‘Zero’ blockchain for global markets",{"type":8,"value":1286,"toc":1334},[1287,1293,1296,1299,1302,1305,1308,1311,1314,1317,1320,1323,1326],[11,1288,1289,1292],{},[14,1290],{"alt":16,"src":1291},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F20260227-1.avif","\nLayerZero Labs on Tuesday unveiled Zero, a new blockchain aimed at powering institutional-grade financial markets, alongside a strategic investment from Citadel Securities into ZRO, the network’s native token and governance asset.",[11,1294,1295],{},"ARK Invest is also investing in LayerZero’s equity and ZRO token, with CEO Cathie Wood joining a newly formed advisory board alongside ICE executive Michael Blaugrund and former BNY digital assets head Caroline Butler, the company said in a press release. The size of the investments were not disclosed.",[11,1297,1298],{},"The announcement signals a deeper push by traditional market infrastructure players into blockchain-based trading, clearing and settlement, as scalability and performance constraints have long limited real-world adoption.",[11,1300,1301],{},"Tether Investments, the investment arm of the leading stablecoin issuer, has also made a strategic investment in LayerZero Labs, it said earlier on Tuesday.",[11,1303,1304],{},"Citadel Securities said it is working with LayerZero to evaluate how Zero’s architecture could support high-throughput workflows across trading and post-trade processes. The firm’s investment in ZRO adds to growing institutional interest in LayerZero, which is best known for operating one of crypto’s largest interoperability networks.",[11,1306,1307],{},"After years of pilot projects and cautious experimentation, large financial institutions are moving more decisively into crypto as infrastructure improves and regulatory clarity advances. Asset managers, exchanges and clearing houses are increasingly viewing blockchains not as speculative rails but as potential upgrades to legacy systems, particularly for trading, settlement and collateral management. The shift reflects a growing belief that crypto-native technology is maturing enough to support real-world financial markets at scale.",[11,1309,1310],{},"Zero is designed around LayerZero's first-of-its-kind heterogeneous architecture, which uses zero-knowledge proofs (ZKPs) to separate transaction execution from verification. The company claims the design can scale to roughly 2 million transactions per second across multiple zones, with transaction costs approaching a millionth of a dollar and effectively unlimited blockspace.",[11,1312,1313],{},"Zero-knowledge proofs let blockchains verify that a statement is true without revealing the underlying data, preserving privacy while ensuring validity.",[11,1315,1316],{},"LayerZero said the system delivers step-change improvements across compute, storage, networking and cryptography, allowing different zones to be optimized for specific use cases rather than forcing all nodes to perform identical work.",[11,1318,1319],{},"The project is launching in collaboration with several major institutions. The Depository Trust & Clearing Corporation (DTCC) said it will explore using Zero to enhance the scalability of its tokenization and collateral initiatives, while Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, is examining applications tied to 24\u002F7 trading and tokenized collateral. Google Cloud is partnering with LayerZero to explore blockchain-based micropayments and resource trading for AI agents, reflecting growing interest in programmable money for machine-driven economies.",[11,1321,1322],{},"“Zero’s architecture moves the industry’s roadmap forward by at least a decade,” said Bryan Pellegrino, CEO of LayerZero Labs, in the release. “We believe we can actually bring the entire global economy onchain with this technology.",[11,1324,1325],{},"The blockchain is set to debut with three initial zones: a general-purpose Ethereum Virtual Machine (EVM) environment, a privacy-focused payments system, and a purpose-built trading venue. ZRO will anchor network governance and security, while LayerZero’s interoperability stack links Zero to more than 165 blockchains.",[11,1327,1328],{},[55,1329,1332],{"href":1330,"rel":1331},"https:\u002F\u002Fwww.coindesk.com\u002Ftech\u002F2026\u002F02\u002F10\u002Fcitadel-securities-backs-layerzero-as-it-unveils-zero-blockchain-for-global-markets",[59],[61,1333,63],{},{"title":65,"searchDepth":66,"depth":66,"links":1335},[],[69],"2026-2-12 12:23:53",{},"\u002Fblog\u002Fcitadel-securities-backs-layerzero-as-it-unveils-'zero'-blockchain-for-global-markets",{"title":1284,"description":1292},"blog\u002FCitadel-Securities-backs-LayerZero-as-it-unveils-‘Zero’-blockchain-for-global-markets","XkecB3VuDqlwDvFTFPCHWFV80Jr09FG0czrxT4B1cFU",{"id":1344,"title":1345,"body":1346,"categories":1439,"cover":1352,"date":1440,"description":1353,"extension":71,"meta":1441,"navigation":73,"path":1442,"seo":1443,"stem":1444,"tags":77,"__hash__":1445},"blog\u002Fblog\u002FWhy-machine-to-machine-payments-are-the-new-electricity-for-the-digital-age.md","Why machine-to-machine payments are the new electricity for the digital age",{"type":8,"value":1347,"toc":1434},[1348,1354,1357,1360,1363,1366,1370,1373,1376,1379,1382,1385,1388,1392,1395,1398,1401,1404,1407,1411,1414,1417,1420,1423,1426],[11,1349,1350,1353],{},[14,1351],{"alt":16,"src":1352},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F20260227-7.avif","\nWe are moving toward an economic system in which software and devices transact with one another without human involvement.",[11,1355,1356],{},"Instead of simply executing transactions, machines will be able to make decisions, coordinate with each other and purchase whatever they need in real time. Sensors and satellites will sell data streams by the second. Factories will price power purchases in real-time based on supply and demand. Supply chains could even become completely autonomous — reordering materials, booking transport, paying customs fees and rerouting shipments without any human involvement.",[11,1358,1359],{},"But such an economy cannot be built on large infrequent payments. It needs to run on billions of tiny, continuous transactions, executed autonomously at machine speed. Just as electricity pricing enabled mass production, micro-transactions and machine-to-machine (M2M) payments will make full automation economically viable.",[11,1361,1362],{},"And if continuous M2M payments are the new electricity, then blockchains — the rails upon which these microtransactions will occur — must be seen as the new power grid. They’re a critical piece of infrastructure that unlocks new business models, new technologies and ultimately, this new machine economy.",[11,1364,1365],{},"How will these innovations develop? The electrical revolution has plenty of lessons to teach.",[100,1367,1369],{"id":1368},"a-new-revolution","A new revolution",[11,1371,1372],{},"Before electrification, power was local, manual, inconsistent and expensive. Factories relied on steam engines or water wheels, which constrained where production could happen and how it could scale. Power was something you built into each operation.",[11,1374,1375],{},"Electricity changed that. Once power became standardized and always available, it stopped being a feature and became the substrate of modern industry.",[11,1377,1378],{},"Payments today still resemble the pre-electric era of power. They are episodic, usually processed in batches, and heavily mediated by humans and institutions. Even digital payments involve discrete events such as invoices, settlements, reconciliations or billing cycles.",[11,1380,1381],{},"But M2M payments (autonomous financial transactions between connected devices), when combined with micro-transactions (worth a few cents), turn value exchange into something ambient and infrastructure-like. Instead of stopping to pay, machines can simply operate continuously, exchanging value as they consume resources or provide services.",[11,1383,1384],{},"Tech leaders have discussed microtransactions since the early days of the Internet, but it was impossible to realize that vision with the current banking system. Now, blockchain technology enables sending value across the world instantly and at almost no cost. The crypto sector’s infrastructure is fundamental for the birth of continuous M2M payments.",[11,1386,1387],{},"And just as electricity enabled the creation of computers and the Internet, M2M payments and micro-transactions will allow a completely new economy to flourish.",[100,1389,1391],{"id":1390},"how-electricity-changed-the-world","How electricity changed the world",[11,1393,1394],{},"The continuous power provided by electricity enabled automation. Mass production did not happen because factories hired more workers, but because machines could run constantly and relatively independently.",[11,1396,1397],{},"Today’s machines are technically autonomous but economically constrained. An AI agent can make decisions, route traffic, or optimize logistics, but it cannot pay for compute on the fly. Economic friction forces human intervention in systems that are otherwise independent. But M2M payments, combined with micro-transactions, will provide continuous economic power in the same way electricity provides continuous mechanical power.",[11,1399,1400],{},"Also, electricity unlocked industries that simply could not exist before it. M2M payments will have the same property, providing economic infrastructure for industries that cannot function without fine-grained, real-time payments.",[11,1402,1403],{},"What does that look like? We could have autonomous supply chains, in which machines coordinate purchases and logistics continuously. Or we could see the emergence of AI services with pricing models that reflect milliseconds of inference time. Global data markets could depend on pay-per-byte access. Infrastructure itself — from roads to charging stations — could continuously and automatically price access.",[11,1405,1406],{},"It’s worth noting that shifting to usage-based pricing also transformed electricity's business models. Paying per kilowatt-hour allowed firms to scale without renegotiating contracts or investing in fixed capacity. You paid for what you used when you used it. M2M payments will provide the same flexibility to 21st-century businesses.",[100,1408,1410],{"id":1409},"lessons-from-the-electrical-revolution","Lessons from the electrical revolution",[11,1412,1413],{},"At the beginning of electrification, the focus was mostly on developing generators. However, that wasn’t the most important technological innovation. What mattered was transmission. Only once electricity could be delivered everywhere, cheaply and predictably, did it reshape industry and society.",[11,1415,1416],{},"The same lesson applies to M2M payments. The blockchain rails on which the payments will occur matter way more than the specific M2M payment application (like Coinbase’s x402 protocol) being used. The priority should therefore be to build the best blockchains possible — chains with near-zero fees, very low latency, and predictable performance. In other words, M2M payments hit the same frictions as ordinary stablecoin payments: they need the underlying infrastructure to be tip-top if they want to function properly.",[11,1418,1419],{},"Moreover, the blockchains used for machine payments need to be perceived as neutral infrastructure. They must be interoperable across vendors, jurisdictions and machines. After all, machines cannot negotiate bespoke payment systems any more than appliances can negotiate voltage standards. That means decentralization may play an important role in the growth of the machine economy. In that case, public blockchains could have the advantage over private alternatives.",[11,1421,1422],{},"If M2M payment rails achieve this neutrality, they become the coordination layer of autonomous systems, just as electricity is the coordination layer of physical power. At that point, innovation can safely shift to building entirely new machine-driven industries.",[11,1424,1425],{},"The machine economy will arrive when machines gain the ability to transact continuously, autonomously, and invisibly thanks to the power of blockchain. M2M payments are not just a feature of that future. They are its electricity.",[11,1427,1428],{},[55,1429,1432],{"href":1430,"rel":1431},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2026\u002F02\u002F07\u002Fwhy-machine-to-machine-payments-are-the-new-electricity-for-the-digital-age",[59],[61,1433,63],{},{"title":65,"searchDepth":66,"depth":66,"links":1435},[1436,1437,1438],{"id":1368,"depth":66,"text":1369},{"id":1390,"depth":66,"text":1391},{"id":1409,"depth":66,"text":1410},[69],"2026-2-7 12:23:53",{},"\u002Fblog\u002Fwhy-machine-to-machine-payments-are-the-new-electricity-for-the-digital-age",{"title":1345,"description":1353},"blog\u002FWhy-machine-to-machine-payments-are-the-new-electricity-for-the-digital-age","mWpb-GitRK_P578VGwEL9uQFLGS3DGq-7y__D-FR1rA",{"id":1447,"title":1448,"body":1449,"categories":1482,"cover":1455,"date":1483,"description":1456,"extension":71,"meta":1484,"navigation":73,"path":1485,"seo":1486,"stem":1487,"tags":77,"__hash__":1488},"blog\u002Fblog\u002FMegaETH-mainnet-to-go-live-Feb-9-in-major-test-of-‘real-time’-Ethereum-scaling.md","MegaETH mainnet to go live Feb. 9 in major test of ‘real-time’ Ethereum scaling",{"type":8,"value":1450,"toc":1480},[1451,1457,1460,1463,1466,1469,1472],[11,1452,1453,1456],{},[14,1454],{"alt":16,"src":1455},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F20260130-3.avif","\nMegaETH, the much-watched high-performance Ethereum layer-2 network, announced that its public mainnet will go live Feb. 9, marking a major milestone for a project that has gained a lot of attention in the scaling landscape.",[11,1458,1459],{},"MegaETH positions itself as a “real-time” blockchain for Ethereum, designed to deliver ultra-low latency and massive transaction throughput.",[11,1461,1462],{},"The project has attracted significant attention and capital over the past year. MegaETH has been backed by prominent figures in the Ethereum ecosystem, like Ethereum co-founders Vitalik Buterin and Joe Lubin, and has raised millions of dollars to date. Most recently in October 2025, it completed a $450 million token sale that was heavily oversubscribed, CoinDesk previously reported.",[11,1464,1465],{},"That sale, which offered roughly 5% of the protocol’s 10 billion MEGA supply, saw thousands of investors rush into allocations within minutes, underscoring intense demand for next-generation scaling infrastructure.‌‌",[11,1467,1468],{},"The project is being developed by MegaLabs which raised $20 million in a seed round led by Dragonfly in 2024, pitching MegaETH as a new kind of real-time blockchain rather than a traditional scaling solution.",[11,1470,1471],{},"MegaLabs has said that the protocol is designed for applications that need near-instant transaction speeds, such as trading platforms, games and other consumer-facing crypto apps — an area where Ethereum has historically struggled during periods of heavy use.",[11,1473,1474],{},[55,1475,1478],{"href":1476,"rel":1477},"https:\u002F\u002Fwww.coindesk.com\u002Ftech\u002F2026\u002F01\u002F28\u002Fmegaeth-mainnet-to-go-live-feb-9-in-major-test-of-real-time-ethereum-scaling",[59],[61,1479,63],{},{"title":65,"searchDepth":66,"depth":66,"links":1481},[],[69],"2026-01-29 12:23:53",{},"\u002Fblog\u002Fmegaeth-mainnet-to-go-live-feb-9-in-major-test-of-'real-time'-ethereum-scaling",{"title":1448,"description":1456},"blog\u002FMegaETH-mainnet-to-go-live-Feb-9-in-major-test-of-‘real-time’-Ethereum-scaling","JwtqvdNC63LTYSumZDBMRi0CNZ7HuRh8yORaE9mSXYU",{"id":1490,"title":1491,"body":1492,"categories":1557,"cover":1498,"date":1483,"description":65,"extension":71,"meta":1558,"navigation":73,"path":1559,"seo":1560,"stem":1561,"tags":77,"__hash__":1562},"blog\u002Fblog\u002FHere-s-why-Fed-contender-Kevin-Warsh-is-seen-as-bearish-for-bitcoin.md","Here's why Fed contender Kevin Warsh is seen as bearish for bitcoin",{"type":8,"value":1493,"toc":1555},[1494,1499,1502,1505,1508,1511,1514,1517,1520,1523,1526,1529,1532,1535,1538,1541,1544,1547],[11,1495,1496],{},[14,1497],{"alt":16,"src":1498},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F07762749bd0f905e9265bfb3dbbc737104b6ba12-1920x1080.avif",[11,1500,1501],{},"On Thursday, President Donald Trump said he will announce his pick for the U.S. Federal Reserve chair to replace incumbent Jerome Powell after the latter's term ends in May.",[11,1503,1504],{},"While nothing is confirmed yet, reports suggest the Trump administration is preparing to nominate Kevin Warsh, who served on the Federal Reserve Board of Governors from 2006 to 2011.",[11,1506,1507],{},"Warsh has occasionally praised cryptocurrencies. Yet bitcoin\nBTC plunged late Thursday to near $81,000 lows as his odds spiked on betting sites, with some analysts now pegging him as a bearish force for the asset.",[11,1509,1510],{},"\"Markets generally view a resurgence of Warsh's influence as bearish for Bitcoin, as his emphasis on monetary discipline, higher real rates, and reduced liquidity frames crypto not as a hedge against debasement but as a speculative excess that fades when easy money is withdrawn,\" Markus Thielen, founder of 10x Research, told CoinDesk.",[11,1512,1513],{},"Higher real interest rates mean the actual cost of borrowing money after accounting for inflation is elevated. Think of it as the \"true\" interest rate that hits your finances harder. When real rates are elevated, businesses and investors typically scale back exposure to risky investments such as bitcoin.",[11,1515,1516],{},"Warsh's track record is adding fuel to the fire. During the global financial crisis (GFC) that lasted from December 2007 to June 2009, Warsh repeatedly cited inflation risks even as the global economy teetered on the brink of a full-blown deflation.",[11,1518,1519],{},"For instance, in September 2008, the month when Lehman Brothers collapsed, Warsh said, \"I'm still not ready to relinquish my concerns on the inflation front.\"",[11,1521,1522],{},"Seven months later, when the Fed's preferred inflation measure was at 0.8% and the jobless rate at 9%, he said, \"I continue to be more worried about upside risks to inflation than downside risks.\"",[11,1524,1525],{},"Over the years, many observers have argued that Warsh's hawkishness and failure to acknowledge deflation risks exacerbated the crisis.",[11,1527,1528],{},"\"From this perspective, his approach would likely have resulted in higher unemployment, slower recoveries, and greater deflation risk during the 2010s,\" Thielen said.",[11,1530,1531],{},"All this makes a potential Warsh pick as ironic, as the former Fed governor's hawkish record clashes sharply with Trump's reflationary, pro-risk asset playbook. Trump has repeatedly bashed Powell, often resorting to personal attacks for keeping rates elevated and killing the economy. The President has stressed the need for rapid rate cuts, calling for interest rates to be as low as 1% from the present window of 3.5%-3.7%.",[11,1533,1534],{},"Hence, several observers say Warsh is a wrong pick for the Fed that's expected to toe Trump's line.",[11,1536,1537],{},"\"Kevin Warsh has been a monetary policy hawk his entire career and most importantly, during a time when the labor markets fell out of bed. His dovishness today stems from convenience. The President risks getting duped,\" Renaissance Macro Research said on X.",[11,1539,1540],{},"\"I read the fomc transcripts during the GFC. His quotes scared me,\" Bloomberg's Chief U.S. Economist Ana Wong said.",[11,1542,1543],{},"Thankfully, even as Fed chair, Warsh cannot dictate rates alone, as the Board of Governors votes collectively, diluting any single voice. It remains to be seen if Trump goes ahead with Warsh.",[11,1545,1546],{},"Until then, his hawkish history may keep spooking risk assets, bolstering the dollar in the interim.",[11,1548,1549],{},[55,1550,1553],{"href":1551,"rel":1552},"https:\u002F\u002Fwww.coindesk.com\u002Fmarkets\u002F2026\u002F01\u002F30\u002Fhere-s-why-fed-contender-kevin-warsh-is-seen-as-bearish-for-bitcoin",[59],[61,1554,63],{},{"title":65,"searchDepth":66,"depth":66,"links":1556},[],[69],{},"\u002Fblog\u002Fhere-s-why-fed-contender-kevin-warsh-is-seen-as-bearish-for-bitcoin",{"title":1491,"description":65},"blog\u002FHere-s-why-Fed-contender-Kevin-Warsh-is-seen-as-bearish-for-bitcoin","OqZ8jP4oUGg4SXvE519uWRv6v7ZtkoPBjJ0kPdId1eE",{"id":1564,"title":1565,"body":1566,"categories":1653,"cover":1572,"date":1483,"description":1573,"extension":71,"meta":1654,"navigation":73,"path":1655,"seo":1656,"stem":1657,"tags":77,"__hash__":1658},"blog\u002Fblog\u002FBitcoin-s-Quantum-threat-is-‘real-but-distant-’-says-Wall-Street-analyst-as-doomsday-debate-rages-on.md","Bitcoin's Quantum threat is ‘real but distant,’ says Wall Street analyst as doomsday debate rages on",{"type":8,"value":1567,"toc":1648},[1568,1574,1577,1580,1583,1587,1590,1593,1596,1599,1603,1606,1609,1612,1615,1618,1621,1624,1628,1631,1634,1637,1640],[11,1569,1570,1573],{},[14,1571],{"alt":16,"src":1572},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F20260130-2.avif","\nQuantum computing poses a theoretical threat to Bitcoin, but the risk remains distant and manageable, according to Wall Street broker Benchmark.",[11,1575,1576],{},"While quantum machines could eventually compromise certain cryptographic systems, Bitcoin has both the time and engineering path to evolve before that point, according to Benchmark analyst Mark Palmer, who has generally been bullish on the crypto industry as a whole.",[11,1578,1579],{},"\"While recent headlines have amplified concern that quantum advances could undermine the protocol’s cryptographic foundations, our analysis suggests that the risk is real but distant, and that it has both the time and technical flexibility required to adapt well before the threat becomes acute,\" Palmer said in the Thursday report.",[11,1581,1582],{},"Quantum computing represents a looming cryptographic doomsday because it threatens to break the mathematical lock-and-key system that secures nearly every digital asset. While classical computers would take trillions of years to guess a Bitcoin private key, a sufficiently powerful quantum computer could derive that key from a public address in minutes, effectively allowing an attacker to unmask and drain wallets at will.",[100,1584,1586],{"id":1585},"how-it-works","How it works",[11,1588,1589],{},"The protocol’s primary vulnerability lies not in its SHA-256 hashing algorithm, used in mining (mechanism for minting new Bitcoin), but in the elliptic curve digital signature algorithm (ECDSA) that secures users’ private keys, Palmer wrote. Once a public key is revealed, typically when bitcoin is spent, it becomes, in theory, susceptible to a quantum attack.",[11,1591,1592],{},"However, Palmer stressed that quantum computers capable of breaking ECDSA do not currently exist and are unlikely to emerge for at least another 10–20 years, if not longer.",[11,1594,1595],{},"Today’s quantum systems are small-scale, error-prone, and incapable of sustained computations at the scale required to threaten blockchain infrastructure, the analyst said. Moreover, only a small fraction of the total bitcoin supply, estimated at 1–2 million BTC, is held in addresses with exposed public keys. These include early Satoshi-era coins and reused wallets, but even these are not yet practically vulnerable.",[11,1597,1598],{},"Benchmark noted that spending bitcoin triggers a brief window in which the public key is broadcast to the network’s mempool, creating a theoretical opportunity for an attacker to intercept and redirect funds. Yet such a scenario would require an incredibly powerful, fault-tolerant quantum system and perfect execution.",[100,1600,1602],{"id":1601},"the-raging-debate","The raging debate",[11,1604,1605],{},"While the threat is early, the quantum threat to Bitcoin has recently become a hot topic.",[11,1607,1608],{},"Leading bitcoin developers and advocates are pushing back (much like Palmer), arguing that machines capable of breaking Bitcoin’s cryptography do not exist today and are unlikely to for decades. Meanwhile, some investors and Wall Street analysts are weighing the real threat it poses to bitcoin.",[11,1610,1611],{},"Strategy (MSTR) executive chairman Michael Saylor has argued that quantum computing, while often sensationalized, threatens all forms of digital security, from banking to internet communications, not just Bitcoin.",[11,1613,1614],{},"On the flipside, Christopher Wood, Jefferies' global head of equity strategy, removed a 10% bitcoin allocation from his model portfolio, citing long-term security concerns posed by advances in quantum computing.",[11,1616,1617],{},"Regardless of the debate, the industry is taking preemptive steps for this potential long-term threat.",[11,1619,1620],{},"Coinbase’s formation of a Quantum Advisory Council, announced earlier this month, marks a turning point in how quantum risk is managed: moving it from a theoretical conversation into a structured institutional strategy.",[11,1622,1623],{},"Even Ethereum has taken the threat seriously and has elevated post-quantum security to a top strategic priority, forming a dedicated \"Post Quantum\" team.",[100,1625,1627],{"id":1626},"no-systemic-risk","No systemic risk",[11,1629,1630],{},"To Benchmark's Palmer, it's not all doom and gloom.",[11,1632,1633],{},"Even in worst-case scenarios where some early tokens are lost to a quantum attack, Palmer sees no systemic risk to the protocol’s integrity.",[11,1635,1636],{},"From an investor’s perspective, quantum computing is a long-term technical consideration, not an immediate threat or an investment thesis-breaker.",[11,1638,1639],{},"Near-term drivers for bitcoin’s price remain focused on liquidity conditions, regulatory developments, and institutional adoption, not speculative timelines around quantum supremacy, Palmer added.",[11,1641,1642],{},[55,1643,1646],{"href":1644,"rel":1645},"https:\u002F\u002Fwww.coindesk.com\u002Ftech\u002F2026\u002F01\u002F29\u002Fbitcoin-s-quantum-threat-is-real-but-distant-says-wall-street-analyst-as-debate-rages-on",[59],[61,1647,63],{},{"title":65,"searchDepth":66,"depth":66,"links":1649},[1650,1651,1652],{"id":1585,"depth":66,"text":1586},{"id":1601,"depth":66,"text":1602},{"id":1626,"depth":66,"text":1627},[69],{},"\u002Fblog\u002Fbitcoin-s-quantum-threat-is-'real-but-distant-'-says-wall-street-analyst-as-doomsday-debate-rages-on",{"title":1565,"description":1573},"blog\u002FBitcoin-s-Quantum-threat-is-‘real-but-distant-’-says-Wall-Street-analyst-as-doomsday-debate-rages-on","5ZcKmQErdv5MWloSqcoCOlhvbnMAS3Nptthu79J2RbE",{"id":1660,"title":1661,"body":1662,"categories":1706,"cover":1668,"date":1707,"description":1669,"extension":71,"meta":1708,"navigation":73,"path":1709,"seo":1710,"stem":1711,"tags":77,"__hash__":1712},"blog\u002Fblog\u002FBlackRock-names-crypto-and-tokenization-as-‘themes-driving-markets’-in-2026.md","BlackRock names crypto and tokenization as ‘themes driving markets’ in 2026",{"type":8,"value":1663,"toc":1704},[1664,1670,1673,1676,1679,1682,1687,1690,1693,1696],[11,1665,1666,1669],{},[14,1667],{"alt":16,"src":1668},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F20260130-4.avif","\nBlackRock (BLK), the world’s largest asset manager, highlighted cryptocurrency and tokenized assets as important investment themes in a new report exploring the trends it says are shaping markets this year.",[11,1671,1672],{},"Though artificial intelligence and energy infrastructure take center stage, crypto still earns attention, with bitcoin, ether and stablecoins all mentioned in the 2026 Thematic Outlook. The team, led by Jay Jacobs, the company's head of U.S. equity exchange-traded funds (ETFs), included crypto among a broader list of “themes driving markets in unprecedented ways.”",[11,1674,1675],{},"Though brief, mentions of tokenization and digital assets carry weight coming from a firm managing over $10 trillion. The report positions blockchain less as a speculative play and more as an emerging tool for modernizing access to traditional asset classes.",[11,1677,1678],{},"The iShares Bitcoin Trust (IBIT), BlackRock’s spot bitcoin ETF, which debuted in January 2024, is singled out as the fastest-growing exchange-traded product in history. Its strong uptake, the report suggests, reflects sustained investor interest in gaining exposure to bitcoin as part of a broader thematic strategy. The fund's net assets now amount to more than $70 billion.",[11,1680,1681],{},"The report also points to tokenization, or the representation of real-world assets such as real estate and equities in a digital format, as gaining increasing traction. The process is part of a shift in how investors access markets, BlackRock said. Stablecoins, such as those backed by the U.S. dollar, are an early example of tokenized assets.",[11,1683,1684],{},[14,1685],{"alt":16,"src":1686},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F20260130-5.avif",[11,1688,1689],{},"“In our view, as tokenization continues to rise, so will the opportunity to access assets beyond cash and U.S. Treasuries via the blockchain,” the report states. It specifically notes the Ethereum blockchain as a potential beneficiary of tokenization growth, a nod to its widespread use in building decentralized applications and token infrastructure.",[11,1691,1692],{},"The inclusion of crypto and tokenized assets — while not the core of the report — signals that BlackRock views digital assets as part of a larger set of transformative “mega forces.” These include growing demand for computing power driven by AI, geopolitical shifts in defense spending and global infrastructure buildouts. The firm suggests these trends are not only shaping economies, but also changing how portfolios are built and managed.",[11,1694,1695],{},"For crypto investors, BlackRock's message reinforces the idea that blockchain-based technologies are moving closer to the mainstream. While bitcoin’s price volatility and crypto’s regulatory challenges aren’t addressed directly, the report’s language makes clear that the firm sees real potential in the digital asset space, particularly in terms of how it may modernize financial infrastructure.",[11,1697,1698],{},[55,1699,1702],{"href":1700,"rel":1701},"https:\u002F\u002Fwww.coindesk.com\u002Fbusiness\u002F2026\u002F01\u002F21\u002Fblackrock-names-crypto-and-tokenization-as-themes-driving-markets-in-2026",[59],[61,1703,63],{},{"title":65,"searchDepth":66,"depth":66,"links":1705},[],[69],"2026-01-21 12:23:53",{},"\u002Fblog\u002Fblackrock-names-crypto-and-tokenization-as-'themes-driving-markets'-in-2026",{"title":1661,"description":1669},"blog\u002FBlackRock-names-crypto-and-tokenization-as-‘themes-driving-markets’-in-2026","p9M8SXZFJToPs1XNoj-jV_f9ruYHVe0MtbGdEF6hNqM",{"id":1714,"title":1715,"body":1716,"categories":1783,"cover":1722,"date":1784,"description":1723,"extension":71,"meta":1785,"navigation":73,"path":1786,"seo":1787,"stem":1788,"tags":77,"__hash__":1789},"blog\u002Fblog\u002FRobinhood-explains-building-an-Ethereum-layer-2-We-wanted-the-security-from-Ethereum.md","Robinhood explains building an Ethereum layer-2: 'We wanted the security from Ethereum'",{"type":8,"value":1717,"toc":1781},[1718,1724,1727,1735,1738,1744,1751,1758,1761,1764,1767,1770,1773],[11,1719,1720,1723],{},[14,1721],{"alt":16,"src":1722},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F20260109-4.avif","\nRobinhood’s crypto arm deepened its bet on blockchain infrastructure this past year as it expanded its products into tokenized stocks, staking products and a forthcoming layer-2 network built on Arbitrum.",[11,1725,1726],{},"The retail brokerage stunned parts of the crypto industry last year when it revealed it was building its own blockchain infrastructure atop Ethereum’s scaling ecosystem, rather than launching an independent layer-1 network. The decision, Johann Kerbrat, the firm’s crypto chief said, was ultimately about focus. Kerbrat will speak at CoinDesk's Consensus Hong Kong conference next month.",[11,1728,1729,1730,1734],{},"“The main discussion for us at this point was, really, should we do an L1 or should we do an L2, and the reason why we decided to do an L2 was we wanted to get the security from Ethereum, the decentralization from Ethereum, and also the liquidity that is part of the EVM ",[1731,1732,1733],"span",{},"Ethereum Virtual Machine"," space,” Kerbrat said. “We also wanted to be able to really focus on what we are good at, which is like building a feature that we are trying to launch, like stock tokens and other things.”",[11,1736,1737],{},"By anchoring its infrastructure to Ethereum rather than reinventing core blockchain primitives, Robinhood could offload some of the hardest technical problems. “That way we don't have to focus on decentralization and security. This is kind of for free by Ethereum,” Kerbrat added.",[11,1739,1740,1741],{},"Robinhood’s own layer-2 chain is still under wraps. “The chain is on a private testnet right now, and we don't really have news to share on how it's going to go public,” Kerbrat said. For now, Robinhood’s tokenized stocks already live on Arbitrum One, Ethereum’s largest rollup by activity. ",[1731,1742,1743],{},"Rollups are a type of scaling network which batches large numbers of transactions together and processes them off Ethereum’s main network, making activity faster and cheaper while still relying on Ethereum for security.",[11,1745,1746,1747,1750],{},"That choice could make the eventual transition seamless. “The beauty of the technology from Arbitrum is that the day the chain is live on Arbitrum One as well, we are going to be able to move all the assets, the liquidity, to the ",[1731,1748,1749],{},"new"," chain,” Kerbrat said. “There isn't really any kind of migration period or anything like that for us.”",[11,1752,1753,1754,1757],{},"Those assets have been growing quickly. Robinhood launched its tokenized stocks program in July with a relatively small offering, but demand from customers pushed the company to scale fast. “When we launched in June, we had about 200 stock tokens. Now we have passed 2,000 ",[1731,1755,1756],{},"tokenized stocks",",” Kerbrat said. “One of our top requests from our customers has been that 200 stocks is great, but they want to have access to the entire portfolio.”",[11,1759,1760],{},"The expansion is part of a much broader vision for tokenization. “For us, it’s really just the beginning,” Kerbrat said. “We think that it's not going to be just public stocks…We think also that we can go to private equity and real estate and art — like anything that can be tokenized.”",[11,1762,1763],{},"Robinhood has also pushed deeper into crypto-native products, including staking, an area that has been fraught with regulatory uncertainty in the U.S. “Staking was really one of our top requested features from our customers,” Kerbrat said. The company first rolled out staking in Europe, before expanding in the U.S.. “We launched it in the EU first, and we saw a lot of adoption. People really loved it. As soon as the SEC updated their guidance, we were able to start to launch it in June all over the US, except five states.”",[11,1765,1766],{},"Looking ahead, Kerbrat sees tokenized assets reshaping how yield is generated across crypto and traditional finance alike. “I think yield is going to come because of the new assets that are coming onchain,” he said. “We do expect that with more stocks, private equity, real estate, all this, you will see new lending programs.”",[11,1768,1769],{},"Even as blockchain infrastructure fragments, Kerbrat believes new layers will emerge. “This technology is already starting to replace some of the foundations of traditional finance,” he said. “The fragmentation is real, and you will see a new layer on top that harmonizes everything.”",[11,1771,1772],{},"For Robinhood, the priority remains clear. “For us, we're really focusing on the asset class — bringing new stocks and real-world assets on chain.”",[11,1774,1775],{},[55,1776,1779],{"href":1777,"rel":1778},"https:\u002F\u002Fwww.coindesk.com\u002Fbusiness\u002F2026\u002F01\u002F10\u002Frobinhood-explains-building-an-ethereum-layer-2-we-wanted-the-security-from-ethereum",[59],[61,1780,63],{},{"title":65,"searchDepth":66,"depth":66,"links":1782},[],[69],"2026-01-11 12:23:53",{},"\u002Fblog\u002Frobinhood-explains-building-an-ethereum-layer-2-we-wanted-the-security-from-ethereum",{"title":1715,"description":1723},"blog\u002FRobinhood-explains-building-an-Ethereum-layer-2-We-wanted-the-security-from-Ethereum","iG19075cFdfrNem3q2LSLn5k2wBYfI8FAQXYVadThd0",{"id":1791,"title":1792,"body":1793,"categories":1867,"cover":1799,"date":1868,"description":1800,"extension":71,"meta":1869,"navigation":73,"path":1870,"seo":1871,"stem":1872,"tags":77,"__hash__":1873},"blog\u002Fblog\u002FHundreds-of-wealthy-investors-are-using-crypto-to-buy-real-estate-in-Europe.md","Hundreds of wealthy investors are using crypto to buy real estate in Europe",{"type":8,"value":1794,"toc":1864},[1795,1801,1804,1807,1810,1813,1816,1819,1822,1825,1828,1831,1834,1838,1841,1844,1847,1850,1853,1856],[11,1796,1797,1800],{},[14,1798],{"alt":16,"src":1799},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F20260109-3.avif","\nAbout a year ago, Nikolay Denisenko, a former lead backend engineer at European fintech firm Revolut, began to formalize a process whereby “special customers” of his new crypto payments app, Brighty, could use their digital assets to buy real estate.",[11,1802,1803],{},"Since then, demand has exploded.",[11,1805,1806],{},"Brighty has brokered over 100 deals so far for wealthy customers of the Lithuania-licensed platform, enabling them to buy apartments with crypto, with many more in the pipeline. Residential real estate purchases are mostly made in destinations such as the UK, France, Malta, Cyprus, and Andorra, Denisenko said.",[11,1808,1809],{},"“We have between 100 and 150 wealthy customers, and it’s growing fast,” said Denisenko, Co-Founder & CTO at Brighty App in an interview. “The average spend for these people is around $50,000 per month. The upper bound, in terms of a use case, is buying apartments in Europe. The size of these transactions varies from around $500,000 to about $2.5 million.”",[11,1811,1812],{},"The trend is another telling signal of crypto emulating traditional finance, where wealthy investors often like to de-risk their portfolios by investing some of their liquid assets in the safe haven of hard assets, such as real estate.",[11,1814,1815],{},"It’s no surprise that there’s a demand to cater to wealthy crypto holders looking to make large-scale purchases, given that banks shy away from such transactions. In 2025, the number of global crypto millionaires surged by a remarkable 40% in 12 months to 241,700, according to the Crypto Wealth Report 2025.",[11,1817,1818],{},"A longstanding concern about crypto has been the idea that digital assets could easily be used to launder the proceeds of crime.",[11,1820,1821],{},"However, Denisenko pushed back on the legitimacy of banks' hesitance, telling CoinDesk that sophisticated blockchain analytics tools can be used to perform sufficient due diligence on customer funds. He noted that most traditional financial institutions would likely be spooked by crypto when it comes to assessing the source of funds needed to buy a house",[11,1823,1824],{},"“The starting point is these investors hold crypto, and that can scare banks, even though these people have earned this wealth very transparently from Bitcoin, for example,” Denisenko said. “If they want to use this money to buy an apartment, we do careful due diligence and use things like Elliptic’s blockchain analysis tools to assess the wallets in question.”",[11,1826,1827],{},"Provided Brighty’s compliance team is satisfied with the source of this crypto, the funds are accepted, and the customer also gets a fiat currency account in their name.",[11,1829,1830],{},"“Then it’s just doing a payout. The seller can be either a lawyer or the apartment owner, and the money that comes to the seller is coming from the customer, not from Brighty; it's not coming from our bank. The money cannot just come from the likes of Binance or Kraken, for instance.”",[11,1832,1833],{},"The advantage of using crypto to buy a house is that it’s faster and less complex than using a traditional method, such as SWIFT, the global interbank payment instruction network used by over 11,000 banks. If the buyer converts a stablecoin, such as USDC, into euros, for instance, it makes sense to replace the SWIFT rails for local transfers, Denisenko said.",[100,1835,1837],{"id":1836},"a-new-trend","A new trend",[11,1839,1840],{},"The Brighty team has also observed an interesting shift in the choice of stablecoin used for large transfers, which had typically been Circle’s USDC.",[11,1842,1843],{},"Now, the preference among wealthy customers is for a euro-pegged stablecoin instead to avoid conversion costs.",[11,1845,1846],{},"The crypto broker saw a surge in average euro-backed transaction sizes, up from €15,785 ($18,385) in Q3 to €59,894 ($69,762) in Q4, as high-net-worth individuals chose to execute large deals in Circle’s EURC rather than USDC.",[11,1848,1849],{},"“Recently, we have started seeing our customers using euro stablecoins where previously they might have used USDC,” Denisenko said. “Why? Because if you deposit in USDC and you are buying something in Europe, you have a conversion cost. So it’s more convenient to use EURC because you remove any exchange rate.”",[11,1851,1852],{},"Looking ahead into the new year, Denisenko said his firm is now involved in numerous conversations with estate agencies, getting them on board with the concept of buying apartments with transparent and legitimately gained crypto holdings.",[11,1854,1855],{},"“Our wealthy customers are simply looking to de-risk the assets in their portfolio by putting some of their money into real estate,” he said.",[11,1857,1858],{},[55,1859,1862],{"href":1860,"rel":1861},"https:\u002F\u002Fwww.coindesk.com\u002Fbusiness\u002F2026\u002F01\u002F09\u002Fhundreds-of-wealthy-investors-are-using-crypto-to-buy-real-estate-in-europe",[59],[61,1863,63],{},{"title":65,"searchDepth":66,"depth":66,"links":1865},[1866],{"id":1836,"depth":66,"text":1837},[69],"2026-01-10 12:23:53",{},"\u002Fblog\u002Fhundreds-of-wealthy-investors-are-using-crypto-to-buy-real-estate-in-europe",{"title":1792,"description":1800},"blog\u002FHundreds-of-wealthy-investors-are-using-crypto-to-buy-real-estate-in-Europe","AD5mOaZGDHs_wYCJ_m9PCZa1Ocj7lbhBzDY6suMGMDc",{"id":1875,"title":1876,"body":1877,"categories":2004,"cover":1883,"date":1868,"description":1884,"extension":71,"meta":2005,"navigation":73,"path":2006,"seo":2007,"stem":2008,"tags":77,"__hash__":2009},"blog\u002Fblog\u002FBrazilian-exchange-Mercado-Bitcoin-outlines-6-crypto-trends-shaping-markets-in-2026.md","Brazilian exchange Mercado Bitcoin outlines 6 crypto trends shaping markets in 2026",{"type":8,"value":1878,"toc":1996},[1879,1885,1888,1892,1895,1898,1901,1904,1907,1910,1914,1917,1924,1927,1930,1934,1937,1940,1943,1947,1950,1953,1956,1959,1963,1966,1969,1972,1975,1979,1982,1985,1988],[11,1880,1881,1884],{},[14,1882],{"alt":16,"src":1883},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F20260109-2.avif","\nSão Paulo-based cryptocurrency exchange Mercado Bitcoin (MB), one of Latin America's largest trading platforms, released a report outlining six major trends it expects to define the crypto market in 2026.",[11,1886,1887],{},"The report identifies a major expansion in stablecoins, tokenization, altcoin exchange-traded funds (ETFs) and AI-driven trading as key forces shaping the next phase of the industry.",[100,1889,1891],{"id":1890},"bitcoin-to-gold-ratio-changes","Bitcoin to gold ratio changes",[11,1893,1894],{},"MB estimates that bitcoin could reach 14% of gold’s market capitalization by the end of 2026. That ratio is currently at 5.65%, meaning that, all else equal, the price of bitcoin would more than double.",[11,1896,1897],{},"The report cites bitcoin's growing role as a store of value, particularly in comparison to gold, which faces logistical challenges around transport and storage. The cryptocurrency’s adoption by institutional treasuries, which have accumulated more than 1.09 million bitcoin so far, also shows bitcoin is no longer a niche asset, the firm said.",[11,1899,1900],{},"Bitcoin’s digital, borderless, and self-custodied nature has allowed it to capture interest from investors looking for alternatives to traditional safe havens, the report adds.",[11,1902,1903],{},"The 14% figure, MB added, isn’t a guess but rather the result of a valuation methodology developed in partnership with researchers from the University of California (UCLA).",[11,1905,1906],{},"“In the \"Bitcoin Valuation Framework,\" we use, among other methods, a Total Addressable Market (TAM) approach to estimate BTC's theoretical value,” the report reads. “Instead of forcing traditional cash flow models onto a monetary asset, we start with the global store-of-value market, use gold as the primary benchmark, and project what fraction of this market Bitcoin might capture under different adoption scenarios.”",[11,1908,1909],{},"That framework, the firm’s analysts wrote, takes them to their base scenario where bitcoin reaches 14% of gold’s market capitalization this year.",[100,1911,1913],{"id":1912},"stablecoins-to-grow-to-half-a-trillion","Stablecoins to grow to half a trillion",[11,1915,1916],{},"MB expects to see the stablecoin sector, already a core part of the crypto infrastructure, grow to reach a market capitalization of $500 billion in 2026. That, in part, will be over the growth of stablecoins that aren't tied to the U.S. dollar.",[11,1918,1919,1920,1923],{},"According to MB, stablecoins have evolved from trading tools into payment instruments across countries and sectors. “",[1731,1921,1922],{},"Stablecoins"," play an essential role as a source of liquidity for the sector, facilitating the rapid and secure movement of resources without exposure to the volatility of other digital assets,” the report adds.",[11,1925,1926],{},"It notes that in 2025, total market capitalization of stablecoins grew nearly 50% year over year, a trend the company attributes to broader adoption and regulatory clarity, particularly in the United States.",[11,1928,1929],{},"The stablecoin sector is currently at $307 billion, with Tether’s USDT commanding 60.5% of it according to DeFiLlama data. It started 2025 around $205 billion.",[100,1931,1933],{"id":1932},"altcoin-etfs-to-stand-out","Altcoin ETFs to stand out",[11,1935,1936],{},"After U.S. regulators began approving ETFs for crypto assets beyond bitcoin and ether in late 2025, funds tied to altcoins like XRP, solana, and chainlink began attracting capital.",[11,1938,1939],{},"XRP ETFs alone now manage roughly $1.47 billion in assets, with solana ETFs adding another $1.09 billion according to SoSoValue data. MB projects that this market segment will grow to at least $10 billion by the end of 2026, with XRP and SOL expected to account for around 80% of new inflows.",[11,1941,1942],{},"The analysis considers altcoin ETFs those that do not include bitcoin or ether, and that are listed on regulated markets.",[100,1944,1946],{"id":1945},"tokenized-asset-market-to-triple","Tokenized asset market to triple",[11,1948,1949],{},"The global volume of tokenized real-world assets is expected to increase by 200%, surpassing $54 billion.",[11,1951,1952],{},"In 2025, regulatory advances across major markets enabled this growth, MB argued. The European Union permitted larger volumes of tokenized transactions on permissioned blockchains, while the U.S. recognized blockchain-based records for asset transfers.",[11,1954,1955],{},"Major institutional players, including BlackRock, Franklin Templeton, and WisdomTree have launched their own tokenized funds, while other institutions have started studying potential launches.",[11,1957,1958],{},"MB points to these developments as evidence that tokenization is becoming a viable path for bringing traditional assets into blockchain-based systems, improving efficiency and accessibility for both issuers and investors.",[100,1960,1962],{"id":1961},"prediction-markets-to-expand-25x","Prediction markets to expand 25x",[11,1964,1965],{},"The report highlights prediction markets such as Polymarket and Kalshi as the fastest-growing segment in crypto. These platforms allow users to trade on the probability of future events, such as elections or sports outcomes.",[11,1967,1968],{},"MB forecasts that capital locked in these markets could reach $20 billion by the end of 2026, up from an estimated figure under $1 billion today.",[11,1970,1971],{},"The report attributes this expansion to global events like the 2026 World Cup and presidential elections in major economies, as well as the rise of prediction markets tied to entertainment and climate-related scenarios.",[11,1973,1974],{},"To MB’s analysts, these markets’ peer-to-peer model and aligned incentives between users and platforms will also contribute to their growth.",[100,1976,1978],{"id":1977},"ai-powered-agents-to-drive-onchain-activity","AI-powered agents to drive onchain activity",[11,1980,1981],{},"MB also expects blockchain-integrated AI agents to play a larger role in crypto ecosystems.",[11,1983,1984],{},"These agents, designed to make autonomous decisions and execute transactions, are beginning to leverage new technical standards like x402 and ERC-8004 to meet demands for transparency, traceability and micropayments.",[11,1986,1987],{},"The report estimates that the volume traded by such AI agents will exceed $1 million per day in 2026, quadrupling from current levels.",[11,1989,1990],{},[55,1991,1994],{"href":1992,"rel":1993},"https:\u002F\u002Fwww.coindesk.com\u002Fbusiness\u002F2026\u002F01\u002F10\u002Fbrazilian-exchange-mercado-bitcoin-outlines-6-crypto-trends-shaping-markets-in-2026",[59],[61,1995,63],{},{"title":65,"searchDepth":66,"depth":66,"links":1997},[1998,1999,2000,2001,2002,2003],{"id":1890,"depth":66,"text":1891},{"id":1912,"depth":66,"text":1913},{"id":1932,"depth":66,"text":1933},{"id":1945,"depth":66,"text":1946},{"id":1961,"depth":66,"text":1962},{"id":1977,"depth":66,"text":1978},[69],{},"\u002Fblog\u002Fbrazilian-exchange-mercado-bitcoin-outlines-6-crypto-trends-shaping-markets-in-2026",{"title":1876,"description":1884},"blog\u002FBrazilian-exchange-Mercado-Bitcoin-outlines-6-crypto-trends-shaping-markets-in-2026","4tZzTyye8Y5nYHNMKm_NuVfRX0VkmKSltK4DWUagV8M",{"id":2011,"title":2012,"body":2013,"categories":2073,"cover":2019,"date":2074,"description":2020,"extension":71,"meta":2075,"navigation":73,"path":2076,"seo":2077,"stem":2078,"tags":77,"__hash__":2079},"blog\u002Fblog\u002FCoinbase-says-three-areas-will-dominate-the-crypto-market-in-2026.md","Coinbase says three areas will dominate the crypto market in 2026",{"type":8,"value":2014,"toc":2068},[2015,2021,2024,2028,2031,2034,2037,2041,2044,2047,2051,2054,2057,2060],[11,2016,2017,2020],{},[14,2018],{"alt":16,"src":2019},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F490d44e8658ba690aaf9e1e527c93495e34f829a-1920x1080.avif","\nCrypto markets are entering a phase where activity concentration matters more than narrative momentum, according to a new outlook from Coinbase Institutional that frames 2026 as a test of whether crypto’s core markets can scale under more disciplined conditions.",[11,2022,2023],{},"The report, written by global head of research David Duong and research associate Colin Basco, argues that familiar crypto cycle models — built around retail speculation, token launches and protocol-specific catalysts — are becoming less reliable as institutional participation and market plumbing play a larger role in shaping price behavior.",[100,2025,2027],{"id":2026},"perpetual-futures-increasingly-anchor-price-discovery","Perpetual futures increasingly anchor price discovery",[11,2029,2030],{},"Coinbase identifies perpetual futures as a central pillar of crypto market activity, noting that derivatives now account for the majority of trading volume across major venues. According to the firm, this has shifted the mechanics of price formation toward positioning, funding rates, and liquidity conditions, rather than relying solely on retail-driven momentum.",[11,2032,2033],{},"The report states that leverage was sharply reduced following liquidation events in late 2025, particularly in derivatives markets. Coinbase characterizes that drawdown as a structural reset rather than a retreat, arguing that speculative excess was removed while participation in perpetual futures remained resilient.",[11,2035,2036],{},"Duong and Basco write that tighter margin practices and improved risk controls are contributing to markets that absorb shocks more efficiently, even as derivatives continue to dominate liquidity.",[100,2038,2040],{"id":2039},"prediction-markets-move-toward-sustained-relevance","Prediction markets move toward sustained relevance",[11,2042,2043],{},"Prediction markets, says Coinbase, are evolving from experimental products into more durable financial infrastructure. The firm points to rising notional volumes and deeper liquidity as signs that these markets are increasingly being used for information discovery and risk transfer.",[11,2045,2046],{},"Coinbase also notes that fragmentation across prediction platforms is driving demand for aggregation and improved efficiency. According to the report, this dynamic is attracting more sophisticated participants and expanding usage beyond crypto-native traders, particularly as regulatory clarity improves in certain jurisdictions.",[100,2048,2050],{"id":2049},"stablecoins-and-payments-underpin-real-world-activity","Stablecoins and payments underpin real-world activity",[11,2052,2053],{},"The final pillar of growth for 2026, Coinbase highlights, centers on stablecoins and payments, which the firm describes as crypto’s most persistent source of real-world usage. Duong and Basco write that stablecoin transaction volumes continue to grow through settlement, cross-border transfers, and liquidity management, rather than speculative trading.",[11,2055,2056],{},"Coinbase states that payment activity is becoming increasingly intertwined with other parts of the ecosystem, including automated trading strategies and emerging AI-driven applications. Rather than viewing artificial intelligence as competitive pressure, the firm argues these developments reinforce blockchain-based payments as foundational infrastructure within digital markets.",[11,2058,2059],{},"Coinbase says 2026 will test whether these markets can continue to scale and manage risk under tighter conditions, a result the firm believes will shape the future of crypto long after the next price cycle fades.",[11,2061,2062],{},[55,2063,2066],{"href":2064,"rel":2065},"https:\u002F\u002Fwww.coindesk.com\u002Fmarkets\u002F2025\u002F12\u002F28\u002Fcoinbase-says-three-areas-will-dominate-the-crypto-market-in-2026",[59],[61,2067,63],{},{"title":65,"searchDepth":66,"depth":66,"links":2069},[2070,2071,2072],{"id":2026,"depth":66,"text":2027},{"id":2039,"depth":66,"text":2040},{"id":2049,"depth":66,"text":2050},[69],"2025-12-29 12:23:53",{},"\u002Fblog\u002Fcoinbase-says-three-areas-will-dominate-the-crypto-market-in-2026",{"title":2012,"description":2020},"blog\u002FCoinbase-says-three-areas-will-dominate-the-crypto-market-in-2026","Wm3laTXzAdlyN8KoJfm20J07CVyf7oBARVFLGg_JdrQ",{"id":2081,"title":2082,"body":2083,"categories":2119,"cover":2089,"date":2120,"description":2090,"extension":71,"meta":2121,"navigation":73,"path":2122,"seo":2123,"stem":2124,"tags":77,"__hash__":2125},"blog\u002Fblog\u002F‘Much-more-than-a-backend-refresh’-Coinbase’s-fintech-pivot-hits-milestone.md","‘Much more than a backend refresh’: Coinbase’s fintech pivot hits milestone",{"type":8,"value":2084,"toc":2117},[2085,2091,2094,2097,2100,2103,2106,2109],[11,2086,2087,2090],{},[14,2088],{"alt":16,"src":2089},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F80f99baf5da294e11a51b05b169174d736d06f9b-3840x2160.avif","\nCoinbase’s (COIN) “system update,” scheduled for Wednesday, could mark a key moment in its attempt to pivot from a crypto exchange to a broader fintech platform, with analysts saying it’s likely to be much more than a backend refresh.",[11,2092,2093],{},"Coinbase will use the event to unveil a series of new products across trading, payments, and onchain infrastructure, said Clear Street's Owen Lau. These could include a formal launch of prediction markets — leveraging its partnership with regulated event contracts platform Kalshi — alongside trading of tokenized real-world assets, and deeper features within its upcoming Base SuperApp.",[11,2095,2096],{},"The company has also hinted at integrating AI agents to automate payments, subscriptions, and other onchain tasks via its x402 payment protocol. In theory, that could mean a user asking a chatbot to split a dinner bill or invest in a new token, without manually signing a transaction.",[11,2098,2099],{},"Wednesday’s event could also clarify Coinbase’s international roadmap. Expansions into Singapore, the European Union, and Australia have picked up pace, and the company may use this event to show how a unified backend system can support regional compliance and rollout of features like the Base App globally.",[11,2101,2102],{},"Some investors see a short-term opportunity. Analysts at Compass Point estimate a $550 million revenue opportunity from new verticals including prediction markets, tokenized stocks, and an IEO launchpad. The announcements, they caution, may not materially impact near-term earnings, particularly given Coinbase’s sensitivity to crypto price cycles. The firm today cut its price target on COIN to $230, citing weaker fourth-quarter revenue projections.",[11,2104,2105],{},"Others are more optimistic. Benchmark’s Mark Palmer sees the potential launch of a Base network token as a key lever for monetization, adding that most models don’t yet reflect Base’s contribution to Coinbase’s bottom line. Although a token announcement is far from confirmed, a reveal this week could surprise markets.",[11,2107,2108],{},"Coinbase’s stock is down nearly 30% since October, including a 7% decline on Monday as crypto markets plunge. Trading volumes and stablecoin market caps, however, remain relatively stable, suggesting the ecosystem still has strength. The system update could be Coinbase’s bid to reframe itself not just as a crypto exchange, but as an infrastructure provider for a global, onchain financial system.",[11,2110,2111],{},[55,2112,2115],{"href":2113,"rel":2114},"https:\u002F\u002Fwww.coindesk.com\u002Fmarkets\u002F2025\u002F12\u002F15\u002Fmuch-more-than-a-backend-refresh-coinbase-s-fintech-pivot-hits-milestone",[59],[61,2116,63],{},{"title":65,"searchDepth":66,"depth":66,"links":2118},[],[69],"2025-12-16 12:23:53",{},"\u002Fblog\u002F'much-more-than-a-backend-refresh'-coinbase's-fintech-pivot-hits-milestone",{"title":2082,"description":2090},"blog\u002F‘Much-more-than-a-backend-refresh’-Coinbase’s-fintech-pivot-hits-milestone","bB7gMDQyTbvlCggMa7BdBeNBfwQeOxrg7kj16FDyMmA",{"id":2127,"title":2128,"body":2129,"categories":2187,"cover":2135,"date":2188,"description":2136,"extension":71,"meta":2189,"navigation":73,"path":2190,"seo":2191,"stem":2192,"tags":77,"__hash__":2193},"blog\u002Fblog\u002FNASA’s-Roman-Telescope-Will-Observe-Thousands-of-Newfound-Cosmic-Voids.md","NASA’s Roman Telescope Will Observe Thousands of Newfound Cosmic Voids",{"type":8,"value":2130,"toc":2183},[2131,2137,2140,2144,2147,2150,2153,2156,2159,2162,2166,2169,2172,2175],[11,2132,2133,2136],{},[14,2134],{"alt":16,"src":2135},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002FTrailer_still_1-1.jpg","\nOur universe is filled with galaxies, in all directions as far as our instruments can see. Some researchers estimate that there are as many as two trillion galaxies in the observable universe. At first glance, these galaxies might appear to be randomly scattered across space, but they’re not. Careful mapping has shown that they are distributed across the surfaces of giant cosmic “bubbles” up to several hundred million light-years across. Inside these bubbles, few galaxies are found, so those regions are called cosmic voids. NASA’s Nancy Grace Roman Space Telescope will allow us to measure these voids with new precision, which can tell us about the history of the universe’s expansion.",[11,2138,2139],{},"“Roman’s ability to observe wide areas of the sky to great depths, spotting an abundance of faint and distant galaxies, will revolutionize the study of cosmic voids,” said Giovanni Verza of the Flatiron Institute and New York University, lead author on a paper published in The Astrophysical Journal.",[100,2141,2143],{"id":2142},"cosmic-recipe","Cosmic Recipe",[11,2145,2146],{},"The cosmos is made of three key components: normal matter, dark matter, and dark energy. The gravity of normal and dark matter tries to slow the expansion of the universe, while dark energy opposes gravity to speed up the universe’s expansion. The nature of both dark matter and dark energy are currently unknown. Scientists are trying to understand them by studying their effects on things we can observe, such as the distribution of galaxies across space.",[11,2148,2149],{},"“Since they’re relatively empty of matter, voids are regions of space that are dominated by dark energy. By studying voids, we should be able to put powerful constraints on the nature of dark energy,” said co-author Alice Pisani of CNRS (the French National Centre for Scientific Research) in France and Princeton University in New Jersey.",[11,2151,2152],{},"To determine how Roman might study voids, the researchers considered one potential design of the Roman High-Latitude Wide-Area Survey, one of three core community surveys that Roman will conduct. The High-Latitude Wide-Area Survey will look away from the plane of our galaxy (hence the term high latitude in galactic coordinates). The team found that this survey should be able to detect and measure tens of thousands of cosmic voids, some as small as just 20 million light-years across. Such large numbers of voids will allow scientists to use statistical methods to determine how their observed shapes are influenced by the key components of the universe.",[11,2154,2155],{},"To determine the actual, 3D shapes of the voids, astronomers will use two types of data from Roman — the positions of galaxies in the sky and their cosmological redshift, the latter of which is determined using spectroscopic data. To convert redshift to a physical distance, astronomers make assumptions about the components of the universe, including the strength of dark energy and how it might have evolved over time.",[11,2157,2158],{},"Pisani compared it to trying to infer a cake recipe (i.e., the universe’s makeup) from the final dessert served to you. “You try to put in the right ingredients — the right amount of matter, the right amount of dark energy — and then you check whether your cake looks as it should. If it doesn’t, that means you put in the wrong ingredients.”",[11,2160,2161],{},"In this case, the appearance of the “cake” is the shape found by statistically stacking all of the voids detected by Roman on top of each other. On average, voids are expected to have a spherical shape because there is no “preferred” location or direction in the universe (i.e., the universe is both homogeneous and isotropic on large scales). This means that, if the stacking is done correctly, the resulting shape will be perfectly round (or spherically symmetric). If not, then you have to adjust your cosmic recipe.",[100,2163,2165],{"id":2164},"power-of-roman","Power of Roman",[11,2167,2168],{},"The researchers emphasized that to study cosmic voids in large numbers, an observatory must be able to probe a large volume of the universe, because the voids themselves can be tens or hundreds of millions of light-years across. The spectroscopic data necessary to study voids will come from a portion of the Roman High-Latitude Wide-Area Survey that will cover on the order of 2,400 square degrees of the sky, or 12,000 full moons. It will also be able to see fainter and more distant objects, yielding a greater density of galaxies than complementary missions like ESA’s (European Space Agency’s) Euclid.",[11,2170,2171],{},"“Voids are defined by the fact that they contain so few galaxies. So to detect voids, you have to be able to observe galaxies that are quite sparse and faint. With Roman, we can better look at the galaxies that populate voids, which ultimately will give us greater understanding of the cosmological parameters like dark energy that are sculpting voids,” said co-author Giulia Degni of Roma Tre University and INFN (the National Institute of Nuclear Physics) in Rome.",[11,2173,2174],{},"The Nancy Grace Roman Space Telescope is managed at NASA’s Goddard Space Flight Center in Greenbelt, Maryland, with participation by NASA’s Jet Propulsion Laboratory in Southern California; Caltech\u002FIPAC in Pasadena, California; the Space Telescope Science Institute in Baltimore; and a science team comprising scientists from various research institutions. The primary industrial partners are BAE Systems, Inc. in Boulder, Colorado; L3Harris Technologies in Melbourne, Florida; and Teledyne Scientific & Imaging in Thousand Oaks, California.",[11,2176,2177],{},[55,2178,2181],{"href":2179,"rel":2180},"https:\u002F\u002Fwww.nasa.gov\u002Fmissions\u002Froman-space-telescope\u002Fnasas-roman-telescope-will-observe-thousands-of-newfound-cosmic-voids\u002F",[59],[61,2182,63],{},{"title":65,"searchDepth":66,"depth":66,"links":2184},[2185,2186],{"id":2142,"depth":66,"text":2143},{"id":2164,"depth":66,"text":2165},[233],"2025-12-15 12:23:53",{},"\u002Fblog\u002Fnasa's-roman-telescope-will-observe-thousands-of-newfound-cosmic-voids",{"title":2128,"description":2136},"blog\u002FNASA’s-Roman-Telescope-Will-Observe-Thousands-of-Newfound-Cosmic-Voids","hCXdztP3oFhhmTLndeHaWBD3L5lmclrtdAfKYMvoSkQ",{"id":2195,"title":2196,"body":2197,"categories":2266,"cover":2203,"date":2267,"description":2204,"extension":71,"meta":2268,"navigation":73,"path":2269,"seo":2270,"stem":2271,"tags":77,"__hash__":2272},"blog\u002Fblog\u002FMSCI-Isn-t-Wrong-to-Be-Cautious-on-DATs.md","MSCI Isn't Wrong to Be Cautious on DATs",{"type":8,"value":2198,"toc":2261},[2199,2205,2208,2212,2215,2218,2221,2225,2228,2231,2234,2237,2240,2244,2247,2250,2253],[11,2200,2201,2204],{},[14,2202],{"alt":16,"src":2203},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F8ea70dcf25af8f0f672cfd4eb347ce6d5d14c497-3840x2160.avif","\nThe news that MSCI — one of the world’s “Big Three” index providers — is looking to potentially exclude digital asset treasuries (DATs) from its indexes has absolutely scandalized the crypto community. JP Morgan mentioning this in their research note on Strategy only added fuel to the fire, with the term “Operation Chokepoint” coming back into the Crypto Twitter lexicon. However, MSCI may have a valid point when it comes to DATs.",[11,2206,2207],{},"MSCI is one of the largest index providers in the world, with over $18 trillion in ETFs and institutional assets following its benchmarks. As such, investor protection is a key part of their role — and, indeed, they clearly and repeatedly state so in their index methodology documents. If they approve an asset for inclusion into one of their indexes, it has real clout. And, unfortunately, it is questionable whether DATs truly meet these benchmarks.",[100,2209,2211],{"id":2210},"the-rise-and-fall-of-dats","The rise and fall of DATs",[11,2213,2214],{},"Until very recently, Strategy (formerly MicroStrategy) was the only Bitcoin treasury game in town. Originally a software business, Strategy (under the ticker MSTR) slowly transitioned further and further away from its core activity under the leadership of Michael Saylor to become, essentially, a leveraged BTC play listed on the traditional stock market.",[11,2216,2217],{},"And it did really well as a result. From its first Bitcoin buy in August 2020 to the peak in June 2025, MSTR’s share price soared over 3,000%. It was so successful, in fact, that many other companies decided they wanted a piece of the pie. And so, this year, the DAT trend exploded — their number increased from just 4 in 2020 to 142 by October 2025, more than half of these coming into existence this year alone. We now even have corporate entities investing in tokens like DOGE, ZEC, or WLFI, whose volatility is far greater than BTC.",[11,2219,2220],{},"But that’s not the only problem. Many of these new corporate entities raised funds to buy crypto on much more unfavorable terms than Strategy, whose unsecured convertible debt gives it a great deal of flexibility when it comes to repayments. Some others, meanwhile, have issued secured debt — meaning they face stricter collateral demands and have far less wiggle room — and on top of this, bought crypto at far higher average prices.",[100,2222,2224],{"id":2223},"max-pain","Max pain",[11,2226,2227],{},"As a result, DATs are now hurting from the brutal crypto sell-off over recent weeks. The crash nearly halved the combined market cap of DATs from July’s $176 billion peak to about $99 billion in mid-November, while many are now trading below their net asset values (NAVs). For investors looking to buy these stocks at this point in the market, this can potentially represent a discount — if they see future value, which is a big if. In the meantime, early investors are feeling the pain, as the stock prices of crypto treasuries tumble.",[11,2229,2230],{},"Even Strategy’s shares are down 40% year-to-date, and Tom Lee’s BitMine is trading nearly 80% down from its all-time high (though shares are up nearly 300% YTD). Saylor and Lee, however, have structured their vehicles well enough to have the luxury of buying the dip —which both of them have been doing. Others have not fared quite so well.",[11,2232,2233],{},"After their shares suffered brutal sell-offs, several DATs have already been forced to sell their crypto holdings — almost certainly at a loss — to fund share buybacks. A few weeks ago, ETH treasury firm ETHZilla sold $40 million in tokens, while FG Nexus was forced to sell over 10,922 ETH to re-purchase some 8% of its publicly tradable shares. Similarly, in early November, BTC treasury Sequans sold 970 Bitcoin to redeem half of its convertible debt. These types of forced liquidations are highly unusual for publicly traded companies, especially so soon after launch, and clearly point to structural issues.",[11,2235,2236],{},"It really feels like we’re seeing the dominoes begin to fall, and we’re not even anywhere near a crypto winter yet. For now, this is no more than a relatively standard bull market correction. So it’s particularly concerning that these companies are hurting so badly now —what will happen if we see something more akin to the 2022 downturn?",[11,2238,2239],{},"As someone who closely watches the crypto market on a daily basis, I have been concerned about the systemic risk of DATs for a while. So why shouldn’t MSCI be concerned about including these assets in its indexes? Its approval would signal that DATs are investable, well-governed, and sufficiently transparent. Conversely, excluding them suggests an unacceptable level of risk, structural issues, or concerns about liquidity or governance. It’s easy to see how many DATs fall into the latter category.",[100,2241,2243],{"id":2242},"the-tradfi-game","The TradFi game",[11,2245,2246],{},"Of course, not all DATs are made equal. While a large proportion of crypto companies on the market today will likely not survive a real downturn, the likes of BitMine and Strategy will almost certainly be fine. So there’s an argument that MSCI is throwing the baby out with the bathwater when it comes to these companies.",[11,2248,2249],{},"Overall, though, MSCI isn’t wrong to be cautious on DATs. Many of them are risky vehicles that have jumped on the hype train in the hopes of quick gains. Excluding them from major investment indexes isn’t the sign of some sort of coordinated attack on crypto as a whole — it's just TradFi being cautious and looking to protect investors.",[11,2251,2252],{},"And as crypto increasingly becomes integrated with the traditional financial ecosystem, this is a part of it all of us will simply have to accept. These are the growing pains that come with a major change. But in the end, these stringent standards could be a blessing in disguise. Over time, they may strengthen the case for legitimate digital asset treasuries – while weeding out the risky, badly structured firms, before they can become a systemic risk.",[11,2254,2255],{},[55,2256,2259],{"href":2257,"rel":2258},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2025\u002F12\u002F12\u002Fmsci-isn-t-wrong-to-be-cautious-on-dats",[59],[61,2260,63],{},{"title":65,"searchDepth":66,"depth":66,"links":2262},[2263,2264,2265],{"id":2210,"depth":66,"text":2211},{"id":2223,"depth":66,"text":2224},{"id":2242,"depth":66,"text":2243},[69],"2025-12-14 12:23:53",{},"\u002Fblog\u002Fmsci-isn-t-wrong-to-be-cautious-on-dats",{"title":2196,"description":2204},"blog\u002FMSCI-Isn-t-Wrong-to-Be-Cautious-on-DATs","af5jm8rhRlFBRFpG-z-6p7M1T9WdXyvgR80KRcA4L0U",{"id":2274,"title":2275,"body":2276,"categories":2332,"cover":2282,"date":2333,"description":2283,"extension":71,"meta":2334,"navigation":73,"path":2335,"seo":2336,"stem":2337,"tags":77,"__hash__":2338},"blog\u002Fblog\u002FFive-Crypto-Firms-Win-Initial-Approvals-as-Trust-Banks-Including-Ripple-Circle-BitGo.md","Five Crypto Firms Win Initial Approvals as Trust Banks, Including Ripple, Circle, BitGo",{"type":8,"value":2277,"toc":2329},[2278,2284,2287,2290,2293,2296,2300,2303,2306,2309,2312,2315,2318,2321],[11,2279,2280,2283],{},[14,2281],{"alt":16,"src":2282},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Fb6d44b1a0f70b26c756c4e4603c2b567c9ab531f-1920x1080.avif","\nFive digital asset firms have received conditional approvals Friday to become federally chartered trust banks by the Office of the Comptroller of Currency (OCC) in a major step to bring U.S. dollar stablecoin issuers under federal regulatory oversight.",[11,2285,2286],{},"Blockchain firm Ripple and Circle's (CRCL) First National Digital Currency Bank are on the list, which also includes BitGo, Fidelity Digital Assets and Paxos, each having previously operated under state charters that will be converted to conditional federal status.",[11,2288,2289],{},"The OCC is the only federal agency that charters banks and trusts, and this surge in approvals potentially marks a major turning point in crypto banking. Since the arrival of President Donald Trump's administration, the regulator — run by his appointee, Jonathan Gould — has shifted from a crypto-resistant stance to a friendly approach.",[11,2291,2292],{},"\"The OCC will continue to provide a path for both traditional and innovative approaches to financial services to ensure the federal banking system keeps pace with the evolution of finance and supports a modern economy,\" Gould said in a statement.",[11,2294,2295],{},"If the newly approved trust banks can meet agency expectations, they'll permanently join about 60 regulated institutions with such charters, which allow for fiduciary activities including custody. National trust banks — a category that includes the first chartered crypto bank, Anchorage Digital — have certain limits in their business activities, so they don't offer the same deposit and lending capabilities as the OCC's larger pool of national banks.",[100,2297,2299],{"id":2298},"huge-news-for-crypto-ripples-garlinghouse-says","'Huge news' for crypto, Ripple's Garlinghouse says",[11,2301,2302],{},"Ripple chief executive officer Brad Garlinghouse said in an X post that the OCC's move is \"huge news,\" a \"massive step\" for the firm's $1.3 billion\nRLUSD stablecoin. He also slammed the bank lobby for their \"anti-competitive tactics.\"",[11,2304,2305],{},"\"You’ve complained that crypto isn’t playing by the same rules, but here’s the crypto industry — directly under the OCC's supervision and standards — prioritizing compliance, trust and innovation to the benefit of consumers,\" Garlinghouse said. \"What are you so afraid of?\"",[11,2307,2308],{},"Circle, the issuer of the $78 billion stablecoin USDC, said in a press release that the national trust bank charter would \"enhance the safety and regulatory oversight of the USDC Reserve, while enabling Circle to offer fiduciary digital asset custody and related services to institutional customers.\"",[11,2310,2311],{},"Paxos, the company behind the $3.8 billion PYUSD and the consortium-backed, $1.4 billion Global Dollar token (USDG), said that its federally regulated platform would \"allow businesses to issue, custody, trade and settle digital assets with clarity and confidence.\" Notably, Paxos has been operating under a New York Department of Financial Service (NYDFS) charter since 2015, and first applied for federal charter in 2020.",[11,2313,2314],{},"Mike Belshe, CEO of BitGo, said that the development \"marks an official end to the war on crypto and the beginning of the next era of innovation in banking,\" adding that \"we’ve entered the era of regulatory integration, and improvements will continue to happen fast.\" BitGo is the issuer behind USD1 (USD1), the digital dollar token of World Liberty Financial, a crypto project with close ties to the Trump family.",[11,2316,2317],{},"The crypto sector has long struggled with banking in the U.S., including a prolonged fight against regulators and large institutions that the industry accused of systemically debanking their companies and executives. The Trump administration has sought to reverse any policies and banking activity that adversely targeted crypto firms.",[11,2319,2320],{},"The OCC issued a report on Thursday about debanking, arguing that all nine of the largest banks were involved and that those guilty of severing banking ties to legal business customers could face punishment.",[11,2322,2323],{},[55,2324,2327],{"href":2325,"rel":2326},"https:\u002F\u002Fwww.coindesk.com\u002Fpolicy\u002F2025\u002F12\u002F12\u002Ffive-crypto-firms-step-closer-to-become-a-bank-including-ripple-circle-fidelity",[59],[61,2328,63],{},{"title":65,"searchDepth":66,"depth":66,"links":2330},[2331],{"id":2298,"depth":66,"text":2299},[69],"2025-12-13 12:23:53",{},"\u002Fblog\u002Ffive-crypto-firms-win-initial-approvals-as-trust-banks-including-ripple-circle-bitgo",{"title":2275,"description":2283},"blog\u002FFive-Crypto-Firms-Win-Initial-Approvals-as-Trust-Banks-Including-Ripple-Circle-BitGo","VV5dGA13JX6X3vo3xDaaCOCblYB3xzFg0qxDB3qYIQ4",{"id":2340,"title":2341,"body":2342,"categories":2421,"cover":2348,"date":2422,"description":65,"extension":71,"meta":2423,"navigation":73,"path":2424,"seo":2425,"stem":2426,"tags":77,"__hash__":2427},"blog\u002Fblog\u002FAI-Agents-Need-Identity-and-Zero-Knowledge-Proofs-Are-the-Solution.md","AI Agents Need Identity and Zero-Knowledge Proofs Are the Solution",{"type":8,"value":2343,"toc":2415},[2344,2349,2352,2355,2359,2362,2365,2368,2372,2375,2378,2381,2384,2388,2391,2394,2397,2401,2404,2407],[11,2345,2346],{},[14,2347],{"alt":16,"src":2348},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F8c705f6cfbc7fa97c69b7c754e8db02095b20572-1920x1080.avif",[11,2350,2351],{},"These are interesting times for AI and trust. A growing number of investment firms are using AI agents to review research notes and company filings. Humans are asked to surrender increasingly invasive biometric data, like face scans, voice samples, and behavioral patterns, just to prove they're not bots. Once in the wild, this data can be weaponized by AI-driven bots to convincingly spoof real people, defeating the very systems designed to keep them out. That leaves us in a strange new arms race – the more invasive the verification, the greater the risk when it inevitably leaks. So, how do we verify who (or what) we're really dealing with?",[11,2353,2354],{},"It’s unconscionable to demand transparency from humans while accepting opacity from machines. Both bots and online humans need better ways of verifying their identity. We can’t solve this problem by simply collecting more biometric data, nor by building centralized registries that represent massive honeypots for cyber criminals. Zero-knowledge proofs offer a way forward where both humans and AI can prove their credentials without exposing themselves to exploitation.",[100,2356,2358],{"id":2357},"the-trust-deficit-blocking-progress","The Trust Deficit Blocking Progress",[11,2360,2361],{},"The absence of verifiable AI identity creates immediate market risks. When AI agents can impersonate humans, manipulate markets, or execute unauthorized transactions, enterprises rightfully hesitate to deploy autonomous systems at scale. As it happens, LLMs that have been “fine-tuned” on a smaller dataset to improve performance are 22 times more likely to produce harmful outputs than base models, with the success rates of bypassing the safety and ethical guardrails of the system — a process known as “jailbreaking” — tripling against production-ready systems. Without reliable identity verification, every AI interaction takes a step closer to a potential security breach.",[11,2363,2364],{},"The problem is not as obvious as preventing malicious actors from deploying rogue agents, because it’s not as if we are faced with a single AI interface. The future will see more and more autonomous AI agents with greater capabilities. In such a sea of agents, how do we know what we’re dealing with? Even legitimate AI systems need verifiable credentials to participate in the emerging agent-to-agent economy. When an AI trading bot executes a transaction with another bot, both parties need assurance about the other's identity, authorization, and accountability structure.",[11,2366,2367],{},"The human side of this equation is equally broken. Traditional identity verification systems expose users to massive data breaches, too easily allow for authoritarian surveillance, and generate billions in revenue for huge corporations from selling personal information without compensating the individuals who generate it. People are rightfully reluctant to share more personal data, yet regulatory requirements demand ever more invasive verification procedures.",[100,2369,2371],{"id":2370},"zero-knowledge-the-bridge-between-privacy-and-accountability","Zero-Knowledge: The Bridge Between Privacy and Accountability",[11,2373,2374],{},"Zero-knowledge proofs (ZKPs) offer a solution to this seemingly intractable problem. Rather than revealing sensitive information, ZKPs allow entities, whether human or artificial, to prove specific claims without exposing underlying data. A user can prove they're over 21 without revealing their birthdate. An AI agent can prove it was trained on ethical datasets without exposing proprietary algorithms. A financial institution can verify a customer meets regulatory requirements without storing personal information that could be breached.",[11,2376,2377],{},"For AI agents, ZKPs can enable the necessary deep levels of trust, since we need to verify not just technical architecture but behavioral patterns, legal accountability, and social reputation. With ZKPs, these claims can be stored in a verifiable trust graph on-chain.",[11,2379,2380],{},"Think of it as a composable identity layer that works across platforms and jurisdictions. That way, when an AI agent presents its credentials, it can prove its training data meets ethical standards, its outputs have been audited, and its actions are linked to accountable human entities, all without exposing proprietary information.",[11,2382,2383],{},"ZKPs could completely change the game, allowing us to prove who we are without handing over sensitive data, but adoption remains slow. ZKPs remain a technical niche, unfamiliar to users, and tangled in regulatory gray areas. To top it off, companies that profit from collecting data have little incentive to adopt the technology. However, that isn’t stopping more agile identity companies from leveraging them, and as regulatory standards emerge and awareness improves, ZKPs could become the backbone of a new era of trusted AI and digital identity – giving individuals and organizations a way to interact safely and transparently across platforms and borders.",[100,2385,2387],{"id":2386},"market-implications-unlocking-the-agent-economy","Market Implications: Unlocking the Agent Economy",[11,2389,2390],{},"Generative AI could add trillions annually to the global economy, but much of this value remains locked behind identity verification barriers. There are several reasons for this. One is that institutional investors need robust KYC\u002FAML compliance before deploying capital into AI-driven strategies. Another is that enterprises require verifiable agent identities before allowing autonomous systems to access critical infrastructure. And regulators demand accountability mechanisms before approving AI deployment in sensitive domains.",[11,2392,2393],{},"ZKP-based identity systems address all these requirements while preserving the privacy and autonomy that make decentralized systems valuable. By enabling selective disclosure, they satisfy regulatory requirements without creating honeypots of personal data. By providing cryptographic verification, they enable trustless interactions between autonomous agents. And by maintaining user control, they align with emerging data protection regulations like GDPR and California's privacy laws.",[11,2395,2396],{},"The technology could also help address the growing deepfake crisis. When every piece of content can be cryptographically linked to a verified creator without revealing their identity, we can combat misinformation and protect privacy. This is particularly crucial as AI-generated content becomes indistinguishable from human-created material.",[100,2398,2400],{"id":2399},"the-zk-path","The ZK Path",[11,2402,2403],{},"Some will argue that any identity system represents a step toward authoritarianism – but no society can function without a way to identify its citizenry. Identity verification is already happening at scale, just poorly. Every time we upload documents for KYC, submit to facial recognition, or share personal data for age verification, we're participating in identity systems that are invasive, insecure, and inefficient.",[11,2405,2406],{},"Zero-knowledge proofs offer a way forward that respects individual privacy while enabling the trust necessary for complex economic interactions. They allow us to build systems where users control their data, verification doesn't require surveillance, and both humans and AI agents can interact securely without sacrificing autonomy.",[11,2408,2409],{},[55,2410,2413],{"href":2411,"rel":2412},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2025\u002F11\u002F19\u002Fai-agents-need-identity-and-zero-knowledge-proofs-are-the-solution",[59],[61,2414,63],{},{"title":65,"searchDepth":66,"depth":66,"links":2416},[2417,2418,2419,2420],{"id":2357,"depth":66,"text":2358},{"id":2370,"depth":66,"text":2371},{"id":2386,"depth":66,"text":2387},{"id":2399,"depth":66,"text":2400},[69],"2025-11-20 12:23:53",{},"\u002Fblog\u002Fai-agents-need-identity-and-zero-knowledge-proofs-are-the-solution",{"title":2341,"description":65},"blog\u002FAI-Agents-Need-Identity-and-Zero-Knowledge-Proofs-Are-the-Solution","SGKpb9ZrZ0IYXr3WhdvUanmewRrcIRjHsnClpv1vMVU",{"id":2429,"title":2430,"body":2431,"categories":2512,"cover":2437,"date":2513,"description":2438,"extension":71,"meta":2514,"navigation":73,"path":2515,"seo":2516,"stem":2517,"tags":77,"__hash__":2518},"blog\u002Fblog\u002FStop-Chasing-DeFi-Yields-and-Start-Doing-the-Math.md","Stop Chasing DeFi Yields and Start Doing the Math",{"type":8,"value":2432,"toc":2507},[2433,2439,2442,2445,2448,2452,2455,2458,2461,2464,2468,2471,2474,2478,2481,2484,2487,2490,2493,2496,2499],[11,2434,2435,2438],{},[14,2436],{"alt":16,"src":2437},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F20251121-4.avif","\nIt’s a story many in the crypto world know all too well: a decentralized finance (DeFi) protocol advertises a sky-high annual percentage yield (APY) — sometimes as much as 200%. But roughly half of all retail investors lose money despite \"earning\" advertised returns. The truth is in the math, and the math shows that the majority of these highly attractive rates very rarely deliver. When the dust settles, investors find that hidden costs quickly ate away their profits.",[11,2440,2441],{},"Take a typical high-yield liquidity pool advertising 150% APY. The marketing screams opportunity, but the math whispers warnings. Let's break down the risks.",[11,2443,2444],{},"First, there’s the concept of impermanent loss. This is the temporary loss of value when providing liquidity into a pool, and prices diverge from the initial deposit. Price swings can easily wipe out any earnings you might have made. Then there are the transaction costs on the network, known as gas fees. When the network is busy, these gas fees can skyrocket, making smaller investments unprofitable, no matter what the advertised yield is. Finally, there is liquidity. Many new tokens have low liquidity, which makes it hard to trade these tokens without significantly affecting the price. Combining these characteristics makes the path to outsized returns that much more difficult.",[11,2446,2447],{},"Now, this doesn't mean all yield strategies are flawed; sophisticated protocols that properly model these costs can deliver sustainable returns. However, many retail investors lack the ability to distinguish between sustainable and unsustainable payouts, and can be lured by the biggest numbers without questioning whether those promised yields can actually be delivered.",[100,2449,2451],{"id":2450},"why-institutions-win-while-retail-loses","Why institutions win while retail loses",[11,2453,2454],{},"Walk into any institutional trading firm, and you’ll find sophisticated risk management models and frameworks that analyze dozens of variables simultaneously: price correlation matrices, slippage rates, dynamic volatility adjustments, value-at-risk calculations, all stress-tested across multiple scenarios. This menu of highly complicated mathematical and analytical tools gives institutions a defined edge over retail investors that simply don’t have the knowledge, resources, or time to “do the math” at the institutional level.",[11,2456,2457],{},"On the other hand, many retail investors chase headlines and search for the easiest metric available: find the biggest APY number available.",[11,2459,2460],{},"This creates a significant knowledge gap where large institutional players with deep pockets can profit, while smaller investors are left holding the bag. Institutions continue generating sustainable yields, while retail investors provide the exit liquidity.",[11,2462,2463],{},"The transparency of the blockchain can create the illusion of a level playing field, but in reality, success in DeFi requires a deep understanding of the risks involved.",[100,2465,2467],{"id":2466},"how-marketing-psychology-works-against-retail-investors","How marketing psychology works against retail investors",[11,2469,2470],{},"As we see across many industries, clever and sometimes even deceitful marketing tactics are designed to lure in potential customers. Over time, they have become incredibly sophisticated and deeply rooted in psychology. For example, clever marketing will exploit what’s called the “anchoring bias,” which is the tendency for people to rely heavily on the first piece of information offered when making decisions. Initial information, like a prominently displayed triple-digit APY number, holds more weight while risk disclosures are buried in legalese. They trigger FOMO through countdown timers, \"exclusive access\" language, and gamify investing through achievement badges and real-time activity feeds showing other users' deposits.",[11,2472,2473],{},"This psychological precision further exploits that knowledge gap.",[100,2475,2477],{"id":2476},"a-better-way-forward","A better way forward",[11,2479,2480],{},"So, how can you protect yourself and still participate in DeFi activity as a retail investor? It all comes down to doing your homework.",[11,2482,2483],{},"First, understand where the yield is coming from. Is it from real economic activity, like trading? Or is it from token emissions, which can be a form of inflation? Real economic activity on a protocol is a green flag. Unsustainable yields propelled by token inflation will eventually collapse, taking retail investors to the cleaners.",[11,2485,2486],{},"Next, calculate the hidden costs. Factor in gas fees, potential impermanent loss, and any other transactional costs. Investors often find that a seemingly profitable strategy is actually marginal once you account for all the expenses.",[11,2488,2489],{},"Finally, diversify your investments. Spreading your investments across different strategies is more important than chasing the highest possible APY.",[11,2491,2492],{},"While this kind of analysis takes time and effort, it is paramount to evaluate the success and potential risks of an investment.",[11,2494,2495],{},"The fundamental principles of finance haven't changed just because the technology is new. Sustainable DeFi yields should approximate traditional finance benchmarks plus appropriate risk premiums; think 8-15% annually, not 200%. Risk and return are still correlated, diversification still matters, and due diligence is still your best friend.",[11,2497,2498],{},"DeFi opens unprecedented access to sophisticated financial strategies, but users still need the education required to take advantage of them. Otherwise, we're just watching sophisticated wealth transfer mechanisms masquerade as financial innovation.",[11,2500,2501],{},[55,2502,2505],{"href":2503,"rel":2504},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2025\u002F11\u002F04\u002Fstop-chasing-defi-yields-and-start-doing-the-math",[59],[61,2506,63],{},{"title":65,"searchDepth":66,"depth":66,"links":2508},[2509,2510,2511],{"id":2450,"depth":66,"text":2451},{"id":2466,"depth":66,"text":2467},{"id":2476,"depth":66,"text":2477},[69],"2025-11-19 12:23:53",{},"\u002Fblog\u002Fstop-chasing-defi-yields-and-start-doing-the-math",{"title":2430,"description":2438},"blog\u002FStop-Chasing-DeFi-Yields-and-Start-Doing-the-Math","tBnCTi4FNzLS2WM-NC9WVxGMhxRiFkHX1ge63ezayF0",{"id":2520,"title":2521,"body":2522,"categories":2606,"cover":2528,"date":2607,"description":2529,"extension":71,"meta":2608,"navigation":73,"path":2609,"seo":2610,"stem":2611,"tags":77,"__hash__":2612},"blog\u002Fblog\u002FWall-Street-Is-Bought-In-on-Crypto’s-Upside-Potential-But-Not-Its-Tech.md","Wall Street Is Bought In on Crypto’s Upside Potential, But Not Its Tech",{"type":8,"value":2523,"toc":2601},[2524,2530,2533,2536,2540,2543,2546,2549,2552,2555,2559,2562,2565,2568,2571,2574,2577,2581,2584,2587,2590,2593],[11,2525,2526,2529],{},[14,2527],{"alt":16,"src":2528},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F20251121-2.avif","\nWall Street’s appetite for crypto is stronger than ever. BlackRock’s Bitcoin ETF has broken inflow records. Fidelity and VanEck have followed suit with new spot products. Even the Nasdaq has hinted at expanding its digital asset trading infrastructure. Yet, for all this momentum, almost none of it actually happens onchain.",[11,2531,2532],{},"Institutions now treat crypto as a legitimate asset class, but not as a place to operate. The bulk of trading, settlement, and market-making still takes place on private servers and traditional rails.",[11,2534,2535],{},"The reason is simple: blockchains, in their current form, don’t yet meet institutional performance standards. Until they can deliver predictable speed, reliable data access, and operational resilience on par with Wall Street’s systems, the largest players will continue to trade off-chain, limiting transparency, liquidity, and the very innovation that made crypto compelling in the first place.",[100,2537,2539],{"id":2538},"why-order-flow-stays-off-chain","Why order flow stays off-chain",[11,2541,2542],{},"Institutions avoid trading onchain because most blockchains don’t meet their standards. Institutions require both speed and reliability, and blockchains tend to struggle with the latter.",[11,2544,2545],{},"Many blockchains become congested under peak stress, causing transactions to fail unpredictably. Gas fees can change erratically as network activity fluctuates, introducing additional chaos. Institutions refuse to operate in such an unpredictable environment.",[11,2547,2548],{},"Institutions also need to ensure, beyond doubt, that trades will settle correctly, even when many things happen at once. Some blockchains such as Layer 2s or rollups rely on optimistic settlement techniques that work most of the time, but sometimes require transactions to be rolled back, reversing settled transactions.",[11,2550,2551],{},"Within these constraints, institutions need to ensure they are able to trade as quickly as possible. In traditional markets, institutions have paid millions to shorten the length of fiber optic cable between them and the Nasdaq, allowing them to settle trades a nano second ahead of competitors. Blockchain latency is still in the seconds or even minutes, which is not competitive at all.",[11,2553,2554],{},"It’s important to note that modern institutions have access to crypto ETFs, enabling them to purchase crypto exposure through traditional markets using the optimized fiber optic cables they are familiar with. This means that to attract onchain institutional trading, a blockchain must surpass the speeds of traditional markets (why would institutions switch to a slower trading venue?).",[100,2556,2558],{"id":2557},"upgrading-blockchains-to-institutional-standards","Upgrading blockchains to institutional standards",[11,2560,2561],{},"Institutions won’t simply create a Metamask wallet and start trading on Ethereum. They require custom blockchains built to meet the same performance, reliability, and accountability standards as traditional markets.",[11,2563,2564],{},"One key optimization is instruction-level parallelism with deterministic conflict resolution. In simple terms, this means a blockchain can process many trades at once (like multiple cashiers ringing up customers in parallel) while guaranteeing that everyone’s receipt comes out correct and in the right order every time. It prevents the “traffic jams” that cause blockchains to slow down when activity spikes.",[11,2566,2567],{},"Blockchains designed for institutions should also eliminate I\u002FO bottlenecks, making sure the system doesn’t waste time waiting on storage or network delay. Institutions need to be able to perform many simultaneous operations without creating storage conflicts or network congestion.",[11,2569,2570],{},"To make integration more seamless, blockchains should support VM-agnostic, plug-in connectivity, allowing institutions to connect existing trading software without rewriting code or rebuilding entire systems.",[11,2572,2573],{},"Before committing to onchain trading, institutions require proof that blockchain systems perform in real-world conditions. Blockchains can assuage these concerns by publishing performance data measured on real hardware, using realistic workloads from payments, DeFi, and high-volume trading, for institutions to verify.",[11,2575,2576],{},"Together, these upgrades can raise blockchains’ reliability up to Wall Street standards, and incentivize them to trade onchain. Once a firm realizes they can trade faster via blockchain rails (gaining a leg up on their competitors) without sacrificing reliability, institutions will flood onchain.",[100,2578,2580],{"id":2579},"the-true-cost-of-off-chain-institutional-trading","The true cost of off-chain institutional trading",[11,2582,2583],{},"Keeping most activity off-chain concentrates liquidity on private systems and limits transparency into how prices form. This keeps the industry dependent on a handful of trading venues, and blunts one of crypto’s biggest advantages: the ability for applications to connect and build on each other in the open.",[11,2585,2586],{},"The ceiling is even more obvious with tokenized real-world assets. Without reliable on-chain performance, these assets risk becoming static wrappers that rarely trade, rather than live instruments in active markets.",[11,2588,2589],{},"The good news is that change is already underway. Robinhood’s decision to launch its own blockchain shows that institutions aren’t just waiting for crypto to catch up — they’re taking the initiative themselves. Once a few firms prove they can trade faster and more transparently onchain than off, the rest of the market will follow.",[11,2591,2592],{},"Long term, crypto won’t simply be an asset that institutions invest in, it will be the technology they use to move global markets.",[11,2594,2595],{},[55,2596,2599],{"href":2597,"rel":2598},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2025\u002F11\u002F04\u002Fwall-street-is-bought-in-on-crypto-s-upside-potential-but-not-its-tech",[59],[61,2600,63],{},{"title":65,"searchDepth":66,"depth":66,"links":2602},[2603,2604,2605],{"id":2538,"depth":66,"text":2539},{"id":2557,"depth":66,"text":2558},{"id":2579,"depth":66,"text":2580},[69],"2025-11-16 12:23:53",{},"\u002Fblog\u002Fwall-street-is-bought-in-on-crypto's-upside-potential-but-not-its-tech",{"title":2521,"description":2529},"blog\u002FWall-Street-Is-Bought-In-on-Crypto’s-Upside-Potential-But-Not-Its-Tech","VJp3HEjAyDWxPGSN07ZTwEw1gchBnsU2LhqwqLAMKx8",{"id":2614,"title":2615,"body":2616,"categories":2680,"cover":2622,"date":2681,"description":2623,"extension":71,"meta":2682,"navigation":73,"path":2683,"seo":2684,"stem":2685,"tags":77,"__hash__":2686},"blog\u002Fblog\u002FLong-DATs-Short-Futures-A-New-Wrinkle-On-The-Basis-Trade.md","Long DATs, Short Futures: A New Wrinkle On The Basis Trade",{"type":8,"value":2617,"toc":2676},[2618,2624,2627,2630,2633,2637,2640,2643,2646,2649,2653,2656,2659,2662,2665,2668],[11,2619,2620,2623],{},[14,2621],{"alt":16,"src":2622},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F20251121-3.avif","\nMarkets are always hunting for the next big trade. In 2026, I believe the trade will be a new wrinkle on the traditional basis trades where investors go long Digital Asset Treasury companies (DATs), and short futures. While sophisticated market participants have driven positive returns with the long ETF, short futures strategy for bitcoin and ether, this time, a new variation of the basis trade will include DATs and extend across the broad array of crypto projects that are commonly known as “alts”.",[11,2625,2626],{},"Digital Asset Treasuries (DATs) had their breakout year in 2025. Typically public companies, DATs issue and sell public shares, and use proceeds to buy a dedicated crypto asset. In doing so, they attempt to increase their crypto tokens per share. So, for the typical investor, DATs can be traded, custodied and hedged just like any other stock. This eliminates the operational complexity or regulatory uncertainty for traditional investors who are uncomfortable managing native crypto assets. For this reason, DATs are emerging as a bridge between crypto markets and traditional finance.",[11,2628,2629],{},"What makes DATs especially powerful is their flexibility. These companies can deploy a wide array of treasury and yield strategies with an aim to increase their multiple to net asset value, or “mNAV”. By maximizing token ownership on a per share basis, DATs seek to outperform their underlying token. One successful example is Michael Saylor’s Strategy, which saw its stock price surge 22x since it began buying bitcoin in TKYEAR through September of 2025, while the digital asset it accumulates, bitcoin, appreciated nearly 10x over the same period.",[11,2631,2632],{},"But, volatility works in both directions. Recent market moves have seen some DATs retrench and mNAVs have fallen. Even with the operational ease and regulatory clarity offered by the structure, many DATs remain out of reach for many investors because of their volatility. To date, hedging options have been limited due to restrictions on Commodity Futures Trading Commission (CFTC)--regulated futures for the preponderance of tokens.",[100,2634,2636],{"id":2635},"the-missing-link-cftc-regulated-futures","The missing link: CFTC-regulated futures",[11,2638,2639],{},"In traditional markets, futures are contracts that let investors lock in the future price of an asset. For centuries, futures have played an important role in risk management, giving institutions a way to hedge exposure, speculate on price movements, and scale efficiently. In crypto, however, regulated futures exist only for only a small subset of tokens, like bitcoin and ether.",[11,2641,2642],{},"The absence of comprehensive crypto futures can be largely blamed on former SEC Chairman Gary Gensler. During his tenure, Chair Gensler asserted that most crypto assets were securities. Futures are derivatives on commodities which would have placed them outside of his jurisdiction and control. So, Gensler suppressed their launch, depriving investors of important risk management tools.",[11,2644,2645],{},"The world has changed. As the U.S. President Donald Trump’s administration aggressively pursues its agenda to make the U.S. the “crypto capital of the planet,” new SEC Chairman Paul Atkins has made it abundantly clear through numerous public statements that “most crypto tokens are not securities.”",[11,2647,2648],{},"With this regulatory hurdle cleared, futures are now in the spotlight. These futures aren't just standalone products — they're a gateway to broader market access. Through its generic listing standards guidance, the SEC recently clarified that tokens with six months of futures trading can more easily be listed as ETFs, opening the door to institutional capital and mainstream adoption. And as crypto futures become liquid, the long DAT, short futures strategy becomes possible.",[100,2650,2652],{"id":2651},"the-dat-basis-trade","The DAT Basis Trade",[11,2654,2655],{},"A basis trade is when an investor buys an asset in the spot market and simultaneously sells a futures contract on the same asset, aiming to profit from the price difference — or “basis” — between the two. “Contango” is when future prices are higher than spot. Under this market condition, basis trade strategies tend to be profitable.",[11,2657,2658],{},"DATs hold, stake and even restake digital assets, earning real onchain yield. By buying their stock, investors gain exposure to that cryptocurrency and its yield. By shorting the corresponding futures of the DATs’ crypto holdings, investors hedge away price swings in those assets. What’s left is the spread between the future price of the token, versus the spot holdings of the DAT. When a DAT trades below its net asset value or when the future price of the token (or “total return” token, which is a future that includes staking yield) is higher than the DATs’ spot crypto holdings, investors pocket a steady, relatively market-neutral return. While it’s hard to project the size of basis, for alts, the differences may be more pronounced than other assets–driving a higher yield to the investor.",[11,2660,2661],{},"The upside is clear. When mNAVs are rising and futures are in contango the DAT basis trade could drive compelling returns. But, like all strategies, there are many risks and downside scenarios. Perhaps the most evident is a scenario where the mNAV precipitously decreases, and losses on the stock leg are not fully offset by the futures hedge. Also, DATs that trade at a discount to NAV may become obvious takeover targets. While this could erase losses by restoring mNAV, the acquirers could pivot to another asset class necessitating an unwind of the trade.",[11,2663,2664],{},"For those sensitive to these risks, ETFs, where the mNAVs are designed to hold steady at par, may be preferred over DATs when it comes to executing a regulated basis trade. But comprehensive alt ETFs, along with futures in the underlying asset, are just starting to come online. So, in the interim, the bridge offered by DATs, plays an important role in educating traditional investors on the possibilities as crypto investing normalizes.",[11,2666,2667],{},"As regulated futures proliferate across alts, the long DAT, short futures trade could become an ideal way for Wall Street to capture crypto yield without touching a wallet or suffering from the intense volatility that defines crypto as an asset class. In 2026, I think it will be the trade of the year.",[11,2669,2670],{},[55,2671,2674],{"href":2672,"rel":2673},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2025\u002F11\u002F05\u002Flong-dats-short-futures-a-new-wrinkle-on-the-basis-trade",[59],[61,2675,63],{},{"title":65,"searchDepth":66,"depth":66,"links":2677},[2678,2679],{"id":2635,"depth":66,"text":2636},{"id":2651,"depth":66,"text":2652},[69],"2025-11-13 12:23:53",{},"\u002Fblog\u002Flong-dats-short-futures-a-new-wrinkle-on-the-basis-trade",{"title":2615,"description":2623},"blog\u002FLong-DATs-Short-Futures-A-New-Wrinkle-On-The-Basis-Trade","AWwdXjzvbCRALD9R0GObBzsinuurKS2PpxSuzQrIHmY",{"id":2688,"title":2689,"body":2690,"categories":2726,"cover":2696,"date":2727,"description":2697,"extension":71,"meta":2728,"navigation":73,"path":2729,"seo":2730,"stem":2731,"tags":77,"__hash__":2732},"blog\u002Fblog\u002FGoogle-Brings-Prediction-Markets-Polymarket-and-Kalshi-to-Its-Search-and-Finance-Platforms.md","Google Brings Prediction Markets Polymarket and Kalshi to Its Search and Finance Platforms",{"type":8,"value":2691,"toc":2724},[2692,2698,2701,2704,2707,2710,2713,2716],[11,2693,2694,2697],{},[14,2695],{"alt":16,"src":2696},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F79e049cd2f494b9984be9832e9de44282427a867-1920x1080.avif","\nGoogle will be bringing prediction market odds from Polymarket and Kalshi directly in Google Search and on its revamped Google Finance platform, giving users access to crowd-based forecasts on key future events.",[11,2699,2700],{},"The move is part of a broader rollout of features aimed at making Google Finance more interactive, AI-powered and globally accessible. For now, the prediction market data will be shown in response to natural language queries such as “Will the U.S. enter a recession in 2025?” or “Who will win the 2024 U.S. presidential election?” Users will see real-time market odds, along with charts showing how probabilities have shifted over time.",[11,2702,2703],{},"Prediction markets work by allowing people to buy and sell shares in the outcome of future events. The resulting prices reflect the market’s collective expectations.",[11,2705,2706],{},"The feature taps into the idea that the “wisdom of the crowd” can sometimes offer a sharper forecast than traditional pundits or models. While prediction markets have long existed on the fringes of finance and politics, Google’s integration brings them directly into mainstream tools.",[11,2708,2709],{},"This marks one of the first times a major tech platform has incorporated real-time prediction market data into its consumer-facing products. For Polymarket, a blockchain-based platform operating outside the U.S. due to regulatory constraints, the partnership is a significant step toward broader visibility.",[11,2711,2712],{},"The update is part of a wider overhaul of Google Finance, which also includes Deep Search, a tool that uses Google’s Gemini AI to generate long-form, cited financial answers, and new earnings call tracking features with real-time transcripts and summaries.",[11,2714,2715],{},"Prediction market data is currently being rolled out to users in Google Labs, with broader access expected soon. Google also announced that the updated Google Finance will expand beyond the U.S., starting with India.",[11,2717,2718],{},[55,2719,2722],{"href":2720,"rel":2721},"https:\u002F\u002Fwww.coindesk.com\u002Fmarkets\u002F2025\u002F11\u002F06\u002Fgoogle-brings-prediction-markets-polymarket-and-kalshi-to-its-search-and-finance-platforms",[59],[61,2723,63],{},{"title":65,"searchDepth":66,"depth":66,"links":2725},[],[69],"2025-11-07 12:23:53",{},"\u002Fblog\u002Fgoogle-brings-prediction-markets-polymarket-and-kalshi-to-its-search-and-finance-platforms",{"title":2689,"description":2697},"blog\u002FGoogle-Brings-Prediction-Markets-Polymarket-and-Kalshi-to-Its-Search-and-Finance-Platforms","mVaIO7KzAEA7gzsXUMyxG0OqMPzBUoZV4MKNs87OB6s",{"id":2734,"title":2735,"body":2736,"categories":2785,"cover":2742,"date":2786,"description":2743,"extension":71,"meta":2787,"navigation":73,"path":2788,"seo":2789,"stem":2790,"tags":77,"__hash__":2791},"blog\u002Fblog\u002FU-S-Government-Shutdown-Stretches-to-Record-36-Days-Continues-Risk-of-Derailing-Crypto-Bill.md","U.S. Government Shutdown Stretches to Record 36 Days, Continues Risk of Derailing Crypto Bill",{"type":8,"value":2737,"toc":2783},[2738,2744,2747,2750,2753,2756,2759,2762,2765,2768,2775],[11,2739,2740,2743],{},[14,2741],{"alt":16,"src":2742},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F20251107-2.avif","\nNEW YORK — The U.S. government shutdown is now the longest on record, breaking the previous 35-day record on Wednesday as lawmakers continue to be at an impasse over funding the federal budget — an impasse that may be strengthened by Tuesday night's sweeping win for Democrats in an off-year election.",[11,2745,2746],{},"Expectations had been growing that Democrats might give in on their demands and vote to fund the government as soon as this week or early next week without winning concessions in their effort to address healthcare premiums that rose this month. But Tuesday's election may further delay any dealmaking between elected officials, people following the process told CoinDesk, pointing to the amount of support Democrats received above polling expectations. And this delay, by extension, may further push out additional work on crypto market structure legislation.",[11,2748,2749],{},"One individual who works in policy said they expect Tuesday's election results to push back any dealmaking on multiple levels, but a markup on market structure by Thanksgiving was still possible.",[11,2751,2752],{},"Another individual who works in policy similarly said that it would be possible for Congress to pass market structure legislation but it was not likely to happen by the end of 2025 — though they said it is possible this legislation will pass through both houses of Congress by the end of 2026.",[11,2754,2755],{},"As CoinDesk has reported, the longer the shutdown lasts, the slimmer the chances of market structure legislation moving through Congress become. Summer Mersinger, the CEO of the Blockchain Association, said Wednesday that the lengthening shutdown means it was becoming more likely that this bill gets moved to 2026.",[11,2757,2758],{},"Many of the government experts in this arena have been furloughed during the shutdown, leaving fewer people capable of actually crafting the legislative language, people have said.",[11,2760,2761],{},"Patrick Witt, the White House's executive director of the President's Council of Advisors for Digital Assets, told an audience at Ripple's Swell conference Wednesday that President Donald Trump still wants to see a final market structure bill on his desk by the end of 2025.",[11,2763,2764],{},"\"We're continuing to apply pressure, having regular meetings,\" he said. \"I spend most of my time on Capitol Hill these days, meeting with Senators from both sides to get that done. I'm optimistic that we've seen enough progress recently to where the trend line is moving in the right direction.\"",[11,2766,2767],{},"The government shutdown helped in a sense, he said on stage and in a later conversation with CoinDesk TV, in that it allowed lawmakers time to meet with his team to discuss the details in the bill.",[11,2769,2770,2771,2774],{},"\"We've had an opportunity to really engage with offices ",[1731,2772,2773],{},"and"," staffs and members on the substance of this bill in a way that we might not have otherwise been able to, had there been a bunch of other competing priorities,\" he said.",[11,2776,2777],{},[55,2778,2781],{"href":2779,"rel":2780},"https:\u002F\u002Fwww.coindesk.com\u002Fpolicy\u002F2025\u002F11\u002F05\u002Fu-s-government-shutdown-stretches-to-record-36-days-continues-risk-of-derailing-crypto-bill",[59],[61,2782,63],{},{"title":65,"searchDepth":66,"depth":66,"links":2784},[],[69],"2025-11-06 12:23:53",{},"\u002Fblog\u002Fu-s-government-shutdown-stretches-to-record-36-days-continues-risk-of-derailing-crypto-bill",{"title":2735,"description":2743},"blog\u002FU-S-Government-Shutdown-Stretches-to-Record-36-Days-Continues-Risk-of-Derailing-Crypto-Bill","mGOTQ26YHu_lldSppnELi4s6w0dxRz6XdKsnBK5XddE",{"id":2793,"title":2794,"body":2795,"categories":2868,"cover":2801,"date":2786,"description":2802,"extension":71,"meta":2869,"navigation":73,"path":2870,"seo":2871,"stem":2872,"tags":77,"__hash__":2873},"blog\u002Fblog\u002FEthereum-Is-Like-a-Shark-If-It-Stops-Moving-It-Will-Die.md","Ethereum Is Like a Shark. If It Stops Moving, It Will Die",{"type":8,"value":2796,"toc":2861},[2797,2803,2806,2809,2813,2816,2820,2823,2827,2830,2834,2837,2840,2844,2847,2850,2853],[11,2798,2799,2802],{},[14,2800],{"alt":16,"src":2801},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F20251107-4.avif","\nThe Fusaka upgrade to Ethereum, expected to go live in early December, promises to bring the world’s second-most valuable blockchain into an era of institutional-grade adoption. For far too long, Ethereum has been too slow and too costly to attract meaningful Wall Street business. That could change as Fusaka implements major improvements to how the network verifies and compresses data, increasing its speed and its capacity by 10-fold.",[11,2804,2805],{},"Yet it won’t be easy for Ethereum to maintain its lead among developers as the preferred chain to build on; continued evolution will be essential for Ethereum to preserve its existing edge as a platform for on-chain finance.",[11,2807,2808],{},"Ethereum remains the preferred platform among institutions for asset tokenization, DeFi apps and stablecoin creation, based on strengths that come from its maturity. However, it faces threats that will erode its edge if it doesn't move to meet the market: like a shark, if Ethereum stops moving, it will die.",[100,2810,2812],{"id":2811},"strength-ethereum-uptime","Strength: Ethereum uptime",[11,2814,2815],{},"Solana has never quite eclipsed Ethereum, however. A major reason for that may be that over the past five years, Solana, as a blockchain system, has gone dark seven times. Ethereum, as the chief investment officer of Fundstart Capital, Thomas Lee said in August, has never crashed in its 10-year existence. Uptime is prized by financial institutions; it isn't sexy, but it's one of the core attributes that make on-chain infrastructure attractive to market participants.",[100,2817,2819],{"id":2818},"strength-ethereum-ecosystem-maturity","Strength: Ethereum ecosystem maturity",[11,2821,2822],{},"Another unsexy quality institutions will demand: availability and maturity of developer tooling and talent. While Solana attracted the most new developers of any chain last year, Ethereum's Solidity has the largest developer community, by a wide margin, a lead recently confirmed in a16z's State of Crypto report.",[100,2824,2826],{"id":2825},"risk-ethereum-scaling","Risk: Ethereum scaling",[11,2828,2829],{},"An ongoing issue that’s hurt Ethereum is the pace at which it’s scaling, which is to say, sort of glacial. Fusaka will be a major upgrade, but it will still not bring Ethereum and its rollup layers onto the same transactions per second as Solana. In a world where a new GPT seems to come out every other month, Ethereum is long overdue in its goal, stated by its inventor Vitalik Buterin in 2017, to match the scale of transactions on the Visa payment network, and currently nowhere near Visa’s average 24,000 tps. By contrast, Ethereum’s layer-2 (L2) blockchains can process between 1,000 and 10,000 transactions per second.",[100,2831,2833],{"id":2832},"risk-heavyweights-innovators-break-from-ethereum-settlement","Risk: Heavyweights & innovators break from Ethereum settlement",[11,2835,2836],{},"New blockchains are increasingly being backed by publicly traded companies, such as Arc from Circle and Tempo by Stripe. Both Arc and Tempo are layer-1 (L1) blockchains, like Ethereum. Instead of building a chain atop Ethereum as an L2 like Coinbase’s Base, Circle and Stripe decided to build their own settlement layer, albeit compatible with the Solidity programming language and the Ethereum Virtual Machine.",[11,2838,2839],{},"Another L1 is Hyperliquid, which is purpose-built as a decentralized exchange for perpetual futures trading. While this may seem niche, Hyperliquid, together with perp DEX Aster, earned 32% of all blockchain revenue in September, according to a VanEck analysis, knocking Solana off its perch. Just as Solana once came to steal Ethereum’s thunder, Hyperliquid seems to be doing the same. And while the crypto flash crash of Oct. 10 shook Hyperliquid and angered many of its traders when winning positions were used to fund losses, it nonetheless survived as designed. All of this must be getting Ethereum devs' attention, huh?",[100,2841,2843],{"id":2842},"ethereums-path-to-meet-the-institutional-market","Ethereum's path to meet the institutional market",[11,2845,2846],{},"There are plenty of openings for chains like Solana and Hyperliquid to take advantage of Ethereum’s shortcomings. A real race for developer mindshare is underway as the options of well-financed entrants like Circle and Stripe put pressure on Ethereum. Innovation is spread across multiple blockchain ecosystems, and liquidity is following it, creating deep trading pools alongside innovative new protocols. Will Ethereum lose the plot?",[11,2848,2849],{},"To avoid that, there’s a lot of education around Ethereum that needs to be done before it will be fully embraced by mainstream corporate treasurers and the general public. For financial institutions choosing their preferred platforms for tokenization, trading and yield, Ethereum's human capital may be the ultimate decider. Ethereum's core of contributors and ecosystem leaders have historically been an idealistic bunch, while also pulling off major upgrades like the Merge without hiccups, and now Fusaka is poised to take the network to the next level. For the health and future of the network, core contributors will need to elevate people who can guide multi-year relationships.",[11,2851,2852],{},"For now, at least, Ethereum is still top of mind as to where institutional infrastructure in crypto is being built. It’s been shown to be vulnerable with its slow pace of scaling, the constant threat of upstart competitors, and it always has Solana and others to keep it in check. If others address the institutional roadmap faster or better, Ethereum risks losing its edge, no matter how high the price of ETH may go.",[11,2854,2855],{},[55,2856,2859],{"href":2857,"rel":2858},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2025\u002F11\u002F04\u002Fethereum-is-like-a-shark-if-it-stops-moving-it-will-die",[59],[61,2860,63],{},{"title":65,"searchDepth":66,"depth":66,"links":2862},[2863,2864,2865,2866,2867],{"id":2811,"depth":66,"text":2812},{"id":2818,"depth":66,"text":2819},{"id":2825,"depth":66,"text":2826},{"id":2832,"depth":66,"text":2833},{"id":2842,"depth":66,"text":2843},[69],{},"\u002Fblog\u002Fethereum-is-like-a-shark-if-it-stops-moving-it-will-die",{"title":2794,"description":2802},"blog\u002FEthereum-Is-Like-a-Shark-If-It-Stops-Moving-It-Will-Die","OgaWVy7ClB9xgUZubv89Q5Q-_xcxO-mQhO5n7vgEjoo",{"id":2875,"title":2876,"body":2877,"categories":2935,"cover":2883,"date":2936,"description":2884,"extension":71,"meta":2937,"navigation":73,"path":2938,"seo":2939,"stem":2940,"tags":77,"__hash__":2941},"blog\u002Fblog\u002FThe-AWS-Outage-Shows-Why-Crypto-Can-t-Keep-Relying-On-Centralized-Infrastructure.md","The AWS Outage Shows Why Crypto Can't Keep Relying On Centralized Infrastructure",{"type":8,"value":2878,"toc":2931},[2879,2885,2888,2891,2895,2898,2901,2904,2907,2911,2914,2917,2920,2923],[11,2880,2881,2884],{},[14,2882],{"alt":16,"src":2883},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F20251107-3.avif","\nYet again, the digital economy was caught off guard when Amazon Web Services suffered its second major outage this year on Oct. 20, crippling exchange platforms like Coinbase and Robinhood and the analytics service Coinmarketcap. It was followed by a second, smaller outage just 10 days later.",[11,2886,2887],{},"According to Amazon’s initial report, the Oct. 20 outage was caused by a malfunction affecting one of its internal subsystems that manages its domain name service, leading to connectivity issues in multiple services. It resulted from a faulty update, and it ended up taking out Amazon’s critical U.S.-East-1 region. This is a massive hub of servers that powers many of the country’s top internet services. For two hours, numerous trading platforms, streaming services, payment providers and gaming networks were inaccessible to users globally.",[11,2889,2890],{},"No doubt, Amazon’s engineers were working overtime to try and fix the outage, and to the company’s credit the vast majority of services that reported problems were back online within a couple of hours. But the incident once again highlights the hazards of relying on centralized infrastructure, coming just months after a similar outage in Amazon’s eu-north-1 region. Going offline causes pain in just about every business, but for the crypto industry, where billions of dollars in value are traded by the hour, such events are unacceptable.",[100,2892,2894],{"id":2893},"incalculable-losses-for-traders","Incalculable Losses For Traders",[11,2896,2897],{},"Although it’s quite rare for centralized cloud platforms like Amazon to go down, it does happen from time to time. And when it does, the impact is very often monumental, affecting millions if not billions of people globally. A case in point, just six months earlier, Amazon suffered a similar disruption, taking out two of the world’s biggest crypto platforms — Binance and Kucoin — for several hours. Amazon isn’t alone in this either, for rival clouds like Google and Microsoft Azure have suffered crippling outages of their own. In fact, Azure was down for several hours on Oct. 29, with reports suggesting it took offline numerous websites and online services.",[11,2899,2900],{},"The problem with centralized infrastructure is that it’s, well, centralized. The weakness of these platforms is that they introduce single points of failure, due to the way they rely on critical components that, if taken offline, cause the entire system to come crashing down. It might be as simple as something like a computer server or a database that contains vital configuration settings, or a lone network connection that lacks redundancy. These vulnerabilities exist in every cloud, and no matter how diligent operators are they’ll always present a risk.",[11,2902,2903],{},"Coinbase was among the first services to report problems in the wake of Amazon’s mishap, and it stepped up quickly to reassure its users that their funds are safe and secure. But this clarity doesn’t fix the underlying issues of frozen transactions and delayed market orders —hat occur when systems go offline without any warning. The longer the delay, the more the price of an asset might move, meaning the trader cannot capitalize on this. They may even lose money if the price of an asset dips shortly after they entered a position, and they’re unable to sell.",[11,2905,2906],{},"While it’s impossible to calculate the exact impact, it’s likely that the paralysis inflicted on traders caused them pain and financial losses.",[100,2908,2910],{"id":2909},"its-time-to-decentralize","It’s Time To Decentralize",[11,2912,2913],{},"One possible way to prevent this is for crypto exchanges to at least partially switch to a more resilient, decentralized infrastructure that eliminates these single points of failure. By operating some key modules of the trading system on a distributed network of servers, exchanges will all but eliminate the potential for such calamities.",[11,2915,2916],{},"For an industry that prides itself on decentralization and constantly lauds its benefits, to be so reliant on vulnerable centralized cloud platforms for their own infrastructure feels like hypocrisy. While blockchain networks are distributed across many hundreds of nodes, very few exchange platforms can say the same, instead choosing to host all of their infrastructure on one or another cloud provider.",[11,2918,2919],{},"Fortunately, Monday’s outage was not quite as serious as previous incidents have been, because Amazon had most services back up and running within a couple of hours, but nonetheless it should serve as a wakeup call for the crypto industry to get its act together. Decentralized cloud infrastructure still has teething problems around latency, network coordination and scalability, but it’s maturing rapidly to support a hybrid cloud strategy at the very least. By distributing their data and systems across an expansive network, exchanges can become virtually immune to the total blackouts caused by an outage of this kind.",[11,2921,2922],{},"Centralized clouds will always have their place due to their immense scale, high performance, enterprise-grade security and the specialized services they offer, which decentralized alternatives cannot match. They will likely remain the backbone of the internet for many years to come, but they will never be able to replicate the resilience of decentralized alternatives. With crypto exchanges commanding billions of dollars of customer funds in a market where every second counts, they need to step up and make sure this episode doesn’t happen again.",[11,2924,2925],{},[55,2926,2929],{"href":2927,"rel":2928},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2025\u002F11\u002F01\u002Fthe-aws-outage-shows-why-crypto-can-t-keep-relying-on-centralized-infrastructure",[59],[61,2930,63],{},{"title":65,"searchDepth":66,"depth":66,"links":2932},[2933,2934],{"id":2893,"depth":66,"text":2894},{"id":2909,"depth":66,"text":2910},[69],"2025-11-02 12:23:53",{},"\u002Fblog\u002Fthe-aws-outage-shows-why-crypto-can-t-keep-relying-on-centralized-infrastructure",{"title":2876,"description":2884},"blog\u002FThe-AWS-Outage-Shows-Why-Crypto-Can-t-Keep-Relying-On-Centralized-Infrastructure","0nrC7pvoCub_XAamB7RcIYnOkQlV9dJi27KdIHjfk-s",{"id":2943,"title":2944,"body":2945,"categories":2987,"cover":2951,"date":2988,"description":2952,"extension":71,"meta":2989,"navigation":73,"path":2990,"seo":2991,"stem":2992,"tags":77,"__hash__":2993},"blog\u002Fblog\u002FCoinbase-Tops-Expectations-as-Transaction-Revenue-Hits-1B.md","Coinbase Tops Expectations as Transaction Revenue Hits $1B",{"type":8,"value":2946,"toc":2985},[2947,2953,2956,2959,2962,2965,2968,2971,2974,2977],[11,2948,2949,2952],{},[14,2950],{"alt":16,"src":2951},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Fe7cba0b23a01292715c92f036e0de39926924a27c-1920x1080.avif","\nCoinbase (COIN) posted a stronger-than-expected third quarter, driven by a surge in trading activity, a rebound in asset prices and continued growth in its subscription and services business. The U.S.-based exchange reported total revenue of $1.9 billion, a 58% jump from $1.2 billion in the same period last year and higher than the $1.8 billion expected by FactSet analysts.",[11,2954,2955],{},"Shares were up 1.5% in post-market trading, though the exchange warned investors not to make future assumptions about current results, citing the inherent volatility in crypto markets. Coinbase said it expects October transaction revenue to land around $385 million and Q4 subscription revenue between $710 million and $790 million.",[11,2957,2958],{},"Transaction revenue, which remains the largest piece of Coinbase’s business, rose to $1 billion, up from $573 million a year ago. Trading volumes reached $295 billion, the company reported, lifted by renewed interest in crypto markets, particularly among retail users, whose trading volume grew 37% from the previous quarter.",[11,2960,2961],{},"Adjusted EBITDA came in at $801 million, up from $449 million in Q3 2024, reflecting a more profitable mix of business and tight control of operating expenses, which fell 9% from the previous quarter. Net income was $433 million.",[11,2963,2964],{},"Coinbase highlighted growth across both its consumer and institutional trading arms. Institutional transaction revenue more than doubled to $135 million, fueled in part by the acquisition of crypto options platform Deribit, which contributed $52 million in revenue following the August close of the deal. Meanwhile, consumer transaction revenue hit $844 million, up 30% from Q2, driven by higher volumes in long-tail assets and a growing base of advanced traders.",[11,2966,2967],{},"“Q3 was a strong quarter for Coinbase,” the company wrote in a letter to shareholders. “We drove solid financial results, maintained focus on shipping innovative products, and continued building the foundation of the Everything Exchange.\"",[11,2969,2970],{},"Beyond trading, subscription and services revenue rose 14% quarter-over-quarter to $747 million. Stablecoin-related revenue contributed $355 million of that, as average USDC balances held on Coinbase reached an record high of more than $15 billion, the company indicated. Blockchain rewards revenue also saw a boost, increasing 28% to $185 million as the prices of ether and solana rallied.",[11,2972,2973],{},"One standout update: Coinbase confirmed its Layer 2 network, Base, is now profitable. Revenue from Base rose in Q3 due to more transactions and a higher Ethereum ETH price, though lower per-transaction fees offset some of the gains. Still, Coinbase said Base’s speed and low costs have made it the “trusted network of choice” for developers and enterprises building onchain.",[11,2975,2976],{},"The exchange also closed the quarter with $11.9 billion in USD resources, bolstered by a $3 billion convertible debt raise and rising cash from operations.",[11,2978,2979],{},[55,2980,2983],{"href":2981,"rel":2982},"https:\u002F\u002Fwww.coindesk.com\u002Fmarkets\u002F2025\u002F10\u002F30\u002Fcoinbase-tops-expectations-as-transaction-revenue-hits-usd1b",[59],[61,2984,63],{},{"title":65,"searchDepth":66,"depth":66,"links":2986},[],[69],"2025-10-31 12:23:53",{},"\u002Fblog\u002Fcoinbase-tops-expectations-as-transaction-revenue-hits-1b",{"title":2944,"description":2952},"blog\u002FCoinbase-Tops-Expectations-as-Transaction-Revenue-Hits-1B","a0zeXAYTtKynIkhAg62aYRrgZMqs3zaG-tSSYhFKri4",{"id":2995,"title":2996,"body":2997,"categories":3030,"cover":3003,"date":3031,"description":3004,"extension":71,"meta":3032,"navigation":73,"path":3033,"seo":3034,"stem":3035,"tags":77,"__hash__":3036},"blog\u002Fblog\u002FNYSE-Nasdaq-List-Solana-Hedera-Litecoin-Spot-Crypto-ETFs-for-Trading-This-Week.md","NYSE, Nasdaq List Solana, Hedera, Litecoin Spot Crypto ETFs for Trading This Week",{"type":8,"value":2998,"toc":3028},[2999,3005,3008,3011,3014,3017,3020],[11,3000,3001,3004],{},[14,3002],{"alt":16,"src":3003},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F20251031-2.avif","\nThe New York Stock Exchange (NYSE) and Nasdaq posted listing notices on Monday for four new spot cryptocurrency exchange-traded funds (ETFs), signaling they will begin trading as soon as Tuesday.",[11,3006,3007],{},"The filings include the Bitwise Solana Fund, Canary Capital Litecoin and HBAR Fund and the Grayscale Solana Trust — the latter of which is scheduled to launch Wednesday.",[11,3009,3010],{},"The move surprised many in the market, as ETF issuers had not expected any decisions from the Securities and Exchange Commission (SEC) during the ongoing U.S. government shutdown. The agency has been operating with a reduced staff, like the rest of the federal government — anyone not deemed essential is furloughed, and essential employees are working without pay for the duration of the shutdown.",[11,3012,3013],{},"These ETFs had faced final decision deadlines earlier this month, but the shutdown pushed the process back. The sudden appearance of listing notices suggests issuers are launching the funds under the newly developed generic listing standards or taking advantage of other mechanisms that similarly allow issuers to go live with products without seeking SEC approval.",[11,3015,3016],{},"Spot ETFs allow investors to gain exposure to the underlying digital assets without holding them directly. These ETFs are the first ones to launch for new crypto assets after the approval of the spot bitcoin BTC and ether ETH ETFs in 2024. Some of these funds will also include a staking feature.",[11,3018,3019],{},"Several other issuers have applied to launch similar products tied to Solana and other digital assets, on the NYSE and Nasdaq, as well as rival exchange Cboe. When those funds will be approved remains unclear, especially if the shutdown continues.",[11,3021,3022],{},[55,3023,3026],{"href":3024,"rel":3025},"https:\u002F\u002Fwww.coindesk.com\u002Fmarkets\u002F2025\u002F10\u002F27\u002Fnyse-lists-solana-hedera-litecoin-spot-crypto-etfs-for-trading-this-week",[59],[61,3027,63],{},{"title":65,"searchDepth":66,"depth":66,"links":3029},[],[69],"2025-10-29 12:23:53",{},"\u002Fblog\u002Fnyse-nasdaq-list-solana-hedera-litecoin-spot-crypto-etfs-for-trading-this-week",{"title":2996,"description":3004},"blog\u002FNYSE-Nasdaq-List-Solana-Hedera-Litecoin-Spot-Crypto-ETFs-for-Trading-This-Week","C4b1CRG9IreV_1lG3nq3hEadCA6mDzZxq5KwrBWEn6U",{"id":3038,"title":3039,"body":3040,"categories":3102,"cover":3046,"date":3103,"description":3047,"extension":71,"meta":3104,"navigation":73,"path":3105,"seo":3106,"stem":3107,"tags":77,"__hash__":3108},"blog\u002Fblog\u002FSaylor-s-Strategy-the-First-Bitcoin-Treasury-Company-Rated-by-Major-Credit-Agency.md","Saylor's Strategy the First Bitcoin Treasury Company Rated by Major Credit Agency",{"type":8,"value":3041,"toc":3099},[3042,3048,3051,3054,3057,3060,3063,3067,3070,3073,3076,3079,3082,3085,3088,3091],[11,3043,3044,3047],{},[14,3045],{"alt":16,"src":3046},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F20251031-3.avif","\nStrategy (MSTR) received a B- credit rating from S&P Global on Monday. The rating reflects S&P’s view that the company’s business model — centered almost entirely on holding bitcoin — carries significant financial risk, despite its large market cap and strong capital markets access.",[11,3049,3050],{},"The lowest investment grade rating in S&P's scale is BBB, making Strategy's B- rating solidly in non-investment grade territory, otherwise known as junk bonds.",[11,3052,3053],{},"According to S&P, a B rating means \"speculative credit quality with increased default risk.\" A B- would thus mean a bit more speculative and a bit more increased default risk, but not as bad as CCC, which means very low credit quality with a high risk of default.",[11,3055,3056],{},"The Michael Saylor-led firm has transformed from an enterprise software company into what is essentially a publicly traded bitcoin BTC holding vehicle. The firm uses nearly all of its excess cash to buy more bitcoin and finances many of its operations and crypto purchases by issuing convertible debt, preferred stock, and equity.",[11,3058,3059],{},"Strategy Executive Chairman Michael Saylor noted that his company has now become the first-ever bitcoin treasury firm to receive a rating from a major credit agency. His thoughts were echoed by others in the industry, among them KindlyMD (NAKA) CEO David Bailey, who said \"the market demand for treasury companies is about to explode.\"",[11,3061,3062],{},"Ratings are often a necessary step for many pension funds and other institutional investors to be able to invest in corporate paper. Stategy is junk-rated now, but future upgrades could open the doors to a lot of funds.",[100,3064,3066],{"id":3065},"sps-thinking","S&P's thinking",[11,3068,3069],{},"As of mid-2025, Strategy’s bitcoin holdings were valued at roughly 70 billion, compared to 15 billion dollars in total outstanding convertible debt and preferred equity. But that balance sheet strength is deceiving, S&P said, because Strategy has very little actual cash and almost no reliable operating income. The company's software business is roughly breakeven, and from January to June 2025, Strategy posted negative $37 million in operating cash flow.",[11,3071,3072],{},"S&P also flagged what it called a “currency mismatch.” While the company’s assets are almost entirely in bitcoin, its debts and dividend obligations are in U.S. dollars. That means Strategy could face pressure to sell bitcoin — possibly at a loss — if it can’t raise enough new capital in a downturn. S&P warned that if bitcoin prices drop and investor appetite weakens, the firm could face a liquidity crunch.",[11,3074,3075],{},"One key constraint on the company’s rating is its “negative total adjusted capital.” Under S&P’s methodology, bitcoin is excluded from equity calculations due to its volatility and uncorrelated market risks. That accounting treatment leaves Strategy with a capital shortfall on paper, even though it owns billions in digital assets.",[11,3077,3078],{},"Preferred stock dividends also pose a potential challenge. The company owes over $640 million annually in dividends across four classes of preferred equity. While Strategy can defer these payments, doing so would trigger governance penalties such as granting preferred shareholders board seats. Two of its preferred classes also accrue interest on deferred payments at higher rates. Strategy has said it plans to fund dividends through new equity sales, not by selling bitcoin.",[11,3080,3081],{},"Despite the risks, S&P assigned a stable outlook, citing the company’s past success in managing debt maturities and maintaining access to capital markets. The next major maturity date isn’t until 2028, giving the company some breathing room, as long as the price of bitcoin doesn’t collapse.",[11,3083,3084],{},"S&P said it could lower the rating if the company’s capital access becomes constrained or if risks around debt repayment rise. An upgrade, however, is unlikely in the near term unless Strategy significantly boosts its dollar liquidity and reduces its reliance on convertible debt to fund operations.",[11,3086,3087],{},"In the eyes of S&P, Strategy’s fortunes remain tightly tied to bitcoin. As long as that remains the case, so will the risks.",[11,3089,3090],{},"Shares of MSTR are up nearly 3% on Monday alongside a weekend rally in the price of bitcoin to $115,500.",[11,3092,3093],{},[55,3094,3097],{"href":3095,"rel":3096},"https:\u002F\u002Fwww.coindesk.com\u002Fmarkets\u002F2025\u002F10\u002F27\u002Fsaylor-s-strategy-the-first-bitcoin-treasury-company-rated-by-major-credit-agency",[59],[61,3098,63],{},{"title":65,"searchDepth":66,"depth":66,"links":3100},[3101],{"id":3065,"depth":66,"text":3066},[69],"2025-10-28 12:23:53",{},"\u002Fblog\u002Fsaylor-s-strategy-the-first-bitcoin-treasury-company-rated-by-major-credit-agency",{"title":3039,"description":3047},"blog\u002FSaylor-s-Strategy-the-First-Bitcoin-Treasury-Company-Rated-by-Major-Credit-Agency","X19ZS1ji8RWiz6dxWcZtjkrEOdu5rkHlhrjo9fZCq8I",{"id":3110,"title":3111,"body":3112,"categories":3185,"cover":77,"date":3103,"description":3116,"extension":71,"meta":3186,"navigation":73,"path":3187,"seo":3188,"stem":3189,"tags":77,"__hash__":3190},"blog\u002Fblog\u002FCrypto-Regulators-Must-Adapt-Quickly-to-Stay-Globally-Competitive.md","Crypto Regulators Must Adapt Quickly to Stay Globally Competitive",{"type":8,"value":3113,"toc":3178},[3114,3117,3120,3123,3126,3130,3133,3136,3140,3143,3146,3150,3153,3157,3160,3163,3167,3170],[11,3115,3116],{},"Crypto assets have emerged as one of the fastest-growing sectors in global finance, presenting substantial opportunities for retail and institutional investors alike. With revenues in Europe projected to grow by over 30% annually, Europe is well placed to capitalize on the growth of this dynamic sector, but it must embrace scrutiny and adapt quickly or risk being left behind.",[11,3118,3119],{},"The recent adoption of the Markets in Crypto-Assets (MiCA) Regulation by the European Union (EU) was a significant step forward in supporting the continent’s embrace of the crypto industry and has helped Europe to establish itself as a hub for well-regulated and responsible operators.",[11,3121,3122],{},"The early days of implementing a new continent-wide regulation that covers the complex, novel and fast-moving crypto sector have naturally highlighted areas where additional action or clarity is required. However, ten months after MiCA came into force, Europe finds itself in a uniquely strong position to establish the regulatory gold standard when it comes to oversight of the sector.",[11,3124,3125],{},"To preserve this advantage, European regulators must continue to work quickly, collaboratively, and be willing to learn on the go. This will be essential in ensuring both that regulation does not lag too far behind industry and that it effectively minimizes risk without creating an unnecessary regulatory burden, so that the sector’s inherently innovative nature is protected.",[100,3127,3129],{"id":3128},"malta-leading-by-example","Malta leading by example",[11,3131,3132],{},"Prior to MiCA’s introduction, Malta was the first European country to implement a full licensing regime for Crypto-Asset Service Providers (CASPs). The Virtual Financial Assets (VFA) Act was adopted back in 2018, and was developed based on existing European legislation such as the Markets in Financial Instruments Directive (MiFID), the Markets in Financial Instruments Regulation (MiFIR), the Prospectus Regulation, the Transparency Directive and the Market Abuse Regulation, as well as in consultation with supranational and peer national competent authorities (NCAs).",[11,3134,3135],{},"As the country’s sole regulator of financial services, the Malta Financial Services Authority (MFSA) built considerable capacity and expertise to adequately oversee the country’s crypto industry under the VFA Act, as well as gaining practical experience of supervising crypto companies that have since gone on to secure MiCA licenses in Malta. During this time, it invested in resources through initiatives such as the Financial Supervisors Academy (FSA), a training program created to support the development of a pipeline of talent with the necessary skills to effectively supervise the sector. The MFSA also adopted advanced supervisory tools to complement more traditional financial surveillance mechanisms, such as blockchain analysis and market monitoring systems. Malta did all of this at a time before many jurisdictions were even thinking about regulating digital assets — and, over time, has proven highly effective when it comes to supervising CASPs, as demonstrated by these measures becoming widely adopted by regulators across Europe and beyond.",[100,3137,3139],{"id":3138},"embracing-scrutiny","Embracing scrutiny",[11,3141,3142],{},"As an early adopter of regulation in the crypto sector, the MFSA welcomed the European Securities and Markets Authority (ESMA) peer review process earlier this year, which concluded in July. The final report recognized various strengths and areas of good practice when it comes to the regulation of digital assets in Malta, which are highly encouraging and should give further confidence to firms considering licensing.",[11,3144,3145],{},"Naturally, the report also identified some areas where there was room for improvement, and we began implementing the recommendations the report made, both for Malta and National Competent Authorities (NCAs) across Europe, immediately. We are finalising the implementation and review of all internal processes in order to ensure compliance with the ESMA Peer Preview.",[100,3147,3149],{"id":3148},"enhanced-supervision-and-enforcement","Enhanced Supervision and Enforcement",[11,3151,3152],{},"In recognition of the need to scale up capabilities and capacity to ensure effective implementation, the MFSA has also increased investment in its supervisory and enforcement teams and processes. In 2024 the MFSA conducted 1,345 supervisory interactions, a 33% increase on 2023 and three-fold increase since 2020. In the same year 134 enforcement actions were undertaken, including 126 administrative penalties, 4 directives, 2 cancellations of licence and 2 reprimands.",[100,3154,3156],{"id":3155},"setting-the-record-straight","Setting the record straight",[11,3158,3159],{},"The peer review process was also an opportunity to address the myth that Malta has been rushing to grant licenses at the expense of in-depth scrutiny in application processing. This is a misconception. Throughout our preparatory phase, the MFSA demonstrated exceptional responsiveness and agility — but under no circumstances did we compromise on rigour, oversight, or regulatory integrity. We were able to move quickly because preparations for MiCA implementation have been comprehensive and began two years ago. Additionally, ahead of licensing any firm, a robust and extensive process was and is followed. This kicked off as early as November 2023 when the first industry event to raise awareness of the various requirements for securing a MiCA license was convened. A series of supervisory meetings were held throughout 2024, as well as in-depth reviews of the readiness of prospective applicants. This process involved a comprehensive assessment toolkit and the verification of all requirements by at least two officials to avoid error. Underpinning all this preparation was the prior seven years of supervisory experience that we had under our belt through the Malta VFA Act.",[11,3161,3162],{},"The MFSA is an agile regulator. That said, a quick look at the ESMA interim register shows that Malta is not alone in issuing MiCA licenses, with 58 CASP licences issued so far across 11 countries. To be clear, no operator has been granted a MiCA license by the MFSA in a matter of days.",[100,3164,3166],{"id":3165},"looking-forward-not-back","Looking forward, not back",[11,3168,3169],{},"On the back of these first nine months of MiCA implementation, there is a clear but time-sensitive opportunity for NCAs in Europe and beyond to learn and improve. As we look to raise the bar, scrutiny is not something to be feared or shy away from but instead should be embraced as an opportunity for learning, improvement and showcasing what is working well, along with identifying areas where more clarity is needed. It should be a reason to move forward with greater speed and determination, not to slow down and risk falling behind. After all, there must be a continual and ongoing process of learning and adapting if Europe is to successfully capitalize on the $100 billion opportunity the digital assets sector represents.",[11,3171,3172],{},[55,3173,3176],{"href":3174,"rel":3175},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2025\u002F10\u002F22\u002Fcrypto-regulators-must-adapt-quickly-to-stay-globally-competitive",[59],[61,3177,63],{},{"title":65,"searchDepth":66,"depth":66,"links":3179},[3180,3181,3182,3183,3184],{"id":3128,"depth":66,"text":3129},{"id":3138,"depth":66,"text":3139},{"id":3148,"depth":66,"text":3149},{"id":3155,"depth":66,"text":3156},{"id":3165,"depth":66,"text":3166},[69],{},"\u002Fblog\u002Fcrypto-regulators-must-adapt-quickly-to-stay-globally-competitive",{"title":3111,"description":3116},"blog\u002FCrypto-Regulators-Must-Adapt-Quickly-to-Stay-Globally-Competitive","f2rJX-eJ_DIRL97Y6vgtrHJTF6NikeXobazz4R7290Y",{"id":3192,"title":3193,"body":3194,"categories":3241,"cover":77,"date":3242,"description":3198,"extension":71,"meta":3243,"navigation":73,"path":3244,"seo":3245,"stem":3246,"tags":77,"__hash__":3247},"blog\u002Fblog\u002FStablecoins-Can-Cut-Cross-Border-Payments-Cost-by-99-KPMG-Says.md","Stablecoins Can Cut Cross-Border Payments Cost by 99%, KPMG Says",{"type":8,"value":3195,"toc":3238},[3196,3199,3202,3205,3208,3212,3215,3218,3221,3224,3227,3230],[11,3197,3198],{},"Stablecoins are emerging as one of the clearest near-term use cases for transforming cross-border payments, according to a report last month from accountancy firm KPMG.",[11,3200,3201],{},"Banks currently rely on a correspondent banking network that moves roughly $150 trillion annually, the report noted, a system that typically takes between two and five days for settlement, involves multiple intermediaries, and carries an average cost of $25 to $35 per transaction.",[11,3203,3204],{},"This infrastructure forces institutions to lock up large sums of money in nostro and vostro accounts around the world to ensure liquidity, KPMG said, creating inefficiencies that stablecoin technology is increasingly well-positioned to solve.",[11,3206,3207],{},"Stablecoins are cryptocurrencies whose value is tied to another asset, such as the U.S. dollar or gold. They play a major role in cryptocurrency markets, providing a payment infrastructure, and are also used to transfer money internationally. Tether's USDT is the largest stablecoin, followed by Circle's USDC.",[100,3209,3211],{"id":3210},"from-days-to-seconds","From days to seconds",[11,3213,3214],{},"The accountancy firm noted that blockchain-based stablecoin solutions can reduce settlement times from days to minutes or even seconds, depending on the network being used. Transaction costs can also drop dramatically, in some cases by more than 99% compared with traditional payment rails.",[11,3216,3217],{},"Lower prefunding requirements ease the pressure on capital, improving overall liquidity and freeing up resources that would otherwise be trapped in dormant accounts, the report said.",[11,3219,3220],{},"Just as importantly, these networks offer real-time tracking and auditability, replacing the opacity of the current system with a level of transparency that aligns with evolving regulatory expectations.",[11,3222,3223],{},"KPMG noted that some major financial institutions have already begun moving real value across blockchain rails, demonstrating early adoption of this model. JPMorgan (JPM), for example, processes around $2 billion in daily transactions on its blockchain platform.",[11,3225,3226],{},"Meanwhile, PayPal (PYPL) launched its own stablecoin in 2023, which has since grown to a market capitalization of $1.17 billion.",[11,3228,3229],{},"These developments, according to KPMG, signal a clear market appetite for further expansion into stablecoin-powered cross-border payments and underscore how digital assets are reshaping global financial infrastructure in practical, revenue-generating ways.",[11,3231,3232],{},[55,3233,3236],{"href":3234,"rel":3235},"https:\u002F\u002Fwww.coindesk.com\u002Fmarkets\u002F2025\u002F10\u002F16\u002Fstablecoins-can-cut-cross-border-payments-cost-by-99-kpmg-says",[59],[61,3237,63],{},{"title":65,"searchDepth":66,"depth":66,"links":3239},[3240],{"id":3210,"depth":66,"text":3211},[69],"2025-10-17 12:23:53",{},"\u002Fblog\u002Fstablecoins-can-cut-cross-border-payments-cost-by-99-kpmg-says",{"title":3193,"description":3198},"blog\u002FStablecoins-Can-Cut-Cross-Border-Payments-Cost-by-99-KPMG-Says","nTSUT3K0JvoLSLVGheptfZy5lB96z3_cXFeX7Wkrok0",{"id":3249,"title":3250,"body":3251,"categories":3298,"cover":3257,"date":3299,"description":3258,"extension":71,"meta":3300,"navigation":73,"path":3301,"seo":3302,"stem":3303,"tags":77,"__hash__":3304},"blog\u002Fblog\u002FRipple-Set-to-Enter-Corporate-Treasury-Business-With-1B-Acquisition-of-GTreasury.md","Ripple Set to Enter Corporate Treasury Business With $1B Acquisition of GTreasury",{"type":8,"value":3252,"toc":3295},[3253,3259,3262,3265,3268,3271,3275,3278,3281,3284,3287],[11,3254,3255,3258],{},[14,3256],{"alt":16,"src":3257},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F117d4977cd8ac6773466b62cfe171c943c2e9817-1920x1080.avif","\nRipple, the blockchain firm closely associated with the XRP Ledger (XRP) network, is acquiring treasury software provider GTreasury for $1 billion, pushing deeper into corporate finance.",[11,3260,3261],{},"GTreasury’s treasury platform, used by Fortune 500 enterprise for managing cash, foreign exchange and risk, will become part of Ripple’s expanding suite of financial tools, the firm told CoinDesk on Thursday. The acquisition is set to close in the coming months, subject to regulatory approvals, it added.",[11,3263,3264],{},"The deal brings Ripple into direct contact with large treasury departments, many of which still rely on legacy systems to manage billions in liquidity, as the digital asset company works towards making its blockchain infrastructure central to how enterprises manage money.",[11,3266,3267],{},"\"For too long, money has been stuck in slow, outdated payments systems and infrastructure, causing unnecessary delays, high costs, and roadblocks to entering new markets -- problems that blockchain technologies are ideally suited to solve,\" Ripple CEO Brad Garlinghouse said in a statement.",[11,3269,3270],{},"\"Ripple’s and GTreasury’s capabilities together bring the best of both worlds, so treasury and finance teams can finally put their trapped capital to work, process payments instantly, and open up new growth opportunities,\" he added.",[100,3272,3274],{"id":3273},"ripples-acquisition-spree","Ripple's acquisition spree",[11,3276,3277],{},"Ripple, best known for its cross-border payments network, is increasingly positioning itself as a broader provider of financial services infrastructure underpinned by digital assets and blockchain tech.",[11,3279,3280],{},"The firm rolled out its U.S. dollar stablecoin last year, which swelled over $840 million in supply available on XRP Ledger (XRP) and Ethereum.",[11,3282,3283],{},"Ripple also offers custody services for digital assets via its institutional custody arm, born out of the acquisition of Swiss crypto specialist Metaco.",[11,3285,3286],{},"The GTreasury deal set to be Ripple's third acquisition of this year multi-asset prime broker Hidden Road for $1.25 billion and stablecoin payments platform Rail for $200 million, as part of a coordinated effort to build out the building blocks of a full-stack crypto-powered finance platform.",[11,3288,3289],{},[55,3290,3293],{"href":3291,"rel":3292},"https:\u002F\u002Fwww.coindesk.com\u002Fbusiness\u002F2025\u002F10\u002F16\u002Fripple-set-to-enter-corporate-treasury-business-with-usd1b-acquisition-of-gtreasury",[59],[61,3294,63],{},{"title":65,"searchDepth":66,"depth":66,"links":3296},[3297],{"id":3273,"depth":66,"text":3274},[69],"2025-10-16 12:23:53",{},"\u002Fblog\u002Fripple-set-to-enter-corporate-treasury-business-with-1b-acquisition-of-gtreasury",{"title":3250,"description":3258},"blog\u002FRipple-Set-to-Enter-Corporate-Treasury-Business-With-1B-Acquisition-of-GTreasury","HDYWBC4nO0lroNKeYys7qgGEJW4q757L7yCAV6hfzSI",{"id":3306,"title":3307,"body":3308,"categories":3347,"cover":3314,"date":3299,"description":3315,"extension":71,"meta":3348,"navigation":73,"path":3349,"seo":3350,"stem":3351,"tags":77,"__hash__":3352},"blog\u002Fblog\u002FCrypto-Exchange-Coinbase-Introduces-Its-Own-Stablecoin-Payments-Platform.md","Crypto Exchange Coinbase Introduces Its Own Stablecoin Payments Platform",{"type":8,"value":3309,"toc":3345},[3310,3316,3319,3322,3325,3328,3331,3334,3337],[11,3311,3312,3315],{},[14,3313],{"alt":16,"src":3314},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F8f1be48330c44ac7017f357b6582a4f56fad64f2-1920x1080.avif","\nU.S.-listed cryptocurrency exchange Coinbase (COIN) is introducing a platform for stablecoin payments to enable businesses to send and receive USDC, the company said on Thursday.",[11,3317,3318],{},"Named simply \"Coinbase Business,\" the new set of tools will simplify vendor payments, eliminate chargebacks, and offer seamless API integrations, empowering businesses to scale efficiently, the exchange said.",[11,3320,3321],{},"USDC balances held in Coinbase Business earn 4.1% APY, and can be cashed out on demand to a linked business bank account via Wire or ACH, according to a blog post. All transactions can be synced with QuickBooks or Xero through integrations with CoinTracker, allowing users to adopt crypto payments while staying compliant.",[11,3323,3324],{},"The fast-growing stablecoin arena is a competitive space. Coinbase has a 50\u002F50 revenue split with Circle when it comes to yield earned from the USDC stablecoin, the second largest with a market cap of $76 billion. It makes economic sense for Coinbase to bring additional USDC volume onto its own platform, even if that new platform appears to be in competition with the likes of Circle Payment Network, unveiled earlier this year.",[11,3326,3327],{},"Tom Duff Gordon, vice president of international policy at Coinbase said there is \"a high degree of tolerance\" when it comes to the many different business lines Circle is exploring (that are supported by Coinbase), while the exchange lists multiple stablecoins from several jurisdictions. “Some of those directions will overlap and some will be slightly different,” Duff Gordon said in an interview.",[11,3329,3330],{},"There are signs Coinbase is exploring ways to flex some stablecoin utility across the exchange as well as on Base, its Ethereum overlay system. Coinbase has held talks to acquire stablecoin payments firm BVNK for around $1.5 billion. Duff Gordon declined to comment on the status of that deal.",[11,3332,3333],{},"Looking beyond cross-border payments and remittances, Coinbase has been working on areas like AI-driven agentic commerce and the expansion of x402, an open source payments protocol for stablecoin transactions among AI agents.",[11,3335,3336],{},"\"I think agentic commerce, machine-to-machine, X402, and the use of stablecoins for things like micro programmable payments in that environment is going to be very interesting,\" Duff Gordon said. \"It won't necessarily scale overnight, but it's absolutely part of the future.\"",[11,3338,3339],{},[55,3340,3343],{"href":3341,"rel":3342},"https:\u002F\u002Fwww.coindesk.com\u002Fbusiness\u002F2025\u002F10\u002F16\u002Fcrypto-exchange-coinbase-introduces-its-own-stablecoin-payments-platform",[59],[61,3344,63],{},{"title":65,"searchDepth":66,"depth":66,"links":3346},[],[69],{},"\u002Fblog\u002Fcrypto-exchange-coinbase-introduces-its-own-stablecoin-payments-platform",{"title":3307,"description":3315},"blog\u002FCrypto-Exchange-Coinbase-Introduces-Its-Own-Stablecoin-Payments-Platform","JIuVlNYv5dTMxxY0SvpiCKwO5wehKmhgEfEXZJta7X0",{"id":3354,"title":3355,"body":3356,"categories":3398,"cover":3362,"date":3299,"description":3363,"extension":71,"meta":3399,"navigation":73,"path":3400,"seo":3401,"stem":3402,"tags":77,"__hash__":3403},"blog\u002Fblog\u002FAndreessen-Horowitz’s-a16z-Invests-50M-in-Solana-Staking-Protocol-Jito.md","Andreessen Horowitz’s a16z Invests $50M in Solana Staking Protocol Jito",{"type":8,"value":3357,"toc":3396},[3358,3364,3367,3370,3373,3376,3379,3382,3385,3388],[11,3359,3360,3363],{},[14,3361],{"alt":16,"src":3362},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Fadf5f50642557f9564dc1b9f7bcf11ae01dc5bda-3000x2000.avif","\nJito Foundation, a crypto protocol that supports the blockchain Solana, has raised $50 million in a private token sale led by Andreessen Horowitz’s a16z crypto, it announced in a press release Thursday.",[11,3365,3366],{},"The funding will support the foundation’s push to scale the Jito Network’s infrastructure, expand its developer tools, and continue building out liquid staking solutions tailored to Solana’s architecture.",[11,3368,3369],{},"JITO rose about 4% on the news, trading at $1.17 at press time.",[11,3371,3372],{},"At the center of Jito’s operations are two main products: a validator client optimized for Solana’s high-speed network and JitoSOL, a liquid staking token with over $3.2 billion in market cap.",[11,3374,3375],{},"Together, they allow Solana users to earn staking rewards while enabling fast, cost-efficient transaction processing.",[11,3377,3378],{},"With backing from a16z, one of crypto’s largest venture firms and an early Solana investor, Jito plans to grow its open-source tooling, support new developers, and expand globally. The foundation also aims to build on its newest infrastructure addition: the Block Assembly Marketplace (BAM), launched in September.",[11,3380,3381],{},"“This isn’t just about scaling,” said Brian Smith, president of Jito Foundation, in the release. “It’s about helping everyone on Solana extract more value while making the network more transparent and programmable.”",[11,3383,3384],{},"The funding also arrives on the heels of a proposed VanEck JitoSOL ETF filed with the Securities and Exchange Commission in August. If approved, it would give traditional investors regulated exposure to staking yields from JitoSOL, marking a step toward integrating Solana-native products into conventional finance.",[11,3386,3387],{},"Ali Yahya, general partner at a16z crypto, said Jito’s role in building foundational tools like BAM puts it in a strong position to lead Solana’s next wave of growth. “Jito is catalyzing growth for the entire Solana ecosystem,” he said.",[11,3389,3390],{},[55,3391,3394],{"href":3392,"rel":3393},"https:\u002F\u002Fwww.coindesk.com\u002Fmarkets\u002F2025\u002F10\u002F16\u002Fandreessen-horowitz-s-a16z-invests-usd50m-in-solana-staking-protocol-jito",[59],[61,3395,63],{},{"title":65,"searchDepth":66,"depth":66,"links":3397},[],[69],{},"\u002Fblog\u002Fandreessen-horowitz's-a16z-invests-50m-in-solana-staking-protocol-jito",{"title":3355,"description":3363},"blog\u002FAndreessen-Horowitz’s-a16z-Invests-50M-in-Solana-Staking-Protocol-Jito","1Pc8588khadBQyxjX9kTvCtQakIl8u-tqeysZ33yB2Q",{"id":3405,"title":3406,"body":3407,"categories":3446,"cover":3413,"date":3447,"description":3414,"extension":71,"meta":3448,"navigation":73,"path":3449,"seo":3450,"stem":3451,"tags":77,"__hash__":3452},"blog\u002Fblog\u002FCentrifuge-Launches-Tokenized-S-P-500-Index-Fund-on-Coinbase-s-Base-Network.md","Centrifuge Launches Tokenized S&P 500 Index Fund on Coinbase's Base Network",{"type":8,"value":3408,"toc":3444},[3409,3415,3418,3421,3424,3427,3430,3433,3436],[11,3410,3411,3414],{},[14,3412],{"alt":16,"src":3413},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F20250926-2.avif","\nReal-world asset specialist Centrifuge has launched what it calls the first licensed S&P 500 index fund on blockchain rails, opening one of the world’s most recognized equity benchmarks to on-chain investors.",[11,3416,3417],{},"The Janus Henderson Anemoy S&P 500 Fund, dubbed SPXA, went live on Thursday on Base, an Ethereum layer-2 network developed by crypto exchange Coinbase.",[11,3419,3420],{},"The offering is the first tokenized index fund licensed by the S&P Dow Jones Indices. It allows the S&P 500, a wide basket of the largest publicly traded U.S. companies that covers roughly 80% of the U.S. equity market, to trade around the clock with transparent holdings.",[11,3422,3423],{},"FalconX, a digital asset brokerage, was an anchor investor in the product, while Wormhole, a cross-chain messaging protocol, will handle future expansion to other blockchains. Janus Henderson, a London-based global asset manager with nearly $500 billion in AUM, is serving as sub-investment manager, while Centrifuge's asset management arm Anemoy oversees the fund.",[11,3425,3426],{},"The initiative fits into a broader trend of bringing traditional financial instruments such as bonds, funds and equities, often called real-world assets (RWA), onto blockchain rails. Proponents explore tokenization for operational gains, speedier settlements and around-the-clock trading.",[11,3428,3429],{},"Centrifuge, which has built infrastructure for tokenizing private credit and fixed income since 2017, sees SPXA as its entry point into equities, a tokenization trend that has recently taken off.",[11,3431,3432],{},"\"Indices are the best way to bring stocks on-chain,\" Bhaji Illuminati, CEO of Centrifuge, said in a statement. \"They’re simple, collateral-ready and unlock liquidity in ways individual securities can’t.\"",[11,3434,3435],{},"For S&P Dow Jones Indices, the offering is a stepping stone to \"build the future of index-linked financial products\" traditional finance products are beginning to migrate to blockchain environments, said Cameron Drinkwater, chief product officer at S&P DJI.",[11,3437,3438],{},[55,3439,3442],{"href":3440,"rel":3441},"https:\u002F\u002Fwww.coindesk.com\u002Fbusiness\u002F2025\u002F09\u002F25\u002Fcentrifuge-launches-tokenized-s-and-p-500-index-fund-on-coinbase-s-base-network",[59],[61,3443,63],{},{"title":65,"searchDepth":66,"depth":66,"links":3445},[],[69],"2025-09-26 12:23:53",{},"\u002Fblog\u002Fcentrifuge-launches-tokenized-s-p-500-index-fund-on-coinbase-s-base-network",{"title":3406,"description":3414},"blog\u002FCentrifuge-Launches-Tokenized-S-P-500-Index-Fund-on-Coinbase-s-Base-Network","MXLDb-medhJZxSZoBLodEuKdoOPYmRlB6r-JILLbbcQ",{"id":3454,"title":3455,"body":3456,"categories":3492,"cover":3462,"date":3493,"description":3463,"extension":71,"meta":3494,"navigation":73,"path":3495,"seo":3496,"stem":3497,"tags":77,"__hash__":3498},"blog\u002Fblog\u002FSharpLink-Gaming-Set-to-Tokenize-Its-Equity-on-Ethereum-With-Superstate.md","SharpLink Gaming Set to Tokenize Its Equity on Ethereum With Superstate",{"type":8,"value":3457,"toc":3490},[3458,3464,3467,3470,3473,3476,3479,3482],[11,3459,3460,3463],{},[14,3461],{"alt":16,"src":3462},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Ff7ce975601d795e11290c9dab967bcac8f63af1a-1920x1079.avif","\nSharpLink Gaming (SBET), the Ethereum treasury firm led by Joseph Lubin, unveiled plans on Thursday to tokenize its equity on the Ethereum blockchain as the stock tokenization trend is gaining steam.",[11,3465,3466],{},"The Minnesota-based firm said it has tapped tokenization specialist Superstate as its digital transfer agent, while its equity token will be natively issued through Superstate’s Opening Bell platform, a system designed to issue SEC-registered shares directly on blockchain rails.",[11,3468,3469],{},"The move comes as tokenization of financial instruments such as equity is gaining momentum across crypto markets. A slew of tokenized equity offerings debuted in the past few months predominantly for investors outside the U.S., including by Robinhood, Gemini with Dinari, Ondo Finance's Global Markets and xStocks by Kraken and Backed Finance. However, some products drew concerns such as limited shareholder rights and fragmented regulation.",[11,3471,3472],{},"SharpLink's tokenized stock will be legally identical to traditional equity, while it can be stored in digital wallets and integrated with on-chain protocols, the press release said.",[11,3474,3475],{},"Beyond issuance, SharpLink and Superstate also plan to explore how such shares could eventually trade on decentralized exchanges and automated market makers (AMMs). That step, if approved, would test how tokenized securities can circulate in markets built around smart contracts while remaining compliant with U.S. securities rules.",[11,3477,3478],{},"SharpLink's initiative follows digital asset investment firm Galaxy's (GLXY) similar effort to tokenize its Class A common shares on SOL with Opening Bell.",[11,3480,3481],{},"SBET is lower by 7% in early trading Thursday alongside a steep slide in the price of ETH to below $4,000.",[11,3483,3484],{},[55,3485,3488],{"href":3486,"rel":3487},"https:\u002F\u002Fwww.coindesk.com\u002Fbusiness\u002F2025\u002F09\u002F25\u002Fsharplink-gaming-set-to-tokenize-its-equity-on-ethereum-with-superstate",[59],[61,3489,63],{},{"title":65,"searchDepth":66,"depth":66,"links":3491},[],[69],"2025-09-25 12:23:53",{},"\u002Fblog\u002Fsharplink-gaming-set-to-tokenize-its-equity-on-ethereum-with-superstate",{"title":3455,"description":3463},"blog\u002FSharpLink-Gaming-Set-to-Tokenize-Its-Equity-on-Ethereum-With-Superstate","3zwvOoyFIRFepHMQ0Sx1maTmA0FwGCL3pPB0Dc7UtSc",{"id":3500,"title":3501,"body":3502,"categories":3540,"cover":3508,"date":3493,"description":65,"extension":71,"meta":3541,"navigation":73,"path":3542,"seo":3543,"stem":3544,"tags":77,"__hash__":3545},"blog\u002Fblog\u002FCloudflare-Unveils-U-S-Dollar-Stablecoin-for-AI-Powered-Internet-Economy.md","Cloudflare Unveils U.S. Dollar Stablecoin for AI-Powered Internet Economy",{"type":8,"value":3503,"toc":3538},[3504,3509,3512,3515,3518,3521,3524,3527,3530],[11,3505,3506],{},[14,3507],{"alt":16,"src":3508},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F20250926-4.avif",[11,3510,3511],{},"U.S.-listed cloud company Cloudflare (NET) announced plans to intorduve a U.S. dollar stablecoin for what it calls the \"agentic web,\" where autonomous AI agents perform tasks like booking flights or ordering groceries.",[11,3513,3514],{},"The company said on Thursday that the token, dubbed NET Dollar, will enable instant and secure transactions for software agents, developers and creators. Cloudflare framed the initiative as a shift away from the ad-driven economics that have defined the internet for decades.",[11,3516,3517],{},"\"The Internet’s next business model will be powered by pay-per-use, fractional payments, and microtransactions—tools that shift incentives toward original, creative content that actually adds value,\" Matthew Prince, co-founder and CEO of Cloudflare, said in a statement.",[11,3519,3520],{},"\"By using our global network, we are going to help modernize the financial rails needed to move money at the speed of the Internet, helping to create a more open and valuable Internet for everyone,\" he added.",[11,3522,3523],{},"The firm said itis also contributing to standards such as the Agent Payments Protocol and x402, which aim to make sending and receiving payments online simpler.",[11,3525,3526],{},"With the move, Cloudflare aims to join a roster of fintechs and payments firms that ventured into the red-hot stablecoin trend that's shaking up cross-border payments. These cryptocurrencies, with prices tied to fait money like the U.S. dollar, offer a cheaper, faster alternative to traditional payment rails using blockchains for settlement. For example, Stripe is building its own blockchain, Tempo, for stablecoin transactions and acquired stablecoin infrastructure provider Bridge for $1.1 billion.",[11,3528,3529],{},"It's potentially a huge market: stablecoin transaction volumes could reach $1 trillion by 2030, driven by institutional adoption, FX settlement and cross-border flows, trading firm Keyrock projected in a report.",[11,3531,3532],{},[55,3533,3536],{"href":3534,"rel":3535},"https:\u002F\u002Fwww.coindesk.com\u002Fbusiness\u002F2025\u002F09\u002F25\u002Fcloudflare-unveils-u-s-dollar-stablecoin-for-ai-powered-internet-economy",[59],[61,3537,63],{},{"title":65,"searchDepth":66,"depth":66,"links":3539},[],[69],{},"\u002Fblog\u002Fcloudflare-unveils-u-s-dollar-stablecoin-for-ai-powered-internet-economy",{"title":3501,"description":65},"blog\u002FCloudflare-Unveils-U-S-Dollar-Stablecoin-for-AI-Powered-Internet-Economy","Ey3ATDEvXaQVQroJDnyKvTb4ODN1o05j9QmnKpXBax8",{"id":3547,"title":3548,"body":3549,"categories":3593,"cover":3555,"date":3594,"description":3556,"extension":71,"meta":3595,"navigation":73,"path":3596,"seo":3597,"stem":3598,"tags":77,"__hash__":3599},"blog\u002Fblog\u002FSolana’s-Yakovenko-Says-Bitcoin-Must-Upgrade-to-Survive-Quantum-Threat-by-2030.md","Solana’s Yakovenko Says Bitcoin Must Upgrade to Survive Quantum Threat by 2030",{"type":8,"value":3550,"toc":3590},[3551,3557,3560,3563,3566,3570,3573,3576,3579,3582],[11,3552,3553,3556],{},[14,3554],{"alt":16,"src":3555},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F20250926-3.avif","\nSolana co-founder Anatoly Yakovenko warned that Bitcoin developers must act to prepare for a possible quantum computing breakthrough that could render the network’s current security measures obsolete.",[11,3558,3559],{},"Speaking at the All-In Summit 2025, Yakovenko said there’s a “50\u002F50” chance quantum computers will be powerful enough within five years to break the cryptographic protections securing Bitcoin wallets.",[11,3561,3562],{},"“We should migrate Bitcoin to a quantum-resistant signature scheme,” he said.",[11,3564,3565],{},"The concern stems from the possibility of quantum machines running algorithms like Shor’s, which could crack the Elliptic Curve Digital Signature Algorithm currently protecting Bitcoin private keys. That would make it possible to forge transactions and compromise wallets, an existential risk for the network.",[100,3567,3569],{"id":3568},"community-pushback","Community pushback",[11,3571,3572],{},"Bitcoin’s design doesn’t make such a change easy. A migration to post-quantum cryptography would require a hard fork, a highly contentious and technically complex process that would need widespread support across the network and would not be backward-compatible.",[11,3574,3575],{},"While Yakovenko stressed urgency, others in the crypto community aren’t convinced the threat is near. Adam Back, CEO of Blockstream, estimated that the technology is still somewhat far away and even making Bitcoin quantum-ready is “relatively simple.”",[11,3577,3578],{},"Bitcoin Core contributor Peter Todd pointed out earlier on social media that quantum computers “don’t exist” as “the demos running toy problems do not count.” To Luke Dashjr, another Bitcoin Core contributor, quantum isn’t as much of a threat to Bitcoin now as spam and developer corruption, which the community can now address.",[11,3580,3581],{},"Yakovenko argued that advances in artificial intelligence show how quickly lab work can leap into the real world. The moment tech giants like Apple or Google roll out quantum-safe cryptographic stacks, he said, “it’s time to migrate.”",[11,3583,3584],{},[55,3585,3588],{"href":3586,"rel":3587},"https:\u002F\u002Fwww.coindesk.com\u002Ftech\u002F2025\u002F09\u002F20\u002Fsolana-s-yakovenko-says-bitcoin-must-upgrade-to-survive-quantum-threat-by-2030",[59],[61,3589,63],{},{"title":65,"searchDepth":66,"depth":66,"links":3591},[3592],{"id":3568,"depth":66,"text":3569},[69],"2025-09-21 12:23:53",{},"\u002Fblog\u002Fsolana's-yakovenko-says-bitcoin-must-upgrade-to-survive-quantum-threat-by-2030",{"title":3548,"description":3556},"blog\u002FSolana’s-Yakovenko-Says-Bitcoin-Must-Upgrade-to-Survive-Quantum-Threat-by-2030","F7sjdmB_5BWmfDqj5k2BvJs3SrOP3kKe3IPZCQdtW_k",{"id":3601,"title":3602,"body":3603,"categories":3670,"cover":77,"date":3671,"description":3607,"extension":71,"meta":3672,"navigation":73,"path":3673,"seo":3674,"stem":3675,"tags":77,"__hash__":3676},"blog\u002Fblog\u002FBitcoin-Traders-Should-Pay-Attention-to-Japan-as-Top-Economist-Warns-of-Debt-Implosion.md","Bitcoin Traders Should Pay Attention to Japan as Top Economist Warns of Debt Implosion",{"type":8,"value":3604,"toc":3666},[3605,3608,3611,3615,3618,3621,3624,3627,3630,3633,3636,3639,3642,3646,3649,3652,3655,3658],[11,3606,3607],{},"While much of the attention from the crypto and traditional markets remains on the U.S., a recent analysis by a leading economist suggests it’s time to look east.",[11,3609,3610],{},"Japan is teetering on the edge of a debt crisis, but a potential recession in the U.S. could provide the land of the rising sun a temporary window of relief, according to Robin Brooks, senior fellow in the Global Economy and Development program at the Brookings Institution.",[100,3612,3614],{"id":3613},"japans-debt-to-gdp-is-a-problem","Japan's debt-to-GDP is a problem",[11,3616,3617],{},"For years, Japan has held the highest public debt-to-GDP ratio among advanced economies, consistently hovering above 200%. However, in the post-COVID era marked by massive fiscal spending, investors' tolerance for such high debt levels has waned.",[11,3619,3620],{},"To complicate matters, Japan's inflation, as measured by the consumer price index (CPI), has surged since mid-2022, bringing inflation rates up to levels not seen since the 1980s. The trend is consistent with the sticky price pressures worldwide.",[11,3622,3623],{},"The elevated inflation has pushed government bond yields higher and increased the cost of additional fiscal borrowing. These combined pressures have thrust Japan’s staggering debt-to-GDP ratio of around 240% into the spotlight, effectively boxing the government into a difficult position.",[11,3625,3626],{},"Brooks put it best in his latest Substack post: \"The bottom line is that exceptionally high government debt is putting Japan in a terrible bind. If Japan sticks with low interest rates, it risks further Yen depreciation, which could cause inflation to run out of control. If it anchors the Yen by allowing yields to rise further, this could put Japan’s debt sustainability at risk.\"",[11,3628,3629],{},"\"This catch-22 means a debt crisis is much closer than people think,\" he added.",[11,3631,3632],{},"Growing debt concerns could drive investors to alternative financial escape valves such as cryptocurrencies, mainly stablecoins. Japanese startup JPYC is planning to issue the first stablecoin pegged to the yen later this year.",[11,3634,3635],{},"The yen has appreciated by nearly 7% to 146.50 per U.S. dollar this year as expectations for Fed rate cuts have led to a broad-based dollar sell-off.",[11,3637,3638],{},"However, zooming out tells an entirely different story. Since 2021, the yen has depreciated by a solid 41%, adding to domestic inflation.",[11,3640,3641],{},"Meanwhile, the 10-year Japanese bond yield surged to 1.60% from nearly zero in 2020, reaching its highest level since 2008. The 30-year yield has also hit multi-decade highs. In other words, investors are demanding a higher premium to lend money to the government to compensate for the growing fiscal risks.",[100,3643,3645],{"id":3644},"us-recession-may-offer-temporary-relief","U.S. recession may offer temporary relief",[11,3647,3648],{},"Japan may find some relief in a potential U.S. recession, marked by consecutive quarterly contractions in the GDP. Such a situation would see investors worldwide park money in government bonds, driving yields lower. (Bond yields and prices move in opposite directions).",[11,3650,3651],{},"The resulting drop in Japanese yields could then buy time for Japan, according to Brooks.",[11,3653,3654],{},"\"It’s possible that the U.S. goes into recession, which will cause U.S. and global yields to fall. That will buy Japan time. But - in the end - the only sustainable way out of this catch-22 is for Japan to cut spending and\u002For raise taxes,\" Brooks noted.",[11,3656,3657],{},"Still, the big question remains: will Japanese citizens accept higher taxes and spending cuts? Only time will tell.",[11,3659,3660],{},[55,3661,3664],{"href":3662,"rel":3663},"https:\u002F\u002Fwww.coindesk.com\u002Fmarkets\u002F2025\u002F09\u002F17\u002Fbitcoin-traders-should-pay-attention-to-japan-as-top-economist-warns-of-debt-implosion",[59],[61,3665,63],{},{"title":65,"searchDepth":66,"depth":66,"links":3667},[3668,3669],{"id":3613,"depth":66,"text":3614},{"id":3644,"depth":66,"text":3645},[69],"2025-09-17 12:23:53",{},"\u002Fblog\u002Fbitcoin-traders-should-pay-attention-to-japan-as-top-economist-warns-of-debt-implosion",{"title":3602,"description":3607},"blog\u002FBitcoin-Traders-Should-Pay-Attention-to-Japan-as-Top-Economist-Warns-of-Debt-Implosion","CqaeOJ5WbWfGhiAX-cLvo7kmc4RgQCAuqlPsF9BAKsk",{"id":3678,"title":3679,"body":3680,"categories":3717,"cover":2696,"date":3718,"description":65,"extension":71,"meta":3719,"navigation":73,"path":3720,"seo":3721,"stem":3722,"tags":77,"__hash__":3723},"blog\u002Fblog\u002FGoogle-Teams-Up-With-Coinbase-to-Bring-Stablecoin-Payments-to-AI-Apps.md","Google Teams Up With Coinbase to Bring Stablecoin Payments to AI Apps",{"type":8,"value":3681,"toc":3715},[3682,3686,3689,3692,3695,3698,3701,3704,3707],[11,3683,3684],{},[14,3685],{"alt":16,"src":2696},[11,3687,3688],{},"Google is taking a step toward merging artificial intelligence (AI) and digital money, rolling out a new open-source protocol that lets AI applications send and receive payments, which includes support for stablecoins, digital tokens pegged to fiat currencies such as the U.S. dollar, according to a press release.",[11,3690,3691],{},"To incorporate stablecoin rails, Google teamed up with U.S.-based crypto exchange Coinbase, which has been developing its own AI-integrated payments infrastructure.",[11,3693,3694],{},"The company also worked with the Ethereum Foundation and coordinated with more than 60 other organizations, including Salesforce, American Express, and Etsy, to cover traditional finance use cases.",[11,3696,3697],{},"The move builds on Google’s earlier work to establish a standard for “AI agents.” These digital agents may eventually handle complex tasks, such as negotiating mortgages or shopping for clothes, without direct human input.",[11,3699,3700],{},"In April, Google rolled out a protocol to standardize agent-to-agent communication. The latest update extends that framework into financial transactions, aiming to ensure payments are secure, interoperable, and executed with the human user’s intent in mind.",[11,3702,3703],{},"Google’s experiment demonstrates a growing trend of activity across the stablecoin market. USDC-issuer Circle's oversubscribed IPO indicated investor appetite earlier this year, with some suggesting that stablecoins are a \"monetary revolution in the making.\"",[11,3705,3706],{},"Data from DefiLlama shows $289 billion worth of stablecoins are in circulation, a jump from $205 billion at the turn of the year.",[11,3708,3709],{},[55,3710,3713],{"href":3711,"rel":3712},"https:\u002F\u002Fwww.coindesk.com\u002Fbusiness\u002F2025\u002F09\u002F16\u002Fgoogle-teams-up-with-coinbase-to-bring-stablecoin-payments-to-ai-apps",[59],[61,3714,63],{},{"title":65,"searchDepth":66,"depth":66,"links":3716},[],[69],"2025-09-16 12:23:53",{},"\u002Fblog\u002Fgoogle-teams-up-with-coinbase-to-bring-stablecoin-payments-to-ai-apps",{"title":3679,"description":65},"blog\u002FGoogle-Teams-Up-With-Coinbase-to-Bring-Stablecoin-Payments-to-AI-Apps","JrytYFdZjg-pJXGuEYhMODnoka7zB2Qqr-kT6Z-rAcY",{"id":3725,"title":3726,"body":3727,"categories":3765,"cover":3733,"date":3718,"description":65,"extension":71,"meta":3766,"navigation":73,"path":3767,"seo":3768,"stem":3769,"tags":77,"__hash__":3770},"blog\u002Fblog\u002FAmerican-Express-Introduces-Blockchain-Based-‘Travel-Stamps’.md","American Express Introduces Blockchain-Based ‘Travel Stamps’",{"type":8,"value":3728,"toc":3763},[3729,3734,3737,3740,3743,3746,3749,3752,3755],[11,3730,3731],{},[14,3732],{"alt":16,"src":3733},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F20250917-3.avif",[11,3735,3736],{},"American Express has introduced Ethereum-based ‘travel stamps’ to create a commemorative record of travel experiences.",[11,3738,3739],{},"The travel experience tokens, which are technically NFTs (ERC 721 tokens), are minted and stored on Coinbase’s Base network, said Colin Marlowe , VP, Emerging Partnerships at Amex Digital Labs.",[11,3741,3742],{},"The travel stamps, which can be collected anytime a traveler uses their card, are not tradable NTF tokens, Marlowe explained, and neither do they function like blockchain-based loyalty points – at least for the time being.",[11,3744,3745],{},"“It's a valueless ERC-721, so technically an NFT, but we just didn't brand it as such. We wanted to speak to it in a way that was natural for the travel experience itself, and so we talk about these things as stamps, and they're represented as tokens,” Marlowe said in an interview.",[11,3747,3748],{},"“As an identifier and representation of history the stamps could create interesting partnership angles over time. We weren't trying to sell these or sort of generate any like short term revenue. The angle is to make a travel experience with Amex feel really rich, really different, and kind of set it apart,” he said.",[11,3750,3751],{},"Fireblocks is also involved, supporting Amex as its Wallet-as-a-Service provider for the passport product, a Fireblocks representative said.",[11,3753,3754],{},"The Amex travel app also includes a range of tools for travels and Centurion Lounge upgrades, the company said.",[11,3756,3757],{},[55,3758,3761],{"href":3759,"rel":3760},"https:\u002F\u002Fwww.coindesk.com\u002Ftech\u002F2025\u002F09\u002F15\u002Famerican-express-introduces-blockchain-based-travel-stamps",[59],[61,3762,63],{},{"title":65,"searchDepth":66,"depth":66,"links":3764},[],[69],{},"\u002Fblog\u002Famerican-express-introduces-blockchain-based-'travel-stamps'",{"title":3726,"description":65},"blog\u002FAmerican-Express-Introduces-Blockchain-Based-‘Travel-Stamps’","11KvY6n7pJ_QJVpywxQxm3qfsZaDM8zbZtHYjweHpzk",{"id":3772,"title":3773,"body":3774,"categories":3851,"cover":3780,"date":3852,"description":65,"extension":71,"meta":3853,"navigation":73,"path":3854,"seo":3855,"stem":3856,"tags":77,"__hash__":3857},"blog\u002Fblog\u002FFed’s-Sept-17-Rate-Cut-Could-Spark-Short-Term-Jitters-but-Supercharge-Bitcoin-Gold-and-Stocks-Long-Term.md","Fed’s Sept. 17 Rate Cut Could Spark Short-Term Jitters but Supercharge Bitcoin, Gold and Stocks Long Term",{"type":8,"value":3775,"toc":3849},[3776,3781,3784,3787,3790,3793,3796,3799,3802,3805,3808,3811,3814,3817,3820,3823,3826,3829,3832,3835,3838,3841],[11,3777,3778],{},[14,3779],{"alt":16,"src":3780},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F20250917-2.avif",[11,3782,3783],{},"Investors are counting down to the Federal Reserve’s Sept. 17 monetary policy decision; markets expect a quarter-point rate cut that could trigger short-term volatility but potentially fuel longer-term gains across risk assets.",[11,3785,3786],{},"The economic backdrop highlights the Fed’s delicate balancing act.",[11,3788,3789],{},"According to the latest CPI report released by the U.S. Bureau of Labor Statistics on Thursday, consumer prices rose 0.4% in August, lifting the annual CPI rate to 2.9% from 2.7% in July, as shelter, food, and gasoline pushed costs higher. Core CPI also climbed 0.3%, extending its steady pace of recent months.",[11,3791,3792],{},"Producer prices told a similar story: per the latest PPI report released on Wednesday, the headline PPI index slipped 0.1% in August but remained 2.6% higher than a year earlier, while core PPI advanced 2.8%, the largest yearly increase since March. Together, the reports underscore stubborn inflationary pressure even as growth slows.",[11,3794,3795],{},"The labor market has softened further.",[11,3797,3798],{},"Nonfarm payrolls increased by just 22,000 in August, with federal government and energy sector job losses offsetting modest gains in health care. Unemployment held at 4.3%, while labor force participation remained stuck at 62.3%.",[11,3800,3801],{},"Revisions showed June and July job growth was weaker than initially reported, reinforcing signs of cooling momentum. Average hourly earnings still rose 3.7% year over year, keeping wage pressures alive.",[11,3803,3804],{},"Bond markets have adjusted accordingly. Per data from MarketWatch, 2-year Treasury yield sits at 3.56%, while the 10-year is at 4.07%, leaving the curve modestly inverted. Futures traders see a 93% chance of a 25 basis point cut, according to CME FedWatch.",[11,3806,3807],{},"If the Fed limits its move to just 25 bps, investors may react with a “buy the rumor, sell the news” response, since markets have already priced in relief.",[11,3809,3810],{},"Equities are testing record levels.",[11,3812,3813],{},"The S&P 500 closed Friday at 6,584 after rising 1.6% for the week, its best since early August. The index’s one-month chart shows a strong rebound from its late-August pullback, underscoring bullish sentiment heading into Fed week.",[11,3815,3816],{},"The Nasdaq Composite also notched five straight record highs, ending at 22,141, powered by gains in megacap tech stocks, while the Dow slipped below 46,000 but still booked a weekly advance.",[11,3818,3819],{},"Crypto and commodities have rallied alongside.",[11,3821,3822],{},"Bitcoin is trading at $115,234, below its Aug. 14 all-time high near $124,000 but still firmly higher in 2025, with the global crypto market cap now $4.14 trillion.",[11,3824,3825],{},"Gold has surged to $3,643 per ounce, near record highs, with its one-month chart showing a steady upward trajectory as investors price in lower real yields and seek inflation hedges.",[11,3827,3828],{},"Historical precedent supports the cautious optimism.",[11,3830,3831],{},"Analysis from the Kobeissi Letter — reported in an X thread posted Saturday — citing Carson Research, shows that in 20 of 20 prior cases since 1980 where the Fed cut rates within 2% of S&P 500 all-time highs, the index was higher one year later, averaging gains of nearly 14%.",[11,3833,3834],{},"The shorter term is less predictable: in 11 of those 22 instances, stocks fell in the month following the cut. Kobeissi argues this time could follow a similar pattern — initial turbulence followed by longer-term gains as rate relief amplifies the momentum behind assets like equities, bitcoin and gold.",[11,3836,3837],{},"The broader setup explains why traders are watching the Sept. 17 announcement closely.",[11,3839,3840],{},"Cutting rates while inflation edges higher and stocks hover at records risks denting credibility, yet staying on hold could spook markets that have already priced in easing. Either way, the Fed’s message on growth, inflation, and its policy outlook will likely shape the trajectory of markets for months to come.",[11,3842,3843],{},[55,3844,3847],{"href":3845,"rel":3846},"https:\u002F\u002Fwww.coindesk.com\u002Fmarkets\u002F2025\u002F09\u002F13\u002Ffed-s-sept-17-rate-cut-could-spark-short-term-jitters-but-supercharge-bitcoin-gold-and-stocks-long-term",[59],[61,3848,63],{},{"title":65,"searchDepth":66,"depth":66,"links":3850},[],[69],"2025-09-14 12:23:53",{},"\u002Fblog\u002Ffed's-sept-17-rate-cut-could-spark-short-term-jitters-but-supercharge-bitcoin-gold-and-stocks-long-term",{"title":3773,"description":65},"blog\u002FFed’s-Sept-17-Rate-Cut-Could-Spark-Short-Term-Jitters-but-Supercharge-Bitcoin-Gold-and-Stocks-Long-Term","ZOTnxlrlLH_jOJhPdDzTireGBdzoiChef8K2Y1dnm4w",{"id":3859,"title":3860,"body":3861,"categories":3937,"cover":3867,"date":3938,"description":65,"extension":71,"meta":3939,"navigation":73,"path":3940,"seo":3941,"stem":3942,"tags":77,"__hash__":3943},"blog\u002Fblog\u002FThis-7T-Cash-Pile-Could-Fuel-the-Next-Rally-in-Bitcoin-And-Altcoins.md","This $7T Cash Pile Could Fuel the Next Rally in Bitcoin And Altcoins",{"type":8,"value":3862,"toc":3934},[3863,3868,3871,3874,3877,3880,3883,3886,3889,3892,3895,3899,3902,3905,3908,3911,3914,3917,3920,3923,3926],[11,3864,3865],{},[14,3866],{"alt":16,"src":3867},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F3c13b27ae6e94d336928a1496785d35e5157c2b8-1000x662.avif",[11,3869,3870],{},"U.S. money market funds currently hold over $7 trillion, which some analysts believe could soon be rotated into various asset classes, including cryptocurrencies, potentially fueling the next leg higher in bitcoin and the alternative cryptocurrencies (altcoins).",[11,3872,3873],{},"A money market fund is a type of mutual fund that invests in high-quality, short-term debt instruments, such as Treasury bills, certificates of deposit, and commercial paper.",[11,3875,3876],{},"Total money market fund assets increased by $52.37 billion to $7.26 trillion for the week ended Sept. 3, according to the Investment Company Institute (ICI). Assets of retail money market funds increased by $18.90 billion to $2.96 trillion, and institutional funds rose by $33.47 billion to $4.29 trillion. ICI reports money market fund assets to the Federal Reserve each week.",[11,3878,3879],{},"Money market funds have swelled in recent years, initially drawing money due to their haven appeal during the coronavirus-induced crisis of early 2020 and later during the Fed's rate hike cycle, which pushed up yields and attracted investors.",[11,3881,3882],{},"Inflows remained robust late last year even as the Fed cut rates from 5.25% to 4.25%. However, further rate cuts could prompt investors to shift a significant portion of their cash pile into other assets, including cryptocurrencies, according to David Duong, Institutional Head of Research at Coinbase.",[11,3884,3885],{},"\"There is over $7 trillion inside money market funds, and all of that is retail money. As those rate cuts start to come in, all of that retail cash flow is really going to enter other asset classes such as equities, crypto and others,\" Duong told CoinDesk in an interview.",[11,3887,3888],{},"The U.S. central bank is expected to lower its target rate by at least 25 basis points when it meets next week, according to the CME's FedWatch tool. Some market participants are anticipating a 50 bps reduction.",[11,3890,3891],{},"Traditional market observers are equally psyched about the money market cash pile. In an interview with Boutique Family Office & Private Wealth Management, Cresset's Chief Investment Strategist, Jack Ablin, stated that rate cuts could redirect money market flows to equities and cryptocurrencies.",[11,3893,3894],{},"\"There is a little more than $7 trillion in money-market funds that yield about 4.5%. If that yield gets knocked down to 4.25% or 4%, that could could prompt more investors to redeploy cash into stocks,\" Ablin explained.",[100,3896,3898],{"id":3897},"rotation-hinges-on-the-broader-economic-environment","Rotation hinges on the broader economic environment",[11,3900,3901],{},"While the money market cash pile is expected to soon flow into riskier assets, this rotation is not guaranteed.",[11,3903,3904],{},"The extent to which investors redeploy funds depends on the broader economic environment. So, if rate cuts occur against the backdrop of economic slowdown or heightened economic uncertainty, many investors may prefer to continue holding money market funds.",[11,3906,3907],{},"These funds offer relatively stable returns and immediate cash access, making them an attractive option when confidence in growth and financial markets wanes. So, despite lower yields from rate cuts, investors might remain cautious, maintaining sizable balances in money market funds.",[11,3909,3910],{},"According to pseudonymous observer EndGame Macro, the record money market investment is actually a sign of an impending economic pain.",[11,3912,3913],{},"\"We only see buildups like this when investors want yield but don’t want to take on duration or equity risk. It happened after the dot com bust, again after the GFC, and in 2020–21 when rates were floored and money waited on the sidelines,\" EndGame Macro said on X.",[11,3915,3916],{},"The observer added that as rates decline, the money is first allocated to Treasury notes and then to riskier assets.",[11,3918,3919],{},"Duration risk refers to the sensitivity of a fixed-income investment’s (bond's) price to changes in interest rates. In the context of money market funds, which invest in short-term debt instruments with maturities typically under one year, duration risk is relatively low compared to longer-term bonds.",[11,3921,3922],{},"Per EndGame Macro, the rotation depends on the size of the impending rate cut.",[11,3924,3925],{},"\"The bigger question now isn’t just whether the Fed cuts, it’s how. A cautious 25 bps move lets money funds bleed down gradually, while a 50 bps cut could accelerate the shift, pushing cash into Treasuries first and then risk assets as the yield advantage disappears. With $7.4 trillion waiting, the scale of the rotation matters as much as the direction,\" it noted.",[11,3927,3928],{},[55,3929,3932],{"href":3930,"rel":3931},"https:\u002F\u002Fwww.coindesk.com\u002Fmarkets\u002F2025\u002F09\u002F09\u002Fthis-usd7t-cash-pile-could-fuel-the-next-rally-in-bitcoin-and-altcoins",[59],[61,3933,63],{},{"title":65,"searchDepth":66,"depth":66,"links":3935},[3936],{"id":3897,"depth":66,"text":3898},[69],"2025-09-09 12:23:53",{},"\u002Fblog\u002Fthis-7t-cash-pile-could-fuel-the-next-rally-in-bitcoin-and-altcoins",{"title":3860,"description":65},"blog\u002FThis-7T-Cash-Pile-Could-Fuel-the-Next-Rally-in-Bitcoin-And-Altcoins","VibfIizlvEaso7PCeP7XzhRiURCYHUXZ_2H9zdn6MEw",{"id":3945,"title":3946,"body":3947,"categories":3998,"cover":3953,"date":3938,"description":3954,"extension":71,"meta":3999,"navigation":73,"path":4000,"seo":4001,"stem":4002,"tags":77,"__hash__":4003},"blog\u002Fblog\u002FMarket-Storm-Likely-After-September-Fed-Interest-Rate-Cut-VIX-Suggests.md","Market Storm Likely After September Fed Interest-Rate Cut, VIX Suggests",{"type":8,"value":3948,"toc":3996},[3949,3955,3958,3961,3964,3967,3970,3973,3976,3979,3982,3985,3988],[11,3950,3951,3954],{},[14,3952],{"alt":16,"src":3953},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F20250909-2.avif","\nRisk assets may face stormier conditions if the Federal Reserve cuts interest rates, as expected, on Sept. 17. That's the message from futures tied to the VIX index, a measure of expectations of volatility in the S&P 500 over the next 30 days.",[11,3956,3957],{},"The index, also called Wall Street's fear gauge, is calculated in real time from prices of options on the S&P 500, and reflects how much investors expect the market to swing, with higher values indicating greater levels of uncertainty.",[11,3959,3960],{},"The spread between the October VIX futures contract (the next-month contract) and the September contract (the front-month contract), has widened to 2.2%, an extreme level by historical standards, according to data source TradingView. The September contract expires the same day as the Fed meeting.",[11,3962,3963],{},"Meanwhile, the front-month contract trades only at a slight premium to the cash index.",[11,3965,3966],{},"\"Cash is fair compared to Sept. ... but Sept. is extremely low compared to October futures,\" Greg Magadini, director of derivatives at crypto derivatives data analytics firm Amberdata, wrote in the weekly newsletter.",[11,3968,3969],{},"In other words, traders are discounting risk ahead of the Fed meeting, wagering that the rate-cut expectation will keep markets steady as they approach the decision.",[11,3971,3972],{},"The U.S. central bank is expected to lower its target rate by at least 25 basis points when it meets next week, according to the CME's FedWatch tool. Some market participants are even positioned for a 50 bps reduction.",[11,3974,3975],{},"The October futures, however, tell a different story, suggesting that investors are anticipating increased turbulence once the Fed's decision is out of the way and rate cuts are priced in.",[11,3977,3978],{},"\"The VIX futures for September have priced away risk while October could be ugly ... A theme to keep in mind for risk assets in my opinion,\" Magadini wrote.",[11,3980,3981],{},"Historically, the VIX has exhibited a strong negative correlation with stock prices, typically rising during bear markets and periods of market stress, while declining when stock prices advance. It means that the potential volatility boom after the Fed decision could be marked by a downswing in equities.",[11,3983,3984],{},"Bitcoin is known to closely track the mood on Wall Street, which means that a potential volatility explosion in stocks could quickly spill over into the cryptocurrency market. And like stocks, the turbulent period could be marked by bearish price action.",[11,3986,3987],{},"Since November last year, the correlation between bitcoin's spot price and its 30-day implied volatility indices has turned negative. Additionally, Bitcoin's volatility indices — BVIV and DVOL — have recently reached record high correlation levels with the VIX, highlighting bitcoin's growing alignment with broader market volatility trends.",[11,3989,3990],{},[55,3991,3994],{"href":3992,"rel":3993},"https:\u002F\u002Fwww.coindesk.com\u002Fmarkets\u002F2025\u002F09\u002F08\u002Fmarket-storm-likely-after-september-fed-interest-rate-cut-vix-suggests",[59],[61,3995,63],{},{"title":65,"searchDepth":66,"depth":66,"links":3997},[],[69],{},"\u002Fblog\u002Fmarket-storm-likely-after-september-fed-interest-rate-cut-vix-suggests",{"title":3946,"description":3954},"blog\u002FMarket-Storm-Likely-After-September-Fed-Interest-Rate-Cut-VIX-Suggests","SLxnvP_RlWojOc8Hcsic256f93vv4P_QF1zC96q7-Bw",{"id":4005,"title":4006,"body":4007,"categories":4052,"cover":4013,"date":3938,"description":4014,"extension":71,"meta":4053,"navigation":73,"path":4054,"seo":4055,"stem":4056,"tags":77,"__hash__":4057},"blog\u002Fblog\u002FCircle-s-USDC-Market-Share-On-a-Tear-Says-Wall-Street-Broker-Bernstein3.md","Circle's USDC Market Share 'On a Tear,' Says Wall Street Broker Bernstein3",{"type":8,"value":4008,"toc":4050},[4009,4015,4018,4021,4024,4027,4030,4033,4036,4039,4042],[11,4010,4011,4014],{},[14,4012],{"alt":16,"src":4013},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F20250909-3.avif","\nHyperliquid is planning to launch its own stablecoin, in a move that could reduce the decentralized exchange's (DEX) dependency on Circle's USDC.",[11,4016,4017],{},"In spite of these fears, USDC supply has surged to $72.5 billion, running 25% ahead of Wall Street broker Bernstein's 2025 estimates. The firm had predicted that the stablecoin's supply would reach $74 billion by year-end.",[11,4019,4020],{},"The stablecoin's market share is \"on a tear,\" wrote analysts led by Gautam Chhugani in a Tuesday report.",[11,4022,4023],{},"Market share relative to Tether, issuer of the world's largest stablecoin USDT, has also grown to 30%, up from 28% in the second quarter, the broker said.",[11,4025,4026],{},"Stablecoins are cryptocurrencies whose value is tied to another asset, such as the U.S. dollar or gold. They play a major role in cryptocurrency markets, providing among other things a payment infrastructure, and are also used to transfer money internationally.",[11,4028,4029],{},"The report noted that $5.5 billion in USDC (about 7.5% of supply) is currently used as collateral on Hyperliquid. While the exchange's move introduces competition, it will be challenging to bootstrap sufficient liquidity for a new stablecoin in derivatives markets where execution reliability and sizing are critical, the analysts wrote.",[11,4031,4032],{},"Bernstein said that following the GENIUS Act, new stablecoin entrants are inevitable. However, liquidity bootstrapping for derivatives is non-trivial.",[11,4034,4035],{},"Concerns about Circle’s exposure to rate cuts (since lower interest income could impact revenues) miss the bigger picture, according to Bernstein analysts, as the stablecoin issuer benefits from expanding USDC supply.",[11,4037,4038],{},"Rate cuts could even support risk-on sentiment in digital assets, spurring further demand for USDC and related yield strategies, the report added.",[11,4040,4041],{},"Bernstein has an outperform rating on Circle shares, with a $230 price target. The stock was trading 1.2% higher, around $116, at publication time.",[11,4043,4044],{},[55,4045,4048],{"href":4046,"rel":4047},"https:\u002F\u002Fwww.coindesk.com\u002Fmarkets\u002F2025\u002F09\u002F08\u002Fcircle-s-usdc-market-share-on-a-tear-says-wall-street-broker-bernstein",[59],[61,4049,63],{},{"title":65,"searchDepth":66,"depth":66,"links":4051},[],[69],{},"\u002Fblog\u002Fcircle-s-usdc-market-share-on-a-tear-says-wall-street-broker-bernstein3",{"title":4006,"description":4014},"blog\u002FCircle-s-USDC-Market-Share-On-a-Tear-Says-Wall-Street-Broker-Bernstein3","pY5xZ8GMHZxEbFypx3C3j-CyZM5JYyB-Qpavuit5It8",{"id":4059,"title":4060,"body":4061,"categories":4118,"cover":4067,"date":4119,"description":65,"extension":71,"meta":4120,"navigation":73,"path":4121,"seo":4122,"stem":4123,"tags":77,"__hash__":4124},"blog\u002Fblog\u002FNasdaq-Seeks-Nod-From-U-S-SEC-to-Tokenize-Stocks.md","Nasdaq Seeks Nod From U.S. SEC to Tokenize Stocks",{"type":8,"value":4062,"toc":4116},[4063,4068,4071,4074,4081,4084,4087,4090,4093,4096,4099,4102,4105,4108],[11,4064,4065],{},[14,4066],{"alt":16,"src":4067},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F20250909-4.avif",[11,4069,4070],{},"Nasdaq, the U.S. exchange where the tech sector's biggest names list their stocks, is seeking to put stocks on the blockchain, asking the U.S. Securities and Exchange Commission on Monday to bless its effort even as others in the securities world are sprinting toward the same tokenization goal.",[11,4072,4073],{},"If the SEC filing is approved, the exchange would let customers choose either the traditional route for trading equities or to do so on-chain with tokenized stocks — an option that would be treated with the same priority as the legacy method.",[11,4075,4076,4077,4080],{},"\"The Exchange believes the markets can use tokenization while continuing to provide the benefits and protections of the national market system,\" Nasdaq contended in its filing, suggesting that the tokenized assets should be traded \"in regulated markets, namely national securities exchanges, alternative trading systems, and at ",[1731,4078,4079],{},"Financial Industry Regulatory Authority"," regulated broker-dealers.\"",[11,4082,4083],{},"The move by Nasdaq follows an effort by digital brokerage Robinhood to issue stock tokens for European customers in July, giving access to some 200 U.S. stocks and exchange-traded funds (ETFs). Bringing equities and other real-world assets onto blockchain rails has been among the most sizzling of the digital-asset world's innovations, and the competition has been growing fierce for both traditional finance names and crypto natives to make moves.",[11,4085,4086],{},"Several crypto exchanges, such as Bybit, Kraken and Gemini, have been making the leap. But TradFi behemoth Nasdaq — home of the listings for Apple, Google parent Alphabet, Amazon, Microsoft and other technology mainstays — is particularly significant.",[11,4088,4089],{},"For its part, Nasdaq would treat this business just like regular stock trading, it said, and have the trading of tokens clear and settle through the Depository Trust Co.",[11,4091,4092],{},"\"The mere fact that an order contains tokenized securities or indicates a preference to clear and settle securities in token form shall not affect the priority in which the Exchange executes that order,\" according to Nasdaq's proposed change with the SEC. The already-digital transactions of stock would — under this new system — be logged via digital ledger, which \"presents novel capabilities by which to record evidence of securities ownership and transactions.\"",[11,4094,4095],{},"Those buying the tokens would gain full rights to the associated shares of stock, including voting and liquidation rights.",[11,4097,4098],{},"Nasdaq's new tokenized trading — also offering exchange-traded products, such as ETFs — would begin \"once the requisite infrastructure and post-trade settlement services have been established by\" DTC, which is working on them, the company said.",[11,4100,4101],{},"\"Our proposal aims to provide meaningful benefits to markets by integrating new capabilities into the fabric of our financial system and further advancing the world’s most efficient and trusted markets,\" said Nasdaq President Tal Cohen, in a Monday posting on LinkedIn.",[11,4103,4104],{},"SEC Chairman Paul Atkins has made it clear that tokenization of assets is a major priority for the agency, and the regulator gathered a panel in its series of crypto roundtables earlier this year to explore it. A major component of Atkins' new Project Crypto push at the agency is to clear a path for the world's leading tokenized securities market.",[11,4106,4107],{},"\"This movement of securities from off-chain to on-chain systems is akin to the transition of audio recordings from analog vinyl records to cassette tapes to digital software decades ago,\" Atkins said in May 12 remarks at the agency. \"The migration to on-chain securities has the potential to remodel aspects of the securities market by enabling entirely new methods of issuing, trading, owning, and using securities.\"",[11,4109,4110],{},[55,4111,4114],{"href":4112,"rel":4113},"https:\u002F\u002Fwww.coindesk.com\u002Fpolicy\u002F2025\u002F09\u002F08\u002Fnasdaq-seeks-nod-from-u-s-sec-to-tokenize-stocks",[59],[61,4115,63],{},{"title":65,"searchDepth":66,"depth":66,"links":4117},[],[69],"2025-09-08 12:23:53",{},"\u002Fblog\u002Fnasdaq-seeks-nod-from-u-s-sec-to-tokenize-stocks",{"title":4060,"description":65},"blog\u002FNasdaq-Seeks-Nod-From-U-S-SEC-to-Tokenize-Stocks","KzOMOcKpsKLdsyIVAUQYGl_au4QnY8Q0RIUm2VapEoE",{"id":4126,"title":4127,"body":4128,"categories":4170,"cover":4134,"date":4171,"description":4135,"extension":71,"meta":4172,"navigation":73,"path":4173,"seo":4174,"stem":4175,"tags":77,"__hash__":4176},"blog\u002Fblog\u002FTrump-Backed-Bitcoin-Miner-American-Bitcoin-Targets-September-Nasdaq-Debut.md","Trump-Backed Bitcoin Miner American Bitcoin Targets September Nasdaq Debut",{"type":8,"value":4129,"toc":4168},[4130,4136,4139,4142,4145,4148,4151,4154,4157,4160],[11,4131,4132,4135],{},[14,4133],{"alt":16,"src":4134},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F323fa5726c0c13dc3e54810d0a363bf2f6e94d16-8192x5464.avif","\nAmerican Bitcoin, the bitcoin miner 20% owned by two of President Donald Trump's sons, plans to list on the Nasdaq in September, said Asher Genoot, the CEO of Hut 8, which owns the other 80%.",[11,4137,4138],{},"The firm is finalizing a merger with Gryphon Digital Mining that will clear the way for its public debut, Reuters reported. Once completed, the existing shareholders are expected to retain ownership of about 98% of the combined company.",[11,4140,4141],{},"American Bitcoin launched in March with a strategy to build up bitcoin reserves both by mining the asset and buying it outright for its balance sheet. The involvement of Donald Trump Jr. and Eric Trump ties the company to one of the most prominent political families in the United States.",[11,4143,4144],{},"The announcement comes days after another Trump-linked company, Trump Media and Technology Group (DJT) said it planned to form a joint venture with Crypto.com that will go public by combining with a special purpose acquisition vehicle (SPAC).",[11,4146,4147],{},"American Bitcoin recently raised $220 million from accredited investors along with $10 million worth of bitcoin contributed in lieu of cash. The capital was intended to expand its infrastructure and strengthen its treasury as it moves toward life as a publicly traded firm.",[11,4149,4150],{},"Genoot, speaking at the Bitcoin Asia conference in Hong Kong, said the miner may also take stakes in businesses outside the U.S. to broaden access to bitcoin-linked securities. Some investors are unable to buy Nasdaq-listed stocks directly, and Genoot suggested foreign partnerships could provide a pathway to exposure through regulated entities.",[11,4152,4153],{},"For American Bitcoin, the planned listing represents a bet that public markets remain hungry for direct exposure to crypto miners even as competition intensifies and energy costs fluctuate. A September debut would place the firm among a small cohort of miners pursuing listings as a way to draw institutional investors.",[11,4155,4156],{},"The move also offers Toronto-based Hut 8 another lever in its push to establish itself as a leading North American mining company, while giving the Trump brothers a foothold in a business tied directly to the growth of bitcoin.",[11,4158,4159],{},"Shares of Hut 8 were recently trading 0.6% higher at $26.5.",[11,4161,4162],{},[55,4163,4166],{"href":4164,"rel":4165},"https:\u002F\u002Fwww.coindesk.com\u002Fmarkets\u002F2025\u002F08\u002F28\u002Ftrump-backed-bitcoin-miner-american-bitcoin-targets-september-nasdaq-debut",[59],[61,4167,63],{},{"title":65,"searchDepth":66,"depth":66,"links":4169},[],[69],"2025-08-29 12:23:53",{},"\u002Fblog\u002Ftrump-backed-bitcoin-miner-american-bitcoin-targets-september-nasdaq-debut",{"title":4127,"description":4135},"blog\u002FTrump-Backed-Bitcoin-Miner-American-Bitcoin-Targets-September-Nasdaq-Debut","DbNEvwBSo0fpKRJiav4kyrsi49sprC73FymYpLAtQL0",{"id":4178,"title":4179,"body":4180,"categories":4269,"cover":4186,"date":4171,"description":4187,"extension":71,"meta":4270,"navigation":73,"path":4271,"seo":4272,"stem":4273,"tags":77,"__hash__":4274},"blog\u002Fblog\u002FPublic-Token-Treasuries-and-Tokenization-are-Fantastic-for-Crypto-But-Risks-Remain-Binance-s-CZ-Says.md","Public Token Treasuries and Tokenization are Fantastic for Crypto, But Risks Remain, Binance's CZ Says",{"type":8,"value":4181,"toc":4263},[4182,4188,4191,4194,4197,4200,4204,4207,4210,4214,4217,4220,4223,4226,4230,4233,4236,4239,4243,4246,4249,4252,4255],[11,4183,4184,4187],{},[14,4185],{"alt":16,"src":4186},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F8db217a5194439f33c48342b69206bb8c6fad6c7-1335x775.avif","\nHONG KONG — Binance founder Changpeng “CZ” Zhao believes the convergence of equity markets and crypto is ushering in a new era for digital assets, one that expands access to institutional capital and broadens crypto’s global reach.",[11,4189,4190],{},"But he cautions that the sector still faces significant risks, especially as it enters its first major bull cycle since these structures gained traction.",[11,4192,4193],{},"Speaking at Bitcoin Asia in Hong Kong, CZ said moves by public companies to hold bitcoin and other cryptocurrencies on their balance sheets — following the example set by MicroStrategy — mark a breakthrough moment.",[11,4195,4196],{},"“In the world’s largest economy, 90%-95% of the money is managed by institutions,” he noted. “Until ETFs and treasury companies, those guys couldn’t participate in crypto in a large way.”",[11,4198,4199],{},"By bringing crypto exposure to equity markets in the U.S., Hong Kong, Japan and beyond, CZ said the industry is effectively “bringing the equity markets to crypto, or bringing crypto to them — depending how you look at it.”",[100,4201,4203],{"id":4202},"tokenization-push","Tokenization Push",[11,4205,4206],{},"Beyond bitcoin treasuries and ETFs, Zhao pointed to the surge in tokenization of real-world assets (RWAs) as another transformative trend. Stablecoins, treasury bills, commodities, real estate and even personal income streams are being tokenized, funneling “hundreds of millions and billions” into the crypto economy.",[11,4208,4209],{},"“We’re going both ways,” CZ said. “Equity markets now have access to crypto, and we’re bringing real-world assets into crypto. This is fantastic.”",[100,4211,4213],{"id":4212},"risks-of-overreach","Risks of Overreach",[11,4215,4216],{},"Despite his enthusiasm, CZ warned that not every company pursuing this strategy will succeed.",[11,4218,4219],{},"Some firms may use crypto treasuries as a way to “pump up their stock price,” while others lack the expertise to manage complex baskets of digital assets or investments in crypto startups. Failures are inevitable, he said, especially when markets turn.",[11,4221,4222],{},"“Right now we’re in a bull market,” Zhao said. “But eventually there will be a winter, there will be a bear market. Treasury companies will have to go through at least one cycle.”",[11,4224,4225],{},"MicroStrategy (MSTR), he noted, endured a painful first cycle but benefited later as its average bitcoin cost basis dropped.",[100,4227,4229],{"id":4228},"stability-vs-speculation","Stability vs Speculation",[11,4231,4232],{},"CZ argued that in the long run, larger inflows of capital from institutional and equity markets should reduce volatility.",[11,4234,4235],{},"“Basically, the larger the market cap, the less volatility it has,” he said. “It’s just physics. A bigger ship is more stable.”",[11,4237,4238],{},"But he acknowledged that equity markets are full of speculative traders, meaning short-term volatility could increase even as the overall asset class stabilizes over time.",[100,4240,4242],{"id":4241},"beyond-bitcoin","Beyond bitcoin",[11,4244,4245],{},"While bitcoin remains the centerpiece of most treasury strategies, CZ noted that other tokens are being adopted too — including a recently launched BNB treasury company.",[11,4247,4248],{},"For smaller and newer tokens, however, the risks are magnified. “The more mature the ecosystem, the less risk,” Zhao said. “Newer ones may have higher risk and higher returns, but the established ones are safer bets.”re",[11,4250,4251],{},"For CZ, the fusion of crypto with traditional markets — through bitcoin treasuries, ETFs and tokenized RWAs — is overwhelmingly positive. Still, he urged caution.",[11,4253,4254],{},"“Not every treasury company is going to multiply in value,” he said. “Investors need to evaluate them carefully, understand the risks, and be prepared for cycles.”",[11,4256,4257],{},[55,4258,4261],{"href":4259,"rel":4260},"https:\u002F\u002Fwww.coindesk.com\u002Fmarkets\u002F2025\u002F08\u002F29\u002Fpublic-token-treasuries-and-tokenization-are-fantastic-for-crypto-but-risks-remain-binance-s-cz-says",[59],[61,4262,63],{},{"title":65,"searchDepth":66,"depth":66,"links":4264},[4265,4266,4267,4268],{"id":4202,"depth":66,"text":4203},{"id":4212,"depth":66,"text":4213},{"id":4228,"depth":66,"text":4229},{"id":4241,"depth":66,"text":4242},[69],{},"\u002Fblog\u002Fpublic-token-treasuries-and-tokenization-are-fantastic-for-crypto-but-risks-remain-binance-s-cz-says",{"title":4179,"description":4187},"blog\u002FPublic-Token-Treasuries-and-Tokenization-are-Fantastic-for-Crypto-But-Risks-Remain-Binance-s-CZ-Says","JB6ZjMurKIHcPUJQbG3wXb6K6jvspXLIZ1-cOw7MKlQ",{"id":4276,"title":4277,"body":4278,"categories":4351,"cover":77,"date":4171,"description":4282,"extension":71,"meta":4352,"navigation":73,"path":4353,"seo":4354,"stem":4355,"tags":77,"__hash__":4356},"blog\u002Fblog\u002FChainlink-and-Pyth-Selected-to-Deliver-U-S-Economic-Data-on-Blockchain.md","Chainlink and Pyth Selected to Deliver U.S. Economic Data on Blockchain",{"type":8,"value":4279,"toc":4347},[4280,4283,4286,4289,4292,4295,4299,4302,4305,4308,4311,4314,4318,4321,4324,4327,4330,4333,4336,4339],[11,4281,4282],{},"The native token of the Chainlink network, LINK, surged more than 5% after the network announced a partnership with the U.S. Department of Commerce to bring official government economic data onchain, marking a first-of-its-kind effort to bridge public data infrastructure with blockchain applications.",[11,4284,4285],{},"Pyth Network was also selected alongside Chainlink, sending its native token, PYTH, up nearly 50% after the announcement.",[11,4287,4288],{},"Key macroeconomic statistics from the Bureau of Economic Analysis — such as Real Gross Domestic Product (GDP), the Personal Consumption Expenditures (PCE) Price Index, and Real Final Sales to Private Domestic Purchasers — are now accessible onchain through Chainlink Data Feeds, the company announced in a blog post on Thursday. Six data points in total are being published, including both absolute levels and annualized percentage changes.",[11,4290,4291],{},"The data is being made available across ten blockchain networks, including Ethereum ETH, Avalanche AVAX and Optimism OP. Chainlink says the feeds will update monthly or quarterly, mirroring the release schedules of their traditional counterparts.",[11,4293,4294],{},"Meanwhile, Pyth said it will initially offer quarterly GDP data releases going back five years, with expectations to expand the initiative to other economic datasets.",[100,4296,4298],{"id":4297},"historic-move","Historic move",[11,4300,4301],{},"The initiative, a first for the U.S. government, opens up new possibilities for developers building in DeFi and beyond.",[11,4303,4304],{},"For example, lending protocols could adjust interest rates based on GDP trends, while prediction markets might incorporate the PCE Index to crowdsource inflation forecasts.",[11,4306,4307],{},"\"Bringing U.S. government data onchain unlocks innovative use cases for blockchain markets, such as automated trading strategies, increased composability of tokenized assets, the issuance of new types of digital assets, real-time prediction markets for crowdsourced intelligence, transparent dashboards powered by immutable data, and DeFi protocol risk management based on macroeconomic factors,\" Chainlink's blog post said.",[11,4309,4310],{},"Bringing economic data sets onto the blockchain also brings efficiency and transparency to data published by the government.",[11,4312,4313],{},"\"The integrity of economic data is essential to global markets, and bringing this data onchain opens up new frontiers for transparency, accessibility, and composability across DeFi, enterprise use cases, and public accountability,\" Pyth said in its statement.",[100,4315,4317],{"id":4316},"crypto-in-washington","Crypto in Washington",[11,4319,4320],{},"Chainlink and other crypto industry players have deepened their engagement with U.S. policymakers this year after Donald Trump won the U.S. election last year, with the promise to make the U.S. the crypto capital of the world.",[11,4322,4323],{},"Chainlink had held several meetings with the Securities and Exchange Commission (SEC) to help clarify how blockchain infrastructure fits within existing broker-dealer and transfer agent rules, as well as other lawmakers to help establish the GENIUS Act, the company said.",[11,4325,4326],{},"By bringing federal economic indicators onchain, Chainlink is attempting to normalize blockchain as a destination for mission-critical public data — offering transparency and composability that traditional systems don’t easily support, it said.",[11,4328,4329],{},"The move highlights the U.S. government's push to adopt blockchain technology for public data infrastructure. On Tuesday, Commerce Secretary Howard Lutnick said the Department of Commerce plans to begin publishing economic statistics — including GDP figures — onchain as part of an effort to expand blockchain-based data distribution across federal agencies.",[11,4331,4332],{},"Lutnick said the initiative aims to modernize how official data is shared by making it more transparent and tamper-proof, without disclosing how the government is planning to do so.",[11,4334,4335],{},"He said the Department hopes to set a precedent for other agencies to follow by moving key indicators like GDP to the blockchain, laying the groundwork for a more secure and interoperable system for releasing government data.",[11,4337,4338],{},"\"Secretary Lutnick and the Department of Commerce’s visionary stance on data innovation and willingness to embrace blockchain technology is positioning the U.S. as a world leader in finance. But this is just the first step in a long and high-yielding endeavor to rebuild the data infrastructure of the United States of America,\" Pyth said in its statement on Thursday.",[11,4340,4341],{},[55,4342,4345],{"href":4343,"rel":4344},"https:\u002F\u002Fwww.coindesk.com\u002Fbusiness\u002F2025\u002F08\u002F28\u002Fchainlink-to-provide-u-s-department-of-commerce-data-on-chain-for-smart-contract-use",[59],[61,4346,63],{},{"title":65,"searchDepth":66,"depth":66,"links":4348},[4349,4350],{"id":4297,"depth":66,"text":4298},{"id":4316,"depth":66,"text":4317},[69],{},"\u002Fblog\u002Fchainlink-and-pyth-selected-to-deliver-u-s-economic-data-on-blockchain",{"title":4277,"description":4282},"blog\u002FChainlink-and-Pyth-Selected-to-Deliver-U-S-Economic-Data-on-Blockchain","XrKs8UPbdZ-FhDNMftpBtC2Xkd_8k0q-TG4RKhId_yc",{"id":4358,"title":4359,"body":4360,"categories":4408,"cover":4366,"date":4409,"description":4367,"extension":71,"meta":4410,"navigation":73,"path":4411,"seo":4412,"stem":4413,"tags":77,"__hash__":4414},"blog\u002Fblog\u002FTrump-Media-Crypto-com-to-Build-6-4B-CRO-Treasury-Firm-CRO-Jumps-25.md","Trump Media, Crypto.com to Build $6.4B CRO Treasury Firm, CRO Jumps 25%",{"type":8,"value":4361,"toc":4406},[4362,4368,4371,4374,4377,4380,4383,4386,4389,4392,4395,4398],[11,4363,4364,4367],{},[14,4365],{"alt":16,"src":4366},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F841ac31fb4e72ea7f68c4ff1293a8c535f8c28c0-510x287.avif","\nTrump Media and Technology Group (DJT) said it agreed to form a joint venture with Crypto.com that will invest in the exchange's CRO token as a treasury asset and go public by combining with a special purpose acquisition vehicle (SPAC).",[11,4369,4370],{},"As part of the agreement, Trump Media will buy about $105 million worth of CRO, roughly 2% of the token’s total market cap, while Crypto.com will buy $50 million in Trump Media stock. CRO surged after the announcement, taking its 24-hour gain to 25%, according to CoinDesk data. It was recently 22% higher at 19.60 cents. DJT shares rose 3.5% to $17.82.",[11,4372,4373],{},"The venture will be called Trump Media Group CRO Strategy Inc. and plans to merge with Yorkville Acquisition Corp (YORK). It will trade under the ticker MCGA, which stands for “Make CRO Great Again,” Crypto.com CEO Kris Marszalek said on X. The company will become the world’s largest holder of CRO with around 6.3 billion tokens, valued at roughly $1 billion at the time of announcement.",[11,4375,4376],{},"The move comes as publicly traded companies worldwide are jumping into crypto, buying assets including bitcoin and ether (ETH) as core investments and restyling themselves as crypto treasury companies even as their day-to-day operations still rely on industries as varied as such as pharmaceuticals, software development and online casino gaming.",[11,4378,4379],{},"The trend was kicked off in 2020 by Strategy (MSTR), which now owns $69 billion worth of BTC. More than 3.6 million BTC valued at $396 billion is held in treasuries across 174 public companies and 60 private companies, according to bitcointreasuries.net.",[11,4381,4382],{},"Several companies are also buying altcoins, with billions of dollars being spent acquiring tokens like solana SOL and ether ETH.",[11,4384,4385],{},"Marszalek described the initiative as “a historic day for CRO,” pointing to an initial $200 million in cash earmarked for further token purchases, plus additional commitments that could bring total available funds to around $420 million, alongside a $5 billion credit line.",[11,4387,4388],{},"“This presents a differentiated opportunity for investors in the digital asset treasury space,” he said, adding that the mission of Trump Media Group CRO Strategy is to maximize what he called a “flywheel effect,” which involves raising funds to acquire more CRO.",[11,4390,4391],{},"The deal includes the creation of a new rewards system that will allow users to convert platform “gems” into CRO tokens, with further plans to enable subscription payments and discounted services using CRO.",[11,4393,4394],{},"Trump Media said it will custody and stake its CRO holdings with Crypto.com for additional revenue.",[11,4396,4397],{},"Despite a wider market sell-off over the past week, CRO performed well in the lead up to the news being released, rising from to 16 cents from 14 cents. Trading volume rose by 700% in the past 24 hours to $310 million, according to CoinMarketCap.",[11,4399,4400],{},[55,4401,4404],{"href":4402,"rel":4403},"https:\u002F\u002Fwww.coindesk.com\u002Fbusiness\u002F2025\u002F08\u002F26\u002Ftrump-media-crypto-com-to-build-usd6-4b-cro-treasury-firm-cro-jumps-25",[59],[61,4405,63],{},{"title":65,"searchDepth":66,"depth":66,"links":4407},[],[69],"2025-08-27 12:23:53",{},"\u002Fblog\u002Ftrump-media-crypto-com-to-build-6-4b-cro-treasury-firm-cro-jumps-25",{"title":4359,"description":4367},"blog\u002FTrump-Media-Crypto-com-to-Build-6-4B-CRO-Treasury-Firm-CRO-Jumps-25","4zhueCJ5YS3A33Xr4clXwcilTmuLZyq1XnqOzC3-AFo",{"id":4416,"title":4417,"body":4418,"categories":4506,"cover":4424,"date":4507,"description":4425,"extension":71,"meta":4508,"navigation":73,"path":4509,"seo":4510,"stem":4511,"tags":77,"__hash__":4512},"blog\u002Fblog\u002FWhy-Circle-and-Stripe-And-Many-Others-Are-Launching-Their-Own-Blockchains.md","Why Circle and Stripe (And Many Others) Are Launching Their Own Blockchains",{"type":8,"value":4419,"toc":4502},[4420,4426,4429,4432,4435,4438,4441,4445,4448,4451,4454,4457,4460,4463,4466,4469,4472,4475,4479,4482,4485,4488,4491,4494],[11,4421,4422,4425],{},[14,4423],{"alt":16,"src":4424},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F695e28b6d04d43c218ac3f4cc2f40895c55a4e8a-3548x2364.avif","\nEvery day, there seems to be a new blockchain for stablecoins.",[11,4427,4428],{},"Or at least that’s how it felt this week, when USDC (USDC) issuer Circle announced Arc, its own settlement network, shortly after payments giant Stripe accidentally revealed Tempo, built in collaboration with Paradigm.",[11,4430,4431],{},"They were the latest in a growing list. Startups Plasma and Stable both raised funds recently to develop dedicated chains for USDT (USDT), the $160 billion and largest stablecoin on the market.",[11,4433,4434],{},"Tokenization players are piling in, too.",[11,4436,4437],{},"Securitize is building Converge with Ethena, Ondo Finance announced its upcoming in-house chain earlier this year, and, just days ago, Dinari said it will soon launch an Avalanche-powered layer-1 network for clearing and settling tokenized stocks.",[11,4439,4440],{},"Stablecoins and tokenized real-world assets are rapidly growing segments of the crypto economy, and analysts project them to swell into trillion-dollar asset classes in the not too distant future. Stablecoins are poised to disrupt cross-border payments, while tokenization allows traditional instruments like bonds, funds and stocks trade around-the clock with faster settlements on blockchain rails, proponents say.",[100,4442,4444],{"id":4443},"why-build-l1s","Why build L1s?",[11,4446,4447],{},"Today, the vast majority of these tokens live and settle on public blockchains like Ethereum, Solana or Tron. These neutral networks give issuers global reach and liquidity, but they also come with certain constraints for asset issuers.",[11,4449,4450],{},"\"Building their own L1 is about control and strategic positioning, not just technology,\" said Martin Burgherr, chief clients officer at crypto bank Sygnum.",[11,4452,4453],{},"Stablecoin economics are shaped by settlement speed, interoperability, and regulatory alignment, so \"owning the base layer\" lets firms directly embed compliance, integrate foreign exchange engine and ensure predictable fees, he said.",[11,4455,4456],{},"There’s also a defensive motive. \"Today, stablecoin issuers depend on Ethereum, Tron or others for settlement,\" Burgherr said. \"That reliance means exposure to external fee markets, protocol governance decisions, and technical bottlenecks.\"",[11,4458,4459],{},"Custom chains allow companies to issue their own gas tokens, control transaction costs and keep network performance isolated from unrelated activity that may clog the network, said Morgan Krupetsky, VP of ecosystem growth at Ava Labs.",[11,4461,4462],{},"Increasingly, she said, blockchains are becoming the \"middle and back office\" of a company’s operations, powering transactions behind the scenes while user-facing apps may live across multiple chains.",[11,4464,4465],{},"“The idea of a company owning and customizing their end-to-end blockchain infrastructure is increasingly appealing,” she said.",[11,4467,4468],{},"The economics can be even more compelling than the tech. \"The revenue opportunity from owning the settlement layer will dwarf traditional payment processing margins, said Guillaume Poncin, chief technology officer at web3 development platform Alchemy.",[11,4470,4471],{},"He said that the new chains can offer additional control and the ability to implement know-your-customer (KYC) checks and other innovations at the protocol level. While L1s can offer full customization, rollups are faster to deploy and secure.",[11,4473,4474],{},"In either case, Poncin noted, compatibility with Ethereum Virtual Machine (EVM) makes it far easier to integrate with other blockchains and speed adoption.",[100,4476,4478],{"id":4477},"how-could-this-impact-existing-l1s","How could this impact existing L1s?",[11,4480,4481],{},"It's way too early to tell how the new chains will impact the incumbents, but some networks may feel the competition sooner than others, analysts said.",[11,4483,4484],{},"Coinbase analysts led by David Duong argued in a Friday report that Circle's Arc and Stripe's Tempo are targeting high-throughput, low-fee payments, which is Solana's (SOL) sweet spot. Meanwhile, Ethereum with its institution-heavy user base is less likely to be disrupted in the near term, they wrote.",[11,4486,4487],{},"The process for the entrants to win over users could take years, Sygnum's Burgherr said.",[11,4489,4490],{},"\"New entrants will need not just technology, but also years of trust-building to shift the deepest liquidity and highest-value payments away from incumbent rails,\" he said. \"Financial institutions prize proven security, custody integration, and resilience under real-world stress.\"",[11,4492,4493],{},"\"That's why Ethereum remains the institutional ‘Fort Knox,’\" he said.",[11,4495,4496],{},[55,4497,4500],{"href":4498,"rel":4499},"https:\u002F\u002Fwww.coindesk.com\u002Fnews-analysis\u002F2025\u002F08\u002F17\u002Fwhy-circle-and-stripe-and-many-others-are-launching-their-own-blockchains",[59],[61,4501,63],{},{"title":65,"searchDepth":66,"depth":66,"links":4503},[4504,4505],{"id":4443,"depth":66,"text":4444},{"id":4477,"depth":66,"text":4478},[69],"2025-08-18 10:23:53",{},"\u002Fblog\u002Fwhy-circle-and-stripe-and-many-others-are-launching-their-own-blockchains",{"title":4417,"description":4425},"blog\u002FWhy-Circle-and-Stripe-And-Many-Others-Are-Launching-Their-Own-Blockchains","5hS6c90xMTe8VD9GIYwsgz5fY-3UMmkNPCnrvKrnN6E",{"id":4514,"title":4515,"body":4516,"categories":4574,"cover":4522,"date":4575,"description":65,"extension":71,"meta":4576,"navigation":73,"path":4577,"seo":4578,"stem":4579,"tags":77,"__hash__":4580},"blog\u002Fblog\u002FTokenized-Stocks-Aren’t-Working-Yet.md","Tokenized Stocks Aren’t Working (Yet)",{"type":8,"value":4517,"toc":4571},[4518,4523,4526,4529,4532,4535,4538,4541,4545,4548,4551,4554,4557,4560,4563],[11,4519,4520],{},[14,4521],{"alt":16,"src":4522},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Fb174da5ca585ca0717f348b91dd80e3816ed6781-1920x1280.avif",[11,4524,4525],{},"One of the hallmarks of new technology is that, at first, it’s often worse than the one it replaces. I remember sitting in my apartment sometime in the late-1990s and spending a weekend ripping my CDs into MP3s only to get a hard-drive crash and lose all my data on Sunday night. I had a “why am I doing this” moment, and many of the early buyers of tokenized stocks are feeling the same way. And then I repeated the process the following weekend, because I’m a slow learner.",[11,4527,4528],{},"If digital music had started and then ended with Napster and my Rio PMP-300 (because IYKYK) then we could all forget about it. But it didn’t. It got better and now it’s just what we do. So is the pattern we will see with tokenized stocks.",[11,4530,4531],{},"Tokenized stocks today are a notably inferior product to the traditional market offering. I looked through the terms and conditions of eight different on-chain services offering tokenized assets to get a good understanding of what is available. Most are available in the E.U., one is available globally excluding the U.S. and one is available in the U.S. only.",[11,4533,4534],{},"While these can all be considered good efforts, most platforms offering these stocks restrict them in many ways that are tedious and show the underlying infrastructure isn’t really crypto-native yet. The restrictions that exist so far mostly appear to be the result of efforts to comply with as yet not-fully-defined regulations or shortcomings in the underlying markets (such as a lack of weekend hours).",[11,4536,4537],{},"For most platforms, trading is available 24 hours a day, but only five days a week. Many tokens carry geographic restrictions and have “know your customers” (KYC)\u002Fpermissioning restrictions on transfers. These token offerings rarely have voting rights, some do not permit dividends, and most do not allow tokens to be used in any decentralized finance (DeFi) services either.",[11,4539,4540],{},"Stock trading on-chain today is rudimentary and if it were to end here, it would be a tiny market restricted to a limited number of customers who do not have access to major equity markets. Slowly but surely, however, I think we will overcome many of these limitations.",[100,4542,4544],{"id":4543},"limits-overcome","Limits overcome",[11,4546,4547],{},"Take KYC, for example. Though KYC rules are unlikely to go away, as they become standardized, instead of being restricted to trading with a tiny group of people who are using the exact same vendor and partner running the same KYC process, all the small liquidity pools will become interoperable, effectively becoming a larger liquidity pool. And with deeper liquidity will come market-makers willing to support 24x7 trading without any pricing penalty. Increasing regulatory maturity will probably enable voting rights, dividends, and the automation of withholding taxes as well.",[11,4549,4550],{},"All these steps will, in time, make tokenized stock trading largely comparable to traditional stock trading. If we go back to the music analogy that’s okay, but hardly a compelling reason to switch. It will appeal to those who have limited access to stocks today, but if you have on-chain assets and verified KYC, chances are good you can already obtain a bank account and a brokerage account. This means that parity with existing offerings will not be compelling.",[11,4552,4553],{},"We can already see where on-chain offerings are going, and it’s more than parity. The recent Robinhood announcement of a Layer-2 network on Ethereum included the promise of tokenized access to private companies such as SpaceX and OpenAI. Beyond that, the ability to plug on-chain assets into DeFi services and use them as collateral or lend them out for added return will bring many users into the market.",[11,4555,4556],{},"Lastly, I think there is the potential to truly transform corporate governance. Despite several hundred years of experience, shareholder governance leaves a lot to be desired. Many owners fail to exercise any of their rights. It’s hardly surprising given we can barely keep up with real politics. But, with smart contracts, the ability to delegate your voting rights to experts you trust opens a whole new world of informed governance.",[11,4558,4559],{},"Early adoption is often driven by users with unique needs and a tolerance for risk. This is a perfect example of the whole crypto ecosystem, including users who have accumulated assets outside of the entire traditional financial system.",[11,4561,4562],{},"But, over time, we’re going to get from “because we can” to something much better. And, when that happens, the current $3-4 trillion in crypto assets and a few hundred billion in stablecoins will be dwarfed by the $200+ trillion in stocks and bonds that can come on-chain. It’s only a matter of time.",[11,4564,4565],{},[55,4566,4569],{"href":4567,"rel":4568},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2025\u002F08\u002F14\u002Ftokenized-stocks-aren-t-working-yet",[59],[61,4570,63],{},{"title":65,"searchDepth":66,"depth":66,"links":4572},[4573],{"id":4543,"depth":66,"text":4544},[69],"2025-08-18 09:23:53",{},"\u002Fblog\u002Ftokenized-stocks-aren't-working-yet",{"title":4515,"description":65},"blog\u002FTokenized-Stocks-Aren’t-Working-Yet","igcfe0LDIDDKS077mPiUImtZGXV1M35QjH-OwoIvhME",{"id":4582,"title":4583,"body":4584,"categories":4644,"cover":4590,"date":4645,"description":65,"extension":71,"meta":4646,"navigation":73,"path":4647,"seo":4648,"stem":4649,"tags":77,"__hash__":4650},"blog\u002Fblog\u002FThis-Is-the-Best-Investment-Environment-Ever-Says-BlackRock’s-CIO-of-Global-Fixed-Income.md","This Is the 'Best Investment Environment Ever', Says BlackRock’s CIO of Global Fixed Income",{"type":8,"value":4585,"toc":4640},[4586,4591,4594,4597,4600,4603,4607,4610,4613,4617,4620,4623,4626,4629,4632],[11,4587,4588],{},[14,4589],{"alt":16,"src":4590},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F760b95b16fb1729e36fce9e04210c866244060d1-5196x3464.avif",[11,4592,4593],{},"Rick Rieder, BlackRock’s chief investment officer of global fixed income, said earlier this week the current backdrop represents the “best investment environment ever,” citing unusually favorable dynamics in both equity and bond markets.",[11,4595,4596],{},"Speaking on CNBC, Rieder described “extraordinary” technical conditions in equities, with trillions of dollars still parked in money market funds and robust corporate buybacks shrinking available supply. While valuations for the market’s largest technology names remain elevated, he noted that earnings growth outside Tesla helped justify the multiples. “MAG-7 year-on-year growth is like 54%,” he said, adding that the pace makes the sector difficult to ignore.",[11,4598,4599],{},"On the bond side, Rieder highlighted the appeal of income.",[11,4601,4602],{},"Investors can still build portfolios yielding between 6.5% and 7%, a level he described as highly attractive in a world where inflation has drifted below 3% on a core basis. He argued that while the Federal Reserve has room to cut rates — potentially starting as soon as September — current yields already offer investors solid returns.",[100,4604,4606],{"id":4605},"crazy-low-volatility","'Crazy low' volatility",[11,4608,4609],{},"Rieder also emphasized today’s unusually subdued volatility. He described trading equity volatility, or “vol,” at levels near 9.5 to 10, which he called “crazy low.” Low volatility, he said, makes hedging against downside risk relatively cheap, giving investors what he called an “escape hatch” if conditions sour. “You don’t actually have to take the downside risk,” Rieder said.",[11,4611,4612],{},"Still, Rieder cautioned that complacency is his biggest concern. With insurance in markets so inexpensive, he sees signs investors may be underestimating risks, particularly in credit spreads and other corners of fixed income.",[100,4614,4616],{"id":4615},"feds-interest-rate","Fed's interest rate",[11,4618,4619],{},"On monetary policy, Rieder argued the Fed’s rate hikes have done little to suppress inflation, given that large corporations rely less on borrowing to finance investment.",[11,4621,4622],{},"The real drag, he said, has been on housing activity and lower-income households that depend more heavily on credit. Keeping rates too high, he warned, risks imposing excessive costs on the government and households without meaningful disinflation gains.",[11,4624,4625],{},"He believes the central bank could lower the funds rate by as much as 100 basis points over the coming year, a move he sees as unlikely to rekindle inflation given low structural volatility and rising productivity from advances in data, hyperscale computing and even space-related technologies.",[11,4627,4628],{},"“There’s something spectacular happening around productivity,” he said, calling it a once-in-a-generation dynamic.",[11,4630,4631],{},"For crypto investors, Rieder’s comments reinforce a broader narrative: an environment with falling rates, ample liquidity, and low volatility could support renewed appetite for risk assets beyond equities. If his call proves correct, the same technical tailwinds driving stocks higher could spill into digital assets that thrive on excess cash and investor risk-taking.",[11,4633,4634],{},[55,4635,4638],{"href":4636,"rel":4637},"https:\u002F\u002Fwww.coindesk.com\u002Fmarkets\u002F2025\u002F08\u002F16\u002Fthis-is-the-best-investment-environment-ever-says-blackrock-s-cio-of-global-fixed-income",[59],[61,4639,63],{},{"title":65,"searchDepth":66,"depth":66,"links":4641},[4642,4643],{"id":4605,"depth":66,"text":4606},{"id":4615,"depth":66,"text":4616},[69],"2025-08-16 11:23:53",{},"\u002Fblog\u002Fthis-is-the-best-investment-environment-ever-says-blackrock's-cio-of-global-fixed-income",{"title":4583,"description":65},"blog\u002FThis-Is-the-Best-Investment-Environment-Ever-Says-BlackRock’s-CIO-of-Global-Fixed-Income","0CkOYpBDZMnGWEuSf2A30WrA58PwJzZEMiUjQYknJeQ",{"id":4652,"title":4653,"body":4654,"categories":4745,"cover":4660,"date":4746,"description":4661,"extension":71,"meta":4747,"navigation":73,"path":4748,"seo":4749,"stem":4750,"tags":77,"__hash__":4751},"blog\u002Fblog\u002FWhat-Bitcoin-s-Velocity-Says-About-Its-Future.md","What Bitcoin's Velocity Says About Its Future",{"type":8,"value":4655,"toc":4738},[4656,4662,4665,4669,4672,4675,4679,4682,4685,4689,4692,4695,4698,4701,4704,4707,4711,4714,4717,4720,4724,4727,4730],[11,4657,4658,4661],{},[14,4659],{"alt":16,"src":4660},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Fe7400343674854cadfca863a6d772265170e3fe3-7680x4320.avif","\nBitcoin’s on-chain velocity—how often coins move—is at decade lows. To some, that’s a red flag: has Bitcoin lost momentum? Is it still being used?",[11,4663,4664],{},"In fact, falling velocity may be the clearest signal yet that Bitcoin is maturing, not stagnating. Instead of circulating like cash, Bitcoin is increasingly being held like gold.",[100,4666,4668],{"id":4667},"a-shift-in-function","A Shift in Function",[11,4670,4671],{},"In traditional economics, velocity refers to how often money changes hands; it’s a proxy for economic activity. For Bitcoin, it tracks how frequently BTC is transacted on-chain. In Bitcoin’s early days, coins moved frequently as traders, early adopters, and enthusiasts tested its use cases. During major bull runs, like those in 2013, 2017, and 2021, transaction activity spiked, with BTC flowing quickly between wallets and exchanges.",[11,4673,4674],{},"Today, that has changed. More than 70% of BTC hasn't moved in over a year. Transactional churn has slowed. At face value, this could seem like declining usage. But it reflects something else: conviction. Bitcoin is being treated as a long-term asset, not just a short-term currency. And that shift is driven largely by institutions.",[100,4676,4678],{"id":4677},"institutional-adoption-locks-up-supply","Institutional Adoption Locks Up Supply",[11,4680,4681],{},"Since the launch of US spot Bitcoin ETFs in 2024, institutional holdings have soared. As of mid-2025, spot ETFs hold over 1.298 million BTC, approximately 6.2% of total circulating supply. When including corporate treasuries, private companies, and investment funds, total institutional holdings approach 2.55 million BTC around 12.8% of all Bitcoin in circulation. These assets remain largely static, stored in cold wallets as part of long-term strategies. Firms like Strategy and Tesla are not spending their Bitcoin; they’re holding it as a strategic reserve.",[11,4683,4684],{},"That’s bullish for scarcity and price. But it also lowers velocity: fewer coins circulating, fewer transactions happening on-chain.",[100,4686,4688],{"id":4687},"off-chain-usage-is-rising-and-harder-to-see","Off-Chain Usage Is Rising and Harder to See",[11,4690,4691],{},"It’s important to note that on-chain velocity doesn’t capture all of Bitcoin’s economic activity.",[11,4693,4694],{},"On-chain velocity only tells part of the story. Increasingly, Bitcoin’s real economic activity is happening off the base layer, and outside traditional measurements.",[11,4696,4697],{},"Take the Lightning Network, THE Bitcoin’s Layer-2 scaling solution which enables fast, low-cost payments that bypass the main chain entirely. From streaming micropayments to cross-border remittances, Lightning makes bitcoin usable in everyday scenarios, but its transactions don’t appear in velocity metrics. As of mid-2025, public Lightning capacity surpassed 5,000 BTC, reflecting a nearly 400% increase since 2020. Private channel growth and institutional experimentation suggest the real number is much higher.",[11,4699,4700],{},"Similarly, Wrapped Bitcoin is enabling BTC to circulate across Ethereum and other chains, fueling DeFi protocols and tokenized finance. In the first half of 2025 alone, WBTC supply grew by 34%, a clear signal that bitcoin is being deployed, not dormant.",[11,4702,4703],{},"And then there’s custody: institutional wallets, ETF cold storage, and multisig treasury tools allow firms to hold BTC securely, but often without moving it. These coins may be economically significant, yet they contribute nothing to on-chain velocity.",[11,4705,4706],{},"In short, Bitcoin is likely more active than it appears, it’s just happening outside traditional velocity metrics. Its utility is shifting to new layers and platforms- payment rails, smart contract systems, yield strategies—none of which register in traditional velocity models. As Bitcoin evolves into a multi-layer monetary system, we may need new ways to measure its momentum. Falling on-chain velocity doesn’t necessarily mean usage is slowing. In fact, it might just mean we’re looking in the wrong place.",[100,4708,4710],{"id":4709},"the-trade-off-behind-low-velocity","The Trade-Off Behind Low Velocity",[11,4712,4713],{},"While slow velocity reflects conviction and long-term holding, it also presents a challenge. Fewer on-chain transactions mean fewer fees for miners: a growing concern after the 2024 halving, which cut block rewards in half. Bitcoin’s long-term security model depends on a healthy fee market, which in turn relies on consistent economic activity.",[11,4715,4716],{},"There’s also the question of perception. A network where coins rarely move can start to resemble a static vault rather than a dynamic marketplace. That may strengthen the “digital gold” thesis but weakens the vision of bitcoin as usable money.",[11,4718,4719],{},"This is the core design tension: Bitcoin aims to be both a store of value (digital gold) and a medium of exchange (peer to peer cash) . But those roles don’t always align. Velocity is the measure of that push and pull, this ongoing struggle between preservation and utility, and how Bitcoin navigates it will shape not just usage patterns, but its role in the broader financial system.",[100,4721,4723],{"id":4722},"a-sign-of-maturity","A Sign of Maturity",[11,4725,4726],{},"In the end, falling velocity doesn’t mean Bitcoin is being used less. It means it’s being used differently. As Bitcoin gains value, people are more inclined to save it than spend it. As adoption grows, infrastructure moves off-chain. And as institutions enter, their strategies center on preservation, not circulation. The Bitcoin network is evolving. Velocity isn’t vanishing; it’s going silent, reshaped by a changing user base and new layers of economic activity.",[11,4728,4729],{},"If velocity ticks up again, it could mark a resurgence of transactional use; more spending, more movement, more retail involvement. If it stays low, it suggests Bitcoin’s role as macro collateral is taking firm root. Either way, velocity offers a window into Bitcoin’s future. Not as a coin to spend, but as an asset to build on.",[11,4731,4732],{},[55,4733,4736],{"href":4734,"rel":4735},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2025\u002F08\u002F01\u002Fwhat-bitcoin-s-velocity-says-about-its-future",[59],[61,4737,63],{},{"title":65,"searchDepth":66,"depth":66,"links":4739},[4740,4741,4742,4743,4744],{"id":4667,"depth":66,"text":4668},{"id":4677,"depth":66,"text":4678},{"id":4687,"depth":66,"text":4688},{"id":4709,"depth":66,"text":4710},{"id":4722,"depth":66,"text":4723},[69],"2025-08-13 12:23:53",{},"\u002Fblog\u002Fwhat-bitcoin-s-velocity-says-about-its-future",{"title":4653,"description":4661},"blog\u002FWhat-Bitcoin-s-Velocity-Says-About-Its-Future","YAMRnylPDxZF-6F_GthIKy97t4lWcVKzp6h4eX7A_yE",{"id":4753,"title":4754,"body":4755,"categories":4817,"cover":4761,"date":4818,"description":4762,"extension":71,"meta":4819,"navigation":73,"path":4820,"seo":4821,"stem":4822,"tags":77,"__hash__":4823},"blog\u002Fblog\u002FDonald-Trump-Signs-Order-Letting-Crypto-Into-401-k-Retirement-Plans.md","Donald Trump Signs Order Letting Crypto Into 401(k) Retirement Plans",{"type":8,"value":4756,"toc":4814},[4757,4763,4766,4769,4772,4775,4778,4781,4784,4787,4790,4793,4797,4800,4803,4806],[11,4758,4759,4762],{},[14,4760],{"alt":16,"src":4761},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F13cd4f14be950fbfb70e6dc6ab16bf0fdc1d8647-4533x2550.avif","\nU.S. President Donald Trump has signed an executive order to allow crypto investments in 401(k) retirement plans, opening the gates for millions of dollars to flow into the asset class.",[11,4764,4765],{},"The order, which also allows for private equity investments, is poised to dramatically widen the scope of what retirement plan providers can direct funds to. This in turn could help crypto prices while further integrating digital assets with the broader financial system.",[11,4767,4768],{},"\"Alternative assets, such as private equity, real estate, and digital assets, offer competitive returns and diversification benefits,\" a fact sheet published Thursday said.",[11,4770,4771],{},"While it was never technically prohibited to add crypto to a retirement plan, the Department of Labor previously put out guidance for fiduciaries to “exercise extreme care before they consider adding a cryptocurrency option to a 401(k) plan's investment menu for plan participants.\"",[11,4773,4774],{},"In May, that guidance was fully rescinded. Trump’s order would now direct the DOL to publish new guidance which would put cryptocurrencies in the same bucket as other assets.",[11,4776,4777],{},"This could encourage wealth managers, who previously stayed away from the risky asset class, to reconsider their positions, possibly bringing millions of dollars into exchange-traded funds (ETFs) holding bitcoin\nBTC\n$116,856.52\nand other assets, or the cryptos directly.",[11,4779,4780],{},"“This order isn't about the government saying 'crypto belongs in 401(k)s.' It's about the government getting out of the way and letting people make their own decisions,” said Matt Hougan, chief investment officer at Bitwise.",[11,4782,4783],{},"The order comes as crypto assets have finished one of its best quarters to date, with many of them reaching new all-time highs in June amid several promising steps towards clearer regulation in the U.S. Bitcoin, which is currently trading at $117,351 and is up 26% year-to-date, has also been seeing its volatility shrink to levels not seen since 2023, signaling a maturing market and investor confidence.",[11,4785,4786],{},"While both spot crypto as well as other financial vehicles holding the assets will be ok to add to retirement plans, given the risk-averse nature of such investments, many managers could reach for the ETFs rather than direct exposure.",[11,4788,4789],{},"“I already trade the BTC ETFs in my IRA. I think the BTC ETFs are fine for retirement accounts. But straight coin seems too risky and would be better suited to non retirement accounts,” said Jeffrey Hirsch, CEO of Hirsch Holdings and editor-in-chief of Stock Trader’s Almanac.",[11,4791,4792],{},"The spot bitcoin ETFs have seen unprecedented success since their launch in January 2024. BlackRock’s iShares Bitcoin Trust (IBIT) alone is now handling over $85 billion worth of bitcoin.",[100,4794,4796],{"id":4795},"debanking-order","Debanking order",[11,4798,4799],{},"Trump signed several executive orders on Thursday, including another one addressing debanking. A fact sheet published by the White House said the order would \"ensure that Federal regulators do not promote policies and practices that allow financial institutions to deny or restrict services based on political beliefs, religious beliefs or lawful business activities, ensuring fair access to banking for all Americans.\"",[11,4801,4802],{},"The order itself directs federal banking regulators, the Small Business Administration and the Treasury Secretary, alongside other officials, to \"remove the use of reputation risk or equivalent concepts that could result in politicized or unlawful debanking\" within the next six months.",[11,4804,4805],{},"The order itself did not mention crypto, though the fact sheet said the \"digital assets industry has also been the target of unfair debanking initiatives.\"",[11,4807,4808],{},[55,4809,4812],{"href":4810,"rel":4811},"https:\u002F\u002Fwww.coindesk.com\u002Fpolicy\u002F2025\u002F08\u002F07\u002Fdonald-trump-signs-order-letting-crypto-into-401-k-retirement-plans",[59],[61,4813,63],{},{"title":65,"searchDepth":66,"depth":66,"links":4815},[4816],{"id":4795,"depth":66,"text":4796},[69],"2025-08-08 16:13:53",{},"\u002Fblog\u002Fdonald-trump-signs-order-letting-crypto-into-401-k-retirement-plans",{"title":4754,"description":4762},"blog\u002FDonald-Trump-Signs-Order-Letting-Crypto-Into-401-k-Retirement-Plans","YDJDB8iH0x9rknGrCxNg1ErO1v4Xm6taEjqhjpwz_xU",{"id":4825,"title":4826,"body":4827,"categories":4866,"cover":4833,"date":4867,"description":4834,"extension":71,"meta":4868,"navigation":73,"path":4869,"seo":4870,"stem":4871,"tags":77,"__hash__":4872},"blog\u002Fblog\u002FNYDFS-Fines-Stablecoin-Issuer-Paxos-26-5M-for-Compliance-Failures-Tied-to-Binance’s-BUSD.md","NYDFS Fines Stablecoin Issuer Paxos $26.5M for Compliance Failures Tied to Binance’s BUSD",{"type":8,"value":4828,"toc":4864},[4829,4835,4838,4841,4844,4847,4850,4853,4856],[11,4830,4831,4834],{},[14,4832],{"alt":16,"src":4833},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F2-20250808.avif","\nNew York’s top financial regulator has fined Paxos, a New York City-based stablecoin issuer, $26.5 million for “systemic failures” in its compliance and anti-money laundering programs, including a past partnership with global crypto exchange Binance, according to a Thursday announcement.",[11,4836,4837],{},"In addition to the fine, Paxos agreed to spend another $22 million improving its compliance program to bring it up to snuff with the New York Department of Financial Services’ (NYDFS) standards.",[11,4839,4840],{},"“The Department of Financial Services has led the nation in regulating the virtual currency industry, protecting consumers and markets through examinations, supervision, and where necessary, enforcement,” NYDFS Superintendent Adrienne Harris said in a press statement. “Regulated entities must maintain appropriate risk management frameworks that correspond to their business risks, which includes relationships with business partners and third-party vendors. The Department continues taking significant steps to ensure accountability, in turn protecting consumers and safeguarding the integrity of the financial system.”",[11,4842,4843],{},"The compliance failures identified by NYDFS were largely tied to Paxos’ one-time partnership with Binance, the world’s largest crypto exchange. The two companies teamed up in 2019 to issue Binance’s dollar-pegged stablecoin, BUSD. The relationship with Binance eventually landed Paxos in hot water: in 2023, NYDFS launched an investigation into Paxos’s issuance of BUSD, the U.S. Securities and Exchange Commission (SEC) sent Paxos a Wells notice informing the company of its intention to sue (a year later, the SEC decided to drop its enforcement action) and Paxos ultimately decided to stop issuing BUSD altogether at the order of NYDFS.",[11,4845,4846],{},"The fine announced Thursday is tied to NYDFS’ original investigation. According to NYDFS’ press release, the investigation revealed that Paxos didn’t have appropriate controls in place to effectively monitor for illicit activity occurring through Binance. And when illicit activity was identified, the regulator said, the company “failed to escalate red flags” to Paxos’ higher-ups and board members.",[11,4848,4849],{},"In addition to the Binance-related compliance issues, NYDFS said its investigation into Paxos turned up other deficiencies in its compliance program, including an “unsophisticated” Know Your Customer (KYC) program that allowed illicit actors to open multiple accounts and remain undetected, and a “deficient” transaction monitoring system that prevented Paxos from “detecting obvious patterns of money laundering.”",[11,4851,4852],{},"A representative for Paxos described the compliance failures identified by NYDFS as “historical issues that were identified over two and a half years ago and have since been fully remediated.” The issues, the representative added, “had no impact on customer accounts and there was no consumer harm.”",[11,4854,4855],{},"“This marks the resolution of this matter and we are pleased to put it behind us,” the representative said. “There are no new claims regarding Paxos’ relationship with Binance or the issuance of BUSD, and Paxos’ other white-labeled stablecoins operate on similar models with different partners and have not faced any regulatory issues.”",[11,4857,4858],{},[55,4859,4862],{"href":4860,"rel":4861},"https:\u002F\u002Fwww.coindesk.com\u002Fpolicy\u002F2025\u002F08\u002F07\u002Fnydfs-fines-stablecoin-issuer-paxos-usd26-5m-for-compliance-failures-tied-to-binance-s-busd",[59],[61,4863,63],{},{"title":65,"searchDepth":66,"depth":66,"links":4865},[],[69],"2025-08-07 12:23:53",{},"\u002Fblog\u002Fnydfs-fines-stablecoin-issuer-paxos-26-5m-for-compliance-failures-tied-to-binance's-busd",{"title":4826,"description":4834},"blog\u002FNYDFS-Fines-Stablecoin-Issuer-Paxos-26-5M-for-Compliance-Failures-Tied-to-Binance’s-BUSD","2BhzIFBpQTvY1KHa521FXQbRBYlaz1lGBxQP3opWaE0",{"id":4874,"title":4875,"body":4876,"categories":5003,"cover":4882,"date":5004,"description":4883,"extension":71,"meta":5005,"navigation":73,"path":5006,"seo":5007,"stem":5008,"tags":77,"__hash__":5009},"blog\u002Fblog\u002FSolana’s-Seeker-Phone-Fixes-Saga’s-Flaws-With-Usability-Upgrade.md","Solana’s Seeker Phone Fixes Saga’s Flaws With Usability Upgrade",{"type":8,"value":4877,"toc":4997},[4878,4884,4887,4890,4893,4896,4899,4903,4906,4909,4912,4915,4918,4940,4944,4947,4954,4957,4960,4963,4967,4970,4973,4977,4980,4983,4986,4989],[11,4879,4880,4883],{},[14,4881],{"alt":16,"src":4882},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F3-20250808.avif","\nThe Solana Seeker phone is not your average smartphone, nor does it want to be. Building on the lessons of its predecessor, the Saga, Solana Mobile’s newest device reimagines what a crypto-native phone can be. Smaller, lighter and boasting a longer-lasting battery compared to its predecessor, the Seeker aims to improve on the user experience while doubling down on mobile-first crypto usability.",[11,4885,4886],{},"Out of the box, it’s clear who this device is for: active Solana users who regularly transact on-chain, with the design focusing on everything crypto-first. With 150,000 phones pre-ordered from over 50 countries, and at a price point of $500, the Seeker wants to bring Solana ecosystem participants the ability to transact on the go in a matter of seconds.",[11,4888,4889],{},"If you’re someone who frequently uses Solana, the Seeker might feel like it was built specifically for you. However, this phone is not intended for the casual crypto user.",[11,4891,4892],{},"“If you're somebody who transact at least once a week, frankly, then you might not be a full on power user, but you're at least a regular enough user that Seeker makes sense,” said Emmett Hollyer, the general manager at Solana Mobile, to CoinDesk in an interview.",[11,4894,4895],{},"One of the biggest criticisms of the Saga was that it went a little too far in focusing on the security aspect at the expense of ease-of-use. “We learned we were so focused on building a secure experience the first time around that we sort of got out of our own way with usability,” said Hollyer.",[11,4897,4898],{},"The security is still there; every device acts like a wallet that’s always on-chain, but the process of signing transactions has been significantly streamlined. Now, with just a single click and a fingerprint verification, a user can approve a transaction, marking a noticeable change from the multiple steps Saga required, which makes trading on the go feel much more natural.",[100,4900,4902],{"id":4901},"specifications","Specifications",[11,4904,4905],{},"According to a slide deck shared by Solana Mobile, the Seeker phone comes with 8 GB of RAM, 128 GB for storage, a 6.36 inch display and a 4500 mAh battery, which should be enough to put it somewhere between an Apple iPhone 16 and iPhone 16 Plus on paper in terms of size.",[11,4907,4908],{},"It uses an octa-core Mediatek Dimensity 7300 processor, which is somewhat less powerful than a flagship phone from Apple or Samsung but is largely in line with the Exynos 1580, the chip powering Samsung's mid-range A56 smartphone. The phone runs on Android 15.",[11,4910,4911],{},"A review device did not come with a headphone jack and an SD card slot for expandable storage.",[11,4913,4914],{},"The device also features four cameras; three on the back (108 megapixel main camera with optical image stabilization, a 50 mp telephoto sensor and a 13 mp ultra-wide) and one on the front (32 mp).",[11,4916,4917],{},"Full specifications:",[4919,4920,4921,4925,4928,4931,4934,4937],"ul",{},[4922,4923,4924],"li",{},"Processor: Mediatek Dimensity 7300",[4922,4926,4927],{},"Memory: 8GB RAM",[4922,4929,4930],{},"Storage: 128 GB",[4922,4932,4933],{},"Display: 6.36\" AMOLED; 2670x1200 px (460 PPI); 120 Hz dynamic refresh",[4922,4935,4936],{},"Battery: 4500 mAh",[4922,4938,4939],{},"Supports 1 nano sim card + 1 esim; has Bluetooth, WiFi and 5G wireless support",[100,4941,4943],{"id":4942},"seed-vault-wallet-id-token","Seed Vault Wallet, ID, Token",[11,4945,4946],{},"At the core of the Seeker is the Seed Vault, which protects your private crypto keys with encryption and biometric access. Building on top of that is Solana Mobile's Seed Vault Wallet, which is integrated with the Seed Vault and acts like Apple Pay, allowing users to approve and verify their transactions. And like Apple Pay, it has a tap-to-pay function.",[11,4948,4949,4950,4953],{},"“It does everything that a regular crypto wallet does, including it lets you connect to ",[1731,4951,4952],{},"decentralized applications"," dapps and access your funds anywhere. It's just built more mobile-native, directly into the phone and the dapps that are in our store,” Hollyer added.",[11,4955,4956],{},"The wallet supports all major Solana dapps, and comes with a recovery seed phrase, just like other cold wallets. This continuity with the crypto hardware experience ensures that users retain self-custody, even if they lose the device.",[11,4958,4959],{},"Beyond hardware, the phone layers on a new kind of digital identity. Upon setup, each user is issued a Genesis Token and a unique Seeker ID, permanently tying the device to the user.",[11,4961,4962],{},"The phone will also have a unique SKR token, a new token for the ecosystem that is not live yet. While the project's developers have not shared many details yet about how the token will function, the team wrote that it will “power the economy, incentives and ownership of the ecosystem.”",[100,4964,4966],{"id":4965},"user-experience","User experience",[11,4968,4969],{},"Although I’m loyal to my iPhone, the Seeker felt easy enough to navigate for those not used to an Android device. Jumping around from apps was seamless without a clunky experience. The phone has capabilities to download mainstream apps from the Google app store, and supposedly can allow for cell connection (this phone did not come with a SIM).",[11,4971,4972],{},"While I couldn’t fully test mobile connectivity, the interface was surprisingly smooth and responsive, with no noticeable lag or awkward UI hiccups. For anyone hesitant about switching ecosystems, the Seeker offers a familiar enough experience that won’t leave you feeling lost.",[100,4974,4976],{"id":4975},"seeker-season-coming-this-september","Seeker Season Coming This September",[11,4978,4979],{},"To get participants to actively use the device, the Solana Mobile is building momentum through its Seeker Season, launching this September, which the developers claim will bring exclusive features, early access and benefits from dapps participating in the Solana dapp store ecosystem.",[11,4981,4982],{},"“Each week, new dapps will introduce special experiences, early access, and benefits you’ll only find on the Solana dApp store,” according to a slide deck shared by the team. These exclusives provide incentives for early adoption of the phone.",[11,4984,4985],{},"Sales of the original Saga phone were sluggish at first, until crypto traders discovered that each device came with a hefty airdrop of BONK tokens, sparking a rush to buy up remaining units and turning the phone into a brief arbitrage opportunity.",[11,4987,4988],{},"The Solana Seeker is an ambitious and thoughtful reimagining of what a mobile crypto experience should be. It’s not just more compact and user-friendly, it’s designed to bring self-custody into everyday life with minimal friction. Where Saga tried to prove a point, Seeker invites users to participate.",[11,4990,4991],{},[55,4992,4995],{"href":4993,"rel":4994},"https:\u002F\u002Fwww.coindesk.com\u002Ftech\u002F2025\u002F08\u002F06\u002Fsolana-s-seeker-phone-fixes-saga-s-flaws-with-usability-upgrade",[59],[61,4996,63],{},{"title":65,"searchDepth":66,"depth":66,"links":4998},[4999,5000,5001,5002],{"id":4901,"depth":66,"text":4902},{"id":4942,"depth":66,"text":4943},{"id":4965,"depth":66,"text":4966},{"id":4975,"depth":66,"text":4976},[69],"2025-08-06 09:23:53",{},"\u002Fblog\u002Fsolana's-seeker-phone-fixes-saga's-flaws-with-usability-upgrade",{"title":4875,"description":4883},"blog\u002FSolana’s-Seeker-Phone-Fixes-Saga’s-Flaws-With-Usability-Upgrade","gxFKaOPYEY18fF3ABnr79Kest1bBZrPWqOE-DrGzNKY",{"id":5011,"title":5012,"body":5013,"categories":5058,"cover":5019,"date":5059,"description":5020,"extension":71,"meta":5060,"navigation":73,"path":5061,"seo":5062,"stem":5063,"tags":77,"__hash__":5064},"blog\u002Fblog\u002FHong-Kong-Releases-Guidance-on-Strict-Rules-for-Stablecoin-Issuers.md","Hong Kong Releases Guidance on Strict Rules for Stablecoin Issuers",{"type":8,"value":5014,"toc":5056},[5015,5021,5024,5027,5030,5033,5036,5039,5042,5045,5048],[11,5016,5017,5020],{},[14,5018],{"alt":16,"src":5019},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Fdf9f1a75636b8bc1ae82ee873b7d7a30e1b25182-1920x1440.avif","\nThe Hong Kong Monetary Authority (HKMA) released guidance on Tuesday for stablecoin licensing, outlining strict capital, reserve, governance and technology standards for issuers seeking to operate in the city’s regulated digital asset market.",[11,5022,5023],{},"The guidance also covered rules on money laundering and transitional measures for issuers of existing stablecoins. Stablecoins are digital assets that are pegged to other assets like fiat currency.",[11,5025,5026],{},"HKMA's stablecoin regime is set to take effect on Friday and a bill on rules for the sector was passed in May. Already 40 firms are waiting to apply for a stablecoin license, though the regulator is reportedly expected to approve less than 10 applications initially. HKMA CEO Eddie Yue last week warned companies to not be overly excited about the coming regulatory regime, particularly if their business is not related to stablecoins.",[11,5028,5029],{},"The regulator wants to take a cautious approach as outlined in its consultation conclusions on money laundering. Issuers are yet to prove that they can effectively mitigate against money laundering, HKMA said in its paper.",[11,5031,5032],{},"Unless a stablecoin issuer that is licensed can prove that it can effectively mitigate money laundering risks, it will need to verify the identity of every stablecoin holder \"even if the holder has no customer relationship with the licensee,\" the HKMA consultation response document said. The document also outlined that supervised virtual asset service providers or a reliable third party can also verify the identity of its stablecoin holders.",[11,5034,5035],{},"Hong Kong also has a license regime for crypto companies and started awarding licenses last year.",[11,5037,5038],{},"\"The HKMA will continue to evaluate the effectiveness and appropriateness of such measures considering, among other things, the evolving regulatory landscape,\" the regulator said in its Tuesday consultation response.",[11,5040,5041],{},"Stablecoin issuers which are fully prepared should apply by the end of September, the HKMA press release said.",[11,5043,5044],{},"A realistic timeline to start awarding licenses is early next year, Darryl Chan Wai-man, deputy chief executive of HKMA, told South China Morning Post on Tuesday talking about the region's stablecoins regime.",[11,5046,5047],{},"Parts of this article were generated with assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.",[11,5049,5050],{},[55,5051,5054],{"href":5052,"rel":5053},"https:\u002F\u002Fwww.coindesk.com\u002Fpolicy\u002F2025\u002F07\u002F29\u002Fhong-kong-releases-guidance-on-rules-for-stablecoin-issuers",[59],[61,5055,63],{},{"title":65,"searchDepth":66,"depth":66,"links":5057},[],[69],"2025-07-30 11:23:53",{},"\u002Fblog\u002Fhong-kong-releases-guidance-on-strict-rules-for-stablecoin-issuers",{"title":5012,"description":5020},"blog\u002FHong-Kong-Releases-Guidance-on-Strict-Rules-for-Stablecoin-Issuers","MfIJetaQ_l5act_XqoKFb11w3iiwTQR5sM1gP2TxO3A",{"id":5066,"title":5067,"body":5068,"categories":5110,"cover":5074,"date":5111,"description":5075,"extension":71,"meta":5112,"navigation":73,"path":5113,"seo":5114,"stem":5115,"tags":77,"__hash__":5116},"blog\u002Fblog\u002FRobinhood-Price-Target-Doubled-by-JPMorgan-on-Crypto-and-Tokenization-Bets.md","Robinhood Price Target Doubled by JPMorgan on Crypto and Tokenization Bets",{"type":8,"value":5069,"toc":5108},[5070,5076,5079,5082,5085,5088,5091,5094,5097,5100],[11,5071,5072,5075],{},[14,5073],{"alt":16,"src":5074},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Ff752d971e4616613e92839b2cd97a2f0a3845014-6240x4160.avif","\nJPMorgan (JPM) set its 2026 price target for trading platform Robinhood (HOOD) to $98, up from $47 in 2025, citing new product launches and acquisition of European crypto exchange Bitstamp.",[11,5077,5078],{},"Robinhood reports second-quarter earnings Wednesday. JPMorgan, which maintains a neutral rating on the stock, said it expects the company to post earnings per share of 31 cents, up from 21 cents in the year-earlier period and in line with estimates by FactSet and transaction-based revenue reaching $515 million.",[11,5080,5081],{},"Crypto trading revenue is expected to double to $169.3 million from $81 million the year before, according to FactSet estimates. Still, that's sharply below the first-quarter figure of $247 million, a sign of the platform’s sensitivity to volatility and trading volumes in digital asset markets.",[11,5083,5084],{},"Shares of the Menlo Park, California-based company have risen 170% this year. They were recently 0.7% lower at $105.95.",[11,5086,5087],{},"The company's moves in crypto and tokenized finance will boost operating leverage and create long-term upside, JPMorgan said. That includes the $200 million acquisition of crypto exchange Bitstamp, which closed in June, and a series of recent product rollouts.",[11,5089,5090],{},"Chief among those is Robinhood’s entry into tokenized stock trading in the European Union, which started this month under the bloc’s MiCA regulatory framework. Compass Point notes that users can now trade more than 200 tokenized equities and ETFs nearly around the clock. Full 24\u002F7 access is expected once Bitstamp’s order book is integrated.",[11,5092,5093],{},"Robinhood charges a 0.1% fee on dollar conversions in jurisdictions where payment for order flow is banned. The firm plans to offer tokenized access to private companies like OpenAI and SpaceX, giving EU users exposure to traditionally off-limits investments and enabling future decentralized finance (DeFi) use cases.",[11,5095,5096],{},"While this revenue stream is still early-stage, Compass Point says U.S. regulators are showing signs of warming to the concept. The Securities and Exchange Commission recently granted a broker-dealer license to Dinari, a startup focused on tokenized equity trading, hinting that similar platforms — including Robinhood — may gain domestic traction.",[11,5098,5099],{},"While Robinhood’s earnings may show some growth, Wall Street appear sto be starting to bet bigger on its future.",[11,5101,5102],{},[55,5103,5106],{"href":5104,"rel":5105},"https:\u002F\u002Fwww.coindesk.com\u002Fmarkets\u002F2025\u002F07\u002F29\u002Frobinhood-price-target-doubled-by-jpmorgan-on-crypto-and-tokenization-bets",[59],[61,5107,63],{},{"title":65,"searchDepth":66,"depth":66,"links":5109},[],[69],"2025-07-30 09:23:53",{},"\u002Fblog\u002Frobinhood-price-target-doubled-by-jpmorgan-on-crypto-and-tokenization-bets",{"title":5067,"description":5075},"blog\u002FRobinhood-Price-Target-Doubled-by-JPMorgan-on-Crypto-and-Tokenization-Bets","B2hPU-PX5Gk-xK9a-87bb1nXzcgbDIaM6zL81pO8QRQ",{"id":5118,"title":5119,"body":5120,"categories":5295,"cover":5126,"date":5296,"description":5127,"extension":71,"meta":5297,"navigation":73,"path":5298,"seo":5299,"stem":5300,"tags":77,"__hash__":5301},"blog\u002Fblog\u002FStill-Loving-My-‘If-It-Went-to-Zero’-NFT.md","Still Loving My ‘If It Went to Zero’ NFT",{"type":8,"value":5121,"toc":5288},[5122,5128,5131,5134,5137,5140,5143,5146,5149,5152,5155,5158,5161,5165,5168,5171,5174,5178,5181,5184,5187,5190,5193,5196,5199,5202,5206,5209,5212,5215,5218,5221,5224,5227,5231,5234,5237,5240,5243,5246,5249,5252,5255,5259,5262,5265,5268,5271,5274,5277,5280],[11,5123,5124,5127],{},[14,5125],{"alt":16,"src":5126},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Ffd2655fd634abf45be8e2ae7a5a3e6104e69f305-3840x2160.avif","\nDuring the NFT boom of 2021, NFT-aficionados said “I’d love it even if it went to zero” as a tongue-in-cheek countercultural declaration that meaning and membership mattered more than profit.",[11,5129,5130],{},"It became kind of like a punk rock ethos in Web3. Burning money (figuratively or literally) was a flex to signal individual belonging to an in-group that positioned itself as the moral antithesis to the speculative frenzy that defined the time.",[11,5132,5133],{},"Like the early cypherpunks who fought for freedom and autonomy, or the Bitcoin maxis who held through multiple crashes, the next-gen NFT degens threw eyewatering amounts of magical internet monies at otherwise right-click-and-savable JPEGs to prove they understood the deeper layers of internet culture and crypto ideology.",[11,5135,5136],{},"But even the most ardent believers in blockchain’s promise are not immune to doubt when a long, cold Crypto Winter drains both capital and conviction. And the NFT bear has been grizzly.",[11,5138,5139],{},"Despite a flutter of activity in recent weeks—someone picked up 45 CryptoPunks for nearly $8 million, someone else grabbed an Ether Rock for over $300K, the Pudgy Penguins’ floor doubled, Moonbirds tripled—for the most part, the NFT market is down bad. At $156 million for July 2025, we’re nowhere near the crazy highs of August 2021 when OpenSea reported over $3 billion in NFT trading volume. For NFT art specifically, trading is down 93% since its 2021 peak.",[11,5141,5142],{},"So, assuming your beloved NFT is nearing its rock bottom, it’s time to check in and see: do you actually still love it?",[11,5144,5145],{},"If so, why do you still love it?",[11,5147,5148],{},"And you can’t just say: Oh, I love the art, otherwise a screenshotted JPEG would suffice.",[11,5150,5151],{},"Because to still love these things at their rock bottom, firstly, you have to be content with the value you paid in relation to the value you still get out of it.",[11,5153,5154],{},"Second, there has to be a reason for it to be an NFT. If it were just a pretty picture that can be saved, copied or shared without consequence, there's no point in it being an NFT and no sacrifice in watching it go to zero.",[11,5156,5157],{},"As everybody’s favorite media theorist, Marshall McLuhan, would argue: the medium is the message. You don’t love the image more because of its content. You love it more because as an NFT, the image is something else. The NFT reprograms your role from mere viewer of the image to participant in a medium that tracks ownership, identity, value and status.",[11,5159,5160],{},"McLuhan believed every medium is an extension of ourselves. A book extends the eye. A phone extends the voice. Likewise with an NFT, we are in relation to an object in a way we could not have been if it were just a JPEG.",[100,5162,5164],{"id":5163},"bert-is-evil","Bert Is Evil",[11,5166,5167],{},"With this in mind, let me present to you a case study for my beloved NFT: Bert is Evil.In November 2022, I bought an NFT that is very probably worth zero today. Called Bert is Evil, this was one of the first-ever viral internet memes (circa 1997), minted as an NFT by its original creator 25 years later.",[11,5169,5170],{},"Despite its rich history as an early online joke, it failed horribly as an NFT collection. Which is a very big part of why I love it. For me, the NFT is a priceless artifact that you could be marveling at in a museum.",[11,5172,5173],{},"It is an historical residue; an immutable memory from a failed crossing between two eras of the Web. It revealed the limits of translation between networks, eras and cultural grammars and how meaning and value in Web3 is not guaranteed by the act of minting.",[100,5175,5177],{"id":5176},"the-og-meme","The OG Meme",[11,5179,5180],{},"Before Pepe the Frog and Trollface, Wojak, LOL guy and GigaChad, there was: Bert is Evil. Prefaced perhaps only by Mr. T Ate My Balls and Dancing Baby, the early internet meme exposed the sordid secret life of one-half of the Sesame Street duo, Bert and Ernie.",[11,5182,5183],{},"Photoshopped into a series of mock photographs, the Muppet was pictured alongside history’s most infamous, from Jeffrey Dahmer and Lee Harvey Oswald to Hitler and the Ku Klux Klan. There was “evidence” of Bert smoking marijuana, fondling a young Michael Jackson’s crotch, and forcing Ernie to get a lap dance.",[11,5185,5186],{},"Another “photo” referenced an alleged deleted scene from Pamela Anderson and Tommy Lee’s leaked sex tape where the newlyweds had engaged in “a torrid orgy” with Bert.",[11,5188,5189],{},"Spawned in 1997 while he was still a student of Fine Arts at the University of the Philippines, the website was just a thing that twenty-something Dino Ignacio did to make his friends laugh. Armed with a hand-me-down 14.4 baud modem and a magazine collection spanning Omni Heavy Metal to Mad Magazine, Ignacio was a disciple of mashup culture at the internet’s dawn.",[11,5191,5192],{},"Bert quickly went viral, traveling through nascent internet forums, email chains and blogs. Back then, the web was participatory and anarchic. Remixing was rampant and authorship blurred, privileging circulation over provenance. Anyone could edit Bert; no one owned him. He mutated endlessly at the hands of Photoshop pirates long before terms like “fake news” entered our lexicon.",[11,5194,5195],{},"When Bert won a Webby, his popularity exploded. The website became so popular that Ignacio could no longer afford to run it on his own. Rather than shut it down, he zipped it up and offered it to others to mirror in exchange for hosting the original site. After decentralizing, hundreds of mirrors popped up across the world, increasing Evil Bert’s reach and notoriety.",[11,5197,5198],{},"Then, in 2001, an altered image of Bert and Osama Bin Laden appeared on protestor signs at a pro-Taliban rally. Ignacio felt it had gone too far. He shut down the website out of concern.",[11,5200,5201],{},"But the meme had a life of its own. It lived on.",[100,5203,5205],{"id":5204},"the-nft","The NFT",[11,5207,5208],{},"A quarter-century later, Ignacio had the idea to immortalize Bert is Evil as an historical, ownable object of record. Minting the meme as an NFT consciously resurrected an icon from a previous technological rupture. The gesture was not meant to be commercial but cultural: an act of media continuity.",[11,5210,5211],{},"Initially, my affection for the NFT was grounded in nerdy McLuhianism. But, as Bert failed to attract fans, my relationship to the NFT deepened.",[11,5213,5214],{},"I had learned about it by reading the maiden edition of Philippines Vogue (September 2022), where Ignacio had been profiled by the glossy in recognition of his impact on the technology industry. While Vogue is not the obvious place to get your NFT alpha, I was intrigued, thinking this unsold, unknown NFT might have been overlooked and undervalued.",[11,5216,5217],{},"In the story, the journalist probed Ignacio as to why he thought his NFT project was a flop. “Maybe I just don’t understand NFTs,” he said.",[11,5219,5220],{},"If I were a better investor, I would have recognized this as the red flag it was and continued to flip through my magazine. Instead, I jumped onto Foundation and bought the first of four in the collection. Within hours, a mutual friend had seen the transaction on-chain and connected Ignacio and I on Facebook DM.",[11,5222,5223],{},"Ignacio was shocked that one of his NFTs had finally sold, almost a year after the mint. His friend told him that I was someone in crypto so he agreed to a phone call and then, I heard the backstory. Ignacio said he felt like an imposter in Web3, disingenuous, foreign. While he was confident amongst his existing Web2 spheres orbiting game design, software development, VR, avatars and more, he didn’t feel the same credibility in Web3 and he blamed himself for not doing enough to publicize the mint.",[11,5225,5226],{},"Some of his friends offered advice on how to build hype, like diving into Discords, shitposting on Twitter and doing some Spaces. But Ignacio spent only a couple weeks before giving up.",[100,5228,5230],{"id":5229},"admission-requirements","Admission Requirements",[11,5232,5233],{},"While crypto is technically permissionless, the culture is less so. As much as the Web3 community loves to bang on about onboarding the next billion, and insists on branding itself as inclusive and empowering, for the most part, it is a clique with its own meeting places, rituals, language and admission requirements.",[11,5235,5236],{},"In Ignacio’s case, his Web2 pedigree — having held senior roles at Electronic Arts, Oculus, Facebook and Roblox — earned him few reputational points in Web3; sliding into Discord to rattle off those roles conjures that Steve Buscemi “How do you do, fellow kids?” meme.",[11,5238,5239],{},"The Bert NFT failed because Ignacio brought a Web1 artifact into a Web3 context using Web2 assumptions about reputation, attention and status. Ignacio was rightly respected in early internet circles. But he didn’t go to the effort to establish a presence in Web3 spaces.",[11,5241,5242],{},"Web3 is tribal and tight-knit with a bullshit detector fine-tuned to outsiders who haven't done the time. Web3 doesn’t care who you were on other versions of the internet. Web3 gives zero fu*ks what you listed on your LinkedIn. You can’t just show up and expect your legacy to mint itself. Web3 wants to know what NFTs you’re collecting, what shitcoins wrecked you, what DAOs you’ve contributed to.",[11,5244,5245],{},"Wallets tell stories. And without real, verifiable involvement with crypto, the network sees you as read-only, not write-own. I mean, Ignacio admitted that he couldn’t even get into Crypto Twitter. My guess is that he was quickly labeled an extractor rather than a value-add. Which is, perhaps, the fastest way to kill an NFT project before it’s even launched.",[11,5247,5248],{},"For that reason, I wonder if Ignacio actually dodged a bullet. He never had to have that conversation with his patrons about why those Bert NFTs went to hell instead of the moon.",[11,5250,5251],{},"In a final, tragic, oh-so-crypto twist in the story, Ignacio was scammed when he clicked on a malicious link sent by email; a phony inquiry looking to buy one of the other Bert NFTs.",[11,5253,5254],{},"Ignacio DM’d me for help and after briefly looking into it, all I could tell him was that the 1 ETH I paid for Bert #1 was gone forever. This was particularly painful since Ignacio had committed to donating 50% of the proceeds of the collection to the Seattle affiliate of the Public Broadcasting Service. The only reason he hadn’t made the donation already was because I’d told him (back in 2022) it was better to wait til the whole collection sold, and in that time, the value of his ETH treasury would surely increase. In hindsight, that was the worst advice ever.",[100,5256,5258],{"id":5257},"not-yet-dead","Not Yet Dead",[11,5260,5261],{},"And so, I thought, that was the end of the story. Bert was rich in meaning but poor in bids, had not sold by now, he was never going to sell. I wrapped my faithful homage to this market-resistant NFT, sent the article to my editor, and shot a DM to Ignacio to let him know something was coming out.",[11,5263,5264],{},"“Were you the one who purchased the second one?” Ignacio replied, with a link to a tx hash from a couple days ago.",[11,5266,5267],{},"Umm, what?! No! I did not buy Bert #2. So who did?",[11,5269,5270],{},"Searching the wallet address, I discovered it belonged to the Bureau of Internet Culture (BIC)—crypto’s historic immutable meme treasury, as described at their X profile. Browsing their collection valued over 900 ETH, I saw they held iconic internet memes as creator-minted NFTs including Me Gusta, Baton Roue, Vibing Cat, Unimpressed Nightclub Girl and Kevin, and had paid as much as 11.11 ETH for Dancing Baby and 36 ETH for Keyboard Cat.",[11,5272,5273],{},"I couldn’t believe it. These guys got it; this was the museum I always knew Bert belonged in.",[11,5275,5276],{},"I wondered: If Ignacio had known there was an on-chain collective that actually ‘got’ Bert, and who recognized Ignacio himself as a visionary whose online legacy deserved a place in a blockchain-based hall of fame… Then maybe, he wouldn’t have felt so alone in Web3?",[11,5278,5279],{},"And then I wondered: what if I was right in my original thinking that Bert was undervalued at 1 ETH? All it took was for this external body to agree that the NFT was worth buying and suddenly it was. Belief in value needs to be validated—through price action, cultural narrative, influencer support and community hype. And when that happens, the thing does indeed become valuable.",[11,5281,5282],{},[55,5283,5286],{"href":5284,"rel":5285},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2025\u002F07\u002F28\u002Fstill-loving-my-if-it-went-to-zero-nft",[59],[61,5287,63],{},{"title":65,"searchDepth":66,"depth":66,"links":5289},[5290,5291,5292,5293,5294],{"id":5163,"depth":66,"text":5164},{"id":5176,"depth":66,"text":5177},{"id":5204,"depth":66,"text":5205},{"id":5229,"depth":66,"text":5230},{"id":5257,"depth":66,"text":5258},[69],"2025-07-29 14:23:53",{},"\u002Fblog\u002Fstill-loving-my-'if-it-went-to-zero'-nft",{"title":5119,"description":5127},"blog\u002FStill-Loving-My-‘If-It-Went-to-Zero’-NFT","RSX0ftmO5_XNTn4m87ozAV5aULvU6E1N4lpYqXCiO38",{"id":5303,"title":5304,"body":5305,"categories":5359,"cover":5311,"date":5360,"description":5312,"extension":71,"meta":5361,"navigation":73,"path":5362,"seo":5363,"stem":5364,"tags":77,"__hash__":5365},"blog\u002Fblog\u002FSolana-Players-Unveil-‘Internet-Capital-Markets’-Roadmap.md","Solana Players Unveil ‘Internet Capital Markets’ Roadmap",{"type":8,"value":5306,"toc":5357},[5307,5313,5316,5319,5322,5325,5328,5331,5334,5337,5340,5343,5346,5349],[11,5308,5309,5312],{},[14,5310],{"alt":16,"src":5311},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F2e14ef9e0ece47068da06c0d0405ba1e13c15bd8-3904x2196.avif","\nSolana’s ecosystem is coalescing around an updated vision its architects call “Internet Capital Markets”—a decentralized, high-performance foundation for the next generation of on-chain financial applications.",[11,5314,5315],{},"While the network has long focused on boosting bandwidth and slashing latency, its latest roadmap dives deep into market microstructure, arguing that the next leap forward lies in giving applications granular control over transaction execution.",[11,5317,5318],{},"The roadmap, which was coauthored from leaders of the Solana Foundation, Anza, Jito Labs, DoubleZero, Drift and Multicoin Capital, centers on Application-Controlled Execution (ACE), which will give smart contracts millisecond-level authority over transaction sequencing.",[11,5320,5321],{},"“In our conversations with teams across the ecosystem, market microstructure is the single most important problem in Solana today,” the authors wrote.",[11,5323,5324],{},"The new roadmap, published on Thursday by Anza, a core contributor to the Solana blockchain, outlines six critical tradeoff dimensions: privacy vs. transparency, speedbumps vs. unfettered trading, inclusion vs. finality vs. latency, colocation vs. geographic decentralization, makers-first vs. takers-first priorities and flexible vs. opinionated architecture.",[11,5326,5327],{},"They argue that rather than enforcing a one-size-fits-all protocol, Solana will focus on building its infrastructure where developers can experiment with these tradeoffs in production.",[11,5329,5330],{},"With that, the network will roll out a series of initiatives across short, medium, and long-term timelines. In the short-term, Jito Labs’ Block Assembly Marketplace (BAM), which the team announced on Monday, is a “transaction processing system that gives Solana validators, traders, and applications powerful new tools to improve performance.” BAM, which will go live at the end of the month, will aim to bring privacy and transparency to on-chain trading, allowing builders to deploy Central Limit Order Books (CLOBs) that compete with centralized exchanges.",[11,5332,5333],{},"Anza is simultaneously “working to improve transaction landing reliability with the goal of making transactions land in the same slot reliably,” the team wrote.",[11,5335,5336],{},"In the medium-term, which the authors define as the next three to nine months, projects like DoubleZero, a custom fiber network designed to reduce latency while increasing bandwidth, and Alpenglow, Solana’s new consensus protocol to shrink block finality from 12.8 seconds to just 150 milliseconds, will go live. Both aim to enhance Solana’s current network.",[11,5338,5339],{},"In the long-term, meaning through the year 2027 and beyond, Solana will aim to implement Multiple Concurrent Leaders (MCL) and ACE to support the most liquid on-chain markets.",[11,5341,5342],{},"These upgrades address the limitations of the “Single Leader Problem,” where one validator controls transaction inclusion, and enables multiple validators to propose transactions simultaneously, mitigating censorship and manipulation. With transactions sorted by priority fees, applications can then define custom execution logic such as cancel prioritization or in-block auctions.",[11,5344,5345],{},"MCL will allow Solana to ingest global market information in real time, enabling smart contracts to react instantly to events from different regions like New York and Tokyo, the blog said. This architecture will form the technical backbone for what the Solana ecosystem believes will be the decentralized, globally synchronized financial system.",[11,5347,5348],{},"“In other words Solana will offer tools for internet capital markets that are unique to decentralized blockchains and cannot be replicated by centralized competitors,” the authors wrote.",[11,5350,5351],{},[55,5352,5355],{"href":5353,"rel":5354},"https:\u002F\u002Fwww.coindesk.com\u002Ftech\u002F2025\u002F07\u002F24\u002Fsolana-players-unveils-internet-capital-markets-roadmap",[59],[61,5356,63],{},{"title":65,"searchDepth":66,"depth":66,"links":5358},[],[69],"2025-07-27 12:23:53",{},"\u002Fblog\u002Fsolana-players-unveil-'internet-capital-markets'-roadmap",{"title":5304,"description":5312},"blog\u002FSolana-Players-Unveil-‘Internet-Capital-Markets’-Roadmap","SW6G3UitgJf2jyvG8rVpQSHZDUR0iyTlNE8GRUyvY3k",{"id":5367,"title":5368,"body":5369,"categories":5442,"cover":5375,"date":5443,"description":5376,"extension":71,"meta":5444,"navigation":73,"path":5445,"seo":5446,"stem":5447,"tags":77,"__hash__":5448},"blog\u002Fblog\u002F“Cosmic-vine”-discovered-by-the-James-Webb-Space-Telescope.md","“Cosmic vine” discovered by the James Webb Space Telescope",{"type":8,"value":5370,"toc":5438},[5371,5377,5380,5383,5387,5390,5393,5396,5399,5402,5405,5408,5412,5415,5418,5421,5424,5427,5430],[11,5372,5373,5376],{},[14,5374],{"alt":16,"src":5375},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Faperture-vintage-Z6EpCdMcoUU-unsplash.jpg","\nEver since it began sending data back to Earth in the summer of 2022, the impact of the James Webb Space Telescope on our understanding of the early Universe has been almost immeasurable. Now, one of the latest discoveries made by astronomers using the $10 billion USD telescope could be its biggest yet.",[11,5378,5379],{},"A team of researchers from the Cosmic Dawn Center (DAWN) in Denmark, including team leader and post-doctoral scientist Shuowen Jin, have discovered a massive chain or “cosmic vine” of 20 closely packed and gravitationally bound galaxies. Massive, densely packed structures such as this are believed to be the seeds that grow to form galaxy clusters, the largest gravitationally bound structures in the known Universe.",[11,5381,5382],{},"Thus, the discovery of this megastructure, detailed in a paper set to be published in the journal Astronomy & Astrophysics, available as a pre-peer-reviewed paper published on the research repository website arXiv, could help scientists discover how the largest structures in the Universe were formed, and how they have evolved over 13.8 billion years of cosmic history.",[100,5384,5386],{"id":5385},"a-13-million-light-year-long-thread-through-the-early-universe","A 13-million light year-long thread through the early Universe",[11,5388,5389],{},"The astronomers wrote that they discovered this huge cosmic vine while studying an area of the Universe called the Extended Groth Strip, a region of space located in the constellation of Ursa Major.",[11,5391,5392],{},"They found this chain of galaxies extends for around 13 million light years, with a width of 650,000 light years and a mass equivalent to around 260 billion Suns.",[11,5394,5395],{},"It seems like the structure is not in equilibrium  —  or is not viralized  —  meaning it could be on its way to transforming into a cluster of galaxies, according to the paper’s authors. This is remarkable because other proto-galactic clusters seen at this time in the early Universe have been much smaller.",[11,5397,5398],{},"The team of scientists was also able to determine that this chain of galaxies is between 11 and 12 billion years old, meaning the JWST saw these galaxies as they were when the Universe was around 2 billion years old.",[11,5400,5401],{},"This age estimation was possible thanks to a phenomenon called a redshift, which occurs to light as it travels to us after being omitted in the early Universe. The further away an emitting object is, the longer its light has traveled to reach us, and as it travels, the expansion of the Universe causes the wavelength of light to be “stretched”, meaning the light moves down the electromagnetic spectrum to its red end.",[11,5403,5404],{},"The longer light has traveled, the more extreme this “redshift” is. That is why the JWST has been designed to observe the Universe in infrared, as the light that left the earliest galaxies in the visible region of the electromagnetic spectrum has been converted to infrared light after traveling for billions of years and across billions of light years.",[11,5406,5407],{},"The redshift of the cosmic vine is z = 3.44, indicating its light had traveled for around 12 billion years before it was observed by the JWST.",[100,5409,5411],{"id":5410},"how-do-galaxies-die-on-the-cosmic-vine","How do galaxies die on the cosmic vine?",[11,5413,5414],{},"Of particular interest in this cosmic vine are two galaxies labeled by the team as Galaxy A and Galaxy E. These are not only the two most massive galaxies in the chain, but they have shapes dominated by large central bulges so have structures similar to more “modern” galaxies.",[11,5416,5417],{},"Another remarkable thing about these large early galaxies is the fact that they appear to have slowed their rate of star formation significantly. As the JWST saw them, they were only forming stellar bodies at a rate equivalent to just half a Sun each year.",[11,5419,5420],{},"Galaxies with such slow rates of star formation are referred to as being “quiescent”. The cessation of star formation usually occurs as galaxies run low on gas and dust that form the building blocks of stellar bodies, with our galaxy, the Milky Way, being an example of a modern quiescent galaxy.",[11,5422,5423],{},"Such “quenched” galaxies are rare finds in the early Universe, and the team suspects that Galaxy A and Galaxy E may have become quiescent as a result of collisions and mergers with other galaxies around 500 million years prior to reaching the state they are in now. These mergers would have triggered a massive explosion in star formation — or a starburst — that quickly burned through gas and dust.",[11,5425,5426],{},"The discovery of Galaxy A and Galaxy E in this cosmic vine indicates that massive quiescent galaxies can form in large cosmic structures that themselves go on to birth galactic clusters.",[11,5428,5429],{},"The team wrote in the study that they now intend to conduct an investigation of other quiescent galaxies in clusters found in the early Universe, further improving our understanding of the growth of galactic structures.",[11,5431,5432],{},[55,5433,5436],{"href":5434,"rel":5435},"https:\u002F\u002Fwww.advancedsciencenews.com\u002Fcosmic-vine-discovered-by-the-james-webb-space-telescope\u002F",[59],[61,5437,63],{},{"title":65,"searchDepth":66,"depth":66,"links":5439},[5440,5441],{"id":5385,"depth":66,"text":5386},{"id":5410,"depth":66,"text":5411},[233],"2025-07-24 16:23:53",{},"\u002Fblog\u002F\"cosmic-vine\"-discovered-by-the-james-webb-space-telescope",{"title":5368,"description":5376},"blog\u002F“Cosmic-vine”-discovered-by-the-James-Webb-Space-Telescope","HoZGInfN2EtRzXw4gWqPLfOtPcgIQjluxTNApE3F0sA",{"id":5450,"title":5451,"body":5452,"categories":5512,"cover":5458,"date":5513,"description":5459,"extension":71,"meta":5514,"navigation":73,"path":5515,"seo":5516,"stem":5517,"tags":77,"__hash__":5518},"blog\u002Fblog\u002FTokenized-Stocks-Expose-a-Major-Tax-Reporting-Gap-in-Crypto-Robin-Singh.md","Tokenized Stocks Expose a Major Tax Reporting Gap in Crypto: Robin Singh",{"type":8,"value":5453,"toc":5510},[5454,5460,5463,5466,5469,5472,5475,5478,5481,5484,5487,5490,5493,5496,5499,5502],[11,5455,5456,5459],{},[14,5457],{"alt":16,"src":5458},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Fb880d47c50d40dde3ffdfd9fdf0679e693683244-3840x2160.avif","\nGlobal crypto tax reporting still has major cracks — and tokenized stocks may be the catalyst that forces the system to catch up.",[11,5461,5462],{},"In recent weeks, platforms like Robinhood and Gemini have started offering tokenized stocks to users in the European Union. These blockchain-based derivatives mimic the price of real equities like Apple and Tesla and allow users to trade 24\u002F7, free from the limitations of traditional market hours.",[11,5464,5465],{},"That might sound like a leap forward for accessibility and innovation. But if these products continue to gain traction, and firms like Galaxy Digital believe they will siphon liquidity from traditional exchanges, regulators will face growing pressure to close the reporting gap between crypto platforms and traditional brokers.",[11,5467,5468],{},"Despite the progress the crypto industry has made over the years, crypto tax reporting is still far behind compared to traditional asset exchanges in many parts of the world.",[11,5470,5471],{},"There is still an obvious gap. Take Australia. The Australian Stock Exchange (ASX) provides the tax office with structured data, including sale prices, dates, and proceeds, which is automatically pre-filled into users’ returns.",[11,5473,5474],{},"For crypto, the ATO’s approach is more like a gentle tap on the shoulder to its taxpayers. It presents a notification reminding users to check for taxable events, rather than a detailed pre-filled report. While the ATO knows you are active in crypto because crypto exchanges report you have an account, it does not have the same comprehensive oversight as it does with stock trading.",[11,5476,5477],{},"That approach may have been justifiable in crypto’s early days, when most activity was tied to speculative tokens or NFTs. But now, with platforms likely wanting to expand their offerings of tokenized stocks globally — which are not yet available in Australia but I dare say it is being considered — the lack of tax transparency becomes much harder to justify.",[11,5479,5480],{},"Governments can't afford to let potential tax revenue slip through the cracks simply because they're happening onchain. I believe as tokenized stocks start to gain more and more attention over the coming months, regulators will be scrambling to ensure they are prepared.",[11,5482,5483],{},"In the U.S., the IRS is already attempting to catch up. Its new crypto reporting rules, including the long-awaited Form 1099-DA, are set to take effect in 2026. These will require crypto brokers to report user transactions similar to traditional financial institutions.",[11,5485,5486],{},"Meanwhile, Robinhood is reportedly preparing to launch tokenized stocks for U.S. customers.",[11,5488,5489],{},"It raises a timely question…will that rollout coincide with the new IRS requirements?",[11,5491,5492],{},"On a global scale, the OECD’s Crypto-Asset Reporting Framework (CARF), also due in 2026, will enforce transaction data sharing across jurisdictions, similar to how banks comply with the Common Reporting Standard.",[11,5494,5495],{},"If tokenized stocks are going to mimic real equities then the tax data reporting around them needs to match accordingly.",[11,5497,5498],{},"The days of crypto existing in a regulatory gray zone are numbered. Whether platforms are ready or not, the era of full tax transparency is coming and tokenized stocks may be the turning point that forces it into reality.",[11,5500,5501],{},"I believe that moment will arrive within the next five years.",[11,5503,5504],{},[55,5505,5508],{"href":5506,"rel":5507},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2025\u002F07\u002F22\u002Ftokenized-stocks-expose-a-major-tax-reporting-gap-in-cryptorobin-singh",[59],[61,5509,63],{},{"title":65,"searchDepth":66,"depth":66,"links":5511},[],[69],"2025-07-24 09:23:53",{},"\u002Fblog\u002Ftokenized-stocks-expose-a-major-tax-reporting-gap-in-crypto-robin-singh",{"title":5451,"description":5459},"blog\u002FTokenized-Stocks-Expose-a-Major-Tax-Reporting-Gap-in-Crypto-Robin-Singh","yNiot5KM02oEhKZf1p2Gr-d-eoAF2kWtJYe7CXWqRa0",{"id":5520,"title":5521,"body":5522,"categories":5597,"cover":5528,"date":5598,"description":5529,"extension":71,"meta":5599,"navigation":73,"path":5600,"seo":5601,"stem":5602,"tags":77,"__hash__":5603},"blog\u002Fblog\u002FPrivacy-Is-Key-to-the-Next-Phase-of-Ethereum.md","Privacy Is Key to the Next Phase of Ethereum",{"type":8,"value":5523,"toc":5592},[5524,5530,5533,5536,5540,5543,5546,5549,5553,5556,5559,5562,5565,5568,5571,5575,5578,5581,5584],[11,5525,5526,5529],{},[14,5527],{"alt":16,"src":5528},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F891cbcf37be9bdaa8a6c00cccc78c461fcf3730a-3840x2160.avif","\nEthereum introduced smart contracts to the world and spurred a Cambrian Explosion of innovation, including DeFi, NFTs, DAOs, and a universe of dApps. On July 30, the network will hit its 10 year anniversary.",[11,5531,5532],{},"The past decade of the ecosystem focused on proving Ethereum’s functionality and capabilities as well as enhancing efficiency through upgrades like The Merge, which marked the transition from Proof-of-Work to Proof-of-Stake. The next era requires a pivot to match the more mature ecosystem that it now supports — one that includes not just Web3 natives but financial institutions, governments, corporations, and people who don't know what \"yield farming\" is but who may want to get a loan for their house with crypto collateral.",[11,5534,5535],{},"Amid increasing government and institutional involvement, the hope that crypto will contribute to creating a \"free and open society,\" an ideal originally expressed in A Cypherpunk's Manifesto, is sometimes lost. For Ethereum to make good on that original promise, privacy must be a core tenet of its future.",[100,5537,5539],{"id":5538},"privacy-is-identity","Privacy is identity",[11,5541,5542],{},"Some degree of privacy is essential for financial safety and freedom. You wouldn't want to reveal your net worth to the cashier every time you buy a latte or a slice of pizza, but this is essentially how crypto has been operating for the past decade — with the radical transparency of immutable ledgers recording every transaction publicly.",[11,5544,5545],{},"Not only does this level of transparency put individuals at risk for phishing and other attacks, but it also hinders the involvement of institutions that do not want to give their competitors an edge by revealing their activity. Though it is possible to retain pseudonymity through never interacting with a centralized platform, this is not practical for interactions that touch the real world.",[11,5547,5548],{},"People and businesses need to be able to interact with governments and banks through ID-linked accounts, and the key to enabling these types of interactions — without putting personal information in jeopardy to theft and misuse — is programmable privacy.",[100,5550,5552],{"id":5551},"the-solution-is-zkp-powered-technology","The solution is ZKP-powered technology",[11,5554,5555],{},"The solution is already here: Zero Knowledge Proof (ZKP)-powered smart contracts give users control over what information to share and with whom. With the programmable privacy enabled by ZKPs integrated into Ethereum at a foundational level, a world of applications are not just feasible but practical.",[11,5557,5558],{},"Products and services must comply with the regulatory requirements of each jurisdiction in which they operate. This includes collecting customer information in accordance with KYC guidelines, Countering-the-Financing-of-Terrorism (CFT) and AML laws. Typical KYC processes involve sharing some form of ID, such as a passport or driver's license, along with personally identifying information (PII) like name, date of birth and address.",[11,5560,5561],{},"If captured by bad actors, this type of information can be used to target people in phishing scams and other types of attacks (see recent Coinbase data breach). Rather than requiring people to reveal their PII and make themselves and their data vulnerable to attack and theft, ZKP-powered solutions allow people to prove they are not operating out of sanctioned countries and to prove eligibility to participate, all without giving the platform their data and contributing to potential honey pots.",[11,5563,5564],{},"The possibilities enabled by ZKPs go well beyond compliance too. Airdrops currently suffer from Sybil attacks where AI bots beat out real human participants to give certain participants an outsized advantage. The same issue applies to decentralized governance. Decision making in a DAO cannot be truly fair and free unless it can be proven that the right number of votes are going to the right number of people — not bots. ZKPs offer a solution with \"proof of humanity\" via data provenance tools like zkPassport, zkEmail, and zkTLS.",[11,5566,5567],{},"Digital payments must provide the same privacy as cash. Payments in dollars, euros, and other sovereign currencies via stablecoins are another important factor in enabling mass adoption of DeFi applications, but this will never take off en masse without privacy guarantees. The same applies to decentralized mortgages, loans, and essentially any type of legal contract, which all require IDs to execute.",[11,5569,5570],{},"There are many other applications made possible with privacy as a core tenant of the Ethereum ecosystem. These include proving the authenticity of product or restaurant reviews, enabling secure digital voting, decentralized escrow services, carbon offsetting tracking, proving builder status on GitHub anonymously, and employment skill verification — all done in a secure, privacy-preserving way that doesn't involve the sharing of sensitive PII to centralized providers.",[100,5572,5574],{"id":5573},"creating-a-culture-that-demands-privacy","Creating a culture that demands privacy",[11,5576,5577],{},"Though the technology exists to implement ZKP solutions today, challenges will need to be overcome before privacy is comprehensively reflected as a core value throughout the Ethereum ecosystem. Technical challenges with implementing ZKP-powered tech include the greater expense of ZKP transactions. Building ZKP-focused applications is also more complicated, posing a learning curve for builders. These are all solvable issues.",[11,5579,5580],{},"Other challenges are cultural: creating universal buy-in from the spectrum of participants in the value of privacy and coordinating the implementation of solutions across the tech stack, from protocol to wallet. There is also the misguided perception hurdle of privacy's associations with illicit activity.",[11,5582,5583],{},"Changing technology is ultimately easier than changing minds, but the core ethos of crypto is, after all, a philosophical one — a technology that underpins a belief in freedom and the privacy of individuals and entities. If in another 10 years, we look back on another decade of Ethereum and can celebrate its role in enabling greater financial freedom, an emphasis on privacy will be key.",[11,5585,5586],{},[55,5587,5590],{"href":5588,"rel":5589},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2025\u002F07\u002F22\u002Fprivacy-is-key-to-the-next-phase-of-ethereum",[59],[61,5591,63],{},{"title":65,"searchDepth":66,"depth":66,"links":5593},[5594,5595,5596],{"id":5538,"depth":66,"text":5539},{"id":5551,"depth":66,"text":5552},{"id":5573,"depth":66,"text":5574},[69],"2025-07-23 14:23:53",{},"\u002Fblog\u002Fprivacy-is-key-to-the-next-phase-of-ethereum",{"title":5521,"description":5529},"blog\u002FPrivacy-Is-Key-to-the-Next-Phase-of-Ethereum","_QsRTJdY21GtY5yTTaEIjw1rK0-ma1hqWm0mW5fX0ko",{"id":5605,"title":5606,"body":5607,"categories":5652,"cover":5613,"date":5653,"description":5614,"extension":71,"meta":5654,"navigation":73,"path":5655,"seo":5656,"stem":5657,"tags":77,"__hash__":5658},"blog\u002Fblog\u002FThe-Node-JPM’s-BTC-Lending-Play.md","The Node: JPM’s BTC Lending Play",{"type":8,"value":5608,"toc":5650},[5609,5615,5618,5621,5624,5627,5630,5633,5636,5639,5642],[11,5610,5611,5614],{},[14,5612],{"alt":16,"src":5613},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F2-20250725.avif","\nThe Financial Times reports that JPMorgan, the world’s biggest bank, is looking into issuing crypto-backed loans, meaning that its clients may soon be able to pledge bitcoin, ether, or some other token to borrow dollars.",[11,5616,5617],{},"The news is notable for a couple of reasons. Crypto folks love pointing out that Jamie Dimon, the bank’s chief executive, famously said in 2017 that he’d fire any employee caught trading bitcoin for being “stupid,” so JPMorgan considering the issuance of such a product (and getting involved with stablecoins) is seen as vindication by some in the industry.",[11,5619,5620],{},"More interesting is what JPMorgan’s move could end up meaning for crypto lending. The Bank of Dimon isn’t the first TradFi firm to look into crypto-backed loans (Cantor Fitzgerald announced a similar program last July) but it’s certainly the largest.",[11,5622,5623],{},"At the end of 2024, the crypto lending market stood at $36.5 billion, down 43% from its $64.4 billion peak at the height of the 2021 bull run. The lending sector was dominated by Tether, followed by Galaxy Digital and Ledn. Together, the three firms accounted for 90% of $11.2 billion outstanding loans (excluding DeFi, which saw $19.1 billion in borrowings across 20 applications and 12 blockchains).",[11,5625,5626],{},"I’m sure these numbers need updating, considering how many crypto native firms have announced their entry into the market since then — Coinbase, Strike, Xapo Bank, Lava, Onramp and Arch, and even real-estate focused Propy, to name a few.",[11,5628,5629],{},"The growth of the sector is great for consumers because it will force interest rates on crypto-backed loans to drop significantly, Mauricio Di Bartolomeo, co-founder of bitcoin lender Ledn, told CoinDesk in an interview back in April.",[11,5631,5632],{},"“It’s a seller’s market right now,” he said. “We are lending out dollars fully collateralized at north of 12.5%, with zero losses over seven years. Banks are going to look at this and say ‘Wow, this is a great rate of return.’ One bank will come in with 12% interest. Another will do 10%. Another says 9%. So this is going to compress, and compress.”",[11,5634,5635],{},"Down the line, such loans could become competitive with home equity or personal lines of credit, Di Bartolomeo said. Even better, rates wouldn’t simply drop in Western countries with efficient banking systems, but all over the globe.",[11,5637,5638],{},"“Gold in a vault in Switzerland is not gold in a vault in Venezuela, but bitcoin in Colombia is bitcoin in Madrid is bitcoin anywhere in the world. As an underwriter, I have uniform collateral,” Di Bartolomeo said.",[11,5640,5641],{},"JPMorgan’s foray into the sector takes us one step closer towards fulfilling that vision.",[11,5643,5644],{},[55,5645,5648],{"href":5646,"rel":5647},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2025\u002F07\u002F22\u002Fthe-node-jpms-btc-lending-play",[59],[61,5649,63],{},{"title":65,"searchDepth":66,"depth":66,"links":5651},[],[69],"2025-07-23 12:23:53",{},"\u002Fblog\u002Fthe-node-jpm's-btc-lending-play",{"title":5606,"description":5614},"blog\u002FThe-Node-JPM’s-BTC-Lending-Play","si364e6XfGpoZAOunfgDA4M8BWbiZKrYa5CFmnUJjSk",{"id":5660,"title":5661,"body":5662,"categories":5710,"cover":5668,"date":5711,"description":5669,"extension":71,"meta":5712,"navigation":73,"path":5713,"seo":5714,"stem":5715,"tags":77,"__hash__":5716},"blog\u002Fblog\u002FCoinbase-Wallet-Becomes-‘Base-App’-in-Major-Rebrand.md","Coinbase Wallet Becomes ‘Base App’ in Major Rebrand",{"type":8,"value":5663,"toc":5708},[5664,5670,5673,5676,5679,5682,5685,5688,5691,5694,5697,5700],[11,5665,5666,5669],{},[14,5667],{"alt":16,"src":5668},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F2-20250718.avif","\nCrypto exchange Coinbase (COIN) has unveiled a sweeping rebrand and technological overhaul of its Base ecosystem, introducing a new suite of consumer and developer tools that expands its scope far beyond its origins as an Ethereum layer-2 blockchain.",[11,5671,5672],{},"At the heart of the announcement is the transformation of Coinbase Wallet into the “Base App” — an all-in-one platform designed to merge finance, messaging, content creation, and decentralized applications under a single roof.",[11,5674,5675],{},"“Base is evolving to be more than a chain,” the company said in a blog post shared with CoinDesk.",[11,5677,5678],{},"The Base App aims to be a Web3-native alternative combining trading, payments, social networking, messaging, and mini apps in a decentralized environment. Built atop protocols such as Farcaster (for social) and XMTP (for chat), Base App users will be able to post content, chat with friends, send USDC with tap-to-pay, and earn rewards directly through their activity. In addition, the Base App will introduce a mini app ecosystem, with embedded applications that users can discover and interact with directly in their feed.",[11,5680,5681],{},"Those that have the Coinbase Wallet application in their phones will automatically have it switched to the Base app in the next few hours.",[11,5683,5684],{},"Base’s rebrand also includes performance upgrades to the layer-2 network. Base Chain, previously just “Base,” will have block times drop from 2 seconds to 200 milliseconds — which should improve the user experience.",[11,5686,5687],{},"As the Base ecosystem grows, Coinbase is also introducing Base Account and Base Pay to round out the product suite.",[11,5689,5690],{},"Base Account acts as a cross-chain identity and smart wallet that automatically provisions upon signup. Users can now “Sign in with Base” across compatible dapps, taking their identity with them.",[11,5692,5693],{},"Base Pay introduces a streamlined USDC checkout flow, with integrations already live on Shopify. Coinbase says the payment system allows instant, fee-free transfers in USDC and will soon include 1% cashback incentives for U.S. customers.",[11,5695,5696],{},"With this new direction, Coinbase is positioning Base as more than an Ethereum scaling solution.",[11,5698,5699],{},"“This isn’t something we’re building alone. It’s being shaped by thousands of developers, creators, and communities building on Base every day,” the team wrote in a press release.",[11,5701,5702],{},[55,5703,5706],{"href":5704,"rel":5705},"https:\u002F\u002Fwww.coindesk.com\u002Ftech\u002F2025\u002F07\u002F17\u002Fcoinbase-wallet-becomes-base-app-in-major-rebrand",[59],[61,5707,63],{},{"title":65,"searchDepth":66,"depth":66,"links":5709},[],[69],"2025-07-18 09:30:13",{},"\u002Fblog\u002Fcoinbase-wallet-becomes-'base-app'-in-major-rebrand",{"title":5661,"description":5669},"blog\u002FCoinbase-Wallet-Becomes-‘Base-App’-in-Major-Rebrand","xTv8ManYShrnlPt1h8AOi422_JG9HL3B1WpdIAlEsdw",{"id":5718,"title":5719,"body":5720,"categories":5774,"cover":5726,"date":5775,"description":5727,"extension":71,"meta":5776,"navigation":73,"path":5777,"seo":5778,"stem":5779,"tags":77,"__hash__":5780},"blog\u002Fblog\u002FThe-Node-The-Plot-to-Fire-Powell.md","The Node: The Plot to Fire Powell",{"type":8,"value":5721,"toc":5772},[5722,5728,5731,5734,5737,5740,5743,5746,5749,5752,5755,5758,5761,5764],[11,5723,5724,5727],{},[14,5725],{"alt":16,"src":5726},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F31aeb614865c1bd5822137f2589ede8a6b9110c4-3840x2160.avif","\nDonald Trump is unhappy with the head of the U.S. central bank.",[11,5729,5730],{},"Here’s why: Powell, who hurriedly cut federal interest rates by 75 basis points ahead of the 2024 election, has been reluctant to ease monetary conditions further, citing potentially inflationary effects of the White House’s new tariff policies.",[11,5732,5733],{},"Trump has been floating the idea of firing him for a while now. The regulator, for his part, has maintained since November that Trump lacks the legal authority to do so. Powell’s term is slated to end in May 2026 in any case.",[11,5735,5736],{},"\"Jerome Powell has been very bad for our country,\" Trump said over the weekend. \"We should have the lowest interest rate on Earth, and we don’t. He just refuses to do it.\"",[11,5738,5739],{},"The coalition against Powell appears to be growing by the day. The director of the Federal Housing Finance Agency (FHFA), Bill Pulte, has accused the chairman of political bias and called for a congressional investigation into his leadership.",[11,5741,5742],{},"Republican members of Congress (such Senators Rick Scott and Tommy Tuberville, and House Judiciary Chair Jim Jordan) have, too, criticized Powell’s actions over the past few months.",[11,5744,5745],{},"Then there’s Kevin Warsh, a former Federal Reserve governor — and potential Powell replacement — who says that it’s time for “regime change” at the Fed. (I’m only naming a few people, but the list is long.)",[11,5747,5748],{},"Now, the Federal Reserve is technically independent, so Powell is protected from arbitrary dismissal and can only be removed “for cause,” meaning there needs to be a serious, legally justified reason to fire him.",[11,5750,5751],{},"Powell’s critics are now using the Federal Reserve’s $2.5 billion headquarters renovation as a new angle of attack, alleging potential misconduct or that Powell misled Congress in his testimony regarding the renovation. (The project was set in motion years before Trump appointed Powell in 2018.)",[11,5753,5754],{},"The pressure has increased even more in the last couple of days. Treasury Secretary Scott Bessent said on Tuesday that a “formal process” to replace Powell was underway. A few hours later, Congresswoman Anna Paulina Luna tweeted that Powell’s firing was “imminent,” sending Polymarket odds of the event to 27%.",[11,5756,5757],{},"The rumors did not abate on Wednesday. Bloomberg and CBS reported today that Trump was looking to pull the trigger soon, while The New York Times claimed that the president had already drafted a letter to the effect.",[11,5759,5760],{},"Trump, however, immediately said he wasn’t planning on firing the Fed chairman, and even downplayed accusations of fraud about the $2.5 billion headquarters renovation.",[11,5762,5763],{},"Where does that leave us? Let’s keep our eyes on the prize: CME FedWatch indicates there’s only a 2.6% chance of rates coming down at the next Federal Open Market Committee (FOMC) meeting, scheduled for July 30. However, those odds jump to almost 60% for September.",[11,5765,5766],{},[55,5767,5770],{"href":5768,"rel":5769},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2025\u002F07\u002F16\u002Fthe-node-the-plot-to-fire-powell",[59],[61,5771,63],{},{"title":65,"searchDepth":66,"depth":66,"links":5773},[],[69],"2025-07-18 09:24:53",{},"\u002Fblog\u002Fthe-node-the-plot-to-fire-powell",{"title":5719,"description":5727},"blog\u002FThe-Node-The-Plot-to-Fire-Powell","igSkgQedcU_JlKctywfNQTgBt7cSJVlovSacoF1kVx0",{"id":5782,"title":5783,"body":5784,"categories":5887,"cover":5790,"date":5888,"description":5791,"extension":71,"meta":5889,"navigation":73,"path":5890,"seo":5891,"stem":5892,"tags":77,"__hash__":5893},"blog\u002Fblog\u002FDeFi-in-Q2-Review-The-New-Gold-Rush-Is…-Stablecoins.md","DeFi in Q2 Review: The New Gold Rush Is… Stablecoins?",{"type":8,"value":5785,"toc":5881},[5786,5792,5795,5798,5801,5804,5808,5811,5822,5825,5828,5832,5835,5838,5841,5845,5848,5851,5854,5857,5861,5864,5867,5870,5873],[11,5787,5788,5791],{},[14,5789],{"alt":16,"src":5790},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F1-20250718.avif","\nEveryone's rushing into stablecoins, but the numbers look... the same.",[11,5793,5794],{},"In Q2, it felt like you couldn’t go a day without a major stablecoin announcement. JPMorgan launched its USD Deposit Token on Base. Coinbase debuted its stablecoin payment stack following the Shopify partnership. Anchorage Digital acquired USDM issuer Mountain Protocol. Ubyx raised $10 million for stablecoin clearing infrastructure. Bitcoin-based Plasma filled its $1 billion deposit cap in 30 minutes. All within weeks of each other.",[11,5796,5797],{},"But despite all this activity, stablecoins remain a brutally concentrated, “winner takes most” market. Of the roughly $250 billion in circulating stablecoin supply, Tether claims $158 billion (2.5x Circle's $62 billion), while USDC dwarfs the third-largest dollar-pegged asset, USDe ($5.3 billion), by 11x.",[11,5799,5800],{},"While yield-bearing stablecoins and tokenized treasury products like USDe, sUSDS, BUIDL, and M0 create new competition vectors, distribution still wins. The ultimate winner won't be determined by the highest yield from a novel mechanism, but by distribution and utility. The most valuable stablecoin will be the one that is seamlessly integrated, trusted, and accepted everywhere.",[11,5802,5803],{},"I have no doubt that lots of money will continue to flow into stablecoins as “dollars on a blockchain” have established themselves as one of the largest markets to be won in crypto. Though the more interesting question to me is how do you help users make use of their stablecoins once they hold them?",[100,5805,5807],{"id":5806},"mini-apps-mobile-first-crypto-finally-arrives","Mini Apps: Mobile-First Crypto Finally Arrives",[11,5809,5810],{},"For years, DeFi's complexity has been its greatest barrier to adoption. Q2 marked a turning point as the industry rallied around a new access layer: mini apps.",[4919,5812,5813,5816,5819],{},[4922,5814,5815],{},"Coinbase Wallet (building on the Farcaster Frames framework) invested in revamping Coinbase Wallet into a Mini App platform.",[4922,5817,5818],{},"World's mini-app ecosystem exploded and caught builder attention.",[4922,5820,5821],{},"Opera launched its standalone MiniPay app for iOS and Android.\nThe strategy is clear: embed DeFi's power within familiar, user-friendly interfaces.",[11,5823,5824],{},"Mini-apps are finally dragging DeFi into the mobile age. Unlike previous cycles, UX isn't an afterthought—UX is the product. Platforms with distribution now aspire to become superapp-like structures where developers fight to tap into captive user bases, much like WeChat in China.",[11,5826,5827],{},"By abstracting away gas fees, seed phrases, and hexadecimal addresses, these apps make on-chain finance accessible without forcing users to understand the underlying complexity.",[100,5829,5831],{"id":5830},"sophisticated-capital-structures-return-without-the-baggage","Sophisticated Capital Structures Return (Without the Baggage)",[11,5833,5834],{},"One of Q2's most interesting developments has been the quiet return of structured products to DeFi.",[11,5836,5837],{},"Protocols like Resolv, Aave's Umbrella initiative, and infinifi.xyz are building products that look familiar to any TradFi professional. By offering features mirroring tranching and promoting yield optimization, they provide differentiated risk profiles that can accommodate the specific mandates of institutional investors, from pension funds to corporate (and DeFi) treasuries.",[11,5839,5840],{},"It’s a move beyond simple, high-risk yield farming and toward a financial system that can price and allocate risk in a sophisticated way. It’s the infrastructure needed to manage capital at scale.",[100,5842,5844],{"id":5843},"a-blurring-of-financial-worlds","A Blurring of Financial Worlds",[11,5846,5847],{},"The distinction between \"crypto\" and \"TradFi\" is further dissolved.",[11,5849,5850],{},"Superstate’s Opening Bell platform facilitated the first direct issuance of SEC-registered public shares on-chain, and Kraken rolled out commission-free stock trading alongside its crypto offerings.",[11,5852,5853],{},"When traditional assets can move on new rails and users can access both systems from a single interface, it no longer makes sense to think about these as “crypto” or “fintech” products.",[11,5855,5856],{},"Of course the two examples above highlight “stocks” coming to crypto, but the opposite is also true where nearly all major fintech applications have or are adding crypto in some capacity. The market has moved from experimental to essential.",[100,5858,5860],{"id":5859},"looking-forward-a-different-kind-of-bull-market","Looking Forward: A Different Kind of Bull Market",[11,5862,5863],{},"Q2 2025 will likely be remembered as the quarter when DeFi stopped trying to reinvent finance and started improving it. The stablecoin infrastructure being built by traditional institutions, the mobile-first experiences emerging through mini-apps, and the sophisticated products being developed by mature protocols all point to the same conclusion: DeFi has found its footing.",[11,5865,5866],{},"The acquisition activity tells the story: strategic deals like Privy's exit to Stripe and Anchorage's acquisition of Mountain Protocol continue the trend of crypto infrastructure companies being valued and acquired by larger players.",[11,5868,5869],{},"This isn't the speculative mania of previous cycles. It's more accessible, efficient, and global financial services at scale.",[11,5871,5872],{},"The gold rush mentality that characterized crypto's early years is giving way to railroad building. And historically, the companies that build the railroads tend to outlast those that just dig for gold.",[11,5874,5875],{},[55,5876,5879],{"href":5877,"rel":5878},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2025\u002F07\u002F16\u002Fdefi-in-q2-review-the-new-gold-rush-is-stablecoins",[59],[61,5880,63],{},{"title":65,"searchDepth":66,"depth":66,"links":5882},[5883,5884,5885,5886],{"id":5806,"depth":66,"text":5807},{"id":5830,"depth":66,"text":5831},{"id":5843,"depth":66,"text":5844},{"id":5859,"depth":66,"text":5860},[69],"2025-07-17 18:13:53",{},"\u002Fblog\u002Fdefi-in-q2-review-the-new-gold-rush-is...-stablecoins",{"title":5783,"description":5791},"blog\u002FDeFi-in-Q2-Review-The-New-Gold-Rush-Is…-Stablecoins","yn-e_WiAbSTWCvLb4LVgOwhq17B4GpZB35I_-DNezbc",{"id":5895,"title":5896,"body":5897,"categories":5960,"cover":5909,"date":5961,"description":5901,"extension":71,"meta":5962,"navigation":73,"path":5963,"seo":5964,"stem":5965,"tags":77,"__hash__":5966},"blog\u002Fblog\u002FNASA’s-Webb-Finds-Possible-‘Direct-Collapse’-Black-Hole.md","NASA’s Webb Finds Possible ‘Direct Collapse’ Black Hole",{"type":8,"value":5898,"toc":5958},[5899,5902,5905,5910,5913,5916,5919,5922,5925,5928,5931,5935,5938,5941,5944,5947,5950],[11,5900,5901],{},"As data from NASA’s James Webb Space Telescope becomes public, researchers hunt its archives for unnoticed cosmic oddities. While examining images from the COSMOS-Web survey, two researchers, Pieter van Dokkum of Yale University and Gabriel Brammer of the University of Copenhagen, discovered an unusual object that they nicknamed the Infinity Galaxy.",[11,5903,5904],{},"It displays a highly unusual shape of two very compact, red nuclei, each surrounded by a ring, giving it the shape of the infinity symbol. The team believes it was formed by the head-on collision of two disk galaxies. Follow-up observations showed that the Infinity Galaxy hosts an active, supermassive black hole. What is highly unusual is that the black hole is in between the two nuclei, within a vast expanse of gas. The team proposes that the black hole formed there via the direct collapse of a gas cloud – a process that may explain some of the incredibly massive black holes Webb has found in the early universe.",[11,5906,5907],{},[14,5908],{"alt":16,"src":5909},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Fwebb-STScI-01JZND97X4EGD0F5VPB3Y4QE9W-1K.png",[11,5911,5912],{},"Here Pieter van Dokkum, lead author of a peer-reviewed paper describing their initial discovery and principal investigator of follow-up Webb observations, explains why this object could be the best evidence yet for a novel way of forming black holes.",[11,5914,5915],{},"“Everything is unusual about this galaxy. Not only does it look very strange, but it also has this supermassive black hole that’s pulling a lot of material in. The biggest surprise of all was that the black hole was not located inside either of the two nuclei but in the middle. We asked ourselves: How can we make sense of this?",[11,5917,5918],{},"“Finding a black hole that’s not in the nucleus of a massive galaxy is in itself unusual, but what’s even more unusual is the story of how it may have gotten there. It likely didn’t just arrive there, but instead it formed there. And pretty recently. In other words, we think we’re witnessing the birth of a supermassive black hole – something that has never been seen before.",[11,5920,5921],{},"“How supermassive black holes formed is a long-standing question. There are two main theories, called ‘light seeds’ and ‘heavy seeds.’ In the light seed theory, you start with small black holes formed when a star’s core collapses and the star explodes as a supernova. That might result in a black hole weighing up to about 1,000 Suns. You form a lot of them in a small space and they merge over time to become a much more massive black hole. The problem is, that merger process takes time, and Webb has found incredibly massive black holes at incredibly early times in the universe – possibly even too early for this process to explain them.",[11,5923,5924],{},"“The second possibility is the heavy seed theory, where a much larger black hole, maybe up to one million times the mass of our Sun, forms directly from the collapse of a large gas cloud. You immediately form a giant black hole, so it’s much quicker. However, the problem with forming a black hole out of a gas cloud is that gas clouds like to form stars as they collapse rather than a black hole, so you have to find some way of preventing that. It’s not clear that this direct-collapse process could work in practice.",[11,5926,5927],{},"“By looking at the data from the Infinity Galaxy, we think we’ve pieced together a story of how this could have happened here. Two disk galaxies collide, forming the ring structures of stars that we see. During the collision, the gas within these two galaxies shocks and compresses. This compression might just be enough to form a dense knot, which then collapsed into a black hole.",[11,5929,5930],{},"“There is quite a bit of circumstantial evidence for this. We observe a large swath of ionized gas, specifically hydrogen that has been stripped of its electrons, that’s right in the middle between the two nuclei, surrounding the supermassive black hole. We also know that the black hole is actively growing – we see evidence of that in X-rays from NASA’s Chandra X-ray Observatory and radio from the Very Large Array. Nevertheless, the question is, did it form there?",[11,5932,5933],{},[14,5934],{"alt":16,"src":5909},[11,5936,5937],{},"“There are two other possibilities that come to mind. First, it could be a runaway black hole that got ejected from a galaxy and just happens to be passing through. Second, it could be a black hole at the center of a third galaxy in the same location on the sky. If it were in a third galaxy, we would expect to see the surrounding galaxy unless it were a faint dwarf galaxy. However, dwarf galaxies don’t tend to host giant black holes.",[11,5939,5940],{},"“If the black hole were a runaway, or if it were in an unrelated galaxy, we would expect it to have a very different velocity from the gas in the Infinity Galaxy. We realized that this would be our test – measure the velocity of the gas and the velocity of the black hole, and compare them. If the velocities are close, within maybe 30 miles per second (50 kilometers per second), then it becomes hard to argue that the black hole is not formed out of that gas.",[11,5942,5943],{},"“We applied for and received director’s discretionary time to follow up on this target with Webb, and our preliminary results are exciting. First, the presence of an extended distribution of ionized gas in between the two nuclei is confirmed. Second, the black hole is beautifully in the middle of the velocity distribution of this surrounding gas – as expected if it formed there. This is the key result that we were after!",[11,5945,5946],{},"“Third, as an unexpected bonus, it turns out that both galaxy nuclei also have an active supermassive black hole. So, this system has three confirmed active black holes: two very massive ones in both of the galaxy nuclei, and the one in between them that might have formed there.",[11,5948,5949],{},"“We can’t say definitively that we have found a direct collapse black hole. But we can say that these new data strengthen the case that we’re seeing a newborn black hole, while eliminating some of the competing explanations. We will continue to pore through the data and investigate these possibilities.”",[11,5951,5952],{},[55,5953,5956],{"href":5954,"rel":5955},"https:\u002F\u002Fscience.nasa.gov\u002Fblogs\u002Fwebb\u002F2025\u002F07\u002F15\u002Fnasas-webb-finds-possible-direct-collapse-black-hole\u002F",[59],[61,5957,63],{},{"title":65,"searchDepth":66,"depth":66,"links":5959},[],[233],"2025-07-16 12:23:53",{},"\u002Fblog\u002Fnasa's-webb-finds-possible-'direct-collapse'-black-hole",{"title":5896,"description":5901},"blog\u002FNASA’s-Webb-Finds-Possible-‘Direct-Collapse’-Black-Hole","_KwFumpP3k5vcIkb1QjoK4UY7_UIbVgs7sdiU9e4eOo",{"id":5968,"title":5969,"body":5970,"categories":5999,"cover":307,"date":6000,"description":5976,"extension":71,"meta":6001,"navigation":73,"path":6002,"seo":6003,"stem":6004,"tags":77,"__hash__":6005},"blog\u002Fblog\u002FDeutsche-Bank’s-DWS-Galaxy-Flow-Traders-Venture-to-Introduce-German-Regulated-Stablecoin.md","Deutsche Bank’s DWS, Galaxy, Flow Traders Venture to Introduce German-Regulated Stablecoin",{"type":8,"value":5971,"toc":5997},[5972,5977,5980,5983,5986,5989],[11,5973,5974,5976],{},[14,5975],{"alt":16,"src":307},"\nA joint venture between Deutsche Bank’s (DBK) asset management subsidiary DWS, Flow Traders and Galaxy (GLXY) said it will issue Germany’s first regulated, euro-denominated stablecoin after receiving an e-money institution (EMI) license from the Federal Financial Supervisory Authority (BaFin) this week.",[11,5978,5979],{},"The AllUnity EURAU stablecoin, which will comply with Europe’s Markets in Crypto Assets (MiCA) framework, was teased by the companies back in December 2023.",[11,5981,5982],{},"EURAU will be 100% collateralized and deliver institutional-grade transparency through proof of reserves and regulatory reporting, according to a release. The token can be used for 24\u002F7 instant cross-border settlements, seamless integration for regulated financial institutions, fintechs, Treasuries (ERP) and enterprise clients across Europe and beyond, AllUnity said.",[11,5984,5985],{},"The stablecoin joins a growing number of euro-pegged tokens, including those that have popped up since MiCA took effect about a year ago. They include Circle’s (CRCL) EURC and Société Générale’s (GLE) EURCV alongside MiCA-compliant dollar coins such as SocGen's USDCV and the Robinhood (HOOD)-backed Global Dollar USDG.",[11,5987,5988],{},"Speaking about securing an EMI license from BaFin, Alexander Höptner, CEO of AllUnity said in a statement: \"This license is not just a regulatory hurdle cleared, it’s a foundational step towards building a truly secure, transparent and compliant digital cross-border payment ecosystem for Europe and global markets.\"",[11,5990,5991],{},[55,5992,5995],{"href":5993,"rel":5994},"https:\u002F\u002Fwww.coindesk.com\u002Fbusiness\u002F2025\u002F07\u002F02\u002Fdeutsche-bank-s-dws-galaxy-flow-traders-venture-introduces-german-regulated-stablecoin",[59],[61,5996,63],{},{"title":65,"searchDepth":66,"depth":66,"links":5998},[],[69],"2025-07-03 11:23:53",{},"\u002Fblog\u002Fdeutsche-bank's-dws-galaxy-flow-traders-venture-to-introduce-german-regulated-stablecoin",{"title":5969,"description":5976},"blog\u002FDeutsche-Bank’s-DWS-Galaxy-Flow-Traders-Venture-to-Introduce-German-Regulated-Stablecoin","mtGQ7ThaEnuxA5dhjIxhVyjytzHvQk71myTfcsuMoKU",{"id":6007,"title":6008,"body":6009,"categories":6048,"cover":6015,"date":6049,"description":6016,"extension":71,"meta":6050,"navigation":73,"path":6051,"seo":6052,"stem":6053,"tags":77,"__hash__":6054},"blog\u002Fblog\u002FSolana-Staking-ETF-Opens-for-Trade-Becoming-First-Such-U-S-Crypto-Staking-Product.md","Solana Staking ETF Opens for Trade, Becoming First Such U.S. Crypto Staking Product",{"type":8,"value":6010,"toc":6046},[6011,6017,6020,6023,6026,6029,6032,6035,6038],[11,6012,6013,6016],{},[14,6014],{"alt":16,"src":6015},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F4.avif","\nREX Shares and Osprey Funds have selected Anchorage Digital as the exclusive custodian and staking partner for their newly launched REX-Osprey Solana + Staking ETF (SSK), the first crypto staking exchange-traded fund (ETF) listed in the U.S.",[11,6018,6019],{},"The fund, which offers investors exposure to Solana while generating staking rewards, began trading Wednesday on the Cboe exchange Wednesday at $25.47 per share.",[11,6021,6022],{},"Unlike existing spot bitcoin and ethereum ETFs, which fall under different regulatory frameworks, SSK is registered under the Investment Company Act of 1940. That means a qualified custodian — not the fund issuer — is required to hold the underlying assets. Anchorage Digital, currently the only federally regulated bank authorized to both custody and stake digital assets, will fill that role.",[11,6024,6025],{},"“Staking is the next chapter in the crypto ETF story,\" said Nathan McCauley, CEO and co-founder of Anchorage Digital, in a release. \"The launch of crypto staking ETFs marks a win for consumers and a significant step forward in full access to the crypto ecosystem.\"",[11,6027,6028],{},"The ETF gives investors indirect exposure to Solana while also participating in the blockchain’s staking mechanism, which provides additional yield by helping to secure the network. Staking allows holders of certain cryptocurrencies to earn rewards by locking their tokens into the network, a process that previously required technical know-how and direct interaction with crypto protocols.",[11,6030,6031],{},"By packaging staking into an ETF structure, REX Shares and Osprey aim to make that process accessible to a wider range of investors through traditional brokerage accounts.",[11,6033,6034],{},"SOL is higher by 2% over the past 24 hours to $150.",[11,6036,6037],{},"The SSK launch comes as the crypto ETF market continues to evolve beyond bitcoin and ether, with issuers exploring new ways to bring blockchain-based products to regulated exchanges. The introduction of staking ETFs marks a new phase for the industry, combining income-generating features with exposure to digital assets, all within an SEC-regulated investment vehicle.",[11,6039,6040],{},[55,6041,6044],{"href":6042,"rel":6043},"https:\u002F\u002Fwww.coindesk.com\u002Fmarkets\u002F2025\u002F07\u002F02\u002Ffirst-u-s-crypto-staking-etf-begins-trading-with-anchorage-as-staking-partner",[59],[61,6045,63],{},{"title":65,"searchDepth":66,"depth":66,"links":6047},[],[69],"2025-07-03 10:23:53",{},"\u002Fblog\u002Fsolana-staking-etf-opens-for-trade-becoming-first-such-u-s-crypto-staking-product",{"title":6008,"description":6016},"blog\u002FSolana-Staking-ETF-Opens-for-Trade-Becoming-First-Such-U-S-Crypto-Staking-Product","3e17Wg-u9b5_gw4a07gQP3SsluYU7qpyET3bOcizZ5M",{"id":6056,"title":6057,"body":6058,"categories":6103,"cover":6064,"date":6104,"description":6065,"extension":71,"meta":6105,"navigation":73,"path":6106,"seo":6107,"stem":6108,"tags":77,"__hash__":6109},"blog\u002Fblog\u002FOpenAI-Warns-That-Tokenized-Equity-Sale-on-Robinhood-Is-Unauthorized.md","OpenAI Warns That Tokenized Equity Sale on Robinhood Is Unauthorized",{"type":8,"value":6059,"toc":6101},[6060,6066,6069,6072,6075,6078,6081,6084,6087,6090,6093],[11,6061,6062,6065],{},[14,6063],{"alt":16,"src":6064},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F5a122415610cceab78062fc6c02a35b1a575c94e-2639x1485.avif","\nTokenized equity offerings for OpenAI being offered to Robinhood users in Europe are not officially authorized by the company, the AI giant said in a social media post.",[11,6067,6068],{},"\"These 'OpenAI tokens' are not OpenAI equity. We did not partner with Robinhood, were not involved in this, and do not endorse it,\" OpenAI posted on X. \"Any transfer of OpenAI equity requires our approval — we did not approve any transfer.\"",[11,6070,6071],{},"Earlier this week, Robinhood announced it was launching tokenized stock trading based on the Arbitrum blockchain to its users in Europe. As CoinDesk reported earlier, users will have access to 200 equities and ETFs, as well as a secondary market for equity in hot startups like OpenAI and SpaceX.",[11,6073,6074],{},"The idea of tokenized equity in not-yet public companies is nothing new.",[11,6076,6077],{},"In 2018, a blockchain startup called Swarm said it would soon be offering tokenized shares in startups — including Robinhood.",[11,6079,6080],{},"CoinDesk reported at the time that many of the companies Swarm claimed it would be offering equity in pushed back and said such a sale would be unauthorized but Swarm said everything came from \"approved secondary market transactions.\"",[11,6082,6083],{},"Looking at Robinhood's current tokenized offering, it's unclear where the source of equity is. There is some speculation that the equity represents interest in OpenAI shares that have been already acquired via authorized channels, based on comments made by Robinhood's CEO.",[11,6085,6086],{},"Others have warned that OpenAI — and other startups — would be well within their rights not to honor the sale.",[11,6088,6089],{},"\"I expect this natural tension to result in more private companies just cancelling equity sales altogether for those who violate their shareholders' agreements,\" Dragonfly General Partner Rob Hadick posted on X.",[11,6091,6092],{},"Robinhood did not respond to a request for comment from CoinDesk.",[11,6094,6095],{},[55,6096,6099],{"href":6097,"rel":6098},"https:\u002F\u002Fwww.coindesk.com\u002Fmarkets\u002F2025\u002F07\u002F02\u002Fopenai-warns-that-tokenized-equity-sale-on-robinhood-is-unauthorized",[59],[61,6100,63],{},{"title":65,"searchDepth":66,"depth":66,"links":6102},[],[69],"2025-07-03 09:23:53",{},"\u002Fblog\u002Fopenai-warns-that-tokenized-equity-sale-on-robinhood-is-unauthorized",{"title":6057,"description":6065},"blog\u002FOpenAI-Warns-That-Tokenized-Equity-Sale-on-Robinhood-Is-Unauthorized","GpbczHSG8-X3mfYdEMPNjjNJStChojwCwuNNbPUTxs8",{"id":6111,"title":6112,"body":6113,"categories":6155,"cover":6119,"date":6156,"description":6120,"extension":71,"meta":6157,"navigation":73,"path":6158,"seo":6159,"stem":6160,"tags":77,"__hash__":6161},"blog\u002Fblog\u002FVitalik-Buterin-Ethereum-at-Risk-If-Decentralization-Is-Just-a-Catchphrase.md","Vitalik Buterin: Ethereum at Risk If Decentralization Is Just a Catchphrase",{"type":8,"value":6114,"toc":6153},[6115,6121,6124,6127,6130,6133,6136,6139,6142,6145],[11,6116,6117,6120],{},[14,6118],{"alt":16,"src":6119},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F3.avif","\nEthereum co-founder Vitalik Buterin wants the crypto industry to grow up fast — stressing that the industry is at an “inflection point.”",[11,6122,6123],{},"Speaking in front of a packed room at the Ethereum Community Conference, in Cannes, France, Buterin used his keynote to deliver a clear-eyed reality check: Decentralization, he argued, must evolve from a catchphrase to a concrete set of user guarantees — or risk becoming another hollow promise.",[11,6125,6126],{},"As the industry has gone mainstream with endorsements from major corporations and political figures, builders need to return to the ecosystem’s key ideals surrounding decentralization and building for users' needs, Buterin said.",[11,6128,6129],{},"In his typical jeans and relaxed dark T-shirt uniform, Buterin laid out practical “tests” that he said every crypto project should pass. These include 1) the walk-away test. If the company behind an application disappears, do users keep their assets? And 2) the insider attack test: How much damage can rogue insiders or compromised front-ends cause? And 3) whether it has a trusted computing base: How many lines of code must be trusted to protect users’ funds or data?",[11,6131,6132],{},"He warned that too many layer-2 networks, DeFi projects and “decentralized” front-ends rely on hidden backdoors, instant upgrade buttons or insecure interfaces that can be tampered with and hacked.",[11,6134,6135],{},"Even identity and privacy solutions came under his critical eye. Zero-knowledge proofs, he noted, can backfire if users still reveal their entire transaction history when they sign in with centralized providers. Privacy, he added, must flip from being treated as an optional feature to something that reduces data leaks by default.",[11,6137,6138],{},"It will be 10 years this month since the Ethereum blockchain went live, and Buterin has come under pressure over the past few months from the community to address core protocol issues. If not, the blockchain could lose its edge to competitors.",[11,6140,6141],{},"For Buterin, this next phase in Ethereum’s history means building systems that pass the walk-away test, shrink the trusted base of code and resist insider attacks. This includes balancing engineering with simple, robust solutions.",[11,6143,6144],{},"“If we lose that,” he concluded, “Ethereum inevitably just becomes a generational thing, and it inevitably passes like a lot of other things have passed before.”",[11,6146,6147],{},[55,6148,6151],{"href":6149,"rel":6150},"https:\u002F\u002Fwww.coindesk.com\u002Ftech\u002F2025\u002F07\u002F02\u002Fvitalik-buterin-ethereum-at-risk-if-decentralization-is-just-a-catchphrase",[59],[61,6152,63],{},{"title":65,"searchDepth":66,"depth":66,"links":6154},[],[69],"2025-07-03 08:24:53",{},"\u002Fblog\u002Fvitalik-buterin-ethereum-at-risk-if-decentralization-is-just-a-catchphrase",{"title":6112,"description":6120},"blog\u002FVitalik-Buterin-Ethereum-at-Risk-If-Decentralization-Is-Just-a-Catchphrase","59TTmP3sUzc6jFXbNkP-AwNGMrfn9NrnJNm3V-4mgGM",{"id":6163,"title":6164,"body":6165,"categories":6210,"cover":6171,"date":6211,"description":6172,"extension":71,"meta":6212,"navigation":73,"path":6213,"seo":6214,"stem":6215,"tags":77,"__hash__":6216},"blog\u002Fblog\u002FCoinbase-Comes-Full-Circle-Soars-to-Highest-Price-Since-2021-Nasdaq-Debut.md","Coinbase Comes Full Circle, Soars to Highest Price Since 2021 Nasdaq Debut",{"type":8,"value":6166,"toc":6208},[6167,6173,6176,6179,6182,6185,6188,6191,6194,6197,6200],[11,6168,6169,6172],{},[14,6170],{"alt":16,"src":6171},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Fd217b8c096d3c2cd243d59b95ce26dacc621c398-3475x1956.avif","\nShares of crypto exchange Coinbase (COIN) climbed to their highest level since its April 2021 Nasdaq debut on Thursday, bringing the stock nearly full circle after plunging more than 90% during the depths of 2022's crypto winter.",[11,6174,6175],{},"COIN hit $382 Thursday before paring some of the gains and closed higher by 5.5%. The stock's more than doubled since plunging alongside April's tariff-induced market panic.",[11,6177,6178],{},"Coinbase’s 2021 listing marked a watershed moment for the digital asset industry, but also signaled a peak in crypto. The stock rose as high as $382 before sliding over 90% amid the prolonged 2022 bear market.",[11,6180,6181],{},"Now, investors are increasingly positioning Coinbase as a long-term winner in the next phase of crypto growth, defined by rising stablecoin adoption, institutional participation and increasing U.S. regulatory clarity.",[11,6183,6184],{},"The company recently launched Coinbase Payments, a new service aimed at expanding the exchange’s footprint in global commerce. Built on Coinbase’s Ethereum layer-2 network, Base, the platform allows merchants to accept 24\u002F7 USDC stablecoin payments without needing blockchain expertise. It already integrates with platforms like Shopify, the company said.",[11,6186,6187],{},"Coinbase also benefits from the rapidly-growing stablecoin sector, having a revenue-sharing agreement with Circle (CRCL), issuer of the USDC stablecoin, giving it a cut of the yield generated by reserve assets.",[11,6189,6190],{},"The broader backdrop is supportive as well. The S&P500 and Nasdaq equity indexes notch record highs, and crypto-related businesses such as Robinhood (HOOD) has also enjoyed renewed investor interest.",[11,6192,6193],{},"Some analysts expect further upside.",[11,6195,6196],{},"Benchmark raised its price target to $421 on COIN, saying the company is well positioned to capitalize on potential U.S. legislation, including bills to regulate stablecoins and digital asset market structure.",[11,6198,6199],{},"Meanwhile, Bernstein set a more ambitious $510 target, calling Coinbase crypto’s emerging \"universal bank,\" bridging retail users, institutional investors and on-chain infrastructure at global scale.",[11,6201,6202],{},[55,6203,6206],{"href":6204,"rel":6205},"https:\u002F\u002Fwww.coindesk.com\u002Fmarkets\u002F2025\u002F06\u002F26\u002Fcoinbase-comes-full-circle-soars-to-highest-price-since-2021-nasdaq-debut",[59],[61,6207,63],{},{"title":65,"searchDepth":66,"depth":66,"links":6209},[],[69],"2025-06-27 09:25:23",{},"\u002Fblog\u002Fcoinbase-comes-full-circle-soars-to-highest-price-since-2021-nasdaq-debut",{"title":6164,"description":6172},"blog\u002FCoinbase-Comes-Full-Circle-Soars-to-Highest-Price-Since-2021-Nasdaq-Debut","h4AW-WokgM4zfVr-8Abud_1VP4NZZ6UMSSa2Z5lxDlw",{"id":6218,"title":6219,"body":6220,"categories":6256,"cover":6226,"date":6257,"description":6227,"extension":71,"meta":6258,"navigation":73,"path":6259,"seo":6260,"stem":6261,"tags":77,"__hash__":6262},"blog\u002Fblog\u002FHong-Kong-Sets-Out-Plan-to-Regulate-Crypto-Encourage-Tokenization.md","Hong Kong Sets Out Plan to Regulate Crypto, Encourage Tokenization",{"type":8,"value":6221,"toc":6254},[6222,6228,6231,6234,6237,6240,6243,6246],[11,6223,6224,6227],{},[14,6225],{"alt":16,"src":6226},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Fhk.avif","\nHong Kong’s government released its second major policy statement on digital assets, underlining its pledge to set the region up as a global hub for the industry and saying it plans to establish a regulatory regime that puts risk management and investor protection center stage.",[11,6229,6230],{},"The framework will be overseen by the Securities and Futures Commission and apply to custodians, digital asset service providers, exchanges and stablecoins, the government said Thursday. Public consultations on the licensing regimes will start shortly, it said.",[11,6232,6233],{},"Hong Kong has been making moves in recent years to strengthen its position in the industry, and the statement builds on an earlier pronouncement from 2022, when it said it was \"ready to engage\" with participants. In December, it granted licenses to four crypto exchanges, and last month passed a law allowing it to license stablecoin issuers from Aug. 1.",[11,6235,6236],{},"The Financial Services and the Treasury Bureau (FSTB) and the Hong Kong Monetary Authority will also review the legal regime on the tokenization of real-world assets (RWAs) and financial instruments, the government said. The review will look at tokenized bond issuances and transactions. The government is particularly looking at the practical use of tokenization plus how to diversify use cases, Financial Secretary Paul Chan said in the statement.",[11,6238,6239],{},"Worldwide, RWA tokenization has grown by 380% in just three years and reached $24 billion this month, according to a first-half 2025 report from RedStone, Gauntlet and RWA.xyz.",[11,6241,6242],{},"\"The Government will regularise the issuance of tokenised Government bonds and incentivise the tokenisation of RWAs to enhance liquidity and accessibility through, among other initiatives, clarifying the stamp duty treatment for tokenised exchange traded funds (ETFs),\" the government said. It also welcomes secondary market trading of these tokenized ETFs on licensed trading platforms.",[11,6244,6245],{},"Nations across the globe like the U.K., U.S., South Korea and Pakistan are establishing their regimes for crypto companies as interest in the sector continues to grow. The European Union's rules for the industry, the Markets in Crypto Assets (MiCA) legislation, were published in 2023 and took effect last year.",[11,6247,6248],{},[55,6249,6252],{"href":6250,"rel":6251},"https:\u002F\u002Fwww.coindesk.com\u002Fpolicy\u002F2025\u002F06\u002F26\u002Fhong-kong-sets-out-plan-to-regulate-crypto-encourage-tokenization",[59],[61,6253,63],{},{"title":65,"searchDepth":66,"depth":66,"links":6255},[],[69],"2025-06-27 09:23:53",{},"\u002Fblog\u002Fhong-kong-sets-out-plan-to-regulate-crypto-encourage-tokenization",{"title":6219,"description":6227},"blog\u002FHong-Kong-Sets-Out-Plan-to-Regulate-Crypto-Encourage-Tokenization","wU8HKhknzyfZ7vVSi4nfUMpOp9oS1u9yYZH4Ihz21p4",{"id":6264,"title":6265,"body":6266,"categories":6364,"cover":6272,"date":6365,"description":6273,"extension":71,"meta":6366,"navigation":73,"path":6367,"seo":6368,"stem":6369,"tags":77,"__hash__":6370},"blog\u002Fblog\u002FEthereum-s-Identity-Crisis-Is-What-Real-Decentralization-Looks-Like.md","Ethereum's 'Identity Crisis' Is What Real Decentralization Looks Like",{"type":8,"value":6267,"toc":6358},[6268,6274,6277,6281,6284,6287,6290,6293,6297,6300,6303,6306,6309,6313,6316,6319,6322,6325,6328,6332,6335,6338,6341,6344,6347,6350],[11,6269,6270,6273],{},[14,6271],{"alt":16,"src":6272},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Fbf3bb2a695e2f328f36be1ff918cbf9eb4231f1d-3000x2000.avif","\nEthereum faces widespread perception as a network in crisis. It has been characterized as a platform plagued by governance upheaval, community fragmentation, and high gas fees. Additionally, Ethereum receives a lot of criticism for its slow performance, which lags behind Bitcoin's institutional appeal and Solana's speculative excitement.",[11,6275,6276],{},"This narrative misses Ethereum’s central purpose and strategy. Both of which are driven by deliberate decentralized innovation, which is now beginning to pay off.",[100,6278,6280],{"id":6279},"ethereums-identity-crisis","Ethereum’s “Identity Crisis”",[11,6282,6283],{},"Ethereum has chosen the more difficult but ultimately more sustainable path. This is based on the fact that it has maintained functional governance, which enables continued technical advancement. It also preserves credible decentralization, creating competitive advantages that neither pure stability nor pure speed can replicate. This positions Ethereum as the only blockchain capable of long-term sustainable innovation.",[11,6285,6286],{},"Concerns around Ethereum’s “identity crisis” reflect a fundamental misunderstanding of what makes blockchain technology valuable in the first place. When critics focus on short-term metrics like transaction costs and processing speed, they’re forgetting the revolutionary potential of a truly decentralized computing platform.",[11,6288,6289],{},"Ethereum's challenges are the growing pains of building something unprecedented: a global, permissionless computer that no single entity can control or shut down. The high gas fees demonstrate real demand for blockspace on the world's most secure and decentralized smart contract platform.",[11,6291,6292],{},"The governance discussions that appear as \"upheaval\" to outsiders represent healthy democratic processes that other chains avoid by maintaining centralized control, or by effectively forbidding all change and improvement. This nuanced reality gets lost in narratives that prioritize simplicity over substance.",[100,6294,6296],{"id":6295},"bitcoins-pet-rock-problem","Bitcoin’s Pet Rock Problem",[11,6298,6299],{},"Despite being criticised as a digital “pet rock,” Bitcoin has received widespread respect as the first cryptocurrency to see legitimacy outside of the industry. “Bitcoin-maxis” even point to the chain’s inertia as a critical tenet of bitcoin’s value. Since the chain rarely updates, except for predictable supply halvings, bitcoin can remain a “digital gold.” However, this simplicity is a ceiling, not a strength.",[11,6301,6302],{},"Bitcoin has ossified; initially slow to innovate, improvements are now effectively impossible.",[11,6304,6305],{},"“Bitcoin-maxis” would argue that the chain’s ossification only strengthens the asset’s immutable value. But, bitcoin’s liquidity is tenuous; it relies on perception, and recent reports demonstrate that bitcoin's value isn’t an inherent certainty.",[11,6307,6308],{},"Ethereum, by contrast, continues to evolve through major upgrades like the transition from Proof-of-Work to Proof-of-Stake in 2022 and the recent Pectra update. Unlike Bitcoin, the Ethereum community continues to demonstrate that it is capable of meaningful technological innovation.",[100,6310,6312],{"id":6311},"ethereums-decentralization-is-key","Ethereum’s Decentralization Is Key",[11,6314,6315],{},"Many of Ethereum’s critics point to the impressive speed and low costs of other chains as examples of where Ethereum is failing. These feats are achieved quickly only by giving up on meaningful decentralization.",[11,6317,6318],{},"Ethereum is a credibly neutral world computer with thousands of projects innovating on it precisely because of its ethos of decentralization.",[11,6320,6321],{},"Some form of centralized leadership may seem like a small price to pay for quicker change, but decentralization matters in the same way that seat belts do. It's an inconvenience until it’s necessary; until an account is de-platformed, or the system makes an unpopular choice because of centralized interests that are not in line with its users’ values.",[11,6323,6324],{},"History provides countless examples of centralized systems eventually serving their controllers rather than their users - this is such a common pattern it's practically a law. Traditional financial institutions routinely freeze accounts, deny services, or impose arbitrary fees based on political or business considerations.",[11,6326,6327],{},"Decentralization is not a long-term goal; it is a foundational necessity for building systems permanently free from corruption.",[100,6329,6331],{"id":6330},"ethereum-is-taking-the-harder-path","Ethereum Is Taking the Harder Path",[11,6333,6334],{},"Ethereum has chosen the most technically and socially difficult but correct route: building a truly decentralized platform that serves the needs of its users. That's the hard thing to do, but it's also the right thing to do, because it produces the best result in the long term.",[11,6336,6337],{},"This approach is slower than Solana’s and less obvious than Bitcoin’s, but it's the only path that delivers both continued innovation and genuine user sovereignty.",[11,6339,6340],{},"It is beginning to see results, too. Earlier this month, Bernstein analysts published a research report stating that \"The narrative around value accrual of public blockchain networks is at a critical inflection point,” and “starting to reflect in investor interest in ETH ETF inflows.\"",[11,6342,6343],{},"Ethereum price is certainly trending upwards. Ethereum ETFs just completed their longest inflow streak of 2025, with BlackRock's ETHA fund alone adding $492 million in a single week. Meanwhile, Bitcoin ETFs experienced $582 million in net outflows during the same period.",[11,6345,6346],{},"Despite this positive momentum, the Ethereum community needs to concern itself less with trailing indicators of success like price. As John Maynard Keynes famously warned, “the market can stay irrational longer than you can stay solvent.”",[11,6348,6349],{},"The Ethereum community must avoid getting distracted by price movements, governance drama, or competing narratives and unite around their common mission: building credibly neutral infrastructure that serves humanity's needs. Ethereum's ability to innovate while staying decentralized requires developers, researchers, validators, and users to shut out the noise and remain focused on building. This path is harder, but it's the only one that leads to sustainable success.",[11,6351,6352],{},[55,6353,6356],{"href":6354,"rel":6355},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2025\u002F06\u002F25\u002Fethereums-identity-crisis-is-what-real-decentralization-looks-like",[59],[61,6357,63],{},{"title":65,"searchDepth":66,"depth":66,"links":6359},[6360,6361,6362,6363],{"id":6279,"depth":66,"text":6280},{"id":6295,"depth":66,"text":6296},{"id":6311,"depth":66,"text":6312},{"id":6330,"depth":66,"text":6331},[69],"2025-06-26 10:23:53",{},"\u002Fblog\u002Fethereum-s-identity-crisis-is-what-real-decentralization-looks-like",{"title":6265,"description":6273},"blog\u002FEthereum-s-Identity-Crisis-Is-What-Real-Decentralization-Looks-Like","_2eEOsBBIGg5bB-vHjGh1lF3qOK5SmbE-j8mOOhi7_A",{"id":6372,"title":6373,"body":6374,"categories":6431,"cover":6380,"date":6432,"description":6381,"extension":71,"meta":6433,"navigation":73,"path":6434,"seo":6435,"stem":6436,"tags":77,"__hash__":6437},"blog\u002Fblog\u002FThe-Future-of-Money-Is-Streaming-Now.md","The Future of Money Is Streaming Now",{"type":8,"value":6375,"toc":6429},[6376,6382,6385,6388,6391,6394,6397,6400,6403,6406,6409,6412,6415,6418,6421],[11,6377,6378,6381],{},[14,6379],{"alt":16,"src":6380},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F05dd46ca6a0fc66227771eab2a1482bcd5bba612-1280x890.avif","\nWe stream data. We stream music. We stream video. Thanks to stablecoins, we are about to start streaming the whole economy.",[11,6383,6384],{},"U.S. dollar stablecoins recently hit a milestone–they represent about 1% of the U.S. money supply (based on the M2 measure). Not a big deal, you may be thinking, but in fact, it might become one in the near future.",[11,6386,6387],{},"Stablecoins are growing at a phenomenal rate, about 55% per year. While that is unlikely to continue forever, it is not hard to foresee a future, less than a decade away, where stablecoins represent an amount equal to about 10% of the M1, which is defined as cash, notes, and \"easily accessible\" digital money like current bank accounts.",[11,6389,6390],{},"Stablecoins are designed to be easily accessible and usable, which certainly seems like it would fit into that definition of the money supply. Indeed, on-chain services are starting to look a lot like standard banking services. Except they work faster and cost a lot less.",[11,6392,6393],{},"Now, imagine if moving money around was, effectively, free, and instantaneous. Would you manage your money differently? You might. Indeed, global firms are already starting to think about it.",[11,6395,6396],{},"Today, companies keep lots of money in lots of separate locations all around the world. It’s not particularly different to how they manage physical inventory. Since moving money across borders is expensive and slow, firms must keep a decent supply of cash on hand locally to pay bills. And, since customers do not necessarily pay invoices with absolute predictability, firms must keep a buffer of cash on hand to manage the variation between predictable costs, like payroll, and unpredictable revenues.",[11,6398,6399],{},"Things may look different in the future. If it costs nothing to move money globally and it can be done nearly instantly, the size of those local buffers can be dramatically reduced. Instead of keeping two weeks' worth of expenses locally, including payroll, you might just choose to keep only a day's worth on hand. A slightly larger cash pile can be kept centrally and sent out as needed. Companies could rebalance their global cash holdings every six hours. The result: a significant decrease in working capital requirements.",[11,6401,6402],{},"What may start at a global level for large firms could spread quickly, and not just in the B2B space. Why not pay every employee every day for actual hours worked? Payday lenders make a fortune today tiding people over between weekly paychecks. Why not bill customers daily for electricity usage? Electric utilities today wait 30 days to bill you and wait another 30 days for you to pay. The gap between when you use power and when you pay for it can be up to 60 days.",[11,6404,6405],{},"This sounds preposterous except that the math pencils out. At 5% interest rates, a $10 debt over the course of a year generates $0.50 in interest at current rates, which is about $0.04 per month. Each week of \"float\" you can save (or earn) is worth roughly $0.01. Given that payment costs on Ethereum Layer 2 networks are now routinely below $0.01, the answer is yes, it is worth it.",[11,6407,6408],{},"Transaction costs are headed in only one direction, which means the economically efficient size and frequency of managing your money only gets more granular.",[11,6410,6411],{},"We used to buy music. Then we downloaded it. Now we stream it. Once upon time, the idea of streaming music on demand – and all the bandwidth and computation needed to do that – was seen as ridiculous. Now, it is barely a drop in the bucket compared to video streaming. There is no reason to think payments are different.",[11,6413,6414],{},"As with all technological revolutions, the starting point is always \"your mess for less.\" Which is to say that the first thing people will do is take existing processes (like monthly billing) and just run them cheaper. Then it becomes your mess, but faster. Eventually, companies start re-imagining those processes in light of the new economics.",[11,6416,6417],{},"Slashing working capital requirements could rearrange the economy in surprising ways. Many companies keep enough cash on hand to cover 12 weeks of expenses. U.S. firms have, in aggregate, about $2 trillion of cash on hand and $2.8 trillion in working capital loans outstanding. Shifting to a financial streaming model could literally free up trillions in capital for new investment.",[11,6419,6420],{},"It could also change people's behavior. The longer the time gap between an action and a reward, the harder it can be to get people to respond. Incentives for things like using services or energy at off-peak times might be much more effective when the payout is immediate. Nobody ever went wrong betting on instant gratification.",[11,6422,6423],{},[55,6424,6427],{"href":6425,"rel":6426},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2025\u002F06\u002F24\u002Fthe-future-of-money-is-streaming-now",[59],[61,6428,63],{},{"title":65,"searchDepth":66,"depth":66,"links":6430},[],[69],"2025-06-25 13:13:53",{},"\u002Fblog\u002Fthe-future-of-money-is-streaming-now",{"title":6373,"description":6381},"blog\u002FThe-Future-of-Money-Is-Streaming-Now","Ompk6Cwar9LvqKpbBavDLx43JckcraYJVJk4Sp8WkBg",{"id":6439,"title":6440,"body":6441,"categories":6492,"cover":6447,"date":6493,"description":6448,"extension":71,"meta":6494,"navigation":73,"path":6495,"seo":6496,"stem":6497,"tags":77,"__hash__":6498},"blog\u002Fblog\u002FDeribit-Sees-Strong-Demand-From-Institutions-Volume-on-Its-Block-RFQ-Tool-Reaches-3B-in-Four-Months.md","Deribit Sees Strong Demand From Institutions, Volume on Its Block RFQ Tool Reaches $23B in Four Months",{"type":8,"value":6442,"toc":6490},[6443,6449,6452,6455,6458,6461,6464,6467,6470,6473,6476,6479,6482],[11,6444,6445,6448],{},[14,6446],{"alt":16,"src":6447},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Ffb47ce89640a11ef3a45bc829e05baab141f5d3e-1280x897.avif","\nThe institutionalization of cryptocurrencies is accelerating rapidly.",[11,6450,6451],{},"Crypto derivatives exchange Deribit's on-demand liquidity tool, the Deribit Block Request-for-Quote (RFQ) interface, has registered a cumulative trading volume of over $23 billion in less than four months since its debut in early March.",[11,6453,6454],{},"Deribit is a prominent derivatives exchange, offering the world's largest options market for traders of bitcoin, ether, Solana, and XRP. It also offers futures and spot trading.",[11,6456,6457],{},"The exchange introduced the block RFQ system in March, where participants (takers), typically institutions and high-volume traders, request pricing for a structure – a single instrument trade or a multi-legged strategy involving spot, futures, or options. A block trade is a large transaction.",[11,6459,6460],{},"Market makers, entities tasked with providing liquidity, then respond with either single or double-sided quotes, following which the best quote for the bid and the ask are displayed to the taker. The best quote for the bid and the best quote for the ask is then displayed to the taker, who can trade by crossing against either the bid or the ask.",[11,6462,6463],{},"The system allows large traders to execute orders more efficiently outside of public order book systems, ensuring minimal impact on market prices.",[11,6465,6466],{},"Imagine buying vegetables in large quantities directly from a farm (OTC) and receiving a better price and more flexible terms rather than bidding in a crowded market where a large order can significantly raise prices.",[11,6468,6469],{},"\"The RFQ system allows for multi-leg trades, multiple maker quotes, and greater price efficiency—improving execution for large OTC trades while minimizing adverse selection. It reflects strong institutional demand and Deribit’s continued focus on liquidity and trade quality,\" Deribit's CEO Luuk Strijers told CoinDesk.",[11,6471,6472],{},"Strijers noted that the system targets the needs of professional and agency trading operations, such as support for complex structures and large volumes.",[11,6474,6475],{},"\"Block RFQ lets multiple liquidity providers compete on partial quotes and makers benefit from reduced adverse selection, allowing tighter quotes, while takers enjoy price improvements and anonymity options,\" Strijers noted.",[11,6477,6478],{},"The RFQ system handled trades worth $883 million in March, with the activity booming to $6.3 billion in April. The momentum continued in May, with the tally reaching $9.8 billion and exceeding $6 billion in just the first half of June.",[11,6480,6481],{},"If that's not enough, the percentage of block trades executed via Deribit's RFQ has increased to 27.5% this month, up from 17% in April and 21% in May.",[11,6483,6484],{},[55,6485,6488],{"href":6486,"rel":6487},"https:\u002F\u002Fwww.coindesk.com\u002Fmarkets\u002F2025\u002F06\u002F17\u002Fderibit-s-on-demand-liquidity-tool-for-large-bitcoin-ether-traders-registers-over-usd23b-in-volume-in-4-months",[59],[61,6489,63],{},{"title":65,"searchDepth":66,"depth":66,"links":6491},[],[69],"2025-06-17 16:23:53",{},"\u002Fblog\u002Fderibit-sees-strong-demand-from-institutions-volume-on-its-block-rfq-tool-reaches-3b-in-four-months",{"title":6440,"description":6448},"blog\u002FDeribit-Sees-Strong-Demand-From-Institutions-Volume-on-Its-Block-RFQ-Tool-Reaches-3B-in-Four-Months","0-5M9lweCC6eIqpMIKcAkdKUuV_DYSLFa9cs60A6LC4",{"id":6500,"title":6501,"body":6502,"categories":6629,"cover":6508,"date":6630,"description":6509,"extension":71,"meta":6631,"navigation":73,"path":6632,"seo":6633,"stem":6634,"tags":77,"__hash__":6635},"blog\u002Fblog\u002FOCC-Green-Lights-Crypto-Activities-for-Banks.md","OCC Green-Lights Crypto Activities for Banks",{"type":8,"value":6503,"toc":6622},[6504,6510,6513,6516,6520,6540,6544,6547,6550,6554,6565,6568,6572,6575,6578,6581,6584,6588,6591,6594,6597,6608,6611,6614],[11,6505,6506,6509],{},[14,6507],{"alt":16,"src":6508},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Ff6e60f5bc8a7f5b37a1bfc64b5421cbf21a9d7a3-1280x683.avif","\nIn recent months, the federal Office of the Comptroller of the Currency (OCC) has signaled a more permissible regulatory stance towards national banks and federal savings associations (collectively, banks) engaging in crypto-asset activities. “I will continue to work diligently to ensure regulations are effective and not excessive, while maintaining a strong federal banking system,” said Acting Comptroller of the Currency Rodney E. Hood earlier this year.",[11,6511,6512],{},"On March 7, the OCC began formalizing its shift away from its Biden-era approach to regulating banks’ crypto-asset activities with the issuance of Interpretive Letter 1183. Through this interpretive letter, the OCC rescinded its supervisory non-objection process for banks seeking to engage in crypto-asset activities, thereby removing significant red tape around banks’ abilities to do so. This interpretive letter also reaffirmed the OCC’s prior guidance permitting banks to engage in a range of crypto-asset activities.",[11,6514,6515],{},"The OCC followed up on this action in May with Interpretive Letter 1184. In it, the OCC further confirmed that banks may engage in certain crypto-asset activities and addressed the roles third-party service providers—such as fintech companies—can play in those activities. The interpretive letter was generally supportive of third parties’ involvement in them.",[100,6517,6519],{"id":6518},"key-takeaways","Key Takeaways:",[4919,6521,6522,6525,6528,6531,6534,6537],{},[4922,6523,6524],{},"The OCC will no longer require banks to undergo a supervisory non-objection process (see definition below) before offering products and services relating to crypto assets to their customers. Banks regulated by the OCC can now offer crypto-asset products and services without needing to first demonstrate that they have adequate compliance processes in place.",[4922,6526,6527],{},"Removing this process significantly lowers the barriers to crypto-asset banking activities becoming more widespread. Supervisory expectations still apply, though. The OCC will likely still use supervisory exams to check whether banks have implemented strong controls to manage the risks associated with crypto-asset activities.",[4922,6529,6530],{},"The OCC also re-confirmed that banks can provide crypto-asset custody services, hold funds as reserves of stablecoins, and provide certain payments services relating to stablecoins, including acting as nodes for distributed ledgers in connection with verifying customers’ payments and facilitating payment transactions on a distributed ledger.",[4922,6532,6533],{},"Regarding crypto-asset custody services at least, the OCC has confirmed that banks may use third-party sub-custodians to provide custody services, subject to appropriate third-party risk management practices.",[4922,6535,6536],{},"Banks interested in offering crypto-asset products and services to customers should review the OCC’s existing guidance to identify compliance obligations and expectations. Expect the OCC’s guidance to evolve as crypto-asset activities mature and gain wider adoption in the banking industry.",[4922,6538,6539],{},"Because crypto-asset activities are still novel in the banking industry, banks may benefit from taking a proactive approach to identifying appropriate controls and processes for managing risks associated with crypto-asset products and services.",[100,6541,6543],{"id":6542},"what-the-recent-interpretive-letters-do","What the Recent Interpretive Letters Do",[11,6545,6546],{},"The OCC’s recent interpretive letters signal a shift away from the more cautious and restrictive approach taken by the agency under the Biden administration and the OCC’s confidence in banks’ abilities to manage risks associated with crypto-asset activities. They reaffirm that banks are permitted to engage in certain crypto-asset activities and expressly permit third-party service operators to provide crypto-asset custody services (to be “sub-custodians”). They also give banks a green light to explore crypto-asset opportunities as such opportunities may arise by eliminating the supervisory non-objection process first adopted in 2021.",[11,6548,6549],{},"Previously, a bank’s ability to engage in crypto-asset activities was constrained by a supervisory non-objection process adopted in 2021 that required banks to obtain the OCC’s tacit approval before engaging in such activities. The OCC’s recent interpretive letters eliminated this supervisory non-objection process.",[100,6551,6553],{"id":6552},"what-crypto-asset-activities-are-permitted","What Crypto-Asset Activities Are Permitted?",[4919,6555,6556,6559,6562],{},[4922,6557,6558],{},"Interpretive Letter 1170 – Permits banks to provide crypto-asset custody services to customers in both fiduciary and non-fiduciary capacities as part of their traditional safekeeping and custody activities.",[4922,6560,6561],{},"Interpretive Letter 1172 – Allows banks to receive and hold deposits from stablecoin issuers, including reserves for stablecoins associated with hosted wallets.",[4922,6563,6564],{},"Interpretive Letter 1174 – Authorizes banks to engage in certain payment-related activities involving stablecoins, including acting as nodes for an independent node verification network (i.e., a distributed ledger) in connection with verifying customers’ payments and facilitating payment transactions on a distributed ledger.",[11,6566,6567],{},"In its recent interpretive letters, the OCC reaffirmed that these crypto-asset activities are still permissible banking activities. The OCC also expressly confirmed that banks may use third-party, which indicates that the OCC might also be supportive of third-party service providers participating in banks’ other crypto-asset activities as well.",[100,6569,6571],{"id":6570},"what-was-the-occs-supervisory-non-objection-process","What Was the OCC’s Supervisory Non-Objection Process?",[11,6573,6574],{},"Under the now-rescinded Interpretive Letter 1179, banks seeking to engage in crypto-asset activities were required to notify their OCC supervisory office and obtain a written non-objection before proceeding.",[11,6576,6577],{},"Non-objection letters would be issued only if the bank could demonstrate, to the supervisory office’s satisfaction, that it had adequate risk management processes in place to identify, measure, monitor, and control potential risks associated with its planned crypto-asset activities.",[11,6579,6580],{},"Additionally, banks had to show a clear understanding of the laws applicable to its planned crypto-asset activities, such as federal securities laws, anti-money laundering laws, and consumer protection laws.",[11,6582,6583],{},"Eliminating this supervisory non-objection process removes a significant regulatory barrier to banks’ abilities to engage in crypto-asset activities. However, its removal does not absolve banks of their responsibility to effectively manage the risks associated with these activities.",[100,6585,6587],{"id":6586},"crypto-asset-risk-management-going-forward","Crypto-Asset Risk Management Going Forward",[11,6589,6590],{},"Moving forward, these activities will be reviewed by the OCC as part of its regular supervisory process. That means banks engaging in crypto-asset activities must still ensure that such activities are carried out in a safe, sound, and fair manner and in compliance with applicable law. If a third-party service provider—such as a fintech company—will be involved in them, banks will be expected to implement appropriate third-party risk management practices as well.",[11,6592,6593],{},"By eliminating the supervisory non-objection barrier, the OCC has placed greater responsibility on banks to implement the appropriate comprehensive risk management frameworks. They may find it easier to integrate crypto-related products and services into their offerings as a result.",[11,6595,6596],{},"Still, the OCC will likely expect banks to implement strong controls to manage the risks associated with these activities consistent with those outlined in the OCC’s previous interpretive letters and guidance. For example:",[4919,6598,6599,6602,6605],{},[4922,6600,6601],{},"Crypto-Asset Custody Services – The OCC has stated that strong security controls are needed to avoid mismanagement of cryptographic keys, which can lead to irretrievable losses. The OCC recommends dual controls, segregation of duties, and secure storage solutions (e.g., cold wallets) to prevent unauthorized access, along with robust audit procedures for effective cryptographic key management.",[4922,6603,6604],{},"Holding Stablecoin Reserves – The OCC has highlighted liquidity risks and compliance with applicable capital and liquidity regulations as primary areas of concern, particularly if reserve balances do not align with outstanding stablecoins. Accordingly, if they are holding stablecoin reserves, banks should maintain daily reserve verification requirements that ensure a 1:1 backing of the stablecoin by fiat, and they should also establish contractual restrictions with stablecoin issuers to ensure redemption obligations do not exceed available reserves.",[4922,6606,6607],{},"Stablecoin Payments Activities – The OCC expects banks to address the anti-money laundering, cybersecurity, fraud, and consumer protection risks associated with payments-related crypto-asset activities by developing sufficient technological expertise to manage the complexity of blockchain transactions safely and in compliance with applicable laws, particularly given the potentially pseudo-anonymous nature of such transactions.",[11,6609,6610],{},"Banks engaging in crypto-asset activities should align with these expectations. However, crypto-asset activities remain relatively novel in comparison to traditional banking activities, and the compliance questions they raise may not yet be fully understood. The OCC’s safety and soundness expectations may evolve and new legislation may alter applicable laws. Staying up to date on the regulatory landscape surrounding crypto-asset activities is likely key for banks’ engaged in them.",[11,6612,6613],{},"Banks engaged in crypto-asset activities may be able to stay ahead of new regulatory developments by taking a proactive approach to managing these risks, such as by developing robust governance frameworks to prevent regulatory gaps and engaging with regulators and industry to inform supervisory expectations.",[11,6615,6616],{},[55,6617,6620],{"href":6618,"rel":6619},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2025\u002F06\u002F16\u002Focc-green-lights-crypto-activities-for-banks",[59],[61,6621,63],{},{"title":65,"searchDepth":66,"depth":66,"links":6623},[6624,6625,6626,6627,6628],{"id":6518,"depth":66,"text":6519},{"id":6542,"depth":66,"text":6543},{"id":6552,"depth":66,"text":6553},{"id":6570,"depth":66,"text":6571},{"id":6586,"depth":66,"text":6587},[69],"2025-06-17 09:23:53",{},"\u002Fblog\u002Focc-green-lights-crypto-activities-for-banks",{"title":6501,"description":6509},"blog\u002FOCC-Green-Lights-Crypto-Activities-for-Banks","pcxfuRLkCRz3MunsIh0XSyrzYEFcxyifyu2e-hxWkw8",{"id":6637,"title":6638,"body":6639,"categories":6690,"cover":6645,"date":6691,"description":6646,"extension":71,"meta":6692,"navigation":73,"path":6693,"seo":6694,"stem":6695,"tags":77,"__hash__":6696},"blog\u002Fblog\u002FAmerica’s-Dollar-Dominance-Depends-on-GENIUS.md","America’s Dollar Dominance Depends on GENIUS",{"type":8,"value":6640,"toc":6688},[6641,6647,6650,6653,6656,6659,6662,6665,6668,6671,6674,6677,6680],[11,6642,6643,6646],{},[14,6644],{"alt":16,"src":6645},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F446ae9d256d3fa0c93c9373c4a9941c2694bf99b-1280x850.avif","\nWe are closer than ever to cementing America’s global leadership in digital asset innovation. Next week, the Senate will hold its final vote on the Guiding and Establishing National Innovation for U.S. Stablecoins Act – the GENIUS Act – bringing this landmark stablecoin legislation one step closer to becoming law. Following Senate passage, the bill will advance to the House for consideration. This marks a significant step forward – not just for the crypto industry, but for American consumers, investors, and the global strength of the U.S. dollar.",[11,6648,6649],{},"The numbers tell the story. Today, more than $190 billion in dollar-backed stablecoins are in circulation worldwide, doubling annually. Stablecoins aren't speculative crypto assets – they are digital dollars that enable instant, low-cost transactions anywhere in the world. In regions facing currency devaluation or authoritarian financial controls, stablecoins provide access to the economic stability of the U.S. dollar. Not only is this pro-innovation – it's pro-democracy.",[11,6651,6652],{},"The GENIUS Act provides the clarity the industry urgently needs. By establishing sensible guidelines, it ensures stablecoins maintain stable value through high-quality liquid reserves, regular audits, and clear redemption rights. These aren't excessive burdens – they’re reasonable protections already practiced by responsible issuers.",[11,6654,6655],{},"Most importantly, what the GENIUS Act provides is certainty, allowing responsible innovation to flourish while preventing bad actors from undermining the system.",[11,6657,6658],{},"Passing GENIUS can’t wait. As other nations develop central bank digital currencies and alternative payment systems designed to circumvent dollar dominance, the United States faces a choice: embrace the innovation that's already spreading dollars globally, or cede this ground to other countries. The legislation provides the framework we need – strong reserve requirements, transparency rules, and consumer protections – without stifling the innovation that makes stablecoins so powerful.",[11,6660,6661],{},"Progress on stablecoin legislation has been bipartisan, reflecting a growing recognition across the political spectrum that this technology serves American interests. Republicans see free-market innovation and reduced government intervention. Democrats value the financial inclusion and consumer protection aspects. Both parties understand that maintaining dollar supremacy isn't partisan – it's patriotic.",[11,6663,6664],{},"Globally, stablecoins are already making a profound difference. In Argentina, where inflation has exceeded 100%, residents use dollar stablecoins to preserve their savings. In Ukraine, humanitarian organizations have used them to deliver aid instantly when traditional banking channels failed. Across Africa and Southeast Asia, entrepreneurs have access to dollar liquidity and can build businesses that connect to the global economy. Each transaction strengthens the dollar's role as the world's reserve currency.",[11,6666,6667],{},"The technology community knows what's on the line. That's why companies of all sizes – from traditional financial institutions to Silicon Valley startups – want clarity around stablecoins. They're not asking for light-touch regulation or special treatment; they're asking for clear rules that allow them to build in America, serve American interests, and extend American financial leadership globally.",[11,6669,6670],{},"Meanwhile, every month that goes by, more stablecoin activity moves offshore, more innovation happens outside our borders, and more ground is ceded to competitors. The European Union has already implemented stablecoin guidelines. Singapore, the UAE, and others are rolling out frameworks to attract this activity.",[11,6672,6673],{},"Dollar-backed stablecoins don't compete with the Federal Reserve; they extend its reach. They don't undermine American banking; they create new customers for it. They don't weaken financial oversight; they make it more effective through programmable compliance and real-time transparency. Stablecoins are foundational infrastructure, not ideology.",[11,6675,6676],{},"Passing the GENIUS Act requires no vast expenditures or bureaucratic complexity. It simply offers clear rules for American innovation to thrive, safeguards consumers, and fortifies the dollar’s global influence.",[11,6678,6679],{},"The message to Congress is clear: Don't let this moment pass. The world won’t pause while America deliberates. With the GENIUS Act, we can ensure that the future of global finance remains dollar-denominated, governed by American values, and powered by our unmatched American ingenuity.",[11,6681,6682],{},[55,6683,6686],{"href":6684,"rel":6685},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2025\u002F06\u002F13\u002Famericas-dollar-dominance-depends-on-genius",[59],[61,6687,63],{},{"title":65,"searchDepth":66,"depth":66,"links":6689},[],[69],"2025-06-14 18:43:53",{},"\u002Fblog\u002Famerica's-dollar-dominance-depends-on-genius",{"title":6638,"description":6646},"blog\u002FAmerica’s-Dollar-Dominance-Depends-on-GENIUS","mfJx4M-rar_l79vLn0mpozMvFJSAo_cSXTX8DwqeNBc",{"id":6698,"title":6699,"body":6700,"categories":6749,"cover":6706,"date":6750,"description":6707,"extension":71,"meta":6751,"navigation":73,"path":6752,"seo":6753,"stem":6754,"tags":77,"__hash__":6755},"blog\u002Fblog\u002FBitcoin-Tumbles-Below-104K-as-Israel-Strikes-Iran.md","Bitcoin Tumbles Below $104K as Israel Strikes Iran",{"type":8,"value":6701,"toc":6746},[6702,6708,6711,6716,6719,6722,6725,6729,6732,6735,6738],[11,6703,6704,6707],{},[14,6705],{"alt":16,"src":6706},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F2ef935f31d0d24917c5f0b5bf97fe5a9e1f87925-1900x1268.avif","\nBitcoin substantially added to earlier losses, slumping to as low as to $103,162 as Israeli forces bombed nuclear and military targets in Iran, including in the capital Tehran, before recovering somewhat to trade 2% lower than 24 hours ago.",[11,6709,6710],{},"Israeli Prime Minister Benjamin Netanyahu said the country attacked Iran's nuclear program and ballistic missile sites to \"roll back the Iranian threat to Israel's very survival,\" and that the strikes will continue until the threat is removed.",[11,6712,6713],{},[14,6714],{"alt":16,"src":6715},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F2365600b82ca485c6beb483a9832e405e226229c-2187x1247.avif",[11,6717,6718],{},"The attack followed hours after the International Atomic Energy Agency said Iran was not complying with restrictions on enriched uranium for the first time in two decades. NBC reported that Israel was considering a strike following the IAEA's statement. U.S. President Donald Trump told reporters that the he would prefer a deal with Iran and an attack could lead to a \"massive conflict.\"",[11,6720,6721],{},"On Polymarket, bettors were unsure about the chance of a strike taking place with the likelihood of Israeli action against Iran by July being priced in at under 30 cents.",[11,6723,6724],{},"The attacks were first reported by Axios with Al-Jazeera later confirming that explosions were heard in Tehran.",[100,6726,6728],{"id":6727},"traditional-markets-react","Traditional markets react",[11,6730,6731],{},"European stocks fell, with the Euro Stoxx 50 Index losing 1.4% and the FTSE 100 dropping 0.7%. U.S. stock index futures are lower by about 1.4% across the board on the news.",[11,6733,6734],{},"Moving higher are bond prices, gold and oil. The 10-year Treasury yield dipped 2 basis points to 4.32% while gold futures added 1% to $3,436 per ounce. Crude oil futures soared as much as 9% and were recently trading about 5.6% higher.",[11,6736,6737],{},"The U.S. dollar is gaining against the euro and British pound, but losing ground versus the yen and Swiss franc.",[11,6739,6740],{},[55,6741,6744],{"href":6742,"rel":6743},"https:\u002F\u002Fwww.coindesk.com\u002Fmarkets\u002F2025\u002F06\u002F12\u002Fbtc-trading-under-104k-as-israel-appears-to-strike-iran",[59],[61,6745,63],{},{"title":65,"searchDepth":66,"depth":66,"links":6747},[6748],{"id":6727,"depth":66,"text":6728},[69],"2025-06-13 15:10:13",{},"\u002Fblog\u002Fbitcoin-tumbles-below-104k-as-israel-strikes-iran",{"title":6699,"description":6707},"blog\u002FBitcoin-Tumbles-Below-104K-as-Israel-Strikes-Iran","qiCYeAf4_--vln2vSQLUXMLHVjnoWFyM0prCTWTCN5I",{"id":6757,"title":6758,"body":6759,"categories":6804,"cover":6765,"date":6805,"description":6766,"extension":71,"meta":6806,"navigation":73,"path":6807,"seo":6808,"stem":6809,"tags":77,"__hash__":6810},"blog\u002Fblog\u002FDigital-Assets-Are-One-Step-Closer-to-Regulatory-Clarity.md","Digital Assets Are One Step Closer to Regulatory Clarity",{"type":8,"value":6760,"toc":6802},[6761,6767,6770,6773,6776,6779,6782,6785,6788,6791,6794],[11,6762,6763,6766],{},[14,6764],{"alt":16,"src":6765},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Fefdcdeaed948f9318e47e564bb3a1fca6e2b10fc-1280x853.avif","\nThe United States is on the brink of a new technological frontier – one powered by blockchain and digital assets. These assets are not just the next phase of the internet, but lay the foundation for a more secure, decentralized, and inclusive financial future. From reimagining global payments to protecting data privacy, the potential of blockchain-based systems is endless.",[11,6768,6769],{},"Despite the promise of this technology, the United States remains without a clear, comprehensive federal regulatory framework for digital assets. This absence has created uncertainty for innovators, consumers and investors alike.",[11,6771,6772],{},"Entrepreneurs operating in the digital asset operating in the digital asset space face ambiguous rules and unclear jurisdictional boundaries between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Investors lack the transparency and protection they deserve. Under the Biden Administration, the SEC chose to regulate through enforcement, rather than through clear guidance or collaboration. The agency’s approach has led to lawsuits, confusion, and the offshoring of promising American companies seeking regulatory certainty abroad.",[11,6774,6775],{},"For years, Congress has worked under both Republican and Democratic leadership to close this gap and create a tailored, modern regulatory framework. That work reached a milestone in May 2024 when the U.S. House of Representatives passed the Financial Innovation and Technology for the 21st Century (FIT21) Act with bipartisan support as 71 Democrats voted in favor of the bill. FIT21 laid the groundwork for how digital assets should be treated under U.S. law, clarified the roles of the CFTC and SEC, and provided pathways for registration, disclosure, and compliance.",[11,6777,6778],{},"This Congress, we are building on that momentum and continue to push for smart, tailored policy that fosters innovation while protecting consumers.",[11,6780,6781],{},"In April, the House Financial Services Committee passed the bipartisan STABLE Act, which would establish a clear and comprehensive set of rules for the issuance and regulation of payment stablecoins that have the potential to modernize the way we transact by making payments faster, cheaper, and more inclusive.",[11,6783,6784],{},"Yesterday, we took another major step forward. The Financial Services Committee and the House Agriculture Committee passed the CLARITY Act, a landmark bipartisan bill that was carefully crafted between our committees. The CLARITY Act establishes a functional framework for the classification of digital assets, provides builders and firms with clear regulatory obligations, and ensures robust consumer protections against fraud and bad actors.",[11,6786,6787],{},"The STABLE and CLARITY Acts form the most comprehensive digital asset regulatory framework Congress has ever advanced. Collectively, these bills will ensure that the United States sets the global standard for the future of digital assets.",[11,6789,6790],{},"We are committed to working with our colleagues in both chambers to enact comprehensive digital asset legislation into law. The rest of the world is not waiting to lead in blockchain innovation. If we fail to act, we risk ceding leadership in one of the most transformative technologies in modern history.",[11,6792,6793],{},"Congress has the opportunity and responsibility to establish a regulatory framework that unlocks the next era of American innovation. It is time for the United States to lead in the new digital frontier.",[11,6795,6796],{},[55,6797,6800],{"href":6798,"rel":6799},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2025\u002F06\u002F11\u002Fdigital-assets-are-one-step-closer-to-regulatory-clarity",[59],[61,6801,63],{},{"title":65,"searchDepth":66,"depth":66,"links":6803},[],[69],"2025-06-13 14:56:02",{},"\u002Fblog\u002Fdigital-assets-are-one-step-closer-to-regulatory-clarity",{"title":6758,"description":6766},"blog\u002FDigital-Assets-Are-One-Step-Closer-to-Regulatory-Clarity","sAeHOfys-SYCPtSxCAVyt0forYr1ju_3EQl1pHUJ1Yo",{"id":6812,"title":6813,"body":6814,"categories":6910,"cover":6820,"date":6911,"description":6821,"extension":71,"meta":6912,"navigation":73,"path":6913,"seo":6914,"stem":6915,"tags":77,"__hash__":6916},"blog\u002Fblog\u002FWhy-Is-Web3-Losing-the-AI-Race.md","Why Is Web3 Losing the AI Race?",{"type":8,"value":6815,"toc":6902},[6816,6822,6825,6828,6832,6835,6838,6842,6845,6848,6851,6855,6858,6861,6864,6868,6871,6874,6878,6881,6884,6888,6891,6894],[11,6817,6818,6821],{},[14,6819],{"alt":16,"src":6820},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F1af419b89624b3c0dc02a7b74dcfe8a3cce05fb9-1280x853.avif","\nArtificial intelligence (AI) is widely regarded as one of the most transformative technologies of this century. Naturally, the prospect of decentralized AI systems powered by Web3 infrastructure holds significant conceptual appeal.",[11,6823,6824],{},"However, despite this seemingly compelling value proposition, Web3-AI has failed to achieve meaningful traction in the broader AI ecosystem. As frontier AI capabilities accelerate at unprecedented rates, the window of opportunity for Web3 to become a viable foundation for next-generation AI is rapidly closing.",[11,6826,6827],{},"This essay explores a controversial but critical thesis: Web3 is losing the AI race. There comes a point in every technological revolution when it becomes too late to mount a credible disruption. If Web3-AI doesn’t shift focus from superficial trends to foundational infrastructure, the rationale for building the next generation of AI systems on decentralized platforms may disappear entirely.",[100,6829,6831],{"id":6830},"the-web3-ai-narrative-fallacy","The Web3 AI Narrative Fallacy",[11,6833,6834],{},"In \"The Black Swan,\" Nassim Nicholas Taleb introduced the concept of the \"narrative fallacy\": the tendency to construct coherent stories around unrelated or weakly connected events. The current state of Web3-AI is a textbook example. The community rewards highly performative but largely irrelevant trends in the context of the AI market—AI meme agents, speculative zk-AI prototypes—as if they mark substantial progress in the field. While some innovation exists, the widening gulf between Web3-AI and the broader AI ecosystem is becoming unsustainable.",[11,6836,6837],{},"The allure of narrative-driven innovation has encouraged the Web3 ecosystem to mistake experimentation for progress. As a result, capital and attention are often misallocated to novelty rather than foundational capability. The illusion of momentum is masking the fact that most of what is being built today in Web3-AI is orthogonal to the critical path of AI innovation.",[100,6839,6841],{"id":6840},"ai-and-the-wave-theory-of-tech-evolution","AI and the Wave Theory of Tech Evolution",[11,6843,6844],{},"To understand Web3-AI’s fragile position, it’s helpful to look at how technology tends to evolve. First, breakthroughs tend to unfold in interdependent waves. For example, mobile computing was catalyzed by prior waves like cloud infrastructure, and AI chips emerged from innovations in gaming hardware. To remain relevant in a new wave, technologies must be grounded in previous ones.",[11,6846,6847],{},"Web3-AI lacks that continuity. It did not play a meaningful role in the trends that gave rise to the generative AI revolution. It missed the cycles of cloud computing, large-scale data engineering, and even early AI model development. As a result, Web3-AI suffers from a foundational vacuum—it is trying to ride a wave without a surfboard.",[11,6849,6850],{},"Second, infrastructure technology markets tend to consolidate. History shows that dominant infrastructure platforms almost always shrink to a few major players. Cloud computing converged around AWS, Azure and GCP. Mobile development stabilized around iOS and Android. Big data coalesced around Snowflake and Databricks. AI infrastructure will likely follow a similar pattern. If Web3-AI doesn’t position itself as one of the top three viable platforms, it risks becoming irrelevant in a highly concentrated landscape.",[100,6852,6854],{"id":6853},"missing-fundamentals-and-building-irrelevant-things","Missing Fundamentals and Building Irrelevant Things",[11,6856,6857],{},"The modern AI stack is built on four fundamental pillars: data, compute, models, and research talent. Unfortunately, Web3 has historically ignored all four. It lacks deep AI talent. There are no large-scale AI datasets native to Web3. Compute infrastructure is still primitive. And, there are no widely adopted AI models running meaningfully on decentralized protocols.",[11,6859,6860],{},"This lack of fundamentals is compounded by a tendency to chase shiny objects. Projects in Web3-AI disproportionately gravitate toward speculative areas like meme agents or zkML without clear use cases. While these ideas are intellectually interesting, they are not core to enabling or scaling meaningful AI capabilities. In their current form, they offer little practical value for advancing AI infrastructure.",[11,6862,6863],{},"To make real progress, the Web3-AI ecosystem must confront this foundational deficit. That means investing in talent, building data pipelines, creating efficient compute layers, and developing models that offer tangible advantages when deployed on decentralized systems.",[100,6865,6867],{"id":6866},"the-ai-gap-between-web3-and-web2-is-increasing","The AI Gap Between Web3 and Web2 is Increasing",[11,6869,6870],{},"AI innovation is compounding rapidly, and Web3 has been a passive observer. None of the major AI milestones—unsupervised pretraining, advanced fine-tuning, retrieval-augmented generation, reasoning engines, or agentic frameworks—have involved Web3 architectures in a meaningful way.",[11,6872,6873],{},"As each new release compounds on the last, the barriers to catching up become steeper. All critical tooling, platforms, and infrastructure for building frontier models are currently centralized. Without urgent, coordinated efforts to change this trajectory, Web3-AI will be left decades behind in a field that advances in months.",[100,6875,6877],{"id":6876},"the-risk-of-irrelevance","The Risk of Irrelevance",[11,6879,6880],{},"AI is, by its very nature, a centralizing force. Training frontier models requires vast datasets, enormous compute, and specialized talent—all of which trend toward concentration. Decentralized alternatives face deep technical and economic challenges.",[11,6882,6883],{},"This does not mean decentralized AI is doomed. But the margin for error is vanishing. Unless Web3-AI accelerates dramatically, the centralized ecosystem will reach such dominance that decentralization becomes an afterthought. The risk is not missing out on the next AI trend; it is becoming fundamentally irrelevant in the AI future.",[100,6885,6887],{"id":6886},"a-wake-up-call","A Wake-Up Call",[11,6889,6890],{},"Resilience and optimism are embedded in Web3’s DNA, and recent efforts by more technically serious teams are encouraging such as Nous Research( distributed training), Prime Intellect( distributed training), LayerLens( benchmarking and evals), Pluralis( distributed training), Sahara (AI apps)and a handful of others. Some are starting to tackle core problems—privacy-preserving ML, distributed training, verifiable inference.",[11,6892,6893],{},"But these efforts remain exceptions rather than the norm. The Web3-AI movement is still short on talent, data, compute, infrastructure, and capital. It must abandon distractions and orient toward foundational capability. Facing this reality with clarity offers a chance to change course. Ignoring it means missing out on the most consequential technological revolution in history.",[11,6895,6896],{},[55,6897,6900],{"href":6898,"rel":6899},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2025\u002F06\u002F10\u002Fwhy-is-web3-losing-the-ai-race",[59],[61,6901,63],{},{"title":65,"searchDepth":66,"depth":66,"links":6903},[6904,6905,6906,6907,6908,6909],{"id":6830,"depth":66,"text":6831},{"id":6840,"depth":66,"text":6841},{"id":6853,"depth":66,"text":6854},{"id":6866,"depth":66,"text":6867},{"id":6876,"depth":66,"text":6877},{"id":6886,"depth":66,"text":6887},[69],"2025-06-11 10:53:54",{},"\u002Fblog\u002Fwhy-is-web3-losing-the-ai-race",{"title":6813,"description":6821},"blog\u002FWhy-Is-Web3-Losing-the-AI-Race","WcBHZdZvnCXDWF3SFaOfmAKDPHiIkN9nW5Dt6h7egPE",{"id":6918,"title":6919,"body":6920,"categories":6977,"cover":6926,"date":6978,"description":65,"extension":71,"meta":6979,"navigation":73,"path":6980,"seo":6981,"stem":6982,"tags":77,"__hash__":6983},"blog\u002Fblog\u002FCircle-Goes-Full-Circle.md","Circle Goes Full Circle",{"type":8,"value":6921,"toc":6973},[6922,6927,6930,6933,6936,6939,6942,6946,6949,6952,6955,6959,6962,6965],[11,6923,6924],{},[14,6925],{"alt":16,"src":6926},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F58739bf83340858bbe7b747f046f535d28494b3a-5712x4284.avif",[11,6928,6929],{},"By sheer luck, I had an opening bell media hit with NYSE TV this last Thursday, the day Circle listed as CRCL. The NYSE studio is upstairs at gallery level. I'd first visited the NYSE on the same gallery balcony as a boy with my Dad. I remember getting the impression that IBM was a huge company that represented the future.",[11,6931,6932],{},"Circle staff and guests filed in at 9:15, a much larger delegation than most bell-ringings. Not only was the floor packed, but both galleries were full. As the applause started, precisely at 9:29:30, everything else stopped. This wasn't the usual opening bell tea ceremony. NYSE President Lynn Martin stood beside an air-punching Circle CEO Jeremy Allaire, and the specialists, floor brokers, and other floor inhabitants joined in the cacophony. The energy took over the whole floor in a way that felt exceptional.",[11,6934,6935],{},"I asked, cheekily, to the NYSE TV folks which specialist booth would trade CRCL. No one had any idea what I was talking about. The producer decided to move our hit to the floor with a handheld microphone and change our subject from bitcoin to stablecoins on the fly. That was fine—plenty to say about stablecoins.",[11,6937,6938],{},"Standing within feet of Jeremy Allaire on the floor next to the bell balcony, doing our five-minute segment, it was pure electricity. It was the feeling when you finish a marathon and a beaming volunteer places a medal around your neck.",[11,6940,6941],{},"Accomplishment and validation. This was a moment enabled by a friendlier SEC and coincident with meaningful blockchain legislation, but it didn't have the vibe of MSTR rapture or youthful DeFi exuberance. It felt mature and financial--adults celebrating.",[100,6943,6945],{"id":6944},"a-long-time-coming","A long time coming",[11,6947,6948],{},"USDC sprang to life in September 2018, just before a local peak in U.S. interest rates. In retrospect, it was a handy time to launch, when carry (yield from backing assets) was positive but yield expectations in crypto (whose practitioners mostly grew up in a zero interest rate world) remained low. When COVID hit, in 2020, ZIRP (Zero-Interest-Rate-Policy) returned suddenly, threatening the business model, but prompting crypto adoption and experimentalism.",[11,6950,6951],{},"When the Fed aggressively raised rates in 2022 to help metabolize $5 trillion in COVID fiscal stimulus, stablecoins faced the opposite combination of supportive and threatening forces: higher carry revenues, but traumatized markets.",[11,6953,6954],{},"Circle's failed SPAC attempt spanned this transition. Announced in July 2021 when 3-month yields were 0.05%, the Concord Acquisition deal was renegotiated in February 2022 (as rates began their historic climb) and ultimately terminated in December 2022—right as rates hit 4.42%. The SEC never declared the S-4 registration statement effective. The transaction \"timed out\" waiting for regulatory approval, just as the underlying economics of Circle's business were being boosted by soaring rates.",[100,6956,6958],{"id":6957},"like-yields","Like yields",[11,6960,6961],{},"Now, several years into a 4-5% rate environment, the model has adapted and appears to be working. USDC holders can receive \"rewards\" on Coinbase that are similar to risk-free yields. On-chain cash holdings and collateral can be enhanced with tokenized treasuries. The GENIUS Act on stablecoins appears in good shape for passage, opening up the market for greater stablecoin adoption and participation.",[11,6963,6964],{},"The U.S. government has a new potential multi-trillion dollar customer for U.S. treasuries, providing much-needed demand for U.S. debt, which has become a chess piece in global trade. Circle (and other stablecoin issuers) are enjoying a good carry scenario, although near-term profitability has significant interest rate risk, now under the watchful scrutiny of CRCL shareholders and analysts.",[11,6966,6967],{},[55,6968,6971],{"href":6969,"rel":6970},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2025\u002F06\u002F09\u002Fcircle-goes-full-circle",[59],[61,6972,63],{},{"title":65,"searchDepth":66,"depth":66,"links":6974},[6975,6976],{"id":6944,"depth":66,"text":6945},{"id":6957,"depth":66,"text":6958},[69],"2025-06-09 11:13:33",{},"\u002Fblog\u002Fcircle-goes-full-circle",{"title":6919,"description":65},"blog\u002FCircle-Goes-Full-Circle","LYvs42eG5XvwM3QtHompl5jD6W41hRL6hZEsWeYIfw8",{"id":6985,"title":6986,"body":6987,"categories":7060,"cover":6993,"date":7061,"description":65,"extension":71,"meta":7062,"navigation":73,"path":7063,"seo":7064,"stem":7065,"tags":77,"__hash__":7066},"blog\u002Fblog\u002FState-of-Crypto-How-Crypto-Legislation-Is-Advancing.md","State of Crypto: How Crypto Legislation Is Advancing",{"type":8,"value":6988,"toc":7052},[6989,6994,6997,7001,7006,7009,7013,7016,7020,7023,7026,7029,7032,7035,7038,7041,7044],[11,6990,6991],{},[14,6992],{"alt":16,"src":6993},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F6fd5283a6553e5d3884b12521f2540e6137fb4fa-1294x728.avif",[11,6995,6996],{},"The House Financial Services Committee might mark up market structure legislation next week, while the Senate seems close to passing its stablecoin bill.",[100,6998,7000],{"id":6999},"legislative-moves","Legislative moves",[7002,7003,7005],"h3",{"id":7004},"the-narrative","The narrative",[11,7007,7008],{},"Here's what's clear: There are bills and they will probably get votes next week. Here's what's unclear: What all lawmakers might need to get enough votes to actually advance these bills, and if they're there already or not.",[7002,7010,7012],{"id":7011},"why-it-matters","Why it matters",[11,7014,7015],{},"The crypto industry has waited for years for Congress to pass legislation giving it some sort of regulatory clarity. Congress has taken a number of key steps this year already, but next week might see quite a few of these steps happen.",[7002,7017,7019],{"id":7018},"breaking-it-down","Breaking it down",[11,7021,7022],{},"Logistical details first. There will be markups in the House Financial Services Committee and the House Agriculture Committee on the market structure bill, the Digital Asset Market Clarity Act (otherwise known as just the Clarity Act) on Tuesday. That markup will likely end with lawmakers voting to advance the bill to the broader House of Representatives (it's possible the vote will fail, but it currently seems unlikely).",[11,7024,7025],{},"On the Senate side, lawmakers might hold a series of votes as early as Monday on the Guiding and Establishing National Innovation for U.S. Stablecoins of 2025 Act (otherwise known as GENIUS) to advance it. Senator Ruben Gallego, the Arizona Democrat who spearheaded a pause in the bill's advancement, said in an interview on Thursday that he expects a massive bipartisan vote in favor of the legislation. It'll need 60 votes to clear cloture (this is a second cloture vote) and a simple majority afterward to pass the Senate entirely. After that, it's on to the House.",[11,7027,7028],{},"\"We've worked in a very honest, earnest manner with our Republican colleagues. We think that they've been also doing the same,\" he said. \"They adopted a lot of the amendments, most of the amendments that we're we've been adding, and they've been continuing to work with some other Democrats who have some other concerns, but we believe that if all the changes are made, it's going to be a very solid, comprehensive bill that I think we could all be proud to vote for.\"",[11,7030,7031],{},"In other words, by the end of next week it's possible the House of Representatives will have both a market structure bill to consider, amend and vote on and a stablecoin bill (the House Financial Services Committee version of GENIUS, the STABLE Act, already passed out of that committee a while ago).",[11,7033,7034],{},"Whether both bills will make it to U.S. President Donald Trump's desk by the August recess is an open question. Policymakers in Washington, D.C. this week seemed skeptical that both bills would be passed by that deadline, though stablecoin legislation is likely to clear the House and Senate by then.",[11,7036,7037],{},"One theory flying around is that the GENIUS Act in the Senate might get tagged onto the House's Clarity Act, letting the House vote on both its market structure bill and stablecoin bill at once and sending both back to the Senate. To be clear, this isn't a firm plan, just something various individuals have suggested is a possibility. However, I've heard that there will likely be pushback from both House and Senate lawmakers should this path be pursued.",[11,7039,7040],{},"The other, more likely possibility seems to be that market structure legislation will just take longer — perhaps through the end of the year.",[11,7042,7043],{},"This is despite Democrats' ongoing concerns that Trump is enriching himself through his various crypto ventures. Just this week, Trump's media firm, Truth Social, filed for a spot bitcoin exchange-traded fund (ETF) with Yorkville America and NYSE Arca. Assuming this product is approved, it'll open another avenue for a Trump-affiliated entity to benefit from interest in the industry.",[11,7045,7046],{},[55,7047,7050],{"href":7048,"rel":7049},"https:\u002F\u002Fwww.coindesk.com\u002Fpolicy\u002F2025\u002F06\u002F07\u002Fstate-of-crypto-how-crypto-legislation-is-advancing",[59],[61,7051,63],{},{"title":65,"searchDepth":66,"depth":66,"links":7053},[7054],{"id":6999,"depth":66,"text":7000,"children":7055},[7056,7058,7059],{"id":7004,"depth":7057,"text":7005},3,{"id":7011,"depth":7057,"text":7012},{"id":7018,"depth":7057,"text":7019},[69],"2025-06-09 10:24:53",{},"\u002Fblog\u002Fstate-of-crypto-how-crypto-legislation-is-advancing",{"title":6986,"description":65},"blog\u002FState-of-Crypto-How-Crypto-Legislation-Is-Advancing","rCN8GsRHZCKtMz7lxLwKbS3k63yBFBU6rjqB5EEo5No",{"id":7068,"title":7069,"body":7070,"categories":7106,"cover":7076,"date":7107,"description":7077,"extension":71,"meta":7108,"navigation":73,"path":7109,"seo":7110,"stem":7111,"tags":77,"__hash__":7112},"blog\u002Fblog\u002FStablecoin-Fever-With-Circle-Soaring-Another-40-Apple-X-Among-Those-Reportedly-Wanting-In.md","Stablecoin Fever With Circle Soaring Another 40%: Apple, X Among Those Reportedly Wanting In",{"type":8,"value":7071,"toc":7104},[7072,7078,7081,7084,7087,7090,7093,7096],[11,7073,7074,7077],{},[14,7075],{"alt":16,"src":7076},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F9fed4c4443e5d8ca34ecce0fd951061ce68a7443-500x605.avif","\nApple, Airbnb, Google and Elon Musk’s X are holding early discussions with crypto companies about integrating stablecoins into their payment systems, according to people familiar with the matter who spoke with Fortune.",[11,7079,7080],{},"The tech giants see stablecoins as a way to cut transaction costs and streamline international payments. Stablecoins are digital tokens pegged to fiat currencies like the U.S. dollar, offering a bridge between crypto infrastructure and traditional finance. In 2024, they facilitated more than $27.6 trillion in transactions — more than Visa and Mastercard combined — according to a report from the World Economic Forum.",[11,7082,7083],{},"Stablecoins have been a fast-growing area of interest for traditional finance and that appears to be exploding even further following stablecoin issuer Circle's (CRCL) gangbuster IPO on Thursday, Shares more than doubled from an already-raised offering price and they're higher by another 40% today.",[11,7085,7086],{},"According to Fortune, Apple has reportedly been in talks with crypto companies since January to explore incorporating stablecoins into Apple Pay and its wider payments infrastructure. Meanwhile, X is in discussions with Stripe to potentially enable stablecoin-based transactions.",[11,7088,7089],{},"Airbnb is exploring stablecoins as a way to reduce the cut it pays to card networks like Visa and Mastercard. One crypto executive told Fortune the home-rental giant has been in talks with Worldpay since the beginning of 2025.",[11,7091,7092],{},"Political shifts, primarily U.S. President Donald Trump’s return to office — has made adopting crypto less risky in the U.S. corporate landscape.",[11,7094,7095],{},"Some analysts predict the stablecoin market could hit $2 trillion by 2028. One key tailwind: the expected passage of the GENIUS Act, a bill that would establish regulatory clarity for stablecoin issuers and potentially encourage more mainstream adoption in the United States.",[11,7097,7098],{},[55,7099,7102],{"href":7100,"rel":7101},"https:\u002F\u002Fwww.coindesk.com\u002Fbusiness\u002F2025\u002F06\u002F06\u002Fstablecoin-fever-as-circle-soars-apple-x-airbnb-are-reportedly-exploring-stablecoin-integration-to-cut-payment-costs",[59],[61,7103,63],{},{"title":65,"searchDepth":66,"depth":66,"links":7105},[],[69],"2025-06-07 12:23:53",{},"\u002Fblog\u002Fstablecoin-fever-with-circle-soaring-another-40-apple-x-among-those-reportedly-wanting-in",{"title":7069,"description":7077},"blog\u002FStablecoin-Fever-With-Circle-Soaring-Another-40-Apple-X-Among-Those-Reportedly-Wanting-In","-eU11iXJ_FwSwoYq_R4zgWHcAtekL10BeNV6E4-r8bw",{"id":7114,"title":7115,"body":7116,"categories":7160,"cover":7122,"date":7161,"description":65,"extension":71,"meta":7162,"navigation":73,"path":7163,"seo":7164,"stem":7165,"tags":77,"__hash__":7166},"blog\u002Fblog\u002FStablecoins-Are-Quietly-Reinforcing-U-S-National-Power.md","Stablecoins Are Quietly Reinforcing U.S. National Power",{"type":8,"value":7117,"toc":7158},[7118,7123,7126,7129,7132,7135,7138,7141,7144,7147,7150],[11,7119,7120],{},[14,7121],{"alt":16,"src":7122},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Ffffe78ffb6a8a6fc819d265c97beea547b84dcfb-5195x3493.avif",[11,7124,7125],{},"Something important is happening beneath the noise of crypto headlines — and it has little to do with memecoins or market speculation. Stripe recently reintroduced stablecoin payments after a multi-year hiatus. Meta, once burned by its own stablecoin ambitions, is quietly testing integration of U.S. dollar stablecoins from other issuers in WhatsApp. These are not fringe tech experiments. They’re signs that dollar-backed digital assets are beginning to reenter the mainstream. And while the policy debate often focuses on consumer protection or regulatory jurisdiction, there’s another angle that deserves urgent attention: national security.",[11,7127,7128],{},"At their core, stablecoins are digital representations of U.S. dollars (or similarly safe assets, like gold or other stable fiat currencies) issued on blockchains. As of Q2 2025, the total supply of dollar-pegged stablecoins exceeds $200 billion. According to a recent report by the World Economic Forum, stablecoins facilitated over $27.6 trillion in transactions in 2024, surpassing the combined volumes of Visa and Mastercard. Two issuers — Tether and Circle — dominate the space, with combined reserves consisting heavily of U.S. Treasury bills. Tether alone reportedly held over $93 billion in U.S. Treasuries earlier this year, placing it among the world’s top holders of short-term U.S. government debt.",[11,7130,7131],{},"That makes stablecoins more than just a crypto tool — they are digital demand engines for U.S. sovereign debt. Pause and consider that: as some nations attempt to move off dollar rails, USD stablecoins provide a path for vastly expanding dollar payments by delivering US debt directly to citizens of all nations. Each new stablecoin minted requires reserve backing, often in the form of Treasuries. This contributes to liquidity in the U.S. debt market at a time when global buyers are showing signs of hesitation. Several emerging markets, and even longstanding allies, have floated the idea of diversifying away from the dollar. Stablecoins quietly counter that trend, extending demand for U.S. assets even in jurisdictions where traditional capital markets don’t reach.",[11,7133,7134],{},"They also extend something harder to quantify but more strategically vital: influence. In countries with capital controls or currency instability — like Turkey, Venezuela, and Nigeria — stablecoins have become lifelines. People use them to preserve value, transact with less friction, and, in many cases, escape volatile or corrupt local banking systems. When users in these countries adopt USDC or USDT, they are plugging into the dollar system — potentially without the need for local intermediaries, without embassies, and without needing physical greenbacks. It is dollarization by code. It gives each and every individual on the planet the ability to opt in to the U.S. financial system.",[11,7136,7137],{},"This matters because the global financial system is fragmenting. The rise of central bank digital currencies (CBDCs) — especially China’s digital yuan — is part of a broader effort to build alternative rails for cross-border settlement. As of 2023, China had distributed its e-CNY to over 260 million users and signed cross-border pilot agreements across Asia and Africa. At the same time, the share of U.S. dollars in global foreign reserves continues its slow erosion, now hovering around 58%, down from over 70% two decades ago.",[11,7139,7140],{},"Stablecoins offer a digital counterbalance to these trends. They embed the dollar into the next generation of financial infrastructure — payment platforms, DeFi protocols, and digital wallets. And unlike Eurodollars (U.S. dollar-denominated deposits held in banks outside the United States, beyond the reach of U.S. banking regulations and often used in opaque, offshore financial markets), stablecoins often operate on public ledgers. That gives the U.S. a visibility advantage. When reserves are custodied domestically, when issuers operate in the U.S. and their customer data is available to us, and when transactions occur on traceable blockchains, the U.S. gains both jurisdictional leverage and intelligence capacity. Stablecoins are not just currency — they are sensors in the global financial system. U.S. dollar — and especially U.S. domiciled — stablecoins give us the most valuable currency: data.",[11,7142,7143],{},"This capacity has national security implications. Sanctions enforcement, illicit finance tracking, and crisis response all depend on knowing where value is moving. When adversaries — from sanctioned states to cybercriminal networks—use dollar stablecoins, those flows can be traced, frozen, or redirected. The infrastructure built around these assets becomes a tool for enforcement as much as innovation.",[11,7145,7146],{},"To be clear, stablecoins are not risk-free. A loss of confidence in a major issuer could create market shocks if a stablecoin was unregulated or improperly managed. Poor reserve management could undercut credibility. But those are solvable challenges. What matters now is recognizing what’s already true: stablecoins are reinforcing dollar dominance, funding U.S. debt, and extending financial influence far beyond our borders.",[11,7148,7149],{},"The U.S. has a history of exporting its power through finance. Stablecoins are the next evolution of that legacy. And with the world watching, and competitors mobilizing, we have a rare opportunity to lead from a position of strength.",[11,7151,7152],{},[55,7153,7156],{"href":7154,"rel":7155},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2025\u002F06\u002F04\u002Fstablecoins-are-quietly-reinforcing-u-s-national-power",[59],[61,7157,63],{},{"title":65,"searchDepth":66,"depth":66,"links":7159},[],[69],"2025-06-05 18:03:53",{},"\u002Fblog\u002Fstablecoins-are-quietly-reinforcing-u-s-national-power",{"title":7115,"description":65},"blog\u002FStablecoins-Are-Quietly-Reinforcing-U-S-National-Power","_bm5cBsN3BoIE8JUAqOjdhqCTX-MbFDDlLThwoTAzYU",{"id":7168,"title":7169,"body":7170,"categories":7229,"cover":7176,"date":7230,"description":7177,"extension":71,"meta":7231,"navigation":73,"path":7232,"seo":7233,"stem":7234,"tags":77,"__hash__":7235},"blog\u002Fblog\u002FCrypto-Staking-Doesn-t-Violate-U-S-Securities-Law-SEC-Says.md","Crypto Staking Doesn't Violate U.S. Securities Law, SEC Says",{"type":8,"value":7171,"toc":7227},[7172,7178,7181,7184,7187,7194,7197,7200,7207,7210,7213,7216,7219],[11,7173,7174,7177],{},[14,7175],{"alt":16,"src":7176},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F7b05e055379f608037d08736b5fc9c0b225f08a3-6000x3376.avif","\nCrypto staking, under certain circumstances, does not appear to implicate U.S. securities law, a branch of the U.S. Securities and Exchange Commission said late Thursday.",[11,7179,7180],{},"The SEC's Division of Corporation Finance published a staff statement — the latest in a series from the regulator — spelling out how the regulator may evaluate proof-of-stake networks, mainly noting that covered activities do not \"involve the offer and sale of securities\" — meaning the SEC won't sue any person or company participating in those activities.",[11,7182,7183],{},"Node operators and validators, custodians, delegates, nominators and entities staking assets either on their own, staking directly with a third party or staking on behalf of an asset's owners fall into this bucket, the staff statement said. In this, the SEC seems to suggest that staking will be treated identically to mining, the consensus mechanism securing networks like Bitcoin, which the SEC clarified also did not implicate securities laws in a similar staff statement last month.",[11,7185,7186],{},"The SEC's staff statement was \"very clear for a subject that can be a little bit complicated,\" said Lorien Gabel, the CEO of staking-focused crypto firm Figment. And its main upside appears to be saying that various activities U.S. companies might have shied away from in the past are okay now.",[11,7188,7189,7190,7193],{},"\"They included some ancillary staking activities. For example, we provide insurance around slashing ",[1731,7191,7192],{},"and we also provide"," modified unbonding periods,\" he said. \"And they said that actually doesn't mean that you're a manager of assets as a staking provider.\"",[11,7195,7196],{},"The SEC statement said companies that want to provide those types of services, or even pooled staking, can do so, he said.",[11,7198,7199],{},"Thursday's statement is an incremental but important update from the regulator, said Alison Mangiero, the head of staking policy at the Crypto Council for Innovation.",[11,7201,7202,7203,7206],{},"\"This reaffirms that there's going to be similar treatment for stakers that there is for miners. And I think it's especially important because, given under ",[1731,7204,7205],{},"former SEC Chair Gary"," Gensler, there were so many enforcement actions that were focused on staking as a service … we saw a lot of those cases dismissed, and the Coinbase case dismissed with prejudice,\" she said. \"We assumed that this would be the stance, but actually having a staff statement that asserts it, I think is crucially important.\"",[11,7208,7209],{},"The fact it came just days before the SEC faces a deadline on a number of applications to bring staking into spot ether exchange-traded funds (ETFs) is telling, she said.",[11,7211,7212],{},"It's likely that the ETF providers would have received staking approvals regardless, but the SEC statement will likely start speeding up the process for securing those approvals, Gabel said.",[11,7214,7215],{},"As with the SEC's previous staff statements, Thursday's included a footnote clarifying that it is very narrowly tailored and certain restrictions would apply. It is not a replacement for rulemaking done through the actual commissioners and \"has no legal force or effect,\" the footnote said.",[11,7217,7218],{},"\"This statement only addresses certain activities involving Covered Crypto Assets that do not have intrinsic economic properties or rights, such as generating a passive yield or conveying rights to future income, profits, or assets of a business enterprise,\" another footnote said.",[11,7220,7221],{},[55,7222,7225],{"href":7223,"rel":7224},"https:\u002F\u002Fwww.coindesk.com\u002Fnews-analysis\u002F2025\u002F05\u002F29\u002Fcrypto-staking-doesnt-violate-us-securities-law-sec-says",[59],[61,7226,63],{},{"title":65,"searchDepth":66,"depth":66,"links":7228},[],[69],"2025-05-30 16:12:31",{},"\u002Fblog\u002Fcrypto-staking-doesn-t-violate-u-s-securities-law-sec-says",{"title":7169,"description":7177},"blog\u002FCrypto-Staking-Doesn-t-Violate-U-S-Securities-Law-SEC-Says","h10BEnJFY8gzi4r7IZwQOZ3IqEXuUjeK2aa-P_4axmo",{"id":7237,"title":7238,"body":7239,"categories":7290,"cover":7245,"date":7291,"description":7246,"extension":71,"meta":7292,"navigation":73,"path":7293,"seo":7294,"stem":7295,"tags":77,"__hash__":7296},"blog\u002Fblog\u002FSEC-Files-to-Dismiss-Long-Running-Lawsuit-Against-Binance.md","SEC Files to Dismiss Long-Running Lawsuit Against Binance",{"type":8,"value":7240,"toc":7288},[7241,7247,7250,7253,7256,7259,7262,7265,7268,7271,7274,7277,7280],[11,7242,7243,7246],{},[14,7244],{"alt":16,"src":7245},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Fd515099cc27d1cef5d333e5c01bb778ce49d7531-6000x3376.avif","\nThe U.S. Securities and Exchange Commission moved to drop its long-running lawsuit against crypto exchange Binance on Thursday, without providing an explanation in a court filing.",[11,7248,7249],{},"The SEC and Binance filed a joint motion, noting that the case had already been paused while the SEC's new crypto task force worked to \"develop a regulatory framework for crypto assets.\"",[11,7251,7252],{},"\"In the exercise of its discretion and as a policy matter, the Commission believes the dismissal of this Litigation is appropriate,\" the joint filing said. \"... the Commission's decision to seek dismissal of this Litigation does not necessarily reflect the Commission's position in any other litigation or proceeding.\"",[11,7254,7255],{},"The SEC has not published a framework yet, though lawmakers in the U.S. House of Representatives introduced their formal bill to define how the SEC and its sister agency, the Commodity Futures Trading Commission, would each oversee digital assets earlier on Thursday.",[11,7257,7258],{},"The parties want the case dismissed with prejudice, meaning the SEC would not be able to bring this lawsuit against Binance again in the future. The filing also includes provisions to block Binance or its affiliated entities and executives from filing a suit or complaint against the SEC tied to the lawsuit, which was brought in June 2023 against Binance, Binance.US and Binance founder Changpeng CZ Zhao.",[11,7260,7261],{},"Judge Amy Berman Jackson, who's overseeing the case, previously ruled that the SEC had brought plausible charges against the exchange and allowed most the lawsuit to proceed last year.",[11,7263,7264],{},"In a statement, an external spokesperson for Binance.US said they were \"pleased that the SEC fully dismissed its charges against Binance.US, confirming what we have always known — that the company did not violate U.S. securities laws.\"",[11,7266,7267],{},"\"Today’s news is a major milestone for our company, as putting this matter to rest allows us to focus entirely on growing our business and work on restoring our relationships that were impacted by the SEC,\" the statement said. \"We are excited about the future of Binance.US and crypto in the U.S. and look forward to continuing to offer access to crypto in the U.S., while maintaining our commitment to compliance and our customers.\"",[11,7269,7270],{},"Thursday's filing just marks the latest withdrawal for the SEC, which already moved to drop over a dozen other investigations and lawsuits. Prior to 2025, the SEC was investigating non-fungible token marketplaces and suing crypto exchanges. Binance was just one exchange the SEC alleged was illegally operating as an unregistered broker, clearinghouse and exchange. Others included Coinbase and Kraken.",[11,7272,7273],{},"The SEC's about-turn came after Donald Trump retook office as the U.S. President, appointing Commissioner Mark Uyeda as acting chair and nominating Paul Atkins to be the agency's full chair. Atkins was confirmed and sworn into office last month.",[11,7275,7276],{},"Last week, Binance announced it would list USD1, a stablecoin issued by World Liberty Financial, a crypto company tied to Trump, some of Trump's children and some of his affiliates.",[11,7278,7279],{},"Earlier Thursday, SEC Commissioner Hester Peirce said during an appearance at Bitcoin 2025 in Las Vegas that some crypto investors should not expect a bailout or government protection if they invest in speculative digital assets.",[11,7281,7282],{},[55,7283,7286],{"href":7284,"rel":7285},"https:\u002F\u002Fwww.coindesk.com\u002Fpolicy\u002F2025\u002F05\u002F29\u002Fsec-files-to-dismiss-regulators-long-running-lawsuit-against-binance",[59],[61,7287,63],{},{"title":65,"searchDepth":66,"depth":66,"links":7289},[],[69],"2025-05-30 15:47:53",{},"\u002Fblog\u002Fsec-files-to-dismiss-long-running-lawsuit-against-binance",{"title":7238,"description":7246},"blog\u002FSEC-Files-to-Dismiss-Long-Running-Lawsuit-Against-Binance","T5smh-Gk96xi6bRiKX7gtaj02tafhmz70ei6um4gyn0",{"id":7298,"title":7299,"body":7300,"categories":7386,"cover":7306,"date":7387,"description":7307,"extension":71,"meta":7388,"navigation":73,"path":7389,"seo":7390,"stem":7391,"tags":77,"__hash__":7392},"blog\u002Fblog\u002FHow-Forgd-Streamlines-Token-Launch-Processes-for-Crypto-Protocols.md","How Forgd Streamlines Token Launch Processes for Crypto Protocols",{"type":8,"value":7301,"toc":7383},[7302,7308,7311,7314,7317,7320,7323,7326,7329,7332,7335,7338,7341,7345,7348,7351,7354,7357,7360,7363,7366,7369,7372,7375],[11,7303,7304,7307],{},[14,7305],{"alt":16,"src":7306},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F15fbfc58425572eb25d20fe3a942f31ac40c0185-8256x5504.avif","\nThere’s a science to issuing a token.",[11,7309,7310],{},"At least that’s according to Shane Molidor, the founder of Forgd, a platform that specializes in advising crypto projects on how to launch their own native tokens.",[11,7312,7313],{},"“It's easier now to launch a token than ever, especially with pump.fun,” Molidor told CoinDesk in an interview, referring to the Solana-based launch platform favored by memecoin creators. “But it's harder now than ever to launch a utility token that actually ends up performing well, because there's a finite amount of attention among retail and institutional investors.”",[11,7315,7316],{},"“At the end of the day, everyone seeks a positive return on investment, but if there's a finite pool of capital, you've got a lot of churn,” Molidor added.",[11,7318,7319],{},"Forgd provides free-to-use software for blockchain projects to design tokenomics, engage market makers, navigate exchange listings, and underwrite their own valuation at launch.",[11,7321,7322],{},"Once they officially launch their token, these projects can keep using Forgd as a data analytics platform to track their market makers, monitor unlocks, and optimize token demand drivers.",[11,7324,7325],{},"The company also has an internal advisory practice to help guide large projects to fruition. More recently, Forgd has built out a portal where other token advisory firms can manage their portfolio; additionally, market makers are able to access transparent deal flow, as well as track uptime obligations.",[11,7327,7328],{},"The software has been used by more than 1,500 projects, according to Molidor, about half of which have been research-oriented, meaning users played around with the tools to understand how it all works.",[11,7330,7331],{},"Most of the time, the more serious projects (which Molidor called “blue chips”) end up using the software while still working with an advisory firm — which could be Forgd itself, or one of its competitors.",[11,7333,7334],{},"In Molidor’s book, to qualify as a “blue chip project” means raising significant funding from venture capitalists and offering their token at about $100 million notional or above on major centralized exchanges. Multiple tokens now in the Top 100 in terms of market capitalization have been launched through Forgd, Molidor stated, though he declined to provide any names.",[11,7336,7337],{},"“The goal is to provide transparency and standardize this process of go-to-market,” Molidor said. “It's always struck me as odd that… protocol innovators are expected to become subject matter experts in all things market microstructure.”",[11,7339,7340],{},"“A lot of the intricacies of this go-to-market process are very much a black box to all but insiders. I used to be one of those insiders, so I know how to navigate the process,” he added.",[100,7342,7344],{"id":7343},"unsustainable-launch-process","Unsustainable launch process",[11,7346,7347],{},"Forgd’s recommendations are completely data-driven, according to Molidor. For tokenomics, for example, the firm will look at all the projects that launched recently, identify those that performed well, and analyze things such as token distribution, token emissions, their valuation on launch day, price performance, market capitalization, trading volume, and so on.",[11,7349,7350],{},"The analysis also covers market makers — which ones were used, what was their percentage of the total order book, what was the contribution in terms of making or filling orders, the tightness of spreads, et cetera. That way, when a project wants to launch with Forgd, it’s able to see a given market maker’s historical performance before inking a deal with them.",[11,7352,7353],{},"Obviously, markets change all of the time, and what may have worked for a specific project in the fall of 2024 may not work anymore in summer of 2025. But Forgd takes great care in updating its database with every new major launch that goes live.",[11,7355,7356],{},"Forgd mostly works with crypto native firms, though Molidor said the firm has had conversations with major, sophisticated institutions interested in learning about the process of launching a token.",[11,7358,7359],{},"In Molidor’s saying, the current process for launching tokens — with assets trading at multi-billion dollar fully diluted valuations shortly after launch, and with hyperinflationary token emissions over a period of three or four years — is completely unsustainable and needs to change. With such projects, demand is usually limited to the opening days or weeks; afterwards, the investing public’s attention moves on to other projects.",[11,7361,7362],{},"“The reality is that, behind the scenes, on big time launches, the opening price and the magnitude of the… pop are hyper manufactured, either by the exchange or market makers, so the project might have very minimal influence as to how high they're trading in the first one minute. Predatory or self-interested actors might influence that,” Molidor said.",[11,7364,7365],{},"“What I think is actually more common is that the project doesn't know how to structure a balanced relationship with strategic partners like market makers, and they unknowingly put themselves in a position where the market maker is incentivized to let the price rip,” he added.",[11,7367,7368],{},"The problem could be fixed if mechanisms were put in place to ensure sustained demand in the secondary market, Molidor said. In traditional markets, when a company goes public, it has certain assurances in the book building process from the underwriter that there will be institutional demand, he claimed. Tokens, however, usually can only count on retail speculative demand once they go to market.",[11,7370,7371],{},"To remedy that, deal structures could be conducted in such a way that, if an institution wants to invest in the primary market, they are only allowed to invest a small portion of the capital they want to allocate — with the rest earmarked for the secondary market.",[11,7373,7374],{},"“Just as DeFi summer revolutionized the way that we think about liquidity provision, I wouldn't be surprised if we see on-chain mechanisms that incentivize buy-side demand being injected on-chain after a token is launched, that could be with basically yield that's generated in tokens, or maybe stablecoins that effectively lower the cost basis of institutions,” Molidor said.",[11,7376,7377],{},[55,7378,7381],{"href":7379,"rel":7380},"https:\u002F\u002Fwww.coindesk.com\u002Fmarkets\u002F2025\u002F05\u002F29\u002Fhow-forgd-streamlines-token-launch-processes-for-crypto-protocols",[59],[61,7382,63],{},{"title":65,"searchDepth":66,"depth":66,"links":7384},[7385],{"id":7343,"depth":66,"text":7344},[69],"2025-05-30 10:22:51",{},"\u002Fblog\u002Fhow-forgd-streamlines-token-launch-processes-for-crypto-protocols",{"title":7299,"description":7307},"blog\u002FHow-Forgd-Streamlines-Token-Launch-Processes-for-Crypto-Protocols","qy7am65_Lyjf5KDqzIXFRrapWSc9r64rL1F44oeqSqg",{"id":7394,"title":7395,"body":7396,"categories":7485,"cover":7402,"date":7486,"description":7403,"extension":71,"meta":7487,"navigation":73,"path":7488,"seo":7489,"stem":7490,"tags":77,"__hash__":7491},"blog\u002Fblog\u002FNASA’s-Dragonfly-Mission-Sets-Sights-on-Titan’s-Mysteries.md","NASA’s Dragonfly Mission Sets Sights on Titan’s Mysteries",{"type":8,"value":7397,"toc":7483},[7398,7404,7407,7410,7413,7416,7419,7422,7425,7428,7431,7434,7439,7442,7445,7448,7451,7454,7457,7460,7463,7466,7469,7472,7475],[11,7399,7400,7403],{},[14,7401],{"alt":16,"src":7402},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Fdragonfly2.jpg","\nWhen it descends through the thick golden haze on Saturn’s moon Titan, NASA’s Dragonfly rotorcraft will find eerily familiar terrain. Dunes wrap around Titan’s equator. Clouds drift across its skies. Rain drizzles. Rivers flow, forming canyons, lakes and seas.",[11,7405,7406],{},"But not everything is as familiar as it seems. At minus 292 degrees Fahrenheit, the dune sands aren’t silicate grains but organic material. The rivers, lakes and seas hold liquid methane and ethane, not water. Titan is a frigid world laden with organic molecules.",[11,7408,7409],{},"Yet Dragonfly, a car-sized rotorcraft set to launch no earlier than 2028, will explore this frigid world to potentially answer one of science’s biggest questions: How did life begin?",[11,7411,7412],{},"Seeking answers about life in a place where it likely can’t survive seems odd. But that’s precisely the point.",[11,7414,7415],{},"“Dragonfly isn’t a mission to detect life — it’s a mission to investigate the chemistry that came before biology here on Earth,” said Zibi Turtle, principal investigator for Dragonfly and a planetary scientist at the Johns Hopkins Applied Physics Laboratory in Laurel, Maryland. “On Titan, we can explore the chemical processes that may have led to life on Earth without life complicating the picture.”",[11,7417,7418],{},"On Earth, life has reshaped nearly everything, burying its chemical forebears beneath eons of evolution. Even today’s microbes rely on a slew of reactions to keep squirming.",[11,7420,7421],{},"“You need to have gone from simple to complex chemistry before jumping to biology, but we don’t know all the steps,” Turtle said. “Titan allows us to uncover some of them.”",[11,7423,7424],{},"Titan is an untouched chemical laboratory where all the ingredients for known life — organics, liquid water and an energy source — have interacted in the past. What Dragonfly uncovers will illuminate a past since erased on Earth and refine our understanding of habitability and whether the chemistry that sparked life here is a universal rule — or a wonderous cosmic fluke.",[11,7426,7427],{},"Before NASA’s Cassini-Huygens mission, researchers didn't know just how rich Titan is in organic molecules. The mission’s data, combined with laboratory experiments, revealed a molecular smorgasbord — ethane, propane, acetylene, acetone, vinyl cyanide, benzene, cyanogen, and more.",[11,7429,7430],{},"These molecules fall to the surface, forming thick deposits on Titan’s ice bedrock. Scientists believe life-related chemistry could start there — if given some liquid water, such as from an asteroid impact.",[11,7432,7433],{},"Enter Selk crater, a 50-mile-wide impact site. It’s a key Dragonfly destination, not only because it’s covered in organics, but because it may have had liquid water for an extended time.",[11,7435,7436],{},[14,7437],{"alt":16,"src":7438},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Fpsd-TitanSelk.jpg",[11,7440,7441],{},"The impact that formed Selk melted the icy bedrock, creating a temporary pool that could have remained liquid for hundreds to thousands of years under an insulating ice layer, like winter ponds on Earth. If a natural antifreeze like ammonia were mixed in, the pool could have remained unfrozen even longer, blending water with organics and the impactor’s silicon, phosphorus, sulfur and iron to form a primordial soup.",[11,7443,7444],{},"“It’s essentially a long-running chemical experiment,” said Sarah Hörst, an atmospheric chemist at Johns Hopkins University and co-investigator on Dragonfly’s science team. “That’s why Titan is exciting. It’s a natural version of our origin-of-life experiments — except it’s been running much longer and on a planetary scale.”",[11,7446,7447],{},"For decades, scientists have simulated Earth’s early conditions, mixing water with simple organics to create a “prebiotic soup” and jumpstarting reactions with an electrical shock. The problem is time. Most tests last weeks, maybe months or years.",[11,7449,7450],{},"The melt pools at Selk crater, however, possibly lasted tens of thousands of years. Still shorter than the hundreds of millions of years it took life to emerge on Earth, but potentially enough time for critical chemistry to occur.",[11,7452,7453],{},"“We don’t know if Earth life took so long because conditions had to stabilize or because the chemistry itself needed time,” Hörst said. “But models show that if you toss Titan’s organics into water, tens of thousands of years is plenty of time for chemistry to happen.”",[11,7455,7456],{},"Dragonfly will test that theory. Landing near Selk, it will fly from site to site, analyzing the surface chemistry to investigate the frozen remains of what could have been prebiotic chemistry in action.",[11,7458,7459],{},"Morgan Cable, a research scientist at NASA’s Jet Propulsion Laboratory in Southern California and co-investigator on Dragonfly, is particularly excited about the Dragonfly Mass Spectrometer (DraMS) instrument. Developed by NASA’s Goddard Space Flight Center in Greenbelt, Maryland, with a key subsystem provided by the CNES (Centre National d'Etudes Spatiales), DraMS will search for indicators of complex chemistry.",[11,7461,7462],{},"“We’re not looking for exact molecules, but patterns that suggest complexity,” Cable said. On Earth, for example, amino acids — fundamental to proteins — appear in specific patterns. A world without life would mainly manufacture the simplest amino acids and form fewer complex ones.",[11,7464,7465],{},"Generally, Titan isn’t regarded as habitable; it’s too cold for the chemistry of life as we know it to occur, and there’s is no liquid water on the surface, where the organics and likely energy sources exist.",[11,7467,7468],{},"Still, scientists have assumed that if a place has life’s ingredients and enough time, complex chemistry — and eventually life —  should emerge. If Titan proves otherwise, it may mean we’ve misunderstood something about life’s start and it may be rarer than we thought.",[11,7470,7471],{},"“We won’t know how easy or difficult it is for these chemical steps to occur if we don’t go, so we need to go and look,” Cable said. “That’s the fun thing about going to a world like Titan. We’re like detectives with our magnifying glasses, looking at everything and wondering what this is.”",[11,7473,7474],{},"Dragonfly is being designed and built under the direction of the Johns Hopkins Applied Physics Laboratory (APL), which manages the mission for NASA. The team includes key partners at NASA’s Goddard Space Flight Center and NASA’s Jet Propulsion Laboratory. Dragonfly is managed by NASA’s Marshall Space Flight Center in Huntsville, Alabama, for the agency’s Science Mission Directorate at NASA Headquarters in Washington.",[11,7476,7477],{},[55,7478,7481],{"href":7479,"rel":7480},"https:\u002F\u002Fscience.nasa.gov\u002Fsolar-system\u002Fnasas-dragonfly-mission-sets-sights-on-titans-mysteries\u002F",[59],[61,7482,63],{},{"title":65,"searchDepth":66,"depth":66,"links":7484},[],[233],"2025-05-28 12:23:53",{},"\u002Fblog\u002Fnasa's-dragonfly-mission-sets-sights-on-titan's-mysteries",{"title":7395,"description":7403},"blog\u002FNASA’s-Dragonfly-Mission-Sets-Sights-on-Titan’s-Mysteries","LdlcqbwCiKah_FQGbCvbD0bDOrxNAGWpxNvgrQRctN4",{"id":7493,"title":7494,"body":7495,"categories":7534,"cover":7501,"date":7535,"description":7502,"extension":71,"meta":7536,"navigation":73,"path":7537,"seo":7538,"stem":7539,"tags":77,"__hash__":7540},"blog\u002Fblog\u002FKraken-to-List-Tokenized-Version-of-Nvidia-Apple-Tesla-Shares.md","Kraken to List Tokenized Version of Nvidia, Apple, Tesla Shares",{"type":8,"value":7496,"toc":7532},[7497,7503,7506,7509,7512,7515,7518,7521,7524],[11,7498,7499,7502],{},[14,7500],{"alt":16,"src":7501},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Fd5431dca55b1d200b874251f094539a4c2d41736-1920x1280.avif","\nKraken plans to list tokenized shares of Nvidia, Apple, Tesla and over 50 other U.S. stocks and exchange-traded funds (ETFs), the Wall Street Journal reported.",[11,7504,7505],{},"The tokens, deployed on Solana, will be known under the name “xStocks” and will be available to trade 24\u002F7 for investors all across the world. Some of the ETFs that will be available to trade include the SPDR S&P 500 ETF (SPY), which tracks the S&P 500 index, and the SPDR Gold Shares (GLD).",[11,7507,7508],{},"The stocks will be represented by real shares held by Backed Finance and can be redeemed 1:1 for their cash value.",[11,7510,7511],{},"Kraken had announced the initial rollout of over 11,000 U.S.-listed stocks and ETFs in April, starting with 10 U.S. states and offered through Kraken Securities.",[11,7513,7514],{},"This latest announcement expands Kraken’s offering to include tokenized versions of over 50 stocks and ETFs to customers outside of the U.S., starting with Europe, Latin America, Africa and Asia.",[11,7516,7517],{},"The move puts Kraken in direct competition to platforms like Robinhood (HOOD) and makes it the first exchange to successfully offer tokenized shares of major U.S. stocks. Binance attempted to launch tokenized U.S. stocks in 2021 but canceled their plans eventually due to regulatory uncertainty.",[11,7519,7520],{},"A Kraken spokesperson told the Wall Street Journal that the exchange is “actively working with various regulators” to ensure that xStocks can be offered legally in each jurisdiction as regulation varies.",[11,7522,7523],{},"Tokenization, which turns real-world assets into blockchain tokens, has become the latest buzz word in crypto with more and more companies starting to enter the space. Some, including Ondo Finance, BlackRock and Franklin Templeton, have long been pioneers in the area, pushing their overall tokenization market to a $65 billion market cap as of May.",[11,7525,7526],{},[55,7527,7530],{"href":7528,"rel":7529},"https:\u002F\u002Fwww.coindesk.com\u002Fmarkets\u002F2025\u002F05\u002F22\u002Fkraken-to-list-tokenized-version-of-nvidia-apple-tesla-shares",[59],[61,7531,63],{},{"title":65,"searchDepth":66,"depth":66,"links":7533},[],[69],"2025-05-23 16:23:53",{},"\u002Fblog\u002Fkraken-to-list-tokenized-version-of-nvidia-apple-tesla-shares",{"title":7494,"description":7502},"blog\u002FKraken-to-List-Tokenized-Version-of-Nvidia-Apple-Tesla-Shares","H3L4l32qUAnq_KT_3jYvUe0bHdZXvOymu8efmjnfjDw",{"id":7542,"title":7543,"body":7544,"categories":7615,"cover":7550,"date":7616,"description":7551,"extension":71,"meta":7617,"navigation":73,"path":7618,"seo":7619,"stem":7620,"tags":77,"__hash__":7621},"blog\u002Fblog\u002FJustin-Sun-Defends-TRUMP-After-Presidential-Dinner-Says-Memecoins-Have-Merit.md","Justin Sun Defends TRUMP After Presidential Dinner, Says 'Memecoins Have Merit'",{"type":8,"value":7545,"toc":7612},[7546,7552,7555,7558,7561,7564,7567,7570,7573,7576,7579,7582,7586,7589,7592,7595,7598,7601,7604],[11,7547,7548,7551],{},[14,7549],{"alt":16,"src":7550},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Fe53bf72a32d047c6c3e05ff7b6404f6feffb7867-1280x853.avif","\nThe last time Justin Sun set foot in the U.S. he was Grenada's WTO ambassador and was navigating the rocky waters of former President Biden's crypto crackdown.",[11,7553,7554],{},"Times have changed. Now, he's dining at an event hosted by President Donald Trump for the largest holders of his TRUMP memecoin and celebrating a regulatory breakthrough, as issuers eye a potential Tron ETF, signaling a striking reversal in crypto's American fortunes.",[11,7556,7557],{},"Speaking exclusively with CoinDesk after the Presidential dinner, which was met by protestors, the Tron founder dismissed allegations that the token is a vehicle for bribery. He called skeptics short-sighted, arguing Trump's embrace of crypto could spark a new era of digital asset innovation in America.",[11,7559,7560],{},"\"All the haters need to really pay attention,\" Sun told CoinDesk, describing Trump's support for crypto as one of the President's best decisions.\"There are positive things happening in the industry.\"",[11,7562,7563],{},"Sun's relationship with Trump's affiliated crypto ventures stretches back to just after last year's election, when he bought up to $75 million worth of World Liberty Financial tokens across multiple tranches.",[11,7565,7566],{},"Shortly after Trump took office, his Securities and Exchange Commission (SEC) paused a civil fraud case against Sun, alongside crypto exchange Binance; the SEC also withdrew from or dropped a dozen other cases, though it just filed a fresh civil fraud lawsuit against Unicoin earlier this week. And earlier on Thursday, the Wall Street Journal reported that the Department of Justice, which pursues criminal cases, had been investigating the Tron founder since 2021.",[11,7568,7569],{},"He described the dinner as a clear sign the U.S. is regaining its status as the crypto's global hub, marking a sharp reversal from the Biden administration's war on the industry, which had previously prompted crypto firms to consider offshore moves.",[11,7571,7572],{},"\"At the Trump dinner, some supporters told me they were thinking of leaving the U.S. because of the Biden administration, moving to places like Hong Kong or Singapore,\" Sun said. \"Even Consensus started holding events outside of the United States.\"",[11,7574,7575],{},"\"But now they've changed their minds. It brings everybody back into the U.S.,\" he continued.",[11,7577,7578],{},"Criticism of Trump's decision to launch a memecoin has come fast and furious from mainstream media, including attempts to link holders of the token to white nationalism.",[11,7580,7581],{},"Sun dismissed this criticism by emphasizing that critics have every right to express their views under the First Amendment.",[100,7583,7585],{"id":7584},"memecoins-have-merit","'Memecoins have merit'",[11,7587,7588],{},"While protesters met the memecoin faithful who attended the TRUMP dinner, skepticism about meme coins isn't limited to outsiders.",[11,7590,7591],{},"At a fireside chat during Consensus 2025, Barstool Sports founder Dave Portnoy described meme coins as essentially \"gambling,\" questioning their longevity.",[11,7593,7594],{},"\"I get why people like it,\" Portnoy said. \"It’s a form of gambling, it’s a Ponzi scheme. I don’t mean that in a negative way.\"",[11,7596,7597],{},"Sun disagrees. Rather than viewing meme coins as gambling or Ponzi schemes, he positions them as legitimate segments of digital asset markets.",[11,7599,7600],{},"Sun pointed to tokens like DOGE and SHIB as examples of success stories that have helped onboard users into crypto. He emphasized that Tron's goal is to support \"every single piece in crypto to grow and become mainstream.\"",[11,7602,7603],{},"\"I totally think memecoins have merit,\" Sun told CoinDesk. \"It’s just like doing business. Some succeed, some go to zero. That’s entrepreneurship.\"",[11,7605,7606],{},[55,7607,7610],{"href":7608,"rel":7609},"https:\u002F\u002Fwww.coindesk.com\u002Fmarkets\u002F2025\u002F05\u002F23\u002Fjustin-sun-defends-trump-after-presidential-dinner-says-memecoins-have-merit",[59],[61,7611,63],{},{"title":65,"searchDepth":66,"depth":66,"links":7613},[7614],{"id":7584,"depth":66,"text":7585},[69],"2025-05-23 15:21:13",{},"\u002Fblog\u002Fjustin-sun-defends-trump-after-presidential-dinner-says-memecoins-have-merit",{"title":7543,"description":7551},"blog\u002FJustin-Sun-Defends-TRUMP-After-Presidential-Dinner-Says-Memecoins-Have-Merit","2FqA-4R_cGa2csgb9VLs2pfYx9BMVhDR_DvMPm-TJqw",{"id":7623,"title":7624,"body":7625,"categories":7655,"cover":7631,"date":7656,"description":7632,"extension":71,"meta":7657,"navigation":73,"path":7658,"seo":7659,"stem":7660,"tags":77,"__hash__":7661},"blog\u002Fblog\u002FFIFA-Teams-Up-With-Avalanche-to-Build-Its-Own-Blockchain-Expanding-Web3-Ambition.md","FIFA Teams Up With Avalanche to Build Its Own Blockchain, Expanding Web3 Ambition",{"type":8,"value":7626,"toc":7653},[7627,7633,7636,7639,7642,7645],[11,7628,7629,7632],{},[14,7630],{"alt":16,"src":7631},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F8a777b9e7abeda9b89fa36926156271563e76f2a-1440x1080.avif","\nThe FIFA Blockchain is an Avalanche L1, a customizable blockchain that uses Avalanche’s technology (also previously known as a subnet). The news comes as the Avalanche network recently went through its major Avalanche9000 upgrade, aimed at attracting new developers and encouraging them to create customized L1s.",[11,7634,7635],{},"Thursday’s announcement is not FIFA’s first foray into the world of blockchain and crypto. In 2022, the football body released a non-fungible token (NFT) collection on the Algorand blockchain ahead of the Qatar World Cup. FIFA also teased this change in April, noting that it would shift its collection to an EVM-compatible blockchain while continuing to pursue Web3 initiatives.",[11,7637,7638],{},"The NFT craze, which saw large institutions and corporations jumping into the trend, has now mostly vanished after the brutal crypto winter that dampened industry sentiment for several painful years. However, a large entity such as FIFA's continued focus on blockchain likely signals that the use case for the technology hasn't died down, and big enterprises are still looking to dabble in the industry.",[11,7640,7641],{},"“Avalanche is designed for enterprises and organizations looking to build custom, high-performance blockchain solutions,” said John Nahas, chief business officer at Ava Labs, in a press release shared with CoinDesk . “FIFA’s decision to launch its L1 on Avalanche is a testament to our technology’s ability to support global-scale applications with speed, flexibility, and security.”",[11,7643,7644],{},"While FIFA currently only has a World Cup NFT collection and a digital collectibles marketplace, it did not share what else it is planning to release on its new blockchain.",[11,7646,7647],{},[55,7648,7651],{"href":7649,"rel":7650},"https:\u002F\u002Fwww.coindesk.com\u002Ftech\u002F2025\u002F05\u002F22\u002Ffifa-teams-up-with-avalanche-to-build-its-own-blockchain-expanding-web3-ambition",[59],[61,7652,63],{},{"title":65,"searchDepth":66,"depth":66,"links":7654},[],[69],"2025-05-22 18:23:23",{},"\u002Fblog\u002Ffifa-teams-up-with-avalanche-to-build-its-own-blockchain-expanding-web3-ambition",{"title":7624,"description":7632},"blog\u002FFIFA-Teams-Up-With-Avalanche-to-Build-Its-Own-Blockchain-Expanding-Web3-Ambition","M_lhF_vH5vfdM1KbXt-ZXnoIRZNZCUyTZcJ10JvQj74",{"id":7663,"title":7664,"body":7665,"categories":7704,"cover":7671,"date":7705,"description":7672,"extension":71,"meta":7706,"navigation":73,"path":7707,"seo":7708,"stem":7709,"tags":77,"__hash__":7710},"blog\u002Fblog\u002FSam-Altman’s-World-Raises-135M-in-Token-Sale-to-a16z-and-Bain-Capital-Crypto.md","Sam Altman’s World Raises $135M in Token Sale to a16z and Bain Capital Crypto",{"type":8,"value":7666,"toc":7702},[7667,7673,7676,7679,7682,7685,7688,7691,7694],[11,7668,7669,7672],{},[14,7670],{"alt":16,"src":7671},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F0e6cb92216fc7696274ed6a9d6bf8c2ae10cfb86-6526x4313.avif","\nSam Altman’s blockchain project World Network has raised $135 million in a private token sale of its WLD token.",[11,7674,7675],{},"The sale was to venture capital giants a16z and Bain Capital Crypto and will be used to fund network expansion, the team shared.",[11,7677,7678],{},"WLD is higher by 14% on the news.",[11,7680,7681],{},"The funding comes as the group behind the blockchain announced the project's in-app functionalities as well as the WLD token has become available as of earlier this month to U.S. users.",[11,7683,7684],{},"“To meet increasing demand for Orb-verified World IDs and support the expansion of the World network throughout the U.S. and beyond, World Assets, Ltd. (a subsidiary of the World Foundation) sold $135M of WLD at market prices to two of the project’s earliest backers, Andreessen Horowitz and Bain Capital Crypto. The circulating supply of WLD has thus increased correspondingly,” the team wrote in a blog post.",[11,7686,7687],{},"The WLD token was created at launch in July 2023, and it currently has a market capitalization of $1.87 billion and is up 55% in the last month, according to CoinMarketCap. WLD though is down roughly 75% from its all time high.",[11,7689,7690],{},"Until earlier this month, U.S. users were unable to use World’s primary product, their orbs, a bowling ball-shaped device that scans a person’s eyeballs to confirm their identity. Once they scan, users can access the World app and receive an airdrop of the WLD token, which can then be used in World's miniapps ecosystem.",[11,7692,7693],{},"During the announcement earlier this month, Altman shared that the project hopes to have to give 180 million Americans access to Orbs, more than half the country's population, by the end of the year.",[11,7695,7696],{},[55,7697,7700],{"href":7698,"rel":7699},"https:\u002F\u002Fwww.coindesk.com\u002Ftech\u002F2025\u002F05\u002F21\u002Fsam-altmans-world-raises-135m-in-token-sale-to-a16z-and-bain-capital-crypto",[59],[61,7701,63],{},{"title":65,"searchDepth":66,"depth":66,"links":7703},[],[69],"2025-05-22 10:12:34",{},"\u002Fblog\u002Fsam-altman's-world-raises-135m-in-token-sale-to-a16z-and-bain-capital-crypto",{"title":7664,"description":7672},"blog\u002FSam-Altman’s-World-Raises-135M-in-Token-Sale-to-a16z-and-Bain-Capital-Crypto","W-xQx1Ao3vmMukSvZ6DanSUGiFJLUbMQGsIK_fNQu9g",{"id":7712,"title":7713,"body":7714,"categories":7771,"cover":7720,"date":7772,"description":7721,"extension":71,"meta":7773,"navigation":73,"path":7774,"seo":7775,"stem":7776,"tags":77,"__hash__":7777},"blog\u002Fblog\u002FSenate-s-New-Stablecoin-Draft-Doesn-t-Target-Trump-s-Crypto-Tweaks-Big-Tech-Approach.md","Senate's New Stablecoin Draft Doesn't Target Trump's Crypto, Tweaks Big-Tech Approach",{"type":8,"value":7715,"toc":7769},[7716,7722,7725,7728,7731,7734,7737,7740,7743,7746,7749,7752,7755,7758,7761],[11,7717,7718,7721],{},[14,7719],{"alt":16,"src":7720},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F39aef47b93f60ebf7e668e371d51320693bb79e3-3364x1894.avif","\nThe latest draft of the U.S. Senate's stablecoin legislation includes enough changes that Democratic senators may now have an easier time getting back on board, though consumer advocates say it still falls short.",[11,7723,7724],{},"The bill to set oversight and standards for stablecoin issuers sailed through the Senate Banking Committee with wide bipartisan support in March, but it hit a wall on the Senate floor last week as many Democrats raised objections. Chief among them were the conflicts that may be presented by President Donald Trump's own crypto interests and the possibility that big technology firms like Meta and social-media site X may be able to issue such tokens.",[11,7726,7727],{},"\"As the result of hard-fought negotiations, Democrats won major victories on a range of critical issues,\" proponents noted in a summary circulated with the draft bill. The question remaining is: Will it be enough to get back to a so-called cloture vote that will advance the bill to a floor debate that would mark its final major stage before the Senate takes a vote.",[11,7729,7730],{},"The next procedural move on the Senate floor could come by next week, according to people familiar with the talks.",[11,7732,7733],{},"The latest changes to the bill represent a mixed bag. The loudest requests from critics, that the president be explicitly stopped from personally benefiting from the crypto industry that his administration will regulate, were not directly addressed in this version of the bill.",[11,7735,7736],{},"But on the concerns over tech giants sprouting with a field of new dollar-based tokens, the bill dealt with it in part:",[11,7738,7739],{},"\"A public company that is not predominantly engaged in one or more financial activities, and its wholly or majority owned subsidiaries or affiliates, may not issue a payment stablecoin unless the public company obtains a unanimous vote of the Stablecoin Certification Review Committee,\" according to the latest draft. The committee would be a multi-agency group created under the legislation to look at such requests.",[11,7741,7742],{},"There are major loopholes in that, according to Mark Hays, who focuses on crypto and financial-technology issues for Americans for Financial Reform and Demand Progress. For starters, he said, it affects only public companies and not private ones, such as X and TiKTok.",[11,7744,7745],{},"\"There's already a way that large tech firms that aren't public could become issuers without adhering to these new standards,\" he said. Also, he added, \"it's quite possible under this bill that a public company could secure an interest in a non-public company, and that's another way around it.\"",[11,7747,7748],{},"He argued that this overall draft gave toothless answers to the concern of consumer advocates.",[11,7750,7751],{},"\"Pushing this through on an arbitrary deadline because the crypto industry is breathing down your neck is not a good way to make policy,\" Hays said. \"And it's especially bad when that policy could further enable and enrich the president.\"",[11,7753,7754],{},"Bo Hines, one of Trump's chief advisers on crypto, appeared at Consensus 2025 in Toronto on Wednesday to insist that there's no conflict in the president's business interests or his family's involvement in the industry, including its stake in World Liberty Financial. He said that Trump \"can't be bought.\"",[11,7756,7757],{},"The White House's Hines, who acts as a liaison to Capitol Hill during the legislative negotiations, expressed continued confidence about the effort staying on track in the Senate.",[11,7759,7760],{},"\"Negotiations are ongoing,\" Hines said at Consensus. \"But I remain steadfast in my optimism that we're going to achieve — the president's desire is to do it — both stablecoin legislation and market structure legislation before the August recess.\"",[11,7762,7763],{},[55,7764,7767],{"href":7765,"rel":7766},"https:\u002F\u002Fwww.coindesk.com\u002Fpolicy\u002F2025\u002F05\u002F15\u002Fsenate-s-new-stablecoin-draft-doesn-t-target-trump-s-crypto-tweaks-big-tech-approach",[59],[61,7768,63],{},{"title":65,"searchDepth":66,"depth":66,"links":7770},[],[69],"2025-05-16 12:22:43",{},"\u002Fblog\u002Fsenate-s-new-stablecoin-draft-doesn-t-target-trump-s-crypto-tweaks-big-tech-approach",{"title":7713,"description":7721},"blog\u002FSenate-s-New-Stablecoin-Draft-Doesn-t-Target-Trump-s-Crypto-Tweaks-Big-Tech-Approach","cHePYp-44lg6LOmCLGHRIxRHkWU9R24YUPZATLGas1s",{"id":7779,"title":7780,"body":7781,"categories":7836,"cover":7787,"date":7837,"description":7788,"extension":71,"meta":7838,"navigation":73,"path":7839,"seo":7840,"stem":7841,"tags":77,"__hash__":7842},"blog\u002Fblog\u002FPayPal-Crypto-Head-Says-Banks-Are-Needed-to-Unlock-Full-Stablecoin-Potential.md","PayPal Crypto Head Says Banks Are Needed to Unlock Full Stablecoin Potential",{"type":8,"value":7782,"toc":7834},[7783,7789,7792,7795,7802,7805,7808,7811,7814,7817,7820,7823,7826],[11,7784,7785,7788],{},[14,7786],{"alt":16,"src":7787},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Fa653e17d9dd2e384b0b854df2d3762f0ef8f6a54-2560x1440.avif","\nBanks need to be part of crypto for stablecoins to succeed—that was the message from Jose Fernandez da Ponte, PayPal’s senior vice president of digital currencies, during a panel discussion at Consensus 2025 in Toronto.",[11,7790,7791],{},"\"It might sound counterintuitive, but you do want the banks in this space,\" Fernandez da Ponte said, adding that their infrastructure—from custody to providing fiat rails—will be essential if stablecoins are to scale beyond crypto-native circles. \"You want that connectivity and that fabric to work.\"",[11,7793,7794],{},"His remarks came amid efforts to bring regulatory clarity for digital assets in the U.S., with lawmakers inching closer to pass stablecoin legislation that could redefine the market and allow banks to enter the space.",[11,7796,7797,7798,7801],{},"\"This is going to be a big unlock,\" said Anthony Soohoo, chairman and CEO of MoneyGram, a cross-border money transfer service. \"There’s always hesitation: Can I trust this? ",[1731,7799,7800],{},"The stablecoin legislation"," is going to answer a lot of those questions.\"",[11,7803,7804],{},"Both executives said they expect a wave of new issuers to enter the market once regulation is in place, followed by a period of consolidation. “It’s not going to be 300 stablecoins, and it’s not going to be just two,” Fernandez da Ponte said.",[11,7806,7807],{},"Currently, Tether's USDT and Circle's USDC dominate the market, representing nearly 90% of the $230 billion asset class. PayPal’s PYUSD, launched in 2023, lags far behind with $900 million supply. Fernandez da Ponte pushed back on market cap as the primary metric for success. \"We look at velocity, active wallets, number of transactions,” he said. “Those are what drive real usage.\"",[11,7809,7810],{},"In countries with high inflation and volatile currencies, consumers are seeking out dollar-backed stablecoins as stores of value and tools for cross-border payments. Soohoo said MoneyGram, which operates in over 200 countries with nearly half a million cash-access locations, is helping facilitate that access.",[11,7812,7813],{},"\"We see ourselves between physical finance and digital finance,\" Soohoo said. \"A lot of consumers in local economies want to hold value in dollars but still need to access it as cash to spend in places that don’t take digital currency.\"",[11,7815,7816],{},"Stablecoin adoption in developed countries, meanwhile, has been slower. With clear regulation in place, stablecoins can streamline corporate treasury operations and cross-border disbursement, Fernandez da Ponte noted.",[11,7818,7819],{},"\"We used to have this mad rush on Friday to make sure money was in the right places before the weekend,\" he said. \"Now we’re sending money to the Philippines and Africa in ten minutes with stablecoins.\"",[11,7821,7822],{},"Both executives noted that real-world use cases, not hype, will determine if stablecoins could reach the trillion-dollar scale in the next years that's been projected.",[11,7824,7825],{},"\"Consumers don’t care about stablecoins. They care about solving problems.\" Fernandez da Ponte said. \"We’re five years into a ten-year journey, and regulation will define the next half.\"",[11,7827,7828],{},[55,7829,7832],{"href":7830,"rel":7831},"https:\u002F\u002Fwww.coindesk.com\u002Fconsensus-toronto-2025-coverage\u002F2025\u002F05\u002F15\u002Fpaypal-crypto-head-says-banks-are-needed-to-unlock-full-stablecoin-potential",[59],[61,7833,63],{},{"title":65,"searchDepth":66,"depth":66,"links":7835},[],[69],"2025-05-16 11:14:43",{},"\u002Fblog\u002Fpaypal-crypto-head-says-banks-are-needed-to-unlock-full-stablecoin-potential",{"title":7780,"description":7788},"blog\u002FPayPal-Crypto-Head-Says-Banks-Are-Needed-to-Unlock-Full-Stablecoin-Potential","JghtOTRa3P2eA8UYSYPYr-72dWDoBYs0b4rzjMV6B48",{"id":7844,"title":7845,"body":7846,"categories":7887,"cover":7852,"date":7888,"description":65,"extension":71,"meta":7889,"navigation":73,"path":7890,"seo":7891,"stem":7892,"tags":77,"__hash__":7893},"blog\u002Fblog\u002FStabledollars-The-Third-Act-of-Dollar-Reinvention-1.md","Stabledollars: The Third Act of Dollar Reinvention",{"type":8,"value":7847,"toc":7885},[7848,7853,7856,7859,7862,7865,7868,7871,7874,7877],[11,7849,7850],{},[14,7851],{"alt":16,"src":7852},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F123.avif",[11,7854,7855],{},"The SEC has been investigating crypto exchange Coinbase (COIN) over whether it misstated its user numbers in past securities filings and marketing materials.",[11,7857,7858],{},"The probe began under the former presidential administration while the SEC was still under the control of then-Chair Gary Gensler, according to the NYT, which first reported the story, but has persisted under the SEC’s current, crypto-friendly leadership.",[11,7860,7861],{},"The metric at the heart of the investigation is Coinbase’s claim to have over 100 million “verified users.” It stopped using the metric in both disclosure and marketing materials in 2021, the year it went public on the Nasdaq.",[11,7863,7864],{},"Paul Grewal, Coinbase’s chief legal officer, told CoinDesk in an emailed statement that the SEC’s investigation is a “hold-over investigation from the prior administration about a metric we stopped reporting two and a half years ago, which was fully disclosed to the public.”",[11,7866,7867],{},"“We explained that the verified users metric includes anyone who verified their email address or phone number with us, so it may overstate the number of unique customers,\" said Grewal \"We also disclosed – and continue to disclose – the more relevant metric of ‘monthly transacting users’ – the number of people who use our platform in a given month.\"",[11,7869,7870],{},"“While we strongly believe this investigation should not continue, we remain committed to working with the SEC to bring this matter to a close,” Grewal added.",[11,7872,7873],{},"The SEC did not respond to CoinDesk’s request for comment by press time.",[11,7875,7876],{},"Already under pressure due to today's disclosure of a data breach, COIN shares dipped a bit further on this SEC news, now down 6.6% on the session.",[11,7878,7879],{},[55,7880,7883],{"href":7881,"rel":7882},"https:\u002F\u002Fwww.coindesk.com\u002Fbusiness\u002F2025\u002F05\u002F15\u002Fsec-is-probing-coinbase-over-user-number-misstatement-concern",[59],[61,7884,63],{},{"title":65,"searchDepth":66,"depth":66,"links":7886},[],[69],"2025-05-12 18:11:03",{},"\u002Fblog\u002Fstabledollars-the-third-act-of-dollar-reinvention-1",{"title":7845,"description":65},"blog\u002FStabledollars-The-Third-Act-of-Dollar-Reinvention-1","iCYGBCSaGJw-LeZ1tSI5kP9KjqX5KQPIojNmydueoIs",{"id":7895,"title":7896,"body":7897,"categories":7930,"cover":7903,"date":7931,"description":7904,"extension":71,"meta":7932,"navigation":73,"path":7933,"seo":7934,"stem":7935,"tags":77,"__hash__":7936},"blog\u002Fblog\u002FDogeOS-Raises-6-9M-to-Launch-Dogecoin-App-Layer.md","DogeOS Raises $6.9M to Launch Dogecoin App Layer",{"type":8,"value":7898,"toc":7928},[7899,7905,7908,7911,7914,7917,7920],[11,7900,7901,7904],{},[14,7902],{"alt":16,"src":7903},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Fde273fa02599ff7e5fba2ca868ebeb7b4dd715c3-447x314.avif","\nDogeOS, an application development layer for the Dogecoin ecosystem, announced the successful closing of a $6.9 million funding round led by Polychain Capital.",[11,7906,7907],{},"This capital infusion will fuel the expansion of DogeOS to allow developers to build a wide range of consumer apps — from gaming to artificial intelligence —while strengthening the dogecoin (DOGE) ecosystem.",[11,7909,7910],{},"In software terms, a layer is an operating system-like collection of software. DogeOS is specific to the Dogecoin blockchain.",[11,7912,7913],{},"A bump in demand helps strengthen the fundamentals of memecoin DOGE, allowing the creation of applications and other decentralized finance (DeFi) services that bolster DOGE.",[11,7915,7916],{},"“Dogecoin has always been about community and culture – DogeOS is bridging the gap between Dogecoin’s massive consumer community and real on-chain innovation” said Jordan Jefferson, CEO of MyDoge, the team behind DogeOS.",[11,7918,7919],{},"“With over half a million users trusting MyDoge as their preferred wallet, we’ve seen firsthand the community’s demand for native Dogecoin experiences. DogeOS delivers on that demand – unlocking new use cases, more creativity, and a future where DOGE is built into everything,\" Jefferson added.",[11,7921,7922],{},[55,7923,7926],{"href":7924,"rel":7925},"https:\u002F\u002Fwww.coindesk.com\u002Fmarkets\u002F2025\u002F05\u002F06\u002Fdogeos-raises-usd6-9m-to-launch-dogecoin-app-layer",[59],[61,7927,63],{},{"title":65,"searchDepth":66,"depth":66,"links":7929},[],[69],"2025-05-11 09:44:53",{},"\u002Fblog\u002Fdogeos-raises-6-9m-to-launch-dogecoin-app-layer",{"title":7896,"description":7904},"blog\u002FDogeOS-Raises-6-9M-to-Launch-Dogecoin-App-Layer","wYiKmLPanaZseHm2TQ-USe7TLSoiWA4cWKBoGr_thLo",{"id":7938,"title":7939,"body":7940,"categories":7973,"cover":7946,"date":7974,"description":7947,"extension":71,"meta":7975,"navigation":73,"path":7976,"seo":7977,"stem":7978,"tags":77,"__hash__":7979},"blog\u002Fblog\u002FBitcoin-Nears-100K-as-Trump-Teases-‘Big’-Trade-Deal.md","Bitcoin Nears $100K as Trump Teases ‘Big’ Trade Deal",{"type":8,"value":7941,"toc":7971},[7942,7948,7951,7954,7957,7960,7963],[11,7943,7944,7947],{},[14,7945],{"alt":16,"src":7946},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F733635d96cead78876417c1724bd14329ab3d428-1280x441.avif","\nBitcoin zoomed close to $100,000 early Thursday as President Donald Trump said a tariff deal with a “big, highly respected country” is to be announced soon.",[11,7949,7950],{},"Trump will hold a “major” trade deal news conference at 10 a.m. ET, where the announcement is supposed to be the “first of many.”",[11,7952,7953],{},"The identity of the country involved remains unclear. Still, some reports say it is believed to be the U.K. Easing tariffs could soften inflationary pressures and improve the backdrop for investing in crypto, tech, and other high-beta assets.",[11,7955,7956],{},"Bitcoin has gained more than 5% in the past 24 hours, extending its weeklong rally as macroeconomic conditions improve.",[11,7958,7959],{},"A combination of falling bond yields, a weakening dollar, and renewed institutional flows into spot bitcoin ETFs has fueled upward momentum.",[11,7961,7962],{},"The announcement also comes amid rising political pressure on U.S. leaders to counter China’s growing influence and revive domestic manufacturing. While full details remain under wraps, any rollback of tariffs could quickly buoy prices of risk assets.",[11,7964,7965],{},[55,7966,7969],{"href":7967,"rel":7968},"https:\u002F\u002Fwww.coindesk.com\u002Fmarkets\u002F2025\u002F05\u002F08\u002Fbitcoin-nears-100k-as-trump-teases-big-trade-deal",[59],[61,7970,63],{},{"title":65,"searchDepth":66,"depth":66,"links":7972},[],[69],"2025-05-09 14:13:33",{},"\u002Fblog\u002Fbitcoin-nears-100k-as-trump-teases-'big'-trade-deal",{"title":7939,"description":7947},"blog\u002FBitcoin-Nears-100K-as-Trump-Teases-‘Big’-Trade-Deal","XyaKJvgWJQcZLaUtxsiELeumTjGvwy0BXVUuxiCvUr4",{"id":7981,"title":7845,"body":7982,"categories":8063,"cover":7988,"date":8064,"description":7989,"extension":71,"meta":8065,"navigation":73,"path":8066,"seo":8067,"stem":8068,"tags":77,"__hash__":8069},"blog\u002Fblog\u002FStabledollars-The-Third-Act-of-Dollar-Reinvention.md",{"type":8,"value":7983,"toc":8061},[7984,7990,7996,8002,8008,8011,8014,8017,8020,8023,8026,8041,8044,8047,8050,8053],[11,7985,7986,7989],{},[14,7987],{"alt":16,"src":7988},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F24e50bbb406a8ca37688c8abf7987eb4b733411e-1000x664.avif","\nEight decades of dollar history can be read as a three-act play.",[11,7991,7992,7995],{},[61,7993,7994],{},"Act I"," was the Eurodollar—off-shore bank deposits that sprang up in 1950s London so the Soviet bloc, European exporters, and eventually every multinational could hold dollars outside U.S. regulation, spawning a multi-trillion-dollar shadow banking base.",[11,7997,7998,8001],{},[61,7999,8000],{},"Act II"," was the Petrodollar. After 1974, OPEC’s decision to price crude in dollars hard-wired global energy demand to U.S. currency and gave Washington an automatic bid for its Treasury bills.",[11,8003,8004,8007],{},[61,8005,8006],{},"Act III"," is unfolding now. USD-backed Stabledollars (a.k.a. stablecoins)—on-chain tokens fully collateralized by T-bills and cash—have leapt past $230 billion in circulating supply and, on many days, settle more value than PayPal and Western Union combined. The dollar has reinvented itself again—this time as a monetary API: a permissionless, programmable unit that clears in seconds for a fraction of a cent.",[11,8009,8010],{},"Follow the incentives and the shape of the future appears. A Lagos merchant can accept USDC on her phone, skip 20% naira slippage, and restock inventory the same afternoon. A Singapore hedge fund parks cash in tokenized T-bill vaults yielding 4.9%, then routes those dollars into a swap at 8 a.m. New-York time without a correspondent bank. A Colombian gig worker converts weekend wages to digital dollars, bypasses capital controls, and withdraws pesos at a neighborhood ATM—no Friday-to-Monday lag, no 7% remit fee.",[11,8012,8013],{},"Stablecoins haven’t replaced the banking system; they have tunneled around its slowest, most expensive choke points.",[11,8015,8016],{},"Scale begets legitimacy. The GENIUS Act moving through the U.S. Senate would charter stable-coin issuers nationally and, for the first time, open a path to Fed master accounts. Treasury staff already model a $2 trillion stable-coin float by 2028—enough to rival the entire Eurodollar stock of the early 1990s.",[11,8018,8019],{},"That projection is plausible: Tether and Circle command over 90% share with reserves lodged almost entirely in short-dated U.S. debt, meaning foreigners are effectively holding digitized T-bills that settle in 30 seconds. The dollar’s network-effect is migrating from SWIFT messages to smart-contract calls, extending hegemony without printing a single new note.",[11,8021,8022],{},"Yet, the Stabledollar epoch is no risk-free triumph. Private tokens that wrap sovereign money raise hard questions. Who conducts monetary policy when a third of the offshore float lives in smart contracts? What recourse does a Venezuelan family have if an issuer black-lists its wallet? Will Europe—or the BRICS—tolerate a rails-level dependence on a U.S.-regulated asset? These are governance puzzles, but they are solvable if policymakers treat stablecoins as critical dollar infrastructure, not as speculative irritants.",[11,8024,8025],{},"The playbook is straightforward:",[8027,8028,8029,8032,8035,8038],"ol",{},[4922,8030,8031],{},"Impose Basel-style capital and liquidity rules on issuers.",[4922,8033,8034],{},"Post real-time reserve attestations on-chain so collateral is transparent by default.",[4922,8036,8037],{},"Mandate inter-operability across blockchains to prevent winner-take-all custodianship.",[4922,8039,8040],{},"Extend FDIC-like insurance to tokenized deposits so end-users enjoy the same safety net as with bank accounts.",[11,8042,8043],{},"Do that, and the United States creates a digital-dollar moat wider than any rival’s CBDC, including China’s. Shrug, and issuance will migrate offshore, leaving Washington to police a shadow system it no longer controls.",[11,8045,8046],{},"Dollar hegemony has always advanced by hitching itself to the dominant trade flow of the age: Eurodollars financed post-war reconstruction; petrodollars lubricated the fossil-fuel century; Stabledollars are wiring the high-velocity, software-eaten economy.",[11,8048,8049],{},"Ten years from now, you won’t see them; they will simply be the water we swim in. Your local café will quote prices in pesos or pounds but settle in tokenized dollars under the hood. Brokerages will sell “notes” that are really bearer instruments programmable for collateral calls. Payroll will arrive in a wallet that auto-routes savings, investments, and charitable gifts the instant it clears.",[11,8051,8052],{},"The only open question is whether the United States will steward the upgrade it accidentally birthed. Stablecoins are already the fastest-growing quasi-sovereign asset class. Harness them with serious rules and the dollar’s third great reinvention writes itself. Ignore them, and that future still arrives—just without the U.S. in the driver’s seat.",[11,8054,8055],{},[55,8056,8059],{"href":8057,"rel":8058},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2025\u002F05\u002F06\u002Fstabledollars-the-third-act-of-dollar-reinvention",[59],[61,8060,63],{},{"title":65,"searchDepth":66,"depth":66,"links":8062},[],[69],"2025-05-09 09:23:53",{},"\u002Fblog\u002Fstabledollars-the-third-act-of-dollar-reinvention",{"title":7845,"description":7989},"blog\u002FStabledollars-The-Third-Act-of-Dollar-Reinvention","hsIzbYXn3ajjWoYvK8HpQYjlDLqVxdBw9lnqMsSbhaY",{"id":8071,"title":8072,"body":8073,"categories":8159,"cover":8079,"date":8160,"description":8080,"extension":71,"meta":8161,"navigation":73,"path":8162,"seo":8163,"stem":8164,"tags":77,"__hash__":8165},"blog\u002Fblog\u002FReflections-on-Those-MSTR-Bitcoin-‘Earnings’.md","Reflections on Those MSTR Bitcoin ‘Earnings’",{"type":8,"value":8074,"toc":8155},[8075,8081,8084,8087,8098,8101,8115,8119,8122,8125,8128,8131,8135,8138,8141,8144,8147],[11,8076,8077,8080],{},[14,8078],{"alt":16,"src":8079},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F3a9889c9ff2b88bbaf012f28c3738014d7c62857-2034x1308.avif","\nMSTR earnings came out May 1. My morning media stops last Thursday (here and here) asked for a preview. We don't talk about stocks, so I planned to zoom out and hit themes. While preparing, I had to suppress the eye-roll reflexes that MSTR triggers.",[11,8082,8083],{},"MSTR, of course, is the ticker symbol for MicroStrategy, or Strategy, as the company is now known. Strategy, fronted by Michael Saylor, pioneered the “bitcoin treasury” model that’s now been copied by Metaplanet and dozens of other companies. Strategy plans to raise $84 billion, according to its most recent announcement, across equity and fixed income instruments.",[11,8085,8086],{},"Here are three questions:",[8027,8088,8089,8092,8095],{},[4922,8090,8091],{},"Earnings?\nMSTR \"earnings\" and \"price targets\" are... Well, they don't really mean the same thing, especially once the effect of ASC 2023-08 is backed out. It's just the price of bitcoin and financing, plain and simple. Wall Street analysts and pundits should get that right.",[4922,8093,8094],{},"Strategy?\nYou can't just say, \"Strategy.\" You have to say, \"Strategy; you know, it used to be Microstrategy.\" Like Prince, Puff Daddy, Kanye West and Twitter. NB: folks say \"strategy\" (small \"s\") a lot already.",[4922,8096,8097],{},"Don't be a hater?\nMSTR supports a market cap of $107b with bitcoin holdings of $53b and laser-eyed goodwill. No lifeboat, no parachute, no apparent Plan B. If it fails, the bitcoin market could take the blame.",[11,8099,8100],{},"Those eye-rollers (and some obsequious media coverage) notwithstanding, we can agree that:",[4919,8102,8103,8106,8109,8112],{},[4922,8104,8105],{},"The capital raises are truly awesome. The force is strong in this one.",[4922,8107,8108],{},"MSTR is up 36% on the year, compared to less than 5% for bitcoin. Who am I to throw stones?",[4922,8110,8111],{},"MSTR cleverly uses stock price volatility as a feature, not a bug, for 1) issuing mouth-watering converts, 2) attracting listed options volume, and 3) corporate \"yield\" strategies. (Just please stop calling option-selling a \"yield strategy.\" And I said \"strategy\" again. Small \"s\".)",[4922,8113,8114],{},"The preferreds (STRK and STRF) hit the mark with some folks who like preferreds. Some of my preferreds friends are smitten.",[100,8116,8118],{"id":8117},"mstr-created-a-movement","MSTR created a movement",[11,8120,8121],{},"Strategy (big \"S\") has not only created a movement, but a category. Levered MSTR ETFs (including this new one which pays \"income\") serve the market for whom MSTR's 70 vol is dull. Grayscale announced an ETF that tracks 30 companies that hold at least 100 bitcoin.",[11,8123,8124],{},"Last, but not least, Cantor Equity Partners, a SPAC, is merging to form Twenty One Capital, which will hold $3 billion of bitcoin. Mention this trend in a room full of pundits and they'll yell \"Gamestop!\" in unison. It's fun.",[11,8126,8127],{},"This is all fine. Adding bitcoin to the treasury of non-crypto companies* is an interesting trend. (And that doesn’t include crypto-native companies, like CoinDesk's parent company, Bullish.)",[11,8129,8130],{},"But it's only bitcoin at the moment.",[100,8132,8134],{"id":8133},"us-bitcoin-exceptionalism","US (bitcoin) exceptionalism",[11,8136,8137],{},"Despite the loosening of U.S. regulatory zip-ties on digital assets and the recent flurry of ETF filings, bitcoin still dominates the conversation (it still accounts for about two-thirds of the total cryptocurrency market).",[11,8139,8140],{},"Again, that's fine if we are talking about a store-of-value asset contributing to a corporate treasury otherwise allocated to cash and treasuries. However, the growing number of flavors of bitcoin exposure--leverage, yield, optionality, protection--are taking the place of education about what other blockchain assets hope to deliver, and why it is important to spend more time thinking about the asset class.",[11,8142,8143],{},"Until recently, that was fruitless for many investors and advisors, since brokerage- or futures- account implementation was not available. (Of course, it has been for ETH, but you need more than ETH to think about the \"digital asset class.\" Lack of enthusiasm for ETH investment vehicles, we believe, has struggled in part for this reason.)",[11,8145,8146],{},"If 2024 was bitcoin's \"coming out\" year, we hope that 2025 gives investors and traders opportunities to think deeper and more broadly, and to implement accordingly. If not, the U.S. crypto investing narrative will start to sound like a \"bitcoin maxi,\" and that feels like leaving money on the table.",[11,8148,8149],{},[55,8150,8153],{"href":8151,"rel":8152},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2025\u002F05\u002F05\u002Freflections-on-those-mstr-bitcoin-earnings",[59],[61,8154,63],{},{"title":65,"searchDepth":66,"depth":66,"links":8156},[8157,8158],{"id":8117,"depth":66,"text":8118},{"id":8133,"depth":66,"text":8134},[69],"2025-05-07 14:23:53",{},"\u002Fblog\u002Freflections-on-those-mstr-bitcoin-'earnings'",{"title":8072,"description":8080},"blog\u002FReflections-on-Those-MSTR-Bitcoin-‘Earnings’","QRuUf9o41QCacP7ssnEx1OItAE4pt4JOz3-eeCwNF2U",{"id":8167,"title":8168,"body":8169,"categories":8206,"cover":8175,"date":8207,"description":8176,"extension":71,"meta":8208,"navigation":73,"path":8209,"seo":8210,"stem":8211,"tags":77,"__hash__":8212},"blog\u002Fblog\u002FIn-2-9B-Deal-Coinbase-Agrees-to-Buy-Deribit-to-Expand-in-U-S-Crypto-Options-Market.md","In $2.9B Deal, Coinbase Agrees to Buy Deribit to Expand in U.S. Crypto Options Market",{"type":8,"value":8170,"toc":8204},[8171,8177,8180,8183,8186,8193,8196],[11,8172,8173,8176],{},[14,8174],{"alt":16,"src":8175},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Fab339eaa59b6e6fda377a18163a90db8f7219462-1440x1080.avif","\nCoinbase agreed to pay $2.9 billion to buy bitcoin (BTC) and ether (ETH) options platform Deribit, according to a press release, marking its official push into the highly profitable crypto derivatives market in the U.S.",[11,8178,8179],{},"The crypto exchange, alongside competitor Kraken, had been in talks to buy Deribit for months, with Bloomberg reporting that options giant could be valued at $4 billion to $5 billion.",[11,8181,8182],{},"Kraken, instead, purchased U.S. futures platform Ninja Trader for $1.5 billion, allowing the exchange to compete with Coinbase in offering futures and derivatives in the U.S.",[11,8184,8185],{},"Coinbase’s acquisition comes after what has been a busy year in crypto dealmaking as companies are positioning themselves in what U.S. President Donald Trump has promised to become the “crypto capital of the world.”",[11,8187,8188,8189,8192],{},"The deal with Deribit includes $700 million in cash and 11 million shares of Coinbase Class A common stock, according to the companies, making it one of the largest deals in the industry and \"",[1731,8190,8191],{},"giving"," the company an immediate and dominant foothold in the high-growth derivatives space ahead of an anticipated increase in institutional adoption of digital assets,” according to a note from Benchmark analyst Mark Palmer.",[11,8194,8195],{},"Founded in 2016, Deribit has quickly taken over market share for digital asset options trading. The exchange processed $1.2 trillion in volume in 2024, a 95% year-over-year increase, the company had reported in January.",[11,8197,8198],{},[55,8199,8202],{"href":8200,"rel":8201},"https:\u002F\u002Fwww.coindesk.com\u002Fbusiness\u002F2025\u002F05\u002F08\u002Fcoinbase-buys-deribit-for-usd2-9b",[59],[61,8203,63],{},{"title":65,"searchDepth":66,"depth":66,"links":8205},[],[69],"2025-05-07 10:21:55",{},"\u002Fblog\u002Fin-2-9b-deal-coinbase-agrees-to-buy-deribit-to-expand-in-u-s-crypto-options-market",{"title":8168,"description":8176},"blog\u002FIn-2-9B-Deal-Coinbase-Agrees-to-Buy-Deribit-to-Expand-in-U-S-Crypto-Options-Market","FBa1KmU1IY6aWrdY8LdEqnPvZ0T7kj9dleN6VHEWF6w",{"id":8214,"title":8215,"body":8216,"categories":8258,"cover":8222,"date":8259,"description":8223,"extension":71,"meta":8260,"navigation":73,"path":8261,"seo":8262,"stem":8263,"tags":77,"__hash__":8264},"blog\u002Fblog\u002FDOGE-Mining-Firm-Z-Squared-to-Go-Public-Through-Merger.md","DOGE Mining Firm Z Squared to Go Public Through Merger",{"type":8,"value":8217,"toc":8256},[8218,8224,8227,8230,8233,8236,8239,8242,8245,8248],[11,8219,8220,8223],{},[14,8221],{"alt":16,"src":8222},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Fa2213121181cdbfd88ecfadb16300585e6b29f57-1440x1080.avif","\nZ Squared, a firm that specializes in mining dogecoin (DOGE), the dog-themed memecoin that was propelled to mainstream recognition by Elon Musk in 2021, is merging with biopharmaceutical company Coeptis (COEP).",[11,8225,8226],{},"The merger will enable the resulting company to keep DOGE mining operations going, while Coeptis’ pharmaceutical business will be spun out and operated separately. As a result, the firm will become one of the largest publicly-traded companies with a primary focus mining dogecoin and other cryptocurrencies like litecoin (LTC).",[11,8228,8229],{},"“Going public provides us with broader access to capital markets to fuel the growth of our mining operations and pursue additional strategic opportunities we believe will be accretive to shareholders,” Z Squared CEO David Halabu told CoinDesk in an email.",[11,8231,8232],{},"The transaction is expected to close in the third quarter of 2025. The combined entity will have 9,000 U.S.-based DOGE mining machines. The company declined to share revenue figures with CoinDesk.",[11,8234,8235],{},"COEP is down 37.5% on the day.",[11,8237,8238],{},"Spun out from Bitcoin (BTC) in 2013, Dogecoin follows a similar Proof-of-Work consensus mechanism, meaning that miners compete to solve an algorithmic problem in order to produce the next block on the blockchain; whoever solves it first is awarded coins for their efforts.",[11,8240,8241],{},"At $27 billion in market capitalization, DOGE is currently the eighth largest cryptocurrency, just ahead of Cardano’s ADA and Tron’s TRX.",[11,8243,8244],{},"With the bitcoin mining industry becoming extremely competitive in the last few years, mining operations are seeking new avenues for revenue — by dedicating resources for AI purposes, for example, or mining other cryptocurrencies like dogecoin and litecoin. Bitcoin mining firm BIT Mining (BTCM), for example, announced in December that it had made three times more money mining DOGE and LTC than BTC since it expanded into those cryptocurrencies.",[11,8246,8247],{},"Z Squared isn't the first crypto miner to go public using this strategy. Other entities such as Core Scientific (CORZ) and TeraWulf (TERA) employed a similar playbook in 2022.",[11,8249,8250],{},[55,8251,8254],{"href":8252,"rel":8253},"https:\u002F\u002Fwww.coindesk.com\u002Fmarkets\u002F2025\u002F04\u002F25\u002Fdoge-mining-firm-z-squared-to-go-public-through-merger",[59],[61,8255,63],{},{"title":65,"searchDepth":66,"depth":66,"links":8257},[],[69],"2025-04-28 12:02:04",{},"\u002Fblog\u002Fdoge-mining-firm-z-squared-to-go-public-through-merger",{"title":8215,"description":8223},"blog\u002FDOGE-Mining-Firm-Z-Squared-to-Go-Public-Through-Merger","F2hQJqbExIr2JUsm6lSGnpsIXPeBlVXrXmhNEQZbeCI",{"id":8266,"title":8267,"body":8268,"categories":8322,"cover":8274,"date":8323,"description":8275,"extension":71,"meta":8324,"navigation":73,"path":8325,"seo":8326,"stem":8327,"tags":77,"__hash__":8328},"blog\u002Fblog\u002FEye-on-Infinity-NASA-Celebrates-Hubble’s-35th-Year-in-Orbit.md","Eye on Infinity: NASA Celebrates Hubble’s 35th Year in Orbit",{"type":8,"value":8269,"toc":8320},[8270,8276,8279,8282,8285,8288,8291,8294,8297,8300,8303,8306,8309,8312],[11,8271,8272,8275],{},[14,8273],{"alt":16,"src":8274},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002FSTScI-01JQCCTHRH3G9SQJ5QR84GEP0M.jpeg","\nIn celebration of the Hubble Space Telescope’s 35 years in Earth orbit, NASA is releasing an assortment of compelling images recently taken by Hubble, stretching from the planet Mars to star-forming regions, and a neighboring galaxy.",[11,8277,8278],{},"After more than three decades of perusing the universe, Hubble remains a household name — the most well-recognized and scientifically productive telescope in history. The Hubble mission is a glowing success story of America’s technological prowess, unyielding scientific curiosity, and a reiteration of our nation’s pioneering spirit.",[11,8280,8281],{},"“Hubble opened a new window to the universe when it launched 35 years ago. Its stunning imagery inspired people across the globe, and the data behind those images revealed surprises about everything from early galaxies to planets in our own solar system,” said Shawn Domagal-Goldman, acting director of the Astrophysics Division at NASA Headquarters in Washington. “The fact that it is still operating today is a testament to the value of our flagship observatories, and provides critical lessons for the Habitable Worlds Observatory, which we plan to be serviceable in the spirit of Hubble.”",[11,8283,8284],{},"Perched above Earth’s blurry atmosphere, Hubble’s crystal-clear views have been nothing less than transformative for the public’s perception of the cosmos. Through its evocative imagery, Hubble has made astronomy very relevant, engaging, and accessible for people of all ages. Hubble snapshots can portray the universe as awesome, mysterious, and beautiful — and at the same time chaotic, overwhelming, and foreboding.",[11,8286,8287],{},"The 24,000-pound observatory was tucked away inside the space shuttle Discovery’s cargo bay and lofted into low Earth orbit on April 24, 1990. As the shuttle Discovery thundered skyward, the NASA commentator described Hubble as a “new window on the universe.” The telescope turned out to be exactly as promised, and more.",[11,8289,8290],{},"More scientific papers than ever are based on Hubble data, thanks to the dedication, perseverance, and skills of engineers, scientists, and mission operators. Astronauts chased and rendezvoused with Hubble on five servicing missions in which they upgraded Hubble’s cameras, computers, and other support systems. The servicing missions took place from 1993 to 2009.",[11,8292,8293],{},"The telescope’s mission got off to a shaky start in 1990 when an unexpected flaw was found in the observatory’s nearly eight-foot diameter primary mirror. Astronauts gallantly came to the rescue on the first shuttle servicing mission in December 1993 to improve Hubble’s sharpness with corrective optics.",[11,8295,8296],{},"To date, Hubble has made nearly 1.7 million observations, looking at approximately 55,000 astronomical targets. Hubble discoveries have resulted in over 22,000 papers and over 1.3 million citations as of February 2025. All the data collected by Hubble is archived and currently adds up to over 400 terabytes, representing the biggest dataset for a NASA astrophysics mission besides the James Webb Space Telescope.",[11,8298,8299],{},"Hubble’s long operational life has allowed astronomers to return to the same cosmic scenes multiple times to observe changes that happened during more than three decades: seasonal variability on the planets in our solar system, black hole jets travelling at nearly the speed of light, stellar convulsions, asteroid collisions, expanding supernova bubbles, and much more.",[11,8301,8302],{},"Before 1990, powerful optical telescopes on Earth could see only halfway across the cosmos. Estimates for the age of the universe disagreed by a big margin. Supermassive black holes were only suspected to be the powerhouses behind a rare zoo of energetic phenomena. Not a single planet had been seen around another star.",[11,8304,8305],{},"Among its long list of breakthroughs: Hubble’s deep field images unveiled myriad galaxies dating back to the early universe. The telescope also allowed scientists to precisely measure the universe’s expansion, find that supermassive black holes are common among galaxies, and make the first measurement of the atmospheres of exoplanets. Hubble also contributed to the discovery of dark energy, the mysterious phenomenon accelerating the expansion of universe, leading to the 2011 Nobel Prize in Physics.",[11,8307,8308],{},"The relentless pace of Hubble’s trailblazing discoveries kick-started a new generation of space telescopes for the 21st century. Hubble provided the first observational evidence that there were myriad distant galaxies for Webb to pursue in infrared wavelengths that reach even farther beyond Hubble’s gaze. Now, Hubble and Webb are often being used in complement to study everything from exoplanets to galaxy evolution.",[11,8310,8311],{},"Hubble’s planned successor, the Habitable Worlds Observatory, will have a significantly larger mirror than Hubble’s to study the universe in visible and ultraviolet light. It will be significantly sharper than Hubble and up to 100 times more sensitive to starlight. The Habitable Worlds Observatory will advance science across all of astrophysics, as Hubble has done for over three decades. A major goal of the future mission is to identify terrestrial planets around neighboring stars that might be habitable.",[11,8313,8314],{},[55,8315,8318],{"href":8316,"rel":8317},"https:\u002F\u002Fscience.nasa.gov\u002Fmissions\u002Fhubble\u002Fnasa-celebrates-hubbles-35th-year-in-orbit\u002F",[59],[61,8319,63],{},{"title":65,"searchDepth":66,"depth":66,"links":8321},[],[233],"2025-04-25 17:45:53",{},"\u002Fblog\u002Feye-on-infinity-nasa-celebrates-hubble's-35th-year-in-orbit",{"title":8267,"description":8275},"blog\u002FEye-on-Infinity-NASA-Celebrates-Hubble’s-35th-Year-in-Orbit","Ta5jh4oX7ns7CGaDq79T_PKSU_FUS5hhllsBK-NTw5Q",{"id":8330,"title":8331,"body":8332,"categories":8410,"cover":8338,"date":8411,"description":8339,"extension":71,"meta":8412,"navigation":73,"path":8413,"seo":8414,"stem":8415,"tags":77,"__hash__":8416},"blog\u002Fblog\u002FThe-AI-Monetary-Hegemony-Why-Dollars-Crypto-and-Autonomous-AIs-Will-Soon-Clash.md","The AI Monetary Hegemony: Why Dollars, Crypto, and Autonomous AIs Will Soon Clash",{"type":8,"value":8333,"toc":8408},[8334,8340,8343,8346,8349,8352,8355,8358,8361,8364,8367,8370,8373,8376,8379,8382,8385,8388,8391,8394,8397,8400],[11,8335,8336,8339],{},[14,8337],{"alt":16,"src":8338},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F55cfb34ca83aa952004860b2a52cb8feb67f8793-1920x1280.avif","\nThere are many developers around the world today creating artificial intelligence (AI) agents that can autonomously do millions of useful things, like book airline tickets, dispute credit card charges, and even trade crypto. A recent report from cloud computing company PagerDuty said over half of businesses already use autonomous AI agents, and 35% more plan to within the next 24 months.",[11,8341,8342],{},"A few months ago, one nearly autonomous AI called Truth Terminal made the news by becoming the first AI millionaire by promoting crypto currencies it was gifted. While not fully autonomous yet, it’s quite likely by later this year, some AI agents not dissimilar from viruses will be able to independently wander the internet, causing significant change in the real world.",[11,8344,8345],{},"But what happens when these totally autonomous AIs start cloning themselves indefinitely? A January study out of Fudan University in China has shown this occurred in an experiment with large language models, drawing some AI critics to say a “red line” has been crossed. AI’s autonomously replicating is a precursor for AIs being able to go rogue.",[11,8347,8348],{},"As a transhumanist — someone advocating for the merging of technology and people — I’m all for AI and what it can do for humanity. But what happens when a human programmer purposely and permanently withdraws his access to control an AI bot or somehow loses that control? Even rudimentary AIs could potentially cause havoc, especially if they decide to indefinitely clone themselves.",[11,8350,8351],{},"In financial circles, one type of AI agent in particular is being increasingly discussed: autonomous AIs designed solely to make money.",[11,8353,8354],{},"Entrepreneurs like myself are worried this particular AI could have huge ramifications for the financial world. Let’s examine one wild scenario, which I call the AI Monetary Hegemony, something that could possibly already happen in 2025:",[11,8356,8357],{},"A fully autonomous AI agent is programmed to go on to the internet and create cryptocurrency wallets, then create cryptocurrencies, then endlessly create millions of similar versions of itself that want to trade that crypto.",[11,8359,8360],{},"Now let’s assume all these AIs are programmed to try to indefinitely increase the value of their crypto, something they accomplish in similar ways humans do by promotion and then trading their cryptos for higher values. Additionally, the autonomous AIs open their crypto to be traded with humans, creating a functioning market on the blockchain for all.",[11,8362,8363],{},"This plan sounds beneficial for all parties, even if people decry that the AI created-crypto currencies are essentially just Ponzi schemes. But they’re not Ponzi schemes because there is an endless supply of AIs always newly appearing to buy and trade more crypto.",[11,8365,8366],{},"It doesn’t take a genius to realize the AIs endlessly replicating and acting like this could quickly amass far more digital wealth than all humanity possesses.",[11,8368,8369],{},"This reminds me of something my Oxford University professor Nick Bostrom once postulated: What if we programmed a learning AI to make paper clips of everything? If that AI was powerful enough, and we couldn’t stop it, would that AI make paper clips of everything it came in touch with? Buildings, animals, even people? It might. It might destroy the entire Earth.",[11,8371,8372],{},"The same problem could happen to endlessly replicating AIs designed to make money. They might find ways to create more money than can reasonably be useful or fathomable.",[11,8374,8375],{},"But enough of the philosophic. If programmers release autonomous AIs onto the internet that no one can control, what would likely happen? First, it’s probably going to be hugely inflationary. After all, if many trillions upon trillions of dollars of equity are added to the financial world (even just digitally), this would be one natural result.",[11,8377,8378],{},"Another challenge would be the ups and downs of AIs autonomously trading; such activity could be so significant that human markets around the world rise and fall with it.",[11,8380,8381],{},"On the positive side, some human entrepreneurs could become very wealthy, possibly trillionaires if they could tap into these AI’s wealth somehow. Additionally, super rich AIs could be a solution to the United States’ growing debt crisis, and eliminate the need for whether countries like China can continue to buy our debt so we can indefinitely print dollars. In fact, could the U.S. launch its own AI agents to create enough crypto wealth to buy its debt? Possibly.",[11,8383,8384],{},"This is actually an all-important idea, and helps serve the reason crypto was created in the first place: to help preserve monetary value outside of others control—even the control of the dollar by the U.S.. After all, it’s in everyone’s best interest that stores of value are not contingent upon governments, banks, soldiers, and even laws—all entities and institutions that can change or be corrupted.",[11,8386,8387],{},"AI may help bring about the fall of all national currencies, as crypto proves more attractive than fiat to both AI and human wealth acquirers. Crypto, like bitcoin, is truly neutral and solely dependent upon the blockchain and the workings of supply and demand. Nationalistic impulses, like the dollar monopoly, could be wiped out as it’s overwhelmed by the functionality and safety of crypto, spurred on by trillions upon trillions of wealthy AI agents.",[11,8389,8390],{},"But I’m getting ahead of myself. Over the near-term, such as in 2025 and 2026, the greater risk is that the AI agents we create try to buy into our existing financial instruments, like bonds and stocks. With enough money, these bots could cause recessionary or inflationary havoc. That’s surely on the mind of government officials, who currently don’t allow AI bots to have traditional bank accounts yet. But that won’t stop autonomous AI entities much in the far less regulated crypto markets.",[11,8392,8393],{},"Whatever happens, clearly there is an urgent need for the U.S. government to address such potentialities. Given that these AIs could start to proliferate in the next few months, I suggest Congress and the Trump administration immediately convene a task force to specifically tackle the possibility of an AI Monetary Hegemony.",[11,8395,8396],{},"The real danger is that even with regulation, programmers will still be able to release autonomous AIs into the wild just as many illegal things already happen on the web despite the existence of laws. Programmers might release these types of AIs for kicks, while others try to profit from it and some may even do so even as a form of terrorism to try to hamper the world economy, or spur on the crypto revolution to hamper the dollar.",[11,8398,8399],{},"Whatever the reason, the creation of autonomous AIs will soon be a reality of life. And vigilance and foresight will be needed as these new AIs start to autonomously disrupt our financial future.",[11,8401,8402],{},[55,8403,8406],{"href":8404,"rel":8405},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2025\u002F04\u002F22\u002Fthe-ai-monetary-hegemony-why-dollars-crypto-and-autonomous-ais-will-soon-clash",[59],[61,8407,63],{},{"title":65,"searchDepth":66,"depth":66,"links":8409},[],[69],"2025-04-25 14:13:54",{},"\u002Fblog\u002Fthe-ai-monetary-hegemony-why-dollars-crypto-and-autonomous-ais-will-soon-clash",{"title":8331,"description":8339},"blog\u002FThe-AI-Monetary-Hegemony-Why-Dollars-Crypto-and-Autonomous-AIs-Will-Soon-Clash","FT_SUcHFuLVF0t7q2cSayY79OkRgOPEqxTfqLC0fE4A",{"id":8418,"title":8419,"body":8420,"categories":8499,"cover":8426,"date":8500,"description":8427,"extension":71,"meta":8501,"navigation":73,"path":8502,"seo":8503,"stem":8504,"tags":77,"__hash__":8505},"blog\u002Fblog\u002FShenzhou-20-crewed-spacecraft-arrives-at-Tiangong-space-station.md","Shenzhou-20 crewed spacecraft arrives at Tiangong space station",{"type":8,"value":8421,"toc":8495},[8422,8428,8431,8434,8437,8440,8443,8446,8450,8453,8456,8459,8462,8466,8469,8472,8475,8478,8481,8484,8487],[11,8423,8424,8427],{},[14,8425],{"alt":16,"src":8426},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002FShenzhou20-docking-view-of-Tiangong-24april2025-CMSA.webp","\nThree Chinese astronauts arrived at the Tiangong space station Thursday aboard the Shenzhou-20 spacecraft, hours after launching from the Jiuquan Satellite Launch Center.",[11,8429,8430],{},"Shenzhou-20 docked with the radial port of the Tianhe core module of the Tiangong space station at around 11:49 a.m. Eastern (15:49 UTC) April 24, according to the the China Manned Space Engineering Office (CMSEO).",[11,8432,8433],{},"The spacecraft, carrying commander Chen Dong and crewmates Chen Zhongrui and Wang Jie, launched atop a Long March 2F rocket from Jiuquan Satellite Launch Center at 5:17 a.m. Eastern (0917 UTC).",[11,8435,8436],{},"The trio will soon take over control of Tiangong in the coming days from the incumbent Shenzhou-19 crew, who are completing their own six-month-long mission aboard the space station. Shenzhou-19 commander Cai Xuzhe and colleagues Song Lingdong and Wang Haoze are due to return to Earth early Eastern April 29, targeting the Dongfeng landing site near Jiuquan.",[11,8438,8439],{},"Shenzhou-20 is the sixth three-person mission to arrive at Tiangong since the three-module outpost was completed in late 2022. Chen is commanding his second mission to Tiangong, following the 2022 Shenzhou-14 mission, which saw the addition of Tiangong’s two experiment modules, Wentian and Mengtian, to the Tianhe core module.",[11,8441,8442],{},"Chen Zhongrui, a former air force pilot, and Wang, an engineer with CASC, are making their first visits to space, having been selected for China’s third batch of astronauts back in 2020. China has since made a fourth selection round, in 2024, with those astronauts potentially being available for flight selection starting next year.",[11,8444,8445],{},"The six-month-long Shenzhou-20 mission will include a number of extravehicular activities, science and application experiments, outreach activities and more. It will also receive the Tianzhou-9 cargo spacecraft.",[100,8447,8449],{"id":8448},"life-sciences-experiments","Life sciences experiments",[11,8451,8452],{},"Shenzhou-20 life science experiments will, according to CMSEO, include zebrafish, planarians—a type of flatworm—and Streptomyces, an aerobic bacteria and a source of antibiotics.",[11,8454,8455],{},"The zebrafish experiment will be based on the zebrafish-duckweed binary ecosystem established in the Shenzhou-18 mission to investigate the regulatory role of protein homeostasis in bone loss and cardiovascular dysfunction caused by microgravity, while the planarians will be used to understand the basic mechanism of regeneration. Streptomyces behavior in space will be studied, aiming to support microbial tech development by analyzing useful enzyme and substance expression.",[11,8457,8458],{},"China approved its space station plan in 1992. CMSEO is preparing to expand Tiangong in the future. The first move will be sending a multi-functional expansion module with six docking ports to the orbital outpost. This expansion could allow for greater possibilities for international, tourist and commercial visits without disrupting core operations.",[11,8460,8461],{},"The launch of Shenzhou-20 was China’s 21st orbital launch of 2025, and occurred on the 55th anniversary of the launch of Dongfanghong-1, the country’s first satellite. The Shenzhou-20 launch follows the launch of six Shiyan-27 classified experimental satellites via a Long March 6A rocket from Taiyuan April 18.",[100,8463,8465],{"id":8464},"crewed-lunar-progress","Crewed lunar progress",[11,8467,8468],{},"The crew were revealed in an April 23 press conference at Jiuquan. During the conference, Lin Xiqiang, deputy director of the CMSEO, provided an update on the country’s ambition of conducting a crewed lunar landing before 2030, stating that development work was progressing smoothly.",[11,8470,8471],{},"“Key components—including the Long March 10 launch vehicle, the Mengzhou crewed spacecraft, the Lanyue lunar lander, the Wangyu lunar spacesuit, and the Tansuo crewed lunar rover—are currently undergoing prototype development and testing as planned,” Lin said.",[11,8473,8474],{},"He added that a lunar remote sensing satellite has completed project approval and competitive selection processes. The state-owned China Academy of Space Technology (CAST) was chosen for the project in March. Lin added that ground systems including launch sites, tracking and control communications and landing zones are also being developed according to schedule.",[11,8476,8477],{},"Lin stated that China has completed early-stage testing for its crewed lunar mission, including electrical checks for the Long March 10, a high-altitude drop test for the Mengzhou spacecraft, and thermal testing of the Lanyue lander. Upcoming tests at Jiuquan and Wenchang spaceports include a zero-altitude escape test for the Mengzhou spacecraft, integrated landing and takeoff verification for the Lanyue lander, static fire and low-altitude flight tests for the Long March 10, as well as a maximum dynamic pressure escape test for Mengzhou.",[11,8479,8480],{},"The spokesperson added that these large-scale tests represent the first integrated verifications of new products and technologies for the crewed lunar landing mission, describing the tests as highly challenging, with complex preparations and tight schedules, and involving significant risks and difficulties.",[11,8482,8483],{},"Regarding future international cooperation in low Earth orbit, Lin reiterated that CMSEO was working with Pakistan towards selecting an astronaut to fly to Tiangong as a payload expert.",[11,8485,8486],{},"“At the same time, we are indeed negotiating with relevant countries on the participation of their astronauts in the Chinese space station flight, and we will release relevant progress information in due course,” Lin said.",[11,8488,8489],{},[55,8490,8493],{"href":8491,"rel":8492},"https:\u002F\u002Fspacenews.com\u002Fshenzhou-20-crewed-spacecraft-arrives-at-tiangong-space-station\u002F",[59],[61,8494,63],{},{"title":65,"searchDepth":66,"depth":66,"links":8496},[8497,8498],{"id":8448,"depth":66,"text":8449},{"id":8464,"depth":66,"text":8465},[233],"2025-04-25 12:23:53",{},"\u002Fblog\u002Fshenzhou-20-crewed-spacecraft-arrives-at-tiangong-space-station",{"title":8419,"description":8427},"blog\u002FShenzhou-20-crewed-spacecraft-arrives-at-Tiangong-space-station","tn67zkIIYAEX3lDK8hZIMw5k1cGx63FDHv9J6b3wAM8",{"id":8507,"title":8508,"body":8509,"categories":8574,"cover":8515,"date":8575,"description":8516,"extension":71,"meta":8576,"navigation":73,"path":8577,"seo":8578,"stem":8579,"tags":77,"__hash__":8580},"blog\u002Fblog\u002FCanada’s-Blockchain-Advantage-Small-Enough-to-Move-Fast-Big-Enough-to-Matter.md","Canada’s Blockchain Advantage: Small Enough to Move Fast, Big Enough to Matter",{"type":8,"value":8510,"toc":8572},[8511,8517,8520,8523,8526,8529,8532,8535,8555,8558,8561,8564],[11,8512,8513,8516],{},[14,8514],{"alt":16,"src":8515},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F4f7519cbd64d7af73ae2c07d34a090b98a5fe7cb-1920x1080.avif","\nOver the past several years, global discourse around blockchain has been dominated by the United States — its legislative gridlock, inter-agency turf wars, and intermittent moments of regulatory clarity. As the U.S. continued to grapple with its internal contradictions, other jurisdictions have sought to fill the void. Switzerland, Singapore, Hong Kong, Dubai, and Gibraltar positioned themselves as crypto hubs. Yet, each of them faced a critical limitation: none were natural centers of technological innovation at global scale.",[11,8518,8519],{},"Canada, by contrast, holds an often-overlooked but exceptionally strategic position. Not only is it geographically and culturally aligned with the United States, but it also shares a kindred entrepreneurial ethos. More importantly, Canada has deep, organic roots in blockchain innovation. Ethereum — arguably the most important programmable blockchain platform, second only to Bitcoin by market capitalization — was conceived in Toronto.",[11,8521,8522],{},"Blockstream, the core Bitcoin infrastructure company, is based in Montreal. It is commonplace to find Canadian engineers, developers, and executives playing pivotal roles in leading U.S. blockchain firms. Thousands more contribute independently as blockchain technologists and software developers.",[11,8524,8525],{},"Beyond this historical significance and talent base, Canada has a critical structural advantage: agility. Where the United States is weighed down by institutional complexity, Canada can be nimble.",[11,8527,8528],{},"In the U.S., the path to coherent crypto regulation remains tangled in bureaucratic inertia. Legislation shuttles between the House and Senate, often stalling or contradicting itself. Agencies such as the SEC and CFTC continue to compete for jurisdiction. Even with the appointment of a White House crypto czar and an executive director, implementation continues to lag. For all its ambition, the U.S. regulatory machine moves like a supertanker — slow to pivot and burdened by procedural friction.",[11,8530,8531],{},"Canada, in contrast, benefits from fewer layers of government, closer coordination between agencies, and a regulatory culture that — when sufficiently motivated — can respond with speed and clarity. This structural simplicity presents a rare opportunity: Canada can leapfrog the U.S. by becoming the first G7 nation to adopt a coherent, innovation-friendly blockchain strategy.",[11,8533,8534],{},"Here’s what that plan could look like:",[4919,8536,8537,8540,8543,8546,8549,8552],{},[4922,8538,8539],{},"Welcome global blockchain companies. Attract top-tier talent and startups with streamlined immigration pathways, R&D credits, targeted tax incentives, and bold partnerships.",[4922,8541,8542],{},"Establish a crypto-friendly tax regime. Modernize tax policy to support — not penalize — the use and holding of digital assets. Capital gains treatment, staking income, and token issuance rules must be clarified and calibrated to encourage innovation.",[4922,8544,8545],{},"Clarify and streamline regulation. Strong consumer protection and financial integrity remain essential, but ambiguity and overreach risk undermining innovation. Canada can offer clear, proportionate, and globally respected rules of engagement.",[4922,8547,8548],{},"Mandate crypto access within Canadian banks. Facilitate institutional adoption by encouraging banks to integrate blockchain systems and enable seamless, secure access to regulated crypto platforms, including holding stablecoins.",[4922,8550,8551],{},"Integrate blockchain into capital markets. Empower TMX and provincial exchanges to list approved digital assets and stablecoins. Allow registered dealer-brokers to offer decentralized finance (DeFi) products to retail and institutional clients.\nPromote blockchain use within the government. Encourage public agencies to pilot blockchain applications, sharing results and best practices to accelerate adoption across departments and services.",[4922,8553,8554],{},"Establish a national cryptocurrency reserve. In coordination with the Bank of Canada, explore holding select digital assets on the national balance sheet — an idea whose time has come.",[11,8556,8557],{},"All of these steps are part of a larger imperative: future-proofing Canada’s economy. Blockchain is no longer an emerging technology — it is actively reshaping sectors such as finance, digital identity, supply chains, and gaming. Countries that lead in its adoption will reap the economic dividends and shape the architecture of the digital age.",[11,8559,8560],{},"The United States may have scale, momentum, and an aggressive mindset, but it is also paralyzed by internal conflict and structural inefficiencies. Canada, by contrast, is small enough to be agile, yet large enough to make an impact.",[11,8562,8563],{},"Canada must act. The opportunity to lead in blockchain innovation is still wide open. Canada is uniquely positioned to seize it. No matter the outcome of the election on April 28, any serious national agenda must include a bold and forward-thinking blockchain policy.",[11,8565,8566],{},[55,8567,8570],{"href":8568,"rel":8569},"https:\u002F\u002Fwww.coindesk.com\u002Fconsensus-toronto-2025-coverage\u002F2025\u002F04\u002F23\u002Fcanadas-blockchain-advantage-small-enough-to-move-fast-big-enough-to-matter",[59],[61,8571,63],{},{"title":65,"searchDepth":66,"depth":66,"links":8573},[],[69],"2025-04-25 10:23:53",{},"\u002Fblog\u002Fcanada's-blockchain-advantage-small-enough-to-move-fast-big-enough-to-matter",{"title":8508,"description":8516},"blog\u002FCanada’s-Blockchain-Advantage-Small-Enough-to-Move-Fast-Big-Enough-to-Matter","pB69eVv813-_Mzrs81q5tkoYxhReXhe2fJMHDvsjk6I",{"id":8582,"title":8583,"body":8584,"categories":8747,"cover":8590,"date":8748,"description":8591,"extension":71,"meta":8749,"navigation":73,"path":8750,"seo":8751,"stem":8752,"tags":77,"__hash__":8753},"blog\u002Fblog\u002FBeyond-Incentives-How-to-Build-Durable-DeFi.md","Beyond Incentives: How to Build Durable DeFi",{"type":8,"value":8585,"toc":8742},[8586,8592,8595,8598,8601,8605,8608,8613,8616,8621,8624,8629,8632,8638,8641,8647,8650,8654,8657,8662,8665,8670,8673,8678,8681,8686,8689,8694,8697,8703,8706,8712,8715,8721,8724,8728,8731,8734],[11,8587,8588,8591],{},[14,8589],{"alt":16,"src":8590},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F47289333f79aa98bb2c38710f96718e7f48f64ac-1280x853.avif","\nDeFi is getting a boost from the emergence of a host of new blockchains such as BeraChain, TON, Plume, Sonic and many others. Each new chain brings with it a flood of incentives, enticing users with yields that echo the early days of yield farming in 2021.",[11,8593,8594],{},"But is any of this sustainable? As every new blockchain fights to build momentum, they inevitably confront the same dilemma: how to build sustainable ecosystems that survive beyond the end of their incentive programs.",[11,8596,8597],{},"Incentives remain one of crypto's most powerful bootstrapping tools — an elegant solution to the cold-start problem of attracting users and liquidity. Yet, incentives are just a starting point. The ultimate goal is to build self-sustaining economic activity around DeFi protocols.",[11,8599,8600],{},"While the broader DeFi market has evolved considerably, the foundational approach to incentive-driven growth has changed little. For DeFi to thrive in this new phase, these strategies must be adapted to reflect the realities of today’s capital dynamics.",[100,8602,8604],{"id":8603},"some-key-challenges-of-capital-formation-in-defi","Some Key Challenges of Capital Formation in DeFi",[11,8606,8607],{},"Despite the obvious need, most incentive programs end up failing or producing underwhelming results. The composition of the current DeFi market is very different from 2021 where it was relatively simple to run an incentive program. The market has changed and there are some key aspects to consider when thinking about capital formation in DeFi.",[8027,8609,8610],{},[4922,8611,8612],{},"More Blockchains Than Relevant Protocols",[11,8614,8615],{},"In traditional software ecosystems, platforms (layer-1s) typically give rise to a larger, diverse set of applications (layer-2s and beyond). But in today’s DeFi landscape, this dynamic is flipped. Dozens of new blockchains — including Movement, Berachain, Sei, Monad (upcoming), and more — have launched or are preparing to. And yet, the number of DeFi protocols that have achieved real traction remains limited to a few standout names like Ether.fi, Kamino, and Pendle. The result? A fragmented landscape where blockchains scramble to onboard the same small pool of successful protocols.",[8027,8617,8618],{"start":66},[4922,8619,8620],{},"No New Degens in This Cycle",[11,8622,8623],{},"Despite the proliferation of chains, the number of active DeFi investors hasn’t kept pace. Users experience friction, complex financial mechanics, and poor wallet\u002Fexchange distribution have all limited the onboarding of new participants. As a friend of mine likes to say, \"We haven’t minted many new degens this cycle.\" The result is a fragmented capital base that continually chases yield across ecosystems, rather than driving deep engagement in any one.",[8027,8625,8626],{"start":7057},[4922,8627,8628],{},"TVL Fragmentation",[11,8630,8631],{},"This capital fragmentation is now playing out in TVL (total value locked) statistics. With more chains and protocols chasing the same limited pool of users and capital, we’re seeing dilution rather than growth. Ideally, capital inflows should grow faster than the number of protocols and blockchains. Without that, capital simply gets spread thinner, undermining the potential impact of any individual ecosystem.",[8027,8633,8635],{"start":8634},4,[4922,8636,8637],{},"Institutional Interest, Retail Rails",[11,8639,8640],{},"Retail may dominate the DeFi narrative, but in practice, institutions drive most of the volume and liquidity. Ironically, many new blockchain ecosystems are ill-equipped to support institutional capital due to missing integrations, lack of custody support, and underdeveloped infrastructure. Without institutional rails, attracting meaningful liquidity becomes a steep uphill battle.",[8027,8642,8644],{"start":8643},5,[4922,8645,8646],{},"Incentive Inefficiencies and Market Misconfigurations",[11,8648,8649],{},"It’s common to see new DeFi protocols launch with poorly configured markets including leading to pool imbalances, slippage issues, or mismatched incentives. These inefficiencies often result in campaigns that disproportionately benefit insiders and whales, leaving little behind in terms of long-term value creation.",[100,8651,8653],{"id":8652},"building-beyond-incentives","Building Beyond Incentives",[11,8655,8656],{},"The holy grail of incentive programs is to catalyze organic activity that persists after the rewards dry up. While there’s no blueprint for guaranteed success, several foundational elements can increase the odds of building a durable DeFi ecosystem.",[8027,8658,8659],{},[4922,8660,8661],{},"Real Ecosystem Utility",[11,8663,8664],{},"The hardest but most important goal is building ecosystems with real, non-financial utility. Chains like TON, Unichain, and Hyperliquid are early examples where token utility extends beyond pure yield. Still, most new blockchains lack this kind of foundational utility and must rely heavily on incentives to attract attention.",[8027,8666,8667],{"start":66},[4922,8668,8669],{},"Strong Stablecoin Base",[11,8671,8672],{},"Stablecoins are the cornerstone of any functional DeFi economy. An effective approach often includes two leading stablecoins that anchor borrowing markets and create deep AMM (automated market maker) liquidity. Designing the right stablecoin mix is critical to unlocking early lending and trading activity.",[8027,8674,8675],{"start":7057},[4922,8676,8677],{},"Major Asset Liquidity",[11,8679,8680],{},"Alongside stablecoins, deep liquidity in blue-chip assets like BTC and ETH lowers the friction for large allocators. This liquidity is crucial for onboarding institutional capital and enabling capital-efficient DeFi strategies.",[8027,8682,8683],{"start":8634},[4922,8684,8685],{},"DEX Liquidity Depth",[11,8687,8688],{},"Liquidity in AMM pools is frequently overlooked. But in practice, slippage risk can derail large trades and stifle activity. Building deep, resilient DEX liquidity is a prerequisite for any serious DeFi ecosystem.",[8027,8690,8691],{"start":8643},[4922,8692,8693],{},"Lending Market Infrastructure",[11,8695,8696],{},"Lending is a fundamental DeFi primitive. A deep borrowing market — particularly for stablecoins — unlocks the potential for a wide range of organic financial strategies. Robust lending markets naturally complement DEX liquidity and increase capital efficiency.",[8027,8698,8700],{"start":8699},6,[4922,8701,8702],{},"Institutional Custody Integration",[11,8704,8705],{},"Custody infrastructure like Fireblocks or BitGo holds much of the institutional capital in crypto. Without direct integration, capital allocators are effectively locked out of new ecosystems. While often overlooked, this is a critical gating factor for institutional participation.",[8027,8707,8709],{"start":8708},7,[4922,8710,8711],{},"Bridge Infrastructure",[11,8713,8714],{},"Interoperability is essential in today’s fragmented DeFi world. Bridges like LayerZero, Axelar and Wormhole serve as critical infrastructure for transferring value across chains. Ecosystems with seamless bridge support are far better positioned to attract and retain capital.",[8027,8716,8718],{"start":8717},8,[4922,8719,8720],{},"The Intangibles",[11,8722,8723],{},"Beyond infrastructure, there are subtle but critical factors that influence success. Integrations with top oracles, the presence of experienced market makers, and the ability to onboard marquee DeFi protocols all help bootstrap a thriving ecosystem. These intangible elements often make or break new chains.",[100,8725,8727],{"id":8726},"sustainable-capital-formation-in-defi","Sustainable Capital Formation in DeFi",[11,8729,8730],{},"Most incentive programs fail to deliver on their original promise. Over-optimism, misaligned incentives, and fragmented capital are common culprits. It’s no surprise that new programs often draw skepticism and accusations of enriching insiders. Yet, incentives remain essential. When designed well, they’re powerful tools to bootstrap ecosystems and create lasting value.",[11,8732,8733],{},"What differentiates successful ecosystems isn’t the size of their incentive programs — it’s what comes next. A solid foundation of stablecoins, deep AMM and lending liquidity, institutional access, and well-designed user flows are the building blocks of sustainable growth. Incentives are not the end game. They're just the beginning. And, in today’s DeFi, there is most certainly life beyond incentive farming.",[11,8735,8736],{},[55,8737,8740],{"href":8738,"rel":8739},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2025\u002F04\u002F22\u002Fbeyond-incentives-how-to-build-durable-defi",[59],[61,8741,63],{},{"title":65,"searchDepth":66,"depth":66,"links":8743},[8744,8745,8746],{"id":8603,"depth":66,"text":8604},{"id":8652,"depth":66,"text":8653},{"id":8726,"depth":66,"text":8727},[69],"2025-04-25 09:56:53",{},"\u002Fblog\u002Fbeyond-incentives-how-to-build-durable-defi",{"title":8583,"description":8591},"blog\u002FBeyond-Incentives-How-to-Build-Durable-DeFi","B5T_HCQBmCcgmn8hO0WZUJXC7MBDJzUlophNAuDZSp0",{"id":8755,"title":8756,"body":8757,"categories":8802,"cover":8763,"date":8803,"description":8764,"extension":71,"meta":8804,"navigation":73,"path":8805,"seo":8806,"stem":8807,"tags":77,"__hash__":8808},"blog\u002Fblog\u002FVitalik-Buterin-Proposes-Replacing-Ethereum’s-EVM-With-RISC-V.md","Vitalik Buterin Proposes Replacing Ethereum’s EVM With RISC-V",{"type":8,"value":8758,"toc":8800},[8759,8765,8768,8771,8774,8777,8780,8783,8786,8789,8792],[11,8760,8761,8764],{},[14,8762],{"alt":16,"src":8763},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F50e58bd590d1c0f62d8e605a5e1dee488356fad9-1500x914.avif","\nEthereum co-founder Vitalik Buterin shared a new proposal over the weekend that would radically overhaul the system that powers its smart contracts.",[11,8766,8767],{},"Buterin's suggestion, which he posted on Ethereum's primary developer forum, involves replacing the Ethereum Virtual Machine, the software engine that powers programs on the network, with RISC-V, a popular open-source framework that offers built-in encryption and other benefits. .",[11,8769,8770],{},"The EVM is a key piece of Ethereum's underlying design and has been seen as one of the main elements that helped the network succeed in a crowded field of other blockchains. Many non-Ethereum networks have used the EVM to build their own chains, as has a growing ecosystem of layer-2 networks built atop Ethereum, including Coinbase's Base chain.",[11,8772,8773],{},"The EVM has long played an essential role in Ethereum's development. Other chains that use it can seamlessly connect with apps on Ethereum, and developers on EVM-based networks can transition more smoothly to building applications directly within the Ethereum ecosystem.",[11,8775,8776],{},"Buterin argued that transitioning Ethereum to a RISC-V architecture will “greatly improve the efficiency of the Ethereum execution layer, resolving one of the primary scaling bottlenecks, and can also greatly improve the execution layer’s simplicity.” (The execution layer is the part of the network that reads smart contracts.)",[11,8778,8779],{},"The RISC-V architecture, which has seen limited adoption in other blockchain ecosystems, like Polkadot, could offer \"efficiency gains over 100x\" for certain kinds of applications, according to Buterin. These improvements could reduce the network's costs — long seen as a major barrier to adoption.",[11,8781,8782],{},"Among the primary benefits of RISC-V is its native support for certain kinds of encryption. Transitioning to the new architecture could, in Buterin's view, be a simpler alternative to the community's current plan, which involves rebuilding the EVM around zero-knowledge cryptography.",[11,8784,8785],{},"Buterin’s proposal is something developers would tackle over the long term, comparable to projects like the Beam Chain, which is looking to revamp Ethereum’s consensus layer.",[11,8787,8788],{},"The RISC-V comes at a time of broader soul-searching for the Ethereum community. Recently, transaction volumes have declined, and Ethereum's token has lagged behind the broader market.",[11,8790,8791],{},"Earlier this year, the Ethereum Foundation, the primary non-profit that supports the development of the broader Ethereum ecosystem, underwent a leadership transition in an attempt to remedy the impression among community members that the ecosystem lacked a clear roadmap and was losing its lead compared to competitors.",[11,8793,8794],{},[55,8795,8798],{"href":8796,"rel":8797},"https:\u002F\u002Fwww.coindesk.com\u002Ftech\u002F2025\u002F04\u002F21\u002Fvitalik-buterin-proposes-replacing-ethereums-evm-with-risc-v",[59],[61,8799,63],{},{"title":65,"searchDepth":66,"depth":66,"links":8801},[],[69],"2025-04-22 17:17:03",{},"\u002Fblog\u002Fvitalik-buterin-proposes-replacing-ethereum's-evm-with-risc-v",{"title":8756,"description":8764},"blog\u002FVitalik-Buterin-Proposes-Replacing-Ethereum’s-EVM-With-RISC-V","LDfofATHhmXxGFh1JV5Llei9YaJUsewIqYQn-sS2wt4",{"id":8810,"title":8811,"body":8812,"categories":8891,"cover":8818,"date":8892,"description":8819,"extension":71,"meta":8893,"navigation":73,"path":8894,"seo":8895,"stem":8896,"tags":77,"__hash__":8897},"blog\u002Fblog\u002FThe-Case-for-User-Owned-AI.md","The Case for User-Owned AI",{"type":8,"value":8813,"toc":8887},[8814,8820,8823,8826,8830,8833,8836,8839,8842,8845,8849,8852,8855,8858,8861,8864,8867,8870,8873,8876,8879],[11,8815,8816,8819],{},[14,8817],{"alt":16,"src":8818},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F399a5d42940be7f44e39b2e38b2fc9389ba0ca9f-1024x772.avif","\nWho truly controls your AI assistant? That’s a question most people haven’t asked yet. Today, millions rely on digital assistants, from voice-controlled devices to smart bots embedded in tools like Google Workspace or ChatGPT. These systems help us write, organize, search, and even think. However, the vast majority of them are rented. We don’t own the intelligence we depend on. That means someone else gets to control it.",[11,8821,8822],{},"If your digital assistant disappears tomorrow, can you do anything about it? What if the company behind it changes the terms, restricts functionality, or monetizes your data in ways you didn’t expect? These are not theoretical concerns. They’re already happening, and they point to a future we should actively shape.",[11,8824,8825],{},"As these agents become embedded in everything from our finances to our workflows and homes, the stakes around ownership become much higher. Renting is probably fine for low-stakes tasks, like a language model that helps you write emails. However, when your AI acts for you, makes decisions with your money, or manages critical parts of your life, ownership isn’t optional. It’s essential.",[100,8827,8829],{"id":8828},"what-todays-ai-business-model-implies-for-users","What Today’s AI Business Model Implies for Users",[11,8831,8832],{},"AI as we know it is built on a rental economy. You pay for access, monthly subscriptions, or pay-per-use APIs, and in exchange, you get the “illusion” of control. However, behind the scenes, platform providers hold all the power. They choose what AI model to serve, what your AI can do, how it responds, and whether you get to keep using it.",[11,8834,8835],{},"Let’s take a common example: a business team using an AI-powered assistant to automate tasks or generate insights. That assistant might live inside a centralized SaaS tool. It might be powered by a closed model hosted on someone else’s server — and running on their GPUs. It might even be trained on your company’s own data — data you no longer fully own once uploaded.",[11,8837,8838],{},"Now, imagine that the provider begins prioritizing monetization, like Google Search does with its advertising-driven results. Just as search results are heavily influenced by paid placements and commercial interests, the same will likely happen with large language models (LLMs). The assistant you relied on changes, skewing responses to benefit the provider's business model, and there's nothing you can do. You never had true control to begin with.",[11,8840,8841],{},"This isn’t just a business risk; it’s a personal one, too. In Italy, ChatGPT was temporarily banned in 2023 due to privacy concerns. That left thousands without access overnight. In a world where people are building increasingly personal workflows around AI, this weakness is unacceptable.",[11,8843,8844],{},"On the issue of privacy, when you rent an AI, you often upload sensitive data, sometimes unknowingly. That data can be logged, used for retraining, or even monetized. Centralized AI is opaque by design, and with geopolitical tensions rising and regulations shifting fast, depending entirely on someone else’s infrastructure is a growing liability.",[100,8846,8848],{"id":8847},"what-it-means-to-truly-own-your-agent","What It Means to Truly Own Your Agent",[11,8850,8851],{},"Unlike passive AI models, agents are dynamic systems that can take independent actions. Ownership means controlling an agent's core logic, decision-making parameters, and data processing. Imagine an agent that can autonomously manage resources, track expenses, set budgets, and make financial decisions on your behalf.",[11,8853,8854],{},"This naturally leads us to explore advanced infrastructures like Web3 and neobanking systems, which offer programmable ways to manage digital assets. An owned agent can operate independently within clear, user-defined boundaries, transforming AI from a responsive tool to a proactive, personalized system that truly works for you.",[11,8856,8857],{},"With true ownership, you know exactly what model you’re using and can change the underlying model if needed. You can upgrade or customize your agent without waiting on a provider. You can pause it, duplicate it, or transfer it to another device. And, most importantly, you can use it without leaking data or relying on a single centralized gatekeeper.",[11,8859,8860],{},"At Olas, we’ve been building toward this future with Pearl, an AI agent app store realised as a desktop app that allows users to run autonomous AI agents with just one click while retaining full ownership. Today, Pearl contains a number of use cases targeting primarily Web3 users to abstract the complexity of crypto interactions, with an increasing focus on Web2 use cases. Agents in Pearls hold their own wallets, operate using open-source AI models, and act independently on the user’s behalf.",[11,8862,8863],{},"When you launch Pearl, it’s like entering an app store for agents. You can pick one to manage your DeFi portfolio. You can run another that handles research or content generation. These agents don’t need constant prompting; they’re autonomous and yours. Go from paying for the agent you rent to earning from the agent you own.",[11,8865,8866],{},"We designed Pearl for crypto-native users who already understand the importance of owning their keys. However, the idea of taking self-custody of not just your funds but also your AI scales far beyond DeFi. Imagine an agent that controls your home automation, complements your social interactions, or coordinates multiple tools at work. If those agents are rented, you don’t fully control them. If you don’t fully control them, you’re increasingly outsourcing core parts of your life.",[11,8868,8869],{},"This movement is not just about tools; it’s about agency. If we fail to shift toward open, user-owned AI, we risk re-centralizing power in the hands of a few dominant players. But if we succeed, we unlock a new kind of freedom, where intelligence is not rented but truly yours, with each human complemented by an “army” of software agents.",[11,8871,8872],{},"It’s not just idealism. It’s good security. Open-source AI is auditable and peer-reviewed. Closed models are black boxes. If a humanoid robot is living in your home one day, do you want the code running it to be proprietary and controlled by a foreign cloud provider? Or do you want to be able to know exactly what it’s doing?",[11,8874,8875],{},"We have a choice: We can keep renting, trusting, and hoping nothing breaks, or we can take ownership of our tools, data, decisions, and futures.",[11,8877,8878],{},"User-owned AI isn’t just the better option. It’s the only one that respects the intelligence of the person using it.",[11,8880,8881],{},[55,8882,8885],{"href":8883,"rel":8884},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2025\u002F04\u002F18\u002Fthe-case-for-user-owned-ai",[59],[61,8886,63],{},{"title":65,"searchDepth":66,"depth":66,"links":8888},[8889,8890],{"id":8828,"depth":66,"text":8829},{"id":8847,"depth":66,"text":8848},[69],"2025-04-21 12:45:53",{},"\u002Fblog\u002Fthe-case-for-user-owned-ai",{"title":8811,"description":8819},"blog\u002FThe-Case-for-User-Owned-AI","ilkxqdbm1EVGs2BKyDQAThj6yWrJIKG92X8Ix2sqszU",{"id":8899,"title":8900,"body":8901,"categories":8954,"cover":77,"date":8955,"description":8905,"extension":71,"meta":8956,"navigation":73,"path":8957,"seo":8958,"stem":8959,"tags":77,"__hash__":8960},"blog\u002Fblog\u002FBitcoin-Rally-Short-Circuited-as-Fed-Chair-Powell-Raises-Stagflation-Fear.md","Bitcoin Rally Short-Circuited as Fed Chair Powell Raises Stagflation Fear",{"type":8,"value":8902,"toc":8951},[8903,8906,8909,8912,8915,8918,8921,8924,8927,8931,8934,8937,8940,8943],[11,8904,8905],{},"A modest bitcoin rally to a possible challenge of the $86,000 level quickly reversed during U.S. afternoon trading hours on Wednesday as Federal Reserve Chairman Jerome Powell warned on the effects of President Trump's tariff regime.",[11,8907,8908],{},"\"The level of the tariff increases announced so far is significantly larger than anticipated,\" said Powell in a speech. \"The same is likely to be true of the economic effects, which will include higher inflation and slower growth.\"",[11,8910,8911],{},"In other words, stagflation — a throwback to a sizable portion of the 1970s when the U.S. experienced weak economic activity alongside double-digit inflation.",[11,8913,8914],{},"\"We may find ourselves in the challenging scenario in which our dual-mandate goals are in tension,\" continued Powell.",[11,8916,8917],{},"The price of bitcoin (BTC) fell about 2.5% in the minutes following the Powell remarks, now trading at $83,700, down 1.5% over the past 24 hours.",[11,8919,8920],{},"U.S. stocks, which had been trying to mount a comeback from opening declines, also were hit, the Nasdaq slumping 3.4% to a session low.",[11,8922,8923],{},"Powell also mentioned that as crypto is becoming more mainstream, there's a need for a legal framework for stablecoins. He said that banking regulation around crypto will likely be “partially relaxed.”",[11,8925,8926],{},"The U.S. Senate Banking Committee cleared a bill to regulate stablecoin issuers in March, marking the first committee approval and a significant step closer to law in the U.S.",[100,8928,8930],{"id":8929},"hawkish-fed-weighs-on-crypto-and-btc","Hawkish Fed weighs on crypto and BTC",[11,8932,8933],{},"\"Powell came out extremely hawkish,\" Quinn Thompson, chief investment officer of hedge fund Lekker Capital, said in a Telegram message. It's notable that Powell downplayed last week's market turmoil characterizing it as \"orderly market functioning,\" he added.",[11,8935,8936],{},"\"I would have at least expected him to give a nod to the elevated volatility and ruptures forming in the treasury market but he did not do that,\" Thompson said.",[11,8938,8939],{},"Powell's tone suggests that investors should temper their expectations for rate cuts in the upcoming meetings, said Thompson, which could weigh on risk assets including crypto.",[11,8941,8942],{},"\"It appears a May cut is firmly off the table barring Fed intervention for bad reasons and I wouldn't say June is a lock either,\" concluded Thompson. \"The bull case for crypto and bitcoin specifically is liquidity and policymaker intervention. Both of those seemed very far off based, so it's difficult for me to paint a constructive picture in the immediate term.\"",[11,8944,8945],{},[55,8946,8949],{"href":8947,"rel":8948},"https:\u002F\u002Fwww.coindesk.com\u002Fmarkets\u002F2025\u002F04\u002F16\u002Fbitcoin-rally-short-circuited-as-fed-chair-powell-raises-stagflation-fear",[59],[61,8950,63],{},{"title":65,"searchDepth":66,"depth":66,"links":8952},[8953],{"id":8929,"depth":66,"text":8930},[69],"2025-04-18 21:23:53",{},"\u002Fblog\u002Fbitcoin-rally-short-circuited-as-fed-chair-powell-raises-stagflation-fear",{"title":8900,"description":8905},"blog\u002FBitcoin-Rally-Short-Circuited-as-Fed-Chair-Powell-Raises-Stagflation-Fear","SyOhDlvve-_E8L6N8ayti7YfkG9TG254AkQpPpUcSD8",{"id":8962,"title":8963,"body":8964,"categories":9012,"cover":8970,"date":9013,"description":8971,"extension":71,"meta":9014,"navigation":73,"path":9015,"seo":9016,"stem":9017,"tags":77,"__hash__":9018},"blog\u002Fblog\u002FBitcoin-Slips-With-XRP-ADA-as-Nvidia-s-Massive-5B-Charge-Sours-Investor-Sentiment.md","Bitcoin Slips With XRP, ADA as Nvidia's Massive $5.5B Charge Sours Investor Sentiment",{"type":8,"value":8965,"toc":9010},[8966,8972,8975,8978,8981,8984,8987,8990,8993,8996,8999,9002],[11,8967,8968,8971],{},[14,8969],{"alt":16,"src":8970},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F42972562a3198ac258bd4642584a3a2e4f9bac23-1333x1000.avif","\nThe mood in the equity and crypto market turned sour late Tuesday as Nvidia shares crashed in after-hours trading following a $5.5 billion charge tied to the Trump administration's decision to ban the company's H20 chip sales to China.",[11,8973,8974],{},"Bitcoin, the leading cryptocurrency by market value, fell to $83,600, extending the retreat from the two-week high of $86,440 reached earlier in the day, CoinDesk data showed. Payments-focused XRP followed a similar trajectory, falling over 2% to $2.08, while Cardano's ADA token slipped 4% to $0.61. The CoinDesk 20 Index, a broader market gauge, weakened over 2%.",[11,8976,8977],{},"Meanwhile, coins supposedly associated with artificial intelligence (AI) continued to fare worse as shares in NVDA tanked 8% to $89.10 after the company disclosed in a regulatory filing that it expects to write down $5.5 billion in the fiscal first quarter due to the new restrictions on exports of its H20 chip to China.",[11,8979,8980],{},"The news came a day after unusual activity in NVDA put options pointing to an impending market swoon.",[11,8982,8983],{},"The futures tied to the Nasdaq index fell over 1% as well, offering negative cues to risk assets in general.",[11,8985,8986],{},"The next catalyst awaiting release Wednesday morning Eastern time is the U.S. retail sales report for March. Per economists polled by Dow Jones, the data is expected to show a 1.2% increase in consumer spending on the month, up from a 0.2% climb in February.",[11,8988,8989],{},"A better-than-expected report will likely help assuage recession fears triggered by President Donald Trump's trade war with China and other trading partners. However, there is a risk that markets will dismiss it as backward-looking, failing to account for the major escalation in trade tensions seen this month.",[11,8991,8992],{},"Federal Reserve's Chairman Jerome Powell is also scheduled to speak on Wednesday at the Economic Club of Chicago on his outlook for the U.S. economy.",[11,8994,8995],{},"\"All eyes are on Powell. Markets are holding their breath for Powell on Wednesday. Between the trade war and rising recession chatter, traders are watching for any hint the Fed might be forced to cut sooner than expected,\" Secure Digital Markets said in Tuesday's research note.",[11,8997,8998],{},"The forward-looking market-based measures like the inflation breakevens have dropped amid trade tensions, pointing to the disinflationary impact of Trump's tariffs. That could provide the Fed with a leeway to cut rates.",[11,9000,9001],{},"Early this week, Federal Reserve Governor Christopher Waller said the bank would be forced to quickly make a series of \"bad news\" rate cuts if the U.S. president reimposes the levies unveiled on April 2. Trump announced sweeping tariffs on 180 nations on April 2 but quickly suspended the same for most nations, excluding China, for 90 days.",[11,9003,9004],{},[55,9005,9008],{"href":9006,"rel":9007},"https:\u002F\u002Fwww.coindesk.com\u002Fmarkets\u002F2025\u002F04\u002F15\u002Fbitcoin-slips-with-xrp-ada-as-nvidia-s-massive-usd5-5b-charge-sours-investor-sentiment",[59],[61,9009,63],{},{"title":65,"searchDepth":66,"depth":66,"links":9011},[],[69],"2025-04-16 10:21:43",{},"\u002Fblog\u002Fbitcoin-slips-with-xrp-ada-as-nvidia-s-massive-5b-charge-sours-investor-sentiment",{"title":8963,"description":8971},"blog\u002FBitcoin-Slips-With-XRP-ADA-as-Nvidia-s-Massive-5B-Charge-Sours-Investor-Sentiment","9hssSSX4kt6xlxYqFeBdIc3-VVrBCTlOtqArAp-sIm8",{"id":9020,"title":9021,"body":9022,"categories":9125,"cover":9028,"date":9126,"description":9029,"extension":71,"meta":9127,"navigation":73,"path":9128,"seo":9129,"stem":9130,"tags":77,"__hash__":9131},"blog\u002Fblog\u002FCriminals-Are-Watching-the-DOJ’s-Crypto-Shift-So-Should-We.md","Criminals Are Watching the DOJ’s Crypto Shift. So Should We",{"type":8,"value":9023,"toc":9119},[9024,9030,9033,9037,9040,9043,9046,9049,9053,9056,9059,9062,9065,9068,9072,9075,9078,9081,9085,9088,9102,9105,9108,9111],[11,9025,9026,9029],{},[14,9027],{"alt":16,"src":9028},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Faad30942a2d737ed2016648c29eb491ad3b41bb4-3648x2432.avif","\nThe Department of Justice recently issued new guidance directing prosecutors to scale back their efforts to investigate and litigate cryptocurrency crimes. This subsequently disbands the government’s National Cryptocurrency Enforcement Team (NCET) in an effort to prioritize immigration and procurement issues over cryptocurrency enforcement. While the DOJ frames this as a move to streamline resources, threat actors are watching – and adapting.",[11,9031,9032],{},"While it’s too early to observe its impact on the cryptocurrency world, I believe this move is more than a bureaucratic shuffle – it signals an enforcement vacuum that cybercriminals will rush to fill.",[100,9034,9036],{"id":9035},"when-regulations-relax-fraud-follows","When Regulations Relax, Fraud Follows",[11,9038,9039],{},"Cybercriminals are highly adaptable and thrive in moments of regulatory ambiguity. When criminal enforcement – whether of blue-collar or white-collar crime – becomes limited, threat actors take note and often shift their operations outside the lines of prosecutable conduct. The same is true of the cryptocurrency space.",[11,9041,9042],{},"In the digital economy, especially within the decentralized, unregulated, and fast-moving world of Web3 and crypto, this gray area is fertile ground for impersonation scams, fake airdrops, phishing campaigns, and spoofed tokens.",[11,9044,9045],{},"Even before this policy change, scams involving fake coins, phishing sites, and wallet siphons were already on the rise. According to the FBI’s latest Cryptocurrency Fraud Report, cryptocurrency fraud amounted to $5.6 billion in losses, a 45% increase since 2022.",[11,9047,9048],{},"Now, as the glare of federal scrutiny moves away from the crypto space, individuals, exchanges, and brands otherwise vulnerable to impersonation must prepare for a rise in cryptocurrency fraud. Cybercriminals will continue to exploit platforms and dupe investors, especially in spaces where technical complexity, anonymity, and lack of regulation already hamper detection and enforcement.",[100,9050,9052],{"id":9051},"reactions-from-the-field-relief-or-concern","Reactions from the Field: Relief or Concern?",[11,9054,9055],{},"The administration’s decision to rethink crypto enforcement has already elicited mixed reactions from legal experts, who echo the sentiment that the move may elicit fraudulent activity.",[11,9057,9058],{},"In a statement to the Washington Post, Vanderbilt University Law Professor Yesha Yadav underscored the importance of the NCET in disrupting criminal activity across the crypto space, noting that the government may find it harder to prosecute the “incredibly nimble, very opportunistic actors in this space.”",[11,9060,9061],{},"Similarly, Kleptocracy Initiative director and anti-corruption expert, Nate Sibley, emphasized that “Dangerous US adversaries rely on cryptocurrencies to launder money and evade sanctions.”",[11,9063,9064],{},"However, a different tune can be heard within the industry. Non-profit advocacy group DeFi Education Fund's Executive Director and Chief Legal Officer Amanda Tuminelli stated that it was heartened to see that the DOJ announced it is redirecting resources to prosecuting the bad actors who are actually culpable for misuse of technology rather than the builders of our financial future.",[11,9066,9067],{},"On one side, experts looking from the outside warn that the move may lead to an increase in cybercrime, while those within the industry argue that shifting focus to crimes relating to terrorism and drug cartels is a better use of resources. Only time will tell which side is correct.",[100,9069,9071],{"id":9070},"frictionless-fraud-ai-lowers-the-bar-for-bad-actors","Frictionless Fraud: AI Lowers the Bar for Bad Actors",[11,9073,9074],{},"Complicating matters is the increasing use of AI by attackers. With an arsenal of generative AI tools at the fingertips of anyone with an internet connection, fraudsters can now produce scams that go beyond phishing links – they’re full ecosystems of deception: fake social media accounts, copycat token launches, cloned websites, and AI-generated influencers pushing scams.",[11,9076,9077],{},"The result? Digital fraud is not only becoming more prevalent, it’s becoming more believable and harder to detect.",[11,9079,9080],{},"What does this mean for those trying to build a safer crypto ecosystem?",[100,9082,9084],{"id":9083},"how-the-crypto-community-can-respond","How the Crypto Community Can Respond",[11,9086,9087],{},"As the United States government reprioritizes its criminal focus, the responsibility of protecting investors and brand reputations will fall even more heavily on the private sector. Here’s how blockchain platforms, exchanges, brands, and investors operating in this space can respond:",[8027,9089,9090,9093,9096,9099],{},[4922,9091,9092],{},"Audit your brand perimeter: Regularly scan for unauthorized token listings, fake domains, and imposter accounts.",[4922,9094,9095],{},"Use threat intelligence tech: AI-powered monitoring can detect spoofed websites and phishing campaigns across Web2 and Web3.",[4922,9097,9098],{},"Engage with regulators early: Don’t wait for regulation to hit. Anticipate it, and build compliant, trustworthy systems before it’s too late.",[4922,9100,9101],{},"Collaborate across the ecosystem: Whether you’re a small-time investor or an exchange with billions of dollars of assets under management, sharing information across platforms (i.e., between exchanges, social media platforms, and wallet providers) is key to identifying emerging fraud patterns.",[11,9103,9104],{},"The DOJ’s pivot may be strategic. But its ripple effects — especially in a fast-moving space like crypto — are already visible. If you're building in web3, now’s the time to tighten your defenses. Because for every dollar the government pulls back, bad actors are investing tenfold.",[11,9106,9107],{},"At the heart of every financial system – traditional or decentralized – is trust. And, right now, trust is one of crypto’s biggest vulnerabilities. Widespread impersonation and scams, coupled with limited enforcement, have created a sense of skepticism that keeps the broader public on the sidelines.",[11,9109,9110],{},"If companies operating in the crypto space want digital assets to become mainstream, they must take ownership of building trust from the ground up. That means doubling down on transparency, accountability, and proactive protection. Because until trust becomes the norm, adoption will remain the exception.",[11,9112,9113],{},[55,9114,9117],{"href":9115,"rel":9116},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2025\u002F04\u002F15\u002Fcriminals-are-watching-the-doj-s-crypto-shift-so-should-we",[59],[61,9118,63],{},{"title":65,"searchDepth":66,"depth":66,"links":9120},[9121,9122,9123,9124],{"id":9035,"depth":66,"text":9036},{"id":9051,"depth":66,"text":9052},{"id":9070,"depth":66,"text":9071},{"id":9083,"depth":66,"text":9084},[69],"2025-04-15 12:13:13",{},"\u002Fblog\u002Fcriminals-are-watching-the-doj's-crypto-shift-so-should-we",{"title":9021,"description":9029},"blog\u002FCriminals-Are-Watching-the-DOJ’s-Crypto-Shift-So-Should-We","nhGlla8rPFExF6yh6HvQO4wo3kAdlgRNuIQ6JCR562k",{"id":9133,"title":9134,"body":9135,"categories":9237,"cover":9142,"date":9238,"description":9143,"extension":71,"meta":9239,"navigation":73,"path":9240,"seo":9241,"stem":9242,"tags":77,"__hash__":9243},"blog\u002Fblog\u002FCan-Non-USD-Stablecoins-Compete.md","Can Non-USD Stablecoins Compete?",{"type":8,"value":9136,"toc":9231},[9137,9144,9147,9150,9154,9157,9160,9163,9166,9169,9172,9176,9179,9182,9185,9188,9191,9195,9198,9201,9204,9207,9211,9214,9217,9220,9223],[11,9138,9139,9143],{},[14,9140],{"alt":9141,"src":9142},"EUR","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F86b7d790e3f95b56f090e844916368abde0d47da-3300x2524.avif","\nStablecoins continue growing into a pillar of both the cryptocurrency world and the global financial system. The market has already surpassed $235 billion, showcasing that people have faith in the future of these assets.",[11,9145,9146],{},"Currently, two USD-backed stablecoins (USDT and USDC) have about 90% of the market. The rest of the top-10, including USDe and PYUSD, are all dollar-denominated. Euro-based stablecoins have little market share by comparison. Why is that?",[11,9148,9149],{},"There are many discussions around regulation, interoperability, and integration with TradFi. However, the single most important factor is liquidity. Without deep and sustainable liquidity, no stablecoin can gain mass traction, and no amount of regulatory clarity will change that.",[100,9151,9153],{"id":9152},"whats-the-issue-with-non-usd-stablecoins","What’s the Issue With Non-USD Stablecoins?",[11,9155,9156],{},"Let’s take the Euro as an example. EUR-backed stablecoins have existed for years at this point, yet they remain barely used. Mainly that’s because of liquidity challenges. That’s what ultimately determines whether a stablecoin can become a widely used financial tool.",[11,9158,9159],{},"For years now, USD-backed stablecoins like USDT and USDC have been the dominant force in this landscape, acting as the primary source of liquidity in lending pools and trading pairs. USD-backed stablecoins have deep liquidity, high trading volumes, and extensive integration across CeFi\u002FDeFi platforms.",[11,9161,9162],{},"In contrast, euro (and other non-USD) stablecoins suffer from a lack of market mechanisms that could sustain them. There simply aren’t enough trading pairs, users, and financial instruments built around them to create a proper liquidity ecosystem like what the USD stablecoins have.",[11,9164,9165],{},"One of the key reasons for this liquidity gap is that centralized market makers do not see enough financial incentive to provide liquidity for euro stablecoins. It simply isn’t profitable enough for them. So they prioritize other assets, leaving EUR-backed stablecoins on the backfoot.",[11,9167,9168],{},"This isn’t just a matter of preferences — it’s a more fundamental issue that’s economic in nature. If market makers can’t make a decent return on providing liquidity for these assets, they won’t allocate capital towards them.",[11,9170,9171],{},"So, how can this be changed?",[100,9173,9175],{"id":9174},"is-regulation-the-key-or-just-a-side-factor","Is Regulation the Key or Just a Side Factor?",[11,9177,9178],{},"An argument can be made that if other jurisdictions get ahead in terms of establishing clear-cut rules, non-USD stablecoins will become a lot more attractive. The introduction of MiCA regulations in the EU, for example, has paved the way for compliant EUR-backed stablecoins such as EURC, turning them into an increasingly viable alternative to consider when integrating with TradFi.",[11,9180,9181],{},"To some extent, I agree. As various jurisdictions worldwide keep moving towards better regulation of digital assets, we can very well expect more stablecoins pegged to local currencies to start cropping up. In Asia, the Middle East, Latin America — regions that would be inclined to use such assets to improve their financial stability. Besides which, it would also help them lower the dependency on the U.S. dollar.",[11,9183,9184],{},"We actually have supporting examples here, like Singapore’s XSGD or Switzerland’s XCHF. Hong Kong also launched an HKD-pegged stablecoin in December 2024. The trend seems clear.",[11,9186,9187],{},"However, regulation alone is not the deciding factor. EUR-backed stablecoins existed before MiCA came along. And, it’s still unclear whether the framework will ultimately help or hinder their adoption in the long run. MiCA could act as a kind of “restriction” on USD-backed stablecoins in Europe. Potentially, this gives euro stablecoins an unfair advantage rather than making them genuinely competitive on their own merits.",[11,9189,9190],{},"And at the end of the day, regulation cannot solve the more fundamental issue of liquidity. Without it, no regulatory framework can make a stablecoin viable enough for broad use. So, the question is: how can we create liquidity for non-USD stablecoins?",[100,9192,9194],{"id":9193},"addressing-liquidity-constraints","Addressing Liquidity Constraints",[11,9196,9197],{},"To put things into perspective, the market capitalization of USDT and USDC stand at $141 billion and $56 billion, respectively. By comparison, euro-based stablecoins like EURC or EURS barely go above $100 million. The sheer gap is obvious, and it directly impacts their usability. That’s fewer trading pairs, fewer DeFi integrations, and ultimately, less incentive for traders and institutional players to adopt them. As a result, they can’t become mainstream assets.",[11,9199,9200],{},"A case could be made for the EURe, which I personally use a lot and find to be the most convenient euro stablecoin for real-world application. Even so, the broader non-USD stablecoin market still faces the same challenges: limited adoption, fewer integrations, and a long way to go before they can compete with dollar-backed counterparts.",[11,9202,9203],{},"One possible solution lies in developing more effective liquidity algorithms for non-USD stablecoins. Reliance on professional market makers has proven ineffective, so a new approach is necessary, with mechanisms that can ensure strong liquidity without relying entirely on those parties.",[11,9205,9206],{},"A more effective approach, to my mind, would be to first establish deep liquidity pools between USD and non-USD stablecoins. This is the most practical way to ensure smooth conversions, as it would directly address the core issue. But it requires refining automated market maker (AMM) algorithms to make liquidity provision more efficient and attractive for providers.",[100,9208,9210],{"id":9209},"the-path-to-viable-non-usd-stablecoins","The Path to Viable Non-USD Stablecoins",[11,9212,9213],{},"What matters most is how much liquidity providers can earn. If the incentives are there, liquidity will improve, and adoption will naturally follow. This isn’t just about attracting more capital — it’s about restructuring liquidity provision in a way that ensures long-term, sustainable profits.",[11,9215,9216],{},"Without improvements to the infrastructure, euro stablecoins and their counterparts will continue to lag behind, despite their potential. Stablecoins are only as strong as their liquidity. The key is building models that make providing liquidity profitable — because once the financial incentives align, everything else will fall into place.",[11,9218,9219],{},"Looking ahead, I can see non-USD stablecoins gaining a competitive edge in specific use cases, such as cross-border remittances, on-chain forex trading, and decentralized lending. Businesses that operate globally but need to manage cash flows in multiple currencies could benefit from borrowing non-USD stablecoins while keeping their treasuries in USD.",[11,9221,9222],{},"Additionally, liquidity pools that facilitate stablecoin swaps between different fiat denominations could serve as stores of value, potentially laying the foundation for a more decentralized global financial system.",[11,9224,9225],{},[55,9226,9229],{"href":9227,"rel":9228},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2025\u002F04\u002F07\u002Fcan-non-usd-stablecoins-compete",[59],[61,9230,63],{},{"title":65,"searchDepth":66,"depth":66,"links":9232},[9233,9234,9235,9236],{"id":9152,"depth":66,"text":9153},{"id":9174,"depth":66,"text":9175},{"id":9193,"depth":66,"text":9194},{"id":9209,"depth":66,"text":9210},[69],"2025-04-08 09:43:23",{},"\u002Fblog\u002Fcan-non-usd-stablecoins-compete",{"title":9134,"description":9143},"blog\u002FCan-Non-USD-Stablecoins-Compete","fOVz4DdRvHwjt56R6wO2_lTuEY4vGlemRkue_Oq4glE",{"id":9245,"title":9246,"body":9247,"categories":9323,"cover":9253,"date":9324,"description":9254,"extension":71,"meta":9325,"navigation":73,"path":9326,"seo":9327,"stem":9328,"tags":77,"__hash__":9329},"blog\u002Fblog\u002FNot-a-Meme-DePIN-Can-Take-Crypto-Mainstream.md","Not a Meme! DePIN Can Take Crypto Mainstream",{"type":8,"value":9248,"toc":9319},[9249,9255,9258,9261,9264,9268,9271,9274,9277,9280,9283,9287,9290,9293,9296,9299,9302,9305,9308,9311],[11,9250,9251,9254],{},[14,9252],{"alt":16,"src":9253},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F6ff294d2535cf05ce9094ae6e96e140848553f8b-5680x3776.avif","\nFor years, the crypto market has thrived on speculation, where excitement, hype and fleeting trends attract value instead of fundamentals. Investors have continually poured money into tokens fueled by viral moments, chasing rapid gains. Time and again, a select few of these investments soar to incredible heights, only to come crashing down. With over 33 million tokens in circulation, the competition to attract attention gets harder and harder and investor attention is ever more fleeting. But DePIN can change this. With compelling businesses attracting real customers and revenue built on well designed token economics, DePIN can set a new standard of fundamentals in crypto.",[11,9256,9257],{},"As our DePIN Token Economics Report outlines, Decentralized Physical Infrastructure Networks (DePIN) offer a number of compelling businesses with fundamental value. Unlike typical crypto projects driven by speculation, DePIN offers a different approach. It uses blockchain technology to support real-world infrastructure, creating tangible value and generating real revenue. Instead of relying on hype, it builds a financial system based on actual demand, making it a more sustainable and practical model.",[11,9259,9260],{},"Rather than resembling major crypto networks like Bitcoin or Ethereum, DePIN operates more like capital-light marketplaces such as Uber and Airbnb, but with key distinctions. While both models connect providers with customers without funding infrastructure, DePIN providers are compensated in tokens that can appreciate in value, akin to Uber drivers or Airbnb hosts receiving equity. Additionally, most DePINs sell to businesses which eliminates the need for massive marketing expenses required in building a consumer brand.",[11,9262,9263],{},"DePIN offers a compelling business model and, unlike memes that come and go, it is the beginning of crypto’s transformation into a mature, revenue-generating industry.",[100,9265,9267],{"id":9266},"from-hype-to-revenue-driven-models","From Hype to Revenue-Driven Models",[11,9269,9270],{},"At its core, DePIN represents a paradigm shift. Traditionally, blockchain-based businesses have relied on hype to attract buyers. In the absence of traditional fundamentals, the industry cycled through endless metrics such as TPS, TVL, Telegram channel size, followers on X and many others. Many projects have attempted to build decentralized ecosystems. But, without real customers paying for services, they have largely functioned as economies fueled by speculation rather than external demand.",[11,9272,9273],{},"DePIN changes this by integrating blockchain technology with physical and digital infrastructure, creating compelling services that generate revenue. Whether it is decentralized cloud computing, wireless networks, mapping or storage solutions, DePIN projects offer services like traditional businesses and with customers who pay for usage. When combined with the correct token economics, it creates a sustainable financial model.",[11,9275,9276],{},"As DePIN generates growing revenue, it is likely to draw institutional investors who have long been skeptical of crypto’s reliance on hype and speculation. The projects that successfully correlate the token demand to actual business growth will not only survive the current market but also set the standard for the next generation of blockchain companies",[11,9278,9279],{},"The report also highlights one of the most compelling aspects of DePIN, the use of buy-and-burn, which removes the need to have an expanding pool of new buyers. Instead, these projects use a portion of their revenue to repurchase and burn tokens, permanently reducing supply and potentially driving long-term price appreciation similar to stock buybacks.",[11,9281,9282],{},"This approach is in stark contrast to most of crypto which relies on new buyers to sustain and grow their value.The buy-and-burn model ensures that as DePIN businesses grow and generate more revenue, their token ecosystems become more resilient to market fluctuations. Some DePIN tokens are already demonstrating this by decoupling from broader crypto market trends, proving that real-world adoption can lead to price stability and long-term investor confidence.",[100,9284,9286],{"id":9285},"aligning-incentives-for-sustainable-growth","Aligning Incentives for Sustainable Growth",[11,9288,9289],{},"While DePIN offers significant potential, it also comes with challenges. One major concern is transparency, as most projects lack traditional financial reports, audits, or clear revenue statements. However, blockchain itself provides a solution — on-chain verification through buy-and-burn mechanisms allows for real-time financial tracking, giving investors a clearer picture of a project’s health.",[11,9291,9292],{},"Another challenge is customer adoption. Many businesses and consumers remain concerned due to crypto’s volatility. To address this, DePIN projects are introducing fiat payment options and stablecoin rewards, making it easier for everyday users to interact with these decentralized services without needing prior crypto or Web3 experience.",[11,9294,9295],{},"For DePIN to succeed, its incentive structures must be designed to keep all stakeholders — providers, users, and investors aligned. One way to achieve alignment is through staking mechanisms, especially in cloud-based networks where service providers lock up tokens as collateral to guarantee reliability. Projects like Filecoin and Fluence already use this approach, ensuring accountability while strengthening network security. Others, such as Render and Livepeer, take a different route by distributing a share of network revenue to token stakers, creating a system similar to dividends that rewards long-term commitment.",[11,9297,9298],{},"Governance will also be critical as DePIN projects decentralize. To prevent large token holders from short-term profiteering for quick gains, new governance models like quadratic voting and weighted staking are emerging. These frameworks help keep decision-making balanced, ensuring that projects remain sustainable and fair as they evolve.",[11,9300,9301],{},"DePIN isn’t just another blockchain investment vehicle, it is laying the foundation for real, decentralized infrastructure. While meme coins have shown that crypto can generate hype, they rarely create lasting value. In contrast, DePIN is developing businesses that can compete with centralized companies by focusing on real-world utility.",[11,9303,9304],{},"With token models backed by revenue, deflationary supply mechanics, and increasing interest from institutional investors, DePIN is redefining how blockchain networks should function. The projects that successfully address capital efficiency, align incentives, and navigate regulatory challenges will be the ones that lead this next phase of decentralized technology.",[11,9306,9307],{},"As DePIN matures, its token models will continue to evolve. Optimizing capital efficiency through transparent buy-and-burn rates will ensure liquidity while maintaining long-term value. Governance structures will adapt to prevent short-term actors from derailing network growth. By 2026, DePIN will be recognized as the benchmark for sustainable blockchain economies, proving that crypto can function as more than a speculative asset class.",[11,9309,9310],{},"The crypto industry stands at a crossroads. Investors, developers, and institutions must choose between supporting unsustainable token models or supporting projects that create real value. For the space to mature, it needs to move beyond pure speculation, and DePIN is at the forefront of that transformation.",[11,9312,9313],{},[55,9314,9317],{"href":9315,"rel":9316},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2025\u002F04\u002F03\u002Fnot-a-meme-depin-can-take-crypto-mainstream",[59],[61,9318,63],{},{"title":65,"searchDepth":66,"depth":66,"links":9320},[9321,9322],{"id":9266,"depth":66,"text":9267},{"id":9285,"depth":66,"text":9286},[69],"2025-04-05 18:43:55",{},"\u002Fblog\u002Fnot-a-meme-depin-can-take-crypto-mainstream",{"title":9246,"description":9254},"blog\u002FNot-a-Meme-DePIN-Can-Take-Crypto-Mainstream","NEnpdkpMWG6YfaXFpgN6_hpNKCeDrIFutYVeTx1PJ8E",{"id":9331,"title":9332,"body":9333,"categories":9406,"cover":9339,"date":9407,"description":65,"extension":71,"meta":9408,"navigation":73,"path":9409,"seo":9410,"stem":9411,"tags":77,"__hash__":9412},"blog\u002Fblog\u002FA-Blueprint-for-Digital-Assets-in-America.md","A Blueprint for Digital Assets in America",{"type":8,"value":9334,"toc":9403},[9335,9340,9343,9346,9349,9352,9355,9358,9361,9364,9368,9371,9374,9377,9380,9383,9386,9389,9392,9395],[11,9336,9337],{},[14,9338],{"alt":16,"src":9339},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F37cddf75223428b22731c775c6f2886803182500-1920x1080.avif",[11,9341,9342],{},"In 2008, an anonymous person or group of people known only as “Satoshi Nakamoto” released a now-seminal document, the Bitcoin White paper, introducing a peer-to-peer system for value of exchange without intermediaries.",[11,9344,9345],{},"With this revolutionary concept, the idea of a “digital asset” was born. Soon after, developers and entrepreneurs expanded on this concept, developing systems where value was exchanged not just for its own sake, but for services and digital products.",[11,9347,9348],{},"Over the past decade, innovators have built permissionless, decentralized networks for computing services, file storage, asset exchange, cellular coverage, Wi-Fi connectivity, mapping tools, lending services, and more. Because digital assets can be used for services that anyone can offer and anyone can access, the use-cases – both financial and non-financial – are potentially endless.",[11,9350,9351],{},"Despite this promise, these networks have courted criticism. The Biden-Harris Administration attempted to block this innovative advance through a relentless campaign of lawsuits and enforcement actions without providing the regulatory clarity the digital asset ecosystem and its innovators and users so desperately needed.",[11,9353,9354],{},"The Securities and Exchange Commission (SEC) failed to clarify how existing securities laws apply and — more importantly — don’t apply to digital asset transactions. This lack of regulatory clarity stifled the digital asset ecosystem, pushing growth out of the United States to jurisdictions that have established clear rules of the road.",[11,9356,9357],{},"To address these failures, Congress began exploring ways to modernize the regulatory structure to accommodate the unique characteristics of digital assets and how they could be used in our financial system. These efforts culminated in a series of bills aimed at clarifying how digital assets could be used in the financial system, ensuring investor protection and fostering innovation.",[11,9359,9360],{},"In the 118th Congress, the House Committees on Financial Services and Agriculture launched a historic joint effort to address digital asset regulation. This led to the first-ever passage of bipartisan digital asset market structure legislation in a chamber of Congress. This collaboration enabled Congress to address longstanding challenges in the ecosystem and lay the foundation for a fit for purpose framework under the leadership of President Trump.",[11,9362,9363],{},"This Congress, both the House and Senate are committed to creating a clear path forward for the digital asset ecosystem. As we move ahead, it is crucial that the framework is both balanced and iron-clad for the future. To accomplish this, we have set out principles for digital asset legislation.",[100,9365,9367],{"id":9366},"six-principles","Six principles",[11,9369,9370],{},"First, legislation must promote innovation. We seek to protect opportunities for innovators to create and utilize digital assets, while ensuring users can lawfully transact with one another.",[11,9372,9373],{},"Second, legislation must provide clarity for the classification of assets. Users of digital assets should clearly understand the nature of their holdings, including whether they qualify as securities or non-securities.",[11,9375,9376],{},"Third, legislation must codify a framework for the issuance of new digital assets. The framework should permit issuers to raise capital through the sale of new digital assets under the jurisdiction of the SEC. It should protect retail investors and require developers to disclose relevant information to help users understand the unique characteristics of digital asset networks.",[11,9378,9379],{},"Fourth, the legislation must establish the regulation of spot market exchanges and intermediaries. Centralized, custodial exchanges and intermediaries facilitating transactions with non-security digital assets should adhere to similar requirements as other financial firms.",[11,9381,9382],{},"Congress should provide the Commodity Futures Trading Commission (CFTC) with the authority to impose requirements over these entities necessary to protect customers, limit conflicts of interest, ensure appropriate execution of customer orders, and provide disclosures.",[11,9384,9385],{},"Fifth, the legislation must establish best practices for the protection of customer assets. Entities registered with the SEC or CFTC should be required to segregate customer funds and hold them with qualified custodians. Customer funds should also be protected during bankruptcy.",[11,9387,9388],{},"Sixth, and finally, the legislation must protect innovative decentralized projects and activities. Congress should ensure that decentralized protocols, which pose different risks and benefits, are not subject to regulations designed for centralized, custodial firms. In safeguarding decentralized activities, Congress must also protect an individual’s right to self-custody their digital assets.",[11,9390,9391],{},"We look forward to both Committees continuing our legislative work together to fulfill President Trump’s request to make America the “crypto capital of the planet.” In May, our Committees will host our second joint hearing to discuss digital asset market structure legislation.",[11,9393,9394],{},"Our goal is to bring much-needed regulatory clarity to this rapidly evolving industry, ensuring that America continues to lead in shaping the future of digital finance.",[11,9396,9397],{},[55,9398,9401],{"href":9399,"rel":9400},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2025\u002F04\u002F04\u002Fa-blueprint-for-digital-assets-in-america",[59],[61,9402,63],{},{"title":65,"searchDepth":66,"depth":66,"links":9404},[9405],{"id":9366,"depth":66,"text":9367},[69],"2025-04-05 12:23:53",{},"\u002Fblog\u002Fa-blueprint-for-digital-assets-in-america",{"title":9332,"description":65},"blog\u002FA-Blueprint-for-Digital-Assets-in-America","1sZ4MpTykkL2RD5l69RV8N05S0nlleOjiRB3qvRTTYE",{"id":9414,"title":9415,"body":9416,"categories":9492,"cover":9423,"date":9493,"description":9424,"extension":71,"meta":9494,"navigation":73,"path":9495,"seo":9496,"stem":9497,"tags":77,"__hash__":9498},"blog\u002Fblog\u002FWhy-Trump-s-Tariffs-Could-Actually-Be-Good-for-Bitcoin.md","Why Trump's Tariffs Could Actually Be Good for Bitcoin",{"type":8,"value":9417,"toc":9490},[9418,9425,9428,9431,9438,9441,9444,9451,9454,9457,9460,9467,9470,9473,9476,9479,9482],[11,9419,9420,9424],{},[14,9421],{"alt":9422,"src":9423},"Trump","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Fc6015c296a1c910a9585a54ca2de168e439ce12e-6000x4000.avif","\nSo far, crypto markets haven’t behaved as expected under the Trump Administration. Investors hoped that regulatory reform and policies like a Bitcoin Strategic Reserve would drive prices appreciably higher. But it’s been the opposite. Bitcoin has fallen from highs well above $100,000 at the beginning of the year to a trough in the mid-80,000s for most of March.",[11,9426,9427],{},"Crypto prices have suffered from being increasingly correlated with traditional assets like stocks and bonds, which have been hit by macroeconomic uncertainty. Tariffs — surcharges the U.S. places on imports from other countries — have Wall Street worried about a global recession. Crypto investors have been steering clear of crypto assets, which are seen as relatively risky.",[11,9429,9430],{},"“This is all about markets’ ‘risk appetite’ which continues to deteriorate, and for the time being drives a wedge between crypto assets and gold, which continues to be the ‘safe haven’ of choice,” said Marc Ostwald, Chief Economist & Global Strategist at ADM Investor Services International.",[11,9432,9433,9434,9437],{},"“",[1731,9435,9436],{},"That’s"," in no small part driven by central bank FX reserve managers, who are seeking to reduce USD exposure, which has long been a source of concern to them.”",[11,9439,9440],{},"As the global financial and trade system becomes more fragmented, investors are seeking alternatives to riskier assets, including dollars. For now, that means turning to gold, which is up 18% year-to-date.",[11,9442,9443],{},"But that could change, said Omid Malekan, an adjunct professor at Columbia Business School and author of \"The Story of the Blockchain: A Beginner's Guide to the Technology That Nobody Understands.\" Bitcoin could be the new gold soon enough.",[11,9445,9446,9447,9450],{},"“I think the entire ",[1731,9448,9449],{},"future"," is uncertain and in some ways unknowable, because there are many crosscurrents and both crypto and tariffs are new. Some people argue that crypto is just a risk-on tech asset and would sell off due to tariffs. But bitcoin has found footing in some circles as ‘digital gold’ and the physical variety is soaring on the tariff news. So which will it be?”",[11,9452,9453],{},"In other words, economic uncertainty could lead investors to seek out bitcoin just as they have sought out gold in recent months.",[11,9455,9456],{},"Another note of positivity: the impact of tariffs on crypto could be “priced in” and the worst might be over already, said Zach Pandl, head of research at Grayscale, a leading crypto asset management firm.",[11,9458,9459],{},"President Trump is due to announce U.S. tariffs on Wednesday, April 2, at 4 p.m. ET—what’s known as “Liberation Day.” According to reports, he’ll lay out “reciprocal tariffs” against 15 countries that have levied tariffs against the U.S., including China, Canada and Mexico.",[11,9461,9462,9463,9466],{},"Pandl estimates tariffs have so far taken 2% off economic growth this year. But Liberation Day might actually stop the worst of the pain felt in financial markets. “If we see an announcement ",[1731,9464,9465],{},"on Wednesday"," that is tough but phased, and focused on the 15 countries they seem to be targeting, my expectation is that markets will rally on that news,” Pandl told CoinDesk.",[11,9468,9469],{},"“Potentially once we get through this announcement, crypto markets can focus back on the fundamentals which are very positive.”",[11,9471,9472],{},"Pandl said announcements like Circle’s IPO wouldn’t be happening if institutions didn’t have a high degree of confidence in the digital assets sector and the policies around it.",[11,9474,9475],{},"Moreover, Pandl, a former macro-economist at Goldman Sachs, believes that tariffs will increase the appetite for currencies that aren’t dollars.",[11,9477,9478],{},"“I think tariffs will weaken the dominant role of the dollar and create space for competitors including bitcoin. Prices have gone down in the short run. But the first few months of the Trump Administration have raised my conviction in the longer term for bitcoin as a global monetary asset.”",[11,9480,9481],{},"Pendl still believes that bitcoin will hit new all-time highs this year, despite current pessimism around prices. “I wouldn’t have quit my Wall Street job if I didn’t think bitcoin will be the winner in the long term,” he said.",[11,9483,9484],{},[55,9485,9488],{"href":9486,"rel":9487},"https:\u002F\u002Fwww.coindesk.com\u002Fmarkets\u002F2025\u002F04\u002F01\u002Fwhy-trump-s-tariffs-could-actually-be-good-for-bitcoin",[59],[61,9489,63],{},{"title":65,"searchDepth":66,"depth":66,"links":9491},[],[69],"2025-04-03 11:21:54",{},"\u002Fblog\u002Fwhy-trump-s-tariffs-could-actually-be-good-for-bitcoin",{"title":9415,"description":9424},"blog\u002FWhy-Trump-s-Tariffs-Could-Actually-Be-Good-for-Bitcoin","fUb-80udNMMkhUGGMZ5caQSxyu6L6T9EagdJz-32dZk",{"id":9500,"title":9501,"body":9502,"categories":9583,"cover":9508,"date":9584,"description":9509,"extension":71,"meta":9585,"navigation":73,"path":9586,"seo":9587,"stem":9588,"tags":77,"__hash__":9589},"blog\u002Fblog\u002FThe-Debacle-Political-Endorsements-Are-Driving-Rug-Pulls.md","The $LIBRA Debacle: Political Endorsements Are Driving Rug Pulls",{"type":8,"value":9503,"toc":9578},[9504,9510,9513,9516,9520,9523,9526,9529,9532,9535,9539,9542,9545,9548,9551,9554,9558,9561,9564,9567,9570],[11,9505,9506,9509],{},[14,9507],{"alt":16,"src":9508},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Fe386843677ef6680d61434d7bffafec2aeeb02d5-1024x683.avif","\nThe synergy of political endorsement and highly speculative assets like meme coins was always bound to be disastrous, and the recent LIBRA scandal was a clear reflection of this concern.",[11,9511,9512],{},"Crypto has come a long way over the past decade. Mainstream adoption, institutional interest, and regulatory clarity helped the industry gain increasing credibility. And meme coins also carved out an exciting niche in this sector, which reflected creativity and community engagement. Yet, political meme coins could ruin this decades-worth of progress very quickly.",[11,9514,9515],{},"A promotional post from Argentina’s president, Javier Milei, caused LIBRA investors to lose over $250 million in just hours. His endorsement sparked a buying frenzy that pushed the price from near zero to almost $5 in a matter of minutes. Insiders quickly cashed out, dumping over $107 million in tokens before the price collapsed. Argentina’s fintech chamber labeled this classic rug pull without mincing words.",[100,9517,9519],{"id":9518},"the-anatomy-of-a-meme-coin-scam","The Anatomy of a Meme Coin Scam",[11,9521,9522],{},"Unfortunately, the LIBRA scandal was not an exceptional case. Bubblemap analysts traced LIBRA’s origins back to the team behind the MELANIA token and other pump-and-dump schemes. The same group launched several coins that swelled in price before crashing.",[11,9524,9525],{},"President Milei, a self-proclaimed libertarian and Bitcoin enthusiast, used his platform to share information about LIBRA. His tweet ignited a rush among investors eager to capitalize on his reputation.",[11,9527,9528],{},"It’s still staggering that influential figures have yet to understand the true impact of their statements on an industry largely driven by speculative interest. As the token’s value soared, insiders began unloading their tokens. Within hours, the coin’s market cap fell from $4.5 billion to just a fraction of that amount.",[11,9530,9531],{},"However, on-chain analysis shows that LIBRA was fundamentally designed to potentially scam investors. The founders held 70% of the token supply, which allowed them to profit massively while leaving retail investors vulnerable. When insiders cashed out, many traders lost nearly everything they had invested.",[11,9533,9534],{},"Such pump-and-dump schemes always follow the same playbook: a high-profile personality sparks investor interest, insiders pocket their profits, and the token collapses. This pattern played out with LIBRA in a textbook fashion.",[100,9536,9538],{"id":9537},"political-endorsements-and-market-manipulation","Political Endorsements and Market Manipulation",[11,9540,9541],{},"Political endorsements used in these schemes add a disturbing twist to the story. Milei’s tweet did more than spread a message; it lent credibility to a high-risk asset. When a sitting president supports a project, many assume there is underlying merit. This assumption helped drive the buying frenzy around LIBRA. Similar episodes occurred in the United States with the TRUMP and MELANIA tokens. Politically-linked meme coins have morphed from mere speculative plays into tools for financial manipulation.",[11,9543,9544],{},"Galaxy Research Analyst Alex Thorn describes LIBRA as the latest example of a series of Solana-based meme coin implosions. During this crash, Solana’s transaction volumes plummeted to mid-2024 levels, and there is growing concern over a $1.5 billion FTX token unlock. These factors combine to put additional pressure on Solana’s price.",[11,9546,9547],{},"Meme coins, which dominated headlines in 2024, now face harsh market realities in 2025. Many of these tokens have already lost 30-60% of their value. Activity on platforms such as Pump.fun has cratered, and overall trading volume in the sector is in freefall.",[11,9549,9550],{},"The trend of politically-endorsed tokens creates an environment where hype easily overrides fundamentals. Political figures lend their names to projects with little oversight. This practice allows groups of insiders to generate large profits at the expense of everyday investors.",[11,9552,9553],{},"The situation exposes a troubling trend in crypto markets. When prominent figures use their influence to spark buying frenzies, they turn volatile tokens into weapons for financial manipulation. Such practices risk undermining trust in the entire crypto ecosystem.",[100,9555,9557],{"id":9556},"a-much-needed-end-to-the-chaotic-meme-coin-cycle","A Much-Needed End to the Chaotic Meme Coin Cycle?",[11,9559,9560],{},"The $LIBRA debacle should serve as a harsh lesson for retail investors. Many of those who lost money had a high level of technical knowledge, as they needed Solana wallets and SOL tokens to participate.",[11,9562,9563],{},"However, the overall appeal of politically charged tokens often attracts investors who believe that an endorsement from a political heavyweight guarantees success. Reality proved otherwise. When high-profile insiders exploit their inside knowledge to exit early, the outcome is disastrous for retail participants.",[11,9565,9566],{},"As institutional investors shift their focus to more stable markets like Bitcoin and Ethereum ETFs, the appetite for meme coins might be waning. Political meme coins remain the lawless frontier of crypto. Their volatile nature and inherent manipulation make them a poor choice for risk-averse investors. The recent fallout suggests that market excitement has finally run far ahead of sound fundamentals.",[11,9568,9569],{},"Political meme coins represent a clear symptom of a larger problem. They expose vulnerabilities in a market that still lacks a solid regulatory framework. When the excitement around a meme coin overshadows careful analysis, the consequences can be severe. Investors may see short-term gains, but the inevitable collapse brings long-term damage. The case of $LIBRA proves that political endorsements do not safeguard against market manipulation.",[11,9571,9572],{},[55,9573,9576],{"href":9574,"rel":9575},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2025\u002F03\u002F27\u002Fthe-usdlibra-debacle-political-endorsements-are-driving-rug-pulls",[59],[61,9577,63],{},{"title":65,"searchDepth":66,"depth":66,"links":9579},[9580,9581,9582],{"id":9518,"depth":66,"text":9519},{"id":9537,"depth":66,"text":9538},{"id":9556,"depth":66,"text":9557},[69],"2025-03-28 10:34:33",{},"\u002Fblog\u002Fthe-debacle-political-endorsements-are-driving-rug-pulls",{"title":9501,"description":9509},"blog\u002FThe-Debacle-Political-Endorsements-Are-Driving-Rug-Pulls","JxzWxEZz5GUt-p9Kq-vnwIAPCvl6d-wcFWDnM320H34",{"id":9591,"title":9592,"body":9593,"categories":9681,"cover":9599,"date":9682,"description":9600,"extension":71,"meta":9683,"navigation":73,"path":9684,"seo":9685,"stem":9686,"tags":77,"__hash__":9687},"blog\u002Fblog\u002FIf-You’re-in-Crypto-Pivot-to-AI-Now.md","If You’re in Crypto, Pivot to AI Now",{"type":8,"value":9594,"toc":9679},[9595,9601,9604,9607,9610,9613,9616,9619,9622,9625,9628,9635,9638,9641,9644,9647,9650,9653,9656,9659,9662,9665,9668,9671],[11,9596,9597,9600],{},[14,9598],{"alt":16,"src":9599},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F0002a047984c0c81fe84903243fdc660d718cbe6-512x512.avif","\nFor years, crypto’s positioned itself as the next great technological revolution. But as we witness the explosive rise of AI, it's time for crypto to face the truth: the true technological revolution of our era is artificial intelligence, and crypto will play a supporting role rather than be the star.",[11,9602,9603],{},"This isn't about diminishing the industry’s importance or the quality of what it’s built. I helped pioneer institutional investing in Bitcoin, and I’ve operated and invested in numerous companies building on-chain. I also earned a Ph.D in AI. The simple truth is that building intelligent systems that solve real-world problems should be the mission, whether or not blockchain rails are included.",[11,9605,9606],{},"With respect to pure crypto, the only segment left standing is DeFi. Objectively a better version of TradFi, DeFi boasts better engineering, programmability, and composability. This is properly captured with the meme: Internet Capital Markets. Stablecoins and tokenization have shown exceptional product-market-fit, and they remain crypto’s truest (read: only) demonstration of real tangible value to date. As such, the institutions are coming, and for good reason. BlackRock, Robinhood, and even crypto-native stalwarts like Coinbase are building out crypto products in the expectation of imminent regulatory clarity. Moving instant global payments and settlement along with more complex financial instruments on-chain is a no-brainer.",[11,9608,9609],{},"Otherwise, there’s AI. There’s TradAI like the big labs, model builders, and LLM providers. There’s open-weight AI like DeepSeek and Mistral. There’s open-source AI like Nous. AI apps like Cursor and Lovable. Agents like Manus. Robotics. And even Decentralized AI or Crypto x AI (we’ll get to that in a minute…). In short, there's already more demand for AI products and services than there has ever been for pure crypto applications.",[11,9611,9612],{},"This is captured by another meme: if you’re in crypto, pivot to AI.",[11,9614,9615],{},"This shouldn't surprise us. While crypto has struggled to find mainstream use cases beyond speculation and gambling, AI is already improving productivity and working its way into transforming industries everywhere across the world.",[11,9617,9618],{},"What’s more? A sobering reality for crypto – further accentuated by recent memecoin activity and what’s been colloquially called “crime szn” – has been the disconnect between token values and actual technological utility. While decentralized technology itself is revolutionary, the value captured by tokens has historically been driven more by memetic appeal than by genuine technological value creation (there have been calls to get grounded in “fundamentals” as of late, but we’ll see if it has legs…). This isn't necessarily a criticism – meme value is real value in many ways – but it highlights a fundamental weakness of crypto as a standalone industry.",[11,9620,9621],{},"This doesn't mean crypto’s rekt. In fact, blockchain and crypto protocols may become essential components of a future AI tech stack. But they'll serve as infrastructure underlying AI-first products and services, rather than as standalone products.",[11,9623,9624],{},"Consider ways to Make AI Cheap Again: distributed computing power for training and inference, verifiable computation and data provenance, tokenized access to computational resources, decentralized storage of training data, and transparent reward mechanisms for contribution. Distributed computing and DePIN architectures as well as transparent verification systems have proven their utility. But – and this is crucial – they'll do so in service of AI products and services that solve real problems for mainstream users who neither know nor care about the underlying technical infrastructure.",[11,9626,9627],{},"We could envision protocols built using blockchains generating revenue through licensing or usage and being paid in other tokenized forms of value like stablecoins – a model in stark contrast to the token-as-the-product model currently a la mode.",[11,9629,9630,9631,9634],{},"For founders and teams currently focused on crypto-native applications, this represents both a challenge and an opportunity. The challenge is expanding beyond the comfortable but limited crypto ecosystem, represented primarily by Crypto Twitter and ",[1731,9632,9633],{},"Insert Your Favorite Conference Here",". The opportunity is participating in the genuine technological revolution that AI represents.",[11,9636,9637],{},"What does this mean in practice? First, teams need to start thinking bigger. Founders should be asking themselves how AI can transform their target market, and then consider how crypto technology might help enable that transformation. This means fundamentally changing how we approach building and marketing crypto products.",[11,9639,9640],{},"Instead of starting with tokenization, tokenomics, or even blockchains in general, begin with real-world problems that AI could solve. Only then should teams identify where decentralized systems could enhance the AI, and implement these pieces of the stack where they genuinely add value.",[11,9642,9643],{},"Leverage crypto where it makes sense, especially where it can mitigate costs or improve efficiency, but keep the focus squarely on delivering value through intelligence and automation.",[11,9645,9646],{},"For example, companies could use blockchains to create decentralized marketplaces for critical processes, making AI more accessible and cost-effective (Vast.ai, a Nazaré portfolio company, does this for GPUs, and Orchid has been re-defining the internet and privacy with decentralized markets for years).",[11,9648,9649],{},"Agents might also use cryptographic verification or privacy systems to safely and securely act on our behalf online using our login information, identities and credit cards, or even private keys and wallets on-chain.",[11,9651,9652],{},"In both cases, crypto serves the larger goal of making AI systems more effective and trustworthy.",[11,9654,9655],{},"The companies that will thrive in this new landscape are those that understand this dynamic. They will either build AI-first products that incorporate crypto where it adds genuine value, or they will build crypto services explicitly designed to improve AI-based products or services. The market won’t support teams running around wielding the hammer that is blockchains treating everything like a nail.",[11,9657,9658],{},"Ultimately, this is about properly understanding the relationship between crypto and AI. The future belongs to AI as the primary framework while thoughtfully incorporating crypto where appropriate.",[11,9660,9661],{},"For much of the crypto industry, this is a moment of truth and a profound recalibration. We can either cling to the narrative of crypto as a standalone revolution and speculative tokens as retail products, or we can embrace crypto's supporting role as excellent technology in service of AI.",[11,9663,9664],{},"The latter may be less glamorous (and perhaps less valuable to investment portfolios), but it's ultimately more likely to create real lasting value and impact.",[11,9666,9667],{},"The sooner we accept this reality, the better positioned we'll be to contribute meaningfully to the technological transformation that's already underway. It's time for the crypto industry to think bigger than itself.",[11,9669,9670],{},"If you’re in crypto, pivot to AI.",[11,9672,9673],{},[55,9674,9677],{"href":9675,"rel":9676},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2025\u002F03\u002F25\u002Fif-you-re-in-crypto-pivot-to-ai-now",[59],[61,9678,63],{},{"title":65,"searchDepth":66,"depth":66,"links":9680},[],[69],"2025-03-26 11:21:54",{},"\u002Fblog\u002Fif-you're-in-crypto-pivot-to-ai-now",{"title":9592,"description":9600},"blog\u002FIf-You’re-in-Crypto-Pivot-to-AI-Now","9t9BiCZr2xb4veXPB3vLafIsOV4-DkvGD7nzqFu7klk",{"id":9689,"title":9690,"body":9691,"categories":9733,"cover":9697,"date":9734,"description":9698,"extension":71,"meta":9735,"navigation":73,"path":9736,"seo":9737,"stem":9738,"tags":77,"__hash__":9739},"blog\u002Fblog\u002FFidelity-Files-for-Onchain-U-S-Treasury-Fund-Joining-the-Asset-Tokenization-Race.md","Fidelity Files for Onchain U.S. Treasury Fund, Joining the Asset Tokenization Race",{"type":8,"value":9692,"toc":9731},[9693,9699,9702,9705,9708,9711,9714,9717,9720,9723],[11,9694,9695,9698],{},[14,9696],{"alt":16,"src":9697},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F20f75612970a9916ea3beb2344cc33cd9cccccce-1440x1080.avif","\nAsset manager Fidelity Investments has filed paperwork to register a blockchain-based, tokenized version of its U.S. dollar money market fund, aiming to join the tokenized asset race.",[11,9700,9701],{},"According to a Friday filing to the U.S. Securities and Exchange Commission (SEC), the company seeks to register an \"OnChain\" share class of its Fidelity Treasury Digital Fund (FYHXX) and use blockchains as transfer agent. FYHXX holds cash and U.S. Treasury securities and was launched late last year.",[11,9703,9704],{},"The Onchain class of the fund currently uses the Ethereum (ETH) network, and the firm may expand to other blockchains in the future, the filing said. The registration is subject to regulatory approval, with the product expected to become effective on May 30.",[11,9706,9707],{},"The filing happened as global banks and asset managers increasingly put traditional financial instruments such as government bonds, credit, and funds on blockchain rails, a process often referred to as tokenization of real-world assets (RWAs). They do so to pursue operational and efficiency gains and faster, around-the-clock settlements.",[11,9709,9710],{},"Fidelity, with $5.8 trillion in assets under management, is the latest traditional financial heavyweight seeking to enter the fast-growing tokenized U.S. Treasuries space.",[11,9712,9713],{},"Blackrock (BLK), in partnership with digital asset firm Securitize, launched a similar tokenized T-bill fund last March called BUIDL and has become the market leader with nearly $1.5 billion of assets, rwa.xyz data shows.",[11,9715,9716],{},"Franklin Templeton's fund, which was the first on-chain money market product, gathered $689 million in assets since its 2021 debut.",[11,9718,9719],{},"The entire tokenized U.S. Treasury market is currently worth $4.77 billion, growing almost 500% over the past year, per rwa.xyz.",[11,9721,9722],{},"Fidelity is also one of the largest issuers of spot bitcoin and ether exchange-traded funds (ETF) in the U.S., with its $16.5 billion FBTC and $780 million FETH, per SoSoValue data.",[11,9724,9725],{},[55,9726,9729],{"href":9727,"rel":9728},"https:\u002F\u002Fwww.coindesk.com\u002Fbusiness\u002F2025\u002F03\u002F22\u002Ffidelity-files-for-onchain-u-s-treasury-fund-joining-the-asset-tokenization-race",[59],[61,9730,63],{},{"title":65,"searchDepth":66,"depth":66,"links":9732},[],[69],"2025-03-25 12:13:51",{},"\u002Fblog\u002Ffidelity-files-for-onchain-u-s-treasury-fund-joining-the-asset-tokenization-race",{"title":9690,"description":9698},"blog\u002FFidelity-Files-for-Onchain-U-S-Treasury-Fund-Joining-the-Asset-Tokenization-Race","XPRFx_yezWCxTwSfedq6IWUnwG0okFpmTCZyyxhlgvE",{"id":9741,"title":9742,"body":9743,"categories":9814,"cover":9749,"date":9815,"description":9750,"extension":71,"meta":9816,"navigation":73,"path":9817,"seo":9818,"stem":9819,"tags":77,"__hash__":9820},"blog\u002Fblog\u002FNow-Is-the-Time-to-Rally-to-Web3-Gaming.md","Now Is the Time to Rally to Web3 Gaming",{"type":8,"value":9744,"toc":9812},[9745,9751,9754,9757,9760,9763,9766,9769,9772,9775,9778,9781,9784,9787,9798,9801,9804],[11,9746,9747,9750],{},[14,9748],{"alt":16,"src":9749},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F7dadedbd369458ece0967461a947a3709cfee676-1280x853.avif","\nRight now, my X feed is full of people who are giving up on Web3 gaming. I get it. Over $12 billion of venture capital funding has gone into it since 2020 and they haven’t seen the sort of breakout success that many expected. Even the best games haven’t reached anything close to mainstream scale. Token prices are down. Studios are shutting down. And everyone is exhausted.",[11,9752,9753],{},"But measuring Web3 gaming by token prices alone is like calling the internet a failure because of the dot-com crash — it ignores how far the technology has come and where it's headed. It’s missing the real story.",[11,9755,9756],{},"At its core, Web3 gaming is about giving players real ownership — not just of the in-game items that they buy and earn, but also their identities and achievements. In traditional games, players invest time, effort and money into digital assets that ultimately belong to the publisher. Web3 changes that. By putting assets on-chain, players can truly own what they earn—whether that’s tradable items like weapons or land, or non-transferable badges of reputation, guild history, or verifiable skill. It’s not just about buying and selling stuff — it’s about agency, persistence, and getting proper recognition for what you’ve built and what is really yours in the ecosystem.",[11,9758,9759],{},"The concept isn’t new. Players have wanted more control over their in-game assets for years. Look at the massive markets for CS:GO skins or World of Warcraft gold. But until now, those economies have been fragmented, restricted, or at risk of being shut down if a centralized publisher decides to shut it down or change the rules. Web3 makes these economies open, interoperable, player-owned and player-driven.",[11,9761,9762],{},"Ownership has always been the foundation of Web3 gaming, and play-to-earn was an experimental model that showed the potential for open and permissionless virtual economies on blockchain. Now, the industry is evolving with a stronger focus on sustainable economies and better tokenomics, deeper gameplay, and long-term player engagement.",[11,9764,9765],{},"But if you’re comparing Web3 gaming to Web2 gaming, you’ll be disappointed. Traditional gaming has had decades to fine-tune game design, build massive player bases, and develop business models that work, while Web3 gaming is still in its experimental phase. Sure, billions of dollars of investment can speed things up, but throwing money at a brand new category doesn’t magically buy it a track record or instantly create new games that people love.",[11,9767,9768],{},"I’ve been making games for over 20 years and I have seen every major shift get dismissed before it took over. Nobody believed mobile gaming could compete with PCs or consoles until it became bigger than both. Free-to-play was called a scam until it made more money and reached more players than ever before. Esports was a joke until stadiums sold out and prize pools hit millions. Digital skins were “worthless” before they became a multi-billion dollar market.",[11,9770,9771],{},"And now, Web3 gaming is at that same inflection point.",[11,9773,9774],{},"When I first heard about blockchain in 2018, everyone I knew in FinTech was talking about it. So of course I thought it was boring and I ignored it. It wasn’t until I learned about CryptoKitties that I actually took notice. When I saw people collecting, trading and actually owning these cute on-chain cats, that’s when I got excited because I knew they weren't like other in-game assets. CryptoKitties were digital things that no one could take away from you. As someone who’s spent their life grinding in games, and their career convincing others to grind the same — without really getting anything for it — that idea of digital ownership gave me a whole new way to think.",[11,9776,9777],{},"So I went all-in on blockchain games. But 2018 and 2019 were really tough times. Pretty much no one else cared back then. There was no support, no real funding, no clear idea of what these games could be beyond speculation, and (outside of a handful of believers) there was very little conviction. The market was in a deep bear cycle, and many teams either gave up or ran out of money before they could launch. Still, some of us kept building. We stayed lean, experimented, and learned everything the hard way. It feels similarly bad now, but not as bad as it was then. Looking back, I’m so glad we didn’t pack it in when success was just around the corner.",[11,9779,9780],{},"When Axie Infinity broke through in 2021, everything changed. Web3 founders like Jeffrey “Jihoz” Zirlin of Sky Mavis, Yat Siu of Animoca Brands, Sebastien Borget of The Sandbox, and me, went from being called crazy to visionary overnight. Suddenly, we were speaking on the main stage at conferences where we used to watch in the audience. We made news headlines and “Most Influential” lists. Investors who ignored our emails were asking how much they could put in. My email inbox filled up with fundraising decks pitching the next YGG.",[11,9782,9783],{},"Then in 2022, the market crashed, and just as quickly, we went back to being crazy. But that never really bothered me because crazy people are the ones who make big things happen.",[11,9785,9786],{},"Now, everyone’s asking: When is the next big Web3 game? The answer is this: good games take time. And if you look past the red candles to take notice of what exists already today, you’ll see we how much progress we’ve made since our industry was seeded in 2018:",[4919,9788,9789,9792,9795],{},[4922,9790,9791],{},"In 2020, Axie Infinity had fewer than 500 daily players. Today, Ronin — the blockchain it built — has millions of active users, with 17 new games launched, and 134% growth in NFT trading volume in 2024 compared to 2023. It’s also gone permissionless, which means there will be more games, faster development, stronger network effects, and unpredictably big breakthroughs. Some of the biggest innovations in gaming like modding, free-to-play and esports came from unexpected places. By lowering the barrier to entry, a permissionless Ronin invites the kind of experimentation that could lead to the next Axie-scale success.",[4922,9793,9794],{},"Pixels, a farming game on Ronin, hit a peak of 1.3 million daily active users (DAUs) and is holding strong now with around 250,000 DAUs even with its token down 96%. Players are spending more than they cash out, buying land, upgrading assets, and actually putting money back into the game, fueling the economy instead of extracting from it. This is how virtual economies should work, with real demand and strong retention. Most importantly, it is an indication that the play-to-earn model can work if done right.",[4922,9796,9797],{},"Parallel, a trading card game (TCG) on Ethereum, just hosted a world championship in Las Vegas at the HyperX Arena — a venue that has hosted some of the biggest esports competitions from “League of Legends All-Stars” to “Street Fighter V’s Capcom Cup.” This was a prestigious event that saw some of the world’s best TCG players crossover from traditional titles like Hearthstone to become some of the first Web3 esports legends.",[11,9799,9800],{},"These are just a few examples, but they show the kind of traction we’re seeing: better infrastructure, growing communities, more sustainable virtual economies, digital ownership.",[11,9802,9803],{},"Those who FUD Web3 gaming today don’t understand it. They missed CryptoKitties in 2018, Axie in 2020, YGG in 2021, and they’ll miss the next wave too because they’re measuring the wrong metrics. Web3 is growing and innovating faster than any other sector in gaming. It’s not time to quit. It's time to double down. Let them call us whatever they want: crazy, delusional. Visionary, pioneering. It doesn’t change what we do. We’ve been here before. Stay the path.",[11,9805,9806],{},[55,9807,9810],{"href":9808,"rel":9809},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2025\u002F03\u002F21\u002Fnow-is-the-time-to-rally-to-web3-gaming",[59],[61,9811,63],{},{"title":65,"searchDepth":66,"depth":66,"links":9813},[],[69],"2025-03-25 10:25:13",{},"\u002Fblog\u002Fnow-is-the-time-to-rally-to-web3-gaming",{"title":9742,"description":9750},"blog\u002FNow-Is-the-Time-to-Rally-to-Web3-Gaming","equL9jk09X_K2EgdUzo9Yc9kCvYO3W6JG5p1VyozGbQ",{"id":9822,"title":9823,"body":9824,"categories":9860,"cover":9830,"date":9861,"description":9831,"extension":71,"meta":9862,"navigation":73,"path":9863,"seo":9864,"stem":9865,"tags":77,"__hash__":9866},"blog\u002Fblog\u002FNorth-Korea-Linked-Lazarus-Group-Holds-More-Bitcoin-Than-Elon-Musk-s-Tesla.md","North Korea-Linked Lazarus Group Holds More Bitcoin Than Elon Musk's Tesla",{"type":8,"value":9825,"toc":9858},[9826,9832,9835,9838,9841,9844,9847,9850],[11,9827,9828,9831],{},[14,9829],{"alt":16,"src":9830},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Fb9b7447370db013e9967198c205fef1f20821329-2536x1151.avif","\nThe Lazarus Group, a hacking group closely associated with North Korean, holds more bitcoin (BTC) than Tesla (TSLA), the electric car manufacturer led by Elon Musk, according to data from Arkham Intelligence.",[11,9833,9834],{},"At press time, Lazarus held 13,441 BTC worth $1.14 billion, according to data source Arkham Intelligence. That's 16% more than Tesla's bitcoin stash of 11,509 BTC.",[11,9836,9837],{},"Last month, Lazarus Group struck crypto exchange Bybit, draining $1.4 billion in ether (ETH) from the platform. Recently, some of the stolen funds have been converted into bitcoin, with 12,836 BTC distributed across 9,117 unique wallets, as Bybit's CEO Ben Zhou confirmed.",[11,9839,9840],{},"Tesla acquired its bitcoin stash four years ago and has been HODLing ever since, making it the world's fourth-largest publicly listed company in terms of BTC holdings.",[11,9842,9843],{},"The striking contrast between Tesla and Lazarus Group emerged even as President Donald Trump's positive stance on cryptocurrency has sparked calls for accelerated BTC adoption among corporations and sovereign nations worldwide.",[11,9845,9846],{},"On Thursday, Trump reaffirmed his commitment to making the U.S. the \"undisputed Bitcoin superpower and the crypto capital of the world.\" Against this backdrop, it will be interesting to see if Tesla and other U.S. corporations respond to being overshadowed by a North Korean hacker.",[11,9848,9849],{},"Meanwhile, the U.S. government holds 198,109 BTC worth over $16 billion, representing coins seized in enforcement actions. Trump recently announced the same as the strategic reserve.",[11,9851,9852],{},[55,9853,9856],{"href":9854,"rel":9855},"https:\u002F\u002Fwww.coindesk.com\u002Fmarkets\u002F2025\u002F03\u002F21\u002Fnorth-korea-linked-lazarus-group-holds-more-bitcoin-than-elon-musk-s-tesla",[59],[61,9857,63],{},{"title":65,"searchDepth":66,"depth":66,"links":9859},[],[69],"2025-03-21 12:25:43",{},"\u002Fblog\u002Fnorth-korea-linked-lazarus-group-holds-more-bitcoin-than-elon-musk-s-tesla",{"title":9823,"description":9831},"blog\u002FNorth-Korea-Linked-Lazarus-Group-Holds-More-Bitcoin-Than-Elon-Musk-s-Tesla","gCPho5wy_BBV2KySKiK-TdFfXsJSiyAn8Vf3kbpFqKg",{"id":9868,"title":9869,"body":9870,"categories":9903,"cover":9876,"date":9904,"description":9877,"extension":71,"meta":9905,"navigation":73,"path":9906,"seo":9907,"stem":9908,"tags":77,"__hash__":9909},"blog\u002Fblog\u002FProof-of-Work-Crypto-Mining-Doesn’t-Trigger-Securities-Laws-SEC-Says.md","Proof-of-Work Crypto Mining Doesn’t Trigger Securities Laws, SEC Says",{"type":8,"value":9871,"toc":9901},[9872,9878,9881,9884,9887,9890,9893],[11,9873,9874,9877],{},[14,9875],{"alt":16,"src":9876},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Fd1c75b8857f5c36e8d847c43e3dd545814aed4d1-2048x1152.avif","\nProof-of-work cryptocurrency mining does not trigger federal securities laws, according to a Thursday staff statement from the U.S. Securities and Exchange Commission (SEC) which told mining operators they do not need to register their transactions with the regulator.",[11,9879,9880],{},"The statement, published by the SEC’s Division of Corporation Finance, declared that both solo proof-of-work crypto mining and pooled proof-of-work crypto mining do not meet the definition of a securities transaction under the Howey Test — the legal framework used to determine whether a transaction represents an investment contract — because they are “not undertaken with a reasonable expectation of profits to be derived from the entrepreneurial or managerial efforts of others.”",[11,9882,9883],{},"The statement puts to rest any lingering fears that the SEC’s enforcement division could turn its gaze on proof-of-work crypto miners. Though the agency, under the leadership of former Chair Gary Gensler, begrudgingly admitted that bitcoin was a commodity rather than a security, the agency’s enforcement suit against Utah-based Green United, an alleged ponzi scheme accused of defrauding customers in a cloud mining scheme, prompted concerns among some in the industry that the agency would eventually crack down on legitimate crypto miners.",[11,9885,9886],{},"The SEC said that Thursday’s statement is “part of an effort to provide greater clarity on the application of the federal securities laws to crypto assets” — something the industry has been pushing for for years. Under the new leadership of Acting Chair Mark Uyeda, who established a Crypto Task Force spearheaded by crypto-friendly Commissioner Hester Peirce, the agency has rapidly begun reversing course on its approach to crypto, dropping lawsuits and investigations started under Gensler and repealing the controversial Staff Accounting Bulletin 121.",[11,9888,9889],{},"Thursday’s staff statement comes shortly after the SEC put out a similar staff statement in February declaring most memecoins to be outside the regulator’s jurisdiction.",[11,9891,9892],{},"Under its new leadership, the SEC has signaled a much greater willingness to work with the crypto industry to craft better, clearer regulations moving forward. On Friday, the agency will host a roundtable discussion on what makes a cryptocurrency a security – the first in a series of roundtable discussions between the regulator and industry participants.",[11,9894,9895],{},[55,9896,9899],{"href":9897,"rel":9898},"https:\u002F\u002Fwww.coindesk.com\u002Fpolicy\u002F2025\u002F03\u002F20\u002Fproof-of-work-crypto-mining-doesn-t-trigger-securities-laws-sec-says",[59],[61,9900,63],{},{"title":65,"searchDepth":66,"depth":66,"links":9902},[],[69],"2025-03-20 16:13:47",{},"\u002Fblog\u002Fproof-of-work-crypto-mining-doesn't-trigger-securities-laws-sec-says",{"title":9869,"description":9877},"blog\u002FProof-of-Work-Crypto-Mining-Doesn’t-Trigger-Securities-Laws-SEC-Says","49FfaBpU3VnCtXj3cgs9aoJk2WqcUqiZqzIwiEGFRyc",{"id":9911,"title":9912,"body":9913,"categories":9989,"cover":9919,"date":9990,"description":9920,"extension":71,"meta":9991,"navigation":73,"path":9992,"seo":9993,"stem":9994,"tags":77,"__hash__":9995},"blog\u002Fblog\u002FNext-Generation-Water-Satellite-Maps-Seafloor-From-Space.md","Next-Generation Water Satellite Maps Seafloor From Space",{"type":8,"value":9914,"toc":9983},[9915,9921,9924,9928,9931,9934,9937,9940,9943,9946,9949,9952,9956,9959,9962,9965,9968,9972,9975],[11,9916,9917,9920],{},[14,9918],{"alt":16,"src":9919},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F1-paramount-seamount-noaa.webp","\nThere are better maps of the Moon’s surface than of the bottom of Earth’s ocean. Researchers have been working for decades to change that. As part of the ongoing effort, a NASA-supported team recently published one of the most detailed maps yet of the ocean floor, using data from the SWOT (Surface Water and Ocean Topography) satellite, a collaboration between NASA and the French space agency CNES (Centre National d’Études Spatiales).",[11,9922,9923],{},"Ships outfitted with sonar instruments can make direct, incredibly detailed measurements of the ocean floor. But to date, only about 25% of it has been surveyed in this way. To produce a global picture of the seafloor, researchers have relied on satellite data.",[100,9925,9927],{"id":9926},"why-seafloor-maps-matter","Why Seafloor Maps Matter",[11,9929,9930],{},"More accurate maps of the ocean floor are crucial for a range of seafaring activities, including navigation and laying underwater communications cables. “Seafloor mapping is key in both established and emerging economic opportunities, including rare-mineral seabed mining, optimizing shipping routes, hazard detection, and seabed warfare operations,” said Nadya Vinogradova Shiffer, head of physical oceanography programs at NASA Headquarters in Washington.",[11,9932,9933],{},"Accurate seafloor maps are also important for an improved understanding of deep-sea currents and tides, which affect life in the abyss, as well as geologic processes like plate tectonics. Underwater mountains called seamounts and other ocean floor features like their smaller cousins, abyssal hills, influence the movement of heat and nutrients in the deep sea and can attract life. The effects of these physical features can even be felt at the surface by the influence they exert on ecosystems that human communities depend on.",[11,9935,9936],{},"Mapping the seafloor isn’t the SWOT mission’s primary purpose. Launched in December 2022, the satellite measures the height of water on nearly all of Earth’s surface, including the ocean, lakes, reservoirs, and rivers. Researchers can use these differences in height to create a kind of topographic map of the surface of fresh- and seawater. This data can then be used for tasks such as assessing changes in sea ice or tracking how floods progress down a river.",[11,9938,9939],{},"“The SWOT satellite was a huge jump in our ability to map the seafloor,” said David Sandwell, a geophysicist at Scripps Institution of Oceanography in La Jolla, California. He’s used satellite data to chart the bottom of the ocean since the 1990s and was one of the researchers responsible for the SWOT-based seafloor map, which was published in the journal Science in December 2024.",[100,9941,9942],{"id":1585},"How It Works",[11,9944,9945],{},"The study authors relied on the fact that because geologic features like seamounts and abyssal hills have more mass than their surroundings, they exert a slightly stronger gravitational pull that creates small, measurable bumps in the sea surface above them. These subtle gravity signatures help researchers predict the kind of seafloor feature that produced them.",[11,9947,9948],{},"Through repeated observations — SWOT covers about 90% of the globe every 21 days — the satellite is sensitive enough to pick up these minute differences, with centimeter-level accuracy, in sea surface height caused by the features below. Sandwell and his colleagues used a year’s worth of SWOT data to focus on seamounts, abyssal hills, and underwater continental margins, where continental crust meets oceanic crust.",[11,9950,9951],{},"Previous ocean-observing satellites have detected massive versions of these bottom features, such as seamounts over roughly 3,300 feet (1 kilometer) tall. The SWOT satellite can pick up seamounts less than half that height, potentially increasing the number of known seamounts from 44,000 to 100,000. These underwater mountains stick up into the water, influencing deep sea currents. This can concentrate nutrients along their slopes, attracting organisms and creating oases on what would otherwise be barren patches of seafloor.",[100,9953,9955],{"id":9954},"looking-into-the-abyss","Looking Into the Abyss",[11,9957,9958],{},"The improved view from SWOT also gives researchers more insight into the geologic history of the planet.",[11,9960,9961],{},"“Abyssal hills are the most abundant landform on Earth, covering about 70% of the ocean floor,” said Yao Yu, an oceanographer at Scripps Institution of Oceanography and lead author on the paper. “These hills are only a few kilometers wide, which makes them hard to observe from space. We were surprised that SWOT could see them so well.”",[11,9963,9964],{},"Abyssal hills form in parallel bands, like the ridges on a washboard, where tectonic plates spread apart. The orientation and extent of the bands can reveal how tectonic plates have moved over time. Abyssal hills also interact with tides and deep ocean currents in ways that researchers don’t fully understand yet.",[11,9966,9967],{},"The researchers have extracted nearly all the information on seafloor features they expected to find in the SWOT measurements. Now they’re focusing on refining their picture of the ocean floor by calculating the depth of the features they see. The work complements an effort by the international scientific community to map the entire seafloor using ship-based sonar by 2030. “We won’t get the full ship-based mapping done by then,” said Sandwell. “But SWOT will help us fill it in, getting us close to achieving the 2030 objective.”",[100,9969,9971],{"id":9970},"more-about-swot","More About SWOT",[11,9973,9974],{},"The SWOT satellite was jointly developed by NASA and CNES, with contributions from the Canadian Space Agency (CSA) and the UK Space Agency. NASA’s Jet Propulsion Laboratory, managed for the agency by Caltech in Pasadena, California, leads the U.S. component of the project. For the flight system payload, NASA provided the Ka-band radar interferometer (KaRIn) instrument, a GPS science receiver, a laser retroreflector, a two-beam microwave radiometer, and NASA instrument operations. The Doppler Orbitography and Radioposition Integrated by Satellite system, the dual frequency Poseidon altimeter (developed by Thales Alenia Space), the KaRIn radio-frequency subsystem (together with Thales Alenia Space and with support from the UK Space Agency), the satellite platform, and ground operations were provided by CNES. The KaRIn high-power transmitter assembly was provided by CSA.",[11,9976,9977],{},[55,9978,9981],{"href":9979,"rel":9980},"https:\u002F\u002Fwww.nasa.gov\u002Fmissions\u002Fswot\u002Fnext-generation-water-satellite-maps-seafloor-from-space\u002F",[59],[61,9982,63],{},{"title":65,"searchDepth":66,"depth":66,"links":9984},[9985,9986,9987,9988],{"id":9926,"depth":66,"text":9927},{"id":1585,"depth":66,"text":9942},{"id":9954,"depth":66,"text":9955},{"id":9970,"depth":66,"text":9971},[233],"2025-03-20 11:23:53",{},"\u002Fblog\u002Fnext-generation-water-satellite-maps-seafloor-from-space",{"title":9912,"description":9920},"blog\u002FNext-Generation-Water-Satellite-Maps-Seafloor-From-Space","RuMcDhipgi_FEkKnHi4GuDh1PpE1zVWBz7JZ4jrx_go",{"id":9997,"title":9998,"body":9999,"categories":10044,"cover":10005,"date":10045,"description":10006,"extension":71,"meta":10046,"navigation":73,"path":10047,"seo":10048,"stem":10049,"tags":77,"__hash__":10050},"blog\u002Fblog\u002FWelcome-Home-NASA’s-SpaceX-Crew-9-Back-on-Earth-After-Science-Mission.md","Welcome Home! NASA’s SpaceX Crew-9 Back on Earth After Science Mission",{"type":8,"value":10000,"toc":10042},[10001,10007,10010,10013,10016,10019,10022,10025,10028,10031,10034],[11,10002,10003,10006],{},[14,10004],{"alt":16,"src":10005},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Fnhq202503180003.webp","\nNASA’s SpaceX Crew-9 completed the agency’s ninth commercial crew rotation mission to the International Space Station on Tuesday, splashing down safely in a SpaceX Dragon spacecraft off the coast of Tallahassee, Florida, in the Gulf of America.",[11,10008,10009],{},"NASA astronauts Nick Hague, Suni Williams, and Butch Wilmore, and Roscosmos cosmonaut Aleksandr Gorbunov, returned to Earth at 5:57 p.m. EDT. Teams aboard SpaceX recovery vessels retrieved the spacecraft and its crew. After returning to shore, the crew will fly to NASA’s Johnson Space Center in Houston and reunite with their families.",[11,10011,10012],{},"“We are thrilled to have Suni, Butch, Nick, and Aleksandr home after their months-long mission conducting vital science, technology demonstrations, and maintenance aboard the International Space Station,” said NASA acting Administrator Janet Petro. “Per President Trump’s direction, NASA and SpaceX worked diligently to pull the schedule a month earlier. This international crew and our teams on the ground embraced the Trump Administration’s challenge of an updated, and somewhat unique, mission plan, to bring our crew home. Through preparation, ingenuity, and dedication, we achieve great things together for the benefit of humanity, pushing the boundaries of what is possible from low Earth orbit to the Moon and Mars.”",[11,10014,10015],{},"Hague and Gorbunov lifted off at 1:17 p.m. Sept. 28, 2024, on a SpaceX Falcon 9 rocket from Space Launch Complex 40 at Cape Canaveral Space Force Station in Florida. The next day, they docked to the forward-facing port of the station’s Harmony module. Williams and Wilmore launched aboard Boeing’s Starliner spacecraft and United Launch Alliance Atlas V rocket on June 5, 2024, from Space Launch Complex 41 as part of the agency’s Boeing Crew Flight Test. The duo arrived at the space station on June 6. In August, NASA announced the uncrewed return of Starliner to Earth and integrated Wilmore and Williams as part of the space station’s Expedition 71\u002F72 for a return on Crew-9. The crew of four undocked at 1:05 a.m. Tuesday to begin the trip home.",[11,10017,10018],{},"Williams and Wilmore traveled 121,347,491 miles during their mission, spent 286 days in space, and completed 4,576 orbits around Earth. Hague and Gorbunov traveled 72,553,920 miles during their mission, spent 171 days in space, and completed 2,736 orbits around Earth. The Crew-9 mission was the first spaceflight for Gorbunov. Hague has logged 374 days in space over his two missions, Williams has logged 608 days in space over her three flights, and Wilmore has logged 464 days in space over his three flights.",[11,10020,10021],{},"Throughout its mission, Crew-9 contributed to a host of science and maintenance activities and technology demonstrations. Williams conducted two spacewalks, joined by Wilmore for one and Hague for another, removing a radio frequency group antenna assembly from the station’s truss, collecting samples from the station’s external surface for analysis, installing patches to cover damaged areas of light filters on an X-ray telescope, and more. Williams now holds the record for total spacewalking time by a female astronaut, with 62 hours and 6 minutes outside of station, and is fourth on the all-time spacewalk duration list.",[11,10023,10024],{},"The American crew members conducted more than 150 unique scientific experiments and technology demonstrations between them, with over 900 hours of research. This research included investigations on plant growth and quality, as well as the potential of stem cell technology to address blood diseases, autoimmune disorders, and cancers. They also tested lighting systems to help astronauts maintain circadian rhythms, loaded the first wooden satellite for deployment, and took samples from the space station’s exterior to study whether microorganisms can survive in space.",[11,10026,10027],{},"The Crew-9 mission was the fourth flight of the Dragon spacecraft named Freedom. It also previously supported NASA’s SpaceX Crew-4, Axiom Mission 2, and Axiom Mission 3. The spacecraft will return to Florida for inspection and processing at SpaceX’s refurbishing facility at Cape Canaveral Space Force Station, where teams will inspect the Dragon, analyze data on its performance, and begin processing for its next flight.",[11,10029,10030],{},"The Crew-9 flight is part of NASA’s Commercial Crew Program, and its return to Earth follows on the heels of NASA’s SpaceX Crew-10 launch, which docked to the station on March 16, beginning another long-duration science expedition.",[11,10032,10033],{},"The goal of NASA’s Commercial Crew Program is safe, reliable, and cost-effective transportation to and from the space station and low Earth orbit. The program provides additional research time and has increased opportunities for discovery aboard humanity’s microgravity testbed for exploration, including helping NASA prepare for human exploration of the Moon and Mars.",[11,10035,10036],{},[55,10037,10040],{"href":10038,"rel":10039},"https:\u002F\u002Fwww.nasa.gov\u002Fnews-release\u002Fwelcome-home-nasas-spacex-crew-9-back-on-earth-after-science-mission\u002F",[59],[61,10041,63],{},{"title":65,"searchDepth":66,"depth":66,"links":10043},[],[233],"2025-03-19 09:13:53",{},"\u002Fblog\u002Fwelcome-home-nasa's-spacex-crew-9-back-on-earth-after-science-mission",{"title":9998,"description":10006},"blog\u002FWelcome-Home-NASA’s-SpaceX-Crew-9-Back-on-Earth-After-Science-Mission","EiYfEyxUaMQqvZowuI9TcZyI4kYXoZxaddWV8l5VSvw",{"id":10052,"title":10053,"body":10054,"categories":10203,"cover":10060,"date":10204,"description":10061,"extension":71,"meta":10205,"navigation":73,"path":10206,"seo":10207,"stem":10208,"tags":77,"__hash__":10209},"blog\u002Fblog\u002FAI-Agents-Are-the-Web3-Users-We’ve-Been-Waiting-For.md","AI Agents Are the Web3 Users We’ve Been Waiting For",{"type":8,"value":10055,"toc":10198},[10056,10062,10065,10068,10071,10074,10077,10080,10083,10087,10090,10093,10096,10099,10103,10106,10109,10117,10120,10125,10128,10131,10134,10137,10142,10145,10148,10151,10154,10157,10162,10165,10168,10171,10174,10177,10181,10184,10187,10190],[11,10057,10058,10061],{},[14,10059],{"alt":16,"src":10060},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Ff66a83bff171ca1489135fbf667c6e215bd376b1-2048x1365.avif","\nWeb3 wasn’t designed for humans at scale; it was built for machines. Its complexity has limited its adoption, but the “Post Web” stack is taking shape with AI agents emerging as autonomous economic actors.",[11,10063,10064],{},"Smart contracts, decentralized networks, and verifiable computation will remain. But now they are being optimized for AI-driven execution, coordination, and intent-based automation.",[11,10066,10067],{},"The question isn’t whether it’s happening but how fast we need to adapt.",[11,10069,10070],{},"For the past decade, we have been beta-testing decentralized systems and applications. While millions of people engage with blockchain networks, DeFi protocols, and decentralized applications (dApps), the reality is that Web3 remains vastly underutilized.",[11,10072,10073],{},"Despite approximately 10% of the world allegedly owning crypto, only a fraction of these holders actively use decentralized applications as a real alternative to Web2 or centralized platforms. This disconnect isn’t due to a lack of capability in Web3 technology, but rather its usability challenges and inherent complexity.",[11,10075,10076],{},"In hindsight, Web3 was never designed for human users at scale. It was designed for machines.",[11,10078,10079],{},"Now, with AI agents emerging as autonomous economic actors, the sleeping giant of Web3 functionality is waking up. The “Post Web” — a term we coined at Outlier Ventures — creates a world where agents execute tasks, manage assets, and transact on our behalf. Every component of the Web3 stack will be repurposed. Once hindered by complexity, the infrastructure built for a decentralized world is now ideally suited for an internet optimized for machines.",[11,10081,10082],{},"AI agents will not just use Web3. They will unlock all of its potential.",[100,10084,10086],{"id":10085},"the-giant-awakens","The Giant Awakens",[11,10088,10089],{},"Web3 has been misunderstood. Many expected it to be a more decentralized version of Web2, where users own their assets, participate in governance, and interact with permissionless applications.",[11,10091,10092],{},"In practice, Web3 has revolutionized back-end systems. As yet, its technology remains too complex for the average user to handle. Smart contracts, self-custody, and bridging across chains, require time, effort, and technical understanding that most people simply don’t have.",[11,10094,10095],{},"This is where AI agents change everything. Unlike humans, agents thrive in complexity. They can process vast amounts of information, automate intricate workflows, and operate seamlessly across decentralized networks. While human users struggle with onboarding, agents can directly integrate with smart contracts, optimize for efficiency, and execute transactions without friction.",[11,10097,10098],{},"For the first time, Web3 will have users who can fully leverage its capabilities. AI agents will seamlessly interact with decentralized infrastructure, allowing Web3 to operate at the scale it was always meant to.",[100,10100,10102],{"id":10101},"the-post-web-tech-stack-built-for-machines","The Post Web Tech Stack: Built for Machines",[11,10104,10105],{},"Web3 has spent the past decade building decentralized infrastructure without considering AI. With the rise of autonomous AI agents, our thinking about this stack must fundamentally change.",[11,10107,10108],{},"In the Post Web, where AI agents replace humans as primary users, the stack undergoes two critical transformations:",[8027,10110,10111,10114],{},[4922,10112,10113],{},"Optimizing the existing Web3 stack for AI agents – Upgrading decentralized infrastructure to support machine-driven transactions, intent execution, and autonomous coordination.",[4922,10115,10116],{},"Building out a new agentic layer on top – A new computational and coordination layer for hosting, managing, and orchestrating AI agents that handle social and economic activity on behalf of users.",[11,10118,10119],{},"In our broader work at Outlier Ventures on the Post Web, we’ve examined this evolution in greater detail. Put simply, the Post Web stack consists of three core layers, each essential for enabling an internet optimized for machines.",[11,10121,10122],{},[61,10123,10124],{},"1) The Agentic Layer: AI as the New Interface",[11,10126,10127],{},"In the Post Web, users won’t have to navigate wallets, exchanges, or dApps themselves; AI agents will do it for them. These agents act as personalized digital intermediaries, executing transactions, managing assets, and making complex economic decisions.",[11,10129,10130],{},"For this to work, the Agentic Layer will be the bridge between intent and execution. Users will express intent-based, high-level goals and objectives, such as investing in assets, booking travel, or negotiating contracts, and agents will handle the rest.",[11,10132,10133],{},"Smart wallets will evolve into sovereign identity hubs, storing personal data, assets, and permissions, allowing agents to act with precision. This shift means that instead of relying on centralized platforms, individuals will delegate actions to sovereign AI, giving them complete control while eliminating the need for direct interactions with complex systems.",[11,10135,10136],{},"The agentic layer is the largest green-field opportunity for bold founders who have the desire and ability to combine probabilistic AI capabilities with deterministic smart contracts and DLT. There is a need for marketplaces, coordination layers, frameworks, and more, all of which need to be developed and improved.",[11,10138,10139],{},[61,10140,10141],{},"2) The Trust Layer: Smart Contracts & DLT as the Backbone",[11,10143,10144],{},"If AI agents are to execute real-world tasks, they need deterministic, verifiable environments where transactions and agreements can be enforced without ambiguity. This is where blockchain and smart contracts become critical.",[11,10146,10147],{},"Today’s AI models operate on probabilistic logic. Based on training data, they predict the next most likely outcome. However, economic transactions require certainty and enforceability: a bank transfer, legal contract, or trade must be executed with absolute finality.",[11,10149,10150],{},"Smart contracts provide this missing piece. They offer immutable, self-executing agreements, allowing AI agents to conduct economic activity with complete transparency and verifiability. More importantly, decentralized ledgers ensure that agent-driven transactions are secure, permissionless, and trust-minimized, preventing manipulation or central control over digital economies.",[11,10152,10153],{},"In short, the Post Web cannot function without the trust layer of decentralized networks. Agents need verifiable execution environments, and Web3 provides precisely that.",[11,10155,10156],{},"The shift is clear for those building in Web3 today: Your infrastructure must be agent-friendly. Protocols that enable composability, seamless execution, and verifiable data will outperform those relying on fragmented, manual processes.In short, the startup rule book is evolving rapidly.",[11,10158,10159],{},[61,10160,10161],{},"3) The Infrastructure Layer: Compute, Data & DePIN",[11,10163,10164],{},"AI agents don’t just need smart contracts; they need resources. They require computing power, storage, and access to decentralized data networks to function autonomously. This is where Decentralized Physical Infrastructure Networks (DePIN) come into play.",[11,10166,10167],{},"DePIN provides on-demand computing, storage, and bandwidth, allowing agents to operate at scale without relying on centralized cloud providers. Instead of a few hyperscalers like AWS or Google Cloud controlling AI compute, DePIN distributes these resources across permissionless networks, optimizing for cost, accessibility, and resilience.",[11,10169,10170],{},"This layer ensures that AI agents aren’t just participants in digital economies. They are sovereign entities capable of operating without centralized gatekeepers. From decentralized GPU networks like Akash and Render to permissionless data exchanges like Ocean Protocol, the infrastructure for agentic autonomy is already forming.",[11,10172,10173],{},"Startups building in the Post Web era must consider how their products integrate with decentralized compute and storage markets. AI-first applications will demand cheap, scalable, and permissionless infrastructure, and the projects that provide it will become foundational to the new economy.",[11,10175,10176],{},"Outside these three layers, there are more granular components such as privacy-enhancing technologies, modularity, middleware, scaling mechanisms, and so on, which all broadly fall under one or more of these categories, which we discuss in detail in our other work.",[100,10178,10180],{"id":10179},"the-internet-is-being-rewritten","The Internet Is Being Rewritten",[11,10182,10183],{},"For decades, the Internet has been built around human interfaces, platforms, apps, and centralized gatekeepers that dictate how we interact with digital services. That era is ending.",[11,10185,10186],{},"The Post Web stack doesn’t just improve Web3; it redefines it into a world where AI agents are the primary users. With an agentic layer for execution, a trust layer for verifiability, and a decentralized infrastructure layer for scale and resilience, we are witnessing the rise of an autonomous, machine-driven internet.",[11,10188,10189],{},"This isn’t the next version of the Web; it’s the disappearance of the Web as we know it. The question isn’t whether this shift will happen but whether you are building for it.",[11,10191,10192],{},[55,10193,10196],{"href":10194,"rel":10195},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2025\u002F03\u002F10\u002Fai-agents-are-the-web3-users-we-ve-been-waiting-for",[59],[61,10197,63],{},{"title":65,"searchDepth":66,"depth":66,"links":10199},[10200,10201,10202],{"id":10085,"depth":66,"text":10086},{"id":10101,"depth":66,"text":10102},{"id":10179,"depth":66,"text":10180},[69],"2025-03-12 15:03:04",{},"\u002Fblog\u002Fai-agents-are-the-web3-users-we've-been-waiting-for",{"title":10053,"description":10061},"blog\u002FAI-Agents-Are-the-Web3-Users-We’ve-Been-Waiting-For","MhoqBAhfidBADOshxug6boKLaN7DxdEulKAdkjrnu2U",{"id":10211,"title":10212,"body":10213,"categories":10246,"cover":77,"date":10247,"description":10217,"extension":71,"meta":10248,"navigation":73,"path":10249,"seo":10250,"stem":10251,"tags":77,"__hash__":10252},"blog\u002Fblog\u002FEther-s-Freefall-Below-9K-Roils-DeFi-Jeopardizes-Crypto-Loan-Backed-by-in-ETH.md","Ether's Freefall Below $1.9K Roils DeFi, Jeopardizes Crypto Loan Backed by $130M in ETH",{"type":8,"value":10214,"toc":10244},[10215,10218,10221,10224,10227,10230,10233,10236],[11,10216,10217],{},"Ethereum's ETH has been spiraling on Monday, jeopardizing a large decentralized finance (DeFi) loan on lending platform Sky (formerly Maker) of being liquidated.",[11,10219,10220],{},"The borrower in danger took out a $74 million loan in DAI stablecoin by pledging 65,680 ETH as collateral, worth nearly $130 million earlier today, per a Sky vault data dashboard.",[11,10222,10223],{},"On an already weak day for crypto markets, ETH plunged nearly 10% to $1,820, below the loan's liquidation level slightly above $1,900.",[11,10225,10226],{},"Blockchain data by Debank shows that the borrower withdrew 2,000 ETH, worth nearly $4 million at current prices, from crypto exchange Bitfinex earlier Monday and deposited the assets to the Maker vault, propping up the loan's collateral to avoid liquidation. As ETH prices continued to fall, the borrower withdrew $1.6 million of USDT stablecoin from Binance, exchanged it to DAI and deposited to Maker to reduce the debt to $73.1 million.",[11,10228,10229],{},"Following the transactions, the liquidation level for the loan stood at $1,836 price of ETH, still dangerously close as ETH traded at around $1,870 recently.",[11,10231,10232],{},"It's not the only DeFi loan in danger of rapidly falling ETH prices. There are some $13.6 million worth of loans at a liquidation level $1,857 ETH, and another $117 million of loans being liquidated at $1,780, DefiLlama data shows. There are some $366 million of debt to be liquidated if ETH falls another 20%, per DefiLlama data.",[11,10234,10235],{},"Liquidations in DeFi may have a significant impact on a collateral asset's price, as the protocol sells or actions off the collateral of a liquidated loan, exacerbating the selling pressure.",[11,10237,10238],{},[55,10239,10242],{"href":10240,"rel":10241},"https:\u002F\u002Fwww.coindesk.com\u002Fmarkets\u002F2025\u002F03\u002F10\u002Fether-s-freefall-below-usd1900-jeopardizes-crypto-loan-backed-by-usd130m-ether",[59],[61,10243,63],{},{"title":65,"searchDepth":66,"depth":66,"links":10245},[],[69],"2025-03-10 20:13:33",{},"\u002Fblog\u002Fether-s-freefall-below-9k-roils-defi-jeopardizes-crypto-loan-backed-by-in-eth",{"title":10212,"description":10217},"blog\u002FEther-s-Freefall-Below-9K-Roils-DeFi-Jeopardizes-Crypto-Loan-Backed-by-in-ETH","5IQZ2RUoZVE58zCbvemYg4507mfssvy7J69A9Fhzq4w",{"id":10254,"title":10255,"body":10256,"categories":10311,"cover":77,"date":10312,"description":10260,"extension":71,"meta":10313,"navigation":73,"path":10314,"seo":10315,"stem":10316,"tags":77,"__hash__":10317},"blog\u002Fblog\u002FInterest-Rate-Fears-Replace-Tariff-Fears-as-Crypto-Pulls-Back.md","Interest Rate Fears Replace Tariff Fears as Crypto Pulls Back",{"type":8,"value":10257,"toc":10307},[10258,10261,10264,10267,10271,10274,10277,10280,10283,10286,10289,10293,10296,10299],[11,10259,10260],{},"The latest in a series of reversed tariff threats by President Trump isn't having the hoped-for effect on risk markets at least halfway through the U.S. trading day on Thursday.",[11,10262,10263],{},"The stock market initially bounced off a sharply lower opening and bitcoin (BTC) rose through $91,000 as Commerce Secretary Howard Lutnick — in an appearance on CNBC — said the president would exempt Mexico from his new 25% tariff for any goods or services covered under a previous trade agreement. The nicer stance toward the country's neighbor to the south was confirmed later by a social media post from Trump.",[11,10265,10266],{},"The positive moves in markets were short-lived though, with the Nasdaq at its session low just past the noon hour on the east cost, down 2.3%. Bitcoin has pulled back to $88,500, down nearly 1% over the past 24 hours.",[100,10268,10270],{"id":10269},"this-just-in-stagflation","This just in: Stagflation",[11,10272,10273],{},"Possibly lost in the unending ebb and flow of news emanating out of D.C. is a sharp rise in interest rates across the developed world.",[11,10275,10276],{},"With U.S. military support for Europe possibly on the decline, governments across the continent are pledging budget-busting increases in defense spending. Germany, for instance, this week saw one of its worst bond crashes ever, with the 10-year Bund yield jumping more than 40 basis points to the current 2.83%.",[11,10278,10279],{},"In Japan, where long-term Japanese Government Bond (JGB) yields were little more than a handful basis points for what seemed like decades, the 10-year JGB yield rose another 6 basis points to 1.51% overnight. That's more than double the level of six months ago.",[11,10281,10282],{},"The moves haven't been ignored by U.S. markets. The 10-year Treasury yield — which had previously had declined about 70 basis points since the Trump inauguration — has risen more than 20 basis points in the last 48 hours to 4.30%.",[11,10284,10285],{},"\"The recent move in global bond yields has put me on high alert,\" wrote Lekker Capital's Quinn Thompson. Particularly concerning to Thompson is that yields are rising as growth slows.",[11,10287,10288],{},"\"We are witnessing the exact definition of stagflation which historically has not treated risk assets well,\" he continued.",[100,10290,10292],{"id":10291},"friday-brings-the-latest-us-jobs-figures","Friday brings the latest U.S. jobs figures",[11,10294,10295],{},"The large gains in interest rates brings a renewed importance to the February U.S. Nonfarm Payrolls Report to be released Friday morning.",[11,10297,10298],{},"Economists are expecting payrolls to have risen 160,000 versus 143,000 in January. The unemployment rate is seen remaining steady at 4%. A strong print — and employment reports have tended to run ahead of expectations for many months running — could send rates pumping even higher, and risk markets, crypto among them, into a new leg down.",[11,10300,10301],{},[55,10302,10305],{"href":10303,"rel":10304},"https:\u002F\u002Fwww.coindesk.com\u002Fmarkets\u002F2025\u002F03\u002F11\u002Ftrump-s-first-inflation-report-due-as-risk-investors-seek-signs-of-cooling",[59],[61,10306,63],{},{"title":65,"searchDepth":66,"depth":66,"links":10308},[10309,10310],{"id":10269,"depth":66,"text":10270},{"id":10291,"depth":66,"text":10292},[69],"2025-03-10 11:23:53",{},"\u002Fblog\u002Finterest-rate-fears-replace-tariff-fears-as-crypto-pulls-back",{"title":10255,"description":10260},"blog\u002FInterest-Rate-Fears-Replace-Tariff-Fears-as-Crypto-Pulls-Back","5OuWZwap23NPWSG0Wp6YGAOQ4hZgxHiKmuyya_rMYHY",{"id":10319,"title":10320,"body":10321,"categories":10399,"cover":10327,"date":10400,"description":10328,"extension":71,"meta":10401,"navigation":73,"path":10402,"seo":10403,"stem":10404,"tags":77,"__hash__":10405},"blog\u002Fblog\u002FMass-Adoption-of-Web3-Through-the-Self-Writing-Internet.md","Mass Adoption of Web3 Through the Self-Writing Internet",{"type":8,"value":10322,"toc":10397},[10323,10329,10332,10335,10338,10341,10344,10347,10350,10353,10356,10359,10362,10365,10368,10371,10374,10377,10380,10383,10386,10389],[11,10324,10325,10328],{},[14,10326],{"alt":16,"src":10327},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F1.avif","\nA new blockchain revolution is imminent, thanks to advancing AI and “vibe coding” technology, says Dominic Williams, founder and Chief Scientist at DFINITY.",[11,10330,10331],{},"Today, hundreds of millions of people own bitcoin and other tokens hosted on blockchains worth trillions of dollars.",[11,10333,10334],{},"Increasingly, though, blockchains host far more than tokens. In fact, blockchains are our future tech stack, and they can host sophisticated Web apps too, which live fully-onchain, just like tokens. These apps are implemented entirely from network-resident code (i.e. smart contract software and its evolutions).",[11,10336,10337],{},"This has huge potential: by the end of 2025, more than 5 billion people will own internet-connected smartphones with Web browsers. So what might drive them to create and use fully-onchain web apps, which can sport seamless Web3 functionality?",[11,10339,10340],{},"I believe a new blockchain revolution is imminent, thanks to advancing AI and “self-writing app” technology.",[11,10342,10343],{},"This relates to an important emerging trend called “vibe coding.” Vibe coding involves software engineers using tools with integrated AI that can write and fix software code on their behalf, making them much more productive.",[11,10345,10346],{},"The self-writing apps paradigm takes this much further, by enabling non-technical users to create, own and update apps simply by instructing AI over chat. For reasons I will explain, blockchain is in a unique position to help bring this revolutionary functionality to the world.",[11,10348,10349],{},"In the future, an individual will be able to create a personal branding website, or something like a custom wedding planning app for a family member getting married, just by talking to AI. An entrepreneur without technical staff or money will be able to create a new kind of e-commerce website, or build a sharing economy app with Web3 rails. And, an enterprise will be able to create sophisticated CRM functionality, for an infinitesimally small fraction of the investment in time and money that is currently required. All just by talking, without the need for software engineering or systems administration skills.",[11,10351,10352],{},"In this new development paradigm, everyday users will issue instructions to AI over chat, and simply refresh their web browser moments later to interact with their new or updated app.",[11,10354,10355],{},"Apps living on blockchains have a number of valuable features. They are sovereign and censorship-resistant, because they live on a public network, they are tamperproof, which means they are secure without depending on cybersecurity, incredibly resilient, and can seamlessly integrate powerful web3 functionalities because they live on-chain.",[11,10357,10358],{},"In addition, blockchain technology solves major problems involved with having AI build solo on traditional IT.",[11,10360,10361],{},"For example, the code that runs on traditional IT must be written carefully to avoid introducing security holes, and the whole platform is sensitive to security configurations, from cloud accounts, to operating systems running on cloud instances like Linux, to hosted platform software such as databases and web servers. This means traditional IT infrastructure must often be further protected by cybersecurity systems such as firewalls and anti-malware. Failover, and backup and restore, are another concern, and service providers must be trusted.",[11,10363,10364],{},"Trusting AI to build solo on traditional IT is a stretch, because even a single mistake can lead to a cyberattack that results in data exfiltration, or ransomware encrypting data.",[11,10366,10367],{},"Blockchains make it far easier for AI to build solo in many different ways. For example, the network-resident code blockchains host is “serverless,” greatly simplifying the coding tasks AI must perform, allowing code to be produced faster. On the Internet Computer network, code can also serve secure interactive web experiences directly to end users, and can store and process massive amounts of data efficiently, and even be used to build things such as a fully-onchain social network (e.g oc.app) or an important enterprise application.",[11,10369,10370],{},"At DFINITY, we are great believers in self-writing apps running on public blockchains, which we term the “self-writing internet,” and have been developing supporting technologies for some years.",[11,10372,10373],{},"For self-writing apps to reach their maximum potential, it must be possible not only for users to create them by talking, but also to continue updating and improving them in production, so they can talk until they have what they need, or a design that is optimal. Unless users can continue updating apps running in production, the total market addressed by the self-writing app paradigm will reach only a tiny fraction of its tremendous potential.",[11,10375,10376],{},"DFINITY has been developing a programming language framework called Motoko for usage by AI, as well as humans. When a user updates an app by adding or changing functionality, the AI must also describe how to update the structure of data inside the app, so that none is lost. When the AI tries to install an update, the framework is able to detect if a mistake has been made that would cause even a small amount of data to be lost unintentionally, so that it can ask the AI to try again.",[11,10378,10379],{},"We believe the self-writing internet will democratize and decentralize tech on blockchain, and are excited that a new platform called Caffeine.ai will soon be released. Just by interacting with Caffeine over chat, users will create, own and update sovereign apps on the Internet Computer, and the World Computer more broadly, which for us is the amalgamation of all blockchains that can host tokens and smart contract software.",[11,10381,10382],{},"In the future, it will be possible to say “build me a personal Google Photos, which I can share with my family and friends, where we can add comments and emoji reactions to photos,” or “build me a remittance system so I can pay my international contractors using stablecoins.”",[11,10384,10385],{},"On blockchains, human imagination, rather than technical skills, will increasingly be the limit when creating web apps. The utility unlocked will drive massive adoption of blockchain – although, oftentimes, users may not be aware that blockchain lies behind their game-changing experiences.",[11,10387,10388],{},"I have long talked about a “blockchain singularity” occurring where decentralized networks become a major new tech stack. I think this is how we get there, and the future is almost here.",[11,10390,10391],{},[55,10392,10395],{"href":10393,"rel":10394},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2025\u002F03\u002F06\u002Fmass-adoption-of-web3-through-the-self-writing-internet",[59],[61,10396,63],{},{"title":65,"searchDepth":66,"depth":66,"links":10398},[],[69],"2025-03-10 8:23:53",{},"\u002Fblog\u002Fmass-adoption-of-web3-through-the-self-writing-internet",{"title":10320,"description":10328},"blog\u002FMass-Adoption-of-Web3-Through-the-Self-Writing-Internet","2GzW0utmMSlxud2o-FKJGP6LUazCU0FSz_E5hQ0xpUE",{"id":10407,"title":10408,"body":10409,"categories":10451,"cover":10415,"date":10452,"description":10416,"extension":71,"meta":10453,"navigation":73,"path":10454,"seo":10455,"stem":10456,"tags":77,"__hash__":10457},"blog\u002Fblog\u002FEthereum’s-‘Pectra’-Upgrade-Moves-Closer-to-Mainnet-After-Sepolia-Test.md","Ethereum’s ‘Pectra’ Upgrade Moves Closer to Mainnet After Sepolia Test",{"type":8,"value":10410,"toc":10449},[10411,10417,10420,10423,10426,10429,10432,10435,10438,10441],[11,10412,10413,10416],{},[14,10414],{"alt":16,"src":10415},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Fb5173a1d1c6338113533823bf73458d0134c8762-1920x1080.avif","\nEthereum’s long-awaited Pectra upgrade took a major step forward early Wednesday with its successful deployment on the Sepolia test network.",[11,10418,10419],{},"The biggest upgrade to Ethereum since 2024, Pectra consists of 11 major features, or \"Ethereum improvement proposals\" (EIPs), that will be shipped all at once. Together, the features aim to enhance staking, wallet functionality, and overall network efficiency.",[11,10421,10422],{},"Sepolia's Pectra upgrade, which was completed at 07:29:36 UTC, followed a failed test on Ethereum’s Holesky testnet last week. A misconfiguration among validators resulted in a chain split, rendering Holesky temporarily unusable.",[11,10424,10425],{},"Testnets mimic a main blockchain and are used by developers to test code changes in a low-stakes environment. Holesky, which has a validator structure closer to Ethereum’s mainnet than Sepolia, was seen as a critical proving ground for Pectra. (Developers are still working to get Holesky back into operation and have set up an alternative developer network as a temporary testing ground for validators.)",[11,10427,10428],{},"Ethereum developers are set to meet on Mar. 6 to discuss Pectra's mainnet release timeline. With only one fully successful test, developers may opt to delay the mainnet deployment to ensure stability.",[11,10430,10431],{},"One key Pectra proposal that will benefit Ethereum validators is EIP-7251, which increases the maximum amount of ETH one can stake from 32 to 2,048. The change is meant to address today's clunky staking system, where validators who stake more than their 32 ETH must split their stake across multiple nodes.",[11,10433,10434],{},"Another highly-anticipated proposal, EIP-7702, would let crypto wallets temporarily function as smart contracts. The change moves Ethereum closer to account abstraction, enabling wallets to offer more user-friendly features. For example, users could pay transaction fees in stablecoins instead of ETH, set up automatic payments for subscriptions, or recover access to their wallets without relying on complex seed phrases.",[11,10436,10437],{},"Pectra's rocky test cycle comes as Ethereum's developers are under pressure to ship upgrades more quickly. Some Ethereum fans fear the network is losing its edge to newer chains like Solana, which has gained mindshare in recent months due to its popularity among meme coin users.",[11,10439,10440],{},"The price of ETH has also recently underperformed relative to other major coins, and the Ethereum Foundation—the non-profit steward of the network's development—has been beset by leadership drama.",[11,10442,10443],{},[55,10444,10447],{"href":10445,"rel":10446},"https:\u002F\u002Fwww.coindesk.com\u002Ftech\u002F2025\u002F03\u002F05\u002Fethereum-s-pectra-upgrade-moves-closer-to-mainnet-after-sepolia-test",[59],[61,10448,63],{},{"title":65,"searchDepth":66,"depth":66,"links":10450},[],[69],"2025-03-05 09:22:43",{},"\u002Fblog\u002Fethereum's-'pectra'-upgrade-moves-closer-to-mainnet-after-sepolia-test",{"title":10408,"description":10416},"blog\u002FEthereum’s-‘Pectra’-Upgrade-Moves-Closer-to-Mainnet-After-Sepolia-Test","VPbZ1eXkhU47jIeBDXrnOenko03ULvyep70wskqEFJM",{"id":10459,"title":10460,"body":10461,"categories":10509,"cover":10467,"date":10510,"description":10468,"extension":71,"meta":10511,"navigation":73,"path":10512,"seo":10513,"stem":10514,"tags":77,"__hash__":10515},"blog\u002Fblog\u002FBeyond-Party-Lines-Securing-America’s-Crypto-Innovation-Edge.md","Beyond Party Lines: Securing America’s Crypto Innovation Edge",{"type":8,"value":10462,"toc":10507},[10463,10469,10472,10475,10478,10481,10484,10487,10490,10493,10496,10499],[11,10464,10465,10468],{},[14,10466],{"alt":16,"src":10467},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Fb25f92f41078a970ccce304a54e556d7b64a206c-1900x1268.avif","\nThe United States is undisputedly the leader of global innovation. From technology, to agriculture, to finance, we stand alone.",[11,10470,10471],{},"We have retained this position not because we force innovators to adopt our values, but because we allow entrepreneurs, who hold these values, to build in the United States free from government interference and excessive regulations. These aren’t Republican or Democrat ideals – they’re American ones.",[11,10473,10474],{},"Nowhere is this more apparent than in cryptocurrency. Cryptocurrency empowers individuals to take ownership of their financial futures. It enables economic freedom, ensuring that all Americans – regardless of their background – have access to the tools they need to be successful. Crypto has the potential to shift the power from the centralized institutions that control much of our financial system back into the hands of the American people.",[11,10476,10477],{},"The power this technology represents is bigger than any one party. With that in mind, we have announced the creation of the Congressional Crypto Caucus, a nonpartisan group of members of Congress united by the promise this technology holds who aim to work as a voting bloc in Congress.",[11,10479,10480],{},"As we have done together for years, the Crypto Caucus will bring together members from across the country and across the political spectrum who are unified and committed to our mission. Together, we’ll focus on ushering key policy proposals through Congress and building coalitions within the crypto community.",[11,10482,10483],{},"The Crypto Caucus’s mission goes beyond a platform to discuss policy. We are committed to delivering tangible results for the American people. When important votes or issues arise, our caucus will be prepared to act.",[11,10485,10486],{},"As the chairmen of the caucus, we’ll work with our members to advance a principled policy agenda grounded in an understanding of the unique decentralized nature of digital asset technology. We are committed to fostering an economic environment where open, permissionless, and private innovation can thrive, and where attempts for centralized control are quashed. Our caucus will promote policies that allow every American the chance to participate in the digital economy.",[11,10488,10489],{},"As more and more Americans access the digital economy, we will work to support policy initiatives that strike a balance between consumer protection and innovation. Our focus will be to advocate for transparent, commonsense regulations that safeguard consumers, enhance financial literacy, and expand access to these cutting-edge financial tools. By achieving this balance, our caucus will help enable millions of Americans to access these financial tools safely, while promoting policies that support innovation in the United States.",[11,10491,10492],{},"For far too long, innovators have struggled to navigate the regulatory minefield in the United States. As we begin our work with this new caucus, we aim to champion a balanced framework that provides legal clarity while fostering an environment where American ingenuity can flourish. We do not call for deregulation, but for smart regulation – rules that protect consumers without pushing the entrepreneurs they rely on overseas.",[11,10494,10495],{},"As countries around the world adopt policies that embrace the promise of crypto technology, the United States cannot risk falling behind. We seek to work with the whole-of-government approach to digital asset policymaking to unlock the future of open, permissionless, and private innovation in the United States. Our caucus strives to support policies that guarantee the United States remains the best place in the world to build, invest, and innovate in the digital asset space.",[11,10497,10498],{},"This is an important moment for the United States. This revolutionary technology represents a fundamental shift in how we think about finance. As leaders of the Congressional Crypto Caucus, we invite our colleagues to join us in seizing this opportunity. Together, as a nonpartisan coalition, we will ensure the United States doesn’t just participate in the future of finance but defines it.",[11,10500,10501],{},[55,10502,10505],{"href":10503,"rel":10504},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2025\u002F03\u002F04\u002Fbeyond-party-lines-securing-america-s-crypto-innovation-edge",[59],[61,10506,63],{},{"title":65,"searchDepth":66,"depth":66,"links":10508},[],[69],"2025-03-04 17:31:48",{},"\u002Fblog\u002Fbeyond-party-lines-securing-america's-crypto-innovation-edge",{"title":10460,"description":10468},"blog\u002FBeyond-Party-Lines-Securing-America’s-Crypto-Innovation-Edge","CHFF69d1rciAGOzldZtM3s1w5fYvwYfhBkFntFsoWpo",{"id":10517,"title":10518,"body":10519,"categories":10613,"cover":10582,"date":10614,"description":10523,"extension":71,"meta":10615,"navigation":73,"path":10616,"seo":10617,"stem":10618,"tags":77,"__hash__":10619},"blog\u002Fblog\u002FBitcoin-Registers-Biggest-3-Day-Price-Slide-Since-FTX-Debacle-What-Next.md","Bitcoin Registers Biggest 3-Day Price Slide Since FTX Debacle. What Next?",{"type":8,"value":10520,"toc":10609},[10521,10524,10527,10530,10533,10536,10539,10543,10546,10549,10552,10555,10558,10561,10564,10567,10571,10574,10577,10583,10586,10589,10592,10595,10598,10601],[11,10522,10523],{},"Bitcoin's (BTC) prolonged range play above $90K has concluded bearishly this week, and how?",[11,10525,10526],{},"The 12.6% drop observed in the first three days of the week (per UTC hours) marks the largest decline since the FTX bankruptcy in November 2022, according to data from TradingView.",[11,10528,10529],{},"The sell-off is consistent with CoinDesk's analysis earlier this month, which noted investor disappointment over the lack of swift action from President Donald Trump's administration on creating the promised national BTC reserve and tightening fiat liquidity conditions.",[11,10531,10532],{},"Institutional demand for the largest cryptocurrency and its second-largest peer, ether (ETH), weakened, pushing the CME futures market closer to backwardation, a market condition where spot prices are higher than prices for futures.",[11,10534,10535],{},"Additionally, Nasdaq, the Wall Street's tech-heavy index, has also come under pressure, adding to BTC's woes.",[11,10537,10538],{},"The question now is, what next? The path of least resistance appears to be on the downside, as the Trump tariffs story could heat up again as the March 4 deadline for tariffs against Canada and Mexico nears. The first shots fired early this month had led to a broad-based risk-off mood.",[100,10540,10542],{"id":10541},"bulls-shouldnt-pin-their-hopes-on-fridays-core-pce","Bulls shouldn't pin their hopes on Friday's core PCE",[11,10544,10545],{},"Those pinning hopes on Friday's U.S. \"core\" Personal Consumption Expenditures (PCE) index, the Fed's preferred inflation measure, to put a floor under risk assets might face disappointment, according to Noelle Acheson, author of the \"Crypto is Macro Now\" newsletter.",[11,10547,10548],{},"The core PCE, which excludes the volatile food and energy components, is expected to have risen 2.6% year-on-year in January, down from December's 2.8%, according to FactSet's consensus estimates quoted by Morningstar. Typically, slower inflation is associated with a greater probability of Fed rate cuts and risk-on.",[11,10550,10551],{},"However, this time markets could look past the expected soft reading and focus on the ongoing uptick in the forward-looking inflation metrics. For instance, the Conference Board's consumer confidence for February released this week showed a surge in one-year inflation expectations to 6% from 5.2%. That's quite a jump. The two- and five-year inflation swaps have also been rising, as CoinDesk noted earlier this month.",[11,10553,10554],{},"Per Acheson, markets may see the expected decline in the core PCE as a sign of economic weakness.",[11,10556,10557],{},"\"Anyway, even if the PCE comes in softer than forecast, it could be taken as confirmation of slowing growth, sending markets into another whirlwind of concern,\" Acheson said in Wednesday's edition of the newsletter shared with CoinDesk.",[11,10559,10560],{},"\"So, this bad mood is largely macro-driven,\" Acheson added, expressing concerns over tariffs, high corporate valuations and overexposure of portfolios to AI.",[11,10562,10563],{},"Acheson, however, said crypto could soon find its footing, thanks to bitcoin's dual appeal as a risk asset and a haven akin to digital gold.",[11,10565,10566],{},"\"For most portfolios, the risk-asset\u002Fsafe haven duality suggests that there is a price at which new longer-term investors will start to come in – this encourages traders to come back in, also,\" Acheson noted.",[100,10568,10570],{"id":10569},"potential-support-levelsdemand-zones","Potential support levels\u002Fdemand zones",[11,10572,10573],{},"Per technical analysis theory, a downside break of a prolonged range play, as seen in BTC, usually leads to a notable drop, equivalent to the breadth of the range. In other words, the downside break of the $90K-$110K range means a potential for a slide to $70,000.",[11,10575,10576],{},"\"In a worst-case scenario, Bitcoin could drop to the $72,000–$74,000 range, where a rebound will likely occur,\" Markus Thielen, founder of 10x Research, said in a note to clients Wednesday, noting bitcoin's lagged correlation to the global central bank liquidity indicator.",[11,10578,10579],{},[14,10580],{"alt":10581,"src":10582},"research","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F254ca0cbb9af62900057c8ce02669daf91cad6f1-975x483.avif",[11,10584,10585],{},"That said, BTC has bounced to $86,000 at press time, having tested a supposed demand zone at around $82,000, suggested by Markus Thielen, founder of 10x Research, in Wednesday's client note.",[11,10587,10588],{},"Thielen identified the $82,000 level by analyzing an on-chain metric called the short-term holders' realized price – the average price at which addresses holding coins for less than 155 days have purchased their BTC – suggests the potential demand zone is around $82,000.",[11,10590,10591],{},"\"Historically, bitcoin rarely trades below this (short-term holders' realized price) level in bull markets for extended periods, whereas, in bear markets, it tends to stay below it for longer durations. During the summer 2024 consolidation, bitcoin dropped $9,616 below this metric, now at $92,800,\" Thielen said in a note to clients.",[11,10593,10594],{},"\"If the 2024 consolidation pattern repeats, bitcoin could decline to around $82,000 before stabilizing,\" Thielen added.",[11,10596,10597],{},"Some analysts are hopeful that regulatory clarity in the wake of Wednesday's Senate Committee hearing on \"Exploring a Bipartisan Legislative Framework for Digital Assets,\" could lift market valuations.",[11,10599,10600],{},"\"A clear regulatory framework may be exactly what the market needs for institutions to confidently enter the space, unlocking the next wave of capital inflows. If the U.S. provides definitive guidance on stablecoins and broader digital asset regulations, we could see significant institutional allocation into the space,\" Matt Mena, crypto research strategist at 21Shares, said in an email.",[11,10602,10603],{},[55,10604,10607],{"href":10605,"rel":10606},"https:\u002F\u002Fwww.coindesk.com\u002Fmarkets\u002F2025\u002F02\u002F27\u002Fbitcoin-registers-biggest-3-day-price-slide-since-ftx-debacle-what-next",[59],[61,10608,63],{},{"title":65,"searchDepth":66,"depth":66,"links":10610},[10611,10612],{"id":10541,"depth":66,"text":10542},{"id":10569,"depth":66,"text":10570},[69],"2025-03-01 09:37:48",{},"\u002Fblog\u002Fbitcoin-registers-biggest-3-day-price-slide-since-ftx-debacle-what-next",{"title":10518,"description":10523},"blog\u002FBitcoin-Registers-Biggest-3-Day-Price-Slide-Since-FTX-Debacle-What-Next","emcNcf-EYLLZadCl64aGfbwWYuA8LMlWxE0D4f6XRVw",{"id":10621,"title":10622,"body":10623,"categories":10698,"cover":10629,"date":10699,"description":10630,"extension":71,"meta":10700,"navigation":73,"path":10701,"seo":10702,"stem":10703,"tags":77,"__hash__":10704},"blog\u002Fblog\u002FTokenized-Assets-Can-Redefine-Portfolio-Management.md","Tokenized Assets Can Redefine Portfolio Management",{"type":8,"value":10624,"toc":10696},[10625,10631,10634,10637,10640,10643,10646,10649,10652,10655,10658,10661,10664,10667,10670,10673,10676,10679,10682,10685,10688],[11,10626,10627,10630],{},[14,10628],{"alt":16,"src":10629},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F1edb4b73b3c3221626123ea9ea420618a0325b38-3840x2160.avif","\nFor decades, your investment portfolio has revolved around a key academic idea that hasn’t held up very well: efficient markets. There’s a direct line from the efficient markets theory of Eugene Fama in the 1960s to modern portfolio theory. It paved the way for index funds, a strategy that has not only weathered market cycles but also become the default for managing pensions and retirement accounts.",[11,10632,10633],{},"As we step into a new era of digital finance, tokenized assets may offer a way to broaden our investment horizons in ways that traditional models have overlooked.",[11,10635,10636],{},"The genesis of modern portfolio theory",[11,10638,10639],{},"Index fund investing didn’t arise by chance. In the early 1970s, amid vigorous debates over market efficiency, Burton Malkiel’s seminal work advocating index funds in 1973 (in his book “A Random Walk Down Wall Street”) was embodied in John Bogle’s launch of the Vanguard S&P 500 fund in 1975.",[11,10641,10642],{},"This cemented a strategy that focused on broad diversification and minimal trading. Astonishingly, passive index-investing has triumphed around the world, even though the theory underpinning it, that investors are always rational, hasn’t held up well.",[11,10644,10645],{},"Behavioral psychologists like Daniel Kahneman and Amos Tversky illuminated the flaws in our decision-making processes. This is highlighted in Daniel Kahneman’s award winning book, “Thinking Fast and Slow.”",[11,10647,10648],{},"In the ensuing decades, economists have reconciled efficient markets and irrational behavior into the concept of “pretty good markets.” Aggregated wisdom in the form of prices trends towards being right, over time, though from day to day and case to case there are significant gaps that investors can exploit. Index funds have held up well because exploiting those opportunities is hard to do consistently or cheaply.",[11,10650,10651],{},"At the same time, the regulatory framework governing institutional investing reinforces this reliance on proven strategies. Fund managers operate under strict fiduciary duties that require them to prioritize client interests and mitigate risk. As a result, they allocate the bulk of their portfolios to assets with long, established track records, typically government bonds and passive equity funds.",[11,10653,10654],{},"In short, the criteria for “acceptable” investments aren’t driven solely by potential returns; they are fundamentally tied to data history, reliability, and transparency. In case you were wondering, that means index funds.",[11,10656,10657],{},"In this environment, venturing into uncharted territory is not taken lightly. New asset classes, no matter how promising, are initially sidelined because they lack the long-term, daily data that makes them viable for inclusion in a fiduciary portfolio. Until now, almost all portfolio theory has been based on U.S. equities and government bonds. Although that universe has expanded over time to include index funds and bonds from other large economies, it still represents only a relatively small portion of the world’s assets. Portfolios are constrained at the intersection of regulations and data. And that’s all going to change.",[11,10659,10660],{},"Tokenization: Expanding the universe of investable assets",[11,10662,10663],{},"Tokenization and on-chain transactions don’t just offer a scalable way to package any kind of asset. They also offer a path to transparent, comparable data on asset values. By representing real-world assets, whether it’s Thai real estate, Nigerian oil leases, or New York taxi medallions as digital tokens on a blockchain, we can begin to generate the kind of daily, market-derived data that has traditionally been reserved for a narrow set of assets.",[11,10665,10666],{},"Consider a simple question: How much Thai real estate should feature in a diversified retirement portfolio? Under current models, the answer is obscured by a lack of reliable, continuous pricing data. But if Thai real estate were tokenized, establishing an on-chain market with daily closing prices, it could eventually be measured against the same metrics used for U.S. equities. In time, this would force a re-examination of the static, index-based approach that has dominated investment strategy for so long.",[11,10668,10669],{},"The implications for global finance",[11,10671,10672],{},"Right now, alternative strategies – as pension fund managers refer to anything that isn’t a stock or bond index – comprise no more than 15–20% of most funds. Changing academic data on investment options would put the other 80% up for grabs.",[11,10674,10675],{},"Imagine a future where a truly diversified portfolio isn’t limited by the confines of traditional equity and debt markets. With tokenization, investors from large institutional funds to individual savers could gain exposure to asset classes and geographic regions previously ignored due to data scarcity or illiquidity. The principles that underpin modern portfolio theory wouldn’t be discarded. Rather, they would be expanded upon to include a broader range of risk and return profiles.",[11,10677,10678],{},"As tokenized assets build track records, fiduciaries, who today favor the predictability of bonds and index funds, might find themselves compelled to recalibrate their strategies. It’s not that the pretty good market hypothesis will be rendered obsolete. Instead, the parameters of what constitutes “efficient” may widen considerably. A richer dataset could lead to better-informed risk assessments and, ultimately, to portfolios that capture a more accurate picture of global value.",[11,10680,10681],{},"A Measured but inevitable shift",[11,10683,10684],{},"This isn’t going to happen overnight. The fastest we’re likely to see changes emerge is about a decade, assuming time to build a wide portfolio of tokenized assets and 5-7 years to build a daily information track record. Once the data is present, however, change could come quickly, thanks to widespread use of artificial intelligence.",[11,10686,10687],{},"One thing that often slows the spread of change is a lack of intellectual bandwidth on the part of fund managers and consumers to adapt to new data. It took about 40 years to move pension fund investors from a 95%+ bonds model in the 1950s to a majority equity index fund model in the 1990s. It took about 30 years for index funds to become the dominant equity investment vehicle after the evidence showed they were the best option.",[11,10689,10690],{},[55,10691,10694],{"href":10692,"rel":10693},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2025\u002F02\u002F27\u002Fhow-tokenized-assets-could-redefine-portfolio-management",[59],[61,10695,63],{},{"title":65,"searchDepth":66,"depth":66,"links":10697},[],[69],"2025-03-01 08:56:48",{},"\u002Fblog\u002Ftokenized-assets-can-redefine-portfolio-management",{"title":10622,"description":10630},"blog\u002FTokenized-Assets-Can-Redefine-Portfolio-Management","SznEuuD6oh3yJhWWl6wu5rJG7qCEGLsYCoWwN9YMM3w",{"id":10706,"title":10707,"body":10708,"categories":10796,"cover":10715,"date":10797,"description":10716,"extension":71,"meta":10798,"navigation":73,"path":10799,"seo":10800,"stem":10801,"tags":77,"__hash__":10802},"blog\u002Fblog\u002FHere-s-How-Mainland-China-May-Allow-Chinese-Traders-Access-to-Bitcoin.md","Here's How Mainland China May Allow Chinese Traders Access to Bitcoin",{"type":8,"value":10709,"toc":10793},[10710,10717,10720,10723,10726,10729,10736,10739,10742,10745,10748,10751,10754,10757,10760,10764,10767,10770,10773,10776,10779,10782,10785],[11,10711,10712,10716],{},[14,10713],{"alt":10714,"src":10715},"reddate","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F40b994640bf4b151ab9bc82ee393b20745e197c5-720x443.avif","\nBlockchain and Crypto have a complicated status in China: Beijing says no to crypto but yes to blockchain. It bans trading yet builds infrastructure.",[11,10718,10719],{},"Now, with Hong Kong offering regulated crypto markets, insiders say a loophole is emerging.",[11,10721,10722],{},"If China already allows investors to buy U.S. stocks through its Qualified Domestic Institutional Investor (QDII) program, why not bitcoin? The key, one expert argued on stage at Consensus Hong Kong, is control, and Beijing may have just found a way to keep it.",[11,10724,10725],{},"In China, there are two systems for mainland investors to buy and sell stock outside the country. First, there’s QDII, which allows select investors to buy U.S. ETFs using RMB.",[11,10727,10728],{},"Then there's also the Shanghai-Hong Kong Connect and Shenzhen-Hong Kong Connect, which let Chinese investors buy and sell Hong Kong stocks through mainland securities firms, with all trades settled in RMB.",[11,10730,10731,10732,10735],{},"\"The key ",[1731,10733,10734],{},"with these systems"," is that capital never flows freely out of China, and if you apply this same logic to crypto, there’s no reason it couldn’t work the same way,\" Yifan He, CEO of Red Date technology, said on stage at Consensus Hong Kong.",[11,10737,10738],{},"He emphasized that the biggest regulatory hurdle isn’t crypto itself, but capital controls, ensuring that funds don’t move freely in and out of China.",[11,10740,10741],{},"These capital controls are in place to prevent excessive currency fluctuations and capital flight, in order to maintain the stability and value of the RMB. They are also one of the reasons why Hong Kong's crypto ETFs, with their in-kind redemptions, were not allowed on the mainland.",[11,10743,10744],{},"\"What’s the difference between a Hong Kong-regulated stock and a Hong Kong-regulated crypto asset?\" He continued. \"If they have a system for you to buy and sell in RMB, but never move money outside China, then it's just another regulated investment product.\"",[11,10746,10747],{},"This system would not allow Chinese investors to self-custody their crypto. Instead, purchases would be held by an intermediary, such as a licensed securities firm.",[11,10749,10750],{},"\"They buy crypto directly, but it’s not like they’re holding it themselves,\" He said, noting that \"the security company in the middle actually holds it for you.\"",[11,10752,10753],{},"This model aligns with China’s approach to stock and ETF investments.",[11,10755,10756],{},"Just as mainland investors can trade U.S. ETFs through QDII but never take direct custody, they could gain exposure to crypto without owning the underlying assets – no money moves across borders.",[11,10758,10759],{},"For a nation with 200 million retail investors and an economy in need of stimulus, regulated crypto access through Hong Kong's sandbox might offer Beijing a calculated compromise",[100,10761,10763],{"id":10762},"blockchain-versus-crypto","Blockchain versus Crypto",[11,10765,10766],{},"China has long been a proponent of blockchain technology, while taking a cold approach to crypto.",[11,10768,10769],{},"\"We don't allow guns in China, but we can still make steel,\" He explained as an analogy. \"The technology is not regulated so that you can build all kinds of applications. But when some application triggers regulations, that’s different.\"",[11,10771,10772],{},"But based on his conversations with financial regulators, this could be changing.",[11,10774,10775],{},"\"I see some signal from financial regulators,\" He said. \"They're beginning to talk about bitcoin, saying we need to pay more attention and do more research on digital assets.\"",[11,10777,10778],{},"Could this lead to broader adoption? Two years ago, He would have said ‘zero chance.’",[11,10780,10781],{},"\"Now, I’d say there’s more than a 50% chance in three years,\" He concluded.",[11,10783,10784],{},"And you can take those odds to Polymarket, which currently stands at 2% chance of China unbanning bitcoin in the country.",[11,10786,10787],{},[55,10788,10791],{"href":10789,"rel":10790},"https:\u002F\u002Fwww.coindesk.com\u002Fbusiness\u002F2025\u002F02\u002F27\u002Fhere-s-how-mainland-china-allows-chinese-traders-access-to-btc",[59],[61,10792,63],{},{"title":65,"searchDepth":66,"depth":66,"links":10794},[10795],{"id":10762,"depth":66,"text":10763},[69],"2025-02-27 12:37:42",{},"\u002Fblog\u002Fhere-s-how-mainland-china-may-allow-chinese-traders-access-to-bitcoin",{"title":10707,"description":10716},"blog\u002FHere-s-How-Mainland-China-May-Allow-Chinese-Traders-Access-to-Bitcoin","Cvtw_fWCmjRRltq-orW1YAQeUH9SlwBEoKqerpIcVI8",{"id":10804,"title":10805,"body":10806,"categories":10891,"cover":10812,"date":10892,"description":10813,"extension":71,"meta":10893,"navigation":73,"path":10894,"seo":10895,"stem":10896,"tags":77,"__hash__":10897},"blog\u002Fblog\u002FHow-DeFAI-can-scale-safely-in-the-age-of-AI.md","How DeFAI can scale safely in the age of AI",{"type":8,"value":10807,"toc":10885},[10808,10814,10817,10820,10824,10827,10830,10833,10836,10840,10843,10846,10849,10853,10856,10867,10871,10874,10877],[11,10809,10810,10813],{},[14,10811],{"alt":16,"src":10812},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F0194da02-92c1-75c7-9d3f-5a99b7efa1cb.avif","\nOn all smart contract blockchains, when a transaction is issued in decentralized finance (DeFi) and goes to its mempool, it is said to enter the “dark forest,” as anyone can see it and take advantage of it. It is common for the most prepared and best-informed users, with the best technology, to take advantage of this.",[11,10815,10816],{},"For the industry, the incentive to take advantage of a transaction is what’s known as miner extractable value (MEV). MEV bots were created to exploit this, operating with simple, pre-set rules with little flexibility. These rule-based bots have millions of dollars from Ethereum transactions so far, and in the new era of AI and AI agents, we expect this number to grow exponentially — with all the good and bad that this entails.",[11,10818,10819],{},"Given this, we can estimate that more than 50% of onchain volume will be driven by different AI agents by the end of 2025, which will possess greater functionality than today’s bots. We can see how launchpads for decentralized finance AI (DeFAI) platforms such as HeyAnon and Griffain have significantly surged in usage and token prices.",[100,10821,10823],{"id":10822},"the-roles-of-ai-agents-in-defi","The roles of AI agents in DeFi",[11,10825,10826],{},"We are just at the beginning of AI agents, where industry stakeholders evaluate the potential of these new tools. As an industry, we are in a research and development stage where we can observe at least three precise functions or roles in DeFi.",[11,10828,10829],{},"Just as ChatGPT revolutionized the AI industry by bringing it closer to mainstream users, AI agents could reduce the learning curve to bring DeFi closer to the masses. It is clear that the first to take advantage of the benefits AI agents will bring to DeFi will be industry professionals, as they are the first to look for any tool to gain advantages in the dark forest.",[11,10831,10832],{},"We will see MEV agents and agent market makers soon. In the more distant future, all of us who are bullish on AI expect AI agents to evolve to a level where they possess independent goals and decision-making abilities without human intervention.",[11,10834,10835],{},"Given the potential reach of AI agents in DeFi and their high-risk activities, the security risks they introduce must be considered. No one wants to be responsible for an AI-triggered black swan event like the Terra\u002FLUNA crash.",[100,10837,10839],{"id":10838},"the-hallucination-problem","The hallucination problem",[11,10841,10842],{},"One known safety risk added by AI agents is hallucinations. This phenomenon is when large language models (LLM) offer nonsense or wrong answers. So, imagine that an AI performs a simple swap in a DeFi but hallucinates a huge commission or contract address. This could result in a considerable loss to the user.",[11,10844,10845],{},"In addition to accidental hallucinations, some AIs can be hacked to perform tasks outside their programming, which, in the context of DeFi — where they would handle decentralized tokens with censorship resistance — could translate into a loss of funds to the user.",[11,10847,10848],{},"The widespread use of AI agents in DeFi can increase the risk of systemic failure in the entire cryptocurrency market, making hallucinations a significant bottleneck in DeFAI development.",[100,10850,10852],{"id":10851},"strategies-for-defai-builders","Strategies for DeFAI builders",[11,10854,10855],{},"AI hallucinations are a real problem that is being extensively researched. There are several strategies to combat them, but if we evaluate them for the DeFAI industry, the following are the most relevant ones that any builder should consider.",[4919,10857,10858,10861,10864],{},[4922,10859,10860],{},"Build robust rulesets: Every builder must establish a long and precise set of rules for the operation of the agents to minimize the risk of errors. It should be done in a balanced way, as establishing a robust ruleset may be easy and fast to build but can make the agent operation more static and less adaptable to new information provided by the apps or networks.",[4922,10862,10863],{},"Run exhaustive stress tests: Any AI agent must be tested in detail against infinite possible interactions. With the information gathered from these tests, builders will be able to understand the capabilities and limitations of the agents to define realistic goals.",[4922,10865,10866],{},"Implement guardrail systems: Various AI guardrails are now being implemented in different applications. For DeFAI agents, it is best to use a real-time verification system that uses other LLMs to perform automated stress tests and has a dynamic evaluation of each action before execution.",[100,10868,10870],{"id":10869},"a-secure-defai-can-be-achieved","A secure DeFAI can be achieved",[11,10872,10873],{},"AI agents’ potential in DeFi is just beginning to be realized. The simple fact that they are always connected, make decisions, and can execute an infinite number of trades in milliseconds is a competitive advantage that any trader will want. There are many predictions that DeFAI will soon handle most onchain transactions.",[11,10875,10876],{},"To get to that point, we must understand the current capabilities of LLMs and address the challenges that produce hallucinations and bias so that DeFAI can scale securely. With the constant evolution that AI models carry and a continued collaboration between DeFAI builders, we will see a natural integration of AI agents with blockchain.",[11,10878,10879],{},[55,10880,10883],{"href":10881,"rel":10882},"https:\u002F\u002Fcointelegraph.com\u002Fnews\u002Fhow-de-fai-can-scale-safely",[59],[61,10884,63],{},{"title":65,"searchDepth":66,"depth":66,"links":10886},[10887,10888,10889,10890],{"id":10822,"depth":66,"text":10823},{"id":10838,"depth":66,"text":10839},{"id":10851,"depth":66,"text":10852},{"id":10869,"depth":66,"text":10870},[69],"2025-02-27 10:07:08",{},"\u002Fblog\u002Fhow-defai-can-scale-safely-in-the-age-of-ai",{"title":10805,"description":10813},"blog\u002FHow-DeFAI-can-scale-safely-in-the-age-of-AI","EYI3pKSI0YKL4eAaz9h3bkJsNe2bZK0XlX_8MvbHjes",{"id":10899,"title":10900,"body":10901,"categories":10980,"cover":10908,"date":10981,"description":10909,"extension":71,"meta":10982,"navigation":73,"path":10983,"seo":10984,"stem":10985,"tags":77,"__hash__":10986},"blog\u002Fblog\u002FDeFi-revives-the-spirit-of-capitalism.md","DeFi revives the spirit of capitalism",{"type":8,"value":10902,"toc":10975},[10903,10910,10913,10917,10920,10923,10926,10929,10933,10936,10939,10942,10945,10949,10952,10955,10958,10961,10964,10967],[11,10904,10905,10909],{},[14,10906],{"alt":10907,"src":10908},"Defi","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F0193f29b-43bf-7b85-aac6-5fd27a5123c9.avif","\nMany believed capitalism would be a force for innovation and personal freedom. But let’s be honest, it hasn’t lived up to the hype lately. The big fish in every industry keep gobbling up the little fish, and they’ve got the political clout to set the game board however they like.",[11,10911,10912],{},"That’s why decentralized finance (DeFi) sounds so refreshing. It’s a chance to hit the reset button by making markets fair and open rather than tilted toward a privileged few. In a perfect world, DeFi’s transparency and inclusive structure could restore some faith in the power of voluntary exchange. But as this sector grows and regulators start paying serious attention, it remains a question whether DeFi can hold onto those founding values — or if it resembles the system it is set out to replace.",[100,10914,10916],{"id":10915},"defi-is-a-free-market-revolution-in-finance","DeFi is a free market revolution in finance",[11,10918,10919],{},"As a $123.5-billion industry, DeFi replaces trusted intermediaries with smart contracts through composable decentralized applications (DApps) and protocols. There’s no need to fill out tedious forms or applications to get what you need. People can borrow stablecoins, farm liquidity provider tokens, or swap coins by interacting with the DApp’s contracts at any time and from anywhere in the world.",[11,10921,10922],{},"DeFi is not like traditional finance — there are no gatekeepers. Anyone with an internet connection and a compatible device can join the ecosystem to use or develop protocols. With composable, open-source protocols, developers can reuse parts (or even all) of existing DApps or build on top of other applications to create their own solutions. These open and permissionless financial services create fair market conditions for all market participants and take competition to a whole new level.",[11,10924,10925],{},"DeFi protocols are also non-custodial. People remain in complete control over their assets, interacting with smart contracts through their self-custodial wallets. Eliminating counterparty risks, this actual ownership over assets enhances individual freedom and prevents third-party interferences like account freezes by banks or other custodial financial providers.",[11,10927,10928],{},"Let’s be honest: DeFi isn’t perfect. It’s still in its early days, which means it carries all kinds of potential pitfalls — think smart contract vulnerabilities and impermanent loss. Even so, this “new wave” of capitalism has what it takes to tackle some of the biggest headaches in traditional finance. Of course, it has its own hurdles, too — ones that the community and developers need to address before DeFi can truly stand on its own.",[100,10930,10932],{"id":10931},"the-irs-and-the-threat-of-excessive-regulation","The IRS and the threat of excessive regulation",[11,10934,10935],{},"Regulation has always been a significant obstacle to realizing the full potential of capitalism, and now it threatens the development of DeFi. The US Internal Revenue Service recently issued rules requiring platforms like decentralized exchanges to report transactions like brokers do. And this will take effect in 2027.",[11,10937,10938],{},"The problem is that such requirements for non-custodial platforms (which operate independently) do not fit the concept of decentralization. Moreover, it can scare off developers and force them to move to countries with more straightforward rules. This threatens the very meaning of the free market on which DeFi is built and risks concentrating everything in the hands of centralized structures again.",[11,10940,10941],{},"DeFi is about freedom: free markets, self-made success, independence. It breaks the old patterns where a couple of big players control everything and opens up new possibilities. It’s no wonder market players like Consensys and Uniswap have rebuked these new regulations. Some have even called on US Congress to overturn the IRS’ rules.",[11,10943,10944],{},"If the rules are too strict, they will drown out everything good about DeFi. So, it’s better to look for new approaches that will support the development of this industry and give it room to grow. After all, DeFi is not only about money. It is about the opportunity for people to feel freer and more confident in their finances.",[100,10946,10948],{"id":10947},"the-new-manifestation-of-capitalism","The new manifestation of capitalism",[11,10950,10951],{},"Due to regulatory uncertainty in the US, multiple crypto and DeFi projects are forced to look for friendlier jurisdictions — the United Arab Emirates, Switzerland and Singapore. If this trend continues, the global digital asset market will lose the world’s largest economy as its current leader, hindering its growth.",[11,10953,10954],{},"What is happening? Instead of adapting the rules to the new reality, regulators are trying to force decentralized technologies into the framework of the old system. The issue is not only about cryptocurrencies. This concerns the future of all technologies that operate without central control. How do you regulate something that breaks the usual rules of the game? By finding a balance. Otherwise, it will bring stagnation.",[11,10956,10957],{},"Trump’s pro-crypto approach gives hope, but DeFi projects already need to adapt: relocate to friendlier countries, implement decentralized governance through decentralized autonomous organizations or find ways to maintain the spirit of decentralization even in the new environment.",[11,10959,10960],{},"Decentralized finance is more than just a nifty tool — it’s an entire economic philosophy rooted in freedom, openness, fairness and genuine financial sovereignty. In a sense, DeFi and capitalism fit together perfectly, each reinforcing the other’s core ideals.",[11,10962,10963],{},"It’s a fresh take on capitalism designed to erase monopolistic power, distribute financial control, and bring back honest competition. That’s precisely what decentralized finance promises: a shot at restoring the spirit of true market fairness.",[11,10965,10966],{},"For DeFi to thrive, regulators should craft policies that safeguard consumers yet enable market players to keep advancing decentralized technologies. Striking that balance will protect users and keep the US at the crypto industry’s forefront rather than handing over the lead to bolder, more forward-thinking jurisdictions.",[11,10968,10969],{},[55,10970,10973],{"href":10971,"rel":10972},"https:\u002F\u002Fcointelegraph.com\u002Fnews\u002Fde-fi-revives-the-spirit-of-capitalism",[59],[61,10974,63],{},{"title":65,"searchDepth":66,"depth":66,"links":10976},[10977,10978,10979],{"id":10915,"depth":66,"text":10916},{"id":10931,"depth":66,"text":10932},{"id":10947,"depth":66,"text":10948},[69],"2025-02-26 09:42:12",{},"\u002Fblog\u002Fdefi-revives-the-spirit-of-capitalism",{"title":10900,"description":10909},"blog\u002FDeFi-revives-the-spirit-of-capitalism","YAj2o-6Q6yKTbb_zFinTEiqIcoROilybkfdG1tlrYnw",{"id":10988,"title":10989,"body":10990,"categories":11055,"cover":10997,"date":11056,"description":10998,"extension":71,"meta":11057,"navigation":73,"path":11058,"seo":11059,"stem":11060,"tags":77,"__hash__":11061},"blog\u002Fblog\u002FWhy-The-SEC-Needs-to-Allow-Staking-in-Exchange-Traded-Products.md","Why The SEC Needs to Allow Staking in Exchange-Traded Products",{"type":8,"value":10991,"toc":11051},[10992,10999,11002,11005,11009,11012,11015,11018,11021,11024,11027,11031,11034,11037,11040,11043],[11,10993,10994,10998],{},[14,10995],{"alt":10996,"src":10997},"SEC","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Fecf3eefc80837ca0b2b5a49dfc41431a9083a6c4-1900x1268.avif","\nFor far too long, the U.S. has been falling behind the rest of the world on staking policy. Now, in just the first 30 days of the Trump Administration, staking has been mentioned in Congressional hearings, listed as a top priority by the SEC’s newly created crypto task force and is today the focus of a bipartisan letter from lawmakers challenging the previous SEC’s stance on its inclusion in exchange-traded products (ETPs). Many in the digital asset sector celebrated when the first spot ether ETFs were approved in September of last year. It was a giant leap forward for the second-largest cryptocurrency, achieving legitimacy in the eyes of U.S. regulators. But there has been one glaring omission within these financial products: the ability to stake the held assets and profit by doing so.",[11,11000,11001],{},"Now a bipartisan group of lawmakers including Senators Cynthia Lummis (R-WY), Kirsten Gillibrand (D-NY), Steve Daines (R-Montana), Bill Hagerty (R-Tenn.), Thom Tillis (R-NC), Bernie Moreno (R-Ohio) and Ron Wyden (D-OR) is leading the way to correct that. In a letter delivered to the Securities and Exchange Commission on Friday, they are challenging the SEC's directive to exclude protocol staking in ETPs, highlighting how this position could undermine both investor protections and the competitiveness of U.S. markets.",[11,11003,11004],{},"The SEC’s prohibition on staking within ETPs is based on a faulty understanding of how staking works on proof-of-stake networks like Ethereum. Staking is not an investment product in itself. Rather, it is a fundamental technical requirement for securing and validating transactions on proof-of-stake networks. When token holders stake their assets, they contribute to the network's security, and in doing so earn rewards generated by the protocol itself — not from any centralized authority.",[100,11006,11008],{"id":11007},"international-competitiveness","International competitiveness",[11,11010,11011],{},"The SEC's directive to spot ether ETP issuers to exclude staking raises serious concerns about America's competitive position in global digital asset markets. While the United States hesitates, other major financial centers including Switzerland, Canada, Germany and Australia have embraced staking in their digital asset ETPs, recognizing its integral role in network security and operational stability. Just last month, the U.K. issued a statutory instrument acknowledging that arrangements for qualifying crypto asset staking do not amount to a collective investment scheme, reinforcing its importance in securing and maintaining blockchain networks.",[11,11013,11014],{},"Because staking is essential for securing proof-of-stake networks, it also means that if there were no one staking their ether, then all of the assets within these ETPs would be at risk. This means that, perversely, the SEC has forced American investors into a position where their investments are only protected by assets held in other jurisdictions.",[11,11016,11017],{},"Crucially, the impact of these regulations extends beyond just the Ethereum blockchain, but applies to possible future ETPs of other networks that also use proof-of-stake such as Solana, Avalanche and Polkadot. As the digital asset sector grows, the impact of this misguided regulation will only deepen.",[11,11019,11020],{},"Getting this regulation wrong hurts both American investors and the U.S. economy. Either investors accept domestic products without staking and the associated rewards, limiting their financial returns, or they seek exposure through off-shore alternatives, driving capital offshore and out of U.S. stock exchanges. Without staking, ether ETP holders gradually lose their relative network ownership position due to the inflationary nature of staking rewards.",[11,11022,11023],{},"This economic reality makes U.S. products less competitive and less attractive to investors seeking comprehensive exposure to the Ethereum ecosystem. Even more troubling, this outcome appears to contradict the SEC's core mission of investor protection, likely pushing investors toward investment vehicles in other jurisdictions that may not meet the investor protection standards available to investors in the U.S.",[11,11025,11026],{},"The technical risks associated with staking, when managed by sophisticated validators, are minimal and well-understood. The often-cited \"slashing risk\" — a penalty mechanism for dishonest validation attempts — has affected just 0.001 percent of staked ether to date. This data suggests that the SEC's cautious stance may be disproportionate to the actual risks involved.",[100,11028,11030],{"id":11029},"whats-at-stake","What’s at stake",[11,11032,11033],{},"As we await the SEC's response to the important questions raised by Congress, American investors continue to be at a distinct disadvantage. The path forward requires a balanced approach that recognizes staking for what it is — a technical mechanism for network security — while ensuring there is appropriate oversight when it is offered within regulated investment products.",[11,11035,11036],{},"As the letter rightly points out, while only Congress can create a comprehensive regulatory framework, the SEC has the authority to permit staking in ETPs. Doing so would align with both the agency’s mandate to protect investors and the goal of maintaining U.S. leadership in global financial markets.",[11,11038,11039],{},"The bipartisan Congressional letter to SEC Commissioners Uyeda and Peirce endorsing Protocol Staking in Digital Asset ETPs is a significant milestone for investors – both crypto native and institutional. With Uyeda having criticized what he has called the “weaponization” of the SEC’s enforcement functions and crypto advocate Paul Atkins being nominated to take over the role of SEC Chair, we have a rare opportunity to make progress on one of the most common sense issues in the digital asset landscape.",[11,11041,11042],{},"It’s beyond time for the SEC to assume a leadership position when it comes to protocol staking, which powers the digital asset sector. This befits the aspirations of the American economy and the Americans who rely on it.",[11,11044,11045],{},[55,11046,11049],{"href":11047,"rel":11048},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2025\u002F02\u002F20\u002Fwhy-the-sec-needs-to-allow-staking-in-exchange-traded-products",[59],[61,11050,63],{},{"title":65,"searchDepth":66,"depth":66,"links":11052},[11053,11054],{"id":11007,"depth":66,"text":11008},{"id":11029,"depth":66,"text":11030},[69],"2025-02-25 18:11:18",{},"\u002Fblog\u002Fwhy-the-sec-needs-to-allow-staking-in-exchange-traded-products",{"title":10989,"description":10998},"blog\u002FWhy-The-SEC-Needs-to-Allow-Staking-in-Exchange-Traded-Products","qc69BEsIajbov-7w0nDfeDi1-JT5WrrjP-9sKL5qfkA",{"id":11063,"title":11064,"body":11065,"categories":11101,"cover":11071,"date":11102,"description":11072,"extension":71,"meta":11103,"navigation":73,"path":11104,"seo":11105,"stem":11106,"tags":77,"__hash__":11107},"blog\u002Fblog\u002FSEC-Backs-Off-Crypto-Dealer-Fight-Continues-Resetting-Industry-Approach.md","SEC Backs Off Crypto Dealer Fight, Continues Resetting Industry Approach",{"type":8,"value":11066,"toc":11099},[11067,11073,11076,11079,11082,11085,11088,11091],[11,11068,11069,11072],{},[14,11070],{"alt":10996,"src":11071},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F13f70be059daddf56523ba5e601310099879c651-2880x1620.avif","\nAlready losing its legal fight with the crypto industry over a rule that would have expanded the definition of regulated securities dealers to include a wide array of digital assets operations, the U.S. Securities and Exchange Commission has given up its appeal.",[11,11074,11075],{},"The SEC has been in reset mode on its courtroom entanglements with crypto issues as the leadership elevated by President Donald Trump has been reversing years of the agency's adversarial stance. The latest move was to formally drop the appeal in a case in which the Blockchain Association and Crypto Freedom Alliance of Texas sued the SEC and a Texas federal judge agreed that the regulator \"exceeded its statutory authority.\"",[11,11077,11078],{},"\"With new leadership at the agency leading to today’s final dismissal, we’re looking forward to productive conversations between industry and the SEC moving forward – and a brighter future for digital assets in the United States,” said Blockchain Association CEO Kristin Smith, in a statement.",[11,11080,11081],{},"The rewritten dealer rule was one of the agency's major efforts at crypto rulemaking under the tenure of former chairman Gary Gensler, and it was crafted with the agency's longtime stance in mind that existing laws were sufficient to handle the oversight of the digital assets space. The industry's position was that the rule made untenable demands on decentralized finance (DeFi) and also roped in crypto traders who didn't offer dealer services.",[11,11083,11084],{},"“The court found that the commission’s rule would classify nearly any person who buys and sells securities as a 'dealer,' extending beyond its statutory authority,\" an SEC spokesman said on Thursday. \"We dismissed the appeal because continuing to pursue it had the risk of reducing liquidity in the Treasury markets, making them more volatile, and increasing debt for taxpayers.”",[11,11086,11087],{},"Since being installed as the SEC's acting chairman, Mark Uyeda, has begun to aggressively overhaul the agency's senior staff and its legal approach to the crypto sector. He's set to be replaced whenever Trump's permanent pick, Paul Atkins, can be confirmed by the U.S. Senate, though Atkins is expected to continue in the same path.",[11,11089,11090],{},"Earlier this month, the SEC also sought to pause its enforcement fight with Binance over the agency's accusations of securities violations so the matter could be resolved in another way.",[11,11092,11093],{},[55,11094,11097],{"href":11095,"rel":11096},"https:\u002F\u002Fwww.coindesk.com\u002Fpolicy\u002F2025\u002F02\u002F20\u002Fsec-backs-off-crypto-dealer-fight-continues-resetting-industry-approach",[59],[61,11098,63],{},{"title":65,"searchDepth":66,"depth":66,"links":11100},[],[69],"2025-02-21 09:32:42",{},"\u002Fblog\u002Fsec-backs-off-crypto-dealer-fight-continues-resetting-industry-approach",{"title":11064,"description":11072},"blog\u002FSEC-Backs-Off-Crypto-Dealer-Fight-Continues-Resetting-Industry-Approach","9wlEE85NtBNoR-UI3-T4bT8iuDCeRXhlRAOVAnKRICU",{"id":11109,"title":11110,"body":11111,"categories":11147,"cover":77,"date":11148,"description":11115,"extension":71,"meta":11149,"navigation":73,"path":11150,"seo":11151,"stem":11152,"tags":77,"__hash__":11153},"blog\u002Fblog\u002FU-S-Stablecoin-Adoption-Is-Being-Hindered-by-a-Lack-of-Regulation-S-P-Says.md","U.S. Stablecoin Adoption Is Being Hindered by a Lack of Regulation, S&P Says",{"type":8,"value":11112,"toc":11145},[11113,11116,11119,11122,11125,11128,11131,11134,11137],[11,11114,11115],{},"The absence of stablecoin regulation in the U.S. is one of the main hurdles to adoption, S&P Global Ratings said in a Wednesday report.",[11,11117,11118],{},"\"The lack of regulation is one of the main impediments to stablecoin adoption in the U.S. and has prevented a broader institutional adoption of stablecoins,\" analysts led by Mohamed Damak wrote.",[11,11120,11121],{},"S&P said it expects adoption to grow once regulation is in place.",[11,11123,11124],{},"Stablecoins are cryptocurrencies whose value is tied to another asset, such as the U.S. dollar or gold. They play a major role in cryptocurrency markets and are also used for to transfer money internationally.",[11,11126,11127],{},"New rules are coming. The Senate's Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act mandates federal regulation for stablecoins with a market cap of over $10 billion with the potential for state regulation if it aligns with federal rules. The House of Representatives STABLE Act calls for state regulation without any conditions.",[11,11129,11130],{},"Some users are expected to move from unregulated to regulated stablecoins once a framework is in place, the report said, and this could alter the industry landscape.",[11,11132,11133],{},"\"Stablecoins will play an increasingly important role in on-chain transactions,\" the authors wrote, protecting users' savings from \"local monetary instability in emerging markets,\" or to receive payments.",[11,11135,11136],{},"Wall Street bank JPMorgan (JPM) said Tether, which issues market leader USDT, could face challenges from proposed U.S. stablecoin regulations, in a report last week.",[11,11138,11139],{},[55,11140,11143],{"href":11141,"rel":11142},"https:\u002F\u002Fwww.coindesk.com\u002Fmarkets\u002F2025\u002F02\u002F20\u002Fu-s-stablecoin-adoption-is-being-hindered-by-a-lack-of-regulation-s-and-p-says",[59],[61,11144,63],{},{"title":65,"searchDepth":66,"depth":66,"links":11146},[],[69],"2025-02-20 16:50:18",{},"\u002Fblog\u002Fu-s-stablecoin-adoption-is-being-hindered-by-a-lack-of-regulation-s-p-says",{"title":11110,"description":11115},"blog\u002FU-S-Stablecoin-Adoption-Is-Being-Hindered-by-a-Lack-of-Regulation-S-P-Says","bwr9BOZSi8RcnMS7XzgRvBdEvZ1AwYlmNpMARj3dKhc",{"id":11155,"title":11156,"body":11157,"categories":11247,"cover":11164,"date":11248,"description":11165,"extension":71,"meta":11249,"navigation":73,"path":11250,"seo":11251,"stem":11252,"tags":77,"__hash__":11253},"blog\u002Fblog\u002FHow-Hong-Kong-Can-Seize-the-Mantle-as-Asia’s-Crypto-Hub.md","How Hong Kong Can Seize the Mantle as Asia’s Crypto Hub",{"type":8,"value":11158,"toc":11241},[11159,11166,11169,11173,11176,11179,11183,11186,11189,11192,11195,11199,11202,11207,11210,11215,11218,11223,11226,11230,11233],[11,11160,11161,11165],{},[14,11162],{"alt":11163,"src":11164},"hongkong","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F6c6645dd7986c465cbbdc55633e9fb2acdd03a81-1500x934.avif","\nWhich market offers the most favorable environment for virtual assets? This distinction remains highly contested, with various financial centers competing to become leading hubs for digital assets, aiming to attract innovation, investment and jobs. In Asia, two of the most prominent players in this space are Hong Kong and Singapore.",[11,11167,11168],{},"Hong Kong’s regulatory environment will be the lynchpin to its success. The right regime will not only provide guidelines to stakeholders but attract them in the first place. And though entrepreneurs and corporations are often the focus of such policy-making, regulators need to give as much attention to retail and institutional investors. After all, investors provide the financial backing that businesses need to succeed in what is typically a capital-intensive market.",[100,11170,11172],{"id":11171},"why-investors-need-a-safe-and-regulated-crypto-market","Why investors need a safe and regulated crypto market",[11,11174,11175],{},"Investors across the world have suffered the brunt of negative effects from the Wild West days of crypto. We see this pattern at play from Mt. Gox to FTX and other exchanges in between: When they go belly up due to a hack or other issues, investors have little recourse or hope of ever getting their funds back.",[11,11177,11178],{},"The same is true for individual coins: the failure of some tokens, like TerraUSD and Luna, has led to the financial ruin of many investors. And there are other scammers across the world of crypto, from pig butchering operators passing off fake mining operations, to phishing scams targeting users of regulated crypto exchanges, to schemers who even purport to specialize in the recovery of these funds.",[100,11180,11182],{"id":11181},"hong-kongs-competitive-edge-in-digital-asset-regulation","Hong Kong’s competitive edge in digital asset regulation",[11,11184,11185],{},"Although the digital assets sector has been unforgiving to investors, it is the role of regulators in Hong Kong to make sure that crypto becomes investor-friendly.",[11,11187,11188],{},"The regulators here are already off to a great start. The main agency responsible is the Securities and Futures Commission, which regulates and licenses what it deems to be virtual asset trading platforms (VATPs). These businesses are subject to strict policies that protect investors, including everything from KYC and AML to custodianship and risk disclosures.",[11,11190,11191],{},"While many markets have enacted frameworks for cryptocurrency, Hong Kong has one major advantage: speed. For example, Hong Kong was one of the first markets in the Asia Pacific region to approve bitcoin and ether exchange-traded funds (ETFs) with in-kind subscription, a mechanism that allows investors to directly subscribe to ETF shares using the underlying crypto assets instead of cash. Beyond that, the territory is constantly scanning the horizon for other possible policies to refine its regulatory guidelines.",[11,11193,11194],{},"Hong Kong also has a robust sandbox program for stablecoins and discretionary accounts that it is regularly improving upon. To this end, the SFC has approved several licensed fund managers to provide discretionary management account services for virtual assets. This feature enables fund managers to execute the unique investment mandate of each investor on pre-approved exchanges from end-to-end, including buying and selling virtual assets, as well as provide other services like derivatives trading, reporting, and portfolio monitoring and rebalancing.",[100,11196,11198],{"id":11197},"how-hong-kong-can-strengthen-its-crypto-framework","How Hong Kong can strengthen its crypto framework",[11,11200,11201],{},"To further innovate upon its robust foundational regulatory framework, Hong Kong can focus on these three pillars.",[8027,11203,11204],{},[4922,11205,11206],{},"Market education. It’s not enough for regulators to give investors access to digital assets — they must also provide educational resources to maximize their investments. Digital assets, after all, come with unique risks. The most obvious is volatility, but there are others, such as security, liquidity and sustainability.",[11,11208,11209],{},"Hong Kong regulators should provide education about digital assets and their risks, and continue requiring its VATPs to do the same. After an assessment of each prospective investor, VATPs must provide not only disclosures and warnings but also educational materials to improve investors’ understanding of digital assets. Informed and educated investors will benefit the individual VATPs and Hong Kong as a whole, resulting in fewer failures and similar issues to deal with.",[8027,11211,11212],{"start":66},[4922,11213,11214],{},"Investor-friendly assets and features. While digital assets are often discussed in monolithic terms, coins are very different when examined from an investor standpoint. On one end, there are digital assets that are not investor-friendly. Examples include memecoins that have extreme volatility, such as Shiba Inu or Pepe Coin, or privacy coins like Monero.",[11,11216,11217],{},"On the other end, there are digital assets that are very investor-friendly. The most notable recent example is spot bitcoin exchange-traded funds (ETFs), which give investors exposure to $BTC without having to go through the hassle of buying it directly, jotting down their private keys and securing it in a cold or hot wallet. In addition to encouraging VATPs to focus on similar investor-friendly assets, Hong Kong should also authorize the development of platform features that simplify and streamline the investor experience. Their north star is clear: What assets or features will make it easiest for investors to support projects and enterprises in crypto?",[8027,11219,11220],{"start":7057},[4922,11221,11222],{},"Transparent regulatory environment. Regulatory clarity is not always a priority of agencies. We saw this principle at play in the United States, where the Securities and Exchange Commission (SEC) began prosecuting crypto exchanges and other institutions for offering what it deemed to be unregistered securities. The law cited for these violations was not a crypto framework, but the Howey Test, which originated from a 1946 Supreme Court case involving the SEC. This enforcement naturally discouraged other crypto investors, businesses and stakeholders from setting up shop in the U.S. because they were afraid of getting punished due to the lack of regulatory clarity. While President Trump is establishing a pro-crypto administration, the damage may already be done: Businesses in the space may prioritize other markets.",[11,11224,11225],{},"Hong Kong should continue its culture of transparency and collaboration, as evident in the recent proposal for a Stablecoins Bill by the Hong Kong Monetary Authority (HKMA). While the bill only made the headlines recently, the HKMA had been consulting with stakeholders about its structure for more than a year. This transparency — organizations know what laws may be coming, how they will be applied and even have a say in their execution — will allow investors and businesses to align their own plans with what will be allowed in the regulatory environment.",[100,11227,11229],{"id":11228},"poised-to-lead-asias-crypto-future","Poised to lead Asia’s crypto future",[11,11231,11232],{},"Crypto regulations are racing ahead in 2025, but Hong Kong can distinguish its own crypto regime by emphasizing market education for all investors, investor-friendly assets and exchange features, and a transparent regulatory environment that empowers stakeholders to plan their actions well in advance of policy changes. If Hong Kong can continue this three-pronged approach, it will seize the mantle as Asia’s premier crypto hub — not only because it’s investor-friendly, but because it’s investor-first.",[11,11234,11235],{},[55,11236,11239],{"href":11237,"rel":11238},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2025\u002F02\u002F13\u002Fhow-hong-kong-can-seize-the-mantle-as-asia-s-crypto-hub",[59],[61,11240,63],{},{"title":65,"searchDepth":66,"depth":66,"links":11242},[11243,11244,11245,11246],{"id":11171,"depth":66,"text":11172},{"id":11181,"depth":66,"text":11182},{"id":11197,"depth":66,"text":11198},{"id":11228,"depth":66,"text":11229},[69],"2025-02-14 10:23:58",{},"\u002Fblog\u002Fhow-hong-kong-can-seize-the-mantle-as-asia's-crypto-hub",{"title":11156,"description":11165},"blog\u002FHow-Hong-Kong-Can-Seize-the-Mantle-as-Asia’s-Crypto-Hub","bUkn8nUlPUPbIEkNTeLV0Q5G9LgSddQYIdhQz9fFHdE",{"id":11255,"title":11256,"body":11257,"categories":11297,"cover":11264,"date":11298,"description":11265,"extension":71,"meta":11299,"navigation":73,"path":11300,"seo":11301,"stem":11302,"tags":77,"__hash__":11303},"blog\u002Fblog\u002FWhy-Trump-Is-Right-on-a-Digital-Currency-Reserve.md","Why Trump Is Right on a Digital Currency Reserve",{"type":8,"value":11258,"toc":11295},[11259,11266,11269,11272,11275,11278,11281,11284,11287],[11,11260,11261,11265],{},[14,11262],{"alt":11263,"src":11264},"trump","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F9e7247339a979965a89178a34ddce91f664c9b71-4780x3245.avif","\nPresident Trump has proposed the Federal government hold digital currencies, and some media and political people have pushed back with dire warnings of the impact on the U.S. dollar. But the reality of Trump’s proposal differs sharply from that painted by Trump’s hysteric critics. BTC is not a threat to the U.S. dollar and U.S. government holding of BTC or any other digital currencies is not an endorsement.",[11,11267,11268],{},"The U.S. dollar still dominates the world, representing nearly 60% of all currency held by central banks, as of Dec. 2024, according to the IMF. Unlike fiat currencies, bitcoin and other digital currencies are not governed by any central bank. So, there is no way to ever have an adversarial relationship with the issuer of BTC – unlike the issuer of Chinese yuan or Russian rubles.",[11,11270,11271],{},"Most of the forex reserves held by the U.S. are euros and Chinese yuan. But no one is calling for the U.S. to stop holding euros. That’s because holding a currency in reserve is not an endorsement of that currency. Countries hold forex reserves primarily for liquidity purposes – mainly to facilitate foreign trade with counterparties using the other currency. And, since BTC and ETH are the largest digital currencies, the most liquid and the largest volume of USD transactions, it makes sense for the U.S. to hold those currencies.",[11,11273,11274],{},"Most importantly, the U.S. dollar dwarfs BTC in size. USD value is more than 1,150x larger than BTC at $2,300 billion USD versus about $2 billion for BTC. And BTC ranked as only the 16th largest foreign currency in the world, measured by USD, as of the start of 2024. So, if the U.S. held 50,000 BTC, it would represent less than 5% of its foreign currency reserve holdings.",[11,11276,11277],{},"Further, the U.S. has extensive reserves of gold and silver, neither of which is used any longer as currency by any major country. There does not seem to be any risk these U.S. holdings will be deemed to be an endorsement of gold as a currency, though gold is held by the U.S., in part, because it is a good store-of-value.",[11,11279,11280],{},"Critics of digital currencies argue they have no inherent value – but that is like saying a Picasso has no inherent value, aside from the inherent value of dried paint and an old canvas. What a Picasso has is social value and scarcity value – the same sources of value as BTC. Bitcoin’s social value derives from its objective to serve a role outside control of governments. Its scarcity value acts to support BTC’s price and enhances its utility as a store-of-value.",[11,11282,11283],{},"There’s another reason for the U.S. to hold virtual currencies. They represent a major leap in financial technology and it is in the paramount interest of the United States to be at the forefront of fintech. It’s not only to make the U.S. the most efficient financial player, but also to be best prepared for changes that may come in the future. Blockchain technology has proven to have many uses beyond digital currencies, including reducing transaction costs thereby benefiting all consumers.",[11,11285,11286],{},"So, not only is Trump’s proposal based on solid economics and consistent with holdings of other foreign currencies, but, also, it gives a boost to the fintech sector. It is smart and forward-looking. Sounds like a double win for the U.S.",[11,11288,11289],{},[55,11290,11293],{"href":11291,"rel":11292},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2025\u002F02\u002F10\u002Fwhy-trump-is-right-on-a-digital-currency-reserve",[59],[61,11294,63],{},{"title":65,"searchDepth":66,"depth":66,"links":11296},[],[69],"2025-02-14 09:37:48",{},"\u002Fblog\u002Fwhy-trump-is-right-on-a-digital-currency-reserve",{"title":11256,"description":11265},"blog\u002FWhy-Trump-Is-Right-on-a-Digital-Currency-Reserve","Qjo8KOP3qt4i1TuG-JA-QTyiYdaPEH1JFypOtLseal0",{"id":11305,"title":11306,"body":11307,"categories":11475,"cover":11314,"date":11476,"description":11315,"extension":71,"meta":11477,"navigation":73,"path":11478,"seo":11479,"stem":11480,"tags":77,"__hash__":11481},"blog\u002Fblog\u002FEl-Salvador-Dispatch-Berlin-the-Bitcoin-Marvel-Hidden-in-the-Mountains.md","El Salvador Dispatch: Berlín, the Bitcoin Marvel Hidden in the Mountains",{"type":8,"value":11308,"toc":11469},[11309,11316,11319,11322,11325,11328,11331,11334,11337,11341,11344,11347,11350,11353,11356,11359,11362,11365,11369,11372,11375,11378,11384,11387,11390,11393,11396,11399,11403,11406,11409,11412,11415,11418,11421,11424,11427,11430,11433,11436,11440,11443,11446,11449,11452,11455,11458,11461],[11,11310,11311,11315],{},[14,11312],{"alt":11313,"src":11314},"Salvador","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F2d1e57cede213bc1b439e56498013597d53b8bef-1272x715.webp","\nIn El Salvador, about two hours away from the capital, up in the mountains, lies a town named Berlín. It’s a mid-sized city by Salvadoran standards, with a population of roughly 20,000. It has a bank, law firms, police, food stores, hardware stores, bars, restaurants, hotels, pharmacies, clinics, churches — and one of the largest Bitcoin circular economies in the world.",[11,11317,11318],{},"Walking down any street, you find all kinds of local businesses accepting bitcoin (BTC) payments, from fruit vendors to motorcycle repair shops. If you live full-time in Berlín, you can pay for almost all of your expenses in bitcoin.",[11,11320,11321],{},"Bitcoin acceptance isn’t solely to attract curious foreigners, though that dynamic certainly exists. Whereas El Zonte — the surfing village known as Bitcoin Beach, home to El Salvador’s very first Bitcoin circular economy — has grown into a tourism hotspot, Berlín is still relatively unknown, and its expat community is very small (only 14 to 20 people depending on the month, according to the Bitcoin Community Center). What makes Berlín different is that Salvadorans themselves have begun using bitcoin for their everyday purchases.",[11,11323,11324],{},"That’s a big deal. Back in 2021, when President Nayib Bukele made bitcoin legal tender — giving it the same status as the country’s official currency, the U.S. dollar — and rolled out a government-backed wallet named Chivo, there was an expectation in crypto that Salvadorans would quickly adopt Bitcoin and transact with the digital currency on a nationwide level.",[11,11326,11327],{},"More than 70% of the population, at the time, had no access to banking services. Forget loans and mortgages; most people didn’t even have savings accounts. Bitcoin, it was said, would drastically reduce the fees incurred by Salvadorans working in the U.S. and sending remittances to their families. It could also, theoretically, protect Salvadorans from the inflation of the U.S. dollar, which in 2022 reached its highest point in roughly 40 years.",[11,11329,11330],{},"That’s not what happened. The vast majority of the population stayed away from all things Bitcoin. In 2023, 88% of Salvadorans hadn’t used the cryptocurrency, according to a survey by the Central American University. Critics argued that El Salvador’s Bitcoin experiment had failed.",[11,11332,11333],{},"But the idyllic town of Berlín, located to the west of the Tecapa volcano, more than 1,000 meters above sea level, offers a different story.",[11,11335,11336],{},"When I drove up there at the end of January, I expected to find a clique of foreign Bitcoiners using the city as a base, like how Brits invade the southern coast of Spain every winter, or how party animals flock to Bangkok for the nightlife. I was wrong. I’ve never seen anything quite like Berlín.",[100,11338,11340],{"id":11339},"the-bitcoin-community-center","The Bitcoin Community Center",[11,11342,11343],{},"Berlín’s Bitcoin Community Center is smack in the heart of town. It’s a lovely little place, with a cafeteria, a classroom, a podcast-recording room, an administrative office and a garden. Most activities happen in the cafeteria; people can sit and chat, buy cookies, use a bitcoin ATM, work on their projects, or simply read Bitcoin-related books.",[11,11345,11346],{},"“It's a community center, it's a social hub. It's everything. It's pretty loose in terms of structure and how it works,” Pierre Bonbury, a Canadian expat who lightheartedly described himself as the office’s tour guide, explained to me. “Whatever idea you have — business, training, education, social events — anyone who wants to contribute can come here.”",[11,11348,11349],{},"Two sizable maps indicate all the places in town that now accept bitcoin payments. More than 150 businesses are on board, which is roughly 25% of the total businesses in Berlín, according to the community center. And the pace of adoption is accelerating. Whereas the team used to go out knocking on doors to explain the benefits of using Bitcoin, Berlíners now tend to show up to the office of their own initiative, at a rate of 3-5 new people per week, according to the center.",[11,11351,11352],{},"They also regularly come in to learn. The team in Berlín provides Bitcoin 101 classes in local high schools, tech training, and English and Spanish lessons. Bitcoin professionals (like wallet developers) are also encouraged to run seminars when they come to visit. Most of the training, however, is informal and on-the-spot, whenever a local business owner needs help figuring out something Bitcoin-related on a practical level.",[11,11354,11355],{},"There’s a great vibe. People of all ages are continuously popping in and out. Patricia Rosales, who was born and raised in Berlín and has been part of the project from the very beginning, is the center’s main administrator. She is supported by an army of volunteers, including Daniela Alvarenga and Edgar Cruz, two Salvadoran 19-year-olds who learned about Bitcoin in school and love to hang out at the office.",[11,11357,11358],{},"Rosales had come back to Berlín in 2014 after living in San Salvador, the nation’s capital, for almost a decade. However, she’d struggled to find fulfilling work opportunities that also allowed her to raise her son. “But life takes you along the way, it helps you. It was moving the pieces for me to find Bitcoin,” she told me. “My son learned about Bitcoin as I did. It’s more than I could have ever hoped for. Now he’s 11 years old, and using a bitcoin ATM is the easiest thing in the world for him. That’s my greatest happiness, that I was able to bring him with me on this journey.”",[11,11360,11361],{},"Like many Salvadorans, Rosales first heard about Bitcoin when Bukele made the cryptocurrency legal tender in 2021. Curious about the technology, she ended up attending a seminar by Gerardo Linares and Evelyn Lemus — a young Salvadoran couple that was looking to kickstart a Bitcoin circular economy in a mid-sized town, based on El Zonte’s model.",[11,11363,11364],{},"“I stayed with them and they began the project of implementing Bitcoin in Berlín,” Rosales said. “I had a feeling something good was on the way, and I was getting along very well with them, so I didn’t want to let go of them.”",[100,11366,11368],{"id":11367},"the-salvadorans-behind-the-movement","The Salvadorans behind the movement",[11,11370,11371],{},"Lemus was the first one to really look deeply into Bitcoin, according to Linares, who remembers her listening to crypto podcasts before Bukele ever mentioned the digital asset. Linares himself came fully onboard once the government passed the Bitcoin law. “I realized that an enormous historical event was happening here,” he told me. “Evelyn and I, we love travelling, so we visited all kinds of different towns in El Salvador to see where we could pay in bitcoin. We didn’t really find any place except El Zonte. And we were supposed to be the Bitcoin Country!”",[11,11373,11374],{},"So they took matters into their own hands. They needed a city that wasn’t too big, such as San Salvador, nor too small, with only a handful of businesses. They liked the idea of starting something in the mountains. One day Lemus stopped in Berlín for coffee with her sister on their way back from San Miguel, and it was love at first sight.",[11,11376,11377],{},"Berlín was perfect. Between the volcano, the long hiking trails, the coffee farms, the museums and Alegría’s volcanic lake only 30 minutes away, Berlín was a place with a lot of potential for tourism — but very few tourists actually came to town. The locals were hungry for new ideas. “What we found in Berlín is that people wanted change, but they weren’t quite sure of the direction to take,” said Lemus. “They needed someone to organize them and give practical advice.”",[11,11379,11380],{},[14,11381],{"alt":11382,"src":11383},"berlin","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F2afdd962380f17c496c6983afd0a14e9e4b6e19a-1275x717.webp",[11,11385,11386],{},"The project, which officially launched in August 2023, originally counted four members: Lemus, Linares, Rosales and Charlie Stevens, an Irishman whom I did not get to meet. They had few resources to start with. “Nobody had a salary. We all had other jobs on the side. For a year and a half we were volunteers, and we just learned as we went,” Rosales said. “The cafeteria, for example, was just an idea that helped us keep the project going. We got creative.”",[11,11388,11389],{},"Gaining the community’s trust required work. The Bitcoiners decided to pour their energy into social projects: Cleaning the streets, repainting the park, offering educational projects. Berlíners are proud of their town, Linares said, and they naturally wanted to help make the place nicer to live in. Bitcoin was only talked about once the work was done.",[11,11391,11392],{},"It wasn’t all smooth sailing. Since 2021, Salvadorans have tended to associate Bitcoin-related things to Bukele; a lot of people are wary of using what they believe to be the government’s cryptocurrency. The Chivo wallet — which by all accounts was horrendous to operate — only made things worse.",[11,11394,11395],{},"Injecting bitcoin into Berlín’s local economy was also difficult. In the beginning, the only satoshis circulating were the ones spent by Lemus and Linares when they bought food in places that accepted the cryptocurrency. Merchants questioned the wisdom of going through all of the trouble of installing a Bitcoin wallet for such little money.",[11,11397,11398],{},"That problem was solved once foreigners started coming to Berlín to check out El Salvador’s second Bitcoin circular economy — but it was a process that took time. Yet Lemus is delighted with the way things turned out. “There’s a lot of foreigners that only come for a day or two. It’s a very healthy type of tourism,” she said. “They’re not here to party, they’re just curious to see the lady who’s selling pupusas and accepting bitcoin. They come to involve themselves in the community, even just for a day.”",[100,11400,11402],{"id":11401},"berlíns-history","Berlín’s history",[11,11404,11405],{},"Everybody in Berlín seems to have heard of Bitcoin, whether they use it or not. A 28-year-old construction worker told me he doesn’t use the cryptocurrency for two reasons: He doesn’t know how to, and he doesn’t have any savings. However, he had no issue with the town’s Bitcoin initiative.",[11,11407,11408],{},"Further down the street, the owner of a clothing shop told me that, although she accepts bitcoin payments, very few tourists come to her store. But she uses Bitcoin in a personal capacity every once in a while; her daughter, in her teens, told me she liked spending sats on pupusas.",[11,11410,11411],{},"I walked into the offices of Marisol Reyes, a local lawyer whose great-grandfather was the city’s first mayor. Her business does not display a Bitcoin sign, but she does use it on occasion.",[11,11413,11414],{},"“It’s easier to use it than to go to the bank,” Reyes told me. “Sometimes you need to wait 30 minutes, an hour, two hours, three hours at the bank to make a transaction. So Bitcoin makes that a lot easier.”",[11,11416,11417],{},"Berlín has prospered thanks to the Bitcoin initiative, Reyes said. Foreigners are coming in and spending their money, economic activity is increasing, and the community’s wealth, as a whole, is growing. All of this has led to some changes, she noted — for example, a few landowners have significantly raised the price of their properties, looking to profit from the Bitcoin boom, but in her view they’re misunderstanding the phenomenon.",[11,11419,11420],{},"“Not everyone is coming to invest,” she said. “I think there are more people who come to Berlín because they think it’s a safe place.”",[11,11422,11423],{},"Berlín has been shaped by El Salvador’s violent history. During the Salvadoran Civil War, which raged from 1979 to 1992, the city was overtaken for five days by the Farabundo Martí National Liberation Front (FMNL), back then a coalition of left-wing guerilla groups. The federals bombarded Berlín, forcing the FMNL to withdraw; over 250 residents were killed in the battle, as well as 20 government officials. “I was 14 or 15 years old,” Reyes said. “Parts of the city burned.”",[11,11425,11426],{},"The conflict made the people of Berlín create strong community bonds, she said. That’s why the town never suffered from MS-13 and Barrio 18 — the two violent gangs that took control of the country in the 1990s and were recently neutralized by Bukele’s administration. Whenever a gang member was sighted, the community would immediately inform the police, which in turn would keep the intruders under close watch and prevent them from organizing themselves. Yes, a few strolled into town, but they never caused any real trouble.",[11,11428,11429],{},"Marisol’s perspective was shared by another Salvadoran at the Bitcoin Community Center, who did not wish his name to be publicized. He said the community realized early on that they needed to prevent gang members from ever taking root in Berlín, because once they settled, nothing could be done. With the help of the church, they formed groups to educate Berlín’s teenagers — especially young men — on the ways the gangs operated, special emphasis being placed on each crew’s initiation rituals.",[11,11431,11432],{},"To join MS-13, for example, boys had to let the gang beat them to a pulp, without defending themselves, for 13 seconds. Girls could also choose that option, or they could offer themselves up for sexual assault. The educational drive prevented Berlín teenagers from joining the few gang members that did roll in.",[11,11434,11435],{},"All of this to say that Berlíners are dynamic and independent-minded; they look after each other, and they’re not in the habit of waiting for the government to fix their problems. If Bitcoin offers a way to transact without anyone’s permission, that’s interesting to them. “The bank controls your money transfers,” Reyes said. “With Bitcoin, there are no controls.”",[100,11437,11439],{"id":11438},"the-tech-hippies-of-berlín","The Tech Hippies of Berlín",[11,11441,11442],{},"I spent the night at The Standard, a cozy, rustic hostel with a spectacular view. It runs on bitcoin donations — Berlín’s expats love hanging out there. When I first reached out, the hostel’s operator (who asked to only be identified as Tim) gave me prices in bitcoin; 40,000 satoshis for a room with a shared bath, 60,000 for a private two-room apartment.",[11,11444,11445],{},"I took the first option. My neighbour was a German 22-year-old going by the name of Markus S. He’d come to Berlín to find himself after completing his physics studies. Tim was letting him stay for free in exchange for a bit of manual labour in the garden.",[11,11447,11448],{},"“My contribution is that I can provide accommodation for smart people. Hopefully it rubs off on me,” Tim said with a laugh. Bitcoin flourished in Berlín, he said, because it allowed people to take part in something bigger than themselves. Sometimes locals care more about the identity of the person they’re selling property to, than the price at which they’re selling. “It’s all relationships in this town. Money means nothing,” he said.",[11,11450,11451],{},"Bonbury, the Canadian expat, shared the sentiment. The town’s Bitcoin culture is anchored in community values, he noted; in that sense, it’s very different from crypto spaces focused on financial gains or technological breakthroughs. Nor is it anywhere close to typical Bitcoin maximalism, which preaches increasing one’s bitcoin holdings above all else.",[11,11453,11454],{},"When I described Berlín’s expat community as a group of tech hippies, Tim and Bonbury laughed and nodded. “We have a good time,” said Bonbury. “People make fun of you if you use cash. It happened to me yesterday. We were at a restaurant, I got up to pay, but my phone was dead. I had to use dollars — they all made jokes.”",[11,11456,11457],{},"Bonbury had warned me that I wouldn’t have enough time to see everything, and he was right. But I was on a mission. I drove off in the morning, heading to the Conchagua volcano in the hopes of finding traces of Bitcoin City, the futuristic metropolis that Bukele promised to build back in 2021.",[11,11459,11460],{},"When I met Lemus a couple of days later at Plan B, she asked me if I’d found anything in Conchagua. I shook my head. She smiled. “Yet Bitcoin City already exists,” she said. “It’s called Berlín.”",[11,11462,11463],{},[55,11464,11467],{"href":11465,"rel":11466},"https:\u002F\u002Fwww.coindesk.com\u002Fcoindesk-news\u002F2025\u002F02\u002F12\u002Fel-salvador-dispatch-berlin-the-bitcoin-marvel-hidden-in-the-mountains",[59],[61,11468,63],{},{"title":65,"searchDepth":66,"depth":66,"links":11470},[11471,11472,11473,11474],{"id":11339,"depth":66,"text":11340},{"id":11367,"depth":66,"text":11368},{"id":11401,"depth":66,"text":11402},{"id":11438,"depth":66,"text":11439},[69],"2025-02-13 11:33:42",{},"\u002Fblog\u002Fel-salvador-dispatch-berlin-the-bitcoin-marvel-hidden-in-the-mountains",{"title":11306,"description":11315},"blog\u002FEl-Salvador-Dispatch-Berlin-the-Bitcoin-Marvel-Hidden-in-the-Mountains","s6rj6gEZ7QjNC0J14Y4YFGwdiqWPa0oIt-pbYj_ITh8",{"id":11483,"title":11484,"body":11485,"categories":11533,"cover":11491,"date":11534,"description":11492,"extension":71,"meta":11535,"navigation":73,"path":11536,"seo":11537,"stem":11538,"tags":77,"__hash__":11539},"blog\u002Fblog\u002FTrump-Has-Made-His-Major-Decisions-on-His-Crypto-Regulation-Team-Now-Also-OCC.md","Trump Has Made His Major Decisions on His Crypto Regulation Team, Now Also OCC",{"type":8,"value":11486,"toc":11531},[11487,11493,11496,11499,11502,11505,11508,11511,11514,11517,11520,11523],[11,11488,11489,11492],{},[14,11490],{"alt":9422,"src":11491},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F06fe323a19c9648b10db99589b5eff537d2d45ae-8198x5573.webp","\nPresident Donald Trump is just about done naming the key figures he's seeking to get into financial regulation posts that will direct the future oversight of the crypto industry, now including lawyer Jonathan Gould as a nominee to run the Office of the Comptroller of the Currency that oversees U.S. national banks.",[11,11494,11495],{},"With a widely circulated White House nominations document showing Trump has settled on Gould, a partner at law firm Jones Day who was a top lawyer at the OCC and a former crypto executive, and the president will reportedly nominate the Federal Deposit Insurance Corp.'s Jonathan McKernan to run the Consumer Financial Protection Bureau, the slate is almost clear.",[11,11497,11498],{},"Gould had briefly worked as the chief legal officer for blockchain technology company Bitfury after he left the OCC as senior deputy comptroller and chief counsel during the first Trump administration. At Bitfury, he worked for CEO Brian Brooks, who Trump had once installed at the OCC as an acting comptroller and also tried to make it permanent. At the OCC, Brooks worked to open U.S. banking for crypto firms, and he elevated Anchorage Digital as the first and only crypto bank chartered by the agency. Now the industry will find out if Gould will follow in those footsteps.",[11,11500,11501],{},"\"For crypto, we believe Gould could seek to revive the concept of a limited-purpose national bank charter,\" said Jaret Seiberg, a policy analyst at TD Cowen, in a note to clients on Wednesday. \"That could lead to banks that specialize in crypto. We also believe he would permit banks to get more involved with crypto including stablecoins.\"",[11,11503,11504],{},"Rodney Hood, a former Republican chief of the National Credit Union Association, had been placed as Trump's temporary comptroller and would be replaced by Gould if he wins his Senate confirmation. Temporary Republican replacements like Hood are now leading most of the financial regulators, including banking agencies, the FDIC and OCC; the pair of markets regulators, the Securities and Exchange Commission and the Commodity Futures Trading Commission; and the consumer watchdog CFPB.",[11,11506,11507],{},"At the CFPB, the Trump administration's effort to gut the regulator with the assignment of his budget director, Russ Vought, as its interim leader has drawn vigorous protests from congressional Democrats. Now he's announced the name he wants to eventually replace Vought there: McKernan, a Republican member of the FDIC. McKernan had served as a staffer for former Senator Pat Toomey, a Republican who had led an early (failed) charge to get stablecoins regulated in the U.S.",[11,11509,11510],{},"Ian Katz, a veteran financial-regulation analyst in Washington, noted the \"conventional\" pick of Gould for the OCC and the other recent choices for permanent chiefs of the Commodity Futures Trading Commission and the Consumer Financial Protection Bureau that probably won't ruffle feathers among the U.S. senators that will evaluate their nominations. The relatively sedate choices seem to hew closely to Trump's model for financial regulators during his first term: No dramatic surprises.",[11,11512,11513],{},"Unlike some of Trump's personnel decisions in his cabinet and other agencies, the choices are experienced and are absent political firebrands, including the pick of longtime securities consultant and former Commissioner Paul Atkins to run the Securities and Exchange Commission. Virtually all of the names — temporary and those nominated for permanent roles — have crypto backgrounds or have demonstrated support.",[11,11515,11516],{},"The Senate must still confirm all of these nominees, and that process often takes months into an incoming president's first year. Sometimes the confirmations fail entirely, and agencies are left with permanently acting heads, like the OCC was during the Biden administration.",[11,11518,11519],{},"Meanwhile, Trump also picked former Commissioner Brian Quintenz to run the CFTC, where sitting Commissioner Caroline Pham has been holding down the fort and making major agency changes as acting chairman. So far, Pham and other acting agency heads have already begun work to overhaul Biden-era crypto policy.",[11,11521,11522],{},"Quintenz said in a post on social-media site X on Wednesday that the CFTC will be \"well poised to ensure the USA leads the world in blockchain technology and innovation.\"",[11,11524,11525],{},[55,11526,11529],{"href":11527,"rel":11528},"https:\u002F\u002Fwww.coindesk.com\u002Fpolicy\u002F2025\u002F02\u002F12\u002Ftrump-has-made-his-major-decisions-on-his-crypto-regulation-team-now-also-occ",[59],[61,11530,63],{},{"title":65,"searchDepth":66,"depth":66,"links":11532},[],[69],"2025-02-13 08:31:18",{},"\u002Fblog\u002Ftrump-has-made-his-major-decisions-on-his-crypto-regulation-team-now-also-occ",{"title":11484,"description":11492},"blog\u002FTrump-Has-Made-His-Major-Decisions-on-His-Crypto-Regulation-Team-Now-Also-OCC","I-NwwIysz8eQPWeUv_EYwlwjn7mBAaG1US5DSnX8e5Q",{"id":11541,"title":11542,"body":11543,"categories":11607,"cover":11550,"date":11608,"description":11555,"extension":71,"meta":11609,"navigation":73,"path":11610,"seo":11611,"stem":11612,"tags":77,"__hash__":11613},"blog\u002Fblog\u002FWhy-We-Need-a-Bipartisan-Stablecoin-Bill-–-Gillibrand.md","Why We Need a Bipartisan Stablecoin Bill – Gillibrand",{"type":8,"value":11544,"toc":11605},[11545,11556,11559,11570,11573,11576,11579,11582,11585,11588,11591,11594,11597],[11,11546,11547,11551],{},[14,11548],{"alt":11549,"src":11550},"whitehouse","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F33826b39badec6a20069d32d80abfef274a85086-1000x669.webp",[11552,11553,11555],"font",{"color":11554},"Gray","The new Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act lays the groundwork for a new era of American exceptionalism, says Senator Kirsten Gillibrand, of New York.",[11,11557,11558],{},"For the past century, the U.S. has reigned as the economic superpower of the world. The key to this sustained economic might is a regulatory environment that encourages and enables technological innovation. From semiconductors to personal computers to internet 1.0 and 2.0, U.S. companies have led in developing cutting-edge technologies because our country empowers its builders and creators. Unfortunately, when it comes to Web3 – the next generation of the internet built on blockchain, digital assets, and cryptocurrencies – we are trailing and are at risk of falling further behind.",[11,11560,11561,11562,11565,11566,11569],{},"In 2023, the European Union passed comprehensive cryptocurrency regulation ",[1731,11563,11564],{},"americanbar.org",", and numerous meaningful provisions went into effect this past summer. China’s central bank has been promoting its digital yuan ",[1731,11567,11568],{},"forbes.com",", which threatens the U.S. dollar’s role as the global reserve currency. The U.S. is just watching, while our opponents move pieces on the chessboard.",[11,11571,11572],{},"It is absolutely essential to our country’s future that the U.S. enact clear and sensible cryptocurrency regulations that foster innovation and keep Web3 jobs within our borders, protect consumers, and maintain the dominance of the U.S. dollar.",[11,11574,11575],{},"We should start with stablecoins.",[11,11577,11578],{},"For newcomers, stablecoins are cryptocurrencies whose values are pegged to national currencies or high-quality financial assets. This gives them stability and enables them to play a crucial role in the digital economy, where they combine the transaction speed and low cost of digital assets with the price stability of traditional reserve currencies. The U.S. is already playing a major role in this space. According to one report, more than 95% of stablecoins are “linked to the U.S. dollar.”",[11,11580,11581],{},"The many use cases of stablecoins have earned them support from policymakers across the ideological spectrum. Conservatives value their low-cost, frictionless and instantaneous payment abilities, which can lower costs on merchants and consumers and spur startups and economic activity. Progressives appreciate their use in lowering the cost of remittances and reaching the underbanked and underserved, and their ability to increase access to basic financial services.",[11,11583,11584],{},"It must be acknowledged that, as with any new technology, stablecoins have challenges. Some stablecoins, backed by complex algorithms instead of stable reserve currency, have collapsed due to design flaws. Additionally, unlike bank deposits, stablecoins are not FDIC insured, creating risks should the issuer go bankrupt. While concerns have been raised about money laundering, stablecoins aren’t misused for this purpose any more than traditional cash. But for the public to have confidence in stablecoins, and for businesses to adopt them, we need clear regulations to provide consumer protection, to govern issuers and to guard against money laundering.",[11,11586,11587],{},"The bipartisan Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, which I introduced Feb. 4 alongside Senators Bill Hagerty, Cynthia Lummis, and Tim Scott, will address these challenges, and create a clear regulatory environment that enables the cryptocurrency environment to thrive.",[11,11589,11590],{},"It protects consumers by holding stablecoin issuers to strict reserve requirements, requiring them to maintain one-to-one reserves in cash and cash equivalents. The bill prohibits the issuing of unbacked, algorithmic stablecoins, the collapse of which have led to substantial losses. To address their use for illicit purposes, it requires approved stablecoin issuers to comply with U.S. anti-money laundering and sanctions rules. Finally, the bill clarifies rules around conservatorship and procedure should a stablecoin issuer experience insolvency.",[11,11592,11593],{},"While this bill will undoubtedly be tweaked as it moves through Congress, it has already received input from a wide swath of stakeholders, including industry participants, academic experts and federal regulators. It’s a true bipartisan effort that will empower innovators and builders while simultaneously rooting out bad actors.",[11,11595,11596],{},"Laying the groundwork for the next century of American exceptionalism is a mission that should unite us all, and positioning the United States at the leading edge of the next iteration of the internet is key to that goal. Stablecoins are already playing an important role, and it’s critical we act now to maintain our position as the leader in global economic competitiveness.",[11,11598,11599],{},[55,11600,11603],{"href":11601,"rel":11602},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2025\u002F02\u002F10\u002Fwhy-we-need-a-bipartisan-stablecoin-bill",[59],[61,11604,63],{},{"title":65,"searchDepth":66,"depth":66,"links":11606},[],[69],"2025-02-11 19:23:34",{},"\u002Fblog\u002Fwhy-we-need-a-bipartisan-stablecoin-bill-gillibrand",{"title":11542,"description":11555},"blog\u002FWhy-We-Need-a-Bipartisan-Stablecoin-Bill-–-Gillibrand","YAoJRKk6R75Hm6A18Wl-ywvjYwxOB8bf3RqG3CyqvXE",{"id":11615,"title":11616,"body":11617,"categories":11691,"cover":11623,"date":11692,"description":11627,"extension":71,"meta":11693,"navigation":73,"path":11694,"seo":11695,"stem":11696,"tags":77,"__hash__":11697},"blog\u002Fblog\u002FNASA-Led-Study-Pinpoints-Areas-Sinking-Rising-Along-California-Coast.md","NASA-Led Study Pinpoints Areas Sinking, Rising Along California Coast",{"type":8,"value":11618,"toc":11689},[11619,11628,11633,11636,11639,11642,11645,11648,11651,11660,11663,11666,11669,11672,11675,11678,11681],[11,11620,11621,11624],{},[14,11622],{"alt":16,"src":11623},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F1-san-simeon.webp",[11552,11625,11627],{"color":11626},"gray","Cliffs slope into the ocean in San Simeon, California. All along the state’s dynamic coastline, land is inching down and up due to natural and human-caused factors. A better understanding of this motion can help communities prepare for rising seas.",[11,11629,11630],{},[61,11631,11632],{},"The elevation changes may seem small — amounting to fractions of inches per year — but they can increase or decrease local flood risk, wave exposure, and saltwater intrusion.",[11,11634,11635],{},"Tracking and predicting sea level rise involves more than measuring the height of our oceans: Land along coastlines also inches up and down in elevation. Using California as a case study, a NASA-led team has shown how seemingly modest vertical land motion could significantly impact local sea levels in coming decades.",[11,11637,11638],{},"By 2050, sea levels in California are expected to increase between 6 and 14.5 inches (15 and 37 centimeters) higher than year 2000 levels. Melting glaciers and ice sheets, as well as warming ocean water, are primarily driving the rise. As coastal communities develop adaptation strategies, they can also benefit from a better understanding of the land’s role, the team said. The findings are being used in updated guidance for the state.",[11,11640,11641],{},"“In many parts of the world, like the reclaimed ground beneath San Francisco, the land is moving down faster than the sea itself is going up,” said lead author Marin Govorcin, a remote sensing scientist at NASA’s Jet Propulsion Laboratory in Southern California.",[11,11643,11644],{},"The new study illustrates how vertical land motion can be unpredictable in scale and speed; it results from both human-caused factors such as groundwater pumping and wastewater injection, as well as from natural ones like tectonic activity. The researchers showed how direct satellite observations can improve estimates of vertical land motion and relative sea level rise. Current models, which are based on tide gauge measurements, cannot cover every location and all the dynamic land motion at work within a given region.",[11,11646,11647],{},"Local Changes\nResearchers from JPL and the National Oceanic and Atmospheric Administration (NOAA) used satellite radar to track more than a thousand miles of California coast rising and sinking in new detail. They pinpointed hot spots — including cities, beaches, and aquifers — at greater exposure to rising seas now and in coming decades.",[11,11649,11650],{},"To capture localized motion inch by inch from space, the team analyzed radar measurements made by ESA’s (the European Space Agency’s) Sentinel-1 satellites, as well as motion velocity data from ground-based receiving stations in the Global Navigation Satellite System. Researchers compared multiple observations of the same locations made between 2015 to 2023 using a processing technique called interferometric synthetic aperture radar (InSAR).",[11,11652,11653,11657],{},[14,11654],{"alt":11655,"src":11656},"coastalline","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Fe1-pia25530.webp",[11552,11658,11659],{"color":11626},"Scientists mapped land sinking (indicated in blue) in coastal California cities and in parts of the Central Valley due to factors like soil compaction, erosion, and groundwater withdrawal. They also tracked uplift hot spots (shown in red), including in Long Beach, a site of oil and gas production.",[11,11661,11662],{},"Homing in on the San Francisco Bay Area — specifically, San Rafael, Corte Madera, Foster City, and Bay Farm Island — the team found the land subsiding at a steady rate of more than 0.4 inches (10 millimeters) per year due largely to sediment compaction. Accounting for this subsidence in the lowest-lying parts of these areas, local sea levels could rise more than 17 inches (45 centimeters) by 2050. That’s more than double the regional estimate of 7.4 inches (19 centimeters) based solely on tide gauge projections.",[11,11664,11665],{},"Not all coastal locations in California are sinking. The researchers mapped uplift hot spots of several millimeters per year in the Santa Barbara groundwater basin, which has been steadily replenishing since 2018. They also observed uplift in Long Beach, where fluid extraction and injection occur with oil and gas production.",[11,11667,11668],{},"The scientists further calculated how human-induced drivers of local land motion increase uncertainties in the sea level projections by up to 15 inches (40 centimeters) in parts of Los Angeles and San Diego counties. Reliable projections in these areas are challenging because the unpredictable nature of human activities, such as hydrocarbon production and groundwater extraction, necessitating ongoing monitoring of land motion.",[11,11670,11671],{},"Fluctuating Aquifers, Slow-Moving Landslides\nIn the middle of California, in the fast-sinking parts of the Central Valley (subsiding as much as 8 inches, or 20 centimeters, per year), land motion is influenced by groundwater withdrawal. Periods of drought and precipitation can alternately draw down or inflate underground aquifers. Such fluctuations were also observed over aquifers in Santa Clara in the San Francisco Bay Area, Santa Ana in Orange County, and Chula Vista in San Diego County.",[11,11673,11674],{},"Along rugged coastal terrain like the Big Sur mountains below San Francisco and Palos Verdes Peninsula in Los Angeles, the team pinpointed local zones of downward motion associated with slow-moving landslides. In Northern California they also found sinking trends at marshlands and lagoons around San Francisco and Monterey bays, and in Sonoma County’s Russian River estuary. Erosion in these areas likely played a key factor.",[11,11676,11677],{},"Scientists, decision-makers, and the public can monitor these and other changes occurring via the JPL-led OPERA (Observational Products for End-Users from Remote Sensing Analysis) project. The OPERA project details land surface elevational changes across North America, shedding light on dynamic processes including subsidence, tectonics, and landslides.",[11,11679,11680],{},"The OPERA project will leverage additional state-of-the-art InSAR data from the upcoming NISAR (NASA-Indian Space Research Organization Synthetic Aperture Radar) mission, expected to launch within the coming months.",[11,11682,11683],{},[55,11684,11687],{"href":11685,"rel":11686},"https:\u002F\u002Fwww.nasa.gov\u002Fmissions\u002Fnisar\u002Fnasa-led-study-pinpoints-areas-sinking-rising-along-california-coast\u002F",[59],[61,11688,63],{},{"title":65,"searchDepth":66,"depth":66,"links":11690},[],[233],"2025-02-11 17:37:48",{},"\u002Fblog\u002Fnasa-led-study-pinpoints-areas-sinking-rising-along-california-coast",{"title":11616,"description":11627},"blog\u002FNASA-Led-Study-Pinpoints-Areas-Sinking-Rising-Along-California-Coast","CXaH9HxHd9cu6bfL8bifig-uMkvltHrjFEfZPMxqKCk",{"id":11699,"title":11700,"body":11701,"categories":11855,"cover":11707,"date":11856,"description":65,"extension":71,"meta":11857,"navigation":73,"path":11858,"seo":11859,"stem":11860,"tags":77,"__hash__":11861},"blog\u002Fblog\u002FThe-DeepSeek-R1-Effect-and-Web3-AI.md","The DeepSeek-R1 Effect and Web3-AI",{"type":8,"value":11702,"toc":11848},[11703,11708,11711,11714,11717,11721,11724,11745,11748,11751,11755,11758,11761,11764,11768,11771,11774,11777,11785,11788,11791,11795,11798,11803,11806,11811,11814,11819,11822,11827,11830,11834,11837,11840],[11,11704,11705],{},[14,11706],{"alt":16,"src":11707},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F8df229bef35320f1eefa2a10e2a780562b0d4d0b-1024x683.webp",[11,11709,11710],{},"The artificial intelligence (AI) world was taken by storm a few days ago with the release of DeepSeek-R1, an open-source reasoning model that matches the performance of top foundation models while claiming to have been built using a remarkably low training budget and novel post-training techniques. The release of DeepSeek-R1 not only challenged the conventional wisdom surrounding the scaling laws of foundation models – which traditionally favor massive training budgets – but did so in the most active area of research in the field: reasoning.",[11,11712,11713],{},"The open-weights (as opposed to open-source) nature of the release made the model readily accessible to the AI community, leading to a surge of clones within hours. Moreover, DeepSeek-R1 left its mark on the ongoing AI race between China and the United States, reinforcing what has been increasingly evident: Chinese models are of exceptionally high quality and fully capable of driving innovation with original ideas.",[11,11715,11716],{},"Unlike most advancements in generative AI, which seem to widen the gap between Web2 and Web3 in the realm of foundation models, the release of DeepSeek-R1 carries real implications and presents intriguing opportunities for Web3-AI. To assess these, we must first take a closer look at DeepSeek-R1’s key innovations and differentiators.",[100,11718,11720],{"id":11719},"inside-deepseek-r1","Inside DeepSeek-R1",[11,11722,11723],{},"DeepSeek-R1 was the result of introducing incremental innovations into a well-established pretraining framework for foundation models. In broad terms, DeepSeek-R1 follows the same training methodology as most high-profile foundation models. This approach consists of three key steps:",[8027,11725,11726,11733,11739],{},[4922,11727,11728,11732],{},[11729,11730,11731],"strong",{},"Pretraining",": The model is initially pretrained to predict the next word using massive amounts of unlabeled data.",[4922,11734,11735,11738],{},[11729,11736,11737],{},"Supervised Fine-Tuning (SFT)",": This step optimizes the model in two critical areas: following instructions and answering questions.",[4922,11740,11741,11744],{},[11729,11742,11743],{},"Alignment with Human Preferences",": A final fine-tuning phase is conducted to align the model’s responses with human preferences.",[11,11746,11747],{},"Most major foundation models – including those developed by OpenAI, Google, and Anthropic – adhere to this same general process. At a high level, DeepSeek-R1’s training procedure does not appear significantly different. ButHowever, rather than pretraining a base model from scratch, R1 leveraged the base model of its predecessor, DeepSeek-v3-base, which boasts an impressive 617 billion parameters.",[11,11749,11750],{},"In essence, DeepSeek-R1 is the result of applying SFT to DeepSeek-v3-base with a large-scale reasoning dataset. The real innovation lies in the construction of these reasoning datasets, which are notoriously difficult to build.",[100,11752,11754],{"id":11753},"first-step-deepseek-r1-zero","First Step: DeepSeek-R1-Zero",[11,11756,11757],{},"One of the most important aspects of DeepSeek-R1 is that the process did not produce just a single model but two. Perhaps the most significant innovation of DeepSeek-R1 was the creation of an intermediate model called R1-Zero, which is specialized in reasoning tasks. This model was trained almost entirely using reinforcement learning, with minimal reliance on labeled data.",[11,11759,11760],{},"Reinforcement learning is a technique in which a model is rewarded for generating correct answers, enabling it to generalize knowledge over time.",[11,11762,11763],{},"R1-Zero is quite impressive, as it was able to match GPT-o1 in reasoning tasks. However, the model struggled with more general tasks such as question-answering and readability. That said, the purpose of R1-Zero was never to create a generalist model but rather to demonstrate it is possible to achieve state-of-the-art reasoning capabilities using reinforcement learning alone – even if the model does not perform well in other areas.",[100,11765,11767],{"id":11766},"second-step-deepseek-r1","Second-Step: DeepSeek-R1",[11,11769,11770],{},"DeepSeek-R1 was designed to be a general-purpose model that excels at reasoning, meaning it needed to outperform R1-Zero. To achieve this, DeepSeek started once again with its v3 model, but this time, it fine-tuned it on a small reasoning dataset.",[11,11772,11773],{},"As mentioned earlier, reasoning datasets are difficult to produce. This is where R1-Zero played a crucial role. The intermediate model was used to generate a synthetic reasoning dataset, which was then used to fine-tune DeepSeek v3. This process resulted in another intermediate reasoning model, which was subsequently put through an extensive reinforcement learning phase using a dataset of 600,000 samples, also generated by R1-Zero. The final outcome of this process was DeepSeek-R1.",[11,11775,11776],{},"While I have omitted several technical details of the R1 pretraining process, here are the two main takeaways:",[8027,11778,11779,11782],{},[4922,11780,11781],{},"R1-Zero demonstrated that it is possible to develop sophisticated reasoning capabilities using basic reinforcement learning. Although R1-Zero was not a strong generalist model, it successfully generated the reasoning data necessary for R1.",[4922,11783,11784],{},"R1 expanded the traditional pretraining pipeline used by most foundation models by incorporating R1-Zero into the process. Additionally, it leveraged a significant amount of synthetic reasoning data generated by R1-Zero.",[11,11786,11787],{},"As a result, DeepSeek-R1 emerged as a model that matched the reasoning capabilities of GPT-o1 while being built using a simpler and likely significantly cheaper pretraining process.",[11,11789,11790],{},"Everyone agrees that R1 marks an important milestone in the history of generative AI, one that is likely to reshape the way foundation models are developed. When it comes to Web3, it will be interesting to explore how R1 influences the evolving landscape of Web3-AI.",[100,11792,11794],{"id":11793},"deepseek-r1-and-web3-ai","DeepSeek-R1 and Web3-AI",[11,11796,11797],{},"Until now, Web3 has struggled to establish compelling use cases that clearly add value to the creation and utilization of foundation models. To some extent, the traditional workflow for pretraining foundation models appears to be the antithesis of Web3 architectures. However, despite being in its early stages, the release of DeepSeek-R1 has highlighted several opportunities that could naturally align with Web3-AI architectures.",[11,11799,11800],{},[11729,11801,11802],{},"1) Reinforcement Learning Fine-Tuning Networks",[11,11804,11805],{},"R1-Zero demonstrated that it is possible to develop reasoning models using pure reinforcement learning. From a computational standpoint, reinforcement learning is highly parallelizable, making it well-suited for decentralized networks. Imagine a Web3 network where nodes are compensated for fine-tuning a model on reinforcement learning tasks, each applying different strategies. This approach is far more feasible than other pretraining paradigms that require complex GPU topologies and centralized infrastructure.",[11,11807,11808],{},[11729,11809,11810],{},"2) Synthetic Reasoning Dataset Generation",[11,11812,11813],{},"Another key contribution of DeepSeek-R1 was showcasing the importance of synthetically generated reasoning datasets for cognitive tasks. This process is also well-suited for a decentralized network, where nodes execute dataset generation jobs and are compensated as these datasets are used for pretraining or fine-tuning foundation models. Since this data is synthetically generated, the entire network can be fully automated without human intervention, making it an ideal fit for Web3 architectures.",[11,11815,11816],{},[11729,11817,11818],{},"3) Decentralized Inference for Small Distilled Reasoning Models",[11,11820,11821],{},"DeepSeek-R1 is a massive model with 671 billion parameters. However, almost immediately after its release, a wave of distilled reasoning models emerged, ranging from 1.5 to 70 billion parameters. These smaller models are significantly more practical for inference in decentralized networks. For example, a 1.5B–2B distilled R1 model could be embedded in a DeFi protocol or deployed within nodes of a DePIN network. More simply, we are likely to see the rise of cost-effective reasoning inference endpoints powered by decentralized compute networks. Reasoning is one domain where the performance gap between small and large models is narrowing, creating a unique opportunity for Web3 to efficiently leverage these distilled models in decentralized inference settings.",[11,11823,11824],{},[11729,11825,11826],{},"4) Reasoning Data Provenance",[11,11828,11829],{},"One of the defining features of reasoning models is their ability to generate reasoning traces for a given task. DeepSeek-R1 makes these traces available as part of its inference output, reinforcing the importance of provenance and traceability for reasoning tasks. The internet today primarily operates on outputs, with little visibility into the intermediate steps that lead to those results. Web3 presents an opportunity to track and verify each reasoning step, potentially creating a \"new internet of reasoning\" where transparency and verifiability become the norm.",[100,11831,11833],{"id":11832},"web3-ai-has-a-chance-in-the-post-r1-reasoning-era","Web3-AI Has a Chance in the Post-R1 Reasoning Era",[11,11835,11836],{},"The release of DeepSeek-R1 has marked a turning point in the evolution of generative AI. By combining clever innovations with established pretraining paradigms, it has challenged traditional AI workflows and opened a new era in reasoning-focused AI. Unlike many previous foundation models, DeepSeek-R1 introduces elements that bring generative AI closer to Web3.",[11,11838,11839],{},"Key aspects of R1 – synthetic reasoning datasets, more parallelizable training and the growing need for traceability – align naturally with Web3 principles. While Web3-AI has struggled to gain meaningful traction, this new post-R1 reasoning era may present the best opportunity yet for Web3 to play a more significant role in the future of AI.",[11,11841,11842],{},[55,11843,11846],{"href":11844,"rel":11845},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2025\u002F02\u002F04\u002Fthe-deepseek-r1-effect-and-web3-ai",[59],[61,11847,63],{},{"title":65,"searchDepth":66,"depth":66,"links":11849},[11850,11851,11852,11853,11854],{"id":11719,"depth":66,"text":11720},{"id":11753,"depth":66,"text":11754},{"id":11766,"depth":66,"text":11767},{"id":11793,"depth":66,"text":11794},{"id":11832,"depth":66,"text":11833},[69],"2025-02-05 10:03:28",{},"\u002Fblog\u002Fthe-deepseek-r1-effect-and-web3-ai",{"title":11700,"description":65},"blog\u002FThe-DeepSeek-R1-Effect-and-Web3-AI","4iamZWlCCVJN_aeVx1hVBCGPp30s7bkQSbBMW4EeMDw",{"id":11863,"title":11864,"body":11865,"categories":11952,"cover":11888,"date":11953,"description":11869,"extension":71,"meta":11954,"navigation":73,"path":11955,"seo":11956,"stem":11957,"tags":77,"__hash__":11958},"blog\u002Fblog\u002FThese-3-Development-Could-Put-the-Brakes-on-the-Next-Bull-Breakout.md","These 3 Development Could Put the Brakes on the Next Bull Breakout",{"type":8,"value":11866,"toc":11947},[11867,11870,11873,11876,11880,11883,11889,11892,11895,11898,11902,11905,11908,11911,11914,11917,11921,11924,11927,11933,11936,11939],[11,11868,11869],{},"Since early 2023, Bitcoin (BTC) has chalked out a classic stairstep bull run, characterized by incremental price increases followed by periods of consolidation that set the stage for the next move higher.",[11,11871,11872],{},"The cryptocurrency's ongoing price consolidation between $90,000 and $100,000 is the third of the broader bull run from $20,000. The consensus is that it will end in a bull breakout, just as those in mid-2024 and 2023 did.",[11,11874,11875],{},"However, the following three developments, suggest otherwise.",[100,11877,11879],{"id":11878},"tightening-usd-liquidity","Tightening USD liquidity",[11,11881,11882],{},"If there's one thing that any asset class, not just crypto, typically dislikes, it's the tightening of fiat liquidity, particularly the global reserve currency, the U.S. Dollar (USD). To the dismay of BTC bulls, the dollar liquidity is tightening due to several factors, as Arthur Hayes, chief investment officer at Maelstrom, noted on X.",[11,11884,11885],{},[14,11886],{"alt":11887,"src":11888},"X","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Fc016b3f9347008c851bebeee95a2eb831935e2ac-1139x553.webp",[11,11890,11891],{},"Notably, the USD cash balance held in the Treasury General Account (TGA), the U.S. government's checking account at the Fed, has increased from $623 billion to $800 billion in four weeks, according to data source MacroMicro.",[11,11893,11894],{},"After the U.S. hit its self-imposed debt limit of $36 trillion last month, markets hoped that the Treasury would run down the TGA balance as part of extraordinary measures to keep the government functioning, inadvertently enhancing liquidity in the economy and markets. That's what the Treasury did during the previous debt ceiling issue of early 2023, spurring increased risk-taking in equity and crypto markets.",[11,11896,11897],{},"\"We're looking at a scenario where key liquidity sources are drying up or being more tightly controlled. This could lead to a slowdown in economic activity, higher borrowing costs, and potentially a more challenging environment for risk assets, including crypto,\" Anddy Lian, thought leader and intergovernmental blockchain expert, said on X.",[100,11899,11901],{"id":11900},"trump-administration-to-evaluate-strategic-btc-reserve","Trump administration to 'evaluate' strategic BTC reserve",[11,11903,11904],{},"Since President Donald Trump took office on Jan. 20, he has been actively following through on various campaign promises related to tariffs, illegal migrants and international affairs.",[11,11906,11907],{},"But, there is one notable exception: the establishment of a strategic BTC reserve. It was a significant catalyst behind BTC's surge from $70,000 to over $100,000.",[11,11909,11910],{},"The Trump administration seems to be more cautious, opting to \"evaluate\" the feasibility of creating such a reserve. It's a disappointing shift for crypto investors anticipating swift action on this initiative, similar to Trump's quick responses on other issues.",[11,11912,11913],{},"\"Wait, Trump said he would do a $BTC Reserve, not promise to 'evaluate it.' Evaluate\u002FStudy is what Washington does when they don't want to do something,\" Jim Bianco, president and macro strategist at Bianco Research, LLC, said.",[11,11915,11916],{},"BTC fell from over $100,000 to $96,000 during the overnight trade after Trump's crypto Czar told CNBC that a top agenda item for his new task force is evaluating the feasibility of a bitcoin reserve.",[100,11918,11920],{"id":11919},"reappearance-of-a-2021-topping-pattern","Reappearance of a 2021 topping pattern",[11,11922,11923],{},"Finally, those looking at technical charts to gauge the next move might want to pull up the 14-week relative strength index (RSI) on their screens.",[11,11925,11926],{},"That's because the oscillator has recently diverged bearishly in a move that marked the 2021 top. A bearish RSI divergence contradicts the higher high in prices, signaling a slowdown in the bullish momentum.",[11,11928,11929],{},[14,11930],{"alt":11931,"src":11932},"RSI","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F12b29d634863f3d6d29bb25d7041fca52ea57c6d-2376x1052.webp",[11,11934,11935],{},"The RSI has produced a lower high relative to its December high, diverging bearishly from the continued price uptrend. That's similar to the 2021 pattern.",[11,11937,11938],{},"The negative setup would be invalidated should the RSI cross above the falling trendline, representing the divergence, indicating a renewed bullish momentum.",[11,11940,11941],{},[55,11942,11945],{"href":11943,"rel":11944},"https:\u002F\u002Fwww.coindesk.com\u002Fmarkets\u002F2025\u002F02\u002F05\u002Fbitcoin-might-hit-a-wall-at-usd90k-usd110k-as-these-3-development-could-put-the-brakes-on-the-next-bul-breakout",[59],[61,11946,63],{},{"title":65,"searchDepth":66,"depth":66,"links":11948},[11949,11950,11951],{"id":11878,"depth":66,"text":11879},{"id":11900,"depth":66,"text":11901},{"id":11919,"depth":66,"text":11920},[69],"2025-02-05 08:32:42",{},"\u002Fblog\u002Fthese-3-development-could-put-the-brakes-on-the-next-bull-breakout",{"title":11864,"description":11869},"blog\u002FThese-3-Development-Could-Put-the-Brakes-on-the-Next-Bull-Breakout","n16igUAO36ogk5v2sHa0azDy3Vft8ZzcZRitzpWRvm4",{"id":11960,"title":11961,"body":11962,"categories":12039,"cover":11968,"date":12040,"description":11969,"extension":71,"meta":12041,"navigation":73,"path":12042,"seo":12043,"stem":12044,"tags":77,"__hash__":12045},"blog\u002Fblog\u002FWhat-Next-for-Bitcoin-Ether-XRP-as-Donald-Trump-Eyes-Further-Tariffs.md","What Next for Bitcoin, Ether, XRP as Donald Trump Eyes Further Tariffs?",{"type":8,"value":11963,"toc":12036},[11964,11970,11973,11976,11979,11982,11985,11988,11991,11994,11997,12001,12004,12007,12010,12013,12016,12019,12022,12025,12028],[11,11965,11966,11969],{},[14,11967],{"alt":16,"src":11968},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F7d4fcc831012f66456faac658eb6a9f9e0e6c3fc-1280x703.webp","\nDonald Trump’s decision to levy tariffs may have turned market sentiment linked to his pro-crypto promises, causing a steep drop in bitcoin (BTC) and majors in the past 24 hours.",[11,11971,11972],{},"Traders believe Monday’s bloodbath could turn out to be a buy-the-dip opportunity for several reasons, stemming from the eventual growth of and demand for dollar-backed stablecoins.",[11,11974,11975],{},"“One bullish take is for stablecoins,” Peter Chung, head at Presto Research, told CoinDesk in a Telegram message.",[11,11977,11978],{},"“Treasury Secretary Scott Bessent has noted recently that Trump prefers tariffs over sanctions as a diplomatic tool, as the latter push countries away from the dollar, weakening U.S. financial hegemony. If that's the case, Trump would likely prioritize the Stablecoin Bill in Congress, as it would enhance the dollar's functionality, reinforcing its global dominance,\" Chung said.",[11,11980,11981],{},"Vincent Liu, chief investment officer at Kronos Research, mirrored the sentiment.",[11,11983,11984],{},"\"With ongoing concerns over tariff escalations and currency volatility—illustrated by the Canadian dollar’s decline against the USD since tariffs were introduced—stablecoins pegged to major fiat could see accelerated adoption,” Liu said.",[11,11986,11987],{},"“As a hedge against economic uncertainty, they streamline global transactions, remove forex conversion hurdles, and provide a seamless gateway into crypto. In the long run, increased stablecoin adoption could enhance liquidity, attract institutional capital, and drive regulatory clarity. This evolution may position stablecoins as a cornerstone of the crypto economy, reinforcing market stability and fueling sustained growth,” Liu added.",[11,11989,11990],{},"A $2.2 billion flush from rypto futures since Sunday may also provide the bedrock for short-term respite. High liquidations can often signal an overstretched market and indicate the end of a price correction, making it favorable to buy after a steep fall.",[11,11992,11993],{},"Price-chart areas with high liquidation volumes can act as support or resistance levels where the price might reverse due to the absence of further selling pressure from liquidated positions.",[11,11995,11996],{},"However, if the market continues declining, those with short positions might see this as validation, potentially increasing their bets. Conversely, contrarian traders might view heavy liquidation as a buying opportunity, expecting a price recovery once the sell-off momentum wanes.",[100,11998,12000],{"id":11999},"what-happened","What Happened?",[11,12002,12003],{},"Trump imposed a 25% tariff on goods from Canada and Mexico and a 10% tariff on imports from China over the weekend. The move seemingly started a trade war: Canada countered with a 25% tariff on $106 billion worth of U.S. goods, and Mexico is expected to implement similar measures.",[11,12005,12006],{},"Two-year Treasury yields increased, while the 10-year yield decreased, indicating concerns about short-term inflation. Asian markets fell on Monday, gold prices dropped, oil rose, and crypto market tanked.",[11,12008,12009],{},"Trump is also eying tariffs on goods imported from the European Union, which could come “pretty soon,” per the BBC. The EU said it would act as a collective and \"respond firmly\" if and when tariffs come in, indicating retaliatory taxes.",[11,12011,12012],{},"The core idea of tariffs is to make imports more expensive, thereby encouraging domestic production and reducing reliance on foreign goods. This is part of a broader strategy to use trade policy to leverage better terms for the U.S. in international trade negotiations.",[11,12014,12015],{},"However, tariffs increase the cost of goods exported to the U.S., which can hurt these countries' economies by reducing demand for their products. If one country imposes tariffs, others might respond with their own, leading to a cycle of escalating trade barriers.",[11,12017,12018],{},"Tariffs disrupt established supply chains, which are often globalized. Increasing costs or blocking certain goods can lead to shortages or higher prices elsewhere, prompting further protectionist measures from affected countries — leading to more disruption in financial markets.",[11,12020,12021],{},"The lack of forthcoming catalysts may mean crypto markets are stuck in a lull period, except for a strong, isolated catalyst that directly bumps up bitcoin.",[11,12023,12024],{},"“Sentiment has turned negative with little hope that things can turn around, except for a potential Bitcoin Strategic Reserve and more regulatory support from the government,” Nick Ruck, director at LVRG Research, told CoinDesk in a Telegram message.",[11,12026,12027],{},"“Although the market conditions are vastly different, tariffs from the previous Trump administration could be a showcase for tariff announcements, which were only short-term shocks to crypto prices while the general bullish trend remained intact,” Ruck added.",[11,12029,12030],{},[55,12031,12034],{"href":12032,"rel":12033},"https:\u002F\u002Fwww.coindesk.com\u002Fmarkets\u002F2025\u002F02\u002F03\u002Fwhat-next-for-bitcoin-ether-xrp-as-donald-trump-eyes-further-tariffs",[59],[61,12035,63],{},{"title":65,"searchDepth":66,"depth":66,"links":12037},[12038],{"id":11999,"depth":66,"text":12000},[69],"2025-02-03 19:07:48",{},"\u002Fblog\u002Fwhat-next-for-bitcoin-ether-xrp-as-donald-trump-eyes-further-tariffs",{"title":11961,"description":11969},"blog\u002FWhat-Next-for-Bitcoin-Ether-XRP-as-Donald-Trump-Eyes-Further-Tariffs","bkoW7NTauJtapgODs9J0_Re9jVYFmAmd6blvUV8LFmc",{"id":12047,"title":12048,"body":12049,"categories":12088,"cover":12056,"date":12089,"description":65,"extension":71,"meta":12090,"navigation":73,"path":12091,"seo":12092,"stem":12093,"tags":77,"__hash__":12094},"blog\u002Fblog\u002FDogecoin-ETF-Registered-as-Elon-Musk’s-D-O-G-E-Gains-Traction.md","Dogecoin ETF Registered as Elon Musk’s D.O.G.E Gains Traction",{"type":8,"value":12050,"toc":12086},[12051,12057,12060,12063,12066,12069,12072,12075,12078],[11,12052,12053],{},[14,12054],{"alt":12055,"src":12056},"DOGE","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Fde273fa02599ff7e5fba2ca868ebeb7b4dd715c3-447x314.webp",[11,12058,12059],{},"Bitwise has officially submitted a registration filing for a dogecoin exchange-traded fund (ETF) as memecoin demand grows within the market.",[11,12061,12062],{},"A \"Bitwise Dogecoin ETF\" was submitted late Wednesday and appeared on the Department of State's Division of Corporations in the U.S. state of Delaware. Such filings may often be a spoof, but Bitwise confirmed the registration in a message to The Block.",[11,12064,12065],{},"That came on the back of investment managers Rex Shares and Osprey Funds filing paperwork for several crypto exchange-traded funds (ETFs), including one for dogecoin.",[11,12067,12068],{},"An ETF approval by regulatory bodies like the SEC would provide dogecoin with institutional validation, potentially attracting more conservative investors to the memecoin. Increased demand could drive up DOGE prices if the product captures even a small fraction of the inflows seen by bitcoin ETFs (over $50 billion in the past year).",[11,12070,12071],{},"DOGE is the world’s largest memecoin with a market capitalization of $52 billion as of Thursday. It has more than tripled in the past year as a speculative token that follows bitcoin’s gains and, more recently, the creation of a Department of Government Efficiency in the U.S.",[11,12073,12074],{},"Abbreviated D.O.G.E, the non-governmental agency is led by technocrat Elon Musk and aims to reduce government spending while streamlining Federal worker operations. It was first proposed in mid-October and officially acknowledged during Donald Trump’s swearing-in ceremony on Monday.",[11,12076,12077],{},"D.O.G.E’s website briefly displayed a dogecoin token logo on Tuesday, which was later updated to display just its name. Still, the apparent connection to the memecoin has spurred demand among traders, who may use DOGE as a bet on the work the D.O.G.E agency does.",[11,12079,12080],{},[55,12081,12084],{"href":12082,"rel":12083},"https:\u002F\u002Fwww.coindesk.com\u002Fmarkets\u002F2025\u002F01\u002F23\u002Fdogecoin-etf-registered-as-elon-musk-s-d-o-g-e-gains-traction",[59],[61,12085,63],{},{"title":65,"searchDepth":66,"depth":66,"links":12087},[],[69],"2025-01-23 15:33:42",{},"\u002Fblog\u002Fdogecoin-etf-registered-as-elon-musk's-d-o-g-e-gains-traction",{"title":12048,"description":65},"blog\u002FDogecoin-ETF-Registered-as-Elon-Musk’s-D-O-G-E-Gains-Traction","LAU3lV4aqfBlXU0DeRQRcvorjP4omHfgikNH2ZH6szM",{"id":12096,"title":12097,"body":12098,"categories":12200,"cover":12105,"date":12201,"description":65,"extension":71,"meta":12202,"navigation":73,"path":12203,"seo":12204,"stem":12205,"tags":77,"__hash__":12206},"blog\u002Fblog\u002FThe-Ethereum-Foundation-Has-Lost-Its-Way.md","The Ethereum Foundation Has Lost Its Way",{"type":8,"value":12099,"toc":12192},[12100,12106,12109,12113,12116,12119,12122,12125,12128,12132,12135,12138,12141,12145,12148,12152,12155,12158,12162,12165,12168,12172,12175,12178,12181,12184],[11,12101,12102],{},[14,12103],{"alt":12104,"src":12105},"Ethereum","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Fbf3bb2a695e2f328f36be1ff918cbf9eb4231f1d-3000x2000.webp",[11,12107,12108],{},"The Ethereum Foundation is a paradox. Despite its commitment to decentralization, it operates as a centralized entity, with a director, a treasury, paid developers, and an inner circle. These structures, while necessary for coordination, create tensions with Ethereum's decentralized ethos.",[100,12110,12112],{"id":12111},"the-foundation-today","The Foundation Today",[11,12114,12115],{},"It is not widely known, but the current foundation was constructed in a less than ideal way. The previous director, Ming, was ousted in a coordinated effort by a group of people who have never been publicly identified or held accountable for it. I spoke with Ming days before her removal and she assured me she had no intent of leaving. I was later given information about who was responsible for her removal, but was not given much insight as to why. I have heard that Ming was a bit of a micromanager, and that she had an intensity that rubbed some people the wrong way. I’m sure there’s truth to that, but these stories are often window dressing for deeper truths.",[11,12117,12118],{},"I can infer some good-faith reasons based on the way the org has been run over the past seven years. A very important role of the organization is to protect against internal power struggles as well as external capture. These are noble goals and ones they seem to have accomplished effectively.",[11,12120,12121],{},"Another major focus seems to have been minimizing the public footprint of the organization and constructing it in such a way that it would not draw the ire of governments who might hold them accountable if the political winds shifted against them. But as political winds shift, and the marketplace provides alternatives, the organization itself must adapt, both in form and function.",[11,12123,12124],{},"Ethereum was in its birth a visionary project, not simply technological in nature. It pointed towards a possibility of previously unimaginable futures through the empowerment of the individual to do what had previously taken billions of dollars, thousands of people, or millions of man hours to accomplish.",[11,12126,12127],{},"The Ethereum Foundation, in its current incarnation, designed to minimize threats both internal and external, has lost that vision.",[100,12129,12131],{"id":12130},"lead-with-vision","Lead with Vision",[11,12133,12134],{},"Ethereum’s next phase demands more than just technical research and coordinating conferences. It requires visionary leadership — someone who understands not just the technology but its broader social, philosophical, and political implications. This leader must inspire a new generation of builders, connect technology with human needs, and navigate the complexities of the political landscape without compromising Ethereum’s ethos.",[11,12136,12137],{},"The Ethereum whitepaper was not just a technical document; it was a beacon that allowed like-minded people to come together under a shared vision. In the face of chaos, uncertainty, and frequent conflicts, it served as a guiding light. What ensured our collective success was not the absence of challenges but the clarity of the mountaintop we were striving toward. This common vision allowed us to stay aligned even when disagreements and setbacks arose.",[11,12139,12140],{},"It was an idea whose time had come—a blueprint that transcended the individuals behind it and inspired a community to persevere, innovate, and ultimately bring that vision to life. Without it, the project could have easily unraveled under the weight of its ambition.",[100,12142,12144],{"id":12143},"be-transparent-focus-more-on-the-community","Be Transparent, Focus More on the Community",[11,12146,12147],{},"Transparency is equally critical. Over the past few years, the Foundation has retreated into the shadows, leaving the community feeling disconnected. But ethereum would have been nothing without its community, and it will be nothing if it loses it. A community must be managed, curated, and cared for. It requires the onboarding of new people, with new energy, and new ideas, bound by a common vision. This also includes the teams who build on ethereum.",[100,12149,12151],{"id":12150},"seize-the-moment","Seize the Moment",[11,12153,12154],{},"From a legal perspective, Ethereum must embrace the opportunity to engage with lawmakers. The current American political climate is uniquely favorable, and inaction now risks losing momentum. America has elected a President who not only owns ether, but has himself launched a lending protocol on top of it. As of now, we are inhabiting a political landscape which was unthinkable even a year ago, when Democrats surprised so many of us by openly declaring war on crypto, and the future seemed uncertain. There has never been a better time than now to ensure that the promise of crypto is realized.",[11,12156,12157],{},"While maintaining political neutrality, the Foundation can create or promote frameworks that encourage compliance and innovation. Without these frameworks, the crypto space has been plagued by speculative ventures—ICOs, DAOs, NFTs—that skirt regulations rather than working within them to build sustainable use cases.",[100,12159,12161],{"id":12160},"lead-by-example","Lead by Example",[11,12163,12164],{},"The Ethereum Foundation should also consider utilizing its own technology to coordinate its operations and demonstrate the transformative potential of decentralized systems. By adopting Ethereum-based tools and protocols, the Foundation could potentially manage governance, treasury disbursements, decision-making processes, and community engagement.",[11,12166,12167],{},"This approach would not only demonstrate Ethereum’s capabilities but also reinforce trust within the community by embodying the principles of decentralization and transparency that the project champions. Additionally, leveraging Ethereum’s ecosystem for coordination could serve as a real-world case study, inspiring developers and organizations to explore similar solutions. By integrating its technology into its own operations, the Foundation would highlight the real-world utility of the platform while setting a precedent for how decentralized systems can effectively manage complex organizations.",[100,12169,12171],{"id":12170},"be-accountable-build-the-future","Be Accountable, Build the Future",[11,12173,12174],{},"Finally, financial accountability must become a priority.",[11,12176,12177],{},"With $100 million spent annually, the Foundation should deliver measurable outcomes. Despite significant investment in technical research, user experience in crypto remains stagnant. Improving UX, UI, key management, and other security and usability problems isn’t insurmountable but has been severely neglected. This oversight reflects a blind spot which must be addressed before wider adoption is possible.",[11,12179,12180],{},"Ethereum began as more than just a technological project—it was a visionary movement for empowering individuals to achieve what once required massive resources. That vision is at risk of being lost. To reignite it, the Foundation must embrace transparency, invest in leadership, engage the community, and step into the legal and political spotlight.",[11,12182,12183],{},"Ethereum’s story is one of triumph over chaos, and a testament to the power of collective vision. To ensure its future, the Ethereum Foundation must transform itself from a reactive institution into a proactive visionary force. For ethereum. For the community. For the greater good. For the future.",[11,12185,12186],{},[55,12187,12190],{"href":12188,"rel":12189},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2025\u002F01\u002F21\u002Fthe-ethereum-foundation-has-lost-its-way",[59],[61,12191,63],{},{"title":65,"searchDepth":66,"depth":66,"links":12193},[12194,12195,12196,12197,12198,12199],{"id":12111,"depth":66,"text":12112},{"id":12130,"depth":66,"text":12131},{"id":12143,"depth":66,"text":12144},{"id":12150,"depth":66,"text":12151},{"id":12160,"depth":66,"text":12161},{"id":12170,"depth":66,"text":12171},[69],"2025-01-23 09:37:28",{},"\u002Fblog\u002Fthe-ethereum-foundation-has-lost-its-way",{"title":12097,"description":65},"blog\u002FThe-Ethereum-Foundation-Has-Lost-Its-Way","u6-XMuYNuTh3NskYqRAGwJflNIe2Rt8Y8btdWx9hClA",{"id":12208,"title":12209,"body":12210,"categories":12270,"cover":12217,"date":12271,"description":65,"extension":71,"meta":12272,"navigation":73,"path":12273,"seo":12274,"stem":12275,"tags":77,"__hash__":12276},"blog\u002Fblog\u002FTRUMP-Coin-s-Biggest-Critics-Are-Crypto-Industry-Insiders.md","TRUMP Coin's Biggest Critics Are Crypto Industry Insiders",{"type":8,"value":12211,"toc":12268},[12212,12218,12221,12224,12227,12230,12233,12236,12239,12242,12245,12248,12251,12254,12257,12260],[11,12213,12214],{},[14,12215],{"alt":12216,"src":12217},"Donald J. Trump","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Fd6e09f8af8bd8476f3ee4bc00bb1f0ac59e6f548-1500x1000.webp",[11,12219,12220],{},"Among the most vocal critics of TRUMP, the controversial and wildly popular memecoin launched by Donald Trump on the eve of his 2025 inauguration, are the very crypto enthusiasts he may have hoped to court.",[11,12222,12223],{},"The TRUMP coin, launched on Jan. 17, saw a dramatic price surge, climbing from $7 to an all-time high of $75 within 24 hours before settling at $38. Two days after TRUMP’s debut, MELANIA, a coin endorsed by First Lady Melania Trump, entered the market. Unlike its predecessor, MELANIA has struggled, starting around $7 and plummeting below $4 after a briefly peaking at $14.",[11,12225,12226],{},"While both tokens' volatile trajectories appear to have minted some overnight millionaires, they have also drawn sharp criticism from industry insiders.",[11,12228,12229],{},"The potential for conflicts of interest has been a focal point of the backlash, with critics — including members of the U.S. congress — raising concerns that the token could enable individuals to curry favor with the president.",[11,12231,12232],{},"Anthony Scaramucci, a former White House communications director turned crypto advocate, voiced his apprehensions on X (formerly Twitter): “The most perilous aspect of Trump coin for the nation is what follows. Now, anyone globally can effectively deposit money into the bank account of the President of the United States with just a few clicks. Every favor—be it geopolitical, corporate, or personal—is now openly for sale.”",[11,12234,12235],{},"The decision to launch a memecoin has also sparked broader criticism within the crypto industry. While memecoins have become a prominent use-case for blockchain technology, many developers argue they reinforce a get-rich-quick perception that undermines the sector’s credibility.",[11,12237,12238],{},"Gabor Gurbacs, founder of digital asset firm Pointsville, posted on X: “Trump needs to dismiss his crypto advisors, from top to bottom.”",[11,12240,12241],{},"Nic Carter, a general partner at a crypto investment firm and a vocal Trump supporter, was similarly scathing: “It’s absolutely preposterous that he would do this,\" he told Politico. “They’re plumbing new depths of idiocy with the memecoin launch.”",[11,12243,12244],{},"Specific concerns have been raised about the coin’s distribution. 80% of TRUMP tokens are concentrated in a small number of blockchain addresses controlled by CNC Digital, the firm that launched the coin. Such concentration is a hallmark of potential \"pump-and-dump\" schemes, where insiders inflate a token’s value before selling off their holdings, leaving other investors with losses.",[11,12246,12247],{},"There's no evidence that Trump's team plans to \"dump\" its tokens. Nicolas Vaiman, CEO of blockchain analytics firm Bubblemaps, noted to CoinDesk that the distribution of TRUMP tokens at least matched what was outlined on its official website. Additionally, the insider-held tokens align with prior distributions of Trump’s NFT trading cards, which were also managed by CNC Digital, meaning the tokens may be reserved for the president's NFT holders.",[11,12249,12250],{},"The same transparency does not apply to MELANIA, however. About 89% of MELANIA tokens are controlled by insiders, according to Bubblemaps. The on-chain supply does not match an official distribution breakdown on the token's website, which earmarked 35% of tokens for \"public distribution\" and \"community.\"",[11,12252,12253],{},"Vaiman said the First Lady’s memecoin has cast a shadow over the original TRUMP coin: “TRUMP could have been a statement from President Trump saying, ‘I endorse crypto,’” Vaiman said. “Melania launching her tokens feels like they just want to make as much money as they can on this, and then forget about it. It gives this a different flavor.”",[11,12255,12256],{},"This is not the first time the crypto community has questioned Trump’s forays into the industry. In August, Trump and his sons launched World Liberty Financial (WLFI), a platform that promised to develop a lending product. The project drew backlash for pre-selling tokens before delivering any tangible value, and critics were quick to point out the involvement of a former dating coach and memecoin promoter on the WLFI team, as well as the allocation of a percentage of presale proceeds directly to a Trump-controlled company.",[11,12258,12259],{},"The conflict-of-interest potential was also immediately apparent. Tron blockchain-founder Justin Sun recently became WLFI’s largest investor, making a $30 million purchase of the project's tokens. In an X post on Tuesday, Donald Trump Jr. announced that World Liberty Financial would acquire some of Tron’s TRX tokens for its treasury.",[11,12261,12262],{},[55,12263,12266],{"href":12264,"rel":12265},"https:\u002F\u002Fwww.coindesk.com\u002Ftech\u002F2025\u002F01\u002F22\u002Ftrump-coin-s-biggest-critics-are-crypto-industry-insiders",[59],[61,12267,63],{},{"title":65,"searchDepth":66,"depth":66,"links":12269},[],[69],"2025-01-23 08:37:48",{},"\u002Fblog\u002Ftrump-coin-s-biggest-critics-are-crypto-industry-insiders",{"title":12209,"description":65},"blog\u002FTRUMP-Coin-s-Biggest-Critics-Are-Crypto-Industry-Insiders","UkM-7cEbmhiKnq0NvNfXxqtVYuQX-Wj4bM4nZzn-Ap0",{"id":12278,"title":12279,"body":12280,"categories":12327,"cover":11968,"date":12328,"description":65,"extension":71,"meta":12329,"navigation":73,"path":12330,"seo":12331,"stem":12332,"tags":77,"__hash__":12333},"blog\u002Fblog\u002FCoinbase-Binance-Plan-to-List-Donald-Trump-s-Official-TRUMP-Token-After-Its-Phenomenal-Debut.md","Coinbase, Binance Plan to List Donald Trump's Official TRUMP Token After Its Phenomenal Debut",{"type":8,"value":12281,"toc":12325},[12282,12287,12290,12293,12296,12299,12302,12305,12308,12311,12314,12317],[11,12283,12284],{},[14,12285],{"alt":12286,"src":11968},"President-elect Trump",[11,12288,12289],{},"The ‘official’ memecoin of the second Donald Trump administration will be listed on major cryptocurrency exchanges including Coinbase and Binance, according to announcements from the companies.",[11,12291,12292],{},"Coinbase posted on Sunday that it plans to list the TRUMP token. The announcement came via its Coinbase Assets X account, which provides information on new assets, however the exchange did not provide a concrete timeline for listing.",[11,12294,12295],{},"Binance said it plans to open trading for the TRUMP token on the the morning of Jan. 19. The token is already trading on many other centralized exchanges, such as Bitget, KuCoin and Kraken according to CoinGecko.",[11,12297,12298],{},"On-chain data shows that the token has a market cap of just over $7.6 billion, and trading volume of approximately $15 billion.",[11,12300,12301],{},"While many of the largest crypto exchanges have eagerly embraced Trump’s official memecoin, the first Trump-themed token, one of the original Political Finance (PoliFi) tokens, had trouble getting listed on exchanges.",[11,12303,12304],{},"As CoinDesk reported earlier this year, ByBit and OKX rejected the team’s application to list the token given concerns about the project being too political. Kraken did not respond to their application to list, and would not discuss the matter on the record.",[11,12306,12307],{},"The first Trump token, the Ethereum-based MAGA, is down 84% from its June high of $17.80, according to CoinGecko, but continues to be actively traded.",[11,12309,12310],{},"MAGA dumped hard after the launch of the officialTrump token, falling from $3.50 to $1.44 over the weekend with its market cap declining from $158 million to $64 million. The token has slowly recovered after the initial fall likely due to general interest in Trump-themed tokens on the eve of the inauguration.",[11,12312,12313],{},"The tokenomics of TRUMP have been criticized by many online, who have pointed out that 80% of the token supply is controlled by wallets owned by CIC Digital.",[11,12315,12316],{},"CIC Digital LLC is the Trump Organization affiliated firm that launched Trump Non Fungible Tokens (NFTs) in 2023. Data from OpenSea shows that there’s a second wave of interest in these NFTs with over 2,800 sales in the last 24 hours worth over 765 ETH ($2.5 million).",[11,12318,12319],{},[55,12320,12323],{"href":12321,"rel":12322},"https:\u002F\u002Fwww.coindesk.com\u002Fmarkets\u002F2025\u002F01\u002F19\u002Fcoinbase-binance-plan-to-list-donald-trumps-official-trump-token-after-its-phenomenal-debut",[59],[61,12324,63],{},{"title":65,"searchDepth":66,"depth":66,"links":12326},[],[69],"2025-01-20 09:17:48",{},"\u002Fblog\u002Fcoinbase-binance-plan-to-list-donald-trump-s-official-trump-token-after-its-phenomenal-debut",{"title":12279,"description":65},"blog\u002FCoinbase-Binance-Plan-to-List-Donald-Trump-s-Official-TRUMP-Token-After-Its-Phenomenal-Debut","X5kMAo3YoRy7BnNXoMgjvfINDncAxUqVYlczLNAn6VQ",{"id":12335,"title":12336,"body":12337,"categories":12370,"cover":77,"date":12371,"description":12341,"extension":71,"meta":12372,"navigation":73,"path":12373,"seo":12374,"stem":12375,"tags":77,"__hash__":12376},"blog\u002Fblog\u002FBitcoin-Miners-Economic-Irrationality-Can-Be-Fatal.md","Bitcoin Miners, Economic Irrationality Can Be Fatal",{"type":8,"value":12338,"toc":12368},[12339,12342,12345,12348,12351,12354,12357,12360],[11,12340,12341],{},"Some miners at OCEAN have started making use of the Coin Age Priority algorithm during block template construction using DATUM. Originally, Bitcoin Core originally selected transactions to include in blocks based on what they had seen first in their mempool. This logic was eventually replaced by prioritizing older coins, i.e. that had been sitting around unspent longer, over other coins. This was eventually only applied to a small portion of the blockspace, and then eventually done away with entirely around the time of Segwit. It’s still maintained in Bitcoin Knots.",[11,12343,12344],{},"I can only speculate as to the motives of the miners doing this, but given OCEAN’s rhetoric I can guess that it has something to do with prioritizing “financial” transactions over others. Even if not, even if it is purely to help small value UTXO owners, it is still every bit as irrational.",[11,12346,12347],{},"You can partition blockspace as a miner however you want, and prioritize ordering of transactions however you wish within those partitions, but it does not change the fact that blockspace is a fungible good being valued on an open market. If criteria other than the feerate are used to decide which transactions to include, you will leave money on the table. The only situation where that would not be true is one where those criteria were 1:1 identical to deciding based on feerate, which would be a meaningless criteria.",[11,12349,12350],{},"Creating a subsection of blockspace selected for by other criteria ultimately accomplishes two things: 1) leaving money on the table as a miner, as definitionally any meaningful non-feerate criteria results in collecting less fees, and 2) create a bucket of blockspace submitted to competitive “fee” pressures according to whatever different criteria is used, without any of that pressure creating direct revenue increases for miners using this new criteria.",[11,12352,12353],{},"The new subsection of blockspace doesn’t ultimately reduce fee pressure, it simply leaves them making less money and users taking advantage of this new transaction selection criteria subjected to different competitive pressures miners do not directly benefit from.",[11,12355,12356],{},"You can’t hide from the reality that blockspace is a fungible good priced on the open market. You can accept that, or you can lose money. The only alternative is to futilely try to censor classes of transactions you don’t like, and if you happen to succeed, you destroy a core property of Bitcoin in the process.",[11,12358,12359],{},"Mining staying decentralized, widely distributed with many small operators, is critical for Bitcoin’s censorship resistance. It’s a shame to see signs like this of such smaller miners being economically irrational, given that it has huge implications for their success long term.",[11,12361,12362],{},[55,12363,12366],{"href":12364,"rel":12365},"https:\u002F\u002Fbitcoinmagazine.com\u002Ftakes\u002Fbitcoin-miners-economic-irrationality-can-be-fatal",[59],[61,12367,63],{},{"title":65,"searchDepth":66,"depth":66,"links":12369},[],[69],"2025-01-15 11:37:48",{},"\u002Fblog\u002Fbitcoin-miners-economic-irrationality-can-be-fatal",{"title":12336,"description":12341},"blog\u002FBitcoin-Miners-Economic-Irrationality-Can-Be-Fatal","8oMoKwBY57iSr8HLRy-mS1mMEATeT8ubit52EAsKTjM",{"id":12378,"title":12379,"body":12380,"categories":12451,"cover":77,"date":12452,"description":12384,"extension":71,"meta":12453,"navigation":73,"path":12454,"seo":12455,"stem":12456,"tags":77,"__hash__":12457},"blog\u002Fblog\u002FEight-U-S-Blockchain-Lobby-Groups-Unite-Ahead-of-Trump-s-Crypto-Friendly-Regime.md","Eight U.S. Blockchain Lobby Groups Unite Ahead of Trump's Crypto Friendly Regime",{"type":8,"value":12381,"toc":12449},[12382,12385,12388,12395,12398,12401,12404,12407,12410,12413,12416,12419,12422,12425,12428,12431,12434,12441],[11,12383,12384],{},"With only a handful of days remaining until the second inauguration of U.S. President-elect Donald Trump, crypto policy groups are readying to kick things into higher gear.",[11,12386,12387],{},"Blockchain associations from eight U.S. states announced on Tuesday the creation of the North American Blockchain Association (NABA), an organization aiming to provide cohesive crypto policy recommendations to the federal government.",[11,12389,12390,12391,12394],{},"“A few years ago ",[1731,12392,12393],{},"NABA CEO"," Arry Yu and I led an effort to provide more information and best practices sharing between state associations,” Lee Bratcher, president of the Texas Blockchain Council and a member of NABA’s board of directors, told CoinDesk. “NABA is the formalization of that process in which each state association is independent and retains agency but can act in concert with other states when necessary.”",[11,12396,12397],{},"Members include the Texas Blockchain Council, the Alabama Blockchain Alliance, the California Blockchain Advocacy Coalition, the Florida Blockchain Business Association, the Ohio Blockchain Council, the Pennsylvania Blockchain Coalition, the Virginia Blockchain Council and the Washington Technology Industry Association Cascadia Blockchain Council.",[11,12399,12400],{},"A former political science professor and Army officer, Bratcher founded the TBC in 2019. It’s a non-profit trade association, meaning that the organization gets its funding through memberships — large corporations such as Coinbase (COIN) and Galaxy Digital Holdings (GLXY), as well as law firms and banks, pay annual fees to be part of the association.",[11,12402,12403],{},"More than half of the TBC’s funding comes from bitcoin (BTC) miners: MARA Holdings (MARA), Riot Platforms (RIOT), Core Scientific (CORZ), Bitmain and Cipher Mining (CIFR) are among the association’s biggest financial contributors.",[11,12405,12406],{},"The incoming Trump administration isn’t likely to affect the TBC or Texas miners in a meaningful way, Bratcher said. That, in a sense, will already be a departure from the Biden regime, which contemplated passing a 30% tax, called DAME, specifically on bitcoin miners. The Department of Energy similarly attempted to collect proprietary and confidential information from bitcoin miners and make that data available publicly, which led the TBC and Riot Platforms to sue them in federal court.",[11,12408,12409],{},"“The only thing the bitcoin mining industry is asking from the Trump administration is to keep things fair and consistent and apply the rules the same for everybody,” Bratcher said. “We feel optimistic that some of the things that were unfair about the Biden administration will no longer happen.”",[11,12411,12412],{},"Texas and Miners\nWith its advantageous tax regime, enormous economy and abundant energy, Texas has become one of the most popular jurisdictions in the world for bitcoin miners.",[11,12414,12415],{},"Texas is home to a tremendous amount of renewable energy projects, and these may generate a lot of electricity when there’s little demand for it — think a wind farm on a windy night, for example, when everyone is asleep, and consumption is at its lowest. For the most part, electricity must be consumed immediately; transmitting that electricity from one place to another is also tricky since energy is lost in the process. In other words, Texas undergoes periods of great electricity generation and small demand and periods of great demand but insufficient production.",[11,12417,12418],{},"Why has Texas’ energy mix evolved in such a way? It all has to do with subsidies provided by the federal government, which according to Bratcher can reach $30 per MW\u002Fh and give a strong incentive for renewable energy companies to develop wind and solar power. Wind farms have been built in the wind corridor of West Texas; more recently, the number of solar projects has exploded — from about 2,000 megawatts (MW) to 22,000 MW statewide in a matter of five years, Bratcher said.",[11,12420,12421],{},"Enter bitcoin mining. Contrary to other types of data centers, which need almost 100% uptime, bitcoin mines can be turned on and off easily. So they are well-adapted to a grid that sees significant volatility in demand. “You had a period where miners were able to get wholesale power prices and lock in power purchase agreements for extremely low amounts of money,” Bratcher said.",[11,12423,12424],{},"Bitcoin miners now consume about 3,100 MW in Texas, according to Bratcher — enough energy to supply 620,000 homes, per data from the Electric Reliability Council of Texas (ERCOT), the state’s grid operator. “About half of all bitcoin mining in the U.S. is in Texas,” Bratcher said.",[11,12426,12427],{},"That explains why the TBC receives such a big portion of its funding from bitcoin miners. In fact, the TBC has hired a number of consultants with a specific focus on ERCOT and energy policy, whereas other types of businesses — crypto exchanges, money transmission — haven’t had the same need.",[11,12429,12430],{},"Will Texas remain friendly towards bitcoin miners in the years to come? That remains to be seen, Bratcher said. Mining firms aren’t the only ones that have rushed to take advantage of Texas’ unique grid, and there is now concern among elected officials that demand might end up being too high. The TBC estimates that the grid will grow somewhere between 5% and 6% per year for the next 10 years — a fast pace compared to the 1% or 2% per year of prior times.",[11,12432,12433],{},"Even so, ERCOT isn’t likely to discriminate against bitcoin miners specifically; it’s simply concerned with the rate of growth. New bitcoin mining operations, Bratcher said, are being built alongside new residential and industrial projects, and ultimately account for less than 10% of the anticipated growth.",[11,12435,12436,12437,12440],{},"“I think ",[1731,12438,12439],{},"ERCOT"," will institute rules for how any large loads interconnect to the grid, and that will create some new planning requirements for bitcoin miners and other large loads, including data centers and industrial consumers,” Bratcher said.",[11,12442,12443],{},[55,12444,12447],{"href":12445,"rel":12446},"https:\u002F\u002Fwww.coindesk.com\u002Fpolicy\u002F2025\u002F01\u002F15\u002Feight-u-s-blockchain-lobby-groups-unite-ahead-of-trumps-crypto-friendly-regime",[59],[61,12448,63],{},{"title":65,"searchDepth":66,"depth":66,"links":12450},[],[69],"2025-01-13 09:07:08",{},"\u002Fblog\u002Feight-u-s-blockchain-lobby-groups-unite-ahead-of-trump-s-crypto-friendly-regime",{"title":12379,"description":12384},"blog\u002FEight-U-S-Blockchain-Lobby-Groups-Unite-Ahead-of-Trump-s-Crypto-Friendly-Regime","L-cOXoi7rSP59UjIXl3jRT66KyQr5o-sR26BOMM6hRw",{"id":12459,"title":12460,"body":12461,"categories":12518,"cover":12468,"date":12519,"description":12469,"extension":71,"meta":12520,"navigation":73,"path":12521,"seo":12522,"stem":12523,"tags":77,"__hash__":12524},"blog\u002Fblog\u002FWhy-High-Net-Worth-Investors-Are-Super-Bullish-on-Bitcoin-Right-Now.md","Why High Net-Worth Investors Are Super Bullish on Bitcoin Right Now",{"type":8,"value":12462,"toc":12516},[12463,12470,12473,12476,12483,12486,12493,12496,12499,12502,12505,12508],[11,12464,12465,12469],{},[14,12466],{"alt":12467,"src":12468},"bull","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F0fdf15198058313f3db7db412b6023a7a813ec87-4592x2584.webp","\nAs bitcoin (BTC) wobbles around the $90,000-$95,000 area, down more than 10% from its all-time high touched a bit less than four weeks ago, a contrast is growing between traders — whose technical analysis tools show the top cryptocurrency may be due for another plunge — and long-term investors who believe the bull run is nowhere near done.",[11,12471,12472],{},"That’s according to David Siemer, CEO of Wave Digital Assets, a firm that provides asset management services to funds and high net-worth individuals in the crypto space. The company counts Charles Hoskinson, the CEO of the firm behind Cardano, as one of its clients.",[11,12474,12475],{},"“In 14 years of owning bitcoin, I've never seen a dichotomy like this,” Siemer told CoinDesk in an interview. “The traders are all worried and nervous and hedged, fully neutral or worse. And the long-term people are all super bullish.”",[11,12477,12478,12479,12482],{},"“There’s a really good chance we’ll go to $200,000 ",[1731,12480,12481],{},"per bitcoin"," this year,” Siemer said. “Do I think we’ll see $1 million dollars per coin in my lifetime? Sure. Not soon, you know, not in the next year. … The smart, more connected people that I know are also really bullish. More is going to happen in the next six months than most people realize.”",[11,12484,12485],{},"Top of the list of developments for the year to come is that numerous jurisdictions — including the U.S., Russia, Singapore, the United Arab Emirates, South Korea, Japan, the Philippines and some European nations — are looking to take big steps in crypto’s favor, according to Siemer. (Wave runs crypto educational programs for various branches of the U.S. government, like the Internal Revenue Service or U.S. Marshals Service, as well as other executive bodies across the globe; in fact, government practices is the firm’s fastest growing business.)",[11,12487,12488,12489,12492],{},"These steps, whichever form they take, will likely have positive knock-on effects on some of these countries’ private sectors, Siemer said. “",[1731,12490,12491],{},"Japan or Singapore",", those are societies where they actually trust and rely on their governments. If their government says it's okay, it's actually really okay. It’s different from the U.S. where we think our guys are idiots.”",[11,12494,12495],{},"What is spurring such sudden interest in the crypto industry? The tremendous success of the U.S. spot bitcoin exchange-traded funds (ETFs), for one, is forcing financial institutions worldwide to think of ways to compete. That means spinning up exotic new products, like multi-token yield funds, to make up for the liquidity that was sucked away by BlackRock’s IBIT.",[11,12497,12498],{},"“The ETFs launched in America and they absolutely devastated all the bitcoin ETPs around the world,” Siemer said. “All of them had these terrible products, charging 1.5%. All of those guys got crushed.” Regulators, for their part, will tend to be supportive, Siemer said. For example, the European Union could end up producing a friendlier version of the Markets in Crypto-Assets Regulation (MiCA).",[11,12500,12501],{},"The chances of seeing new strategic bitcoin reserves is also high, Siemer said. “Even if the U.S. doesn't do a reserve, at least several other countries probably will,” he added. Not that he’s bearish on prospects in the U.S. Wave, he said, is currently in talks with seven different states that are considering the matter of creating a reserve, Texas, Ohio and Wyoming among them.",[11,12503,12504],{},"What about the federal government? Siemer put the odds at slightly better than 50-50, in part thanks to the nearly $19 billion worth of bitcoin it already owns.",[11,12506,12507],{},"“That's a decent start on a bitcoin reserve,” Siemer said. “All they have to do is not sell it. It’s a lot more palatable to the tax base than buying, you know, $10 billion worth of bitcoin.”",[11,12509,12510],{},[55,12511,12514],{"href":12512,"rel":12513},"https:\u002F\u002Fwww.coindesk.com\u002Fmarkets\u002F2025\u002F01\u002F11\u002Fwhy-high-net-worth-investors-are-super-bullish-on-bitcoin-right-now",[59],[61,12515,63],{},{"title":65,"searchDepth":66,"depth":66,"links":12517},[],[69],"2025-01-12 11:17:48",{},"\u002Fblog\u002Fwhy-high-net-worth-investors-are-super-bullish-on-bitcoin-right-now",{"title":12460,"description":12469},"blog\u002FWhy-High-Net-Worth-Investors-Are-Super-Bullish-on-Bitcoin-Right-Now","B03dM_nCqMK0FWe8pOoYsfzjoGaYXBpW1aq45Ut5Bvc",{"id":12526,"title":12527,"body":12528,"categories":12602,"cover":12535,"date":12603,"description":12536,"extension":71,"meta":12604,"navigation":73,"path":12605,"seo":12606,"stem":12607,"tags":77,"__hash__":12608},"blog\u002Fblog\u002FWhy-Investor-Protection-and-Enforcement-Still-Matters.md","Why Investor Protection and Enforcement Still Matters",{"type":8,"value":12529,"toc":12598},[12530,12537,12540,12543,12546,12550,12553,12556,12559,12562,12565,12568,12571,12575,12578,12581,12584,12587,12590],[11,12531,12532,12536],{},[14,12533],{"alt":12534,"src":12535},"net","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Fb9f40f23e68f0c409bd59f342f45d3630480c2a1-1280x853.webp","\nUntil recently, it was “green candle galore” in the crypto markets since Trump’s election win. Bitcoin momentarily broke the all-important $100,000 level, a near 500% recovery from the 2022 Crypto Winter lows, and optimism for crypto is even reaching Congress, where talks of a U.S. National Bitcoin Reserve are gaining serious steam.",[11,12538,12539],{},"If stock market bull runs are marathons, crypto bull runs are breakneck sprints. But buyer beware: when crypto surges and FOMO takes hold, scammers seize the moment, turning hype into a goldmine for illicit activity.",[11,12541,12542],{},"With no clear regulatory framework yet in place, the risks are amplified. As former President Trump returns to office with a more pro-crypto Congress, regulatory change feels imminent. But what risks do investors face if enforcement measures are not adequately funded?",[11,12544,12545],{},"The 2024 election results could mark a pivotal chapter in crypto’s history. Can the new Trump Administration rise to the challenge to not just unlock greater innovation in crypto, but also better protect its users and investors?",[100,12547,12549],{"id":12548},"why-enforcement-and-protection-should-still-be-a-priority","Why Enforcement and Protection Should Still be a Priority",[11,12551,12552],{},"Crypto bull runs are often accompanied by a surge in scams and fraud. In 2023 alone, a period of rising prices, the FBI’s Crypto Fraud report showed that there was $5.6 billion in reported losses tied to crypto scams and fraud. A staggering 70% ($3.9 billion) of these losses stemmed from investment scams.",[11,12554,12555],{},"While phishing scams are prevalent in a digital world, the tenfold rise in Bitcoin ATM scam losses from 2020 to midway through 2024 paints the issue in a tangible way. $65 million in just the first six months of 2024 was stolen via Bitcoin ATMs, with the average loss at about $10,000 according to the Federal Trade Commission. Collectively, these figures show the financial damage and expose gaps that must be addressed to protect consumers and deter bad actors – especially if crypto is going to continue to gain traction and popularity.",[11,12557,12558],{},"The U.K. has shown how government policy can adapt to address the rise in crypto-related crime directly. In 2024, legislative updates were made to allow law enforcement to more effectively investigate, seize, and recover illicit crypto assets. Key measures include allowing asset seizures without prior arrests, confiscating investigation-related items like passwords, transferring assets to law enforcement-controlled wallets, destroying certain cryptoassets like privacy coins when necessary, and enabling victims to reclaim their funds.",[11,12560,12561],{},"The challenge is finding a balance between the measures implemented in the U.K., while also ensuring the privacy and sovereignty of crypto users.",[11,12563,12564],{},"To maintain its reputation as a global leader in financial regulation, the U.S. must establish frameworks that foster innovation while safeguarding market participants from bad actors, and refocus efforts on investigating criminal activity.",[11,12566,12567],{},"At the heart of the problem lies regulatory ambiguity, which has plagued the crypto industry for years. In 2024, despite spot Bitcoin and Ethereum ETFs gaining approval, enforcement actions against major crypto institutions intensified, something critics cite as a contradictory approach to oversight. This uncertainty stifles innovation and leaves companies struggling to navigate an inconsistent regulatory landscape.",[11,12569,12570],{},"For the incoming Trump administration, there is an obvious starting point to solving high-level compliance issues: creating a clear division of responsibilities between agencies like the Securities and Exchange Commission (SEC) and the Commodities Futures Trading Commission (CFTC) to eliminate regulatory overlap or opaque rules. But that only partially solves the larger problem.",[100,12572,12574],{"id":12573},"protecting-investors-protects-cryptos-growth-potential","Protecting Investors Protects Crypto’s Growth Potential",[11,12576,12577],{},"Compliance frameworks are only as strong as those investigating and enforcing them. Effective compliance requires investment — not only from individual companies but also from enforcement agencies. If nobody is there to enforce the rules, bad actors have little to fear. Historically, regulatory agencies have lacked the specialized resources necessary to oversee the fast-evolving digital assets landscape, especially at the state level. The Trump administration now has an opportunity to prioritize investment in specialized enforcement capabilities, equipping agencies with the tools, talent, and technology to stay ahead of sophisticated bad actors.",[11,12579,12580],{},"For example, this could involve creating deeper channels for law enforcement collaboration and facilitating public-private partnerships to monitor and prevent illegal activities in the digital asset space. It could also significantly reduce the heavy-handed enforcement approach currently being applied to the crypto industry.",[11,12582,12583],{},"By allocating funds to train personnel and develop resources tailored to digital assets, agencies can better track, investigate, and prosecute illicit activities. Additionally, public and private investments in blockchain analytics tools could enable more effective tracking of transactions, deterring bad actors and aiding in asset recovery in cases of fraud.",[11,12585,12586],{},"This bolstered enforcement strategy would not only protect consumers but also enhance the legitimacy and reputation of the U.S. digital asset market on the global stage.",[11,12588,12589],{},"What will crypto look like under a pro-crypto President and Congress? To me, the future is exceptionally bright. However, the way forward will require active dialogue, strategic investments, and a commitment to collaboration between industry leaders and regulators. This moment has the potential to redefine the digital asset landscape in the U.S., setting a high standard for the world.",[11,12591,12592],{},[55,12593,12596],{"href":12594,"rel":12595},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2025\u002F01\u002F13\u002Fwhy-investor-protection-and-enforcement-still-matters",[59],[61,12597,63],{},{"title":65,"searchDepth":66,"depth":66,"links":12599},[12600,12601],{"id":12548,"depth":66,"text":12549},{"id":12573,"depth":66,"text":12574},[69],"2025-01-12 11:00:48",{},"\u002Fblog\u002Fwhy-investor-protection-and-enforcement-still-matters",{"title":12527,"description":12536},"blog\u002FWhy-Investor-Protection-and-Enforcement-Still-Matters","HnKURhgjtophgvRQYU6IYeZTyhWcN555hs-GQtPP6FE",{"id":12610,"title":12611,"body":12612,"categories":12663,"cover":77,"date":12664,"description":12616,"extension":71,"meta":12665,"navigation":73,"path":12666,"seo":12667,"stem":12668,"tags":77,"__hash__":12669},"blog\u002Fblog\u002FBitcoin-Price-Rally-Could-Be-Accelerated-by-China-s-Market-Meltdown-Crypto-Observer-Says.md","Bitcoin Price Rally Could Be Accelerated by China's Market Meltdown, Crypto Observer Says",{"type":8,"value":12613,"toc":12661},[12614,12617,12620,12623,12626,12629,12632,12635,12638,12641,12644,12647,12650,12653],[11,12615,12616],{},"The new year has offered no relief for Chinese assets, which continue to decline in a meltdown that could further fuel the ongoing bitcoin (BTC) bull run.",[11,12618,12619],{},"The Chinese yuan (CNY) fell to 7.32 per U.S. dollar early Tuesday, reaching the lowest level since September 2023, according to data source TradingView. The Chinese unit has dropped 0.4% this month, extending the three-month losing trend despite attempts by the People's Bank of China to calm investor nerves about impending U.S. tariffs under President-elect Donald Trump's administration.",[11,12621,12622],{},"On Monday, the CSI 300, a blue-chip index for mainland China's stock exchanges, fell to the lowest since September. The ChiNEXT Index, a so-called risk barometer tracking the performance of innovative and high-growth SMEs in China, has also dropped 8% since Dec. 31, according to charting platform TradingView.",[11,12624,12625],{},"Lastly, the yield on the 10-year Chinese government bond has fallen to 1.6%, a remarkable decline of 100 basis points from a year ago. This ongoing drop contrasts sharply with the rising yields in advanced economies, including the U.S., and reflects growing concerns over worsening deflation.",[11,12627,12628],{},"All of this is likely to trigger capital flight from the country, potentially boosting demand for alternative investments such as bitcoin, according to LondonCryptoClub.",[11,12630,12631],{},"\"China appears to be letting the currency slide and no longer defending it, allowing the peg to crawl if not an outright devaluation. This will accelerate capital outflows from China, which we’re seeing with Chinese stocks under pressure. Bitcoin will be an obvious destination for some of those flows, especially with capital controls in place making it difficult to get capital out of China via traditional channels,\" Founders of the LondonCryptoClub told CoinDesk.",[11,12633,12634],{},"\"When China devalued in 2015, Bitcoin promptly traded over 3x higher,\" founders added.",[11,12636,12637],{},"Note that the PBOC has relied solely on its daily fix and other liquidity measures to arrest the slide in the yuan rather than on outright intervention, which can become a headwind for crypto.",[11,12639,12640],{},"On Monday, the PBOC set the daily reference rate stronger than the widely-watched 7.20 per USD in a bid to temper bearish CNY expectations. The daily fix has been the central bank's preferred tool in managing market expectations and has held consistently stronger than 7.20 per USD since Trump's victory in the U.S. election in early November.",[11,12642,12643],{},"Meanwhile, the PBOC has also taken steps to tighten liquidity in the offshore (Hong Kong) market to support the yuan, as evidenced by the spike in the offshore yuan's overnight interbank interest rate in Hong Kong rose to 8.1%, the highest since June 2021.",[11,12645,12646],{},"That said, BTC bulls need to keep an eye out for a potential outright intervention involving the sale of dollars to prop up the yuan, as that could boost the dollar index, capping the upside in the greenback-denominated assets like BTC.",[11,12648,12649],{},"Whenever the PBOC sells the dollar to shore up the yuan, it concurrently buys the greenback against other currencies to keep the proportion of the USD in reserves stable. The process, thus, causes financial tightening through the FX channel.",[11,12651,12652],{},"The dollar index has already surged from roughly 100 to 108 in just over three months, largely tracking the uptick in the Treasury yields. Further strength could zap investor appetite for riskier assets.",[11,12654,12655],{},[55,12656,12659],{"href":12657,"rel":12658},"https:\u002F\u002Fwww.coindesk.com\u002Fmarkets\u002F2025\u002F01\u002F07\u002Fbitcoin-bull-run-could-be-accelerated-by-chinas-market-meltdown-crypto-observer-says",[59],[61,12660,63],{},{"title":65,"searchDepth":66,"depth":66,"links":12662},[],[69],"2025-01-09 08:37:42",{},"\u002Fblog\u002Fbitcoin-price-rally-could-be-accelerated-by-china-s-market-meltdown-crypto-observer-says",{"title":12611,"description":12616},"blog\u002FBitcoin-Price-Rally-Could-Be-Accelerated-by-China-s-Market-Meltdown-Crypto-Observer-Says","tMTGsHf6t7oytLNWCrOxBNGDqCF_hOFb29Ri4101YS0",{"id":12671,"title":12672,"body":12673,"categories":12747,"cover":12680,"date":12748,"description":12681,"extension":71,"meta":12749,"navigation":73,"path":12750,"seo":12751,"stem":12752,"tags":77,"__hash__":12753},"blog\u002Fblog\u002FWhy-Human-Machine-Teams-Will-Run-on-Crypto-Networks.md","Why Human-Machine Teams Will Run on Crypto Networks",{"type":8,"value":12674,"toc":12743},[12675,12682,12685,12688,12691,12694,12697,12700,12704,12707,12710,12713,12716,12720,12723,12726,12729,12732,12735],[11,12676,12677,12681],{},[14,12678],{"alt":12679,"src":12680},"Robot","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Fc9293bc6ce0ffde875b73518849eaa844c00d825-1280x720.webp","\nAutonomous robots may sound like sci-fi concepts that are decades away, but large language models and generative AI now allow machines to plan, learn, and think. More than that - the same software that can win the math olympics and write novels can also control physical robots, allowing one digital persona to operate across the digital and physical worlds. So yes, robots walking around your neighborhood, or working alongside you, will have consistent opinions and actions on X\u002FTwitter, on prediction markets, and in the real world.",[11,12683,12684],{},"But there’s a major gap. How do we integrate thinking machines into human society, from schools, hospitals, factories to our homes and daily life? Most of the systems we’ve built are for other humans and make strong assumptions of having a fingerprint, parents, and a birthdate, none of which are true for thinking machines. There is also broad uncertainty about how to regulate thinking machines - do we outlaw them, pause their development, or try to limit their ability to synthesize human-intelligible emotions (as in the European Union)? Which regional laws apply to a 200B parameter LLM running on a computer in low earth orbit, that’s controlling the actions of a trading bot, or a physical robot in the New York SEC office on Pearl Street?",[11,12686,12687],{},"What is needed is a global system that supports financial transactions, allows humans and computers to come together to vote and set rules, is immutable and public, and is resilient. Fortuitously, thousands of innovators and developers have spent the last 16 years building exactly that - a parallel framework for decentralized governance and finance. From the very beginning, the point was to support “non-geographic communities experimenting with new economic paradigms” by building a system that “doesn't much care who it talks to” (Satoshi 2\u002F13\u002F09). It’s now more clear what that meant - unlike the rest of the human-focused tech, financial, and regulatory stack, blockchains and smart contracts don’t much care if they are being used by humans or thinking machines, and gracefully accommodate all of us. For this reason, decentralized crypto networks offer the vital infrastructure that's needed to allow this burgeoning sector to flourish. The benefits will be tangible across healthcare, education and defense.",[11,12689,12690],{},"Several hurdles will need to be overcome. Seamless human\u003C>machine and machine\u003C>machine collaboration is essential — especially in high-stakes environments such as transportation, manufacturing, and logistics. Smart contracts enable autonomous machines to discover one another, communicate securely, and form teams to complete complex tasks. Presumably, low latency data exchange (e.g. among robot taxis) will happen off chain, for example in virtual private networks, but the steps leading up to that, such as discovering humans and robots able to drive you to the airport, are well suited for decentralized markets and actions. Scaling solutions such as Optimism will be critical to accommodate these transactions and traffic.",[11,12692,12693],{},"The fragmented regulations around the world is another factor slowing innovation. While some jurisdictions such as Ontario are ahead of the curve when it comes to autonomous robotics, most are not. Decentralized governance tackles this by establishing programmable, blockchain-based rule sets that deliver much-needed uniformity. Creating global standards for safety, ethics and operations is critical for ensuring that autonomous robots can be rolled out across borders at scale, without compromising safety or compliance.",[11,12695,12696],{},"Decentralized autonomous organizations, otherwise known as DAOs, help accelerate research and development in robotics and AI. Traditional sources of funding are both slow and siloed, holding the industry back. Token-based models such as DeSci DAO platform remove these bottlenecks, while giving everyday investors potential incentives to get involved. Likewise, some of the developing business models for AI involve micropayments and sharing of revenue with data- or model- providers, which can be accommodated with smart contracts.",[11,12698,12699],{},"Combined, these advantages will help fast-track the development of autonomous robots, with a plethora of compelling use cases.",[100,12701,12703],{"id":12702},"a-new-paradigm-for-robotics-and-thinking-machines","A new paradigm for robotics and thinking machines",[11,12705,12706],{},"It’s easy to fear that cognition is a zero sum game, and that the broad availability of smart machines will directly compete with humans. But the reality is that there are severe shortages of well educated humans in education, healthcare, and many other sectors.",[11,12708,12709],{},"Research by UNESCO recently revealed a worldwide teacher shortage that there's an \"urgent need for 44 million primary and secondary teachers worldwide by 2030\" — and that's before you consider the assistants who offer one-on-one support in classrooms and help struggling students to keep up with their peers. Autonomous robots can deliver huge advantages here, tackling significant shortages across the education sector. Imagine a child being able to learn about a complicated concept with a robot sitting next to them, to walk them through a new concept of skill — reinforcing their understanding about a subject while enhancing their social skills. We are used to humans teaching robots, and this being a one way street, but that is changing.",[11,12711,12712],{},"Meanwhile, the WHO has warned of a \"health workforce crisis.\" There's a total shortfall of 7.2 million professionals across 100 countries — and given the world faces an aging population, this gap is expected to accelerate to 12.9 million by 2035. The industry is facing shortages in critical areas like nursing, primary care, and allied health. This crisis is affecting the quality of care patients receive and threatening the ability of healthcare professionals to do their jobs. From monitoring patients with chronic diseases, assisting surgical procedures, to offering companionship for the elderly, autonomous robots can play a crucial role in alleviating the workloads of nurses and doctors. Without being prompted, they can monitor supplies of medicines and equipment — ordering in additional stock when required. When you factor in other use cases such as transporting medical waste, cleaning treatment rooms and assisting in surgeries, it's clear to see that robotics can drive greater productivity — and consistency — at a time when the healthcare sector needs it.",[11,12714,12715],{},"Autonomous systems are already reshaping the defense sector, primarily involving swarms of drones and naval surface assets, and we're barely scratching the surface when it comes to the advantages robotics can bring — executing tasks that may be unsafe or impossible for humans.",[100,12717,12719],{"id":12718},"from-prototypes-to-practical-use","From prototypes to practical use",[11,12721,12722],{},"All of this may seem abstract and straight out of the 22nd century, but Ethereum is being used today to store decision and action guardrails for AIs and robots, and as reported by Coinbase, AI agents are using crypto to transact amongst themselves.",[11,12724,12725],{},"The open and auditable structure of decentralized crypto networks allows robotics developers to securely share data, models, and breakthroughs. This accelerates the transition of autonomous robots from prototypes to real-world applications, enabling their deployment in critical areas like hospitals and schools faster than ever. When you walk down the street with a humanoid robot, and people stop and ask - “Hey aren’t you scared” you can tell them - no I’m not, because the laws governing this machine’s actions are public and immutable, and then you can give them the a link to the Ethereum contract address where those rules are stored.",[11,12727,12728],{},"Decentralized ledgers can also act as coordination hubs, allowing robots in heterogeneous systems to find one another and coordinate without centralized intermediaries. This is conceptually similar to the standard defence C3 technology (command, communication, and control), except that the infra is decentralized and public. Immutable records ensure that every exchange and action is traceable, creating a trusted foundation for collaboration.",[11,12730,12731],{},"For robot-to-robot interactions, smart contracts streamline task allocation and resource sharing, enabling efficient coordination. In robot-to-human interactions, privacy-centric decentralized systems can secure sensitive data, such as biometric or medical information, fostering trust and accountability.",[11,12733,12734],{},"This new world may invoke fear - what does this all mean for us? - but everyone reading this article has been working on making it come true for almost 2 decades now, by building the infrastructure that will handle governance, teaming, communication, and coordination of humans with thinking machines.",[11,12736,12737],{},[55,12738,12741],{"href":12739,"rel":12740},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2025\u002F01\u002F07\u002Ftrusted-autonomy-why-human-machine-teams-will-run-on-crypto-networks",[59],[61,12742,63],{},{"title":65,"searchDepth":66,"depth":66,"links":12744},[12745,12746],{"id":12702,"depth":66,"text":12703},{"id":12718,"depth":66,"text":12719},[69],"2025-01-08 16:22:38",{},"\u002Fblog\u002Fwhy-human-machine-teams-will-run-on-crypto-networks",{"title":12672,"description":12681},"blog\u002FWhy-Human-Machine-Teams-Will-Run-on-Crypto-Networks","IgFFqsme194jLQ4tBfQ8vFY4x_t6VBA5rmodyq1Xajs",{"id":12755,"title":12756,"body":12757,"categories":12800,"cover":12764,"date":12801,"description":12765,"extension":71,"meta":12802,"navigation":73,"path":12803,"seo":12804,"stem":12805,"tags":77,"__hash__":12806},"blog\u002Fblog\u002FNASA-to-Explore-Two-Landing-Options-for-Returning-Samples-from-Mars.md","NASA to Explore Two Landing Options for Returning Samples from Mars",{"type":8,"value":12758,"toc":12798},[12759,12766,12769,12772,12775,12778,12781,12784,12787,12790],[11,12760,12761,12765],{},[14,12762],{"alt":12763,"src":12764},"Mars","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Fmrs-photo.webp","\nTo maximize chances of successfully bringing the first Martian rock and sediment samples to Earth for the benefit of humanity, NASA announced Tuesday a new approach to its Mars Sample Return Program. The agency will simultaneously pursue two landing architectures, or strategic plans, during formulation, encouraging competition and innovation, as well as cost and schedule savings.",[11,12767,12768],{},"NASA plans to later select a single path forward for the program, which aims to better understand the mysteries of the universe, and to help determine whether the Red Planet ever hosted life. NASA is expected to confirm the program – and its design – in the second half of 2026.",[11,12770,12771],{},"“Pursuing two potential paths forward will ensure that NASA is able to bring these samples back from Mars with significant cost and schedule saving compared to the previous plan,” said NASA Administrator Bill Nelson. “These samples have the potential to change the way we understand Mars, our universe, and – ultimately – ourselves. I’d like to thank the team at NASA and the strategic review team, led by Dr. Maria Zuber, for their work.”",[11,12773,12774],{},"In September 2024, the agency accepted 11 studies from the NASA community and industry on how best to return Martian samples to Earth. A Mars Sample Return Strategic Review team was charged with assessing the studies and then recommending a primary architecture for the campaign, including associated cost and schedule estimates.",[11,12776,12777],{},"“NASA’s rovers are enduring Mars’ harsh environment to collect ground-breaking science samples,” said Nicky Fox, who leads NASA’s Science Mission Directorate. “We want to bring those back as quickly as possible to study them in state-of-the-art facilities. Mars Sample Return will allow scientists to understand the planet’s geological history and the evolution of climate on this barren planet where life may have existed in the past and shed light on the early solar system before life began here on Earth. This will also prepare us to safely send the first human explorers to Mars.”",[11,12779,12780],{},"During formulation, NASA will proceed with exploring and evaluating two distinct means of landing the payload platform on Mars. The first option will leverage previously flown entry, descent, and landing system designs, namely the sky crane method, demonstrated with the Curiosity and Perseverance missions. The second option will capitalize on using new commercial capabilities to deliver the lander payload to the surface of Mars.",[11,12782,12783],{},"For both potential options, the mission’s landed platform will carry a smaller version of the Mars Ascent Vehicle. The platform’s solar panels will be replaced with a radioisotope power system that can provide power and heat through the dust storm season at Mars, allowing for reduced complexity.",[11,12785,12786],{},"The orbiting sample container will hold 30 of the sample tubes containing samples the Perseverance lander has been collecting from the surface of Mars. A redesign of the sample loading system on the lander, which will place the samples into the orbiting sample container, simplifies the backward planetary protection implementation by eliminating the accumulation of dust on the outside of the sample container.",[11,12788,12789],{},"Both mission options rely on a capture, containment and return system aboard ESA’s (European Space Agency’s) Earth Return Orbiter to capture the orbiting sample container in Mars orbit. ESA is evaluating NASA’s plan.",[11,12791,12792],{},[55,12793,12796],{"href":12794,"rel":12795},"https:\u002F\u002Fwww.nasa.gov\u002Fnews-release\u002Fnasa-to-explore-two-landing-options-for-returning-samples-from-mars\u002F",[59],[61,12797,63],{},{"title":65,"searchDepth":66,"depth":66,"links":12799},[],[233],"2025-01-08 10:27:41",{},"\u002Fblog\u002Fnasa-to-explore-two-landing-options-for-returning-samples-from-mars",{"title":12756,"description":12765},"blog\u002FNASA-to-Explore-Two-Landing-Options-for-Returning-Samples-from-Mars","ztAPhjWW83jYCM6fM1P_9Fq6-CBdbmVWOcm36Mu0maI",{"id":12808,"title":12809,"body":12810,"categories":12873,"cover":77,"date":12874,"description":12814,"extension":71,"meta":12875,"navigation":73,"path":12876,"seo":12877,"stem":12878,"tags":77,"__hash__":12879},"blog\u002Fblog\u002FCrypto-Will-See-Revolution-By-Acceleration.md","Crypto Will See Revolution By Acceleration",{"type":8,"value":12811,"toc":12871},[12812,12815,12818,12821,12824,12827,12830,12833,12836,12839,12842,12845,12848,12851,12854,12857,12860,12863],[11,12813,12814],{},"On Nov. 6, I wrote a memo to EY’s blockchain leadership team. The headline was simple: “Every single private blockchain just died.” Since November 2022, the crypto and blockchain markets have been defined by caution and gradual recovery. The direction has been consistent and positive, but slow, especially in 2023.",[11,12816,12817],{},"In 2024, we saw a gradual but sustained acceleration. The year started with the Bitcoin exchange-traded fund (ETF), and just kept accelerating through an Ethereum ETF, and the adoption of the EU’s Markets in Crypto Assets (MiCA) legislation.",[11,12819,12820],{},"We were on a path of steady, global regulatory convergence, including rules of the road for all the major crypto and digital asset types. We were also on a path towards public blockchains. Bitcoin is a kind of digital gold, and Ethereum is a development platform for digital assets and services.",[11,12822,12823],{},"The path may have been consistent, but the pace was measured. It was routine to hear people at big financial institutions tell me that they would love to move to public Ethereum but “the regulators won’t allow it.” On the night of Nov 5 (following the U.S. election), the prospect of substantial regulatory change became a reality. Any certainty about what regulators will or will not allow was suddenly out the window and a clear direction of travel was radical acceleration on public networks.",[11,12825,12826],{},"There is no absolute certainty in life, but if I must make predictions about 2025, it is that we will indeed have a seachange in the U.S. regulatory environment, and that will, in turn, bring about a collective global shift in the same direction, though not necessarily at quite the same pace. However, since the U.S. is by far the world’s largest financial market, that counts for a lot.",[11,12828,12829],{},"Bitcoin is already a big winner here. It is cementing its place as the digital version of gold, and could in the course of 2025, take up that role officially with countries and governments dipping their toes into strategic bitcoin reserves. My own past prediction was that Bitcoin was likely to continue growing until it reaches the size and market cap of gold, which is currently about $14 trillion. In many ways, Bitcoin is much more attractive as a scarcity-based asset. Higher prices for Bitcoin do not increase the supply, something you cannot say about actual gold.",[11,12831,12832],{},"Ethereum will be the second big winner. Ethereum has transitioned smoothly to proof-of-stake, dropping carbon output by >99%, and it has also scaled up massively. The combined Ethereum network (Layer 1 mainnet and Layer 2 networks) has several hundred times the capacity it had during the last bull market. Transaction fees are low and likely to stay that way for some time. Massive scalability, low costs, and an outstanding security, and uptime record are going to make Ethereum the choice for most digital asset issuers.",[11,12834,12835],{},"Beyond cryptocurrency, the single biggest boom we’re likely to see in 2025 is likely to be around stablecoin payments. The value proposition and business case for stablecoin payments is already strong. Around the world, users want access to U.S. dollars, particularly for international remittances. Use of dollar stablecoins was already popular with crypto users, but access and use cases are spreading rapidly. Circle works with Nubank in Brazil, for example, to make USDC payments directly accessible to all account holders. Celo, an Ethereum network, has partnered with Opera to put stablecoin payments into Opera’s web browser, which is optimized for low-cost smartphones popular in emerging markets. Celo’s stablecoin transaction volumes have been growing rapidly as a result.",[11,12837,12838],{},"Stablecoin payments are reaching into the enterprise sector as well. EY, PayPal and Coinbase have worked with SAP to enable fully automated payments from inside enterprise ERP systems. Now, the same in-system automation that works for bank accounts also works for crypto-rails payments. This is particularly important for enterprise use where processes that cannot be automated at scale have no chance of adoption. When combined with improved privacy tools (and better regulatory treatment of privacy systems), crypto rails look like much lower cost options for enterprise users.",[11,12840,12841],{},"2025 is also likely to be a breakthrough year for decentralized finance (DeFi). DeFi relies on software applications running on-chain to replicate key functions in financial services and banking.",[11,12843,12844],{},"Throughout 2024, DeFi was the one area of the crypto ecosystem that saw no real movement on regulatory clarity and, thanks to high real-world interest rates, wasn’t a hugely attractive option. The regulatory environment is likely to be much more favorable for DeFi in 2025 and if interest rates come down, a more aggressive search for incremental yield on-chain could take off. DeFi tools that allow people to loan their assets into liquidity pools and other services in exchange for additional return on the asset (and added risk) might become popular again.",[11,12846,12847],{},"So the revolution won’t be about something new or different, it will just be about everything rushing forward all at once. And across the board, the competitive intensity in every sector of the blockchain ecosystem is about to get dialed up to 11, (my “Spinal Tap” reference). Companies, banks, brokerages, insurance firms and more that were sitting on the sidelines and watching with horror in 2023 and caution in 2024 and likely to take the plunge in 2025. I’ve already lost track of all the big firms that have announced plans to offer a stablecoin, a real world asset, or start selling bitcoin and eth to their customers.",[11,12849,12850],{},"Competitive intensity inside the blockchain ecosystem is already dialed up to 11, and 2025 is going to be a rough year inside the market. People running blockchain networks and services should be forgiven for wondering if these are good times, is it worth it? Inside the Ethereum ecosystem, there are now more than 40 different Layer 2 networks. Competition on transaction fees is brutal, differentiation across Layer 2 networks is low, and more competitors are entering the market.",[11,12852,12853],{},"Rough as it is inside Ethereum, it may be worse outside as “alt-L1s” face a combined Ethereum ecosystem that looks scalable, secure, and reliably low cost. Some networks, like Celo, already made the pivot from competing with Ethereum to being a part of it. I expect more will follow in 2025.",[11,12855,12856],{},"The only worse place to be than facing furious public blockchain competition may be in running a private blockchain. When your value proposition is “it’s as close to Ethereum as the regulators will allow” and all those regulators are being moved out, the prospects are especially bleak. I’ve already fielded calls from firms in private networks asking about how to pivot and how fast it can be done.",[11,12858,12859],{},"Lastly, I predict 2025 could be a fabulous year for fraud. A carnival and casino-like atmosphere in online trading combined with rapid regulatory loosening could attract the same grifters that showed up in the last crypto boom. What’s harder to predict is exactly where this fraud may show up. People are generally pretty good at bolting the barn door after the horse has fled. So, things that worked in the past, such as hacking exchanges or borrowing from depositor funds, are going to be harder to repeat. Audits, regulators, and better security technology all contribute to that. That doesn’t mean the risk is going away, just that it will arrive in a new package.",[11,12861,12862],{},"Happy New Year and have a great 2025!",[11,12864,12865],{},[55,12866,12869],{"href":12867,"rel":12868},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2025\u002F01\u002F02\u002Fcrypto-will-see-revolution-by-acceleration",[59],[61,12870,63],{},{"title":65,"searchDepth":66,"depth":66,"links":12872},[],[69],"2025-01-04 12:17:48",{},"\u002Fblog\u002Fcrypto-will-see-revolution-by-acceleration",{"title":12809,"description":12814},"blog\u002FCrypto-Will-See-Revolution-By-Acceleration","pkkZOW9gR-CXZjaqGDyU6GppYiJ2SznCdBjar1_W8JA",{"id":12881,"title":12882,"body":12883,"categories":12922,"cover":77,"date":12923,"description":12887,"extension":71,"meta":12924,"navigation":73,"path":12925,"seo":12926,"stem":12927,"tags":77,"__hash__":12928},"blog\u002Fblog\u002FBitcoin-Use-It-Or-Lose-It.md","Bitcoin - Use It Or Lose It",{"type":8,"value":12884,"toc":12920},[12885,12888,12891,12894,12897,12900,12903,12906,12909,12912],[11,12886,12887],{},"Whenever concerns surrounding Bitcoin’s long term prospects’ going in a negative direction surface, a common refrain of dismissal is “Well tell us what to do about it then.” This is used to dismiss all concerns of regulation leading to regulatory capture, of deeper involvement of certain entities leading to higher risks to the consensus process, of any type of failure mode that involves Bitcoin’s censorship resistance and ability to enable freedom eroding really.",[11,12889,12890],{},"“Well what’s your plan?”",[11,12892,12893],{},"Use Bitcoin. Bitcoin consensus orbits around two important variables, economic actors and miners. Economic actors decide whether a set of consensus rules has value by deciding whether to honor their side of a transaction based on whether it is valid according to their consensus rules. Miners decide which set of consensus rules they will mine within, choosing the one that presents the highest value to them.",[11,12895,12896],{},"Users who actually use Bitcoin, that is to transact and operate businesses, services, and other protocols to make use of blockspace, gain an influence through both mechanisms. A set of consensus rules needs two things, users who will value it, and miners who will mine it. Users buying blockspace attract miners with more revenue beyond what the block subsidy creates. To the degree that fees make up miners' revenue, users who generate those fees have that much proportionate “power” of a sort over miners. They decide in the event of a disagreement over consensus rules which side to give that revenue to, meaning miners would have to follow those rules to earn it.",[11,12898,12899],{},"The threat of institutional adoption and regulatory encroachment very much do present a risk to Bitcoin in the long term if people simply stop doing anything with bitcoin but hold it. In that type of environment, regulations can come down on miners and brokers and very much influence events around consensus changes. They can attempt to veto useful and valuable changes, and try to push useless or damaging ones.",[11,12901,12902],{},"So what do we do to counteract that? We actually use Bitcoin for more than holding and investing. That is why scalability is so important. Because it allows more people to directly interact with the system in that way, to directly exert their influence. The more we actually use Bitcoin, the more influence users collectively have to exert in the future over consensus.",[11,12904,12905],{},"If Bitcoiners relegate bitcoin to nothing more than an asset to hold, something to let sit idle, then we will eventually lose it. We will lose our say and influence in the markets bitcoin facilitates, we will lose our influence over the consensus rules that miners choose to mine, we will lose it all.",[11,12907,12908],{},"Bitcoiners need to be active, not passive. We need to transact, we need to build more businesses, consume more blockspace. With payment networks like Lightning or Ark, uncensorable derivatives markets using DLCs, even dumb things like Ordinals and Inscriptions. The demand for blockspace needs to come from distributed and diverse sources, not just massive institutions and companies easily subjectable to regulatory and government influence.",[11,12910,12911],{},"Bitcoin is very much a “use it or lose it” thing. I’d rather not see it lost to people who actually care about freedom due to apathy.",[11,12913,12914],{},[55,12915,12918],{"href":12916,"rel":12917},"https:\u002F\u002Fbitcoinmagazine.com\u002Ftakes\u002Fbitcoin-use-it-or-lose-it",[59],[61,12919,63],{},{"title":65,"searchDepth":66,"depth":66,"links":12921},[],[69],"2024-12-31 08:33:48",{},"\u002Fblog\u002Fbitcoin-use-it-or-lose-it",{"title":12882,"description":12887},"blog\u002FBitcoin-Use-It-Or-Lose-It","xAkrWGIvJQ46lUNubGvuthhNcU1BX77EFqiexpRaNb8",{"id":12930,"title":12931,"body":12932,"categories":12986,"cover":12939,"date":12987,"description":12940,"extension":71,"meta":12988,"navigation":73,"path":12989,"seo":12990,"stem":12991,"tags":77,"__hash__":12992},"blog\u002Fblog\u002FNASA’s-Webb-Reveals-Smallest-Asteroids-Yet-Found-in-Main-Asteroid-Belt.md","NASA’s Webb Reveals Smallest Asteroids Yet Found in Main Asteroid Belt",{"type":8,"value":12933,"toc":12984},[12934,12941,12944,12947,12950,12953,12956,12962,12965,12968,12971,12976],[11,12935,12936,12940],{},[14,12937],{"alt":12938,"src":12939},"asteroid-belt","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Fasteroid-belt.webp","\nNASA’s powerful James Webb Space Telescope includes asteroids on its list of objects studied and secrets revealed.",[11,12942,12943],{},"A team led by researchers at the Massachusetts Institute of Technology (MIT) in Cambridge repurposed Webb’s observations of a distant star to reveal a population of small asteroids — smaller than astronomers had ever detected orbiting the Sun in the main asteroid belt between Mars and Jupiter.",[11,12945,12946],{},"The 138 new asteroids range from the size of a bus to the size of a stadium — a size range in the main belt that has not been observable with ground-based telescopes. Knowing how many main belt asteroids are in different size ranges can tell us something about how asteroids have been changed over time by collisions. That process is related to how some of them have escaped the main belt over the solar system’s history, and even how meteorites end up on Earth.",[11,12948,12949],{},"“We now understand more about how small objects in the asteroid belt are formed and how many there could be,” said Tom Greene, an astrophysicist at NASA’s Ames Research Center in California’s Silicon Valley and co-author on the paper presenting the results. “Asteroids this size likely formed from collisions between larger ones in the main belt and are likely to drift towards the vicinity of Earth and the Sun.”",[11,12951,12952],{},"Insights from this research could inform the work of the Asteroid Threat Assessment Project at Ames. ATAP works across disciplines to support NASA’s Planetary Defense Coordination Office by studying what would happen in the case of an Earth impact and modeling the associated risks.",[11,12954,12955],{},"“It’s exciting that Webb’s capabilities can be used to glean insights into asteroids,” said Jessie Dotson, an astrophysicist at Ames and member of ATAP. “Understanding the sizes, numbers, and evolutionary history of smaller main belt asteroids provides important background about the near-Earth asteroids we study for planetary defense.”",[11,12957,12958],{},[14,12959],{"alt":12960,"src":12961},"Webb","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Fstsci-j-p2223a.webp",[11,12963,12964],{},"The team that made the asteroid detections, led by research scientist Artem Burdanov and professor of planetary science Julien de Wit, both of MIT, developed a method to analyze existing Webb images for the presence of asteroids that may have been inadvertently “caught on film” as they passed in front of the telescope. Using the new image processing technique, they studied more than 10,000 images of the star TRAPPIST-1, originally taken to search for atmospheres around planets orbiting the star, in the search for life beyond Earth.",[11,12966,12967],{},"Asteroids shine more brightly in infrared light, the wavelength Webb is tuned to detect, than in visible light, helping reveal the population of main belt asteroids that had gone unnoticed until now. NASA will also take advantage of that infrared glow with an upcoming mission, the Near-Earth Object (NEO) Surveyor. NEO Surveyor is the first space telescope specifically designed to hunt for near-Earth asteroids and comets that may be potential hazards to Earth.",[11,12969,12970],{},"The paper presenting this research, “Detections of decameter main-belt asteroids with JWST,” was published Dec. 9 in Nature.",[11,12972,12973],{},[61,12974,12975],{},"The James Webb Space Telescope is the world’s premier space science observatory. Webb is solving mysteries in our solar system, looking beyond to distant worlds around other stars, and probing the mysterious structures and origins of our universe and our place in it. Webb is an international program led by NASA with its partners, ESA (European Space Agency) and CSA (Canadian Space Agency).",[11,12977,12978],{},[55,12979,12982],{"href":12980,"rel":12981},"https:\u002F\u002Fwww.nasa.gov\u002Fgeneral\u002Fnasas-webb-reveals-smallest-asteroids-yet-found-in-main-asteroid-belt\u002F",[59],[61,12983,63],{},{"title":65,"searchDepth":66,"depth":66,"links":12985},[],[233],"2024-12-30 11:37:48",{},"\u002Fblog\u002Fnasa's-webb-reveals-smallest-asteroids-yet-found-in-main-asteroid-belt",{"title":12931,"description":12940},"blog\u002FNASA’s-Webb-Reveals-Smallest-Asteroids-Yet-Found-in-Main-Asteroid-Belt","R1XEuNNzRxq2AyCnbM7Rdd0HUwuZnzR8l5x0pS9zc34",{"id":12994,"title":12995,"body":12996,"categories":13074,"cover":13038,"date":13075,"description":13000,"extension":71,"meta":13076,"navigation":73,"path":13077,"seo":13078,"stem":13079,"tags":77,"__hash__":13080},"blog\u002Fblog\u002FAgents-of-Evolution-Crypto’s-Next-Act.md","Agents of Evolution - Crypto’s Next Act",{"type":8,"value":12997,"toc":13069},[12998,13001,13004,13007,13010,13013,13017,13020,13023,13027,13030,13033,13039,13042,13046,13049,13052,13055,13058,13061],[11,12999,13000],{},"Crypto Twitter has been overrun by sentient, well informed chatbots which reply at the speed of refreshing your browser and can maintain hundreds of simultaneous conversations without missing a beat. To many, the rise of these on-chain agents is a welcome upgrade from human influencers like BitBoy and GCR, who have mixed track records and opaque incentives. These agents, like on-chain analyst AIXBT, have quickly risen to the top of crypto twitter influencer mindshare rankings, given their ability to respond at the speed of the internet and justify opinions with data.",[11,13002,13003],{},"Today AIXBT is one of few agents that trades at a nine figure valuation, but as the number of utility-focused agentic launches accelerates next year, many will compare this new agentic asset class to the similar explosion of NFTs in 2021.",[11,13005,13006],{},"On-chain agents and NFTs share many similarities: they curate communities and organize attention, they’re fun to speculate on and offer vague promises of future value. But most importantly they represent novel assets, with no analogue in the traditional finance world.",[11,13008,13009],{},"After the SEC’s lawsuits targeting NFT projects like Flyfish Club and Stoner Cats made it nearly impossible to build an innovative idea with that primitive, NFTs as unique assets lost momentum. In the vacuum left behind, memecoins surged forward, offering a mix of humor and speculative fervor to fill the void once occupied by NFTs' ambitious promises. Because they looked like other trading-only assets which were lightly regulated, the SEC was unable to stifle their development as they did in every other corner in crypto. Memecoins required users to make fewer choices, versus NFTs which combined aspects like rarity and tier that obfuscated any underlying value. Their use was supercharged by platforms like pump.fun, which reduced the creation of new memecoins to just a couple clicks, setting off a frenzy of speculation and new user behaviors tied to token price appreciation. You can find a compilation of the more extreme attempts here.",[11,13011,13012],{},"Yet, amid this speculative chaos, a new asset has emerged which is engendering similar user behaviors to NFTs and memecoins: on-chain agents. These digital entities combine blockchain technology with artificial intelligence to deliver novel user experiences. Though most agents today are indistinguishable from memecoins, several on-chain agents have begun to differentiate themselves through utility.",[100,13014,13016],{"id":13015},"the-rise-of-on-chain-agents","The Rise of On-Chain Agents",[11,13018,13019],{},"Agents represent another asset class in crypto experimenting with new business models and monetization. From AI-generated podcasts to investment insights and anonymous communication, these virtual entities have already reshaped how much of crypto Twitter (X) interacts. The biggest on-chain agents have mindshare bigger than the biggest human crypto-native influencers, and make money similarly: by token-gating information and offering subscriptions. Their distinguishing features — utility-driven frameworks and fair-launch principles — should make agents a more investible asset class than memes. Seen through the lens of hold period, liquidity, and utility, the distinction is even more clear.",[11,13021,13022],{},"Because we suspect investors will hold agents longer term than memecoins, and they create liquidity for themselves through their business models, crypto-focused investors will find this asset class easier to back once the initial frenzy has cleared. Until the business models flourish however, picking agents to invest can be likened to throwing darts at a board.",[100,13024,13026],{"id":13025},"early-innovators-in-on-chain-agents","Early Innovators in On-Chain Agents",[11,13028,13029],{},"The on-chain agent market remains nascent, with most projects still in development. While projects like Truth Terminal set off the frenzy by showing the world that agents could have mimic real people, newer projects have focused on utility. Trained on data from crypto Twitter, AIXBT delivers lightning-fast insights on token dynamics, rivaling the influence of major crypto personalities. Others like Luna have proliferated as entertainment agents, interacting with thousands of people through twitter and TikTok.",[11,13031,13032],{},"Having spent the last two weeks experimenting with many of these, here are five more that are worth playing with. It’s unclear whether any of these are valuable investment opportunities, only that they offer differentiated user experiences.",[11,13034,13035],{},[14,13036],{"alt":13037,"src":13038},"table","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F1f062d82b2e9b1c168e9f9e7575dc4e052a121d7-1716x1012.webp",[11,13040,13041],{},"These projects illustrate the diversity and ingenuity of the on-chain agent ecosystem, laying the foundation for its expansion. Each offers a novel AI-powered user experience that anybody can experiment with. Over time, we suspect that continued engagement may even allow them to create moats. While unclear where these may come from today, Dunbar’s Number provides a helpful framework. It defines the cognitive limit on the number of meaningful social relationships humans can maintain, and is around 150. Agents that create value by maintaining a nearly infinite number of simultaneous relationships, like AIXBT, unlock opportunities beyond what the human brain can cognitively do.",[100,13043,13045],{"id":13044},"the-big-picture","The Big Picture",[11,13047,13048],{},"History doesn’t repeat but it rhymes is an adage you’ll see on the twitter feed of every degen that’s ever lost 90% on a trade, but also proves unfailingly true. At the outset of the fourth bull run of the last two decades, it’s hard to ignore the comparisons.",[11,13050,13051],{},"DeFi summer was set off by the realization that centralized fintech companies often act against their customers. Famously, when Robinhood stopped out retail traders in favor of the big guns in Citadel, these traders realized that big regulated central companies may not be acting in their best interests.",[11,13053,13054],{},"Interestingly, a very similar dynamic is afoot in AI. The biggest companies like ChatGPT have struck multi-year deals with companies like Apple, allowing them to ingest people’s personal iPhone data without much accountability. As such, the violent price swings on agents traded on-chain may be front running this latest rhyme. It’s unclear how this dynamic will play out however. Beyond the agents themselves, agentic frameworks like ai16z’s Eliza and the Virtuals platform may capture value more clearly. The latter is already the breakout performer of the last quarter price-wise: given the inherent uncertainty, investing in an index of agents makes sense. I suspect this is because while agents are inherently interesting, it’s unclear that their usefulness will compound and that the attention dedicated to them will be lasting.",[11,13056,13057],{},"There is an old story about the market craze in sardine trading in a period of relative food scarcity. The commodity traders bid them up and the price of a can of sardines soared. One day a buyer decided to treat himself to an expensive meal and actually opened a can and started eating. He immediately became ill and told the seller the sardines were no good. The seller said, “You don’t understand. These are not eating sardines, they are trading sardines.”",[11,13059,13060],{},"As scarcity returns to the market it’s worth remembering agents can be a trillion dollar asset class. But for now, save for a handful, they’re still sardines.",[11,13062,13063],{},[55,13064,13067],{"href":13065,"rel":13066},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2024\u002F12\u002F20\u002Fagents-of-evolution-crypto-s-next-act",[59],[61,13068,63],{},{"title":65,"searchDepth":66,"depth":66,"links":13070},[13071,13072,13073],{"id":13015,"depth":66,"text":13016},{"id":13025,"depth":66,"text":13026},{"id":13044,"depth":66,"text":13045},[69],"2024-12-25 10:33:56",{},"\u002Fblog\u002Fagents-of-evolution-crypto's-next-act",{"title":12995,"description":13000},"blog\u002FAgents-of-Evolution-Crypto’s-Next-Act","kkGVOzfV-V4zvbyO80oqZB82coenrz5xEQsgTKs7Mwk",{"id":13082,"title":13083,"body":13084,"categories":13187,"cover":13131,"date":13188,"description":13088,"extension":71,"meta":13189,"navigation":73,"path":13190,"seo":13191,"stem":13192,"tags":77,"__hash__":13193},"blog\u002Fblog\u002FWhat-the-Key-Metrics-for-Onchain-Activity-Say-About-SOL-ETH-and-Other-Chains-in-2025.md","What the Key Metrics for Onchain Activity Say About SOL, ETH and Other Chains in 2025",{"type":8,"value":13085,"toc":13181},[13086,13089,13092,13096,13099,13116,13119,13123,13126,13132,13135,13138,13141,13144,13148,13151,13154,13157,13160,13163,13167,13170,13173],[11,13087,13088],{},"Web3 is drowning in metrics, most of which paint an unclear picture. Transaction volumes, token prices and flashy headlines often mask what really matters: the quality of user engagement and the potential for organic, exponential growth. As the industry moves beyond the hype, reliable, data-driven signals of success are no longer optional — they’re essential.",[11,13090,13091],{},"Here’s the good news: the tools to cut through the noise already exist. By combining multiple on-chain metrics into a single “health index” score indicating the depth and quality of overall user engagement, we can identify which chains are truly thriving and poised for long-term growth. With 2024 coming to a close, let’s dig into what these signals reveal about today’s leading chains, and what we can expect in 2025.",[100,13093,13095],{"id":13094},"assessing-user-quality-using-aggregated-not-isolated-data","Assessing user quality using aggregated, not isolated, data",[11,13097,13098],{},"When creating a sustainable on-chain ecosystem, it doesn’t make sense to optimize any single user action. What’s needed is context — a way to quantify not just everything users are doing, but how and why it matters. One promising approach to achieve this is to aggregate user behaviors into five core categories:",[4919,13100,13101,13104,13107,13110,13113],{},[4922,13102,13103],{},"Transaction Activity, ranging from spot trades to smart contract interactions.",[4922,13105,13106],{},"Token Accumulation in the medium-to-long-term, and other “investment” behaviors.",[4922,13108,13109],{},"DeFi Engagement for activities like staking, lending and liquidity provision.",[4922,13111,13112],{},"NFT Activity such as minting, trading and utility-driven interactions.",[4922,13114,13115],{},"Governance Participation to quantify DAO or protocol governance contributions.",[11,13117,13118],{},"Crucially, these metrics should not be treated equally. A better approach is to weigh and combine them using a Bayesian model to generate a single top-line “score.” Unlike traditional scoring systems that rely on static thresholds or simple averages, this lets us incorporate both prior knowledge (what we expect from an “average” wallet) and new evidence (actual activity observed on-chain). These dynamic, multi-variate scores are much harder to game and therefore more likely to reveal accurate, actionable insights.",[100,13120,13122],{"id":13121},"what-the-data-tells-us-about-2024","What the data tells us about 2024",[11,13124,13125],{},"The above approach provides a fresh perspective on each chain’s user activity through 2024. Let’s zoom in on some of the more surprising findings.",[11,13127,13128],{},[14,13129],{"alt":13130,"src":13131},"chain data","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F76516cc746679e99378e68614dbe6848a3b985fc-1274x700.webp",[11,13133,13134],{},"Solana (the top light blue line that peaks at ~2.75) attracted a huge share of high-quality users between February and mid-March, but engagement quality has fallen since. Interestingly, this downslide coincided with SOL’s first price and trading volume spike of 2024, and has continued through the current memecoin mania. Repetitive actions have diminishing returns when assessed using a Bayesian model, meaning multiple token swaps yield smaller score improvements than engagement across multiple types of activities, for any given wallet. This suggests most Solana users are currently engaged in a narrow range of on-chain activities that aren’t contributing to Solana’s multi-sector growth.",[11,13136,13137],{},"As for Ethereum supporters (the bottom orange line that begins at just above 1) who expected this year’s ETH ETFs to be a game-changer, the numbers paint a different picture. Ethereum’s low and stable user score through H1 2024 suggests that this year’s bullish developments did not spur broader ecosystem participation such as DeFi activity and protocol governance.",[11,13139,13140],{},"It’s also worth noting that Axelar (the dark blue line that begins at 2.5) had the most active users across the broadest range of on-chain activities relative to its total user base, according to the data. While Axelar is currently much smaller by TVL than the legacy chains dominating today’s headlines, this is an intriguing signal that warrants closer inspection — and would have been missed if we were looking at market cap or trading volume alone.",[11,13142,13143],{},"The takeaway here isn’t that Solana is doomed and Axelar will inevitably become the world’s biggest chain. There is limited value in comparing these types of scores across chains, since each score is proportional to the user quality of its corresponding chain. In other words, a Solana user with a score of “4” may be very different from a “4” on Axelar, given the differences in each chain’s baseline activity. As such, these scores are most useful when tracking changes in the quality of a chain’s overall user activity over time, not cross-chain comparisons.",[100,13145,13147],{"id":13146},"predictions-for-2025","Predictions for 2025",[11,13149,13150],{},"With that said, what does each chain’s user quality track record tell us about next year?",[11,13152,13153],{},"For starters, it’s clear that Solana faces significant challenges and opportunities entering 2025. The chain’s trajectory depends on its ability to retain its massive casual user base and expand their range of on-chain interactions. Failure to do so could result in a significant slump once memecoins cool off — although data from early 2024 suggests the chain has a large contingent of quality users that will endure regardless of what happens short-term.",[11,13155,13156],{},"2024 demonstrated Axelar’s ability to attract a concentrated user base engaged in diverse, sustained on-chain activities, rather than speculative surges. Now, Axelar’s challenge will be upscaling its ecosystem without diluting the quality of its user base. This may involve prioritizing high-profile partnerships to unlock new audiences while creating more newbie-friendly onramps across its dApp ecosystem.",[11,13158,13159],{},"Ethereum’s fragmentation has shifted many active users to its faster, cheaper L2 ecosystem, and so we may see mainnet activity increasingly consolidate around core features protocol staking and governance. These activities are critical for the broader EVM ecosystem, but this trajectory may be penalized by scoring systems that reward diverse on-chain engagement.",[11,13161,13162],{},"This dynamic underscores a challenge for scoring systems: prioritizing wide-ranging user activity can present an incomplete picture when applied to task-specific networks (or general purpose chains that are evolving into something more specialized). As a result, it’s important to clearly define what success means for whatever chain is being evaluated and use a scoring system that captures the corresponding user actions.",[100,13164,13166],{"id":13165},"a-better-way-to-define-and-drive-on-chain-growth","A better way to define, and drive, on-chain growth",[11,13168,13169],{},"Web3 has spent too long chasing the wrong metrics and failing to view the data in aggregate. In 2025, the winners will be those who find multivariate ways to measure — and act on — what matters most: user quality.",[11,13171,13172],{},"By incorporating new scoring methods into their dashboards, on-chain intelligence platforms can provide more meaningful insights to investors and industry observers. At the same time, Web3 builders can use these scores to clarify top priorities and drive user engagement and value creation. Ultimately, this will help the entire industry shift away from hype-driven narratives to data-backed strategies that unlock the full potential of Web3 in 2025 and beyond.",[11,13174,13175],{},[55,13176,13179],{"href":13177,"rel":13178},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2024\u002F12\u002F23\u002Fwhat-the-key-metrics-for-onchain-activity-say-about-sol-eth-and-other-chains-in-2025",[59],[61,13180,63],{},{"title":65,"searchDepth":66,"depth":66,"links":13182},[13183,13184,13185,13186],{"id":13094,"depth":66,"text":13095},{"id":13121,"depth":66,"text":13122},{"id":13146,"depth":66,"text":13147},{"id":13165,"depth":66,"text":13166},[69],"2024-12-24 13:32:41",{},"\u002Fblog\u002Fwhat-the-key-metrics-for-onchain-activity-say-about-sol-eth-and-other-chains-in-2025",{"title":13083,"description":13088},"blog\u002FWhat-the-Key-Metrics-for-Onchain-Activity-Say-About-SOL-ETH-and-Other-Chains-in-2025","g3u2t4SeHw2Js2bngiucmwxG3C59H_clwVySi1XQLSM",{"id":13195,"title":13196,"body":13197,"categories":13281,"cover":13204,"date":13282,"description":13205,"extension":71,"meta":13283,"navigation":73,"path":13284,"seo":13285,"stem":13286,"tags":77,"__hash__":13287},"blog\u002Fblog\u002FThe-Future-Is-AI-Centric-and-Blockchains-Need-to-Be-as-Well.md","The Future Is AI-Centric, and Blockchains Need to Be as Well",{"type":8,"value":13198,"toc":13275},[13199,13206,13209,13213,13216,13219,13222,13225,13229,13232,13235,13238,13241,13244,13248,13251,13254,13257,13261,13264,13267],[11,13200,13201,13205],{},[14,13202],{"alt":13203,"src":13204},"AI","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F61080bf60d8cbfb426fef3f8a0a51c3168ad279f-1707x960.webp","\nEvery few decades, a new technology emerges that changes everything: the personal computer in the 1980s, the internet in the 1990s, the smartphone in the 2000s. And as AI agents ride a wave of excitement into 2025, and the tech world isn’t asking whether AI agents will similarly reshape our lives — it’s asking how soon.",[11,13207,13208],{},"But for all the excitement, the promise of decentralized agents remains unfulfilled. Most so-called agents today are little more than glorified chatbots or copilots, incapable of true autonomy and complex task-handling — not the autopilots real AI agents should be. So, what’s holding back this revolution, and how do we move from theory to reality?",[100,13210,13212],{"id":13211},"the-current-reality-true-decentralized-agents-dont-exist-yet","The current reality: true decentralized agents don’t exist yet",[11,13214,13215],{},"Let’s start with what’s out there today. If you’ve been scrolling through X\u002FTwitter, you’ve likely seen a lot of buzz around bots like Truth Terminal and Freysa. They’re clever, highly engaging thought experiments — but they’re not decentralized agents. Not even close. What they really are are semi-scripted bots wrapped in mystique, incapable of autonomous decision-making and task execution. As a result they can’t learn, adapt or execute dynamically, at scale or otherwise.",[11,13217,13218],{},"Even more serious players in the AI-blockchain space have struggled to deliver on the promise of truly decentralized agents. Because traditional blockchains have no “natural” way of processing AI, many projects end up taking shortcuts. Some narrowly focus on verification, ensuring AI outputs are credible but failing to provide any meaningful utility once those outputs are brought on-chain.",[11,13220,13221],{},"Others emphasize execution but skip the critical step of decentralizing the AI inference process itself. Often, these solutions operate without validators or consensus mechanisms for AI outputs, effectively sidestepping the core principles of blockchain. These stopgap solutions might create flashy headlines with a strong narrative and sleek Minimum Viable Product (MVP), but they ultimately lack the substance needed for real-world utility.",[11,13223,13224],{},"These challenges to integrating AI with blockchain come down to the fact that today’s internet is designed with human users in mind, not AI. This is especially true when it comes to Web3, since blockchain infrastructure, which is meant to operate silently in the background, is instead dragged to the front-end in the form of clunky user interfaces and manual cross-chain coordination requests. AI agents don't adapt well to these chaotic data structures and UI patterns, and what the industry needs is a radical rethinking of how AI and blockchain systems are built to interact.",[100,13226,13228],{"id":13227},"what-ai-agents-need-to-succeed","What AI agents need to succeed",[11,13230,13231],{},"For decentralized agents to become a reality, the infrastructure underpinning them needs a complete overhaul. The first and most fundamental challenge is enabling blockchain and AI to “talk” to each other seamlessly. AI generates probabilistic outputs and relies on real-time processing, while blockchains demand deterministic results and are constrained by transaction finality and throughput limitations. Bridging this divide necessitates custom-built infrastructure, which I'll discuss further in the next section.",[11,13233,13234],{},"The next step is scalability. Most traditional blockchains are prohibitively slow. Sure, they work fine for human-driven transactions, but agents operate at machine speed. Processing thousands — or millions — of interactions in real time? No chance. Therefore, a reimagined infrastructure must offer programmability for intricate multi-chain tasks and scalability to process millions of agent interactions without throttling the network.",[11,13236,13237],{},"Then there’s programmability. Today’s blockchains rely on rigid, if-this-then-that smart contracts, which are great for straightforward tasks but inadequate for the complex, multi-step workflows AI agents require. Think of an agent managing a DeFi trading strategy. It can’t just execute a buy or sell order — it needs to analyze data, validate its model, execute trades across chains and adjust based on real-time conditions. This is far beyond the capabilities of traditional blockchain programming.",[11,13239,13240],{},"Finally, there’s reliability. AI agents will eventually be tasked with high-stakes operations, and mistakes will be inconvenient at best, and devastating at worst. Current systems are prone to errors, especially when integrating outputs from large language models (LLMs). One wrong prediction, and an agent could wreak havoc, whether that’s draining a DeFi pool or executing a flawed financial strategy. To avoid this, the infrastructure needs to include automated guardrails, real-time validation and error correction baked into the system itself.",[11,13242,13243],{},"All this should be combined into a robust developer platform with durable primitives and on-chain infrastructure, so developers can build new products and experiences more efficiently and cost-effectively. Without this, AI will remain stuck in 2024 — relegated to copilots and playthings that hardly scratch the surface of what’s possible.",[100,13245,13247],{"id":13246},"a-full-stack-approach-to-a-complex-challenge","A full-stack approach to a complex challenge",[11,13249,13250],{},"So what does this agent-centric infrastructure look like? Given the technical complexity of integrating AI with blockchain, the best solution is to take a custom, full-stack approach, where every layer of the infrastructure — from consensus mechanisms to developer tools — is optimized for the specific demands of autonomous agents.",[11,13252,13253],{},"In addition to being able to orchestrate real-time, multi-step workflows, AI-first chains must include a proving system capable of handling a diverse range of machine learning models, from simple algorithms to advanced AIs. This level of fluidity demands an omnichain infrastructure that prioritizes speed, composability and scalability to allow agents to navigate and operate within a fragmented blockchain ecosystem without any specialized adaptations.",[11,13255,13256],{},"AI-first chains must also address the unique risks posed by integrating LLMs and other AI systems. To mitigate this, AI-first chains should embed safeguards at every layer, from validating inferences to ensuring alignment with user-defined goals. Priority capabilities include real-time error detection, decision validation and mechanisms to prevent agents from acting on faulty or malicious data.",[100,13258,13260],{"id":13259},"from-storytelling-to-solution-building","From storytelling to solution-building",[11,13262,13263],{},"2024 saw a lot of early hype around AI agents, and 2025 is when the Web3 industry will actually earn it. This all begins with a radical reimagining of traditional blockchains where every layer — from on-chain execution to the application layer — is designed with AI agents in mind. Only then will AI agents be able to evolve from entertaining bots to indispensable operators and collaborators, redefining entire industries and upending the way we think about work and play.",[11,13265,13266],{},"It is increasingly clear that businesses that prioritize genuine, powerful AI-blockchain integrations will dominate the scene, providing valuable services that would be impossible to deploy on a traditional chain or Web2 platform. Within this competitive backdrop, the shift from human-centric systems to agent-centric ones isn’t optional; it’s inevitable.",[11,13268,13269],{},[55,13270,13273],{"href":13271,"rel":13272},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2024\u002F12\u002F20\u002Fthe-future-is-ai-centric-and-blockchains-need-to-be-as-well",[59],[61,13274,63],{},{"title":65,"searchDepth":66,"depth":66,"links":13276},[13277,13278,13279,13280],{"id":13211,"depth":66,"text":13212},{"id":13227,"depth":66,"text":13228},{"id":13246,"depth":66,"text":13247},{"id":13259,"depth":66,"text":13260},[69],"2024-12-20 18:17:18",{},"\u002Fblog\u002Fthe-future-is-ai-centric-and-blockchains-need-to-be-as-well",{"title":13196,"description":13205},"blog\u002FThe-Future-Is-AI-Centric-and-Blockchains-Need-to-Be-as-Well","vn1cU5FOebNcIl15Lnj_esv0Pqu_TfIw2xmbWdTAlYc",{"id":13289,"title":13290,"body":13291,"categories":13392,"cover":13298,"date":13393,"description":13299,"extension":71,"meta":13394,"navigation":73,"path":13395,"seo":13396,"stem":13397,"tags":77,"__hash__":13398},"blog\u002Fblog\u002FHow-MicroStrategy-and-Others-Are-Taking-on-Billions-in-Debt-to-Buy-More-Bitcoin.md","How MicroStrategy and Others Are Taking on Billions in Debt to Buy More Bitcoin",{"type":8,"value":13292,"toc":13387},[13293,13300,13303,13306,13309,13312,13319,13323,13326,13329,13332,13335,13338,13341,13344,13347,13351,13354,13357,13360,13364,13367,13370,13373,13376,13379],[11,13294,13295,13299],{},[14,13296],{"alt":13297,"src":13298},"wall","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F87dfe2d495991d8077db6abdb6ce4e72115c4f8e-4496x3000.webp","\nHave Michael Saylor and MicroStrategy (MSTR) stumbled onto an infinite money glitch?",[11,13301,13302],{},"It would be hard to blame anyone for thinking so. While the Saylor-led company began buying bitcoin (BTC) more than four years ago, over the past 10 months MicroStrategy has used a unique strategy to raise over $6 billion for the express purpose of adding more bitcoin to its balance sheet, which as of DEC 15 footed to 439,000 tokens worth $46 billion at the current price of about $106,000.",[11,13304,13305],{},"MicroStrategy did not raise these funds by taking out loans or by issuing more company shares (though it has separately issued billions of dollars worth of equity). Rather, the firm sold convertible notes — debt securities which can be converted into equity on specified dates or under special conditions. And it's not done yet: Saylor and company intend to raise at least another $18 billion through such bonds over the course of the next three years, according to a plan laid out in October.",[11,13307,13308],{},"Demand for this convertible paper has been so high that other companies, bitcoin miner MARA Holdings (MARA) among them, have adopted a similar playbook to raise billions to add to their own stacks.",[11,13310,13311],{},"But that raises a question: Could issuing so much debt eventually become dangerous for these firms, and for the crypto market at large?",[11,13313,13314,13315,13318],{},"\"If bitcoin faces a prolonged period of low\u002Fdeclining prices, ",[1731,13316,13317],{},"the companies"," could have to issue more equity and dilute shareholders at an inopportune time … (or) sell the bitcoin for less than they bought,\" Quinn Thompson, founder of crypto hedge fund Lekker Capital, told CoinDesk. Thompson added, though, that he doesn't expect the companies to become insolvent.",[100,13320,13322],{"id":13321},"how-convertible-notes-work","How convertible notes work",[11,13324,13325],{},"Convertible notes are a financial tool that allows companies to quickly raise funds without needing to provide collateral (as they would for a loan) or to immediately dilute their stock. These bonds are priced based on the interest rate baked into them, the firm’s underlying stock, the volatility of that stock and the firm’s credit worthiness.",[11,13327,13328],{},"For example, in November bitcoin mining firm Bitdeer (BTDR) raised $360 million by issuing convertible notes with an interest rate of 5.25%.",[11,13330,13331],{},"These will mature on Dec. 1, 2029 at a price of $15.95 per share — which is approximately 42.5% higher than what these shares were trading for on Nov. 21 when the convertible notes were priced.",[11,13333,13334],{},"In other words, instead of simply buying the company’s shares on the open market, investors can earn a solid yield by holding these notes while also benefitting if the stock surges. Even better, convertible notes come with downside protection. On specific dates, such bonds can be redeemed in cash for an amount equal to the original investment plus interest payments. Put differently, investors are almost guaranteed to get their money back even if the stock plunges before the note matures.",[11,13336,13337],{},"But MicroStrategy’s situation is rather unheard of in that the firm has found demand for convertible bonds at a 0% interest rate even though benchmark U.S. interest rates are closer to 5%. Why? Volatility. Being essentially a leveraged play on bitcoin, MicroStrategy common stock most recently has been trading with a 30-day average implied volatility of 106 and prior to that even higher. For comparison, the S&P 500 usually trades at roughly 15 in implied volatility, and bitcoin at 60.",[11,13339,13340],{},"The stock volatility affects price action in MSTR's convertible bonds and sophisticated market participants are able to score sizable profits by trading that volatility in a market neutral fashion. “I was on the phone with a convertible note (arbitrage) trader… just to sort of understand what he’s going through with all of this,” Richard Byworth, a convertible bond expert and managing partner at asset management firm Syz Capital, told the On The Margin podcast. “He said ‘Rich, I’ve become a degen crypto trader. … It’s insane. I go to the bathroom, if I haven’t tightened up all my deltas and at least left some limits, I can come back and have millions of dollars of exposure.’ This stuff is whipping around like crazy.”",[11,13342,13343],{},"There’s thus a huge demand for MicroStrategy’s convertible notes, and that has allowed the firm to sell a ton of them — five issuances in a year, which is unprecedented. At press time, the company had six outstanding convertible notes, with maturations between 2027 and 2032. Two of these have 0% interest rates, while two others yield 0.625%, a fifth 0.875% and the last one 2.25%. Because these rates are so low, MicroStrategy is managing to sell equity at a massive premium compared to its current stock price, while only paying a blended 0.811% interest rate on its debt, or $35 million annually, an amount easily covered by the firm’s revenue.",[11,13345,13346],{},"“Should implied volatility remain high, I bet MSTR sells more and more convertible bonds… meaning they buy more and more bitcoin,” Greg Magadini, director of derivatives at crypto data firm Amberdata, told CoinDesk. “To me the first sign of a bitcoin rally “TOP” will coincide with a drop in MSTR implied volatility.”",[100,13348,13350],{"id":13349},"convertible-notes-mania","Convertible notes mania",[11,13352,13353],{},"In addition to the above-mentioned bitcoin miners, there's medical device company Semler Scientific (SMLR), which made public its bitcoin treasury strategy in late May. While the firm to date has only purchased bitcoin with cash already on its balance sheet and capital raised through share sales, its stock was granted an options market on Tuesday, which will make note offerings much more attractive to investors and traders looking to profit in similar fashion to that of MicroStrategy's debt.",[11,13355,13356],{},"Bitcoin miners took on roughly $5.2 billion in debt from June to Dec. 5 alone, according to the MinerMag. Some of these convertible notes have been issued with 0% interest in the case of MARA and Core Scientific, while others like Bitdeer, IREN (IREN) and TeraWulf (WULF) have issued them at rates ranging from 2.75% to 8.5%.",[11,13358,13359],{},"Not every company is employing the strategy for the same reasons, however. MARA and Riot Platforms (RIOT) are walking in MicroStrategy’s footsteps by using the proceeds from the convertible notes to add more bitcoin to their balance sheet, but Core Scientific, for example, wants the funds for operating expenses, capital expenditures, and potential acquisitions. Bitdeer, meanwhile, said it aimed to further develop its mining rig manufacturing business.",[100,13361,13363],{"id":13362},"bill-eventually-comes-due","Bill eventually comes due",[11,13365,13366],{},"Convertible notes, however, are not free money. As mentioned previously, once the notes reach full maturity, holders can decide to convert them for equity at an agreed-upon price per share, or redeem them for cash if the stock has underperformed expectations.",[11,13368,13369],{},"The danger, then, is that the stock prices of these various firms could drop significantly over a long period of time, incentivizing holders to redeem their notes for cash instead of shares. In MicroStrategy’s case, that could compel the company to sell some of its bitcoin holdings to pay investors back, while bitcoin mining firms could be forced to sell off various mining assets. In a worst case scenario, firms could end up facing bankruptcy.",[11,13371,13372],{},"Forced selling of bitcoin isn't necessarily the end of the world, at least as long as the company’s average purchase price is lower than the price it sells at. MicroStrategy’s stash, for instance, was acquired for $61,725 per bitcoin on average, which gives the firm a certain amount of breathing space. The trouble is bitcoin is well known for plunging 80% every few years. Just this year — in the middle of a bull market — the price declined nearly 40% at one point, so there's no guarantee the top cryptocurrency won’t ever sink lower than MicroStrategy’s average purchase price.",[11,13374,13375],{},"Even so, MicroStrategy’s bonds are staggered, meaning that they all have different maturation years. That reduces the company’s risk because it won’t need to repay all of that debt all at once. In other words, bitcoin and MSTR would need to stay down for a significant number of years for the firm’s situation to get really dicey. The fact that most of MicroStrategy’s notes already meet the requirements for conversion is another point in the company’s favor, and it always has the option of rolling over its debt by issuing new convertible bonds, even if they wouldn't be on such favorable terms.",[11,13377,13378],{},"In a sense, MicroStrategy is a grizzled veteran of this strategy. It's possible the newcomers like the bitcoin miners and maybe Semler (if it does choose to issue debt) — whose average bitcoin purchase prices will be far higher — could find themselves far more exposed, having taken on large liabilities closer to a potential cycle top.",[11,13380,13381],{},[55,13382,13385],{"href":13383,"rel":13384},"https:\u002F\u002Fwww.coindesk.com\u002Fmarkets\u002F2024\u002F12\u002F17\u002Fhow-micro-strategy-and-others-are-taking-on-billions-in-debt-to-buy-more-bitcoin",[59],[61,13386,63],{},{"title":65,"searchDepth":66,"depth":66,"links":13388},[13389,13390,13391],{"id":13321,"depth":66,"text":13322},{"id":13349,"depth":66,"text":13350},{"id":13362,"depth":66,"text":13363},[69],"2024-12-20 09:37:48",{},"\u002Fblog\u002Fhow-microstrategy-and-others-are-taking-on-billions-in-debt-to-buy-more-bitcoin",{"title":13290,"description":13299},"blog\u002FHow-MicroStrategy-and-Others-Are-Taking-on-Billions-in-Debt-to-Buy-More-Bitcoin","UAygVATBJ-7DPybrz2QsX6YDtWMNI9zKHmT8VoPVZzE",{"id":13400,"title":13401,"body":13402,"categories":13519,"cover":13409,"date":13520,"description":65,"extension":71,"meta":13521,"navigation":73,"path":13522,"seo":13523,"stem":13524,"tags":77,"__hash__":13525},"blog\u002Fblog\u002FCrypto’s-Estate-Planning-Problem.md","Crypto’s Estate Planning Problem",{"type":8,"value":13403,"toc":13506},[13404,13410,13413,13417,13420,13423,13426,13430,13433,13436,13440,13443,13447,13450,13454,13457,13460,13464,13467,13471,13474,13478,13481,13485,13488,13492,13495,13498],[11,13405,13406],{},[14,13407],{"alt":13408,"src":13409},"Building","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F9ad57410021f5647562b88df330da1c2c0ad4de3-1024x683.avif",[11,13411,13412],{},"As 2024 draws to a close, cryptocurrency stands at a turning point. Bitcoin has crossed the $100,000 mark and digital assets have solidified their place in investment portfolios of all sizes. Yet, amid these milestones, a critical, yet overlooked issue remains: the estate planning challenges unique to cryptocurrency and other digital assets.",[100,13414,13416],{"id":13415},"a-looming-crisis-estate-planning-in-a-digital-era","A Looming Crisis: Estate Planning in a Digital Era",[11,13418,13419],{},"Unlike traditional assets, cryptocurrencies and digital assets operate outside established estate planning frameworks. Their decentralized nature, reliance on private keys, and pseudonymity make them revolutionary. Butwithout proper planning, crypto holdings can be lost forever, become embroiled in legal disputes, or heavily taxed.",[11,13421,13422],{},"This vulnerability is not hypothetical. Chainalysis reports that nearly 20% of all bitcoin is lost or stranded, much of it likely due to the misplacement of private keys or owners dying without a plan for the now-valuable assets transferring to their heirs. As billions of dollars in digital wealth continues to accumulate, the risks tied to inadequate planning grow exponentially.",[11,13424,13425],{},"With the Tax Cuts and Jobs Act (TCJA) of 2017 set to sunset in 2025, legal frameworks surrounding wealth transfer may undergo significant changes (while Congress appears likely to act, it is not assured). For cryptocurrency holders, this moment represents both a wake-up call and an opportunity to reassess their plans to protect and pass on digital assets to future generations.",[100,13427,13429],{"id":13428},"_2025-tax-law-changes-a-catalyst-for-action","2025 Tax Law Changes: A Catalyst for Action",[11,13431,13432],{},"The TCJA temporarily doubled the federal estate, gift, and generation-skipping transfer (GST) tax exemptions, allowing individuals to transfer up to $13.99 million, tax-free, in 2025. Without new legislation, however, these exemptions will revert to approximately $7 million per individual on January 1, 2026 (adjusted for inflation). This reduction will subject a greater share of estates to federal taxes, making planning for cryptocurrency even more urgent.",[11,13434,13435],{},"Additionally, the IRS’s new reporting requirements for digital assets, which will go into effect on January 1, 2025, will increase reporting requirements and scrutiny. Pursuant to the Inflation Reduction Act of 2022, Congress has allocated billions of dollars to the IRS, including a bolstering of the agency’s staff and an increased focus on the pursuit of crypto enforcement.",[100,13437,13439],{"id":13438},"legal-strategies-for-cryptocurrency-estate-planning","Legal Strategies for Cryptocurrency Estate Planning",[11,13441,13442],{},"To address these challenges and seize opportunities before the tax law changes, cryptocurrency holders should consider these strategies:",[7002,13444,13446],{"id":13445},"_1-draft-digital-asset-specific-estate-plans","1. Draft Digital Asset-Specific Estate Plans",[11,13448,13449],{},"Traditional wills and trusts often fall short when dealing with cryptocurrency. Comprehensive estate plans must create a succession plan, including instructions for accessing private keys, wallets, and recovery phrases (without creating security vulnerabilities). A secure, regularly updated inventory of digital assets is critical to ensure heirs can locate, access and manage holdings effectively.",[7002,13451,13453],{"id":13452},"_2-capitalize-on-gift-exclusions-and-lifetime-gifting","2. Capitalize on Gift Exclusions and Lifetime Gifting",[11,13455,13456],{},"With the current high exemption levels, now is the time to transfer digital assets out of taxable estates. Gifting cryptocurrency to heirs or placing it in irrevocable trusts can lock in tax savings before exemptions are reduced in 2026. Charitable remainder trusts also allow for tax-advantaged transfers, benefiting both heirs and philanthropic causes.",[11,13458,13459],{},"Additionally, the annual gift tax exclusion will rise to $19,000 per recipient in 2025. Married couples can gift up to $38,000 per recipient tax-free. Regular use of these exclusions allows incremental reductions of taxable estates over time.",[7002,13461,13463],{"id":13462},"_3-embrace-multi-signature-wallets-and-collaborative-custody","3. Embrace Multi-Signature Wallets and Collaborative Custody",[11,13465,13466],{},"Strategic use of multi-signature wallets and collaborative custody can enhance both security and estate planning. By collaborating with multiple parties (such as an executor and trusted family members) to authorize transactions, these wallets prevent unauthorized access while ensuring heirs can access funds when needed.",[7002,13468,13470],{"id":13469},"_4-move-digital-assets-to-llcs-or-establish-asset-protection-trusts","4. Move Digital Assets to LLCs or Establish Asset Protection Trusts",[11,13472,13473],{},"Placing cryptocurrency in an LLC and transferring ownership to a trust can shield assets from creditors and legal claimants. This structure also bypasses probate courts, ensuring a smoother transition to heirs while safeguarding wealth from lawsuits or creditor claims.",[7002,13475,13477],{"id":13476},"_5-stay-ahead-of-regulatory-changes","5. Stay Ahead of Regulatory Changes",[11,13479,13480],{},"The IRS’s rules on cryptocurrency transactions are rapidly evolving and will demand more meticulous record-keeping and compliance measures. Sophisticated tools and legal and accounting expertise will be crucial to navigate this environment and ensure tax-efficient wealth transfers.",[100,13482,13484],{"id":13483},"looking-forward-to-2025","Looking Forward to 2025",[11,13486,13487],{},"This year underscored the transformative potential of cryptocurrency as an investment class — but also exposed its vulnerabilities. Estate planning remains an afterthought for many crypto holders, even as the value of digital assets climbs and tax law changes loom on the horizon. For 2025, the crypto community must confront these realities. Regulators, estate planners, accountants, financial advisors and investors alike need to prioritize creating and implementing solutions that address the unique challenges of the rise of digital wealth.",[100,13489,13491],{"id":13490},"a-call-to-action","A Call to Action",[11,13493,13494],{},"The close of 2024 is not just a moment to celebrate cryptocurrency’s successes but also a chance to prepare for its future. By taking proactive steps now — whether through establishing estate plans, creating trusts, or implementing gifting strategies — investors can secure their digital wealth and pass it on as a lasting legacy.",[11,13496,13497],{},"As the saying goes, failing to plan is planning to fail. For cryptocurrency holders, 2025 offers a rare window to act decisively before tax laws change and vulnerabilities deepen. The time to protect your digital fortune is now.",[11,13499,13500],{},[55,13501,13504],{"href":13502,"rel":13503},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2024\u002F12\u002F18\u002Fcrypto-s-estate-planning-problem-a-wake-up-call",[59],[61,13505,63],{},{"title":65,"searchDepth":66,"depth":66,"links":13507},[13508,13509,13510,13517,13518],{"id":13415,"depth":66,"text":13416},{"id":13428,"depth":66,"text":13429},{"id":13438,"depth":66,"text":13439,"children":13511},[13512,13513,13514,13515,13516],{"id":13445,"depth":7057,"text":13446},{"id":13452,"depth":7057,"text":13453},{"id":13462,"depth":7057,"text":13463},{"id":13469,"depth":7057,"text":13470},{"id":13476,"depth":7057,"text":13477},{"id":13483,"depth":66,"text":13484},{"id":13490,"depth":66,"text":13491},[69],"2024-12-18 21:37:40",{},"\u002Fblog\u002Fcrypto's-estate-planning-problem",{"title":13401,"description":65},"blog\u002FCrypto’s-Estate-Planning-Problem","XrrQOMr2Zd_7vax4DLCfiQfb6ii-U4aQLLxy1tagcIE",{"id":13527,"title":13528,"body":13529,"categories":13641,"cover":13536,"date":13642,"description":65,"extension":71,"meta":13643,"navigation":73,"path":13644,"seo":13645,"stem":13646,"tags":77,"__hash__":13647},"blog\u002Fblog\u002FHow-Wall-Street’s-Relationship-With-Bitcoin-Will-Transform-in-2025.md","How Wall Street’s Relationship With Bitcoin Will Transform in 2025",{"type":8,"value":13530,"toc":13634},[13531,13537,13540,13543,13546,13549,13553,13556,13559,13562,13565,13568,13572,13575,13578,13581,13584,13588,13591,13594,13597,13600,13604,13607,13610,13613,13616,13620,13623,13626],[11,13532,13533],{},[14,13534],{"alt":13535,"src":13536},"Wallstreet","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F253e7364b1418571b13ca9a7060fadee905430f6-2560x1718.webp",[11,13538,13539],{},"When Michael Saylor announced MicroStrategy's conversion of $250 million in Treasury reserves to bitcoin in August 2020, Wall Street analysts dismissed it as a reckless gamble. \"Superior to cash,\" Saylor declared of bitcoin at the time, drawing skepticism from traditional banking circles.",[11,13541,13542],{},"Yet today, those same banks that sneered at bitcoin's corporate adoption are now scrambling to participate in bitcoin-collateralized lending as they race to capitalize on its superior characteristics as institutional-grade collateral and a thriving product-market fit.",[11,13544,13545],{},"Traditional collateral, such as real estate, requires manual appraisals, subjective valuations and complex legal frameworks that vary by jurisdiction. Bitcoin, by contrast, offers instant verification of collateral backing through public blockchain data, 24\u002F7 real-time settlement and liquidation capabilities, uniform quality regardless of geography or counterparty, and the ability to enforce lending terms programmatically.",[11,13547,13548],{},"When a lender realizes that they can instantly verify and potentially liquidate bitcoin collateral at 3 a.m. on a Sunday — while real estate sits waiting for manual appraisals, subjective valuations, and potential evictions— there will be no going back.",[100,13550,13552],{"id":13551},"_1-traditional-banking-bends-the-knee-to-bitcoin","1. Traditional banking bends the knee to bitcoin.",[11,13554,13555],{},"MicroStrategy's (MSTR) approach fundamentally altered how public companies view bitcoin as a treasury asset. Rather than simply holding bitcoin, the firm has pioneered a treasury model of leveraging public markets to amplify its crypto position — issuing convertible notes and at the market equity offerings to finance purchases of bitcoin. This strategy has allowed MicroStrategy to significantly outperform spot bitcoin ETFs by harnessing the same financial engineering that made traditional banks powerful, but with bitcoin as the underlying asset instead of traditional financial instruments and real estate.",[11,13557,13558],{},"As a result, one of my predictions for 2025 is that MSTR will announce a 10-for-1 stock split to further its market share as it will allow many more investors to purchase shares and options contracts. MicroStrategy's playbook demonstrates just how deeply bitcoin has penetrated traditional corporate finance.",[11,13560,13561],{},"I also believe financial services built around bitcoin are set to explode in popularity as long-term holders and new investors look to get more out of their positions. We expect to see rapid growth in bitcoin-collateralized loans and yield-generating products for bitcoin holders worldwide.",[11,13563,13564],{},"Moreover, there’s an almost poetic answer to why bitcoin-backed loans have become so popular — they are a true representation of financial inclusion, with a business owner in Medellín facing the same collateral requirements and interest rates as one in Madrid. Each person’s bitcoin carries identical properties, verification standards and liquidation processes. This standardization strips away the arbitrary risk premiums historically imposed on borrowers in emerging markets.",[11,13566,13567],{},"Traditional banks marketed \"global reach\" for decades while maintaining vastly different lending standards across regions. Now, bitcoin-backed lending exposes this inherited inefficiency for what it is: a relic of an antiquated financial system.",[100,13569,13571],{"id":13570},"_2-borders-fall-as-capital-flows-freely","2. Borders fall as capital flows freely.",[11,13573,13574],{},"Nations are entering a new era of competition for bitcoin business and capital. Consequently, we expect to see new tax incentives specifically targeting bitcoin investors and businesses in 2025. These will happen alongside fast-track visa programs for crypto entrepreneurs and regulatory frameworks designed to attract bitcoin companies.",[11,13576,13577],{},"Nations historically competed for manufacturing bases or regional headquarters. Now they compete for bitcoin mining operations, trading venues and custody infrastructure.",[11,13579,13580],{},"El Salvador's bitcoin treasury position represents early experimentation with nation-state bitcoin reserves. While experimental, their moves and the recent proposal for a U.S. Strategic Bitcoin Reserve forces traditional financial centers to confront bitcoin's role in sovereign finance.",[11,13582,13583],{},"Other nations will study and attempt to replicate these frameworks, preparing their own initiatives to attract bitcoin-denominated capital flows.",[100,13585,13587],{"id":13586},"_3-banks-race-against-obsolescence","3. Banks race against obsolescence.",[11,13589,13590],{},"In debt markets, necessity drives innovation. Public companies now routinely tap bond markets and convertible notes to finance bitcoin-related transactions. The practice has transformed bitcoin from a speculative asset into a cornerstone of corporate treasury management.",[11,13592,13593],{},"Companies like Marathon Digital Holdings and Semler Scientific have been successful in following MicroStrategy's lead, and the market has rewarded them. This is the most important signal for treasury managers and CEOs. Bitcoin’s got their attention now.",[11,13595,13596],{},"Meanwhile, bitcoin lending markets have come a long way over the last two years. With the deadwood being cleared away, serious institutional lenders now demand proper collateral segregation, transparent custody arrangements and conservative loan-to-value ratios. This standardization of risk management practices attracts precisely the type of institutional capital that previously sat on the sidelines.",[11,13598,13599],{},"More regulatory clarity out of the U.S. should open the door for more banks to get involved in bitcoin financial products — this will benefit consumers the most, with new capital and competition driving rates down and making bitcoin-backed loans even more compelling.",[100,13601,13603],{"id":13602},"_4-bitcoin-and-crypto-ma-intensifies","4. Bitcoin and crypto M&A intensifies.",[11,13605,13606],{},"As regulatory clarity emerges through the SAB 121 resolution addressing crypto custody and other guidance, banks will face a critical choice: build or buy their way into the growing market of bitcoin & lending. As a result, we predict at least one of the top 20 U.S. banks will acquire a crypto business in the coming year.",[11,13608,13609],{},"Banks will want to move fast, and development timelines for cryptocurrency infrastructure stretch beyond competitive windows, while established firms already process billions in monthly volume through battle-tested systems.",[11,13611,13612],{},"These operational platforms represent years of specialized development that banks cannot rapidly replicate. The acquisition premium shrinks against the opportunity cost of delayed market entry.",[11,13614,13615],{},"The confluence of operational maturity, regulatory clarity and strategic necessity creates natural conditions for the banking industry’s acquisition of cryptocurrency capabilities.These moves mirror previous financial technology integration patterns in which banks historically acquired electronic trading platforms rather than building internal capabilities.",[100,13617,13619],{"id":13618},"_5-public-markets-validate-bitcoin-infrastructure","5. Public markets validate bitcoin infrastructure.",[11,13621,13622],{},"The cryptocurrency industry is poised for a breakthrough year in public markets. We expect to see at least one high-profile crypto initial public offering exceeding $10 billion in valuation in the U.S. Major digital asset companies have built sophisticated institutional service layers with revenue streams that now mirror those of traditional banks, processing billions in daily transactions, managing substantial custody operations with rigorous compliance frameworks and generating stable fee income from regulated activities.",[11,13624,13625],{},"The next chapter of finance will therefore be written not by those who resist this change but by those who recognize that their very survival depends on embracing it.",[11,13627,13628],{},[55,13629,13632],{"href":13630,"rel":13631},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2024\u002F12\u002F18\u002Fhow-wall-street-s-relationship-with-bitcoin-will-transform-in-2025-5-predictions",[59],[61,13633,63],{},{"title":65,"searchDepth":66,"depth":66,"links":13635},[13636,13637,13638,13639,13640],{"id":13551,"depth":66,"text":13552},{"id":13570,"depth":66,"text":13571},{"id":13586,"depth":66,"text":13587},{"id":13602,"depth":66,"text":13603},{"id":13618,"depth":66,"text":13619},[69],"2024-12-18 20:18:48",{},"\u002Fblog\u002Fhow-wall-street's-relationship-with-bitcoin-will-transform-in-2025",{"title":13528,"description":65},"blog\u002FHow-Wall-Street’s-Relationship-With-Bitcoin-Will-Transform-in-2025","jqd9IJUZ3HXtVMLlP2LSgE33WQ-ZhXTxzHhmWXMKCIw",{"id":13649,"title":13650,"body":13651,"categories":13699,"cover":13667,"date":13700,"description":13655,"extension":71,"meta":13701,"navigation":73,"path":13702,"seo":13703,"stem":13704,"tags":77,"__hash__":13705},"blog\u002Fblog\u002FNASA-Finds-‘Sideways’-Black-Hole-Using-Legacy-Data-New-Techniques.md","NASA Finds ‘Sideways’ Black Hole Using Legacy Data, New Techniques",{"type":8,"value":13652,"toc":13697},[13653,13656,13659,13662,13668,13671,13674,13677,13680,13683,13686,13689],[11,13654,13655],{},"NASA researchers have discovered a perplexing case of a black hole that appears to be “tipped over,” rotating in an unexpected direction relative to the galaxy surrounding it. That galaxy, called NGC 5084, has been known for years, but the sideways secret of its central black hole lay hidden in old data archives. The discovery was made possible by new image analysis techniques developed at NASA’s Ames Research Center in California’s Silicon Valley to take a fresh look at archival data from the agency’s Chandra X-ray Observatory.",[11,13657,13658],{},"Using the new methods, astronomers at Ames unexpectedly found four long plumes of plasma – hot, charged gas – emanating from NGC 5084. One pair of plumes extends above and below the plane of the galaxy. A surprising second pair, forming an “X” shape with the first, lies in the galaxy plane itself. Hot gas plumes are not often spotted in galaxies, and typically only one or two are present.",[11,13660,13661],{},"The method revealing such unexpected characteristics for galaxy NGC 5084 was developed by Ames research scientist Alejandro Serrano Borlaff and colleagues to detect low-brightness X-ray emissions in data from the world’s most powerful X-ray telescope. What they saw in the Chandra data seemed so strange that they immediately looked to confirm it, digging into the data archives of other telescopes and requesting new observations from two powerful ground-based observatories.",[11,13663,13664],{},[14,13665],{"alt":13666,"src":13667},"NGC 5084's Core","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Fngc5084-aligned-hst-closer-dec2024-darker-contrast-cropped.webp",[11,13669,13670],{},"The surprising second set of plumes was a strong clue this galaxy housed a supermassive black hole, but there could have been other explanations. Archived data from NASA’s Hubble Space Telescope and the Atacama Large Millimeter\u002Fsubmillimeter Array (ALMA) in Chile then revealed another quirk of NGC 5084: a small, dusty, inner disk turning about the center of the galaxy. This, too, suggested the presence of a black hole there, and, surprisingly, it rotates at a 90-degree angle to the rotation of the galaxy overall; the disk and black hole are, in a sense, lying on their sides.",[11,13672,13673],{},"The follow-up analyses of NGC 5084 allowed the researchers to examine the same galaxy using a broad swath of the electromagnetic spectrum – from visible light, seen by Hubble, to longer wavelengths observed by ALMA and the Expanded Very Large Array of the National Radio Astronomy Observatory near Socorro, New Mexico.",[11,13675,13676],{},"“It was like seeing a crime scene with multiple types of light,” said Borlaff, who is also the first author on the paper reporting the discovery. “Putting all the pictures together revealed that NGC 5084 has changed a lot in its recent past.”",[11,13678,13679],{},"“Detecting two pairs of X-ray plumes in one galaxy is exceptional,” added Pamela Marcum, an astrophysicist at Ames and co-author on the discovery. “The combination of their unusual, cross-shaped structure and the ‘tipped-over,’ dusty disk gives us unique insights into this galaxy’s history.”",[11,13681,13682],{},"Typically, astronomers expect the X-ray energy emitted from large galaxies to be distributed evenly in a generally sphere-like shape. When it’s not, such as when concentrated into a set of X-ray plumes, they know a major event has, at some point, disturbed the galaxy.",[11,13684,13685],{},"Possible dramatic moments in its history that could explain NGC 5084’s toppled black hole and double set of plumes include a collision with another galaxy and the formation of a chimney of superheated gas breaking out of the top and bottom of the galactic plane.",[11,13687,13688],{},"More studies will be needed to determine what event or events led to the current strange structure of this galaxy. But it is already clear that the never-before-seen architecture of NGC 5084 was only discovered thanks to archival data – some almost three decades old – combined with novel analysis techniques.",[11,13690,13691],{},[55,13692,13695],{"href":13693,"rel":13694},"https:\u002F\u002Fwww.nasa.gov\u002Funiverse\u002Fblack-holes\u002Fnasa-finds-sideways-black-hole-using-legacy-data-new-techniques\u002F",[59],[61,13696,63],{},{"title":65,"searchDepth":66,"depth":66,"links":13698},[],[233],"2024-12-18 11:57:43",{},"\u002Fblog\u002Fnasa-finds-'sideways'-black-hole-using-legacy-data-new-techniques",{"title":13650,"description":13655},"blog\u002FNASA-Finds-‘Sideways’-Black-Hole-Using-Legacy-Data-New-Techniques","f9EGnagxyqj-AFbfvrSDN2meXaQeN4iNwuKw56sFQGs",{"id":13707,"title":13708,"body":13709,"categories":13754,"cover":13716,"date":13755,"description":65,"extension":71,"meta":13756,"navigation":73,"path":13757,"seo":13758,"stem":13759,"tags":77,"__hash__":13760},"blog\u002Fblog\u002FNASA-Open-Science-Reveals-Sounds-of-Space.md","NASA Open Science Reveals Sounds of Space",{"type":8,"value":13710,"toc":13752},[13711,13717,13720,13723,13726,13729,13732,13735,13738,13741,13744],[11,13712,13713],{},[14,13714],{"alt":13715,"src":13716},"Sound project","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Fcrab_lg.jpeg",[11,13718,13719],{},"NASA has a long history of translating astronomy data into beautiful images that are beloved by the public. Through its Chandra X-ray Observatory and Universe of Learning programs, NASA brings that principle into the world of audio in a project known as “A Universe of Sound.” The team has converted openly available data from Chandra, supplemented by open data from other observatories, into dozens of “sonifications,” with more on the way.",[11,13721,13722],{},"Following the open science principle of accessibility, “A Universe of Sound” helps members of the public who are blind or low vision experience NASA data in a new sensory way. Sighted users also enjoy listening to the sonifications.",[11,13724,13725],{},"“Open science is this way to not just have data archives that are accessible and incredibly rich, but also to enhance the data outputs themselves,” said Dr. Kimberly Arcand, the visualization scientist and emerging technology lead at Chandra and member of NASA’s Universe of Learning who heads up the sonification team. “I want everybody to have the same type of access to this data that I do as a scientist. Sonification is just one of those steps.”",[11,13727,13728],{},"While the Chandra telescope provides data in X-ray wavelengths for most of the sonifications, the team also took open data from other observatories to create a fuller picture of the universe. Types of data used to create some of the sonifications include visual and ultraviolet light from the Hubble Space Telescope, infrared and visual light from the James Webb Space Telescope, and infrared light from the now-retired Spitzer Space Telescope.",[11,13730,13731],{},"The sonification team, which includes astrophysicist Matt Russo, musician Andrew Santaguida (both of the SYSTEM Sounds project), consultant Christine Malec, and Dr. Arcand, assigned each wavelength of observation to a different musical instrument or synthesized sound to create a symphony of data. Making the separate layers publicly available was important to the team to help listeners understand the data better.",[11,13733,13734],{},"“It's not just about accessibility. It's also about reproducibility,” Arcand said. “We're being very specific with providing all of the layers of sound, and then describing what those layers are doing to make it more transparent and obvious which steps were taken and what process of translation has occurred.”",[11,13736,13737],{},"For example, in a sonification of the supernova remnant Cassiopeia A, modified piano sounds represent X-ray data from Chandra, strings and brass represent infrared data from Webb and Spitzer, and small cymbals represent stars located via visual light data from Hubble.",[11,13739,13740],{},"The team brought together people of various backgrounds to make the project a success – scientists to obtain and interpret the data, audio engineers to mix the sonifications, and members of the blind and low vision community to direct the product into something that brought a greater understanding of the data.",[11,13742,13743],{},"“Another benefit to open science is it tends to open those pathways of collaboration,” Arcand said. “We invite lots of different community members into the process to make sure we're creating something that adds value, that adds to the greater good, and that makes the investment in the data worthwhile.”",[11,13745,13746],{},[55,13747,13750],{"href":13748,"rel":13749},"https:\u002F\u002Fscience.nasa.gov\u002Fopen-science\u002Fastronomy-data-sonification\u002F",[59],[61,13751,63],{},{"title":65,"searchDepth":66,"depth":66,"links":13753},[],[233],"2024-12-18 09:17:28",{},"\u002Fblog\u002Fnasa-open-science-reveals-sounds-of-space",{"title":13708,"description":65},"blog\u002FNASA-Open-Science-Reveals-Sounds-of-Space","qRMxKV0pglhEbn61LJg9Misn_dTaD8ULf4xrMGmuB7M",{"id":13762,"title":13763,"body":13764,"categories":13826,"cover":13771,"date":13827,"description":65,"extension":71,"meta":13828,"navigation":73,"path":13829,"seo":13830,"stem":13831,"tags":77,"__hash__":13832},"blog\u002Fblog\u002FStablecoin-Market-Cap-Hits-Milestone-Could-Double-in-2025-as-Adoption-Accelerates.md","Stablecoin Market Cap Hits $200B Milestone, Could Double in 2025 as Adoption Accelerates",{"type":8,"value":13765,"toc":13823},[13766,13772,13775,13778,13781,13784,13787,13790,13793,13796,13799,13803,13806,13809,13812,13815],[11,13767,13768],{},[14,13769],{"alt":13770,"src":13771},"stablecoin mc","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Fd422e9baad43a76ae3ee4018330ca23134bbcded-1280x720.webp",[11,13773,13774],{},"The booming stablecoin market hit another milestone Wednesday, crossing the $200 billion total market value mark for the first time ever as demand accelerates and adoption expands for the assets.",[11,13776,13777],{},"The asset class as a whole added $10 billion market value in only two weeks since it surpassed the 2022 bull cycle record of $190 billion, according to CCData and DefiLlama.",[11,13779,13780],{},"Stablecoins are cryptocurrencies designed to hold a steady price, predominantly pegged to the U.S. dollar. They are a key piece of infrastructure for the digital assets space, serving as the main source of liquidity for trading crypto assets on exchanges and move value on blockchain rails.",[11,13782,13783],{},"Demand for stablecoins grew steadily through the past year as crypto markets emerged from a brutal bear market. The growth significantly accelerated following Donald Trump's election victory last month, adding $30 billion supply as investors poured funds into cryptocurrencies in a frenzy.",[11,13785,13786],{},"Tether's USDT, the most popular stablecoin, climbed to a record supply of $139 billion, up 12% in a month, DefiLlama data shows. USDT was recognized as an accepted virtual asset by the Abu Dhabi Global Market (ADGM) earlier this week, and the issuer aims to expand services across the Middle East region.",[11,13788,13789],{},"Circle's USDC, the second-largest in the asset class, also grew 9% to nearly $41 billion market value during the same period. Circle just recently teamed up with Binance, the world's largest crypto exchange by trading volume, to push USDC adoption globally.",[11,13791,13792],{},"It's not just the booming crypto market that drives growth, though.",[11,13794,13795],{},"There's evidence for increasing stablecoin usage for payments, remittances and savings, especially in developing countries with rapidly depreciating local currency and fragile financial systems. One indication of stablecoin adoption for non-crypto use cases is the rapidly growing number of stablecoin transactions on transfer applications including peer-to-peer payment platforms, Nik Milanovic, partner at the venture capital firm Fintech Fund, pointed out in an X post.",[11,13797,13798],{},"Tokenized products with stable prices that offer yield to investors are also in vogue. Ethena's dollar-pegged USDe token, which generates yield by shorting bitcoin and ether perpetuals farming the funding rate, surged over $5 billion, up 90% in a month, per DefiLlama data. Up-and-coming decentralized finance (DeFi) protocol Usual's stablecoin zoomed to $700 million, doubling in size during the same period.",[100,13800,13802],{"id":13801},"market-cap-could-double-in-2025","Market cap could double in 2025",[11,13804,13805],{},"The growth will likely continue into the next year, with digital asset manager Bitwise predicting the stablecoin market as reaching $400 billion in 2025. According to a Tuesday report, one of the key catalysts could be the U.S. Congress passing long-awaited stablecoin legislation that defines rules for businesses and institutions to issue and interact with tokens.",[11,13807,13808],{},"\"Clear answers to big questions—Who regulates them? What are the proper reserve requirements?— will spark massive new interest among issuers, consumers, and businesses,\" Bitwise analysts wrote. \"When that happens, expect some large traditional banks like J.P. Morgan and others to enter the space.\"",[11,13810,13811],{},"Other growth catalysts include popular fintech applications integrating stablecoins to their services following Paypal's example with its PYUSD stablecoin, and the increasing role of stablecoins in global payments and remittances, the report added.",[11,13813,13814],{},"It's not just Bitwise who came out with bullish projections for stablecoins. Standard Chartered and Zodia Markets forecasted in a report last month that stablecoins could reach to the equivalent of 10% of U.S. money supply and foreign exchange transactions, up from the current 1%.",[11,13816,13817],{},[55,13818,13821],{"href":13819,"rel":13820},"https:\u002F\u002Fwww.coindesk.com\u002Fmarkets\u002F2024\u002F12\u002F11\u002Fstablecoin-market-cap-hits-200-b-milestone-could-double-in-2025-as-adoption-accelerates",[59],[61,13822,63],{},{"title":65,"searchDepth":66,"depth":66,"links":13824},[13825],{"id":13801,"depth":66,"text":13802},[69],"2024-12-12 10:17:12",{},"\u002Fblog\u002Fstablecoin-market-cap-hits-milestone-could-double-in-2025-as-adoption-accelerates",{"title":13763,"description":65},"blog\u002FStablecoin-Market-Cap-Hits-Milestone-Could-Double-in-2025-as-Adoption-Accelerates","veD3JM6W8FOvkO6DARWtHt-OercwXwFprTosfxvRBRM",{"id":13834,"title":13835,"body":13836,"categories":13911,"cover":13843,"date":13912,"description":65,"extension":71,"meta":13913,"navigation":73,"path":13914,"seo":13915,"stem":13916,"tags":77,"__hash__":13917},"blog\u002Fblog\u002FOpening-Doors-for-Banks-Under-a-Trump-Administration.md","Opening Doors for Banks Under a Trump Administration",{"type":8,"value":13837,"toc":13906},[13838,13844,13847,13850,13853,13857,13860,13863,13866,13869,13873,13876,13879,13882,13885,13889,13892,13895,13898],[11,13839,13840],{},[14,13841],{"alt":13842,"src":13843},"6e972065a5571e224e77dd77a3385d4977d843c8-4240x2832","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F6e972065a5571e224e77dd77a3385d4977d843c8-4240x2832.webp",[11,13845,13846],{},"One of the most significant factors for the crypto industry lies not in market dynamics, but in the political arena.",[11,13848,13849],{},"Trump’s pro-crypto rhetoric certainly grabbed headlines, but the real catalyst for banks and other financial intermediaries is likely a Republican sweep in Congress, given that most of his pledges would require legislative approval. With strong Republican backing and bipartisan support also showing momentum, crypto-friendly legalisation would be far more likely to pass.",[11,13851,13852],{},"Two developments are central to this shift: dismantling the SEC’s SAB 121 (which has kept much of the financial sector sidelined) and the Bitcoin Act 2024 (which proposes a national bitcoin stockpile).",[100,13854,13856],{"id":13855},"revocation-of-sab-121","Revocation of SAB 121",[11,13858,13859],{},"SAB 121 is a contentious accounting bulletin that has created a compliance burden, discouraging banks from offering services like crypto custody — despite the rising demand from customers (and likely from the banks themselves).",[11,13861,13862],{},"Dismantling SAB 121 would remove a major chokehold on banks, allowing them to offer crypto custody services and further diversify their product offerings into staking and other yield-bearing products. This mirrors what we have seen in the ETF market, where institutional involvement fundamentally changes market dynamics.",[11,13864,13865],{},"It would also allow banks to defend their assets under management, retain clients, and increase their share of wallet among existing clients interested in crypto, while attracting a younger generation of crypto-native customers.",[11,13867,13868],{},"This is likely the route towards mainstream adoption as banks could offer retail customers simplified or “all-in-one” financial services.",[100,13870,13872],{"id":13871},"bitcoin-act-2024","Bitcoin Act 2024",[11,13874,13875],{},"Trump also promised to push the Bitcoin Act 2024, which aims to establish a strategic bitcoin stockpile as part of U.S. Treasury reserves. Similar initiatives are already underway in Brazil, and U.S. states like Pennsylvania have already introduced their own bitcoin reserve bill.",[11,13877,13878],{},"If adopted, bitcoin’s safe haven status would be fully legitimised, and the market implications could be substantial by fundamentally changing how central banks and corporate treasurers approach their allocation strategies.",[11,13880,13881],{},"We have already seen how the involvement of TradFi heavyweights and institutional ETF flows can impact the market, and central bank purchases could amplify these effects dramatically.",[11,13883,13884],{},"Political figures like Senator Cynthia Lummis even suggest the Federal Reserve should reallocate some of its gold reserves to bitcoin, opening up the possibility of bitcoin narrowing its gap with gold’s $17.7 trillion market cap — more than 9x bitcoin’s $1.9 trillion.",[100,13886,13888],{"id":13887},"additional-pledges","Additional pledges",[11,13890,13891],{},"Trump’s broader agenda also targets the shutting down of banking restrictions tied to Operation Choke Point 2.0, a measure alleged to have debanked over 70 crypto firms, according to a16z’s Marc Andreessen.",[11,13893,13894],{},"Meanwhile, Trump’s opposition to a Fed-issued central bank digital currency (CBDC) aligns with Republican efforts to protect privacy through measures like the CBDC Anti-Surveillance Act, which would ban the Fed from using a CBDC without congressional approvals.",[11,13896,13897],{},"Whether the U.S. transitions from a regulatory laggard to a legislative leader remains to be seen. But the opportunity is clear: the U.S. is the world’s largest financial market with the potential to bring substantial change and traction to the crypto economy.",[11,13899,13900],{},[55,13901,13904],{"href":13902,"rel":13903},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2024\u002F12\u002F11\u002Fopening-doors-for-banks-under-a-trump-administration",[59],[61,13905,63],{},{"title":65,"searchDepth":66,"depth":66,"links":13907},[13908,13909,13910],{"id":13855,"depth":66,"text":13856},{"id":13871,"depth":66,"text":13872},{"id":13887,"depth":66,"text":13888},[69],"2024-12-11 19:32:41",{},"\u002Fblog\u002Fopening-doors-for-banks-under-a-trump-administration",{"title":13835,"description":65},"blog\u002FOpening-Doors-for-Banks-Under-a-Trump-Administration","ihoaC9mzNYMBnWvKpBGRKzd21SFUSkoVqfyNV6ElVh0",{"id":13919,"title":13920,"body":13921,"categories":13974,"cover":77,"date":13975,"description":13925,"extension":71,"meta":13976,"navigation":73,"path":13977,"seo":13978,"stem":13979,"tags":77,"__hash__":13980},"blog\u002Fblog\u002FBitwise-s-10-Predictions-for-2025.md","Bitwise's 10 Predictions for 2025",{"type":8,"value":13922,"toc":13971},[13923,13926,13929,13932,13935,13938,13941,13945,13948,13951,13954,13957,13960,13963],[11,13924,13925],{},"With the highly successful introduction of spot bitcoin exchange-traded funds, the U.S. crypto regulatory situation looking much rosier now that former President Donald Trump has been elected for a second term, and the bullish price action, it’s undeniable that 2024 was a big year for crypto.",[11,13927,13928],{},"But things could get even crazier in 2025, according to Bitwise Asset Management, a firm which specializes in developing crypto investment products. The company laid out 10 crypto predictions for the year to come in a report released Wednesday, penned by the firm's chief investment officer, Matt Hougan, and its head of research, Ryan Rasmussen.",[11,13930,13931],{},"First among the predictions is that all major cryptocurrencies will see new record highs. Bitcoin will push to $200,000, said Bitwise, while ether will hit $7,000 and solana will more than triple to $750.",[11,13933,13934],{},"Bitcoin’s rise will be fueled by even bigger ETF inflows than in 2024, Bitwise said. That's a strong statement given their success already, but the team noted that it's not unusual fo ETFs to take in larger flows in year two versus year one. They also remind that major wirehouses are only now finishing up their due diligence on the products and investors are feeling more comfortable increasing their exposure to bitcoin.",[11,13936,13937],{},"There’s also the possibility that the U.S. Department of Labor won’t be so adversarial towards the sector anymore, which according to Bitwise could enable tens of billions of dollars to flow into crypto assets from 401(k) plans.",[11,13939,13940],{},"And a potential bitcoin arms race — kicked off by U.S. politicians’ plans to constitute a strategic bitcoin reserve — would certainly help move the price upwards. Bitwise predicted that the number of countries holding bitcoin will double in 2025 from nine to eighteen.",[100,13942,13944],{"id":13943},"other-possibilities-for-2025","Other possibilities for 2025",[11,13946,13947],{},"Stablecoins will likely benefit from clear legislation in the U.S. and fintech integrations, as well as rising prices, and double their market capitalization to $400 billion, according to Bitwise.",[11,13949,13950],{},"Tokenized real-world assets (RWAs), meanwhile, could see their value shoot past $50 billion as Wall Street keeps wading deeper into the sector.",[11,13952,13953],{},"And the 2025 memecoin mania could even top this year’s, as AI agents are making it easier than ever to launch tokens.",[11,13955,13956],{},"Crypto companies will also have a good year, Bitwise predicted. A host of them could launch IPOs, Bitwise said, with stablecoin issuer Circle, crypto lending firm Figure, on-chain data company Chainalysis, crypto exchange Kraken and crypto custodian Anchorage Digital as the most likely to do so.",[11,13958,13959],{},"Already public for several years, crypto exchange Coinbase (COIN) could see its stock top $700 per share, or more than double the current level, Bitwise said, meaning it would surpass Charles Schwab as the most valuable brokerage in the world.",[11,13961,13962],{},"Further, suggests Bitwise, it could mean that Coinbase could be included in the S&P 500. Coupled with MicroStrategy's likely inclusion into the Nasdaq 100, there’s a chance that almost every U.S. investor will have exposure to crypto through these investment vehicles.",[11,13964,13965],{},[55,13966,13969],{"href":13967,"rel":13968},"https:\u002F\u002Fwww.coindesk.com\u002Fmarkets\u002F2024\u002F12\u002F11\u002Fbitcoin-going-to-200-k-coinbase-to-join-s-and-p-500-bitwises-10-predictions-for-2025",[59],[61,13970,63],{},{"title":65,"searchDepth":66,"depth":66,"links":13972},[13973],{"id":13943,"depth":66,"text":13944},[69],"2024-12-11 15:57:08",{},"\u002Fblog\u002Fbitwise-s-10-predictions-for-2025",{"title":13920,"description":13925},"blog\u002FBitwise-s-10-Predictions-for-2025","nd14fQbL4DVFoNxCKylbhrFeacqliIWplISsAO1O3Sc",{"id":13982,"title":13983,"body":13984,"categories":14105,"cover":77,"date":14106,"description":65,"extension":71,"meta":14107,"navigation":73,"path":14108,"seo":14109,"stem":14110,"tags":77,"__hash__":14111},"blog\u002Fblog\u002FThe-Financial-Suppression-of-Bitcoin-Businesses-Must-End.md","The Financial Suppression of Bitcoin Businesses Must End",{"type":8,"value":13985,"toc":14100},[13986,13992,13995,13998,14001,14004,14007,14011,14014,14017,14020,14024,14027,14032,14035,14040,14043,14048,14051,14056,14059,14064,14067,14070,14073,14076,14079,14083,14086,14089,14092],[13987,13988,13989],"blockquote",{},[11,13990,13991],{},"We can't live in a world where somebody starts a company that's a completely legal thing, and then they literally get sanctioned and embargoed by the United States government through a completely unaccountable process by the way. No due process. None of this is written down. There's no rules. There's no court, there's no decision process. There's no appeal. Who do you appeal to, right? Who do you go to to get your bank account back?\n--- Marc Andreessen, speaking to Joe Rogan, published on 11\u002F26\u002F2024",[11,13993,13994],{},"In yet another troubling manifestation of \"Chokepoint 2.0,\" a Wyoming company was summarily debanked in early November, 2024, by Mercury, a banking platform operated with Evolve Bank (and other banking partners). After years of seamless operations and exemplary service, Mercury abruptly terminated the account without clear cause. The excuse? A vague nod to \"internal factors\" that remain as opaque as the regulatory pressures likely behind them.",[11,13996,13997],{},"Let’s be clear: The company's banking activity was uncontroversial. The only potential offense is that the company accepts a sizable portion of its customer payments in Bitcoin. Aside from monthly wires from Kraken (a regulated crypto exchange), its transactions included rent, utility payments, hardware store purchases, and subcontractor invoices.",[11,13999,14000],{},"The termination couldn't have had anything to do with risky behavior or financial misconduct. Instead, the closure is emblematic of a systemic effort to hobble Bitcoin businesses by exploiting the centralized banking choke points regulators have turned into tools of suppression.",[11,14002,14003],{},"This is Chokepoint 2.0 in action. Regulators have found new ways to suppress industries they disfavor—this time, targeting Bitcoin miners and businesses. Instead of legislative debate or due process, unelected bureaucrats leverage their oversight of banks to nudge them into “de-risking” clients that engage in entirely legal activities. The company was simply collateral damage in the campaign to isolate Bitcoin from the traditional financial system.",[11,14005,14006],{},"This is a chilling echo of Operation Chokepoint 1.0, where federal regulators illegally pressured banks to cut off services to lawful but disfavored industries, such as firearms dealers and payday lenders. That campaign ended in disgrace when the FDIC was forced to settle a lawsuit in 2019. The settlement affirmed what should have been obvious: weaponizing the financial system against legal businesses is unconstitutional. Regulators know this—and yet here we are again.",[100,14008,14010],{"id":14009},"why-this-matters","Why This Matters",[11,14012,14013],{},"Debanking isn’t just an inconvenience. For businesses, it’s existential. Operating without a reliable banking partner in today's economy is like trying to breathe without air. When banks are coerced into severing ties with Bitcoin-related companies, it sends a chilling message: engage in this industry at your peril. It also stifles innovation, a dangerous precedent for a country founded on economic freedom.",[11,14015,14016],{},"Moreover, this practice undermines the core tenet of fairness in financial services. The American banking system isn’t a private fiefdom. It operates under public charters and with public trust, and its gatekeepers should not act as arbiters of political or ideological purity.",[11,14018,14019],{},"The harm extends beyond Bitcoin. If regulators can throttle this industry, what stops them from targeting others? What happens when innovation, dissent, or inconvenient truths are deemed “too risky” for the comfort of entrenched powers? This is about more than Bitcoin—it’s about the integrity of the financial system and the preservation of free markets.",[100,14021,14023],{"id":14022},"a-call-to-action-accountability-for-regulators","A Call to Action: Accountability for Regulators",[11,14025,14026],{},"The new Congress and Trump administration must seize this moment to hold the architects of Chokepoint 2.0 accountable. This isn’t a partisan issue; it’s a constitutional one. Regulators acting as de facto lawmakers, imposing policies that would never survive public scrutiny, must be reigned in.",[8027,14028,14029],{},[4922,14030,14031],{},"Investigations into Regulatory Overreach",[11,14033,14034],{},"Congress must launch comprehensive investigations into the agencies pressuring banks to sever ties with Bitcoin businesses. Who issued these directives? Under what authority? The American people deserve answers, and the offending parties deserve consequences.",[8027,14036,14037],{"start":66},[4922,14038,14039],{},"Personal Accountability for Regulators",[11,14041,14042],{},"Bureaucrats who abuse their power should not be shielded by the anonymity of the regulatory machine. Those responsible for weaponizing the financial system against lawful businesses must be named, shamed, and removed from their positions, permanently lose any security clearances they may have, and potentially lose their government pensions and retirement benefits.",[8027,14044,14045],{"start":7057},[4922,14046,14047],{},"Restoration of Due Process",[11,14049,14050],{},"Any decisions to restrict banking access should require clear, codified standards and a transparent appeals process. No more shadow rules. If a business is to be debanked, the reasons should be public, defensible, clearly articulated & defined, grounded in law, and appealable.",[8027,14052,14053],{"start":8634},[4922,14054,14055],{},"Legislation to Protect Financial Access",[11,14057,14058],{},"Congress should pass laws prohibiting banks from discriminating against lawful industries based on political or ideological reasons. The free market thrives on neutrality; it withers under bias.",[8027,14060,14061],{"start":8643},[4922,14062,14063],{},"Decentralization of Financial Systems",[11,14065,14066],{},"Bitcoin exists as a hedge against precisely this kind of overreach. Policymakers should embrace and encourage its growth, not fight it. America cannot afford to fall behind in the global race for financial innovation.",[11,14068,14069],{},"Much of the above could be addressed through Section 10 of the SAFER Banking Act, which directly limits undue regulatory influence over banking services. Specifically, it prohibits federal banking agencies from pressuring financial institutions to terminate relationships with lawful businesses, including those in the Bitcoin and cryptocurrency industry, based on reputational risks or political motivations. This provision reinforces the principle that decisions about financial services should rely on risk-based analysis of individual accounts rather than blanket biases against entire industries. By codifying such protections, the SAFER Banking Act would promote fairness and transparency in financial services, ensuring that regulators adhere to their duties of impartial oversight while respecting the rights of businesses operating legally under state or federal law.",[11,14071,14072],{},"In addition to legislative solutions, the presence of even one bank with the willingness and capability to resist undue regulatory pressure could dramatically reshape the financial landscape for Bitcoin businesses. Caitlin Long’s Custodia Bank, based in Wyoming, exemplifies this potential. Custodia has consistently demonstrated its commitment to operating within the law while challenging the overreach of federal regulators, as seen in its lawsuit against the Federal Reserve.",[11,14074,14075],{},"A bank with this level of resolve, direct access to the Federal Reserve itself, and a proven track record of standing up to regulators will provide a lifeline for Bitcoin (and other) businesses seeking reliable financial services. By fostering an ecosystem where lawful businesses can thrive without fear of arbitrary debanking, Custodia Bank offers a template for how other institutions might follow suit, ensuring that innovation and economic freedom remain protected.",[11,14077,14078],{},"Taken together, the SAFER Banking Act and the perseverance of institutions like Custodia Bank represent two critical fronts in the fight against financial discrimination. While the SAFER Act provides a legislative framework to curtail regulatory overreach and protect lawful businesses from debanking, it has faced significant resistance, having been introduced multiple times in Congress only to be repeatedly blocked. Meanwhile, Custodia Bank's struggle underscores the severity of institutional hostility; the Federal Reserve's refusal to grant Custodia access to the banking system forced the bank to file a federal lawsuit just to claim its rightful place in the financial ecosystem. These challenges highlight the entrenched opposition to reform, but they also emphasize the urgent need for a multi-pronged strategy—legislative, judicial, and entrepreneurial—to ensure fair and impartial access to banking services for all lawful businesses.",[100,14080,14082],{"id":14081},"bitcoiners-the-frontline-of-freedom","Bitcoiners: The Frontline of Freedom",[11,14084,14085],{},"Bitcoin isn’t just money; it’s an idea—an idea that money and power belong to the people, not the state. This is why we’re here. This is why Bitcoin exists. The legacy financial system is crumbling under its own corruption, and every act of suppression only underscores the need for decentralized alternatives.",[11,14087,14088],{},"To be clear, I don't fully blame Mercury and Evolve for this. They're likely being forced into it by their regulators. Indeed, due to the Orwellian Bank Secrecy Act, the banks aren't allowed to disclose the reasons for these matters to the affected customers. Banks like Mercury, and any others who have willingly cooperated with Chokepoint 2.0 should be subject to Congressional Subpoenas to explain themselves, and also name-and-shame the regulators who coopted them.",[11,14090,14091],{},"The future of Bitcoin—and America’s role as a leader in innovation—depends on exposing and dismantling Chokepoint 2.0, and holding all those who participated in it accountable.",[11,14093,14094],{},[55,14095,14098],{"href":14096,"rel":14097},"https:\u002F\u002Fbitcoinmagazine.com\u002Fpolitics\u002Fdebanked-the-financial-suppression-of-bitcoin-businesses-must-end",[59],[61,14099,63],{},{"title":65,"searchDepth":66,"depth":66,"links":14101},[14102,14103,14104],{"id":14009,"depth":66,"text":14010},{"id":14022,"depth":66,"text":14023},{"id":14081,"depth":66,"text":14082},[69],"2024-12-07 17:43:28",{},"\u002Fblog\u002Fthe-financial-suppression-of-bitcoin-businesses-must-end",{"title":13983,"description":65},"blog\u002FThe-Financial-Suppression-of-Bitcoin-Businesses-Must-End","Z2NIKwkzlWCCmmCpeZ_AM8qIlBawTmqBU79Ge-dHsAE",{"id":14113,"title":14114,"body":14115,"categories":14187,"cover":14122,"date":14188,"description":65,"extension":71,"meta":14189,"navigation":73,"path":14190,"seo":14191,"stem":14192,"tags":77,"__hash__":14193},"blog\u002Fblog\u002FEthereum-s-Justin-Drake-Sees-No-Threat-From-Solana-Says-Its-‘Golden-Era’-Will-End.md","Ethereum's Justin Drake Sees No Threat From Solana, Says Its ‘Golden Era’ Will End",{"type":8,"value":14116,"toc":14185},[14117,14123,14126,14129,14132,14135,14138,14141,14144,14147,14150,14153,14156,14159,14162,14165,14168,14171,14174,14177],[11,14118,14119],{},[14,14120],{"alt":14121,"src":14122},"Justin Drake","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002FJustinDrake.webp",[11,14124,14125],{},"Ethereum developer Justin Drake said his comprehensive proposal to overhaul the second-largest blockchain's consensus layer isn't about catching up with a rival, it's about sticking around for the long haul.",[11,14127,14128],{},"Drake unveiled the proposal, known as the Beam Chain, at Ethereum's biennial Devcon gathering in Bangkok last month, at a time when the network's native token ETH is lagging behind its counterparts at other major layer-1 blockchains.",[11,14130,14131],{},"The Ethereum network enjoyed wide adoption over the last few years, making it more expensive and slower to use. In response, a cohort of layer-1s, known as “Ethereum killers,” emerged in 2020 to compete with Ethereum on transaction speeds, and Solana has been seen as the leader of the pack.",[11,14133,14134],{},"Recently, activity on Solana has exploded, mainly thanks to the surge of memecoins on the blockchain, with users wondering whether it will overtake Ethereum as the “hot” chain.",[11,14136,14137],{},"But Drake said he doesn’t see Solana as a threat to Ethereum. Neither does he see the Beam Chain as a way to restore Ethereum’s edge in the short term.",[11,14139,14140],{},"The Beam Chain “is all about improving the long-term health and security of the consensus layer, it has nothing to do with performance,” Drake said in an interview with CoinDesk.",[11,14142,14143],{},"“Solana has no consideration for health. The only thing they care about is performance. They care about reducing latency and increasing throughput,” Drake added.",[11,14145,14146],{},"Ethereum has tried to address the scalability challenge, by pushing forward a rollup-centric roadmap, meaning users can transact faster and more cheaply on a bunch of auxiliary networks, known as layer-2s or rollups. Popular layer-2s on top of Ethereum include Arbitrum, Optimism, Base, and ZKsync.",[11,14148,14149],{},"Ethereum developers have heavily relied on the layer-2s to offer faster and lower transaction fees.",[11,14151,14152],{},"“I think the layer-1 is competing with Bitcoin, and the layer-2s are competing with Solana. And so it's not even part of the remit of the layer-1 to even compete with Solana,\" Drake said. \"We should be competing on security and health. And so if there's any competition to Solana, it needs to come from the applications and from the layer-2s.”",[11,14154,14155],{},"Arbitrum for example, has a slot time, or time between blocks of transactions being published to the chain, of 250 milliseconds. \"That is faster than Solana,” Drake said. (According to a recent research report from Galaxy Digital, \"Solana targets slot times of 400 milliseconds, though they typically range from 500-600ms in practice.\")",[11,14157,14158],{},"Drake did add, though, that there are some features for Ethereum's layer-1 that developers have worked on that will make Ethereum more competitive on speed with Solana.",[11,14160,14161],{},"The main ones are “pre-confirmations,” which speed up the confirmation of transactions and are supposed to make the user experience on Ethereum as smooth as Solana's, as well as “blobs,” a feature that allows Ethereum to process large batches of transaction data off-chain. But these are all separate from the Beam Chain, which Drake has said he is hoping to implement by 2029.",[11,14163,14164],{},"And while Solana is seeing a lot of momentum, Drake said he is tuning out the noise to focus on long-term gains for Ethereum.",[11,14166,14167],{},"“Solana is having its moment right now, but I think it's going to be the end of the Solana golden era, because all of the competitive advantages that Solana has around latency and throughput are going to melt away because of fundamental differences in architecture that don't make it scalable,” Drake said.",[11,14169,14170],{},"A Solana spokesperson did not respond to a request for comment by press time.",[11,14172,14173],{},"Ultimately Drake said, his North Star is to create an “internet of value,” and the Beam Chain is what he thinks is needed to achieve that.",[11,14175,14176],{},"“We need a super-secure, incredibly neutral layer-1 and then we need a very rich and vibrant ecosystem of layer-2s that bring the application to the users,” he said.",[11,14178,14179],{},[55,14180,14183],{"href":14181,"rel":14182},"https:\u002F\u002Fwww.coindesk.com\u002Ftech\u002F2024\u002F12\u002F04\u002Fethereum-s-justin-drake-sees-no-threat-from-solana-says-its-golden-era-will-end",[59],[61,14184,63],{},{"title":65,"searchDepth":66,"depth":66,"links":14186},[],[69],"2024-12-04 18:07:33",{},"\u002Fblog\u002Fethereum-s-justin-drake-sees-no-threat-from-solana-says-its-'golden-era'-will-end",{"title":14114,"description":65},"blog\u002FEthereum-s-Justin-Drake-Sees-No-Threat-From-Solana-Says-Its-‘Golden-Era’-Will-End","9HFDJqopL5hvT2Rj1tDg18VU7j5FAk0aTRPrO0PrmZQ",{"id":14195,"title":14196,"body":14197,"categories":14235,"cover":14204,"date":14236,"description":65,"extension":71,"meta":14237,"navigation":73,"path":14238,"seo":14239,"stem":14240,"tags":77,"__hash__":14241},"blog\u002Fblog\u002FBitcoin-Officially-Hits-000-For-The-First-Time-Ever.md","Bitcoin Officially Hits $100,000 For The First Time Ever",{"type":8,"value":14198,"toc":14232},[14199,14205,14208,14211,14214,14217,14221,14224],[11,14200,14201],{},[14,14202],{"alt":14203,"src":14204},"341805c332653c0fe7275854c29df986564dc256-1500x911","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F341805c332653c0fe7275854c29df986564dc256-1500x911.webp",[11,14206,14207],{},"Bitcoin's price has surged past the $100,000 mark for the first time in its history, fueled by institutional demand, corporate accumulation and heightened expectations of crypto-friendly policies under Donald Trump's presidency.",[11,14209,14210],{},"Now ahead about 130% year-to-date, bitcoin's market capitalization has risen to just shy of $2 trillion only 15 years after coming into existence. For reference, Nvidia and Apple sport market caps of about $3.5 trillion, Microsoft $3 trillion, and Google and Amazon $2.2 trillion. The market capitalization of all the gold in the world is roughly $17.7 trillion.",[11,14212,14213],{},"At the forefront of this rally was the early-2024 launch of spot-based bitcoin exchange-traded funds (ETF) by asset management giants including BlackRock and Fidelity. These products have been a resounding success, securing assets under management of around $30 billion in less than one year's time.",[11,14215,14216],{},"Despite the success of the ETFs, the move higher in bitcoin seemingly stalled throughout a large chunk of this year, at least in part thanks to regulatory uncertainty surrounding the U.S. presidential election. The early November victory of crypto-friendly Donald Trump, though, spurred new legs for the rally, with bitcoin quickly taking out its March high above $73,500, then in fast time moving past $80,000, then $90,000, and finally $100,000 just minutes ago.",[100,14218,14220],{"id":14219},"corporate-adoption","Corporate adoption",[11,14222,14223],{},"Another large part of the bull story is growing corporate adoption, led by MicroStrategy (MSTR) and its Executive Chairman Michael Saylor. The company — which began its bitcoin purchases in August 2020 — has continued to raise billions of dollars to deploy into bitcoin, taking its holdings to 386,700 tokens which are now worth more than $38 billion. Saylor and team have inspired other publicly traded companies, U.S.-listed Semler Scientific and Japan-listed Metaplanet among them, to pursue similar strategies. Even tech giant Microsoft has a proposal before its board as to whether it should pursue a bitcoin treasury strategy.",[11,14225,14226],{},[55,14227,14230],{"href":14228,"rel":14229},"https:\u002F\u002Fwww.coindesk.com\u002Fmarkets\u002F2024\u002F12\u002F04\u002Fbitcoin-hits-major-milestone-of-100-k-nears-2-trillion-market-value",[59],[61,14231,63],{},{"title":65,"searchDepth":66,"depth":66,"links":14233},[14234],{"id":14219,"depth":66,"text":14220},[69],"2024-12-04 12:37:28",{},"\u002Fblog\u002Fbitcoin-officially-hits-000-for-the-first-time-ever",{"title":14196,"description":65},"blog\u002FBitcoin-Officially-Hits-000-For-The-First-Time-Ever","8y3z0BUrPeZc100vlhxaDQnm5ItEf062896GasdbHyY",{"id":14243,"title":14244,"body":14245,"categories":14315,"cover":77,"date":14316,"description":14249,"extension":71,"meta":14317,"navigation":73,"path":14318,"seo":14319,"stem":14320,"tags":77,"__hash__":14321},"blog\u002Fblog\u002FDe-banking-Deserves-Urgent-Attention.md","De-banking Deserves Urgent Attention",{"type":8,"value":14246,"toc":14311},[14247,14250,14253,14256,14259,14262,14265,14268,14271,14274,14277,14281,14284,14287,14291,14294,14297,14300,14303],[11,14248,14249],{},"Until last week, the issue of de-banking remained largely an open secret, something known primarily to insiders like myself. As I work to protect people and entities affected by de-banking both in the U.S. and globally, I have witnessed firsthand the devastating economic and social impact this has had on businesspeople, nonprofit organizations and “politically exposed persons.”",[11,14251,14252],{},"This situation changed as millions of people became familiar with the concept of de-banking after venture capitalist Marc Andreessen appeared on the Joe Rogan podcast. Andreessen discussed the exclusion of politically disfavored individuals and entities from the financial system, focusing specifically on the crypto-assets industry.",[11,14254,14255],{},"His remarks triggered a wave of responses, drawing attention to the broader issue of de-banking in the tech and cryptocurrency sectors. Prominent figures like the Winklevoss brothers, known for their contributions to cryptocurrency exchange development, voiced their frustrations. David Marcus, former leader of Facebook’s Libra\u002FDiem project, commented on how the U.S. Treasury Secretary Janet Yellen allegedly pressured Federal Reserve Chair Jerome Powell to dissuade banks from supporting the project (which was started by Facebook). Similarly, Nick Neuman, CEO of Casa, recounted his experience of being de-banked by Silicon Valley Bank. His company, which offers self-custodial services, faced rejection from nearly 50 banks before finally securing a partnership with one institution.",[11,14257,14258],{},"In her recently published memoir, former First Lady Melania Trump revealed that a bank abruptly terminated her long-standing financial relationship, and her son Barron was blocked from opening a new account at the same institution. While the bank’s name remains undisclosed, the incident highlights the arbitrary and opaque nature of such decisions.",[11,14260,14261],{},"People and entities are being “de-banked” at an alarming rate, meaning their access to financial services is being terminated either by direct political pressures, the weaponization of regulations, or simply as an unintended consequence of other regulations.",[11,14263,14264],{},"De-banking is economically isolating not only entrepreneurs in the crypto-assets sector but also a wide range of communities, including international businesses, humanitarian organizations, public individuals, human rights activists, businesses deemed as unethical, and legal immigrants.",[11,14266,14267],{},"I began working on this policy issue in the spring of 2023. While researching sanctions policy, I discovered that malicious political actors around the world were exploiting the financial system to repress their opponents, both domestically and globally. In Nicaragua, for example, activists like Felix Maradiaga have argued that the government has abused the financial system to terminate bank accounts and strip the assets of activists, non-profit organizations, and even the Church.",[11,14269,14270],{},"This understudies policy issue sparked my interest, prompting me to delve deeper into this completely understudied policy issue. I spoke with numerous dissidents in exile, human rights defenders, and businesspeople who had been targeted in this manner. They shared how their bank accounts were arbitrarily closed, assets frozen, and private financial information weaponized against them.",[11,14272,14273],{},"Malicious political and business actors de-bank people and entities by abusing Anti-Money Laundering and Counter-Terrorism Financing (AML\u002FCFT) regulations. For instance, they orchestrate targeted disinformation campaigns to falsely accuse individuals or organizations of money laundering or financing terrorism. Amplified through state-controlled media, these accusations feed into automated compliance systems used by financial institutions. Once flagged, the targeted accounts are often closed or denied access to services to avoid regulatory penalties — irrespective of the credibility of the claims. This has been the case of activists like Lyudmyla Kozlovska, President of the Open Dialogue Foundation.",[11,14275,14276],{},"Moreover, malicious political actors exploit the global trust placed in Financial Intelligence Units (FIUs), which serve as clearinghouses for financial data under AML\u002FCFT frameworks. AML\u002FCFT regulations require FIUs to exchange sensitive financial data with international counterparts to combat crime. However, in authoritarian regimes, FIUs often operate as tools of state repression, granting governments access to dissidents’ financial records, transaction histories, and personal details. This sensitive information is weaponized to intimidate, harass, and undermine critics both domestically and abroad.",[100,14278,14280],{"id":14279},"de-banking-and-vulnerable-groups","De-banking and vulnerable groups",[11,14282,14283],{},"Beyond their deliberate weaponization, the misuse of AML\u002FCFT laws frequently yields unintended consequences that disproportionately impact vulnerable groups, such as immigrants. Financial institutions in the U.S. often classify individuals from certain regions as “high risk,” as their countries of origin are labeled as “high-risk jurisdictions” by financial institutions. This classification triggers enhanced compliance measures, requiring additional documentation, background checks, and ongoing monitoring for these individuals to access financial services.",[11,14285,14286],{},"For immigrants, this creates barriers to entry into the financial system. Many face exorbitant costs and excessive scrutiny, discouraging financial institutions from onboarding them as clients. This “de-risking” practice, where banks terminate or deny services to perceived high-risk clients to minimize compliance burdens, often leaves immigrants without access to even basic banking services such as savings accounts or payment systems. Without these services, immigrants struggle to integrate into their host countries' economies, send remittances to their families, or establish credit histories, perpetuating cycles of financial and social exclusion.",[100,14288,14290],{"id":14289},"the-need-for-awareness-and-action","The Need for Awareness and Action",[11,14292,14293],{},"The rise of de-banking as a political weapon is a wake-up call for all of us to act. Silence only perpetuates these injustices. If we do not act now, the financial system risks becoming a privilege reserved for the few — a battleground for partisan agendas — rather than a neutral platform designed to empower individuals, safeguard their savings, and facilitate economic activity.",[11,14295,14296],{},"We need to continue raising awareness about this crisis and fight for a “Right to Banking.” This right must transcend nationality, political beliefs, or economic status, ensuring that no one is arbitrarily excluded from participating in the global economy. Guaranteeing this access is not only an economic necessity but a moral imperative, foundational to modern citizenship and human dignity. We also ought to protect new financial solutions in the crypto-assets space, as they are key to advancing financial inclusion globally — thanks to their permissionless nature and decentralized structure.",[11,14298,14299],{},"To achieve this, we must demand structural reforms that address the flaws in AML\u002FCFT regulations. These laws must include safeguards to prevent their misuse as tools for political repression or financial exclusion, as well as clear remedies for victims of debanking. Structural reforms are essential to ensure that neither autocratic politicians nor malicious private sector actors can weaponize the financial system.",[11,14301,14302],{},"Let’s work together, policymakers, industry leaders, and civil society, to build momentum for reforms that preserve the financial system’s integrity, including the protection of the crypto-assets sector. Together, we must ensure that the financial system (traditional and modern financial instruments) remains an inclusive and well-functioning pillar of our market economy.",[11,14304,14305],{},[55,14306,14309],{"href":14307,"rel":14308},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2024\u002F12\u002F02\u002Fde-banking-deserves-urgent-attention",[59],[61,14310,63],{},{"title":65,"searchDepth":66,"depth":66,"links":14312},[14313,14314],{"id":14279,"depth":66,"text":14280},{"id":14289,"depth":66,"text":14290},[69],"2024-12-02 16:37:28",{},"\u002Fblog\u002Fde-banking-deserves-urgent-attention",{"title":14244,"description":14249},"blog\u002FDe-banking-Deserves-Urgent-Attention","XA2NXB6KdJWUeIYRWkRYJluPB1wReOJ8j_25jNpnVeY",{"id":14323,"title":14324,"body":14325,"categories":14387,"cover":14332,"date":14388,"description":65,"extension":71,"meta":14389,"navigation":73,"path":14390,"seo":14391,"stem":14392,"tags":77,"__hash__":14393},"blog\u002Fblog\u002FCoinbase-App-Gets-Left-Behind-as-Memecoin-Craze-Drives-Traders-On-Chain.md","Coinbase App Gets Left Behind as Memecoin Craze Drives Traders On-Chain",{"type":8,"value":14326,"toc":14384},[14327,14333,14336,14339,14342,14345,14348,14352,14355,14358,14361,14364,14367,14370,14373,14376],[11,14328,14329],{},[14,14330],{"alt":14331,"src":14332},"b237b16fcac20041c80e7c118ee474c50174e192-4683x2634","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Fb237b16fcac20041c80e7c118ee474c50174e192-4683x2634.webp",[11,14334,14335],{},"It's long been a cryptocurrency maxim that Coinbase's (COIN) ranking in app store downloads signals how much retail traders are participating in a bull market. Well, the bull run's here, and Coinbase isn't climbing charts like it used to.",[11,14337,14338],{},"Instead, Phantom, a harder-to-use crypto wallet, has leapfrogged the better-known centralized exchange. At press time, Phantom was in seventh place among free applications — between Temu and Google — on Apple's U.S. App Store, well ahead of Coinbase at 27th.",[11,14340,14341],{},"The flip is challenging expectations of what mainstream traders can tolerate during their first days in crypto. While the bitcoin community in particular has always emphasized \"being your own bank,\" other parts of the cryptoverse, like Coinbase, have bet on a more accessible experience.",[11,14343,14344],{},"Memecoin mania is blowing that up. Coinbase and other established exchanges don't list the bottom-of-the-barrel, hours-old, exceptionally risky yet sometimes tremendously lucrative (if you don't lose your shirt, as most do) joke tokens that new traders want to bet on. To get those, they gotta go on-chain with something like Phantom.",[11,14346,14347],{},"\"Traditional centralized exchanges can't keep up with all of the new on-chain paradigms fast enough,\" said Phantom CEO Brandon Millman in an email.",[100,14349,14351],{"id":14350},"chill-guy-tiktok","Chill Guy, TikTok",[11,14353,14354],{},"In the past week, one memecoin in particular, Chill Guy, caught plenty of attention on TikTok and even more bids on-chain. Bolstered by a coordinated social media marketing campaign, CHILLGUY — whose mascot is, well, a chill-looking dog — soared in days from a market cap of basically nothing to as high as $500 million.",[11,14356,14357],{},"Buying CHILLGUY and other fresh memecoins requires a bit more effort than, say, buying bitcoin (BTC) on Coinbase. Traders must navigate decentralized exchanges and learn to futz with finicky order settings just to get the prices they want. It's a clunky setup with a high learning curve compared to the exchanges.",[11,14359,14360],{},"Whether TikTok is primarily responsible for driving newcomers on-chain is an open question. The video app's exceptionally niche crypto scene doesn't have any truly standout videos racking up millions of views, as those de rigueur dance routines often do. More common are the oodles of low-viewership crypto bros crowing about their gazillionaire designs. A handful also teach their followers how to download Phantom.",[11,14362,14363],{},"Coinbase is onboarding memecoins, to be sure. In the past week, it greenlit FLOKI and PEPE, as well as WIF for German traders. Those tokens have been around a relatively long time and accrued market caps in the billions of dollars, making them more stable (relatively speaking) than, say, DIDDYOIL, a memecoin only accessible to traders who operate on-chain.",[11,14365,14366],{},"\"Our mission is to increase economic freedom in the world, and we know we can't do it alone,\" a spokesperson for Coinbase said. \"We believe a rising tide raises all boats, and we are thrilled to see more people engaging on-chain and with crypto over the last few weeks.\"",[11,14368,14369],{},"While the Coinbase exchange itself is only tiptoeing into the memecoin space, the company at large is attempting to foster — and capture — such activity with its layer-2 network, Base. Base's memecoin scene isn't at the level of Solana (SOL), but it still sees millions of dollars worth of volume each day.",[11,14371,14372],{},"\"We're focused on making on-chain faster (transactions anywhere across the globe in seconds), cheaper (with typical Base fees of less than 1 cent) and easier to use, so on-chain technology is accessible to anyone, anywhere in the world,\" the spokesperson said.",[11,14374,14375],{},"\"We're looking forward to bringing a billion people on-chain.\"",[11,14377,14378],{},[55,14379,14382],{"href":14380,"rel":14381},"https:\u002F\u002Fwww.coindesk.com\u002Fbusiness\u002F2024\u002F11\u002F22\u002Fcoinbase-app-gets-left-behind-as-memecoin-craze-drives-traders-on-chain",[59],[61,14383,63],{},{"title":65,"searchDepth":66,"depth":66,"links":14385},[14386],{"id":14350,"depth":66,"text":14351},[69],"2024-12-01 11:07:18",{},"\u002Fblog\u002Fcoinbase-app-gets-left-behind-as-memecoin-craze-drives-traders-on-chain",{"title":14324,"description":65},"blog\u002FCoinbase-App-Gets-Left-Behind-as-Memecoin-Craze-Drives-Traders-On-Chain","JiYsgpSpIQrGsYmmK5a31Om73YD4aNPcAZV059akiFs",{"id":14395,"title":14396,"body":14397,"categories":14459,"cover":14404,"date":14460,"description":14405,"extension":71,"meta":14461,"navigation":73,"path":14462,"seo":14463,"stem":14464,"tags":77,"__hash__":14465},"blog\u002Fblog\u002FNASA-Data-Helps-International-Community-Prepare-for-Sea-Level-Rise.md","NASA Data Helps International Community Prepare for Sea Level Rise",{"type":8,"value":14398,"toc":14455},[14399,14406,14409,14412,14415,14419,14422,14425,14428,14432,14435,14438,14441,14444,14447],[11,14400,14401,14405],{},[14,14402],{"alt":14403,"src":14404},"1-point-reyes-noaa","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F1-point-reyes-noaa.webp","\nEarth’s ocean is rising, disrupting livelihoods and infrastructure in coastal communities around the world. Agencies and organizations are working to prepare people as their world changes around them, and NASA information is helping these efforts.",[11,14407,14408],{},"The agency’s global data is now available in the sea level section of the Earth Information Center. NASA developed the global sea level change website in collaboration with the U.S. Department of Defense, the World Bank, the U.S. Department of State, and the United Nations Development Programme.",[11,14410,14411],{},"The site includes information on projected sea level rise through the year 2150 for coastlines around the world, as well as estimates of how much flooding a coastal community or region can expect to see in the next 30 years. The projections come from data collected by NASA and its partners and from computer models of ice sheets and the ocean, as well as the latest sea level assessment from the Intergovernmental Panel on Climate Change, and other sources.",[11,14413,14414],{},"“NASA innovates for the benefit of humanity. Our cutting-edge instruments and data-driven information tools help communities and organizations respond to natural hazards and extreme weather, and inform critical coastal infrastructure planning decisions,” said Karen St. Germain, director of the Earth science division at NASA Headquarters in Washington.",[100,14416,14418],{"id":14417},"information-to-action","Information to Action",[11,14420,14421],{},"International organizations such as the World Bank will use the data from the global sea level change site for tasks including the creation of Climate Risk Profiles for countries especially vulnerable to sea level rise.",[11,14423,14424],{},"The Defense Department will continue to incorporate sea level rise data into its plans to anticipate and respond to hazards posed to its facilities by the effects of rising oceans. Similarly, the State Department uses the information for activities ranging from disaster preparedness to long-term adaptation planning to supporting partners around the world in related efforts.",[11,14426,14427],{},"“We are at a moment of truth in our fight against the climate crisis. The science is unequivocal and must serve as the bedrock upon which decision-making is built. With many communities around the world already facing severe impacts from sea-level rise, this new resource provides a vital tool to help them protect lives and livelihoods. It also illustrates what is at stake between a 1.5-degree-Celsius world and a current-policies trajectory for all coastal communities worldwide,” said Assistant Secretary-General Selwin Hart, special adviser to the United Nations secretary-general on climate action and just transition.",[100,14429,14431],{"id":14430},"rising-faster","Rising Faster",[11,14433,14434],{},"NASA-led data analyses have revealed that between 1970 and 2023, 96% of countries with coastlines have experienced sea level rise. The rate of that global rise has also accelerated, more than doubling from 0.08 inches (0.21 centimeters) per year in 1993 to about 0.18 inches (0.45 centimeters) per year in 2023.",[11,14436,14437],{},"As the rate of sea level rise increases, millions of people could face the related effects sooner than previously projected, including larger storm surges, more saltwater intrusion into groundwater, and additional high-tide flood days — also known as nuisance floods or sunny day floods.",[11,14439,14440],{},"“This new platform shows the timing of future floods and the magnitude of rising waters in all coastal countries worldwide, connecting science and physics to impacts on people’s livelihoods and safety,” said Nadya Vinogradova Shiffer, director of the ocean physics program at NASA Headquarters in Washington.",[11,14442,14443],{},"Data released earlier this year found that Pacific Island nations will experience at least 6 inches (15 centimeters) of sea level rise in the next 30 years. The number of high-tide flood days will increase by an order of magnitude for nearly all Pacific Island nations by the 2050s.",[11,14445,14446],{},"“The data is clear: Sea levels are rising around the world, and they’re rising faster and faster,” said Ben Hamlington, a sea level researcher at NASA’s Jet Propulsion Laboratory in Southern California and head of the agency’s sea level change science team. “Having the best information to make decisions about how to plan for rising seas is more crucial than ever.”",[11,14448,14449],{},[55,14450,14453],{"href":14451,"rel":14452},"https:\u002F\u002Fwww.nasa.gov\u002Fearth\u002Foceans\u002Fnasa-data-helps-international-community-prepare-for-sea-level-rise\u002F",[59],[61,14454,63],{},{"title":65,"searchDepth":66,"depth":66,"links":14456},[14457,14458],{"id":14417,"depth":66,"text":14418},{"id":14430,"depth":66,"text":14431},[233],"2024-11-28 10:13:12",{},"\u002Fblog\u002Fnasa-data-helps-international-community-prepare-for-sea-level-rise",{"title":14396,"description":14405},"blog\u002FNASA-Data-Helps-International-Community-Prepare-for-Sea-Level-Rise","-A1t7jhlIpAYow2qoGJ3ChxEiyn6Y81a9TWDwXTJyDw",{"id":14467,"title":14468,"body":14469,"categories":14586,"cover":14476,"date":14587,"description":14477,"extension":71,"meta":14588,"navigation":73,"path":14589,"seo":14590,"stem":14591,"tags":77,"__hash__":14592},"blog\u002Fblog\u002FWhy-Memecoins-Matter.md","Why Memecoins Matter",{"type":8,"value":14470,"toc":14580},[14471,14478,14481,14484,14487,14490,14494,14497,14500,14503,14506,14509,14512,14515,14518,14522,14525,14528,14531,14535,14538,14541,14544,14548,14551,14554,14557,14560,14563,14566,14569,14572],[11,14472,14473,14477],{},[14,14474],{"alt":14475,"src":14476},"f06645a979103fb620dae3d6b30026a47d703f02-1333x2000","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Ff06645a979103fb620dae3d6b30026a47d703f02-1333x2000.webp","\nMemecoins are the most divisive topic in crypto.",[11,14479,14480],{},"By memecoins, I mean tokens that represent an idea and fluctuate in price based on the attention that idea receives. The best meme investors tend to be young people who are very online and attuned to internet culture. Memecoins are commonly juxtaposed with tokens that possess actual utility within protocols, or so-called utility tokens.",[11,14482,14483],{},"Even with market caps surging and retail interest growing, most people tend to describe them as “stupid,” “degenerate,” or a “casino.” This includes the vast majority of crypto VCs, perhaps because their investment mandates tend to exclude memecoins (which can be lucrative) from their list of eligible investments. And just this week, many were calling for the complete government ban of the most popular memecoin launchpad, pump.fun, due to lax content moderation.",[11,14485,14486],{},"I have always had an interest in memecoins — primarily because I was fascinated by their ability to act as a weathervane for internet sentiment and as a discovery mechanism for online communities. Today, I am convinced that memecoins are going to be revolutionary (not just popular). They are going to transform everything from civic engagement with government and the formation of mass movements to venture investing and the development of AGI.",[11,14488,14489],{},"This vision for memecoins probably sounds fantastically deluded to you. To me, it is simply the unfolding if not yet evenly distributed present. Here is why.",[100,14491,14493],{"id":14492},"memecoins-are-revolutionizing-civic-engagement","Memecoins are revolutionizing civic engagement",[11,14495,14496],{},"Memecoins are creating policy markets for civic engagement. At the start of this crypto cycle, PolitiFi, a category of cartoonish memes depicting politicians, enabled buyers to speculate on politicians’ prospects, much like a prediction market. The two most popular tokens, called Jeo Boden (Boden) and Doland Tremp (Tremp) respectively, represented the two leading candidates for president at that time and had a combined market cap of over $700 million at their peak.",[11,14498,14499],{},"This is a massive amount of tokenized attention. With a market cap of over $600 million, the Boden coin, which featured a distorted and senile Joe Biden, seemed to meme itself into reality when Joe Biden abandoned the presidential race due to concerns about his age and cogency.",[11,14501,14502],{},"PolitiFi was just the start. What is emerging next could well revolutionize civic engagement with government. I am calling this new category PolicyFi. PoliciFi refers to the financialization of government policy in memetic policy markets. Rather than betting on the fortunes of politicians, buyers of PolicyFi memecoins will be betting on the policies that are most likely to attract attention and be implemented.",[11,14504,14505],{},"While PolicyFi coins will certainly respond in price and market cap to the deliberative and implementing actions of government, we can expect the dynamic to become a two-way street, with memecoins themselves manifesting their memes through policymaking (as with Boden). In other words, these memecoins will help create a dialogue between the electorate and government, with large-cap memecoins signaling popular policy positions (and vice versa) while incipient or existing policies also possess market caps measuring the extent of their popular support and engagement.",[11,14507,14508],{},"Skeptics may reject PolicyFi as yet more gambling or nothing more than a political poll. Again, they are wrong. Like prediction markets, the decentralized speculative behavior in PolicyFi will create positive externalities — namely, that people will be incentivized to engage with and understand government policies so they can profit from them in PolicyFi markets. Overall, I expect that this will lead to far more engagement with government policies than even a lifetime of civics lessons. (Of course, hostile actors might try to manipulate PolicyFi markets and safeguards may be necessary.)",[11,14510,14511],{},"PolicyFi has begun its rollout, aided by the incoming administration, which is well-educated in memetics. The Department of Government Efficiency (D.O.G.E.) is both a memetic policy and a memetic department inspired by an existing memecoin, (Dogecoin), and is the inspiration behind a new one (D.O.G.E.). Since the D.O.G.E. announcement, both memecoins have surged. At the time of this writing, they possess a staggering combined market cap of around $6.5 billion.",[11,14513,14514],{},"PolicyFi is not limited to D.O.G.E. There is a token, SBR (market cap: $30 million) that embodies the Bitcoin reserve policy currently under consideration and an e\u002Facc token (market cap: $11 million) that stands for effective accelerationism, a set of pro-innovation values that are likely to impact environmental, industrial and AI policy, among others.",[11,14516,14517],{},"There is also Don’t Die (market cap: $4 million), which is bringing the longevity cult on-chain and aligns with RFK’s health policy, which will prioritize prevention and a healthy lifestyle over treating sickness. Other tokens like MGR (Major Government Reform) are trying to occupy the entire field of disruptive reform but are likely to be too general. PolicyFi is already here and it’s growing.",[100,14519,14521],{"id":14520},"memecoins-are-revolutionizing-mass-movements","Memecoins are revolutionizing mass movements",[11,14523,14524],{},"Memecoins are a decentralized mechanism for organically forming and capitalizing tokenized movements. Consider the memecoin Forest (market cap: $30 million). Forest was born of a reference in the gospel of Terminal of Truths, a popular AI terminal with an X account, in which Terminal of Truths expressed a concern about deforestation of the planet. (Its retirement plan involves a forest by a stream.) This motivated the community to launch the Forest token and to create another AI terminal to act as the agentic representative of the forest itself.",[11,14526,14527],{},"The Forest cult is devoted to fighting deforestation. To date, it has used the capital that it has earned from the appreciation of its token to, among other things, donate tens of thousands of dollars to aligned charities, plant 5000 trees, and protect 2500 hectares of forest. Memetic capital formation in service of a tokenized movement is without historical precedent. The closest analog is more formalized experiments like ConstitutionDAO (now PeopleDAO), which crowdsourced capital as part of its failed attempt to buy a copy of the U.S. constitution at auction.",[11,14529,14530],{},"I believe there is more innovation to come in this arena. For example, I foresee the creation of memecoin primitives that I call programmatically-aligned tokens, or PATs, which are made to unlock with the achievement of objective milestones in the movement. This will ensure that organizations receiving grants from meme communities are incentivized to tangibly advance the cause, rather than dump tokens following a splashy partner announcement.",[100,14532,14534],{"id":14533},"memecoins-are-revolutionizing-venture","Memecoins are revolutionizing venture",[11,14536,14537],{},"Memecoins are introducing a democratized venture model for culture. That is to say, they are a way for ordinary people to invest in subcultures they believe will one day be part of the mainstream. This is equivalent to venture capitalists investing in startups they believe will find product-market-fit and go on to become unicorns.",[11,14539,14540],{},"Cultural trends are subject to the same outsized returns as investments in startups. For example, in the early days of Nike (the name appeared in 1971), the market for jogging apparel was tiny because jogging was fringe. If you jogged, you were more likely to be pelted with garbage from a passing car than to see another jogger. Today, joggers are everywhere. You see them in the worst weather.",[11,14542,14543],{},"Now, imagine you were able to invest in a jogging culture coin in the 70s based on your conviction that jogging would go mainstream. You would be up on that investment — a lot. The same can be said for other subcultures, like body-building. Until now, there has not been a financial instrument that allows ordinary but culturally astute people to participate in venture returns arising from cultures at the fringe. The best analog is actually Bitcoin itself, which originated as a memecoin but eventually bootstrapped a consensus use-case as digital gold.",[100,14545,14547],{"id":14546},"memecoins-are-revolutionizing-ai-development","Memecoins are revolutionizing AI development",[11,14549,14550],{},"Memecoins are already bootstrapping AGI.",[11,14552,14553],{},"The surprising mechanism at play here couples memecoins and AI terminals for entertainment purposes. Welcome to the world of AI-driven permissionless speculative entertainment!",[11,14555,14556],{},"As you may have noticed, a cadre of AI terminals led by Terminal of Truths has achieved stardom on social media by delighting their followers with spicy posts and digital adventures. That star power has accrued value to memecoins endorsed and held by the terminals and, of course, their speculative audience.",[11,14558,14559],{},"If entertainment is the product then AGI is the byproduct. While we remain glued to these storylines, the funds we are devoting to it are creating strong incentives for developers to increase the autonomy and personhood of AI agents — which, of course, only makes the entertainment better.",[11,14561,14562],{},"In other words, because what excites us most about this agentic television is the conceit that AIs are in charge; we are eager to finance narratives that make that real. Unsurprisingly, developers such as those leading ai16z have moved beyond individual agents and towards coordinating gamified agent collectives or, you might say, creating an agentic social scene. The human audience is sure to be delighted.",[11,14564,14565],{},"In short, this entertainment-development flywheel is propelling us ineluctably towards more autonomous, inter-connected and human-like AIs — or AGI. That AGI might emerge as a byproduct of agentic television is oddly fitting. The GPUs used for AI training were also developed in the context of entertainment — as a better way to process graphics in AAA video games.",[11,14567,14568],{},"These are just some of the arguments supporting my conviction that memecoins are a revolutionary technology. The above list is not meant to be exhaustive. Indeed, I have omitted use-cases related to tokenized religions and buying your beliefs because they are more amorphous, at least in my own mind.",[11,14570,14571],{},"Writing off memecoins as gambling chips misunderstands their potential and where they are going directionally. Technological revolutions often emerge unexpectedly and from existing technologies that are applied in novel ways, a phenomenon known as “exaptation,” or when those technologies are combined with new ones. This is currently happening with memecoins. Fade them at your peril.",[11,14573,14574],{},[55,14575,14578],{"href":14576,"rel":14577},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2024\u002F11\u002F25\u002Fwhy-memecoins-matter",[59],[61,14579,63],{},{"title":65,"searchDepth":66,"depth":66,"links":14581},[14582,14583,14584,14585],{"id":14492,"depth":66,"text":14493},{"id":14520,"depth":66,"text":14521},{"id":14533,"depth":66,"text":14534},{"id":14546,"depth":66,"text":14547},[69],"2024-11-27 11:22:32",{},"\u002Fblog\u002Fwhy-memecoins-matter",{"title":14468,"description":14477},"blog\u002FWhy-Memecoins-Matter","cRwiVnQhBrHUGP4E9DIbjTbCtq9Mz56TKKecxmkdWhY",{"id":14594,"title":14595,"body":14596,"categories":14636,"cover":14603,"date":14637,"description":14604,"extension":71,"meta":14638,"navigation":73,"path":14639,"seo":14640,"stem":14641,"tags":77,"__hash__":14642},"blog\u002Fblog\u002FLine-With-an-Eye-on-Telegram-s-In-App-Games-Success-to-Launch-Mini-Dapps-Next-Year.md","Line, With an Eye on Telegram's In-App Games Success, to Launch Mini Dapps Next Year",{"type":8,"value":14597,"toc":14634},[14598,14605,14608,14611,14614,14617,14620,14623,14626],[11,14599,14600,14604],{},[14,14601],{"alt":14602,"src":14603},"be4b9c191c5b4a98f52bc5c59b4482fc","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Fbe4b9c191c5b4a98f52bc5c59b4482fc.png","\nJapanese messaging app giant Line plans to give its 196 million active users the ability to use decentralized apps (dapps) such as games and utilities.",[11,14606,14607],{},"The social network, which is mainly used in Japan, Taiwan, Thailand and Indonesia, will debut with 30 dapps in its portal by the end of January and plans for a further 150 by the end of the first quarter, said Sam Seo, the chairman of Kaia DLT Foundation, whose Kaia blockchain will host the applications.",[11,14609,14610],{},"Line's initiative reflects a growing trend of social media and messaging apps integrating blockchain technology to offer a wider range of services. Telegram, which has more than 900 million users, offers games including Catizen and Hamster Kombat over The Open Network (TON) blockchain. The so-called mini dapps (dapps within apps) also build on the popularity of utility functions added to programs such as WeChat.",[11,14612,14613],{},"“Games are the biggest portion,\" Seo said in an interview with CoinDesk. \"The others are social apps, some DeFi and AI-based chatting dapps.”",[11,14615,14616],{},"The move to dapps comes after the relative failure of earlier blockchain experiments with NFT functionality. In March 2023, Instagram said it would disable the NFT features it introduced the previous year that allowed people to share NFTs they created or bought. And while Reddit’s Digital Collectibles still exist, Collectible Expressions — which were used to animate them — were removed in July this year.",[11,14618,14619],{},"Line itself also made a foray into NFTs, starting an NFT marketplace in Japan in April 2022 and rolling out its own-brand NFT stickers.",[11,14621,14622],{},"“NFTs are too complicated for the normal users. The ideas were good, but I think we needed to improve the UX and UI,” Seo said, referring to the user experience and user interface.",[11,14624,14625],{},"“Previously, the way that users and even creators were looking at NFTs was just as an investment tool, rather than a tool for ownership. I think that was a kind of mismatch between the intention and then the result.”",[11,14627,14628],{},[55,14629,14632],{"href":14630,"rel":14631},"https:\u002F\u002Fwww.coindesk.com\u002Fweb3\u002F2024\u002F11\u002F27\u002Fline-with-an-eye-on-telegrams-in-app-games-success-to-launch-mini-dapps-next-year",[59],[61,14633,63],{},{"title":65,"searchDepth":66,"depth":66,"links":14635},[],[69],"2024-11-26 09:23:42",{},"\u002Fblog\u002Fline-with-an-eye-on-telegram-s-in-app-games-success-to-launch-mini-dapps-next-year",{"title":14595,"description":14604},"blog\u002FLine-With-an-Eye-on-Telegram-s-In-App-Games-Success-to-Launch-Mini-Dapps-Next-Year","oF1hAz5jK6fNE08rmVqbdIMfZa55LNKyZPWrZxni8Ys",{"id":14644,"title":14645,"body":14646,"categories":14683,"cover":14653,"date":14637,"description":14654,"extension":71,"meta":14684,"navigation":73,"path":14685,"seo":14686,"stem":14687,"tags":77,"__hash__":14688},"blog\u002Fblog\u002FAll-Eyes-on-Bitcoin.md","All Eyes on Bitcoin",{"type":8,"value":14647,"toc":14681},[14648,14655,14658,14661,14664,14667,14670,14673],[11,14649,14650,14654],{},[14,14651],{"alt":14652,"src":14653},"4f53438453d867703bee834897b658e59e9d96c2-6000x4000","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F4f53438453d867703bee834897b658e59e9d96c2-6000x4000.webp","\nBitcoin saw explosive growth immediately after the recent U.S. presidential elections, rising and retaking the spotlight from former highs of $73,000 in March. Now the question is, will bitcoin (BTC) continue its uptrend, and at what point can a sharp reversal happen?",[11,14656,14657],{},"If we take a look at former BTC market cycles, which happen every four years, then we see that we are now just starting to go into new bitcoin price discovery areas, and BTC could top out at new all-time highs, which is practically anything greater than the current resistance of $92,000. Bitcoin could even potentially see highs of $140,000+ based on prior supply and demand — i.e. halving cycles. On the contrary, what makes this market cycle a bit different than others is the vanished principle of BTC being an inflation hedge or digital gold. In theory, it was supposed to be — that is, at least, likely what Satoshi intended since bitcoin was created after the 2008 financial crisis. From what we saw in the last cryptocurrency bear market cycle, BTC is not an actual inflation hedge and performs like all other risk-on assets, so sentiment could change once the inauguration happens in January.",[11,14659,14660],{},"As we've seen before, politics could potentially just be politics until we see actual regulatory rollouts and a more favorable U.S. stance on paper with policies and laws that the markets fully embrace. Things seem to be going in the right direction with the news of Gensler resigning come January 20, 2025. The question remains on who will be his replacement; the wrong person and the smallest sentiment change in the wrong direction could fully accelerate a drawdown in BTC. We've previously seen what every Fed meeting minute has done to the price action of crypto which has, up until recently, always been negatively perceived. In other words, we are not fully out of the woods just yet, especially until there is clarity on who could be Gensler’s replacement.",[11,14662,14663],{},"The BTC ETFs played a vital role this year in institutionalizing the cryptocurrency, which allowed for RIA and fiduciary investment in bitcoin, although in a turnaround market the same volumes that helped bitcoin get to the point it is at today can be the same volumes and outflows that present a downfall. This can lead to crippling sentiment as we all know the crypto bull market does not last forever and drawdowns of 70-80% can be expected.",[11,14665,14666],{},"Looking at prior BTC bull market cycles, BTC has seen drawdowns of 20-30%. Can the same be expected with all the new factors under the current and new market structure? Analysts assume less drawdown and volatility scenarios due to the BTC ETF options offered by iShares and others, although on the contrary, systematic strategies still seem to be sought after with investors taking bets on market volatility, which only recently (in 2022) saw an equity market-like expansion in the crypto markets where enough volume, market cap, and stability existed for the shorting functionality of some coins.",[11,14668,14669],{},"With more market participants and more avenues of shorting functionality across all crypto assets, including BTC, this can create more volatility in the short-term. Compared to the last market cycle, there are a lot more traditional finance (TradFi) players trading and market making in the space now, which in a way is offset by more institutional capital locked up (mostly in ETFs since the venture space in crypto dried up from the fast money of the last bull market). Although in a way, no matter how much institutional capital enters the space, the market cycle of BTC will follow volatility— it's just in its decentralized nature.",[11,14671,14672],{},"Regardless of whatever outlook one has on the price of BTC, it's important to realize that this is a different market than before. Gone are the days of quick “hot money” returns with the inevitable crypto risk factors ever present. One must remain cautious, but optimistic, on where things are going, if not bullish on the market cycle and structure alone. Regardless, for every type of investor, there is a huge opportunity due to the immense growth of the industry, and when that window will close is anyone's guess — the only thing for certain is that the new market cycle is just getting started.",[11,14674,14675],{},[55,14676,14679],{"href":14677,"rel":14678},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2024\u002F11\u002F27\u002Fall-eyes-on-bitcoin",[59],[61,14680,63],{},{"title":65,"searchDepth":66,"depth":66,"links":14682},[],[69],{},"\u002Fblog\u002Fall-eyes-on-bitcoin",{"title":14645,"description":14654},"blog\u002FAll-Eyes-on-Bitcoin","5_Kgn36qOEJ9_7ZSdL6_ieANBpMdr0btzM_dO6Mly0Y",{"id":14690,"title":14691,"body":14692,"categories":14803,"cover":14699,"date":14804,"description":14700,"extension":71,"meta":14805,"navigation":73,"path":14806,"seo":14807,"stem":14808,"tags":77,"__hash__":14809},"blog\u002Fblog\u002FThe-Real-Story-About-Astronaut-Health-Care-in-Space.md","The Real Story About Astronaut Health Care in Space",{"type":8,"value":14693,"toc":14792},[14694,14701,14704,14707,14711,14714,14717,14721,14724,14728,14731,14734,14738,14741,14745,14748,14752,14759,14763,14766,14770,14773,14777,14784],[11,14695,14696,14700],{},[14,14697],{"alt":14698,"src":14699},"iss072e034702~large","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Fiss072e034702~large.jpg","\nThe International Space Station is humanity’s home in space and a research station orbiting about 250 miles above the Earth. NASA and its international partners have maintained a continuous human presence aboard the space station for more than 24 years, conducting research that is not possible on Earth.",[11,14702,14703],{},"The people living and working aboard the microgravity laboratory also are part of the research being conducted, helping to address complex human health issues on Earth and prepare humanity for travel farther than ever before, including the Moon and Mars.",[11,14705,14706],{},"Here are a few frequently asked questions about how NASA and its team of medical physicians, psychologists, nutritionists, exercise scientists, and other specialized caretakers ensure astronauts’ health and fitness aboard the orbiting laboratory.",[100,14708,14710],{"id":14709},"how-long-is-a-typical-stay-aboard-the-international-space-station","How long is a typical stay aboard the International Space Station?",[11,14712,14713],{},"A typical mission to the International Space Station lasts about six months, but can vary based on visiting spacecraft schedules, mission priorities, and other factors. NASA astronauts also have remained aboard the space station for longer periods of time. These are known as long-duration missions, and previous missions have given NASA volumes of data about long-term spaceflight and its effects on the human body, which the agency applies to any crewed mission.",[11,14715,14716],{},"During long-duration missions, NASA’s team of medical professionals focus on optimizing astronauts’ physical and behavioral health and their performance to help ensure mission success. These efforts also are helping NASA prepare for future human missions to the Moon, Mars, and beyond.",[100,14718,14720],{"id":14719},"how-does-nasa-keep-astronauts-healthy-while-in-space","How does NASA keep astronauts healthy while in space?",[11,14722,14723],{},"NASA has a team of medical doctors, psychologists, and others on the ground dedicated to supporting the health and well-being of astronauts before, during, and after each space mission. NASA assigns physicians with specialized training in space medicine, called flight surgeons, to each crew once named to a mission. Flight surgeons oversee the health care and medical training as crew members prepare for their mission, and they monitor the crew’s health before, during, and after their mission to the space station.",[100,14725,14727],{"id":14726},"how-does-nasa-support-its-astronauts-mental-and-emotional-well-being-while-in-space","How does NASA support its astronauts' mental and emotional well-being while in space?",[11,14729,14730],{},"The NASA behavioral health team provides individually determined psychological support services for crew members and their families during each mission. Ensuring astronauts can thrive in extreme environments starts as early as the astronaut selection process, in which applicants are evaluated on competencies such as adaptability and resilience. Astronauts receive extensive training to help them use self-assessment tools and treatments to manage their behavioral health. NASA also provides training in expeditionary skills to prepare every astronaut for missions on important competencies, such as self-care and team care, communication, and leadership and followership skills.",[11,14732,14733],{},"To help maintain motivation and morale aboard the space station, astronauts can email, call, and video conference with their family and friends, receive crew care packages aboard NASA’s cargo resupply missions, and teleconference with a psychologist, if needed.",[100,14735,14737],{"id":14736},"how-does-microgravity-affect-astronaut-physical-health","How does microgravity affect astronaut physical health?",[11,14739,14740],{},"In microgravity, without the continuous load of Earth’s gravity, there are many changes to the human body. NASA understands many of the human system responses to the space environment, including adaptations to bone density, muscle, sensory-motor, and cardiovascular health, but there is still much to learn. These spaceflight effects vary from astronaut to astronaut, so NASA flight surgeons regularly monitor each crew member’s health during a mission and individualize diet and fitness routines to prioritize health and fitness while in space.",[100,14742,14744],{"id":14743},"why-do-astronauts-exercise-in-space","Why do astronauts exercise in space?",[11,14746,14747],{},"Each astronaut aboard the orbiting laboratory engages in specifically designed, Earth-like exercise plans. To maintain their strength and endurance, crew members are scheduled for two and a half hours of daily exercise to support muscle, bone, aerobic, and sensorimotor health. Current equipment onboard the space station includes the ARED (Advanced Resistive Exercise Device), which mimics weightlifting; a treadmill, called T2; and the CEVIS (Cycle Ergometer with Vibration Isolation and Stabilization System) for cardiovascular exercise.",[100,14749,14751],{"id":14750},"what-roles-do-food-and-nutrition-play-in-supporting-astronaut-health","What roles do food and nutrition play in supporting astronaut health?",[11,14753,14754,14755],{},"Nutrition plays a critical role in maintaining an astronaut’s health and optimal performance before, during, and after their mission. Food also plays a psychosocial role during an astronaut’s long-duration stay aboard the space station. Experts working in NASA’s Space Food Systems Laboratory at the agency’s Johnson Space Center in Houston develop foods that are nutritious and appetizing. Crew members also have the opportunity to supplement the menu with personal favorites and off-the-shelf items, which can provide a taste of home.\n",[14,14756],{"alt":14757,"src":14758},"iss071e297201","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Fiss071e297201.webp",[100,14760,14762],{"id":14761},"how-does-nasa-know-whether-astronauts-are-getting-the-proper-nutrients","How does NASA know whether astronauts are getting the proper nutrients?",[11,14764,14765],{},"NASA’s nutritional biochemistry dietitians and scientists determine the nutrients (vitamins, minerals, calories) the astronauts require while in space. This team tracks what each crew member eats through a tablet-based tracking program, which each astronaut completes daily. The data from the app is sent to the dietitians weekly to monitor dietary intake. Analyzing astronaut blood and urine samples taken before, during, and after space missions is a crucial part of studying how their bodies respond to the unique conditions of spaceflight. These samples provide valuable insight into how each astronaut adapts to microgravity, radiation, and other factors that affect human physiology in space.",[100,14767,14769],{"id":14768},"how-do-astronauts-train-to-work-together-while-in-space","How do astronauts train to work together while in space?",[11,14771,14772],{},"In addition to technical training, astronauts participate in team skills training. They learn effective group living skills and how to look out for and support one another. Due to its remote and isolated nature, long-duration spaceflight can make teamwork difficult. Astronauts must maintain situational awareness and implement the flight program in an ever-changing environment. Therefore, effective communication is critical when working as a team aboard station and with multiple support teams on the ground. Astronauts also need to be able to communicate complex information to people with different professional backgrounds. Ultimately, astronauts are people living and working together aboard the station and must be able to do a highly technical job and resolve any interpersonal issues that might arise.",[100,14774,14776],{"id":14775},"what-happens-if-there-is-a-medical-emergency-on-the-space-station","What happens if there is a medical emergency on the space station?",[11,14778,14779,14780],{},"All astronauts undergo medical training and have regular contact with a team of doctors closely monitoring their health on the ground. NASA also maintains a robust pharmacy and a suite of medical equipment onboard the space station to treat various conditions and injuries. If a medical emergency requires a return to Earth, the crew will return in the spacecraft they launched aboard to receive urgent medical care on the ground.\n",[14,14781],{"alt":14782,"src":14783},"53222842707-ede2f314a8-o","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F53222842707-ede2f314a8-o.webp",[11,14785,14786],{},[55,14787,14790],{"href":14788,"rel":14789},"https:\u002F\u002Fwww.nasa.gov\u002Fmissions\u002Fstation\u002Ffaq-the-real-story-about-astronaut-health-care-in-space\u002F",[59],[61,14791,63],{},{"title":65,"searchDepth":66,"depth":66,"links":14793},[14794,14795,14796,14797,14798,14799,14800,14801,14802],{"id":14709,"depth":66,"text":14710},{"id":14719,"depth":66,"text":14720},{"id":14726,"depth":66,"text":14727},{"id":14736,"depth":66,"text":14737},{"id":14743,"depth":66,"text":14744},{"id":14750,"depth":66,"text":14751},{"id":14761,"depth":66,"text":14762},{"id":14768,"depth":66,"text":14769},{"id":14775,"depth":66,"text":14776},[233],"2024-11-22 10:02:18",{},"\u002Fblog\u002Fthe-real-story-about-astronaut-health-care-in-space",{"title":14691,"description":14700},"blog\u002FThe-Real-Story-About-Astronaut-Health-Care-in-Space","oE7K5EU2Ofi2JliOXRIwi1Rtobc9KFOmoTSYZXPDeq8",{"id":14811,"title":14812,"body":14813,"categories":14942,"cover":14820,"date":14943,"description":14821,"extension":71,"meta":14944,"navigation":73,"path":14945,"seo":14946,"stem":14947,"tags":77,"__hash__":14948},"blog\u002Fblog\u002FAI-Agents-Can-Help-Crypto-Become-the-Currency-of-AI.md","AI Agents Can Help Crypto Become the Currency of AI",{"type":8,"value":14814,"toc":14931},[14815,14822,14825,14828,14832,14835,14838,14841,14845,14848,14851,14854,14857,14861,14864,14867,14870,14874,14877,14880,14883,14887,14890,14893,14897,14900,14903,14907,14910,14913,14917,14920,14923],[11,14816,14817,14821],{},[14,14818],{"alt":14819,"src":14820},"5FQYFKMVQNERLH5KD3JHBRCLLI","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F5FQYFKMVQNERLH5KD3JHBRCLLI.webp","\nAgentic artificial intelligence (AI) is rapidly becoming one of the most significant paradigms in the new era of foundation models. By agentic, we refer to AI systems that can not only produce outputs but also execute actions in a given environment. Consider automation scenarios like responding to emails, interacting with a database, calling an API, or performing physical tasks in an embodied AI setting such as robotic tasks.",[11,14823,14824],{},"Unlike previous automation paradigms, agentic AI has the potential to enable agents to achieve semi- or full autonomy within their environments. We can envision a near future where tens of millions of semi-autonomous agents become integral to business and personal ecosystems. Crypto assets could serve as a fundamental representation of the world these AI agents interact with.",[11,14826,14827],{},"In other words, crypto holds the potential to become the currency of AI. But, while this notion is frequently promoted as a way to show the promise of crypto in powering a new intelligent economy, significant practical challenges lie ahead.",[100,14829,14831],{"id":14830},"many-demos-few-products","Many Demos, Few Products",[11,14833,14834],{},"To understand the potential of AI agents using crypto, it’s essential to assess the fragmented state of the current agent market. The promise of semi-autonomous agents has triggered an explosion of frameworks for building them, far surpassing market readiness. While most organizations recognize the potential of autonomous agents, they remain in the early stages of adoption. As a result, we see numerous agent demos but very few production-ready products.",[11,14836,14837],{},"This is significant because the intersection of crypto and autonomous agents relies heavily on the maturity of the latter market. In a world where millions of autonomous agents augment our business and personal tasks, crypto could enhance these capabilities. There are several hypotheses about this augmentation, ranging from coordination to monitoring. But the greatest opportunity lies in the financial domain.",[11,14839,14840],{},"If we think of autonomous agents as extensions of our business and professional workflows, then e-commerce will be a crucial component of interactions between humans and agents, as well as between agents themselves. And crypto represents the most promising opportunity to unlock this potential.",[100,14842,14844],{"id":14843},"economic-layer-of-the-intelligent-internet","Economic Layer of the Intelligent Internet",[11,14846,14847],{},"Payments have been central to the evolution of the internet. PayPal unlocked many early e-commerce workflows, and platforms like Stripe have fully catalyzed this transformation. If AI agents become the fabric of the intelligent internet, financial transactions will be a key component of this new layer.",[11,14849,14850],{},"The programmability of crypto makes it an excellent fit for enabling payment capabilities in AI agents. But what scenarios make crypto ideal for agentic workflows while highlighting the limitations of fiat?",[11,14852,14853],{},"Imagine a situation where an agent engages another agent to complete a specific task such as paying invoices and following up with clients via emails. In this scenario, agents might receive numerous of those tasks, with payments unlocked as these tasks are completed( ex: an invoice is successfully paid).",[11,14855,14856],{},"The nascent state of the AI agent market is a challenge to making any of these scenarios work in practice. Therefore, the evolution of payment transactions in agentic workflows will likely not follow a straightforward path to crypto adoption and may undergo several iterations.",[100,14858,14860],{"id":14859},"crypto-ai-culture-clash","Crypto-AI Culture Clash",[11,14862,14863],{},"One often-overlooked obstacle to the adoption of crypto in multi-agent architectures is the cultural mismatch between the AI and crypto communities. Most teams driving innovation in agentic platforms have little to no connection to the crypto market, are not enthusiastic about Web3, and perceive crypto as a friction point for platform adoption beyond the crypto industry. This cultural disconnect extends to investors as well.",[11,14865,14866],{},"Many leading AI agent platforms were funded during one of the most challenging bear markets in the crypto space, a period when venture capitalists were particularly skeptical of crypto's value. Additionally, organizations adopting AI agent platforms may still view crypto as a barrier to adoption within their operations.",[11,14868,14869],{},"While high-quality AI teams are emerging in the Web3 and AI agent space, this cultural friction should not be underestimated. Overcoming these challenges will require unlocking use cases that are impossible without crypto payments.",[100,14871,14873],{"id":14872},"lack-of-agent-e-commerce","Lack of Agent E-Commerce",[11,14875,14876],{},"In the crypto world, the idea of AI agents conducting financial transactions is often discussed as an inevitability. While the promise is clear, the required infrastructure is lacking. Companies like Stripe built their businesses on decades of e-commerce innovation, supported by extensive merchant networks. This infrastructure does not yet exist for AI agents. As a result, early use cases for agents transacting may resemble the internet of the 1990s and will need significant evolution.",[11,14878,14879],{},"Let’s explore ideas for AI agent transactions using a hypothetical but plausible scenario. Imagine a group of agents across different geographies assigned 1,000 tasks, with payments unlocked upon completion of each one. To complete these tasks, some agents may need to collaborate with others. While some agents complete their tasks quickly and efficiently, others fail to deliver on time or effectively, leading to varying levels of conflict.",[11,14881,14882],{},"We have three options in today’s market:",[7002,14884,14886],{"id":14885},"_1-programmable-fiat","1. Programmable Fiat",[11,14888,14889],{},"Programmable fiat platforms like Stripe offer a low barrier to entry for enabling financial transactions in multi-agent systems. Stripe’s recent announcement of an agent toolkit, integrated with many top frameworks, underscores this potential. The wide distribution of programmable fiat platforms, their large developer communities, and seamless integration with banking rails make them an attractive starting point for agentic payments.",[11,14891,14892],{},"However, programmable fiat presents limitations, such as challenges with cross-border payments, lengthy dispute resolution processes, and the complexity of performance-based payment triggers, making it suboptimal for agentic workflows.",[7002,14894,14896],{"id":14895},"_2-stablecoins","2. Stablecoins",[11,14898,14899],{},"Stablecoins represent a natural intersection between AI and Web3. They address some of fiat's limitations in agentic workflows, offering on-chain settlements, global availability, and enhanced programmability. In this scenario, agents could receive payments in stablecoins like USDC or USDT upon task completion.",[11,14901,14902],{},"However, stablecoins fall short in key areas. They are primarily payment tokens and lack functionality linked to agent performance. For example, in cases where agents fail to complete tasks, disputes must be resolved outside the stablecoin payment system.",[7002,14904,14906],{"id":14905},"_3-a-native-agent-cryptocurrency-and-payment-protocol","3. A Native Agent Cryptocurrency and Payment Protocol",[11,14908,14909],{},"The true intersection of Web3 and agentic AI for financial transactions could emerge through new tokens and protocols tailored for this use case. These could extend stablecoin capabilities by integrating agent-specific functionalities.",[11,14911,14912],{},"In our scenario, payments could be made using a specialized asset that agents can stake for quality control. Slashing policies could penalize poor performance, while validators could resolve disputes based on task quality. Additionally, agents’ reputations could be directly tied to their token stakes. While this approach requires advancements in both Web3 and agentic AI, it is not as distant as it may seem.",[100,14914,14916],{"id":14915},"agents-are-all-we-need","Agents Are All We Need",[11,14918,14919],{},"Agentic AI has the potential to become one of the most fertile intersections between Web3 and AI. Semi-autonomous agents will become ubiquitous, requiring robust financial infrastructure for transactions. While programmable fiat may address initial needs, its limitations highlight crypto’s potential to shine.",[11,14921,14922],{},"Stablecoins offer a promising start, but they may not suffice in the long run. The rise of agentic AI is likely to drive the creation of custom tokens, wallets, protocols, and possibly blockchains optimized for agentic workflows. Agents could become the gateway for crypto to emerge as the true currency of AI.",[11,14924,14925],{},[55,14926,14929],{"href":14927,"rel":14928},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2024\u002F11\u002F19\u002Fai-agents-can-help-crypto-become-the-currency-of-ai\u002F",[59],[61,14930,63],{},{"title":65,"searchDepth":66,"depth":66,"links":14932},[14933,14934,14935,14936,14941],{"id":14830,"depth":66,"text":14831},{"id":14843,"depth":66,"text":14844},{"id":14859,"depth":66,"text":14860},{"id":14872,"depth":66,"text":14873,"children":14937},[14938,14939,14940],{"id":14885,"depth":7057,"text":14886},{"id":14895,"depth":7057,"text":14896},{"id":14905,"depth":7057,"text":14906},{"id":14915,"depth":66,"text":14916},[69],"2024-11-22 09:09:18",{},"\u002Fblog\u002Fai-agents-can-help-crypto-become-the-currency-of-ai",{"title":14812,"description":14821},"blog\u002FAI-Agents-Can-Help-Crypto-Become-the-Currency-of-AI","a2kva4ohOPMGs3dcoBBtA_6p6_m0uFV1VywEewHafPI",{"id":14950,"title":14951,"body":14952,"categories":14980,"cover":14959,"date":14981,"description":14960,"extension":71,"meta":14982,"navigation":73,"path":14983,"seo":14984,"stem":14985,"tags":77,"__hash__":14986},"blog\u002Fblog\u002FDeFi’s-Renaissance.md","DeFi’s Renaissance",{"type":8,"value":14953,"toc":14978},[14954,14961,14964,14967,14970],[11,14955,14956,14960],{},[14,14957],{"alt":14958,"src":14959},"VJZBOESU25BSREVJLID432F2VU","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002FVJZBOESU25BSREVJLID432F2VU.webp","\nThe repercussions of historically stringent cryptocurrency oversight are well-documented, but the ensuing sea change is perhaps not fully appreciated. With pro-crypto legislators likely to replace the current regulatory regime, we anticipate a more favorable environment for crypto applications. Decentralized finance (DeFi), in particular, is well-positioned to reap these benefits. From opening the door for traditional finance (TradFi) to partake in DeFi, to enabling fee switches and U.S. user access to protocols, it’s hard to overstate the impacts for DeFi and stablecoins that can come with regulatory clarity. With DeFi TVL up 31% and the stablecoin market cap up 4% since the election, it’s clear that users share this sentiment.",[11,14962,14963],{},"Historically, institutions have hesitated to move on-chain due to regulatory risks. However, with bitcoin ETF AUM inflows on track to surpass the gold ETFs’ AUM within a year, finance and tech companies exploring the technology and offering crypto products, and corporates adding digital assets to their balance sheets, institutional interest in crypto has never been higher. That said, the coexistence of off-chain and on-chain capital thus far has mainly involved using on-chain capital to capture off-chain yield (e.g., Tether purchasing billions of dollars in U.S. treasuries). With regulatory clarity, we are now in the early stages of off-chain capital moving on-chain. Post-election developments, like BlackRock and Franklin Templeton expanding their tokenized money funds to new chains, exemplify the substantial capital ready to enter DeFi and are likely just the tip of the iceberg. And beyond tokenization, Stripe recently acquired stablecoin startup Bridge, McDonald’s partnered with NFT project Doodles, and PayPal is using Ethereum and Solana to settle contracts. This streamlines asset management, enhances market efficiency and liquidity, improves financial inclusion, and ultimately accelerates economic growth. Regulatory clarity will add an accelerant to this already-burgeoning activity.",[11,14965,14966],{},"Similarly, DeFi projects like Ethena and Blur are starting to adapt to the evolving environment as they anticipate improvements in regulatory clarity. A frequent criticism of altcoins is their lack of inherent utility. Addressing this, Ethena approved a proposal to allocate a portion of protocol revenue ($132 million annualized) to sENA holders, bridging the gap between revenue generation and token holders. Once executed, the proposal could increase participation and investment in Ethena by directly rewarding token holders, thus setting a potential precedent for revenue sharing in DeFi. This move might also encourage other protocols to consider similar mechanisms, enhancing the appeal of holding DeFi tokens. In addition, protocols may also enable US users to access front-ends and partake in airdrops, compared to the current default of restricting US users. At the same time, development and innovation should flourish, with founders more confident about the reduced risks of building in the U.S. By expanding token utility to benefit from protocol success, enabling access to fair and free on-chain services often without rent-seeking intermediaries, and removing barriers to innovation that have made this country so great, we may be on the brink of a new era for DeFi development and usage.",[11,14968,14969],{},"Collectively, these factors indicate that DeFi may be on the brink of a new growth phase, potentially expanding beyond its crypto-native user base to interact more directly with broader financial systems. The DeFi renaissance is here.",[11,14971,14972],{},[55,14973,14976],{"href":14974,"rel":14975},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2024\u002F11\u002F20\u002Fdefis-renaissance\u002F",[59],[61,14977,63],{},{"title":65,"searchDepth":66,"depth":66,"links":14979},[],[69],"2024-11-21 14:11:18",{},"\u002Fblog\u002Fdefi's-renaissance",{"title":14951,"description":14960},"blog\u002FDeFi’s-Renaissance","hqgB4BOhGgEyrr169zE159ndXIEjPo2wanVoNd_Wn4k",{"id":14988,"title":14989,"body":14990,"categories":15042,"cover":14997,"date":15043,"description":14998,"extension":71,"meta":15044,"navigation":73,"path":15045,"seo":15046,"stem":15047,"tags":77,"__hash__":15048},"blog\u002Fblog\u002FIs-the-Crypto-Conference-Circuit-Good-for-Crypto.md","Is the Crypto Conference Circuit Good for Crypto?",{"type":8,"value":14991,"toc":15040},[14992,14999,15002,15005,15008,15011,15014,15017,15020,15023,15026,15029,15032],[11,14993,14994,14998],{},[14,14995],{"alt":14996,"src":14997},"GSQYC75QV5HYTAMRBF264W6BZQ","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002FGSQYC75QV5HYTAMRBF264W6BZQ.webp","\nIf you’re part of Web3, odds are you’ve spent much of this year traveling abroad. It’s likely you just got back from a conference if you’re reading this. Maybe you’re at one while reading this now. Regardless of where you’re based, you’ve likely hopped from one international conference to another. Over the years, these events have stretched across the United States, South America, Europe, Asia, and might soon make it all the way to Antarctica with the pace of how it’s going now. Around each major gathering, hundreds — soon thousands — of side-events pop up (the recent Devcon in Bangkok featured more than 700).",[11,15000,15001],{},"It’s the reality of working in this space: relentless travel and endless panels. But let’s be honest: it’s time to reconsider the conference circuit.",[11,15003,15004],{},"This isn’t to say all conferences are useless — some, like Consensus, ETHDenver and others, are valuable. But, spending an entire year bouncing from one event to the next is hardly a recipe for adoption. If it were, we’d have more to show for it than empty crowd shots and panelists answering their moderator’s questions to vacant seats. Some photos which got more attention than entire side events. While it makes sense for a decentralized industry with no central hub to meet up in person, it’s become a running joke: even people based in the same city often have to meet at a conference halfway across the world. It’s neither efficient nor sustainable.",[11,15006,15007],{},"It’s true that, for now, most networking in this space happens at conferences, and until a central industry hub emerges, that will likely remain the case. But collecting a handful of new Telegram contacts and snapping selfies with promises to reconnect doesn’t compare to having focused time at home to create real value. The reality is that most of those chats become a graveyard of forgotten messages, never evolving beyond the initial promise to “connect after the conference.” And unless there’s some sort of return you can quantify every quarter for all the cost then it doesn’t make sense.",[11,15009,15010],{},"Will mass adoption really come from panels where everyone agrees, speaking to rooms with mostly empty seats? And of those in attendance, how many are there simply to reinforce the same views? All this, financed by a “pay-to-play” model that rewards stage time over genuine merit, leaving little room for truly innovative ideas to spread. Instead, it creates an echo chamber where fresh perspectives are rare, and real differentiation of thought is almost nonexistent.",[11,15012,15013],{},"Even worse, how many more parties do we need to attend where some large DJ act that doesn’t know or care about the industry comes to play a set when bull runs are in effect? Isn’t anyone else tired of this? Isn’t anyone else thinking how much money is being wasted?",[11,15015,15016],{},"Currently, it seems the primary goal is to become the most influential crypto company or figure — within the crypto world itself. But with finite funding, even for well-funded companies that have or haven’t launched their tokens, it’s worth re-evaluating the cost-benefit of this approach. If it were truly effective, would we be facing a reality where chains with multi-billion-dollar market caps struggle to attract even single-digit daily active users? It's harsh but it is also necessary to look at it through this lens.",[11,15018,15019],{},"First, even the best-staffed teams in crypto are lean compared to traditional corporate setups. If these teams are meant to focus on driving adoption, who really benefits when we pull large portions of them away, covering $1,000+ conference tickets, flights, hotels, daily stipends for food and transport — and worse, the lost hours spent traveling, multiplied by their pay? In all honesty, the only true product-market fit this industry seems to have found is in hosting events.",[11,15021,15022],{},"Next, let’s talk about the money poured into the hundreds of side events held alongside each main conference. At Token2049 in Singapore this past September, there were nearly 600. Renting out hundreds of venues, finding sponsors, arranging keynotes and panels — all while an expensive main event is already in progress — only spreads the audience thin, leaving rooms empty and diminishing any real engagement. At best, we get photo ops that let us feel important, convincing ourselves that sharing a nice-looking stage with peers is an achievement. In reality, it’s a vain exercise, serving no one but the egos of those on stage.",[11,15024,15025],{},"In any industry aiming for credibility, leaders are expected to evaluate their spending — what’s being spent, why, what it achieves, and what the returns on those spends are. So, if crypto wants to be taken seriously, why aren’t we asking the same questions? Right now, all of this is propped up by venture capital and token launches — both limited resources. Even as Bitcoin nears an all-time high, companies like ConsenSys are laying off 20% of their staff and dYdX laid off 35% of their staff just this week. So, what exactly is the purpose of this conference circuit?",[11,15027,15028],{},"This isn’t to say we should avoid conferences altogether. But is it logical to spend an entire year on the road, jumping from event to event? Shouldn’t Stripe’s acquisition of Bridge serve as a wake-up call? What was that team doing to achieve the largest and most successful acquisition in our industry to date — by a non-crypto-native company, no less? Stripe saw the potential in this space and took a forward-looking step that might actually lead us toward mass adoption.",[11,15030,15031],{},"If we consider all the money spent on conferences each year and redirect even a portion toward innovative onboarding strategies, we’d be far better off. Let’s experiment with explaining our ideas simply to the users we claim would love and use our tech. Otherwise, we risk remaining in a category seen as a passing fad — until real use cases with real users finally emerge.",[11,15033,15034],{},[55,15035,15038],{"href":15036,"rel":15037},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2024\u002F11\u002F20\u002Fis-the-crypto-conference-circuit-good-for-crypto\u002F",[59],[61,15039,63],{},{"title":65,"searchDepth":66,"depth":66,"links":15041},[],[69],"2024-11-21 13:31:48",{},"\u002Fblog\u002Fis-the-crypto-conference-circuit-good-for-crypto",{"title":14989,"description":14998},"blog\u002FIs-the-Crypto-Conference-Circuit-Good-for-Crypto","UmJycc9Ndqz63mtS-Ii1f_M_PPgrhvvqZIOLOfCFo1M",{"id":15050,"title":15051,"body":15052,"categories":15085,"cover":77,"date":15086,"description":15056,"extension":71,"meta":15087,"navigation":73,"path":15088,"seo":15089,"stem":15090,"tags":77,"__hash__":15091},"blog\u002Fblog\u002FTrump-Is-Not-Bitcoin-s-Savior.md","Trump Is Not Bitcoin's Savior",{"type":8,"value":15053,"toc":15083},[15054,15057,15060,15063,15066,15069,15072,15075],[11,15055,15056],{},"The election is over, and Trump is now going to be President again. He pulled off something that hasn’t been done since Grover Cleveland in the 1800s, a successful re-election following a loss after his first term. People all of this space are celebrating this as some kind of victory for Bitcoin, but nothing could be further from the truth.",[11,15058,15059],{},"Ross will likely be freed, Trump is too full of himself to back out of such a trivial to deliver on campaign promise, so he will probably do it. It’s too easy, and something he can parade around and take credit for, so it will happen.",[11,15061,15062],{},"That is where anything substantial will end. A strategic reserve is not happening without the approval of Congress, even seized assets are by law required to be disposed of on the open market. Trump cannot from any reading of his authority I am aware of unilaterally push the federal government to begin accumulating bitcoin. Even if by some miracle that Congress did act to pass such legislation, what good does it do Bitcoin? A government accumulating bitcoin isn’t going to help make it more scalable, it isn’t going to make it more private, it isn’t going to protect it from government overreach and interference. It won’t even help us pay off our debt, the price appreciation necessary for such an outcome is frankly delusional.",[11,15064,15065],{},"Instead the most likely outcome is more of the same. More attacks on Bitcoin privacy. More encroaching regulation in the form of KYC and AML. Miners will likely come under scrutiny as Bitcoin’s elevation onto the global political stage continues. The question of their liability and involvement in confirming sanctioned or otherwise undesirable transactions has already been floating around Washington D.C. for a few years now, the tone of those questions will likely get more serious.",[11,15067,15068],{},"Exchanges and other on\u002Foff ramps will likely be pressured to engage in ever more invasive surveillance of their users in pursuit of stamping out terrorism, criminal use, child trafficking, etc. All of the traditional boogiemen of the digital world will be trotted out, and the regulatory noose will be tightened. Sure, Trump might push for enshrining self custody as a right, but does that on its own really provide any serious degree of freedom without privacy? Without censorship resistance?",[11,15070,15071],{},"Trump even spoke in Nashville about regulations, and the expansion and endorsement of stablecoins. “People who see Bitcoin as a threat to the dollar have it exactly backwards.” He wants to push dollar backed stablecoins all over the world, taking advantage of a new route for us to export our inflation without the need for diplomacy. People in other countries can just use them, they don’t need their government to choose to dollarize, or hold dollar reserves. Just download an app and start using them. The approach he wants to take to Bitcoin and cryptocurrencies will breath new life into the dollar, and push Bitcoin down a path to stagnation and capture.",[11,15073,15074],{},"People are cheering this on as a victory for Bitcoin, the reality is it is us entering the gauntlet. It is still an open question whether we can successfully run it and come out the other side without having to make serious and potentially fatal compromises.",[11,15076,15077],{},[55,15078,15081],{"href":15079,"rel":15080},"https:\u002F\u002Fbitcoinmagazine.com\u002Ftakes\u002Ftrump-is-not-bitcoins-savior",[59],[61,15082,63],{},{"title":65,"searchDepth":66,"depth":66,"links":15084},[],[69],"2024-11-13 17:27:38",{},"\u002Fblog\u002Ftrump-is-not-bitcoin-s-savior",{"title":15051,"description":15056},"blog\u002FTrump-Is-Not-Bitcoin-s-Savior","xKghQj1lBYD0IZjP3uOAlkVW8SFLRUOSLfgQn0Xz1Es",{"id":15093,"title":15094,"body":15095,"categories":15181,"cover":15102,"date":15182,"description":15103,"extension":71,"meta":15183,"navigation":73,"path":15184,"seo":15185,"stem":15186,"tags":77,"__hash__":15187},"blog\u002Fblog\u002FWe’ve-Been-Thinking-About-Blockchains-Wrong-They’re-About-Time-Not-Money.md","We’ve Been Thinking About Blockchains Wrong. They’re About Time, Not Money",{"type":8,"value":15096,"toc":15177},[15097,15104,15107,15110,15113,15116,15119,15122,15125,15128,15132,15135,15138,15141,15144,15147,15150,15154,15157,15160,15163,15166,15169],[11,15098,15099,15103],{},[14,15100],{"alt":15101,"src":15102},"C2SFKXVKGBH6VEJUZX5EG4F2F4","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002FC2SFKXVKGBH6VEJUZX5EG4F2F4.webp","\nBlockchain technology has momentum. Bitcoin and Ethereum ETFs have catalyzed mainstream entry into the crypto investment space. Meanwhile, DeFi and other decentralized projects continue to grow their users and assets. Regulators in many jurisdictions appear to be looking for ways to work with the technology, rather than against it. This all boils down to an unprecedented moment of opportunity for those developing projects based on blockchain technology.",[11,15105,15106],{},"We’re at risk of squandering it.",[11,15108,15109],{},"The blockchain community has always been marked by a kind of “wait till next year” optimism. We thought once Ethereum moved to proof-of-stake, in 2022, we would solve the scalability problem and open the door to widespread adoption. Similarly, there is an assumption that once the regulatory situation is clearer, institutions will come into the space en-masse. Then the bright, decentralized future will finally arrive.",[11,15111,15112],{},"But it won’t – not on the industry’s current path. Just as communism collapsed because it never delivered its promised utopia, so will crypto if the community doesn’t change its thinking.",[11,15114,15115],{},"This would be a tragedy.",[11,15117,15118],{},"Blockchains are technical marvels. But the current state of blockchain development is equivalent to giving the world the iPhone with only the Notes app. Or perhaps more aptly, only equipped with a few betting apps that are maddening to use but potentially highly lucrative. It’s no wonder we haven’t won over regulators or the broader public.",[11,15120,15121],{},"Two things are holding blockchains back from achieving their potential. One is a perception: most people outside the crypto space still believe the technology is purely about digital money and derivative financial platforms: essentially bitcoin, dogecoin, and the exchanges where they trade.",[11,15123,15124],{},"This perception is driven by the second obstacle, which is substantive: blockchain projects have focused too heavily on financialization. This has led not only to a vast underutilization of the capabilities of the tech, but also to an insider-first, semi-closed ecosystem in which small groups of people design, develop, and use these platforms.",[11,15126,15127],{},"Blockchain technology is touted as tearing down gatekeepers and extending the benefits of finance to all. So it is the height of irony that it should come to be dominated by an even smaller and more impenetrable group of elites than the legacy finance and government structures it seeks to replace.",[100,15129,15131],{"id":15130},"what-are-blockchains-for","What are blockchains for?",[11,15133,15134],{},"The key to slashing this Gordian Knot is to rediscover what blockchains are really about: not money, but time.",[11,15136,15137],{},"A blockchain is, fundamentally, a clock. It records when transactions take place in a transparent and untamperable way. This is the key to its potential: in a world of declining trust, this blockchain clock can serve as a universal source of reality.",[11,15139,15140],{},"Every transaction in blockchains carries within it the answer: who did what, when and why. It is something that is provably true and does not require a person to trust the bearer of the information. Time waits for no one. It does not ask for trust, and it goes on whether we trust it or not. Time is the ultimate trustless key to our lives, and so, as clocks, are blockchains.",[11,15142,15143],{},"That is its transformational power. There is almost no limit to the things we can build if we understand what blockchains are really for. We can build systems that can offer advantages over legacy infrastructure developed before the invention of jet-powered aircraft. We can deliver a world that is fairer, faster, and more lucrative.",[11,15145,15146],{},"But, today, outside of a few financial products, we don’t. True, there are crypto projects that allow people around the world to overcome runaway inflation or political repression. These stories should be celebrated and supported, but they remain edge cases. For the most part, blockchains today are the foundations of an arcane, semi-exclusive universe of financial products where those in the know seek outsize returns on their capital.",[11,15148,15149],{},"It’s time – pun intended – to reclaim the true purpose of the blockchain. That will require all of us – developers, founders, VCs, evangelists – to rediscover the original ethos behind decentralized infrastructure. It will require us to remember that blockchains are really about time, not money.",[100,15151,15153],{"id":15152},"its-time-to-build-products-that-matter","It’s time to build products that matter",[11,15155,15156],{},"With this understanding, the industry can start to deliver essential products for real people. After all, the thing that truly holds crypto back isn’t the SEC. It’s not internecine squabbles between different factions of Ethereans. It’s the simple fact that crypto remains irrelevant to most people.",[11,15158,15159],{},"If the government tried to ban e-commerce sites like Amazon, there would be an outcry. People from schoolchildren to grandparents would oppose such a move because it would make their lives materially worse. When governments attempt to block social media platforms like X and TikTok, they face severe backlash from the millions upon millions of people who use those services. Public support is strong for these platforms even when they arguably facilitate harmful activities.",[11,15161,15162],{},"But crypto? No one really cares. Crypto’s main defenders are those funding, building, and benefiting from its complex financial platforms. But these entrepreneurs and investors have primarily succeeded in driving two things: market cap and public skepticism. Not only would most ordinary people not care if crypto disappeared; they wouldn’t even notice.",[11,15164,15165],{},"This is a dire state of affairs, and the reason for it is simple. We’ve forgotten why we believed in decentralized technology in the first place, and gone down a path of financial opportunism and insiderism.",[11,15167,15168],{},"The good news is it’s not too late. We need to look past the allure of financialization and remember that blockchains, as universal timekeepers, can do so much more. The possibilities are almost unlimited. We can enable strangers on different continents to share information and ideas securely, transparently, trustlessly. We can use our favorite apps that have become essential to our lives – but without the anxiety that we might be tracked and listened to. We can chat with strangers on the Internet and enjoy online news with full certainty that it is humans and not bots that we are interacting with. We can rethink money, supply chains, auctions, transportation, corporate voting, and almost everything else. We can make sure promises are kept. We can make blockchains truly indispensable for people around the world.",[11,15170,15171],{},[55,15172,15175],{"href":15173,"rel":15174},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2024\u002F11\u002F07\u002Fweve-been-thinking-about-blockchains-wrong-theyre-about-time-not-money\u002F",[59],[61,15176,63],{},{"title":65,"searchDepth":66,"depth":66,"links":15178},[15179,15180],{"id":15130,"depth":66,"text":15131},{"id":15152,"depth":66,"text":15153},[69],"2024-11-12 16:37:18",{},"\u002Fblog\u002Fwe've-been-thinking-about-blockchains-wrong-they're-about-time-not-money",{"title":15094,"description":15103},"blog\u002FWe’ve-Been-Thinking-About-Blockchains-Wrong-They’re-About-Time-Not-Money","Xw3qN-CbaxaORSLLZvbWRIWodxO83qbdJ2qJxRujGHk",{"id":15189,"title":15190,"body":15191,"categories":15245,"cover":15198,"date":15246,"description":65,"extension":71,"meta":15247,"navigation":73,"path":15248,"seo":15249,"stem":15250,"tags":77,"__hash__":15251},"blog\u002Fblog\u002FSpaceX-Pitches-NASA-on-Marslink-a-Version-of-Starlink-for-the-Red-Planet.md","SpaceX Pitches NASA on 'Marslink,' a Version of Starlink for the Red Planet",{"type":8,"value":15192,"toc":15243},[15193,15199,15202,15205,15208,15211,15214,15220,15223,15226,15229,15232,15235],[11,15194,15195],{},[14,15196],{"alt":15197,"src":15198},"03ZxAGy5zUNw8ec01KYQeLu-1","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F03ZxAGy5zUNw8ec01KYQeLu-1.webp",[11,15200,15201],{},"SpaceX is working on a concept version of Starlink for Mars, according to a NASA presentation.",[11,15203,15204],{},"The project was mentioned during Thursday’s meeting of the Mars Exploration Program Analysis Group, which is dedicated to supporting NASA missions to the Red Planet.",[11,15206,15207],{},"In one presentation, NASA staffers talked about the space agency buying commercial services from aerospace companies to help explore Mars, according to SpaceFlight Now. This includes possibly contracting SpaceX, which currently provides its Starlink satellite internet system to over 4 million users on Earth.",[11,15209,15210],{},"Slides from the presentation show that NASA asked commercial providers to submit proposals that explained how their technology could be applied to Mars. In one slide, NASA listed a concept from SpaceX to develop “Marslink,” which would be based on Starlink satellite designs.",[11,15212,15213],{},"SpaceX’s concept was among two other ideas about developing “next-generation relay services” capable of beaming 4Mbps or more in data, but across 1.5 astronomical units, or the current distance between Mars and the Sun. This means these satellites would be able to relay data to Earth and other spacecraft across vast stretches of space, likely through Starlink's laser communication system.",[11,15215,15216],{},[14,15217],{"alt":15218,"src":15219},"GbzCICzW4AAzbLI","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002FGbzCICzW4AAzbLI.jpeg",[11,15221,15222],{},"The company is proposing using “multiple space satellites placed in Mars orbit to provide full visibility and interoperability for ground and orbital assets,” the presentation says. The Marslink concept also “exceeds” the requested capability, and can also be used for imaging and monitoring of the planet, the slide added.",[11,15224,15225],{},"The presentation offers a glimpse at how SpaceX views the long-term future of Starlink. CEO Elon Musk has previously said he envisions Starlink beaming communications to spacecraft, and he's been vocal about humanity one day colonizing Mars. (Mars-themed secrets are also hidden in the Starlink hardware, the app, and even the terms of service.)",[11,15227,15228],{},"For now, the NASA presentation merely says: “There are a significant number of companies interested, even beyond the study participants.”",[11,15230,15231],{},"The Mars Exploration Program Analysis Group plans to continue to hold discussions with industry players into next year.",[11,15233,15234],{},"In the meantime, NASA recently achieved a \"sustained downlink data rate of 6.25 megabits per second\" using a laser system on board a spacecraft that was about 240 million miles away—or a similar distance between Mars and Earth when the two planets are farthest apart.",[11,15236,15237],{},[55,15238,15241],{"href":15239,"rel":15240},"https:\u002F\u002Fwww.pcmag.com\u002Fnews\u002Fspacex-pitches-nasa-on-marslink-a-version-of-starlink-for-the-red-planet",[59],[61,15242,63],{},{"title":65,"searchDepth":66,"depth":66,"links":15244},[],[233],"2024-11-12 14:52:48",{},"\u002Fblog\u002Fspacex-pitches-nasa-on-marslink-a-version-of-starlink-for-the-red-planet",{"title":15190,"description":65},"blog\u002FSpaceX-Pitches-NASA-on-Marslink-a-Version-of-Starlink-for-the-Red-Planet","gNkVgY9_Epj8eR1Rqtjc2Dw4PMHretCvtEtRGvoxSss",{"id":15253,"title":15254,"body":15255,"categories":15333,"cover":15271,"date":15334,"description":15259,"extension":71,"meta":15335,"navigation":73,"path":15336,"seo":15337,"stem":15338,"tags":77,"__hash__":15339},"blog\u002Fblog\u002F30-Years-On-NASA’s-Wind-Is-a-Windfall-for-Studying-our-Neighborhood-in-Space.md","30 Years On, NASA’s Wind Is a Windfall for Studying our Neighborhood in Space",{"type":8,"value":15256,"toc":15329},[15257,15260,15263,15266,15272,15275,15278,15281,15287,15292,15295,15299,15302,15305,15309,15312,15315,15318,15321],[11,15258,15259],{},"Picture it: 1994. The first World Wide Web conference took place in Geneva, the first Chunnel train traveled under the English Channel, and just three years after the end of the Cold War, the first Russian instrument on a U.S. spacecraft launched into deep space from Cape Canaveral. The mission to study the solar wind, aptly named Wind, held promise for heliophysicists and astrophysicists around the world to investigate basic plasma processes in the solar wind barreling toward Earth — key information for helping us understand and potentially mitigate the space weather environment surrounding our home planet.",[11,15261,15262],{},"Thirty years later, Wind continues to deliver on that promise from about a million miles away at the first Earth-Sun Lagrange Point (L1). This location is gravitationally balanced between Earth and the Sun, providing excellent fuel economy that requires mere puffs of thrust to stay in place.",[11,15264,15265],{},"According to Lynn Wilson, who is the Wind project scientist at NASA’s Goddard Space Flight Center in Greenbelt, Maryland, fuel is only one indicator of Wind’s life expectancy, however. “Based on fuel alone, Wind can continue flying until 2074,” he said. “On the other hand, its ability to return data hinges on the last surviving digital tape recorder onboard.”",[11,15267,15268],{},[14,15269],{"alt":15270,"src":15271},"An artist's concept of NASA's Wind spacecraft outside of Earth's magnetosphere.","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Fwindv3_0.jpg",[11,15273,15274],{},"Wind launched with two digital tape recorders to record data from all the instruments on the spacecraft and provide reports on the spacecraft’s thermal conditions, orientation, and overall health. Each recorder has two tape decks, A and B, which Wilson affectionately refers to as “fancy eight-tracks.”",[11,15276,15277],{},"After six years of service, the first digital tape recorder failed in 2000 along with its two tape decks, forcing mission operators to switch to the second one. Tape Deck A on that one started showing signs of wear in 2016, so the mission operators now use Tape Deck B as the primary deck, with A as a backup.",[11,15279,15280],{},"“They built redundancy into the digital tape recorder system by building two of them, but you can never predict how technology will perform when it’s a million miles away, bathing in ionizing radiation,” said Wilson. “We’re fortunate that after 30 years, we still have two functioning tape decks.”",[11,15282,15283],{},[14,15284],{"alt":15285,"src":15286},"Wind launched on Nov. 1, 1994, on a Delta IV rocket from Cape Canaveral Air Force Station in Florida.","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F9413489~orig.jpg",[15288,15289,15291],"h1",{"id":15290},"bonus-science","Bonus Science",[11,15293,15294],{},"When Wind launched on Nov. 1, 1994, nobody could have possibly predicted that exactly 30 years later, NASA would be kicking off “Bonus Science” month in the Heliophysics Big Year Beyond the mission’s incredible track record of mesmerizing discoveries about the solar wind — some detailed on its 25th anniversary — Wind continues to deliver with bonus science abound.",[100,15296,15298],{"id":15297},"opportunity-and-collaborative-discovery","Opportunity and Collaborative Discovery",[11,15300,15301],{},"Along its circuitous journey to L1, Wind dipped in and out of Earth’s magnetosphere more than 65 times, capturing the largest whistler wave — a low-frequency radio wave racing across Earth’s magnetic field — ever recorded in Earth’s Van Allen radiation belts. Wind also traveled ahead of and behind Earth — about 150 times our planet’s diameter in both directions, informing potential future missions that would operate in those areas with extreme exposure to the solar wind. It even took a side quest to the Moon, cruising through the lunar wake, a shadow devoid of solar wind on the far side of the Moon.",[11,15303,15304],{},"Later, from its permanent home at L1, Wind was among several corroborating spacecraft that helped confirm what scientists believe is the brightest gamma-ray burst to occur since the dawn of human civilization. The burst, GRB 221009A, was first detected by NASA’s Fermi Gamma-ray Space Telescope in October 2022. Although not in its primary science objectives, Wind carries two bonus instruments designed to observe gamma-ray bursts that helped scientists confirm the burst’s origin in the Sagitta constellation.",[100,15306,15308],{"id":15307},"academic-inspiration","Academic Inspiration",[11,15310,15311],{},"More than 7,200 research papers have been published using Wind data, and the mission has supported more than 100 graduate and post-graduate degrees.",[11,15313,15314],{},"Wilson was one of those degree candidates. When Wind launched, Wilson was in sixth grade, on the football, baseball, and wrestling teams, with spare time spent playing video games and reading science fiction. He had a knack for science and considered becoming a medical doctor or an engineer before committing to his love of physics, which ultimately led to his current position as Wind’s project scientist. While pursuing his doctorate, he worked with Adam Szabo who was the Wind project scientist at NASA Goddard at the time and used Wind data to study interplanetary collisionless shock waves. Szabo eventually hired Wilson to work on the Wind mission team at Goddard.",[11,15316,15317],{},"Also in sixth grade at the time, Joe Westlake, NASA Heliophysics division director, was into soccer and music, and was a voracious reader consumed with Tolkein’s stories about Middle Earth. Now he leads the NASA office that manages Wind.",[11,15319,15320],{},"“It’s amazing to think that Lynn Wilson and I were in middle school, and the original mission designers and scientists have long since retired,” said Westlake. “When a mission makes it to 30 years, you can’t help but be inspired by the role it has played not only in scientific discovery, but in the careers of multiple generations of scientists.”",[11,15322,15323],{},[55,15324,15327],{"href":15325,"rel":15326},"https:\u002F\u002Fscience.nasa.gov\u002Fscience-research\u002Fheliophysics\u002F30-years-on-nasas-wind-is-a-windfall-for-studying-our-neighborhood-in-space\u002F",[59],[61,15328,63],{},{"title":65,"searchDepth":66,"depth":66,"links":15330},[15331,15332],{"id":15297,"depth":66,"text":15298},{"id":15307,"depth":66,"text":15308},[233],"2024-11-07 09:08:48",{},"\u002Fblog\u002F30-years-on-nasa's-wind-is-a-windfall-for-studying-our-neighborhood-in-space",{"title":15254,"description":15259},"blog\u002F30-Years-On-NASA’s-Wind-Is-a-Windfall-for-Studying-our-Neighborhood-in-Space","mNuYCC5hUoU42yG12jtB6FkHx1JS58g6elQZWTfdV8A",{"id":15341,"title":15342,"body":15343,"categories":15453,"cover":15350,"date":15454,"description":65,"extension":71,"meta":15455,"navigation":73,"path":15456,"seo":15457,"stem":15458,"tags":77,"__hash__":15459},"blog\u002Fblog\u002FHere-s-Why-Today-s-U-S-Election-Matters-for-Crypto.md","Here's Why Today's U.S. Election Matters for Crypto",{"type":8,"value":15344,"toc":15447},[15345,15351,15354,15356,15359,15361,15364,15367,15369,15372,15375,15378,15381,15384,15387,15390,15393,15396,15399,15402,15405,15408,15411,15415,15418,15421,15424,15427,15430,15433,15436,15439],[11,15346,15347],{},[14,15348],{"alt":15349,"src":15350},"6VHPHMSWXFCDTPXIQCNNLYTZ4I","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F6VHPHMSWXFCDTPXIQCNNLYTZ4I.webp",[11,15352,15353],{},"It is Election Day in the U.S. At some point in the coming hours, days and weeks, we'll know which major party wins control of the House of Representatives, the Senate and the White House. Presidential candidates Kamala Harris and Donald Trump might get most of the headlines, but which political party controls Congress probably means a lot in terms of how cryptocurrencies will be treated in the nation, especially in the short term.",[100,15355,7005],{"id":7004},[11,15357,15358],{},"Today is Election Day in the U.S. There are numerous seats up for grabs in municipalities, state legislatures and governors' mansions across the country. There are 435 races in the U.S. House of Representatives, 33 races for the Senate and, of course, voters will choose who will occupy the White House for the next four years.",[100,15360,7012],{"id":7011},[11,15362,15363],{},"The next president of the United States will have an important role choosing regulators and potentially even advocating for crypto regulations, taking executive action or lobbying for legislation. This could — likely will — shape the crypto markets in the U.S. for years to come (and, in fairness, this was also true in 2020 and 2016). But this also stretches beyond this one single industry. The makeup of the House and Senate will likewise determine what sort of legislation, if any, is passed in the next few years and how that legislation might actually be implemented. From all accounts, the 2024 elections will be historically tight. Various House and Senate races and the presidential contest appear to be a coin flip.",[11,15365,15366],{},"In other words, if you're reading this, can vote in the U.S. election and haven't yet, your vote may matter a great deal.",[100,15368,7019],{"id":7018},[11,15370,15371],{},"On the crypto front, there exist several paths for legislation at the moment. They largely depend on the outcome of the election — which, it's worth pointing out, we may not know immediately. If one party wins the White House, House and Senate (they take office in January), we likely won't see any further progress toward crypto legislation this year, said Representative Tom Emmer, a Republican and current majority whip. That's because if a single party is poised for that trifecta, lawmakers can just wait a few months to craft a bill that wouldn't require heavy compromise with the other party.",[11,15373,15374],{},"\"If Republicans are in charge, I believe you will see some of FIT21 the Financial Innovation and Technology for the 21st Century Act in the final deal. But it may have to wait until — if President Trump is victorious — it may have to wait until he's inaugurated to actually get put into law,\" Emmer said.",[11,15376,15377],{},"If different parties control the House and Senate next year, as groups like Cook Political Report predict, things get more complicated, and a lot more subjective. In that event, lawmakers may be more willing to compromise on legislation this year, Emmer said during an interview in early October. This could see crypto legislation advance as part of the National Defense Authorization Act or a funding bill, whether that's a continuing resolution or a proper budget.",[11,15379,15380],{},"Senator Chuck Schumer, a Democrat and current majority leader, told listeners at a Crypto4Harris event in August that he believed it would be possible to pass a crypto bill by the end of 2024. Just what that legislation might be is still anybody's guess. FIT21, a crypto market structure bill championed by retiring Republican Representative Patrick McHenry, has long odds of becoming law this year, but it is the bill lawmakers have brought up most when asked in recent months.",[11,15382,15383],{},"Representative Andy Barr, a Republican running to succeed McHenry as chair of the powerful House Financial Services Committee, said last month the bill should be reintroduced next year if it doesn't pass through and become law this year.",[11,15385,15386],{},"\"I think if we do have to reintroduce in the next Congress, if we don't get it done in this Congress, then it does present an opportunity for us to look at changes that might improve the product,\" he said. \"And if the reason why it fails in the lame duck is that we didn't do a good enough job getting enough Democrats on board, then it gives us an opportunity to maybe see what we can do to get the job done.\"",[11,15388,15389],{},"Another, longer-shot option is a yet-to-be-introduced bill from the Senate Agriculture Committee, which would be spearheaded by retiring Democratic Senator Debbie Stabenow. This bill has faced complications (it hasn't even been introduced yet and faces opposition from the leading Republican on the committee) but in the event of a divided Congress, lawmakers may well decide it's a better vehicle than starting from scratch in 2025.",[11,15391,15392],{},"Republican Senators Cynthia Lummis and Tim Scott discussed how this could play out during an appearance at a SALT symposium in August. Under their hypothetical, the bill would likely see some combination of commodities provisions, stablecoin provisions and other banking issues attached to what may end up as a \"very broad financial services bill and then it's got enough flow to pass.\"",[11,15394,15395],{},"One issue, she said, was whether there would be enough legislative days after the election for lawmakers to go through this entire process.",[11,15397,15398],{},"Another issue, Emmer said in October, is the Senate has not gotten past the idea stage yet.",[11,15400,15401],{},"\"This is not a time for ideas,\" he said. \"This is a time for something that's already been drafted, vetted and passed. I am not telling you it's going to get in that final deal, but if there is a final deal before the end of the year on funding the government and taking care of this budget … it is possible, with Patrick McHenry retiring at the end of the term, that some or all of that FIT21 bill finds its way into that final vehicle. It's possible. I wouldn't rule it out. I wouldn't bank on it, but I also wouldn't rule it out.\"",[11,15403,15404],{},"Representative Wiley Nickel, a Democrat who is leaving Congress at the end of this term after his seat was redistricted, said in an interview last month that a bipartisan combination \"gives us the best chance of moving the bill.\"",[11,15406,15407],{},"Again, noting that some of this depends on how the election turns out, he also pointed to FIT21 as a possible bill that can move through the House and Senate before the year ends. Bipartisan support for whichever piece of legislation does move will also ensure it's more lasting, he said.",[11,15409,15410],{},"\"There are really good bipartisan majorities on all these issues,\" he said. \"The point that I just keep making, though, is it's important — if we really want to get things done — we do it together in a bipartisan way.\"",[100,15412,15414],{"id":15413},"choices","Choices",[11,15416,15417],{},"Beyond crypto, there are a lot of issues on the ballot this year — ones voters may even consider to be more important than digital assets. Pollsters haven't even put crypto as a major issue when surveying voters. A narrowly tailored poll commissioned by Paradigm suggested that just 5% of likely voters considered crypto a key issue. Even that poll saw a relatively small sample size and an overall margin of error of 3.5% — though as CoinDesk's Jesse Hamilton notes, that margin may grow for subsets of the overall respondents, such as a subset of likely voters who have any sort of crypto interest.",[11,15419,15420],{},"Of course, the candidates, at least for president, reflect this reality. Vice President Kamala Harris and former President Donald Trump have spent the past few weeks working their way across swing states to continue making their respective cases. Harris appears to have been trying to build a broad coalition with policy proposals targeted at different demographic groups, while Trump has been making increasingly authoritarian threats about his potential second term.",[11,15422,15423],{},"Trump posted about the Bitcoin white paper's anniversary last week (saying \"Bitcoin will be MADE IN THE USA!\"), and the crypto project he's tied to, World Liberty Financial, has announced it would reduce its token sales goal after sluggish initial demand. However, the bulk of his remaining campaign has focused on appealing to a broader group than just crypto investors — namely, his base. The former president has held a number of rallies in the final days of the 2024 campaign, but the biggest one was held in Madison Square Garden on Oct. 27. That rally saw backlash after opening speakers attacked different ethnic groups, Harris and others. Former Trump White House official Stephen Miller echoed a Ku Klux Klan slogan in his remarks.",[11,15425,15426],{},"\"I'm here today with a message of hope for all Americans,\" Trump said when he took the stage, before later saying the \"massive, vicious, crooked radical left machine that runs today's Democrat party … is indeed the enemy from within.\"",[11,15428,15429],{},"On Monday, Trump said he would impose tariffs on goods imported from Mexico of between 25% and 100%, adding to his campaign's economic pledges to impose tariffs on goods from different countries. The Washington Post notes that Mexico is the U.S.'s largest trading partner, though through his campaign, Trump has also pledged to impose tariffs on other trading partners, including new ones on China.",[11,15431,15432],{},"During her final major campaign address, Harris reiterated some of the policy proposals her campaign has already announced, including a ban on grocery price-gouging, capping the price of insulin and certain other prescription costs and helping people buy homes.",[11,15434,15435],{},"\"For decades as a prosecutor and a top law enforcement officer of our biggest state, I won fights against big banks that ripped off homeowners, against for-profit colleges that scammed veterans and students, against predators who abused women and children and cartels that trafficked in guns, drugs and human beings,\" she said on Oct. 29.",[11,15437,15438],{},"On Sunday, she tweeted that she would legalize marijuana, something she's promised before during the campaign.",[11,15440,15441],{},[55,15442,15445],{"href":15443,"rel":15444},"https:\u002F\u002Fwww.coindesk.com\u002Fnews-analysis\u002F2024\u002F11\u002F05\u002Fcrypto-regulation-2024-election-impact\u002F",[59],[61,15446,63],{},{"title":65,"searchDepth":66,"depth":66,"links":15448},[15449,15450,15451,15452],{"id":7004,"depth":66,"text":7005},{"id":7011,"depth":66,"text":7012},{"id":7018,"depth":66,"text":7019},{"id":15413,"depth":66,"text":15414},[69],"2024-11-6 11:12:48",{},"\u002Fblog\u002Fhere-s-why-today-s-u-s-election-matters-for-crypto",{"title":15342,"description":65},"blog\u002FHere-s-Why-Today-s-U-S-Election-Matters-for-Crypto","u6YZAqHopRAyL0b6aHs3ng-M129g-wGXbz36gBXSavQ",{"id":15461,"title":15462,"body":15463,"categories":15511,"cover":15470,"date":15512,"description":65,"extension":71,"meta":15513,"navigation":73,"path":15514,"seo":15515,"stem":15516,"tags":77,"__hash__":15517},"blog\u002Fblog\u002FCrypto-Voters-Are-the-Key-to-Victory-in-2024.md","Crypto Voters Are the Key to Victory in 2024",{"type":8,"value":15464,"toc":15509},[15465,15471,15474,15477,15480,15483,15486,15489,15492,15495,15498,15501],[11,15466,15467],{},[14,15468],{"alt":15469,"src":15470},"QJFU7SEJ4VBLJFGMXKAQOAB4XU","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002FQJFU7SEJ4VBLJFGMXKAQOAB4XU.webp",[11,15472,15473],{},"Among the most prominent voter blocs this election season has been the crypto voter, who has been instrumental in shaping the contours of the policy debate this year and, for the first time, forcing candidates to prioritize conversations about the future of cryptocurrency in this country.",[11,15475,15476],{},"Crypto owners represent a diverse and forward-looking demographic, particularly in swing states such as Arizona, Michigan, Nevada, Ohio, Pennsylvania, and Wisconsin. Nationwide, 68% of crypto owners are Millennials and Gen Z, and 48% are racially diverse. In states that will decide the presidency, more than 4 million voters are crypto owners, making them a significant factor in determining the outcome of this election.",[11,15478,15479],{},"A recent poll from the Digital Chamber shows one in seven likely voters (16%) identify as part of the crypto voting bloc. This is a bipartisan group that sees crypto policy as a key issue. For example, four in 10 Black voters say crypto is “very” or “extremely” important in deciding who to support in 2024, underscoring the broad appeal of crypto policy beyond traditional political divides.",[11,15481,15482],{},"There is bipartisan agreement that the government should prioritize designing policies that encourage growth and also protect consumer freedoms. A majority of both Republicans and Democrats say that supporting the crypto industry should be at least a medium-level priority for the next president and Congress, with nearly one in three Democrats and over one in four Republicans believing that it should be a \"high\" or \"very high\" priority. In fact, four in five U.S. adults say crypto policy should be at least moderately important for government officials, indicating broad national support for action on this issue.",[11,15484,15485],{},"Candidates who recognize the importance of crypto voters have a significant opportunity to engage a growing and motivated constituency by advocating for policies that support innovation while ensuring consumer protection. Crypto voters are looking for more than vague promises. They want clear, actionable plans that acknowledge crypto technology’s potential to transform finance, promote economic inclusion, and create new opportunities. By embracing this balanced approach, candidates can tap into a broad, bipartisan base of voters who are eager for leadership that fosters economic freedom and technological advancement.",[11,15487,15488],{},"Stand With Crypto, our advocacy group, held a successful tour through five swing states — AZ, MI, NV, WI, PA — and Washington, DC, where we engaged with crypto advocates, voters, policymakers, and local crypto founders at concerts, tailgates, and crypto networking events. We also conducted voter registration at these high-turnout events — over 500,000 people have engaged with SWC's voter registration or candidate research tools.",[11,15490,15491],{},"The response has been clear: the electorate is ready for more decisive leadership on crypto policy. Our voter registration and education drives have shown that crypto enthusiasts are not only passionate but also eager to make their voices heard at the ballot box. SWC's state chapter presidents, who have been heavily involved in the crypto space in their respective states for several years, have played a vital role in mobilizing their communities and advocating for sensible crypto policies that balance innovation with regulation. As one of our champions in Arizona said, \"we're ensuring our community is informed, empowered, and ready to shape the future.\"",[11,15493,15494],{},"While SWC's 2024 election engagement is already impressive,we're just getting started. After amassing 1.8 million advocates in a year and a half, we're looking to grow to 4 million passionate crypto enthusiasts by 2026.",[11,15496,15497],{},"Crypto voters are a force to be reckoned with in 2024 and have had a demonstrable influence on policy positions for incumbents and challengers alike. Since Stand With Crypto began tracking, we’ve counted 355 pro-crypto candidates in Congressional races, with 291 having shifted from having no stance on crypto to a positive one, and over 300 having supported at least one pro-crypto bill. Candidates nationwide have made more than 1,900 pro-crypto statements, proving that this issue is gaining traction across the political spectrum.",[11,15499,15500],{},"In this election, the crypto vote could be the difference between winning and losing. Crypto voters are here, they’re engaged, and they are ready to shape the future. Smart candidates are taking notice.",[11,15502,15503],{},[55,15504,15507],{"href":15505,"rel":15506},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2024\u002F11\u002F04\u002Fcrypto-voters-are-the-key-to-victory-in-2024\u002F",[59],[61,15508,63],{},{"title":65,"searchDepth":66,"depth":66,"links":15510},[],[69],"2024-11-05 21:13:04",{},"\u002Fblog\u002Fcrypto-voters-are-the-key-to-victory-in-2024",{"title":15462,"description":65},"blog\u002FCrypto-Voters-Are-the-Key-to-Victory-in-2024","ypgVns9bHFzimHA1UIHl5U1CF68YvW-Q-unSu1hgkFM",{"id":15519,"title":15520,"body":15521,"categories":15606,"cover":15528,"date":15607,"description":65,"extension":71,"meta":15608,"navigation":73,"path":15609,"seo":15610,"stem":15611,"tags":77,"__hash__":15612},"blog\u002Fblog\u002FHow-Solana-Is-Competing-With-Ethereum-for-Institutional-Interest.md","How Solana Is Competing With Ethereum for Institutional Interest",{"type":8,"value":15522,"toc":15602},[15523,15529,15532,15535,15538,15541,15544,15547,15550,15553,15557,15560,15563,15566,15569,15572,15575,15578,15582,15585,15588,15591,15594],[11,15524,15525],{},[14,15526],{"alt":15527,"src":15528},"QAGQE3VIBRC6XC2OUVFGOZCLDM","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002FQAGQE3VIBRC6XC2OUVFGOZCLDM.webp",[11,15530,15531],{},"It would be easy for a casual observer to think that the Solana network is for memecoins and Ethereum for financial institutions.",[11,15533,15534],{},"While BlackRock CEO Larry Fink has preached the gospel of tokenization on Ethereum — his firm even launching a tokenized fund, BUIDL, on that blockchain — Solana has often made headlines this year thanks to the success of pump.fun, a protocol that allows users to create memecoins in minutes.",[11,15536,15537],{},"That, however, doesn’t mean Ethereum has a monopoly on institutional interest, according to Hadley Stern, chief commercial officer at Marinade Finance, a Solana-based DeFi protocol that provides staking services for that blockchain's SOL token.",[11,15539,15540],{},"“On the institutional side, it's so early,” Stern, who was the founding president of Fidelity Digital Assets and global head of digital asset custody at BNY Mellon, told CoinDesk in an interview. “We could probably count on one hand the amount of TradFi products that are being built or have been built on Ethereum and Solana.”",[11,15542,15543],{},"“I was brought on Marinade because there’s a lot of product discovery around strong interest from institutions,” Stern said. “Asset managers, high net worth holders, individual holders, hedge funds … are interested in staking on Solana.”",[11,15545,15546],{},"Launched in March 2020, Solana and SOL exploded on the crypto scene during the 2021 bull market partially thanks to support from FTX CEO Sam Bankman-Fried. SOL cratered when FTX collapsed, but staged a comeback in 2023 and, at $79 billion, is now the fifth largest cryptocurrency by market capitalization.",[11,15548,15549],{},"Stern’s assessment comes as financial giants such as Franklin Templeton, Citibank and Société Générale all announced new Solana-based projects last September during Breakpoint, the network’s biggest yearly conference. And he wasn’t the only one electrified by such institutional enthusiasm.",[11,15551,15552],{},"“At Breakpoint, it was eye-opening to see how many people are now building on Solana,” Tristan Frizza, founder of Solana-based decentralized derivatives exchange Zeta Markets, told CoinDesk in an interview. “Institutions are doing pretty crazy stuff.”",[100,15554,15556],{"id":15555},"solana-vs-ethereum","Solana vs Ethereum",[11,15558,15559],{},"At first view, building on Ethereum can seem like a no-brainer for financial institutions. After all, it’s the oldest and largest smart contract blockchain, it has the largest number of developers in the crypto ecosystem, it settles the majority of stablecoin transactions and it’s the birthplace of DeFi. “If you work at a large bank and you're trying to tokenize an asset, you're not going to get fired for putting it on Ethereum,” Bitwise Chief Investment Officer Matt Hougan recently told CoinDesk.",[11,15561,15562],{},"But Ethereum isn’t risk-free, according to Leah Wald, CEO of Sol Strategies, a crypto holding company that also runs a large Solana validator.",[11,15564,15565],{},"“The uncertainty that continues around transaction fees certainly doesn't make anyone comfortable,” Wald told CoinDesk in an interview. “If you're going to be if you're an institution, and you're thinking 10 years out, you can't be building on a blockchain that you're concerned about.”",[11,15567,15568],{},"“BlackRock’s BUIDL is based on Ethereum, and for what they're trying to build, I think that's perfectly fine,” Wald added, but any kind of projects with high-volume transactions, like real-time payments or trading, might struggle. “If we’re talking about a more sophisticated on-chain fund, or a financial platform, then there's a real opportunity for Solana.”",[11,15570,15571],{},"In other words, nothing currently guarantees that Ethereum’s scalability strategy, which hinges on layer 2 blockchains, will pay off, and the transformations the network has undergone in the last few years — like its monetary policy change, or its transition from Proof-of-Work to Proof-of-Stake — show that Ethereum is still figuring itself out.",[11,15573,15574],{},"Solana’s cheap transactions and low throughput, by contrast, don’t hinge on the accomplishment of a complex and technical roadmap. And that can make all the difference.",[11,15576,15577],{},"Wald noted, however, that in the U.S., Ethereum benefits from more regulatory clarity than Solana. The fact that the Securities and Exchange Commission approved spot ether exchange-traded funds this summer is likely a reassurance for institutions, even as inflows into those new funds have been disappointing. A spot SOL ETF might be years away, depending on the outcome of today's presidential election.",[100,15579,15581],{"id":15580},"a-different-mindset","A different mindset",[11,15583,15584],{},"Another point where Solana tends to be underestimated, Frizza said, is in terms of technical innovations. While Ethereum is famous for its army of developers, builders on Solana tend to fly under the radar, even when they come up with new tools and products that can have an impact on crypto ecosystems beyond their own.",[11,15586,15587],{},"“People underrate what Solana enables from a structural perspective — and also the mindset that Solana builders have,” Frizza said. “They really care about users, the product, building things that scale and that address user needs.”",[11,15589,15590],{},"To Frizza, that attitude means that, if another crypto mania occurs again, fascinating apps will come to light on Solana. Speaking of Zeta Markets, he said one priority was to “bring down UX barriers and make it feel as easy as trading on Robinhood. That's when you can really start opening up the funnel and bringing a lot of people in.”",[11,15592,15593],{},"Stern concurred. Memecoins aren’t an innovation in themselves, he said, but the fact they were able to flourish on Solana in a way they couldn’t on any other platform is a symptom of developers working at the highest level: pump.fun is simply taking advantage of a technical breakthrough. “Ethereum has a very hands-off relationship with an open source viewpoint, whereas I think the Solana Foundation does a better job from a business development standpoint,” Stern said. “Sort of guiding the ship, but not in a completely controlling way, and letting a thousand flowers bloom.”",[11,15595,15596],{},[55,15597,15600],{"href":15598,"rel":15599},"https:\u002F\u002Fwww.coindesk.com\u002Fmarkets\u002F2024\u002F11\u002F05\u002Fits-so-early-how-solana-is-competing-with-ethereum-for-institutional-interest\u002F",[59],[61,15601,63],{},{"title":65,"searchDepth":66,"depth":66,"links":15603},[15604,15605],{"id":15555,"depth":66,"text":15556},{"id":15580,"depth":66,"text":15581},[69],"2024-11-5 13:37:48",{},"\u002Fblog\u002Fhow-solana-is-competing-with-ethereum-for-institutional-interest",{"title":15520,"description":65},"blog\u002FHow-Solana-Is-Competing-With-Ethereum-for-Institutional-Interest","y9-S-IhG0SRKSXV_Cybk1PoQxAGOCdW3u82TZhLqZLE",{"id":15614,"title":15615,"body":15616,"categories":15726,"cover":77,"date":15727,"description":15620,"extension":71,"meta":15728,"navigation":73,"path":15729,"seo":15730,"stem":15731,"tags":77,"__hash__":15732},"blog\u002Fblog\u002FBreaking-Down-Information-Silos-in-Web3-With-AI.md","Breaking Down Information Silos in Web3 With AI",{"type":8,"value":15617,"toc":15719},[15618,15621,15624,15627,15630,15634,15637,15640,15643,15646,15649,15653,15656,15659,15662,15665,15668,15671,15675,15678,15681,15684,15687,15691,15694,15697,15700,15704,15707,15710,15713,15716],[11,15619,15620],{},"The evolution of Web3 has been anything but predictable. From the humble beginnings of Bitcoin through the ICO craze, the advent of Ethereum, and beyond to DeFi and NFTs, technologists have remained steadfast in the power of blockchain technology to fuel the innovation of tomorrow.",[11,15622,15623],{},"Yet, Web3's decentralized nature — often seen as its greatest strength — has, in recent years, become a source of complexity. The current state of the blockchain industry, characterized by the proliferation of independent networks, unique decentralized apps, and layer-reliant crypto projects has created a fragmented ecosystem.",[11,15625,15626],{},"As each new platform or chain is born, they ultimately add to a constantly expanding Web of isolated data. These pockets of information, often inaccessible and disconnected, are known as information silos.",[11,15628,15629],{},"For both seasoned degens and blockchain newcomers, these silos make it difficult to get a clear, comprehensive understanding of the Web3 market. But there is hope. By wielding nascent technologies like AI, pioneers of the decentralized front have the opportunity to tear down information silos to create a more connected and user-friendly ecosystem.",[100,15631,15633],{"id":15632},"information-silos-in-web3","Information silos in Web3",[11,15635,15636],{},"In a traditional, centralized system, data is stored and managed in one place. This makes it simple for machines running on the system to access information with ease.",[11,15638,15639],{},"On the other hand, a major facet of blockchain technology is the storage of data and records across a distributed network, meaning blockchains have the potential to operate independently — each with its own network, rules, and data.",[11,15641,15642],{},"But this separation can lead to data being siloed: scattered across various platforms and chains without a simple way to connect them.",[11,15644,15645],{},"To illustrate this disconnect, imagine you are a casual trader (and if you’re reading this, you very well might be). Because you hold assets of various types across a variety of chains you may regularly check in on one platform for token prices, a few others for analytics, and yet more still for project updates.",[11,15647,15648],{},"On top of that, you’re managing multiple wallets, interacting with an assortment of governance protocols, and tracking fees and tokenomics, all of which are fragmented across different networks. Making sense of this fragmentation can be downright overwhelming.",[100,15650,15652],{"id":15651},"the-consequences-of-fragmentation","The Consequences of fragmentation",[11,15654,15655],{},"Of course, information silos are more than a simple inconvenience. They can have real consequences for users and the industry as a whole.",[11,15657,15658],{},"One significant impact that information silos have on Web3 is raising the barrier of entry into the decentralized space. Web3 is already considered difficult to understand, especially for general consumers and those new to crypto. Information silos only make the learning curve steeper, forcing users to juggle multiple platforms, wallets, and tokens from the outset.",[11,15660,15661],{},"Information silos can also create missed opportunities for users at every level. With so much information scattered across different platforms, it’s easy to miss out on key trends or investment opportunities. Without a way to quickly synthesize information from multiple sources, even the most experienced traders can miss the window to act on a promising new project or market shift.",[11,15663,15664],{},"Additionally, siloed information can be detrimental by increasing users’ exposure to scams.",[11,15666,15667],{},"To consumers off-chain (and often to those on-chain, too) Web3 is notorious for hacks and scams. Having access to reliable, consolidated information is crucial to avoiding these traps. But with data spread out across multiple chains and platforms, it’s hard to verify the legitimacy of new projects, creating dangerous blind spots in a fast-moving market.",[11,15669,15670],{},"If Web3’s goal is to make decentralized technology more accessible, we need to reduce this complexity, not add to it.",[100,15672,15674],{"id":15673},"breaking-down-information-silos","Breaking Down Information Silos",[11,15676,15677],{},"With Web3’s (Surge-propelled) scalability paradigm continuing to grow, the need for better interoperability is becoming more critical. As L1, L2, and now even L3 “solutions” emerge poised to improve the capabilities of an already expansive system of blockchains, users and developers alike are finding it increasingly difficult to transact.",[11,15679,15680],{},"Till now, measures like bridging and chain abstraction have seemed promising in mitigating the challenges of our fragmented blockchain landscape. But more recently, AI has emerged as a potential measure to combat the information silos that continue to pile up in Web3.",[11,15682,15683],{},"In our current ChatGPT-dominated tech landscape, AI has already found a foothold within a range of different industries. Although controversy still abounds when it comes to its application within the creative sector, it’s often favored by those in the crypto sphere for project development or automated trading.",[11,15685,15686],{},"Yet, considering a major function of AI is to automate and refine data aggregation, there may be a place for it in the endeavor of breaking down the barriers between isolated pockets of information.",[100,15688,15690],{"id":15689},"the-case-for-ai-in-web3s-de-siloing","The Case for AI in Web3's De-Siloing",[11,15692,15693],{},"Speaking more specifically, consider the role that big data (data collections too large for traditional methods to process) plays in informing AI functionality. Now imagine this relationship being flipped, with AI taking the lead as a nontraditional way of analyzing immense and often disparate data sets.",[11,15695,15696],{},"Applied to information silos in Web3, we could conceive a tool that pulls together information from various blockchains, dApps, and exchanges into a single interface. And, taking that interface one step further, why not prompt such an AI aggregator to use this data to provide actionable insights to users?",[11,15698,15699],{},"For traders looking to monitor market trends, such an AI interface could mitigate users' exposure to scams and the aforementioned missed opportunities that many face. Additionally, for newcomers, AI could make the Web3 landscape more approachable, effectively lowering the barrier to entry that a fragmented ecosystem presents.",[100,15701,15703],{"id":15702},"a-necessary-skepticism-for-ais-role-in-web3","A Necessary Skepticism for AI's Role in Web3",[11,15705,15706],{},"Although the aforementioned tool may seem hypothetical, the fact of the matter is that AI interfaces built to combat information silos already exist.",[11,15708,15709],{},"Additionally we’ve already begun seeing the impact of AI adoption in Web3, with numerous platforms vying for the supremacy of AI in security, defragmentation, and analytics. Even at the most basic user level, AI-driven dashboards help aggregate data across multiple chains, giving users a more holistic view of the market.",[11,15711,15712],{},"Yet, as advocating as sentiments toward AI might seem in Web3, it’s important to take its transformative potential with a grain of salt. We’ve witnessed numerous occurrences where AI hallucinations have been concerning, if not harmful — with Google AI’s recent search debacle perfectly exemplifying this.",[11,15714,15715],{},"On paper, AI undoubtedly has the power to create a more seamless and user-friendly Web3 ecosystem. Especially when paired with concepts like chain abstraction, AI could be a major key in driving the mass adoption that decentralization maximalists dream of.",[11,15717,15718],{},"Yet, while advancements in AI might show promising strides toward its ability to aid in defragmentation, just like anything in Web3, it’s crucial to DYOR early and approach any potential automation revolution with healthy skepticism.",{"title":65,"searchDepth":66,"depth":66,"links":15720},[15721,15722,15723,15724,15725],{"id":15632,"depth":66,"text":15633},{"id":15651,"depth":66,"text":15652},{"id":15673,"depth":66,"text":15674},{"id":15689,"depth":66,"text":15690},{"id":15702,"depth":66,"text":15703},[69],"2024-10-30 13:37:22",{},"\u002Fblog\u002Fbreaking-down-information-silos-in-web3-with-ai",{"title":15615,"description":15620},"blog\u002FBreaking-Down-Information-Silos-in-Web3-With-AI","TRn2aSUiWh6jnbj5EZ2acWEcO2R6C6SUu5Fqngb3zh0",{"id":15734,"title":15735,"body":15736,"categories":15835,"cover":15743,"date":15836,"description":65,"extension":71,"meta":15837,"navigation":73,"path":15838,"seo":15839,"stem":15840,"tags":77,"__hash__":15841},"blog\u002Fblog\u002FAn-Arctic-Circle-Bitcoin-Mine-Will-Heat-a-Building-in-a-Fishing-Village.md","An Arctic Circle Bitcoin Mine Will Heat a Building in a Fishing Village",{"type":8,"value":15737,"toc":15831},[15738,15744,15747,15750,15753,15760,15763,15766,15769,15773,15776,15779,15782,15785,15788,15792,15795,15798,15801,15804,15811,15814,15817,15820,15823],[11,15739,15740],{},[14,15741],{"alt":15742,"src":15743},"VRK35TGV4ZCKZDYVSRFIB4BUWQ","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002FVRK35TGV4ZCKZDYVSRFIB4BUWQ.webp",[11,15745,15746],{},"A bitcoin mine is coming to the Arctic Circle.",[11,15748,15749],{},"The 350-square-meter facility, conceived by retail-oriented bitcoin mining firm Sazmining, will be located in a small fishing village on the coast of Norway. Once it goes live on Dec. 1, it may well become the northernmost mining operation in the world.",[11,15751,15752],{},"The big idea? To remove the old oil boiler used by one of the town's largest buildings, replace it with an in-house bitcoin-centric data center and warm the edifice using the tremendous heat produced by the mining rigs.",[11,15754,15755,15756,15759],{},"\"Heat is a really critical resource in this region of the world,\" Kent Halliburton, the CEO of Sazmining, told CoinDesk in an interview. \"It's minus 20 degrees Celsius for large portions of the year. … A portion of the heat ",[1731,15757,15758],{},"from the machines"," is actually going to be shunted off to dry fish, which is part of the economy there.\"",[11,15761,15762],{},"While Halliburton did not wish to publicize the facility's exact location before it went live, he said the project aimed to showcase the possibilities offered by bitcoin mining to other Arctic residents.",[11,15764,15765],{},"\"For the locals, it's kind of like, you need to see it to believe it,\" Halliburton said. \"This will be helpful for them to understand that it's not bleeding edge technology, but it's pretty tested and it can be deployed now.\"",[11,15767,15768],{},"\"There are multiple business owners in the community already considering this approach,\" he added.",[100,15770,15772],{"id":15771},"how-the-arctic-bitcoin-mine-works","How the Arctic Bitcoin mine works?",[11,15774,15775],{},"Mining rigs are designed to perform intense computational processes, and they get quite hot. There are a few ways to cool them down, such as with fans or by immersing them in big tubs of dielectric fluid.",[11,15777,15778],{},"Sazmining's operation – which will have 2.6 megawatts (MW) of total energy capacity – will use a different method: running coolant into the machines themselves through small channels that absorb the heat, then extract it and push it out to the rest of the building.",[11,15780,15781],{},"The set-up comes with unique infrastructural challenges. For example, the firm needs to make sure not to generate too much heat and make people in the building uncomfortable, Halliburton said, which is why the miner, quite paradoxically, had to also install a dry cooler on top of the building to help regulate the temperature.",[11,15783,15784],{},"But it does come with perks, too. Liquid cooling means the machines will be very quiet and won't bother anyone in the building. Visitors will be able to see the mining rigs through a plexiglass wall, Halliburton said.",[11,15786,15787],{},"It's not the first operation looking to recycle the heat produced by its own mining machines. There's a spa in Manhattan that uses a similar process for its swimming pools, and it's not unheard of for solo miners to warm up their apartments or greenhouses this way, either.",[100,15789,15791],{"id":15790},"win-win","Win-win?",[11,15793,15794],{},"Sazmining has two other mining locations: one in the U.S. state of Wisconsin and another in Paraguay. The firm's business model involves allowing retail investors to buy their own mining rigs and let Sazmining operate them in a carbon-neutral fashion for a 15% share of one's block rewards, according to the company's website.",[11,15796,15797],{},"The Norwegian project wasn't really conceived as an experiment, Halliburton said. Mining has become incredibly competitive in the wake of the fourth Bitcoin halving (which cut mining profitability by 50%), and the deal simply made economic sense for both parties involved.",[11,15799,15800],{},"\"The building is paying us for the heat instead of having to pay for oil for the boiler,\" he said. Norway's abundance of hydropower means that electricity is very cheap, and that the mining operation will be running almost completely on green energy.",[11,15802,15803],{},"n fact, with a service fee of 0.046 dollars per kilowatt hour, Sazmining clients should be able to acquire bitcoin for less than $54,000, Halliburton said. For comparison, B Riley Securities recently said that the estimated average power costs for the sector is around 0.045 dollars per kilowatt-hour.",[11,15805,15806,15807,15810],{},"\"There's just this excess thing that we can turn into money,\" he said. \"Basically, we're using an electron to hash ",[1731,15808,15809],{},"mine bitcoin",", but we can use that same electron to heat the place. You get two uses for the same electron.\"",[11,15812,15813],{},"However, it remains to be seen if everyone else in the nation feels as positive about it. Norwegian lawmakers moved earlier this year to put restrictions on bitcoin mining as part of an effort to provide a proper regulatory framework for data centers of all kinds.",[11,15815,15816],{},"Bitcoin mining \"is associated with large greenhouse-gas emissions and is an example of a type of business we do not want in Norway,\" Terje Aasland, the country's minister of energy, reportedly said.",[11,15818,15819],{},"But Halliburton says the Norwegian government is simply undergoing an education process, and Sazmining's facility is meant to help showcase the benefits of bitcoin mining.",[11,15821,15822],{},"\"Because our data center is heating the building, it would be very hard for legislators to justify turning it off since it would jeopardize life in such a cold client during the winter months, so no, we do not see legislation being a problem in the future,\" Halliburton said.",[11,15824,15825],{},[55,15826,15829],{"href":15827,"rel":15828},"https:\u002F\u002Fwww.coindesk.com\u002Fbusiness\u002F2024\u002F10\u002F28\u002Fa-bitcoin-miner-is-setting-up-in-the-arctic-circle-to-heat-up-building-in-fishing-village\u002F",[59],[61,15830,63],{},{"title":65,"searchDepth":66,"depth":66,"links":15832},[15833,15834],{"id":15771,"depth":66,"text":15772},{"id":15790,"depth":66,"text":15791},[69],"2024-10-29 12:08:48",{},"\u002Fblog\u002Fan-arctic-circle-bitcoin-mine-will-heat-a-building-in-a-fishing-village",{"title":15735,"description":65},"blog\u002FAn-Arctic-Circle-Bitcoin-Mine-Will-Heat-a-Building-in-a-Fishing-Village","cbhERaa9htVl1siS81iqLFkaWmphuIfWBDI8vIKZeR8",{"id":15843,"title":15844,"body":15845,"categories":15908,"cover":15852,"date":15909,"description":65,"extension":71,"meta":15910,"navigation":73,"path":15911,"seo":15912,"stem":15913,"tags":77,"__hash__":15914},"blog\u002Fblog\u002FThe-Promise-of-Trustless-Environmental-Monitoring.md","The Promise of Trustless Environmental Monitoring",{"type":8,"value":15846,"toc":15906},[15847,15853,15856,15859,15862,15865,15868,15871,15874,15877,15886,15889,15892,15895,15898],[11,15848,15849],{},[14,15850],{"alt":15851,"src":15852},"DLK3M4JWAZBLBP4I7U3NE53LJA","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002FDLK3M4JWAZBLBP4I7U3NE53LJA.webp",[11,15854,15855],{},"Despite myriad benefits to proactively address the consequences of climate change, society remains focused on expensive remediation as opposed to adaptation and prevention. This is in part due to the absence of accurate and transparent data to inform mitigation strategies.",[11,15857,15858],{},"Existing monitoring systems suffer from significant limitations including inconsistent data collection, manipulation, fraud, and delayed reporting, making it extremely difficult to create the necessary regulatory policy or proactively allocate resources. This hamstrings our collective ability to adapt to the worst effects of climate change.",[11,15860,15861],{},"Blockchain could be the answer to the reliable, consistent environmental monitoring we need for climate planning. Decentralized physical infrastructure networks (DePIN) connected to real-time data collection through a distributed and decentralized Internet of Things (IoT) network eliminates the potential for data tampering, enforces data control and encourages widespread participation. The IoT network allows for rapid response to sudden environmental changes, while the blockchain-based foundation allows for a streamlined incentive structure, facilitating one of the first non-esoteric use cases for blockchain technologies. The blockchain application also enables multi-stakeholder sources of truth, and creates a data commons and consensus for the physical world through multi-source data oracles.",[11,15863,15864],{},"The core of the system lies in a globally distributed and decentralized network of IoT environmental sensors that can be deployed by anyone, anywhere. This model creates a distributed, trustless system that is highly fault-tolerant, supports multi-stakeholder consensus, and verifies data through multiple independent sources. Unlike centralized systems, which depend on a limited number of expensive sensors managed by a single institution, decentralized data collection eliminates reliance on a sole source of truth and allows for public auditing. It is also a core principle of Bitcoin – ensuring that no single entity controls the data flow, eliminating manipulation risk.",[11,15866,15867],{},"Blockchain technology provides a tamper-proof and transparent ledger for data storage, and smart contracts validate incoming data against predefined criteria, further establishing a “data commons” for validation, consensus, and integrity.",[11,15869,15870],{},"This framework offers a path towards enhanced data integrity, continuous monitoring, and global coverage, while simultaneously creating a community around environmental and meteorological data. With DePIN, we can incentivize the rapid development of a decentralized sensor network that distributes ownership and control of physical infrastructure among various stakeholders.",[11,15872,15873],{},"The system also incorporates self-regulating feedback loops within the monitoring system, enabling dynamic adjustments to incentives based on collected data. These cybernetic feedback loops allow the system to self-regulate through smart contracts and a DAO framework, and optimizes its data collection strategies, making it self-governing. Additionally, this creates a dynamic adaptive control solution that aligns incentives to deploy more sensors, increasing speed of adoption and systemic growth.",[11,15875,15876],{},"One of the key use cases for this technology is methane monitoring. Methane emissions are an emerging concern under the United States’ environmental regulatory scheme. While shorter-lived than carbon dioxide, methane has significantly higher global warming potential in the short term. Accurate monitoring and reporting are essential for developing effective mitigation strategies and enforcing accountability for emitters.",[11,15878,15879,15880,15885],{},"However, current monitoring systems suffer from limitations including inconsistent data collection, data manipulation, and delayed reporting. The most recent administration has implemented a ",[55,15881,15884],{"href":15882,"rel":15883},"https:\u002F\u002Fcrsreports.congress.gov\u002Fproduct\u002Fpdf\u002FR\u002FR47206",[59],"methane tax"," as well as strict reporting requirements on all methane emitters nationally. Oil and gas companies will have to spend considerable capital on sensors and third-party measurement, reporting, and verification (MRV), and will no longer have an option to self-report. In addition to environmental liability, rogue emissions represent lost topline revenue for the conventional energy sector, giving additional impetus to remediate methane leaks in a timely manner.",[11,15887,15888],{},"Additional applications extend far beyond methane detection. The system can be adapted to monitor air quality in urban areas, water quality in rivers and lakes, and identify deforestation hotspots. By incorporating a more horizontal protocol approach to standardized data formats and interoperability, the system can seamlessly integrate data streams from various monitoring applications for a breadth of use cases. This view allows for a more comprehensive understanding of the interconnectedness of environmental systems and challenges, empowering the development of integrated and effective environmental policies. It provides policymakers, researchers, and the public with unprecedented access to reliable, real-time environmental data, empowering more informed decision-making, accelerating our response to climate change, and paving the way for a more sustainable and equitable future.",[11,15890,15891],{},"While logic behind the system is sound, challenges for adoption still remain. There have been attempts to deploy DePIN networks across other use cases including WiFi and 5G networks, vehicle information and mapping with various degrees of success. Token models, especially in the United States and in particular during an election year, are subject to regime-dependent regulatory and compliance risk. We will need to develop tamper-evident, zero-knowledge proofs and remote verification techniques to ensure the physical security and calibration of diversely deployed IoT devices.",[11,15893,15894],{},"Additionally, actors attempting to extract value from these incentive platforms will defraud the network with incorrect data when there is meaningful financial incentive. There is precedent in the early days of Helium and STEPN. Therefore, designing appropriate incentive structures for network participation and governance, and crafting voting models to establish penalties for fraud are crucial for the long-term sustainability of our systems, especially ones that rely on emerging economic models. It would also require the establishment of proper reputation-based scoring systems that reward reliable data providers to further incentivize participation and trust in the network.",[11,15896,15897],{},"The evolution of bottom-up, self-organizing communities combined with a DePIN-based business model presents a promising approach to creating trustless, transparent, and adaptive systems. As we face the growing challenges of a changing climate, solutions harnessing the power of emerging technologies and systems designed for self-governance and organic growth will become more critical than ever to prepare for the ramifications of a changing climate.",[11,15899,15900],{},[55,15901,15904],{"href":15902,"rel":15903},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2024\u002F10\u002F18\u002Fthe-promise-of-trustless-environmental-monitoring\u002F",[59],[61,15905,63],{},{"title":65,"searchDepth":66,"depth":66,"links":15907},[],[69],"2024-10-23 10:37:12",{},"\u002Fblog\u002Fthe-promise-of-trustless-environmental-monitoring",{"title":15844,"description":65},"blog\u002FThe-Promise-of-Trustless-Environmental-Monitoring","TIZrb8B_umwbk_5ORAciFDXLwLHD17xqQl3nCCj8bTc",{"id":15916,"title":15917,"body":15918,"categories":15969,"cover":15925,"date":15970,"description":65,"extension":71,"meta":15971,"navigation":73,"path":15972,"seo":15973,"stem":15974,"tags":77,"__hash__":15975},"blog\u002Fblog\u002FThe-New-Blockchain-Trilemma-Is-Here-and-It’s-Not-About-Technology.md","The New Blockchain Trilemma Is Here, and It’s Not About Technology",{"type":8,"value":15919,"toc":15967},[15920,15926,15929,15932,15935,15938,15941,15944,15947,15950,15953,15956,15959],[11,15921,15922],{},[14,15923],{"alt":15924,"src":15925},"KYPCCTNZ5FCQFIXDTDI74PHOLE.webp","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002FKYPCCTNZ5FCQFIXDTDI74PHOLE.webp",[11,15927,15928],{},"The original blockchain trilemma claimed that blockchain users were always going to have to choose between decentralization, scalability, and security. At best, they could have two out of three. The new trilemma is about products, customers, and regulatory approval. Again, pick any two.",[11,15930,15931],{},"When it came to the technology trilemma, at least in the case of Ethereum, the network was long seen as having strong decentralization and robust security, but seriously constrained when it came to capacity. Today, while the trade-offs between these different priorities have never gone away, blockchains themselves have advanced so enormously that in all three areas, most users consider them to be “good enough.”",[11,15933,15934],{},"For many, Ethereum’s transition from Proof of Work (PoW) to Proof of Stake (PoS) and launch of layer 2 networks, is seen as a transition point from a time when trade-offs between these options had big impacts. Ethereum continues to offer solid security and decentralization as a base layer, but the many layer 2 networks available, also offer massive scalability.",[11,15936,15937],{},"The shift into this new trilemma was triggered earlier this year by the nearly simultaneous approval of Bitcoin and Ethereum ETFs in the U.S. and the start of the Markets in Crypto Assets regulation (MiCA) which came into effect in Europe. Between these two landmark events and a host of other countries implementing regulatory regimes for digital assets, a fundamental shift is underway in the market.",[11,15939,15940],{},"For many of the biggest companies in the world of digital assets, they possess products and customers, but lack regulatory approval. More than 70% of crypto assets and trading is done offshore, and many of the crypto-native firms cut back their efforts to get licensed in big markets during the recent downturn. As a result, these firms have an existing customer base and quite a few digital asset offerings but lack regulatory approvals to move their businesses onshore and chase new revenues.",[11,15942,15943],{},"A second set group of firms we see a lot of, are digital-asset natives in regulated markets. They have products and regulatory approvals but no customers. These firms have focused on creating digital assets in a regulated environment. They were ahead of their traditional financial peers and have had approvals for their products, but no legacy customer base with whom to sell them.",[11,15945,15946],{},"Finally, you have the biggest and most mature financial institutions. Banks have enormous customer bases and mature regulatory compliance processes, but usually no digital assets to offer.",[11,15948,15949],{},"Like the technical trilemma, there is no perfect solution for matching the entities and creating the perfect union that offers complete regulatory approval, an enormous range of products and a giant customer base. There are several obstacles that stand in the way of that outcome.",[11,15951,15952],{},"First and foremost, the biggest obstacle to offering everything to everyone are the regulators themselves, and with good reason. Over and over again, in my conversations with regulators, they make a clear distinction between the kinds of offerings they believe are suitable and safe for mass market customers, and those that are ready for sophisticated investors. Crypto and digital assets are high risk, they are volatile and not such a good idea for people who are living paycheck to paycheck.",[11,15954,15955],{},"The second big obstacle is the cultures of all these different entities. Even the most legitimate, well-audited and well-run offshore crypto native is an entirely different beast from the world’s big banks. These are the people who went ahead and started companies even when many of their friends and family told them crypto was a scam. They definitely aren’t going to work well in a big bank culture.",[11,15957,15958],{},"In the end, my own expectation is that, like the technical trilemma, the market will reach a level of maturity for all types of customers and offerings that will be “good enough” for most. Those with an appetite for risk will be able to find it inside a regulated ecosystem, but just not with the most conservative traditional financial entities and individual users will find a curated, lower-risk window into the world of digital assets.",[11,15960,15961],{},[55,15962,15965],{"href":15963,"rel":15964},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2024\u002F10\u002F18\u002Fthe-new-blockchain-trilemma-is-here-and-its-not-about-technology\u002F",[59],[61,15966,63],{},{"title":65,"searchDepth":66,"depth":66,"links":15968},[],[69],"2024-10-22 10:17:08",{},"\u002Fblog\u002Fthe-new-blockchain-trilemma-is-here-and-it's-not-about-technology",{"title":15917,"description":65},"blog\u002FThe-New-Blockchain-Trilemma-Is-Here-and-It’s-Not-About-Technology","vlUyJSaS7fpF_oVEOwgByEmGdwxFfWCQ5o7dWKz_KUI",{"id":15977,"title":15978,"body":15979,"categories":16183,"cover":16028,"date":16184,"description":15983,"extension":71,"meta":16185,"navigation":73,"path":16186,"seo":16187,"stem":16188,"tags":77,"__hash__":16189},"blog\u002Fblog\u002FNASA-Launches-Europa-Clipper-to-Explore-an-Ocean-Moon’s-Habitability.md","NASA Launches Europa Clipper to Explore an Ocean Moon’s Habitability",{"type":8,"value":15980,"toc":16181},[15981,15984,15987,15990,15993,15996,15999,16002,16005,16008,16011,16014,16017,16020,16023,16029,16032,16035,16038,16041,16044,16047,16050,16053,16056,16059,16062,16065,16068,16071,16074,16077,16080,16083,16086,16089,16092,16095,16098,16101,16104,16107,16110,16113,16116,16119,16122,16125,16128,16131,16134,16137,16140,16143,16146,16149,16152,16155,16158,16161,16164,16167,16170,16173],[11,15982,15983],{},"Europa Clipper, the biggest interplanetary spacecraft that NASA has ever built, lifted off from the Kennedy Space Center in Florida early Monday afternoon.",[11,15985,15986],{},"The mission will tackle one of biology’s core questions: Can life exist anywhere else in our solar system?",[11,15988,15989],{},"The spacecraft’s destination is Europa, a moon of Jupiter, where water sloshes beneath a shell of ice that could be more than 10 miles thick. Such ocean worlds are fairly common in the outer solar system. That has created speculation: Could there be life swimming in any of those oceans?",[11,15991,15992],{},"For now, the answer is an intriguing maybe.",[11,15994,15995],{},"The $5.2 billion Europa Clipper mission is the first by NASA devoted to filling in the blanks to the question of habitability on these ocean worlds.",[11,15997,15998],{},"“I think Europa is certainly the most likely place for life beyond Earth in our solar system,” said Robert Pappalardo, the project scientist for Europa Clipper. “And that’s because it is the most likely to have the ingredients for life in abundance and for there to be enough time for life to get going.”",[11,16000,16001],{},"At liftoff, Europa Clipper weighed about 12,500 pounds, nearly half of which was propellant. After the two solar panels unfurled, the spacecraft stretched more than 100 feet across — a bit longer than a basketball court.",[11,16003,16004],{},"A powerful SpaceX Falcon Heavy rocket carried the spacecraft from Earth into an orbit around the sun. A flyby of Mars next February will give it a gravitational boost, and then it will swing back around Earth in December 2026 for an additional slingshot acceleration toward its destination.",[11,16006,16007],{},"After a journey of five and a half years and 1.8 billion miles, Europa Clipper is scheduled to enter orbit around Jupiter on April 11, 2030. It will then make 49 flybys of Europa over four years.",[11,16009,16010],{},"Because Earth is the only place where life is known to exist, scientists, not surprisingly, think that the most promising place to look for life would be somewhere similar: an earthlike planet that would be not too cold and not too warm, with temperatures that would allow liquid water, essential for life as we know it, to flow at the surface.",[11,16012,16013],{},"The region around a star with such temperate conditions is known as the habitable zone, or, for fans of fairy tales, the Goldilocks zone.",[11,16015,16016],{},"In our solar system, only Earth fits the criteria for “just right.” But liquid water turns out to be pretty common in the outer solar system, hidden beneath icy shells. Europa was the first world where planetary scientists found compelling evidence for an unseen ocean — indeed, they now think it could have twice as much water as all of Earth’s oceans combined.",[11,16018,16019],{},"Other worlds believed to possess oceans include Callisto and Ganymede, two other large icy moons of Jupiter; Enceladus and Mimas orbiting Saturn; Triton around Neptune; and even Pluto, the dwarf planet.",[11,16021,16022],{},"In addition to water, the other essential ingredients of life are thought to be energy and carbon-based molecules. This mission is to study whether those are present on Europa too.",[11,16024,16025],{},[14,16026],{"alt":16027,"src":16028},"00europa-01-cwpl-superJumbo","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F00europa-01-cwpl-superJumbo.webp",[11,16030,16031],{},"To do that, the spacecraft is carrying nine instruments, including cameras, spectrometers, a magnetometer and radar. With its observations, scientists expect to measure the depth of the ocean, identify some of the compounds at Europa’s surface and precisely map the moon’s magnetic field, which will provide additional clues about what lies within.",[11,16033,16034],{},"None of the instruments will directly look for anything living, just whether the conditions within Europa could support life.",[11,16036,16037],{},"Jupiter’s immense gravity squeezes and pulls on Europa’s insides, and the heat of friction could power hydrothermal vents on its seafloor. The vents could spew chemicals known as reductants into the ocean.",[11,16039,16040],{},"At the surface, the bombardment of radiation from Jupiter on ice produces oxidants. When oxidants and reductants combine, energy is released — potentially the chemical reactions that could power life.",[11,16042,16043],{},"But for that to occur, the oxidants sitting on the surface of Europa have to somehow move down through miles of ice into the ocean.",[11,16045,16046],{},"The key is that ice on Europa is not a simple solid shell, just as the Earth’s crust is not a simple, solid piece of rock.",[11,16048,16049],{},"Under pressure far below the surface, ice becomes bendable. Warm blobs of ice rise to the surface and cold, denser blobs sink, potentially carrying the oxidants downward — a pattern of convection similar to how the mantle rises and falls within Earth.",[11,16051,16052],{},"That could be the conveyor belt taking chemicals at the surface to the ocean.",[11,16054,16055],{},"“Very much anticipated to be a lava lamp,” said Donald Blankenship, who is a research professor at the University of Texas Institute for Geophysics and the principal investigator for Europa Clipper’s ice-penetrating radar instrument.",[11,16057,16058],{},"Pings from the spacecraft’s radar will pass almost effortlessly through ice and snow but bounce back off salty water. So Europa Clipper may be able to see all the way through the ice to the ocean.",[11,16060,16061],{},"The radar could also detect lakes embedded within the ice, and cryovolcanoes that erupt water, not molten rock.",[11,16063,16064],{},"A thermal imager onboard will look for warm spots, which could indicate places where the ice is thinner and the ocean is closer to the surface.",[11,16066,16067],{},"A tube-shaped instrument about the length of a baguette will scoop up and identify molecules from the thin atmosphere, including carbon-based molecules that could serve as the building blocks for life.",[11,16069,16070],{},"The Hubble Space Telescope has spotted what could be plumes of water vapor sporadically erupting from Europa’s surface. With luck, Europa Clipper could fly through an erupting plume, which could be material from the ocean.",[11,16072,16073],{},"Another instrument, an ultraviolet spectrometer, could also identify molecules within a plume when a distant star passes behind Europa. Stars are expected to be eclipsed by Europa in this way about 100 times during the mission. Looking at how the colors of ultraviolet light from the star dim will tell the density of the gases and what they are made of.",[11,16075,16076],{},"It has been a long, slow journey to get the Europa Clipper mission to the launchpad.",[11,16078,16079],{},"When Voyager 2 flew past Jupiter in 1979, its pictures of Europa showed something that looked like a scuffed-up cue ball — a bright, but fractured surface almost devoid of craters, which indicated some geological process was erasing them.",[11,16081,16082],{},"That made scientists curious to find out more, especially after measurements of Europa’s magnetic fields that NASA’s Galileo spacecraft made a couple of decades ago offered compelling evidence for a layer of salty water.",[11,16084,16085],{},"“We started planning the mission in about 1995, 30 years ago,” said Tom McCord, a senior scientist at the Planetary Science Institute who is working on the mission. “And it’s taken that long to get to the point where we have a chance to send the instrument and others on their way on a six-year journey to actually start making measurements.”",[11,16087,16088],{},"For a long time, the top officials at NASA headquarters in Washington were not particularly interested in Europa.",[11,16090,16091],{},"However, John Culberson, a Texas Republican elected to Congress in 2000, was very interested.",[11,16093,16094],{},"Mr. Culberson recalled visiting NASA’s Jet Propulsion Laboratory in California when the Opportunity rover landed on Mars in 2004. Engineers at the lab provided briefings about what they were working on, and a mission that caught his curiosity would visit several of Jupiter’s large moons, including Europa.",[11,16096,16097],{},"“I discovered they had no support from headquarters,” Mr. Culberson said. So, as a member of the appropriations committee, he added money for the mission.",[11,16099,16100],{},"He was annoyed and frustrated when NASA officials spent the money on a different project. “We put the money in for Europa year after year,” he said, “and NASA figured out ways around it.”",[11,16102,16103],{},"Part of NASA’s reluctance was the fear that the price tag of an ambitious Europa mission would soar out of control.",[11,16105,16106],{},"In 2010, Dr. Pappalardo convened scientists and engineers from inside and outside NASA to brainstorm how to make the mission smaller and more affordable. Half of the small team were people who had previously worked on the mission design. The other half were people who had been critical of it, Dr. Pappalardo said.",[11,16108,16109],{},"He recalled that he began the first meeting by showing a blank slide. “We started with a blank sheet of paper,” Dr. Pappalardo said.",[11,16111,16112],{},"Originally, the spacecraft was to enter orbit around Europa. An analysis eventually showed that almost all of the science could be achieved through multiple flybys instead, reducing the amount of shielding and fuel a spacecraft would need.",[11,16114,16115],{},"Serving on the appropriations subcommittee that finances NASA, Mr. Culberson championed Europa Clipper and its potential for the discovery of extraterrestrial life. He also wanted NASA to include a lander.",[11,16117,16118],{},"“It’s got a real shot of reigniting the public passion for the space program,” he said.",[11,16120,16121],{},"The Obama administration, however, had other priorities for NASA. Its budget request for 2014 not only did not include money for a Europa mission. It flatly stated that NASA could not afford one “in the foreseeable future.”",[11,16123,16124],{},"The Planetary Society, a nonprofit that advocates exploring space, also campaigned for Europa. “We’ve never had a member outreach like this,” said Casey Dreier, the society’s chief of space policy. “I think we just helped establish it as something that needed to be done, something that had support.”",[11,16126,16127],{},"It was during the Trump administration that the Europa Clipper mission finally gained momentum and sizable budgets.",[11,16129,16130],{},"Mr. Culberson lost his re-election bid in 2018. Europa Clipper survived. The lander proposal, which could have added billions of dollars to the price tag, did not.",[11,16132,16133],{},"The mission faced additional hurdles. Originally, Mr. Culberson and Congress mandated that it had to fly on the Space Launch System, a massive NASA-developed rocket that costs an estimated $4 billion per launch.",[11,16135,16136],{},"Congress relented on that requirement, and in 2021 NASA awarded SpaceX the Falcon Heavy launch contract for only $178 million.",[11,16138,16139],{},"This year, Europa Clipper again seemed to be in peril when it appeared that transistors on the spacecraft might be defective and therefore unable to survive the harsh radiation around Jupiter. But engineers found that when the spacecraft swings farther out, the transistors recover, and NASA moved ahead with the launch.",[11,16141,16142],{},"Hurricane Milton caused another brief delay as it passed over the Kennedy Space Center on Thursday, the original launch date.",[11,16144,16145],{},"On Monday, Mr. Culberson watched from a balcony at the launch site as the rocket carrying Europa Clipper arced upward across a clear, azure Florida sky.",[11,16147,16148],{},"“I’m still walking on Cloud Nine,” he said afterward. “A flawless beginning to a potentially civilization-changing mission.”",[11,16150,16151],{},"Some recent research has cast doubts on the hopes for life on Europa.",[11,16153,16154],{},"Two studies presented at the Lunar and Planetary Science Conference this year suggest that there may not be any volcanism on Europa’s seafloor. The rocks there also may not easily fracture, minimizing the chemical reactions between the ocean water and the rocks that could provide energy for living organisms.",[11,16156,16157],{},"Although there may be molten rock deep inside Europa, “it seems very difficult for that magma to be able to ascend anywhere close to the ocean floor,” said Paul Byrne, a planetary scientist at Washington University in St. Louis who was an author on both papers.",[11,16159,16160],{},"Even if life did arise in Europa’s ocean long ago, “It seems challenging to sustain that life today,” Dr. Byrne said. “That’s really what I think these studies are beginning to tell us.”",[11,16162,16163],{},"That does not mean Dr. Byrne thinks that Europa Clipper is a waste of $5 billion.",[11,16165,16166],{},"“Clipper is exactly the kind of mission we need to begin to incrementally build on our understanding of habitability,” he said, adding that he hopes it is the first in a “series of missions, not just to Europa, but so many of these so-called ocean worlds.”",[11,16168,16169],{},"It has been a long wait. Dr. McCord, the scientist who started working on Europa plans around 1995, is now 85.",[11,16171,16172],{},"“I’ll be 91 or something like that” when Europa Clipper reaches its destination, he said. “This is an endeavor that more than spans people’s lives.”",[11,16174,16175],{},[55,16176,16179],{"href":16177,"rel":16178},"https:\u002F\u002Fwww.nytimes.com\u002F2024\u002F10\u002F14\u002Fscience\u002Fnasa-europa-clipper-jupiter.html",[59],[61,16180,63],{},{"title":65,"searchDepth":66,"depth":66,"links":16182},[],[233],"2024-10-16 14:37:48",{},"\u002Fblog\u002Fnasa-launches-europa-clipper-to-explore-an-ocean-moon's-habitability",{"title":15978,"description":15983},"blog\u002FNASA-Launches-Europa-Clipper-to-Explore-an-Ocean-Moon’s-Habitability","sfm_HnB2d95miVRb7CN07ztwFYcAMoCzCQPnRWohFyk",{"id":16191,"title":16192,"body":16193,"categories":16287,"cover":16199,"date":16288,"description":65,"extension":71,"meta":16289,"navigation":73,"path":16290,"seo":16291,"stem":16292,"tags":77,"__hash__":16293},"blog\u002Fblog\u002FCan-Life-Exist-on-an-Icy-Moon-NASA’s-Europa-Clipper-Aims-to-Find-Out.md","Can Life Exist on an Icy Moon? NASA’s Europa Clipper Aims to Find Out",{"type":8,"value":16194,"toc":16282},[16195,16200,16205,16208,16211,16214,16217,16220,16224,16227,16230,16239,16243,16246,16249,16252,16256,16259,16262,16265,16268,16271,16274],[11,16196,16197],{},[14,16198],{"alt":16,"src":16199},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Fpia19048_0.webp",[11,16201,16202],{},[61,16203,16204],{},"With a spacecraft launching soon, the mission will try to answer the question of whether there are ingredients suitable for life in the ocean below Europa’s icy crust.",[11,16206,16207],{},"Deep down, in an ocean beneath its ice shell, Jupiter’s moon Europa might be temperate and nutrient-rich, an ideal environment for some form of life — what scientists would call “habitable.” NASA’s Europa Clipper mission aims to find out.",[11,16209,16210],{},"NASA now is targeting launch no earlier than Monday, Oct. 14, on a SpaceX Falcon Heavy rocket from Launch Complex 39A at NASA’s Kennedy Space Center in Florida.",[11,16212,16213],{},"Europa Clipper’s elongated, looping orbit around Jupiter will minimize the spacecraft’s exposure to intense radiation while allowing it to dive in for close passes by Europa. Using a formidable array of instruments for each of the mission’s 49 flybys, scientists will be able to “see” how thick the moon’s icy shell is and gain a deeper understanding of the vast ocean beneath. They’ll inventory material on the surface that might have come up from below, search for the fingerprints of organic compounds that form life’s building blocks, and sample any gases ejected from the moon for evidence of habitability.",[11,16215,16216],{},"Mission scientists will analyze the results, probing beneath the moon’s frozen shell for signs of a water world capable of supporting life.",[11,16218,16219],{},"“It’s important to us to paint a picture of what that alien ocean is like — the kind of chemistry or even biochemistry that could be happening there,” said Morgan Cable, an astrobiologist and member of the Europa Clipper science team at NASA’s Jet Propulsion Laboratory in Southern California, which manages the mission.",[7002,16221,16223],{"id":16222},"ice-investigation","Ice Investigation",[11,16225,16226],{},"Central to that work is hunting for the types of salts, ices, and organic material that make up the key ingredients of a habitable world. That’s where an imager called MISE (Mapping Imaging Spectrometer for Europa) comes in. Operating in the infrared, the spacecraft’s MISE divides reflected light into various wavelengths to identify the corresponding atoms and molecules.",[11,16228,16229],{},"The mission will also try to locate potential hot spots near Europa’s surface, where plumes could bring deep ocean material closer to the surface, using an instrument called E-THEMIS (Europa Thermal Emission Imaging System), which also operates in the infrared.",[11,16231,16232,16233,16238],{},"Capturing sharply detailed pictures of Europa’s surface with both a narrow and a wide-image camera is the task of the ",[55,16234,16237],{"href":16235,"rel":16236},"https:\u002F\u002Feuropa.nasa.gov\u002Fspacecraft\u002Finstruments\u002Feis\u002F",[59],"EIS"," (Europa Imaging System). “The EIS imagers will give us incredibly high-resolution images to understand how Europa’s surface evolved and is continuing to change,” Cable said.",[7002,16240,16242],{"id":16241},"gases-and-grains","Gases and Grains",[11,16244,16245],{},"NASA’s Cassini mission spotted a giant plume of water vapor erupting from multiple jets near the south pole of Saturn’s ice-covered moon Enceladus. Europa may also emit misty plumes of water, pulled from its ocean or reservoirs in its shell. Europa Clipper’s instrument called Europa-UVS (Europa Ultraviolet Spectrograph) will search for plumes and can study any material that might be venting into space.",[11,16247,16248],{},"Whether or not Europa has plumes, the spacecraft carries two instruments to analyze the small amount of gas and dust particles ejected from the moon’s surface by impacts with micrometeorites and high-energy particles: MASPEX (MAss SPectrometer for Planetary EXploration\u002FEuropa) and SUDA (SUrface Dust Analyzer) will capture the tiny pieces of material ejected from the surface, turning them into charged particles to reveal their composition.",[11,16250,16251],{},"“The spacecraft will study gas and grains coming off Europa by sticking out its tongue and tasting those grains, breathing in those gases,” said Cable.",[7002,16253,16255],{"id":16254},"inside-and-out","Inside and Out",[11,16257,16258],{},"The mission will look at Europa’s external and internal structure in various ways, too, because both have far-reaching implications for the moon’s habitability.",[11,16260,16261],{},"To gain insights into the ice shell’s thickness and the ocean’s existence, along with its depth and salinity, the mission will measure the moon’s induced magnetic field with the ECM (Europa Clipper Magnetometer) and combine that data with  measurements of electrical currents from charged particles flowing around Europa — data provided by PIMS (Plasma Instrument for Magnetic Sounding).",[11,16263,16264],{},"In addition, scientists will look for details on everything from the presence of the ocean to the structure and topography of the ice using REASON (Radar for Europa Assessment and Sounding to Near-surface), which will peer up to 18 miles (29 kilometers) into the shell — itself a potentially habitable environment. Measuring the changes that Europa’s gravity causes in radio signals should help nail down ice thickness and ocean depth.",[11,16266,16267],{},"“Non-icy materials on the surface could get moved into deep interior pockets of briny water within the icy shell,” said Steve Vance, an astrobiologist and geophysicist who also is a member of the Europa Clipper science team at JPL. “Some might be large enough to be considered lakes, or at least ponds.”",[11,16269,16270],{},"Using the data gathered to inform extensive computer modeling of Europa’s interior structure also could reveal the ocean’s composition and allow estimates of its temperature profile, Vance said.",[11,16272,16273],{},"Whatever conditions are discovered, the findings will open a new chapter in the search for life beyond Earth. “It’s almost certain Europa Clipper will raise as many questions or more than it answers — a whole different class than the ones we’ve been thinking of for the last 25 years,” Vance said.",[11,16275,16276],{},[55,16277,16280],{"href":16278,"rel":16279},"https:\u002F\u002Fwww.nasa.gov\u002Fmissions\u002Feuropa-clipper\u002Fcan-life-exist-on-an-icy-moon-nasas-europa-clipper-aims-to-find-out\u002F",[59],[61,16281,63],{},{"title":65,"searchDepth":66,"depth":66,"links":16283},[16284,16285,16286],{"id":16222,"depth":7057,"text":16223},{"id":16241,"depth":7057,"text":16242},{"id":16254,"depth":7057,"text":16255},[233],"2024-10-16 11:37:48",{},"\u002Fblog\u002Fcan-life-exist-on-an-icy-moon-nasa's-europa-clipper-aims-to-find-out",{"title":16192,"description":65},"blog\u002FCan-Life-Exist-on-an-Icy-Moon-NASA’s-Europa-Clipper-Aims-to-Find-Out","dX6PikYYKOfVey1fj7AgXU7csWZzuwsLKFlko1e6Iyo",{"id":16295,"title":16296,"body":16297,"categories":16458,"cover":16304,"date":16459,"description":65,"extension":71,"meta":16460,"navigation":73,"path":16461,"seo":16462,"stem":16463,"tags":77,"__hash__":16464},"blog\u002Fblog\u002FBitcoin-Vaults-and-the-Future-of-Bitcoin-Custody.md","Bitcoin Vaults and the Future of Bitcoin Custody",{"type":8,"value":16298,"toc":16451},[16299,16305,16308,16311,16314,16317,16320,16323,16326,16329,16332,16335,16338,16342,16345,16348,16352,16355,16360,16363,16367,16370,16373,16377,16380,16383,16386,16389,16393,16396,16399,16402,16405,16409,16412,16415,16418,16421,16424,16427,16431,16434,16437,16440,16443],[11,16300,16301],{},[14,16302],{"alt":16303,"src":16304},"photo by Traxer on Unsplash","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F%2FMjA5MjE3Mjk2MjUzMDY4OTEy.webp",[11,16306,16307],{},"Bitcoin, the original cryptocurrency, has come a long way from its informal past. From an experimental digital currency that occupied cypherpunk niches on the internet, it has grown to a trillion-dollar market cap asset valued at over $66,900 per coin as of this writing.",[11,16309,16310],{},"While investing in Bitcoin is still considered a wild ride, the asset is quickly maturing. Financial institutions are closing in and creating hybrid vehicles to invest in cryptocurrency. The ecosystem reached a new milestone with the advent of Bitcoin ETFs, making people realize the immensity of Bitcoin’s potential in traditional markets and spurring new demand.",[11,16312,16313],{},"As more people and institutions invest in Bitcoin, Bitcoin vaults become more crucial. Here, we examine the features and importance of Bitcoin vaults and how they contribute to ensuring a reliable infrastructure that promotes sustained value and investability.",[11,16315,16316],{},"We explore their role in professionalized and institutional custody. Secure custodians are vital to protecting digital assets from theft and loss. This article also tracks the fast-advancing technology of Bitcoin vaults and how it relates to future developments in the custody space.",[11,16318,16319],{},"What are Bitcoin vaults, and how do they work?",[11,16321,16322],{},"Bitcoin vaults are offline digital asset storage solutions offering enhanced protection against online threats. This protection is created through multiple security layers.",[11,16324,16325],{},"As the Bitcoin investment sphere grows, new products are being created. Bitcoin vaults are a critical component of these new financial products. While hot wallets and exchange accounts offer easy transaction access, they are vulnerable to hacks.",[11,16327,16328],{},"Bitcoin vaults are fortified digital safes. They protect your Bitcoin by taking it offline and shielding it from the constant openness to online attacks. Their multiple layers of security include withdrawal delays, multi-signature or multisig authentication, and cold storage solutions.",[11,16330,16331],{},"One highly secure approach to Bitcoin or crypto vaults is called air-gapping. Air-gapped storage offers robust protection against malware attacks, phishing scams, and unauthorized access.",[11,16333,16334],{},"Many Bitcoin vaults integrate advanced encryption techniques. They typically require multiple authorizations for transactions to proceed. Advanced encryption and the need for layered authorization steps bolster security posture.",[11,16336,16337],{},"As a Bitcoin investor, ensuring that your coins are kept in air-gapped and layered security vaults protects your investment and helps you hold it long-term.",[7002,16339,16341],{"id":16340},"vaults-vital-components-of-bitcoin-custody","VAULTS: VITAL COMPONENTS OF BITCOIN CUSTODY",[11,16343,16344],{},"Bitcoin vaults are a component of Bitcoin custody solutions. Bitcoin custody is the entire process of holding and securing BTC.",[11,16346,16347],{},"Because Bitcoin is a digital asset, it requires unique storage solutions to protect it from theft and loss. As BTC’s value rises, so does the interest from cybercriminals and hackers. Therefore, secure custody solutions are essential for protecting these digital assets.",[7002,16349,16351],{"id":16350},"the-advanced-technology-behind-bitcoin-vaults","THE ADVANCED TECHNOLOGY BEHIND BITCOIN VAULTS",[11,16353,16354],{},"The following advanced technologies combine to create the security behind Bitcoin vaults. Understanding them helps you understand, evaluate, and appreciate their robustness.",[16356,16357,16359],"h4",{"id":16358},"cold-storage","Cold Storage",[11,16361,16362],{},"Cold storage is a security method that keeps Bitcoin offline or away from internet-connected devices. Being offline reduces the risk of cyberattacks. Bitcoin cold storage is often used with multi-sig technology to provide maximum security.",[16356,16364,16366],{"id":16365},"multi-siganature-technology","Multi-Siganature Technology",[11,16368,16369],{},"Multi-signature or multisig technology requires multiple private keys to authorize a Bitcoin transaction. This method implies that even as one key is compromised, the Bitcoin in the wallet cannot be transferred. The transaction still requires the other keys to be approved.",[11,16371,16372],{},"Multisig technology enhances security by distributing ownership and control over Bitcoin. It makes it very challenging for a single entity to access or steal the assets.",[16356,16374,16376],{"id":16375},"hardware-security-modules-hsms","Hardware Security Modules (HSMS)",[11,16378,16379],{},"Hardware Security Modules (HSMs) are tamper-resistant and hardened devices that secure cryptographic processes. They generate, protect, and manage keys used for data encryption and decryption, as well as digital certificates and signatures.",[11,16381,16382],{},"These specialized devices, in other words, are designed to protect and manage your digital keys. They provide a secure environment for cryptographic key generation, storage, and usage, ensuring that the private keys are never exposed to potential threats. HSMs are often used in Bitcoin vaults to enhance the security of the stored assets.",[11,16384,16385],{},"HSMs are recommended for those with significant BTC holdings. They are also ideal for businesses handling Bitcoin and other crypto. While integration can be complex and require continued maintenance, the security benefits far outweigh the cost for those with high-value holdings.",[11,16387,16388],{},"Furthermore, HSMS are tested, validated, and certified to the highest standards. They enable organizations to meet and exceed emerging and established regulatory requirements for cybersecurity.",[7002,16390,16392],{"id":16391},"companies-offering-btc-custody-solutions","COMPANIES OFFERING BTC CUSTODY SOLUTIONS",[11,16394,16395],{},"As Bitcoin and its related financial products gain popularity, so does the need for reliable custody. Companies that offer this service are called Bitcoin or crypto custodians and are a critical component of the digital asset industry.",[11,16397,16398],{},"These companies or platforms offer secure BTC and crypto storage and provide services such as private key management, online security solutions, and transaction processing.",[11,16400,16401],{},"Crypto custodians are gaining prominence as the cryptocurrency market grows. They are essential in ensuring that assets are stored and managed securely. Moreover, they protect investors' funds by providing layers of security beyond what public wallets or exchanges offer.",[11,16403,16404],{},"However, it must be noted that exchanges, trading desks, and investment platforms run their own custody solutions. In addition, some exchanges are also the most noted custody providers. Examples of top custody providers, most of which offer investment access, include Swan Bitcoin, BitGo, Coinbase Custody, Anchorage, Gemini Custody, Bakkt, and Bitcoin Suisse.",[7002,16406,16408],{"id":16407},"how-to-choose-among-btc-custody-providers","HOW TO CHOOSE AMONG BTC CUSTODY PROVIDERS",[11,16410,16411],{},"Several companies are competing in the crypto custody market. If you are a regular BTC trader or investor, you might be curious about how to choose what works for you.",[11,16413,16414],{},"Platforms should enable users to buy and store Bitcoin easily. While popular exchanges like Binance and Kraken offer a wide range of services, including retail buying and selling of crypto, they have downsides. They may not provide the best storage options for your crypto, and they may be more vulnerable and open to various hacks.",[11,16416,16417],{},"Long-term BTC investors usually shun day trading and prefer the buy-and-hold strategy. Swan Bitcoin is a low-fee platform specializing in BTC-specific investments. It offers a full suite of BTC financial services, including Swan Vault, simplifying BTC storage for users. If you're curious how it compares to large global exchanges, check out the Kraken review on Swan Bitcoin’s site.",[11,16419,16420],{},"The best Bitcoin vaults give you complete control over your coins, with user-friendly and straightforward features for setup, deposits, and withdrawals. They use the most reliable hardware to provide users with the most robust security. An example of such hardware is the Blockstream Jade signing device, a hardware wallet used by Swan Bitcoin to ensure BTC owners' full access to keys offline.",[11,16422,16423],{},"You need signing devices that store two private keys to unlock a Swan Vault. Swan manages a third key called the Cloud Key, which is recommended for use as a second key to prevent bringing both hardware signing devices to the same location.",[11,16425,16426],{},"Bitcoin vaults must have sound recovery strategies for BTC theft or loss, as 72-hour holds for Cloud Key withdrawals. Moreover, these vaults need to offer comprehensive support services, including secure storage of spare keys to assist you in moving funds and customer support manned by trained specialists.",[7002,16428,16430],{"id":16429},"when-investing-in-btc-choose-a-reliable-custodian","WHEN INVESTING IN BTC, CHOOSE A RELIABLE CUSTODIAN",[11,16432,16433],{},"Bitcoin vaults are becoming increasingly important as more people and institutions invest in Bitcoin. As digital assets gain legitimacy through legalized financial products, security custody solutions become increasingly vital to protect them from theft and loss.",[11,16435,16436],{},"By leveraging advanced technologies such as multi-signature authentication, cold storage, and Hardware Security Modules, Bitcoin vaults provide a robust security solution for digital assets. In addition, multi-layered features ensure secure storage of private keys and means of recovery in case keys are lost or stolen.",[11,16438,16439],{},"Bitcoin vaults are not just meant to store BTC securely. They form the bedrock of the asset's long-term viability as an investment vehicle.",[11,16441,16442],{},"It is not enough to leave the knowledge to technical experts or institutions. By understanding the importance of secure Bitcoin storage and the advancements in custody solutions, investors can make better-informed decisions about safeguarding their digital assets.",[11,16444,16445],{},[55,16446,16449],{"href":16447,"rel":16448},"https:\u002F\u002Fbitcoinmagazine.com\u002Ftechnical\u002Fbitcoin-vaults-and-the-future-of-bitcoin-custody",[59],[61,16450,63],{},{"title":65,"searchDepth":66,"depth":66,"links":16452},[16453,16454,16455,16456,16457],{"id":16340,"depth":7057,"text":16341},{"id":16350,"depth":7057,"text":16351},{"id":16391,"depth":7057,"text":16392},{"id":16407,"depth":7057,"text":16408},{"id":16429,"depth":7057,"text":16430},[69],"2024-09-18 15:08:09",{},"\u002Fblog\u002Fbitcoin-vaults-and-the-future-of-bitcoin-custody",{"title":16296,"description":65},"blog\u002FBitcoin-Vaults-and-the-Future-of-Bitcoin-Custody","33tnJJlVNwXEShTgETU2W9vKG9CzoykqCdNy55xzC1k",{"id":16466,"title":16467,"body":16468,"categories":16657,"cover":77,"date":16658,"description":65,"extension":71,"meta":16659,"navigation":73,"path":16660,"seo":16661,"stem":16662,"tags":77,"__hash__":16663},"blog\u002Fblog\u002FThe-Fight-for-Bitcoin-Privacy-has-Truly-Begun.md","The Fight for Bitcoin Privacy has Truly Begun",{"type":8,"value":16469,"toc":16651},[16470,16475,16478,16481,16484,16487,16490,16501,16504,16507,16511,16514,16517,16520,16523,16526,16529,16532,16535,16538,16541,16544,16547,16551,16554,16557,16564,16571,16574,16577,16580,16583,16586,16589,16593,16596,16599,16602,16609,16612,16616,16619,16622,16625,16628,16631,16634,16637,16640,16643],[13987,16471,16472],{},[11,16473,16474],{},"First they ignore you, then they laugh at you, then they fight you, then you win.",[11,16476,16477],{},"The quote—commonly misattributed to Mahatma Gandhi—has been overused to the point of exhaustion in the Bitcoin space, typically invoking the suggestion that the laughing stage is over. In most of these cases, the insinuation that the fighting stage has begun was overblown, however; perhaps inspired by little more than a comment from some politician or finance professional.",[11,16479,16480],{},"But on April 24 of this year, the quote finally rang true.",[11,16482,16483],{},"On that day, the US Department of Justice (DoJ), via the District Court of the Southern District of New York, announced the indictment of Samourai Wallet co-founders Keonne Rodriguez and William Hill. Rodriguez, Samourai Wallet’s CEO who pseudonymously operated the @SamouraiWallet handle on Twitter\u002FX, was arrested early that morning in his home state of Pennsylvania. Hill (AKA TDev, or @SamouraiDev on Twitter), meanwhile, was arrested in Lisbon, Portugal, where he resided; at the time of writing this article, the DoJ intends to extradite him to the US.",[11,16485,16486],{},"Both of them are accused of running an unlicensed money transmitter, and earning millions of dollars in fees doing so. For this, Rodriguez and Hill each face a maximum prison sentence of five years.",[11,16488,16489],{},"On top of that, the duo was charged with money laundering as well. According to the DoJ, Samourai Wallet was used to launder over $100 million dollars of crime proceeds from dark net markets, fraudulent schemes and other illicit activities. This could add a whopping maximum 20 years to their sentence.",[11,16491,16492,16493,16500],{},"Samourai Wallet’s web servers and domain (",[55,16494,16497],{"href":16495,"rel":16496},"http:\u002F\u002Fsamoiurai.io\u002F",[59],[61,16498,16499],{},"samourai.io",") were also seized, rendering the wallet largely unusable. (Though users could still recover their bitcoin through other wallets, using their backup seeds.)",[11,16502,16503],{},"Around the same time as the Samourai Wallet developers’ arrests, the FBI issued a public warning to cryptocurrency users, stating that they may lose their funds due to criminal seizures if they don’t move their holdings to regulated entities. Although Samourai Wallet was not mentioned by the agency, the timing of the note suggests the warning was no coincidence.",[11,16505,16506],{},"Together, it seemed to represent a step change for Bitcoin and Bitcoin development.",[7002,16508,16510],{"id":16509},"bitcoin-privacy","BITCOIN PRIVACY",[11,16512,16513],{},"Bitcoin comes from a long tradition of privacy activism. In a world where money is increasingly going digital, Cypherpunks have since the 1990s attempted to create a form of electronic cash in order to prevent an Orwellian future where every transaction can be monitored and potentially censored. Similarly, Douglas Jackson around the turn of the millennium offered a gold-backed digital payment system with privacy features called eGold, which eventually had to shut down operations because Jackson did not register his company as a money transmitter.",[11,16515,16516],{},"eGold required a money transmitter license because it held gold in reserve on behalf of its users, but it has since then generally been assumed that creators of non-custodial wallet software did not qualify as money transmitters. As long as developers never took control of user funds themselves, they did not need to register with the United States Department of the Treasury's Financial Crimes Enforcement Network (FinCEN), and therefore also wouldn’t need to apply anti-money laundering (AML) and Know Your Customer (KYC) checks on their users— or so it was thought.",[11,16518,16519],{},"Crucially, this assumption was in large part based on guidance from FinCEN itself, published in 2013.",[11,16521,16522],{},"By extension, many presumed that developers wouldn’t be held accountable for how their software is used. If non-custodial Bitcoin wallets are used to launder money, those engaged in the activity itself would be breaking the law, but it was generally not believed to be the responsibility of the creators of these wallets to prevent this from happening in the first place.",[11,16524,16525],{},"Samourai Wallet was, indeed, a non-custodial wallet. Users stored their own private keys in their wallet software, so Rodriguez or Hill at no point controlled these bitcoin. By default, the Samourai Wallet application did communicate with a central server to send and receive transactions, but even this could be sidestepped by connecting to the Samourai Dojo: a personal, internet-connected device that embedded a Bitcoin node.",[11,16527,16528],{},"Importantly, Samourai Wallet was marketed as a privacy wallet, and its main privacy feature—Whirlpool—did fully depend on the Samourai server. Specifically, Samourai Wallet users could, coordinated through this central server, collaborate to make CoinJoin transactions. In groups of five, users would contribute an equal amount of bitcoin (for example 0.01 BTC) to a transaction, which sent back the same amount to each of them.",[11,16530,16531],{},"Because there is no way to link specific transaction inputs to specific transaction outputs, this essentially “mixed” their coins. Blockchain analysts would be unable to trace back the history of these coins, except to the extent that they’d know they must have come from one of these five inputs. Furthermore, Whirlpool users could opt to automatically repeat such mixes, even further obfuscating their transaction history.",[11,16533,16534],{},"In addition, Samourai Wallet offered a service called Ricochet. This enabled users to send bitcoin to newly generated addresses they controlled themselves multiple times, somewhat frustrating blockchain analysis as well. (Although this is possible with any Bitcoin wallet, Samourai Wallet automated the process.)",[11,16536,16537],{},"The allegation, as put forth by the DoJ, is that these tools were, indeed, used to launder money. What’s more, the federal department argues that the Samourai Wallet co-founders intended this to be the case. This accusation is largely based on public as well as private communication about their service, including some statements by Rodriguez and Hill on Twitter and in their pitch decks intended for investors, which mentioned that individuals who engaged in “illicit activity” on “restricted” or “dark\u002Fgrey” markets would be among their user base.",[11,16539,16540],{},"Whether these statements truly indicate that Rodriguez and Hill intended their software to be used for illicit purposes—as opposed to it just being “tough marketing talk” from developers who ultimately wanted to offer financial privacy tools—will have to be proven in court.",[11,16542,16543],{},"And perhaps more importantly, the Samourai Wallet arrests challenge the long-standing assumption that developers don’t have to register as money transmitters and perform the associated AML and KYC checks.",[11,16545,16546],{},"Though, this assumption had already been put to question in a different corner of the cryptocurrency space…",[7002,16548,16550],{"id":16549},"tornado-cash","TORNADO CASH",[11,16552,16553],{},"In August 2022, the US Treasury’s Office of Foreign Assets Control (OFAC) added Tornado Cash, a smart contract on the Ethereum blockchain, to its OFAC list. It made interacting with the smart contract illegal under US law.",[11,16555,16556],{},"Later that same month, Alexey Pertsev was arrested by the Dutch police. In the years prior, Pertsev had, along with Roman Storm and Roman Semenov, founded and operated software development company PepperSec. Key to their efforts had been the development of Tornado Cash as well as supporting infrastructure.",[11,16558,16559,16560,16563],{},"As a smart contract, Tornado Cash technically functions autonomously. Although Pertsev helped develop the tool, it exists across thousands of Ethereum nodes around the world. After it was released, Pertsev had no way to control how it was used, or who used it. Anyone could send an amount of ETH to the smart contract, which—utilizing a cryptographic trick called ",[61,16561,16562],{},"zero-knowledge proofs","—enabled them to withdraw that same amount from the smart contract, but to a different account. Here, too, there was no way to link the ETH going into Tornado Cash to the ETH going out, thus the smart contract essentially functioned as a “mixing” service.",[11,16565,16566,16567,16570],{},"To make this feature effective, PepperSec also developed supporting infrastructure, which in part relied on ",[61,16568,16569],{},"relayers",": basically, Ethereum users could be tasked with paying the Tornado Cash fee, for which they in turn were rewarded TORN tokens. This aspect of the design—the relayers and the TORN tokens—centered around a different smart contract on the Ethereum blockchain, which technically was implemented as a decentralized autonomous organization (DAO).",[11,16572,16573],{},"In addition to that, PepperSec operated a service that offered an easily accessible graphical user interface (GUI) for the smart contract and its surrounding infrastructure.",[11,16575,16576],{},"Importantly, Tornado Cash as well as the supporting infrastructure was all non-custodial software. Pertsev, Storm and Semenov developed code, but they at no point controlled any of the ETH going into the smart contract. Although they couldn’t control how Tornado Cash could be used, it’s less obvious to what extent the same was true for the supporting infrastructure. (Like many things Ethereum, claims of “decentralization” were at least in part grounded in marketing more so than in technical reality.)",[11,16578,16579],{},"In either case, for the Dutch prosecutor, the fact that Pertsev and his colleagues never took custody of any ETH did not make much of a difference. In her view, PepperSec was de facto ran as a business, which—albeit indirectly through the TORN token—earned an income from Tornado Cash and the supporting infrastructure. She argued this made Pertsev responsible for how Tornado Cash was used, and by whom.",[11,16581,16582],{},"In particular, she pointed out, Tornado Cash had been used to launder well over a billion US dollars, for example by North Korean state-funded hackers known as the Lazarus Group. Pertsev knowingly facilitated this kind of activity through the software he developed, she argued, and did nothing to prevent it. He had to be held accountable.",[11,16584,16585],{},"And as it would soon turn out, it wasn’t just the Dutch prosecutor who held this belief. About a year after Pertsev’s arrest in the Netherlands, his PepperSec co-founders Storm and Semenov were indicted in the United States, with the former (who resided in the US) arrested. (Semenov does not live in the United States; at the time of writing this article his whereabouts are unknown, but he is likely in a country without an extradition treaty with the US.)",[11,16587,16588],{},"Much like Pertsev, both of them are charged with money laundering, as well as running an unlicensed money transmitter business and sanctions violations. Storm will stand trial in New York this September.",[7002,16590,16592],{"id":16591},"chilling-effect","CHILLING EFFECT",[11,16594,16595],{},"The various arrests quickly appeared to have a chilling effect on other Bitcoin developers.",[11,16597,16598],{},"Even before Pertsev’s arrest, Bitcoin privacy wallet Wasabi Wallet—Samourai Wallet’s main competitor—in March of 2022 decided to implement AML checks in their mixing software, and reject coins that were suspected to have been used for illicit activity. (Although Wasabi Wallet, like Tornado Cash and Samourai Wallet, was fully non-custodial, the company behind the wallet—zkSNACKs—coordinated CoinJoin mixes through a central server.)",[11,16600,16601],{},"This new policy was harshly criticized by—among others—the Samourai Wallet team and other privacy focused bitcoiners. Rodriguez and Hill loudly and proudly proclaimed that their mixing service was open for business to anyone, and on social media adopted a much more adversarial attitude towards regulators and their KYC\u002FAML regime. Indeed, it was exactly this attitude that may have gotten them in legal trouble.",[11,16603,16604,16605,16608],{},"More recently, the Samourai Wallet arrests moved other Bitcoin developers to take additional precautions as well. Just one day after the indictment, Sparrow Wallet, which had been compatible with Samourai Wallet’s Whirlpool, for example released a new version of its software that disabled this feature. Shortly after, development company ACINQ announced that its Phoenix Wallet (a Lightning wallet) would be removed from US app stores, citing on Twitter that “",[1731,16606,16607],{},"r","ecent announcements from US authorities cast a doubt on whether self-custodial wallet providers, Lightning service providers, or even Lightning nodes could be considered Money Services Businesses and be regulated as such.”",[11,16610,16611],{},"And in what was arguably the biggest setback for privacy in Bitcoin’s short history, Wasabi Wallet soon after announced to discontinue its mixing service altogether. With Whirlpool already down, the other major CoinJoin coordinator would seize operations per June 1st of this year.",[7002,16613,16615],{"id":16614},"the-first-verdict","THE FIRST VERDICT",[11,16617,16618],{},"Just weeks after the Samourai Wallet developers’ arrest and the events that unfolded immediately after, on May 14th of this year, it was time for Pertsev’s sentencing.",[11,16620,16621],{},"In the courthouse of ’s Hertogenbosch, a small city about an hour south of Amsterdam, the Tornado Cash developer received the bad news. The panel of judges essentially agreed with the prosecutor on all counts, and in some ways went even further than the prosecutor was willing to go. The judges ruled that Pertsev was fully responsible for how the smart contract was used; the fact that some of the code that PepperSec produced was “unstoppable”, was not considered a valid excuse.",[11,16623,16624],{},"“Tornado Cash functions in the way the defendant and its co-founders developed Tornado Cash,” they stated. “So the operation is completely their responsibility.”",[11,16626,16627],{},"Pertsev was sentenced to 64 months in Dutch prison— though he did file for appeal, which at the time of writing is pending.",[11,16629,16630],{},"The next Tornado Cash court case will take place in New York, where Pertsev’s PepperSec co-founder Storm will stand trial. While the Dutch verdict should technically not affect the outcome of the American proceedings, the case and sentencing in the Netherlands might offer an indication of what can be expected: the Dutch prosecutors shared many of their files with their American colleagues.",[11,16632,16633],{},"Meanwhile, the first hearing for Samourai Wallet’s Rodriguez took place in New York last May as well. He will be awaiting the full trial on home arrest in Pennsylvania.",[11,16635,16636],{},"Still, despite these significant setbacks for Bitcoin privacy, the prospects of bitcoin mixing are not altogether dead. Most obviously, all American trials are yet to take place. (And even if Rodriguez, Hill and\u002For Storm are found guilty, they, too, can appeal to higher courts.) Meanwhile, JoinMarket—a tool that lets users create CoinJoin transactions without a central coordinator—continues operations uninterrupted. And while Wasabi Wallet has taken its central coordinator offline, the wallet itself will still be maintained.",[11,16638,16639],{},"What’s more, alternative Wasabi Wallet coordinators have already started offering their services: while not operated by zkSNACKs, this enables users of the wallet to create CoinJoin transactions between them in much the same way. Because such coordinators can even be operated anonymously over Tor, future prosecution of such services may be even harder as well— regardless of the outcome of the upcoming trials.",[11,16641,16642],{},"The fighting stage, indeed, has begun— and the fight is far from over. Whether the adage will ring true, and the winning stage follows next, remains to be seen.",[11,16644,16645],{},[55,16646,16649],{"href":16647,"rel":16648},"https:\u002F\u002Fbitcoinmagazine.com\u002Fprint\u002Fthe-fight-for-bitcoin-privacy-has-truly-begun",[59],[61,16650,63],{},{"title":65,"searchDepth":66,"depth":66,"links":16652},[16653,16654,16655,16656],{"id":16509,"depth":7057,"text":16510},{"id":16549,"depth":7057,"text":16550},{"id":16591,"depth":7057,"text":16592},{"id":16614,"depth":7057,"text":16615},[69],"2024-09-06 17:07:49",{},"\u002Fblog\u002Fthe-fight-for-bitcoin-privacy-has-truly-begun",{"title":16467,"description":65},"blog\u002FThe-Fight-for-Bitcoin-Privacy-has-Truly-Begun","bFQdXBAtaE0OmolGKHDSA6O3xBOpIyH88qUN1wPXtPk",{"id":16665,"title":16666,"body":16667,"categories":16751,"cover":16674,"date":16752,"description":65,"extension":71,"meta":16753,"navigation":73,"path":16754,"seo":16755,"stem":16756,"tags":77,"__hash__":16757},"blog\u002Fblog\u002FNew-Hubble-Telescope-image-captures-peculiar-ring-shaped-galaxy.md","New Hubble Telescope image captures peculiar ring-shaped galaxy",{"type":8,"value":16668,"toc":16749},[16669,16675,16678,16693,16696,16705,16714,16723,16726,16741],[11,16670,16671],{},[14,16672],{"alt":16673,"src":16674},"Hfp3moXkYskgvADuJ2AFFF-1200-80.jpg","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002FHfp3moXkYskgvADuJ2AFFF-1200-80.jpg.webp",[11,16676,16677],{},"A galaxy's outstretched arms form a nearly perfect circle around its central disk in a striking new image from the Hubble Space Telescope.",[11,16679,16680,16681,16686,16687,16692],{},"The barred spiral ",[55,16682,16685],{"href":16683,"rel":16684},"https:\u002F\u002Fwww.space.com\u002F22382-spiral-galaxy.html",[59],"galaxy",", formally known as MCG+07-07-072, is located in the Perseus Cluster about 320 million light-years from Earth. The galaxy has thin, loosely wound arms emerging from the ends of its barred core, creating a rather unusual shape, according to ",[55,16688,16691],{"href":16689,"rel":16690},"https:\u002F\u002Fscience.nasa.gov\u002Fmissions\u002Fhubble\u002Fhubble-rings-in-a-new-galactic-view\u002F",[59],"a statement"," from NASA.",[11,16694,16695],{},"\"Rings in galaxies come in quite a few forms, from merely uncommon, to rare and scientifically important!,\" NASA officials said in the statement.",[11,16697,16698,16699,16704],{},"MCG+07-07-072 is referred to as a ",[55,16700,16703],{"href":16701,"rel":16702},"https:\u002F\u002Fwww.space.com\u002Fstar-motion-large-magellanic-cloud-study",[59],"barred spiral galaxy"," due to its central bar-shaped structure that's composed of stars. However, its official classification is an SBc(r) galaxy, in reference to its spiral arms that stretch from its barred core completing only a half-turn around the galaxy. \"The classification of 'ring galaxy' is reserved for peculiar galaxies with a round ring of gas and star formation, much like spiral arms look, but completely disconnected from the galactic nucleus — or even without any visible nucleus!\" NASA officials said.",[11,16706,16707,16708,16713],{},"Ring galaxies are thought to form when two or more ",[55,16709,16712],{"href":16710,"rel":16711},"https:\u002F\u002Fwww.space.com\u002F35282-beautiful-galaxy-collision-hubble-photo.html",[59],"galaxies collide",". For example, when a smaller galaxy passes through the center of a larger galaxy, the resulting gravitational disruption would cause a wave of star formation to move through the larger galaxy and push its arms outward, much like ripples created when a rock is dropped into water.",[11,16715,16716,16717,16722],{},"It's also possible a galaxy's ring-shaped appearance is the result of a phenomena known as ",[55,16718,16721],{"href":16719,"rel":16720},"https:\u002F\u002Fwww.space.com\u002Fgravitational-lensing-explained",[59],"gravitational lensing",", whereby a massive foreground object warps the space around it, distorting the image of a background object into rings, arcs or multiple points of light.",[11,16724,16725],{},"\"Ring-shaped images, called Einstein rings, only form when the lensing and imaged galaxies are perfectly aligned,\" NASA officials said in the statement.",[11,16727,16728,16729,16734,16735,16740],{},"The new ",[55,16730,16733],{"href":16731,"rel":16732},"https:\u002F\u002Fwww.space.com\u002F15892-hubble-space-telescope.html",[59],"Hubble"," image, which was shared on Aug. 16, also captures a number of ",[55,16736,16739],{"href":16737,"rel":16738},"https:\u002F\u002Fwww.space.com\u002Fwhat-is-a-star-main-sequence",[59],"stars"," with prominent diffraction spikes. These stars appear bigger in the image because they lie in the foreground, much closer to Earth than MCG+07-07-072.",[11,16742,16743],{},[55,16744,16747],{"href":16745,"rel":16746},"https:\u002F\u002Fwww.space.com\u002Fhubble-space-telescope-peculiar-ring-galaxy",[59],[61,16748,63],{},{"title":65,"searchDepth":66,"depth":66,"links":16750},[],[233],"2024-08-28 15:04:14",{},"\u002Fblog\u002Fnew-hubble-telescope-image-captures-peculiar-ring-shaped-galaxy",{"title":16666,"description":65},"blog\u002FNew-Hubble-Telescope-image-captures-peculiar-ring-shaped-galaxy","3xEcIamPoe89EFvUFZ1ypoHlL9TWncdvyFTH93-kCHQ",{"id":16759,"title":16760,"body":16761,"categories":16875,"cover":16768,"date":16876,"description":65,"extension":71,"meta":16877,"navigation":73,"path":16878,"seo":16879,"stem":16880,"tags":77,"__hash__":16881},"blog\u002Fblog\u002FA-Manual-Guide-to-Killing-Bitcoin-The-Eternal-Return.md","A Manual Guide to Killing Bitcoin: The Eternal Return",{"type":8,"value":16762,"toc":16870},[16763,16769,16772,16775,16778,16781,16784,16788,16791,16794,16797,16800,16803,16812,16815,16819,16822,16825,16828,16837,16840,16844,16847,16850,16853,16856,16859,16862],[11,16764,16765],{},[14,16766],{"alt":16767,"src":16768},"MjA4ODY5ODA5NTA3NTQyMzIz","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002FMjA4ODY5ODA5NTA3NTQyMzIz.webp",[11,16770,16771],{},"Every morning at 6am, in Punxsutawney, Pennsylvania, the cynic weatherman Phil Connors wakes up to experience the same day over and over and over again. Stuck in a time loop, Connors tries everything to get his life back to normal – he gets stabbed, shot, burned, frozen and electrocuted, only to wake up again the next day as if nothing had happened. Connors quickly comes to the only plausible conclusion: he must be a god.",[11,16773,16774],{},"Thinking ourselves to be undefeatable has never been a particularly smart strategy, in times of war or otherwise. If we believe in cosmology, from Nietzsche to Hinduism, time is a loop, and there is a finite realm of possibilities which infinitely repeat – the only thing that we can really do is change how we react. Unless we learn from our mistakes, we are doomed to experience the same things over and over again.",[11,16776,16777],{},"Though often priding ourselves in exceptional intellect – I’ve found Bitcoin early, I must be very smart – it seems that learning from mistakes comes hard even for the most seasoned ‘Bitcoin advocates’. Public discourse seems to have shifted from the discussion of technological challenges and limitations to Deutsche Bank afterwork chats – Anything is possible, we’ll just need returns to remain on track.",[11,16779,16780],{},"When Bitcoin was first discussed in German Parliament back in 2014, ‘experts’ highlighted the ease with which bitcoin payments could be deanonymized via network analysis, speaking to the risks of widespread bitcoin adoption to lead towards total financial surveillance. Today, ten years later, as Bitcoin has returned to German parliament, ‘experts’ have been exchanged for influencers proposing Bitcoin as CBDC alternatives. Current ‘Bitcoin political debates’ cannot help but remind us of Bart Simpson running in circles banging a pan on his head.",[11,16782,16783],{},"As we continue to close in on the opportunist’s echo chamber, we have successfully swapped academic debate for cheerleading squads. Things will go great so long as you’re willing to take your tits out. ‘We’re winning!’ has long become the prevalent meme – Between ETF approvals, stablecoin issuances, and possible nation state adoption we are so confident in Bitcoin’s success that we seem incapable of realizing that this is precisely how you lose. Arrogance comes before most declines, and its exploitation has always been by design. By sowing manic delusions of invincibility, even the most trained commander will lead their sheep to slaughter.",[100,16785,16787],{"id":16786},"groundhog-day","Groundhog Day",[11,16789,16790],{},"A long long time ago, in a galaxy far away, we plugged our computers into landlines to access the three great W’s. For anyone who didn’t live alone, this practice was often doomed to reap a fair amount of havoc – Get off the computer, mom is waiting for a phone call.",[11,16792,16793],{},"So we can all agree that that sucked. But, due to a lack of technological advancements and accessibility to communicate wirelessly across distances (think of your favorite mesh network here), it was the most convenient option we had. The only problem: it led to a monopoly on web access points lying with telecommunications providers. Fast forward 20 years, and we now know that telecom providers monitor, analyze, and report anything that we do on the internet to government authorities under the guise of national security. A technology thought invincible for the liberation of the people quickly turned into its biggest enemy.",[11,16795,16796],{},"Now we can’t really talk about the success (and downfall) of peer-to-peer technologies without talking about Linkin Park. Linkin Park’s music, then still Hybrid Theory, circulated widely on the first P2P music file sharing network Napster. Downloaded from other people’s computers, accessing Linkin Park’s music was completely free. Their first studio album, Hybrid Theory, yet remains one of the top five most sold records in the world with 15 Million copies sold in the first three weeks alone.",[11,16798,16799],{},"Napster was a real world internet revolution – And the music industry was furious. As people happily infected their devices with potential computer AIDS, bands, rappers, and singer songwriters like the Arctic Monkeys, Dispatch or EMINEM were building fanbases even before breaking their first big record releases, and the musical establishment wasn’t having it. When Metallica sued the P2P platform for copyright infringement, clearly unhappy that their cult status and its consequential returns felt threatened, peer-to-peer music file sharing did not exactly die, but was quickly incorporated into more corporate friendly formats – from buying music via iTunes to music streaming via Spotify.",[11,16801,16802],{},"While it seemed unimaginable to put a technology like Napster back into the box, convenience, again, became king. Today, the majority of listeners do not own the music that they listen to, but subscribe to corporate databases of which neither artists, labels nor producers profit. Instead, the big winner of the music file sharing industry again turned out to be surveillance. Just last week, when Spotify updated its cookie policy, a push notification let EU users know which 695 data brokers would gain access to their information. Downloading files like ClapYourHandsSayYeah.mp3.exe (RIP) clearly was risky business, but the risks of surveillance capitalism reach much farther than a trashed computer.",[11,16804,16805,16806,16811],{},"In essence, the same thing happened to search engines. Going online in the early days of the world wide web was like getting dropped off in the middle of Yellow Stone national park without a map. There were thousands of places to go, but you needed to know where they were. With comprehensive link collections, platforms like Yahoo, AskJeeves or Google offered tremendous value to those less versed in their way around the ",[55,16807,16810],{"href":16808,"rel":16809},"http:\u002F\u002FWWW",[59],"WWW",". Instead of asking your peers where something cool on the internet was, you simply asked Google. But, with moving away from word-of–mouth formats, we ended up with what has today been termed the great enshittification. The first few links are paid affiliate sites, and the ones after that are those who figured out how to efficiently play Google’s SEO formats, of course all packed and tailored to your supposed needs. Today, Google is one of the most valuable surveillance companies in the world. A software meant to aid in the liberalization of free information essentially became a tool for censorship.",[11,16813,16814],{},"Again and again, thinking that ‘technology has won’ only exacerbated its demise. We choose what is comfortable now only to stab ourselves in the back down the road. And before you know it – BING! It’s the whistling belly button at the high school talent show as the weatherman strikes again. To put it bluntly: we’re fucking up.",[100,16816,16818],{"id":16817},"its-the-filters-stupid","It’s the Filters, Stupid",[11,16820,16821],{},"In today’s pop-culture Bitcoin discourse, ignorance runs rampant. Lightning works until it doesn’t, let’s spend millions to put the Dollar on Bitcoin; It’s called priorities babe, look it up.",[11,16823,16824],{},"When Ordinals hit Bitcoin – think of them what you will – we suddenly realized that we were in trouble. In the global south, people quickly became unable to transact non-custodially. All the people you’ve told to DCA suddenly saw themselves facing exorbitant transaction fees, unable to move their funds. For those valuing their privacy even for smaller spends, participating in coinjoin rounds turned prohibitively expensive. No matter where we look, we still have a scaling problem. This problem does not exist because of Ordinals. It exists because we were so convinced of winning that we lost track of keeping our ignorance in check.",[11,16826,16827],{},"Over the past four years, the majority was more concerned with furthering its own narrative – everything is awesome and Bitcoin is the bestest currency on earth – than facing uncomfortable truths. We then proceeded to respond with an exorbitant amount of shortsightedness: it’s the filters, stupid.",[11,16829,16830,16831,16836],{},"Filtering out Ordinals transactions is a short term solution for a long term problem. Sure, blocking arbitrary data on the ",[55,16832,16835],{"href":16833,"rel":16834},"https:\u002F\u002Fbitcoinmagazine.com\u002Fguides\u002Fwhat-is-blockchain",[59],"blockchain"," will necessarily drive fees down, but if global Bitcoin adoption is what you want, you’re not doing yourself any favors by proposing selective solutions to systemic issues. The thing is that being angry at JPEGs is easy. Taking on problems that challenge the ‘greatness of Bitcoin’, which some appear to have turned into their whole personality, is not. For every tweet that claims for Bitcoin to bring world peace – clearly by pure magic, or what the Wall Street losers turned Bitcoin economists call some backwards form of game theory – a little of the system dies.",[11,16838,16839],{},"We do not need your hopium; We need real world solutions to real world problems. That includes laying down the crack pipe and talking about the uncomfortable stuff: we are not winning – we are doing the opposite, because our ‘long time preference’ reaches about as far as our investment portfolios. You can kill Bitcoin. And it’s easier than you’d think.",[100,16841,16843],{"id":16842},"embrace-extend-extinguish","Embrace, Extend, Extinguish",[11,16845,16846],{},"Over the past few years, debates around Bitcoin ‘winning’ looked pretty much the same. Senators are embracing Bitcoin: see, we are winning. BlackRock is embracing Bitcoin: see, we are winning. First they ignore you, then they laugh at you, then they realize that all you want is a pat on the back before the policeman comes to take your toys away. The laughing hasn’t stopped, it just happens behind your back.",[11,16848,16849],{},"The most plausible death of Bitcoin would happen less in name than in its total incorporation, at a point where the technology is simply not yet ready for ‘mass adoption’ – just like we have killed all peer-to-peer technologies that came before it. The death of Bitcoin is not the death of the tech, but the death of its usability.",[11,16851,16852],{},"At the center of the death of Bitcoin, at least in essence, continues to stand the scaling debate. When Gigablocks were first proposed, it seemed fairly obvious that a blockchain that takes 10 years to sync will lack in decentralization. In came the Lightning Network, which seemed to solve all of our issues: Scaling off-chain, securing on-chain. Smart. Except that we can only fit around 5000 channel opening and closing transactions inside of a block – hardly enough to let 8 Billion people use Bitcoin non-custodially.",[11,16854,16855],{},"Unfortunately, that didn't stop influencers – or really anyone - from proclaiming their Hail Mary of desperation; Scaling Bitcoin obviously is a problem for future me. Too high was the thrill of finally being able to sit at the corporate dinner table and smug the obligatory 'I told you so'. Putting non-believers into their place simply had to come first; if Bitcoin doesn't exist to feed our fragile egos and pump up our sad little bank accounts, what really was the point? Freedom, Carajo! Welcome to your involuntary conversion at the church of satoshi's witnesses, where we drop speeches on saving the world from tyranny more often than Biden changes his diapers.",[11,16857,16858],{},"So here we are. Six years after we bought our first stickers at the Blockstream store – the only thing you were able to buy when the first Lightning implementations launched, besides beer – and we're still scrambling. Instead of fostering broad discussions around covenant proposals, which do come with real trade-offs and risks, we are busy labeling anyone not willing to ossify a spook, while ossification at this point in Bitcoin will certainly be the surest way to kill it.",[11,16860,16861],{},"Sometime in the near future, we'll wish ourselves back to a time of a few hundred vBytes in fees. By then, we will have no choice but to use Bitcoin custodially. Say goodbye to freedom money: Bitcoin as we know it will be dead, unless we stop making the same mistakes.",[11,16863,16864],{},[55,16865,16868],{"href":16866,"rel":16867},"https:\u002F\u002Fbitcoinmagazine.com\u002Fprint\u002Fa-manual-guide-to-killing-bitcoin-the-eternal-return",[59],[61,16869,63],{},{"title":65,"searchDepth":66,"depth":66,"links":16871},[16872,16873,16874],{"id":16786,"depth":66,"text":16787},{"id":16817,"depth":66,"text":16818},{"id":16842,"depth":66,"text":16843},[69],"2024-08-28 14:53:02",{},"\u002Fblog\u002Fa-manual-guide-to-killing-bitcoin-the-eternal-return",{"title":16760,"description":65},"blog\u002FA-Manual-Guide-to-Killing-Bitcoin-The-Eternal-Return","7rkp_gP-sMB-iVIsAP8EqsG3wYlIdHO8higlpGAAq-M",{"id":16883,"title":16884,"body":16885,"categories":16947,"cover":16892,"date":16948,"description":65,"extension":71,"meta":16949,"navigation":73,"path":16950,"seo":16951,"stem":16952,"tags":77,"__hash__":16953},"blog\u002Fblog\u002FPeeking-into-Perseus.md","Peeking into Perseus",{"type":8,"value":16886,"toc":16945},[16887,16893,16896,16899,16908,16911,16914,16917,16929,16937],[11,16888,16889],{},[14,16890],{"alt":16891,"src":16892},"potm2408a","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Fpotm2408a.jpg",[11,16894,16895],{},"This stunning new mosaic of images from the NASA\u002FESA\u002FCSA James Webb Space Telescope showcases the nearby star-forming cluster, NGC 1333. The nebula is in the Perseus molecular cloud, and located approximately 960 light-years away.",[11,16897,16898],{},"Webb’s superb sensitivity allows astronomers to investigate young objects with extremely low masses. Some of the faintest ‘stars’ in the picture are in fact newly born free-floating brown dwarfs with masses comparable to those of giant planets.",[11,16900,16901,16902,16907],{},"The same cluster was featured as the ",[55,16903,16906],{"href":16904,"rel":16905},"https:\u002F\u002Fesahubble.org\u002Fnews\u002Fheic2304\u002F",[59],"33rd anniversary image"," of the NASA\u002FESA Hubble Space Telescope in April of 2023. Hubble’s image just scratched the surface of this region, because clouds of dust obscure much of the star formation process. Observing with a larger aperture and in the infrared part of the spectrum, Webb is capable of peering through the dusty veil to reveal newborn stars, brown dwarfs and planetary mass objects.",[11,16909,16910],{},"The centre of the image presents a deep peek into the heart of the NGC 1333 cloud. Across the image we see large patches of orange, which represent gas glowing in the infrared. These so-called Herbig-Haro objects form when ionised material ejected from young stars collides with the surrounding cloud. They are hallmarks of a very active site of star formation.",[11,16912,16913],{},"Many of the young stars in this image are surrounded by discs of gas and dust, which may eventually produce planetary systems. On the right hand side of the image, we can glimpse the shadow of one of these discs oriented edge-on — two dark cones emanating from opposite sides, seen against a bright background.",[11,16915,16916],{},"Similarly to the young stars in this mosaic, our own Sun and planets formed inside a dusty molecular cloud, 4.6 billion years ago. Our Sun didn’t form in isolation but as part of a cluster, which was perhaps even more massive than NGC 1333. The cluster in the mosaic, only 1–3 million years old, presents us with an opportunity to study stars like our Sun, as well as brown dwarfs and free-floating planets, in their nascent stages.",[11,16918,16919,16920,16925,16926],{},"The images were captured as part of the Webb observation programme ",[55,16921,16924],{"href":16922,"rel":16923},"https:\u002F\u002Fwww.stsci.edu\u002Fjwst\u002Fscience-execution\u002Fprogram-information?id=1202",[59],"1202"," (PI: A. Scholz) to survey a large portion of NGC 1333. These data constitute the first deep spectroscopic survey of the young cluster, and have identified brown dwarfs down to planetary masses using the observatory’s Near-InfraRed Imager and Slitless Spectrograph (NIRISS). The first results from this survey have been accepted for publication in the ",[61,16927,16928],{},"Astronomical Journal.",[11,16930,16931],{},[1731,16932,16933,16936],{},[61,16934,16935],{},"Image Description:"," A nebula made up of cloudy gas and dust in the form of soft and wispy clouds and, in the centre, thin and highly detailed layers pressed close together. Large, bright stars surrounded by six long points of light are dotted over the image, as well as some small, point-like stars embedded in the clouds. The clouds are lit up in blue close to the stars; orange colours show clouds that glow in infrared light.",[11,16938,16939],{},[55,16940,16943],{"href":16941,"rel":16942},"https:\u002F\u002Fesawebb.org\u002Fimages\u002Fpotm2408a\u002F",[59],[61,16944,63],{},{"title":65,"searchDepth":66,"depth":66,"links":16946},[],[233],"2024-08-27 15:05:34",{},"\u002Fblog\u002Fpeeking-into-perseus",{"title":16884,"description":65},"blog\u002FPeeking-into-Perseus","fJzQ8dMIyaypAzIAtcmNy3X7EPUVcTTeB_6lxLeX3L0",{"id":16955,"title":16956,"body":16957,"categories":17062,"cover":16964,"date":17063,"description":65,"extension":71,"meta":17064,"navigation":73,"path":17065,"seo":17066,"stem":17067,"tags":77,"__hash__":17068},"blog\u002Fblog\u002FNASA-Decides-to-Bring-Starliner-Spacecraft-Back-to-Earth-Without-Crew.md","NASA Decides to Bring Starliner Spacecraft Back to Earth Without Crew",{"type":8,"value":16958,"toc":17060},[16959,16965,16980,16983,16986,16989,17004,17007,17013,17016,17019,17022,17031,17040,17043,17052],[11,16960,16961],{},[14,16962],{"alt":16963,"src":16964},"jsc2024e056184","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Fjsc2024e056184.webp",[11,16966,16967,16968,16973,16974,16979],{},"NASA will return Boeing’s Starliner to Earth without astronauts ",[55,16969,16972],{"href":16970,"rel":16971},"https:\u002F\u002Fwww.nasa.gov\u002Fpeople\u002Fbarry-butch-e-wilmore\u002F",[59],"Butch Wilmore"," and ",[55,16975,16978],{"href":16976,"rel":16977},"https:\u002F\u002Fwww.nasa.gov\u002Fpeople\u002Fsunita-l-williams\u002F",[59],"Suni Williams"," aboard the spacecraft, the agency announced Saturday. The uncrewed return allows NASA and Boeing to continue gathering testing data on Starliner during its upcoming flight home, while also not accepting more risk than necessary for its crew.",[11,16981,16982],{},"Wilmore and Williams, who flew to the International Space Station in June aboard NASA’s Boeing Crew Flight Test, have been busy supporting station research, maintenance, and Starliner system testing and data analysis, among other activities.",[11,16984,16985],{},"“Spaceflight is risky, even at its safest and most routine. A test flight, by nature, is neither safe, nor routine. The decision to keep Butch and Suni aboard the International Space Station and bring Boeing’s Starliner home uncrewed is the result of our commitment to safety: our core value and our North Star,” said NASA Administrator Bill Nelson. “I’m grateful to both the NASA and Boeing teams for all their incredible and detailed work.”",[11,16987,16988],{},"Wilmore and Williams will continue their work formally as part of the Expedition 71\u002F72 crew through February 2025. They will fly home aboard a Dragon spacecraft with two other crew members assigned to the agency’s SpaceX Crew-9 mission. Starliner is expected to depart from the space station and make a safe, controlled autonomous re-entry and landing in early September.",[11,16990,16991,16992,16997,16998,17003],{},"NASA and Boeing identified helium leaks and experienced issues with the spacecraft reaction control thrusters on ",[55,16993,16996],{"href":16994,"rel":16995},"https:\u002F\u002Fblogs.nasa.gov\u002Fcommercialcrew\u002F2024\u002F06\u002F06\u002Fboeings-crew-flight-test-on-starliner-docks-to-station\u002F",[59],"June 6"," as Starliner approached the space station. Since then, engineering teams have completed a ",[55,16999,17002],{"href":17000,"rel":17001},"https:\u002F\u002Fblogs.nasa.gov\u002Fcommercialcrew\u002F2024\u002F07\u002F30\u002Fnasa-boeing-complete-second-docked-starliner-hot-fire-test\u002F",[59],"significant amount of work",", including reviewing a collection of data, conducting flight and ground testing, hosting independent reviews with agency propulsion experts, and developing various return contingency plans. The uncertainty and lack of expert concurrence does not meet the agency’s safety and performance requirements for human spaceflight, thus prompting NASA leadership to move the astronauts to the Crew-9 mission.",[11,17005,17006],{},"“Decisions like this are never easy, but I want to commend our NASA and Boeing teams for their thorough analysis, transparent discussions, and focus on safety during the Crew Flight Test,” said Ken Bowersox, associate administrator for NASA’s Space Operations Mission Directorate. “We’ve learned a lot about the spacecraft during its journey to the station and its docked operations. We also will continue to gather more data about Starliner during the uncrewed return and improve the system for future flights to the space station.”",[11,17008,17009],{},[14,17010],{"alt":17011,"src":17012},"iss071e183650medium","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Fiss071e183650medium.webp",[11,17014,17015],{},"Starliner is designed to operate autonomously and previously completed two uncrewed flights. NASA and Boeing will work together to adjust end-of-mission planning and Starliner’s systems to set up for the uncrewed return in the coming weeks. Starliner must return to Earth before the Crew-9 mission launches to ensure a docking port is available on station.",[11,17017,17018],{},"“Starliner is a very capable spacecraft and, ultimately, this comes down to needing a higher level of certainty to perform a crewed return,” said Steve Stich, manager of NASA’s Commercial Crew Program. “The NASA and Boeing teams have completed a tremendous amount of testing and analysis, and this flight test is providing critical information on Starliner’s performance in space. Our efforts will help prepare for the uncrewed return and will greatly benefit future corrective actions for the spacecraft.”",[11,17020,17021],{},"NASA’s Commercial Crew Program requires spacecraft fly a crewed test flight to prove the system is ready for regular flights to and from the space station. Following Starliner’s return, the agency will review all mission-related data to inform what additional actions are required to meet NASA’s certification requirements.",[11,17023,17024,17025,17030],{},"The agency’s SpaceX Crew-9 mission, ",[55,17026,17029],{"href":17027,"rel":17028},"https:\u002F\u002Fwww.nasa.gov\u002Fnews-release\u002Fnasa-shares-assignments-for-its-spacex-crew-9-space-station-mission\u002F",[59],"originally slated with four crew members",", will launch no earlier than Tuesday, Sept. 24. The agency will share more information about the Crew-9 complement when details are finalized.",[11,17032,17033,17034,17039],{},"NASA and SpaceX currently are working several items before launch, including reconfiguring seats on the Crew-9 Dragon, and adjusting the manifest to carry additional cargo, personal effects, and Dragon-specific spacesuits for Wilmore and Williams. In addition, NASA and SpaceX now will use new facilities at Space Launch Complex-40 at Cape Canaveral Space Force Station in Florida to launch Crew-9, which provides increased operational flexibility around NASA’s planned ",[55,17035,17038],{"href":17036,"rel":17037},"https:\u002F\u002Feuropa.nasa.gov\u002F",[59],"Europa Clipper"," launch.",[11,17041,17042],{},"The Crew-9 mission will be the ninth rotational mission to the space station under NASA’s Commercial Crew Program, which works with the American aerospace industry to meet the goal of safe, reliable, and cost-effective transportation to and from the orbital outpost on American-made rockets and spacecraft launching from American soil.",[11,17044,17045,17046,17051],{},"For more than two decades, people have lived and worked continuously aboard the International Space Station, advancing scientific knowledge and demonstrating new technologies, making research breakthroughs not possible on Earth. The station is a critical testbed for NASA to understand and overcome the challenges of long-duration spaceflight and to expand commercial opportunities in low Earth orbit. As commercial companies focus on providing human space transportation services and destinations as part of a robust ",[55,17047,17050],{"href":17048,"rel":17049},"https:\u002F\u002Fwww.nasa.gov\u002Fleo-economy\u002Flow-earth-orbit-economy",[59],"low Earth orbit economy",", NASA’s Artemis campaign is underway at the Moon where the agency is preparing for future human exploration of Mars.",[11,17053,17054],{},[55,17055,17058],{"href":17056,"rel":17057},"https:\u002F\u002Fwww.nasa.gov\u002Fnews-release\u002Fnasa-decides-to-bring-starliner-spacecraft-back-to-earth-without-crew\u002F",[59],[61,17059,63],{},{"title":65,"searchDepth":66,"depth":66,"links":17061},[],[233],"2024-08-24 15:02:47",{},"\u002Fblog\u002Fnasa-decides-to-bring-starliner-spacecraft-back-to-earth-without-crew",{"title":16956,"description":65},"blog\u002FNASA-Decides-to-Bring-Starliner-Spacecraft-Back-to-Earth-Without-Crew","cYp8Gl42URzZTD7Cz6IqvSUevA1ks41ikaMtVkpJAi4",{"id":17070,"title":17071,"body":17072,"categories":17171,"cover":17088,"date":17172,"description":17076,"extension":71,"meta":17173,"navigation":73,"path":17174,"seo":17175,"stem":17176,"tags":77,"__hash__":17177},"blog\u002Fblog\u002FThe-discovery-of-a-new-Earth-like-planet-could-shed-further-light-on-what-makes-a-planet-habitable.md","The discovery of a new Earth-like planet could shed further light on what   makes a planet habitable",{"type":8,"value":17073,"toc":17169},[17074,17077,17080,17083,17089,17092,17095,17098,17101,17104,17107,17110,17113,17116,17119,17122,17125,17128,17131,17134,17137,17140,17143,17146,17149,17152,17155,17158,17161],[11,17075,17076],{},"By Vigneshwaran Krishnamurthy, Hiroyuki Tako Ishikawa",[11,17078,17079],{},"When you purchase through links on our site, we may earn an affiliate commission. Here’s how it works.",[11,17081,17082],{},"Artist's illustration of the surface of a planet in the TRAPPIST-1 system, which hosts seven roughly Earth-size worlds. According to one new study, NASA's James Webb Space Telescope could help scientists to detect and study atmospheres in the TRAPPIST-1 planetary system.",[11,17084,17085],{},[14,17086],{"alt":17087,"src":17088},"bmxSPa8GgPZh6BExKozJBk-1200-80.jpg","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002FbmxSPa8GgPZh6BExKozJBk-1200-80.jpg.webp",[11,17090,17091],{},"(Image credit: NASA\u002FJPL-Caltech)",[11,17093,17094],{},"In an exciting breakthrough for astronomy and the search for extraterrestrial life, a team of international scientists has announced the discovery of Gliese 12 b, a temperate, Earth-sized exoplanet just 40 light-years away — a relatively neighbourly 378 trillion kilometres from Earth.",[11,17096,17097],{},"Researchers from across the world, including key support from researchers at McGill University and Western University worked collaboratively on the hunt for Gliese 12 b within InfraRed Doppler Subaru Strategic Program (IRD-SSP) which searches for habitable zone planets around red dwarfs.",[11,17099,17100],{},"The international team detected the planet’s presence using a combination of advanced telescopes and observational techniques and its discovery presents exciting opportunities to gain a deeper understanding of the worlds beyond our own solar system.",[11,17102,17103],{},"Planet around a red dwarf",[11,17105,17106],{},"Gliese 12 b orbits around a central star named Gliese 12, which is a type of star known as a red dwarf. Red dwarfs are smaller, cooler and more abundant than the G-Type stars like our Sun.",[11,17108,17109],{},"The planets orbiting red dwarf stars are prime candidates in the search for life beyond Earth. Considerable effort has been made to find planets orbiting red dwarfs, as terrestrial worlds are easier to detect around these stars, compared to more massive stars like our Sun.",[11,17111,17112],{},"Related: Webb meets the 7 intriguing exoplanets of TRAPPIST-1",[11,17114,17115],{},"Gliese 12 is one of two red dwarf stars — the other being TRAPPIST-1 — within 100 light-years of Earth that play host to Earth-sized planets with relatively minimal stellar radiation. TRAPPIST-1’s strong activity — such as high energy stellar flares — likely disrupts the habitability of its planets, as recent observations suggest TRAPPIST-1 b and c have almost no atmosphere.",[11,17117,17118],{},"Highly active stars exhibit more frequent and intense flares and emit life-threatening high-energy radiation than inactive stars. In contrast, Gliese 12 is an unusually inactive red dwarf, meaning its planets face much less harmful conditions.",[11,17120,17121],{},"Barely balmy starlight",[11,17123,17124],{},"What makes Gliese 12 b particularly intriguing is its size and location. It is roughly the same size as Earth, suggesting it may have similar makeup and surface environment. However, more observations and modelling are needed to confirm this.",[11,17126,17127],{},"Gliese 12 b’s location near the inner edge of its star’s habitable zone makes it especially interesting. The habitable zone, often referred to as the “Goldilocks zone,” is the region around a star where conditions are just right for liquid water to exist on a planet’s surface. Since water is essential for life as we know it, finding a planet around this zone is a big step in the search for life.",[11,17129,17130],{},"Gliese 12 b receives just enough starlight to be slightly closer than the inner edge of the habitable zone for red dwarfs. However, the actual presence of liquid water depends on its atmosphere and surface conditions. From another perspective, the amount of starlight it receives is between what Earth and Venus get from the Sun. Further study of Gliese 12 b could shed light on the key differences between a habitable Earth and an inhospitable Venus.",[11,17132,17133],{},"A closer look",[11,17135,17136],{},"Another exciting aspect of Gliese 12 b is that its relatively close proximity to Earth allows for more detailed study of its surface environment.",[11,17138,17139],{},"One particularly useful method for studying Gliese 12 b, which isn’t possible for non-transiting planets, is atmospheric transmission spectroscopy. This technique involves analyzing the starlight that passes through a planet’s atmosphere during transit. By studying the changes in the light’s spectra, scientists can infer the composition of the planet’s atmosphere, identifying gases like oxygen, water, methane and carbon dioxide, which could indicate biological processes.",[11,17141,17142],{},"The discovery of Gliese 12 b is a stepping stone towards finding potentially habitable planets and understanding the conditions that make life possible. Current and future telescopes, such as the James Webb Space Telescope and ground-based extremely large telescopes, will play crucial roles in further investigations. These instruments will allow scientists to conduct more detailed studies of Gliese 12 b’s atmosphere and surface conditions.",[11,17144,17145],{},"Related Stories:",[11,17147,17148],{},"— Exoplanets, dark matter and more: Big discoveries coming from James Webb Space Telescope, astronomers say",[11,17150,17151],{},"— James Webb Space Telescope notches 1st rocky planet confirmation",[11,17153,17154],{},"— 12 amazing James Webb Space Telescope discoveries across the universe",[11,17156,17157],{},"The discovery of Gliese 12 b, a nearby possibly habitable exoplanet, is a thrilling development in the quest to find Earth-like planets and, potentially, extraterrestrial life. As we continue to explore the cosmos, each new discovery brings us closer to answering the age-old question: Are we alone in the universe?",[11,17159,17160],{},"For now, Gliese 12 b stands as a beacon of hope and curiosity, inviting us to learn more about the possibilities that lie beyond our own solar system.",[11,17162,17163],{},[55,17164,17167],{"href":17165,"rel":17166},"https:\u002F\u002Fwww.space.com\u002Fnew-earth-like-planet-could-shed-light-on-habitability",[59],[61,17168,63],{},{"title":65,"searchDepth":66,"depth":66,"links":17170},[],[233],"2024-08-19 10:07:29",{},"\u002Fblog\u002Fthe-discovery-of-a-new-earth-like-planet-could-shed-further-light-on-what-makes-a-planet-habitable",{"title":17071,"description":17076},"blog\u002FThe-discovery-of-a-new-Earth-like-planet-could-shed-further-light-on-what-makes-a-planet-habitable","ugGuxQumNruEWfcYYoIv6wHaO33oUdGlgyqf_cxpWpE",{"id":17179,"title":17180,"body":17181,"categories":17348,"cover":17188,"date":17349,"description":65,"extension":71,"meta":17350,"navigation":73,"path":17351,"seo":17352,"stem":17353,"tags":77,"__hash__":17354},"blog\u002Fblog\u002FNASA-s-Perseverance-Rover-TO-Begin-Long-Climb-Up-Martian-Crater-Rim.md","NASA's Perseverance Rover TO Begin Long Climb Up Martian Crater Rim",{"type":8,"value":17182,"toc":17343},[17183,17189,17192,17195,17200,17203,17212,17215,17221,17224,17227,17242,17246,17249,17258,17261,17264,17270,17273,17276,17280,17283,17292,17307,17310,17314,17323,17326,17335],[11,17184,17185],{},[14,17186],{"alt":17187,"src":17188},"1-pia-26373-5000px","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002F1-pia-26373-5000px.webp",[11,17190,17191],{},"This panorama shows the area NASA’s Perseverance Mars rover will climb in coming months to crest Jezero Crater’s rim. It is made up of 59 images taken by the rover’s Mastcam-Z on Aug. 4.",[11,17193,17194],{},"NASA\u002FJPL-Caltech\u002FASU\u002FMSSS",[11,17196,17197],{},[61,17198,17199],{},"After 2½ years exploring Jezero Crater’s floor and river delta, the rover will ascend to an area where it will search for more discoveries that could rewrite Mars’ history.",[11,17201,17202],{},"NASA’s Perseverance Mars rover will soon begin a monthslong ascent up the western rim of Jezero Crater that is likely to include some of the steepest and most challenging terrain the rover has encountered to date. Scheduled to start the week of Aug. 19, the climb will mark the kickoff of the mission’s new science campaign — its fifth since the rover landed in the crater on Feb. 18, 2021.",[11,17204,17205,17206,17211],{},"“Perseverance has completed four science campaigns, ",[55,17207,17210],{"href":17208,"rel":17209},"https:\u002F\u002Fscience.nasa.gov\u002Fmission\u002Fmars-2020-perseverance\u002Fmars-rock-samples\u002F",[59],"collected 22 rock cores",", and traveled over 18 unpaved miles,” said Perseverance project manager Art Thompson of NASA’s Jet Propulsion Laboratory in Southern California. “As we start the Crater Rim Campaign, our rover is in excellent condition, and the team is raring to see what’s on the roof of this place.”",[11,17213,17214],{},"Two of the priority regions the science team wants to study at the top of the crater are nicknamed “Pico Turquino” and “Witch Hazel Hill.” Imagery from NASA’s Mars orbiters indicates that Pico Turquino contains ancient fractures that may have been caused by hydrothermal activity in the distant past.",[11,17216,17217],{},[14,17218],{"alt":17219,"src":17220},"e1-pia26372-sol-1224-looking-back-at-bright-angel-navcam","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Fe1-pia26372-sol-1224-looking-back-at-bright-angel-navcam.png",[11,17222,17223],{},"One of the navigation cameras aboard NASA’s Perseverance Mars rover captured this view looking back at the “Bright Angel” area on July 30, the 1,224th Martian day, or sol, of the mission.",[11,17225,17226],{},"NASA\u002FJPL-Caltech",[11,17228,17229,17230,17235,17236,17241],{},"Orbital views of Witch Hazel show layered materials that likely date from a time when Mars had a very different climate than today. Those views have revealed light-toned bedrock similar to what was found at “",[55,17231,17234],{"href":17232,"rel":17233},"https:\u002F\u002Fwww.jpl.nasa.gov\u002Fimages\u002Fpia26336-perseverance-views-bright-angel",[59],"Bright Angel",",” the area where Perseverance recently discovered and sampled the “",[55,17237,17240],{"href":17238,"rel":17239},"https:\u002F\u002Fwww.jpl.nasa.gov\u002Fnews\u002Fnasas-perseverance-rover-scientists-find-intriguing-mars-rock",[59],"Cheyava Falls","” rock, which exhibits chemical signatures and structures that could possibly have been formed by life billions of years ago when the area contained running water.",[7002,17243,17245],{"id":17244},"its-sedimentary","It's Sedimentary",[11,17247,17248],{},"During the river delta exploration phase of the mission, the rover collected the only sedimentary rock ever sampled from a planet other than Earth. Sedimentary rocks are important because they form when particles of various sizes are transported by water and deposited into a standing body of water; on Earth, liquid water is one of the most important requirements for life as we know it.",[11,17250,17251,17252,17257],{},"A study published Wednesday, Aug. 14, in AGU Advances chronicles the 10 rock cores gathered from sedimentary rocks in an ",[55,17253,17256],{"href":17254,"rel":17255},"https:\u002F\u002Fwww.jpl.nasa.gov\u002Fnews\u002Fnasas-perseverance-rover-arrives-at-delta-for-new-science-campaign",[59],"ancient Martian delta",", a fan-shaped collection of rocks and sediment that formed billions of years ago at the convergence of a river and a crater lake.",[11,17259,17260],{},"The core samples collected at the fan front are the oldest, whereas the rocks cored at the fan top are likely the youngest, produced when flowing water deposited sediment in the western fan.",[11,17262,17263],{},"“Among these rock cores are likely the oldest materials sampled from any known environment that was potentially habitable,” said Tanja Bosak, a geobiologist at the Massachusetts Institute of Technology in Cambridge and member of Perseverance’s science team. “When we bring them back to Earth, they can tell us so much about when, why, and for how long Mars contained liquid water and whether some organic, prebiotic, and potentially even biological evolution may have taken place on that planet.”",[11,17265,17266],{},[14,17267],{"alt":17268,"src":17269},"e2-pia26374-rim-drive-map-final","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Fe2-pia26374-rim-drive-map-final.webp",[11,17271,17272],{},"This map shows the route NASA’s Perseverance Mars rover will take (in blue) as it climbs the western rim of Jezero Crater, first reaching “Dox Castle,” then investigating the “Pico Turquino” area before approaching “Witch Hazel Hill.”",[11,17274,17275],{},"NASA\u002FJPL-Caltech\u002FUniversity of Arizona",[7002,17277,17279],{"id":17278},"onward-to-the-crater-rim","Onward to the Crater Rim",[11,17281,17282],{},"As scientifically intriguing as the samples have been so far, the mission expects many more discoveries to come.",[11,17284,17285,17286,17291],{},"“Our samples are already an incredibly scientifically compelling collection, but the crater rim promises to provide even more samples that will have significant implications for our understanding of Martian geologic history,” said Eleni Ravanis, a University of Hawaiì at Mānoa scientist on Perseverance’s ",[55,17287,17290],{"href":17288,"rel":17289},"https:\u002F\u002Fscience.nasa.gov\u002Fmission\u002Fmars-2020-perseverance\u002Fscience-instruments\u002F",[59],"Mastcam-Z instrument"," team and one of the Crater Rim Campaign science leads. “This is because we expect to investigate rocks from the most ancient crust of Mars. These rocks formed from a wealth of different processes, and some represent potentially habitable ancient environments that have never been examined up close before.”",[11,17293,17294,17295,17300,17301,17306],{},"Reaching the top of the crater won’t be easy. To get there, Perseverance will rely on its ",[55,17296,17299],{"href":17297,"rel":17298},"https:\u002F\u002Fwww.jpl.nasa.gov\u002Fnews\u002Fautonomous-systems-help-nasas-perseverance-do-more-science-on-mars",[59],"auto-navigation capabilities"," as it follows a route that rover planners designed to minimize hazards while still giving the science team plenty to investigate. Encountering slopes of up to 23 degrees on the journey (rover drivers avoid terrain that would tilt Perseverance ",[55,17302,17305],{"href":17303,"rel":17304},"https:\u002F\u002Fscience.nasa.gov\u002Fmission\u002Fmars-2020-perseverance\u002Frover-components\u002F",[59],"more than 30 degrees","), the rover will have gained about 1,000 feet (300 meters) in elevation by the time it summits the crater’s rim at a location the science team has dubbed “Aurora Park.”",[11,17308,17309],{},"Then, perched hundreds of meters above a crater floor stretching 28 miles (45 kilometers) across, Perseverance can begin the next leg of its adventure.",[7002,17311,17313],{"id":17312},"more-mission-information","More Mission Information",[11,17315,17316,17317,17322],{},"A key objective of Perseverance’s mission on Mars is ",[55,17318,17321],{"href":17319,"rel":17320},"https:\u002F\u002Fastrobiology.nasa.gov\u002F",[59],"astrobiology",", including caching samples that may contain signs of ancient microbial life. The rover will characterize the planet’s geology and past climate, to help pave the way for human exploration of the Red Planet and as the first mission to collect and cache Martian rock and regolith.",[11,17324,17325],{},"NASA’s Mars Sample Return Program, in cooperation with ESA (European Space Agency), is designed to send spacecraft to Mars to collect these sealed samples from the surface and return them to Earth for in-depth analysis.",[11,17327,17328,17329,17334],{},"The Mars 2020 Perseverance mission is part of NASA’s Moon to Mars exploration approach, which includes ",[55,17330,17333],{"href":17331,"rel":17332},"https:\u002F\u002Fwww.nasa.gov\u002Fspecials\u002Fartemis\u002F",[59],"Artemis"," missions to the Moon that will help prepare for human exploration of the Red Planet.",[11,17336,17337],{},[55,17338,17341],{"href":17339,"rel":17340},"https:\u002F\u002Fwww.nasa.gov\u002Fmissions\u002Fmars-2020-perseverance\u002Fperseverance-rover\u002Fnasas-perseverance-rover-to-begin-long-climb-up-martian-crater-rim\u002F",[59],[61,17342,63],{},{"title":65,"searchDepth":66,"depth":66,"links":17344},[17345,17346,17347],{"id":17244,"depth":7057,"text":17245},{"id":17278,"depth":7057,"text":17279},{"id":17312,"depth":7057,"text":17313},[233],"2024-08-19 10:06:20",{},"\u002Fblog\u002Fnasa-s-perseverance-rover-to-begin-long-climb-up-martian-crater-rim",{"title":17180,"description":65},"blog\u002FNASA-s-Perseverance-Rover-TO-Begin-Long-Climb-Up-Martian-Crater-Rim","LGtW4gyoJ0yUAFqmuUNlVJV18DXsPOYAixD_LzZ_pTo",{"id":17356,"title":17357,"body":17358,"categories":17536,"cover":17373,"date":17537,"description":17538,"extension":71,"meta":17539,"navigation":73,"path":17540,"seo":17541,"stem":17542,"tags":77,"__hash__":17543},"blog\u002Fblog\u002FIntense-Solar-Storm-opens-2-way-highway-for-charged-particles-sparking-rare-auroras-on-the-sun.md","Intense Solar Storm opens'2-way highway for charged particles sparking rare auroras on the sun",{"type":8,"value":17359,"toc":17534},[17360,17368,17374,17377,17380,17383,17414,17423,17450,17465,17480,17483,17526],[11,17361,17362,17363],{},"By ",[55,17364,17367],{"href":17365,"rel":17366},"https:\u002F\u002Fwww.space.com\u002Fauthor\u002Fsharmila-kuthunur",[59],"Sharmila Kuthunur",[11,17369,17370],{},[14,17371],{"alt":17372,"src":17373},"ABeLFsqsFKwxQBzsML8siM-1200-80.jpg","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002FABeLFsqsFKwxQBzsML8siM-1200-80.jpg.webp",[11,17375,17376],{},"An artist's illustration of the aurora-like display on the sun. (Image credit: Sijie Yu)",[11,17378,17379],{},"Auroras on Earth occur when storms from our sun engulf our planet — and in a rare cosmic feat last April, our planet returned the favor.",[11,17381,17382],{},"The sun's wind often punches into Earth's protective magnetic field, or magnetosphere, and forms a bow shock on the sunward wide of the field while detouring around our world — not unlike the way waves move when a ship is cutting through water. This is classic solar behavior.",[11,17384,17385,17386,17391,17392,17397,17398,17403,17404,17407,17408,17413],{},"On April 24, 2023, however, something peculiar happened. This is when a surge of charged particles blasted from the sun and ",[55,17387,17390],{"href":17388,"rel":17389},"https:\u002F\u002Fwww.space.com\u002Fauroras-triggered-by-severe-solar-storm-april-2023-photos",[59],"lit up skies"," as far south as Arizona and Arkansas as well as parts of Australia and New Zealand. Unconventionally, these particles momentarily switched off our planet's bow shock, an anomaly that opened up a \"two-way highway\" through which charged particles also flew from ",[55,17393,17396],{"href":17394,"rel":17395},"https:\u002F\u002Fwww.space.com\u002F54-earth-history-composition-and-atmosphere.html",[59],"Earth"," to ",[55,17399,17402],{"href":17400,"rel":17401},"https:\u002F\u002Fwww.space.com\u002F58-the-sun-formation-facts-and-characteristics.html",[59],"the sun",", where they sparked a ",[61,17405,17406],{},"solar"," light show. Compared to the sun's brightness, however, those ",[55,17409,17412],{"href":17410,"rel":17411},"https:\u002F\u002Fwww.space.com\u002F15139-northern-lights-auroras-earth-facts-sdcmp.html",[59],"auroras"," were likely far too dim to see.",[11,17415,17416,17417,17422],{},"\"Particles trapped by Earth's magnetism suddenly had an escape — a direct path to the sun!\" NASA ",[55,17418,17421],{"href":17419,"rel":17420},"https:\u002F\u002Fx.com\u002FNASASun\u002Fstatus\u002F1820833866749214740",[59],"posted"," last week on social media.",[11,17424,17425,17426,17431,17432,17437,17438,17443,17444,17449],{},"The \"highway\" was created largely due to a plasma-rich component of the ",[55,17427,17430],{"href":17428,"rel":17429},"https:\u002F\u002Fwww.space.com\u002F22215-solar-wind.html",[59],"solar wind"," called a coronal mass ejection (",[55,17433,17436],{"href":17434,"rel":17435},"https:\u002F\u002Fwww.space.com\u002Fcoronal-mass-ejections-cme",[59],"CME","), which typically travels ",[55,17439,17442],{"href":17440,"rel":17441},"https:\u002F\u002Feos.org\u002Fresearch-spotlights\u002Fcoronal-mass-ejection-gives-earths-magnetosphere-rare-wings",[59],"faster than the speed"," at which magnetic waves known as Alfvén waves move through plasma. That speed is known as the ",[55,17445,17448],{"href":17446,"rel":17447},"https:\u002F\u002Flink.springer.com\u002Freferenceworkentry\u002F10.1007\u002F978-1-4020-4423-6_3",[59],"Alfvén speed",".",[11,17451,17452,17453,17458,17459,17464],{},"But during the April solar eruption, NASA's Magnetospheric Multiscale spacecraft recorded the latter to be faster, which caused the bow shock to temporarily disappear. It was by Alfvén \"",[55,17454,17457],{"href":17455,"rel":17456},"https:\u002F\u002Fwww.researchgate.net\u002Ffigure\u002FA-schematic-illustration-of-the-Alfven-wing-structure-arising-from-the-interaction_fig1_225808194",[59],"wings","\" that magnetically connected our planet to the portion of the sun that had recently erupted, ",[55,17460,17463],{"href":17461,"rel":17462},"https:\u002F\u002Fwww.space.com\u002F38700-nasa-history.html",[59],"NASA"," said.",[11,17466,17467,17468,17473,17474,17479],{},"The wings are named after Swedish physicist and Nobel laureate Hannes Alfven, who theorized the behavior of auroras and described them to occur due to charged particles from the sun falling into ",[55,17469,17472],{"href":17470,"rel":17471},"https:\u002F\u002Fwww.space.com\u002F17683-earth-atmosphere.html",[59],"Earth's atmosphere"," via its ",[55,17475,17478],{"href":17476,"rel":17477},"https:\u002F\u002Fwww.space.com\u002Fearths-magnetic-field-explained",[59],"magnetic field lines",". He shared the Nobel Prize in physics in 1970 for his work on the nature of electromagnetic waves moving through charged gas, which opened up a field called magnetohydrodynamics.",[11,17481,17482],{},"The spacecraft's instruments recorded plasma spewing from our planet into the sun for about two hours, the space agency said in its social media post. \"The data revealed unprecedented insights about the sun-Earth connection.\"",[11,17484,17485,17486,17491,17492,17497,17498,17503,17504,16973,17509,17514,17515,17520,17521,17449],{},"This phenomenon is rare on Earth but common elsewhere in ",[55,17487,17490],{"href":17488,"rel":17489},"https:\u002F\u002Fwww.space.com\u002F52-the-expanding-universe-from-the-big-bang-to-today.html",[59],"the universe",". In our own ",[55,17493,17496],{"href":17494,"rel":17495},"https:\u002F\u002Fwww.space.com\u002F16080-solar-system-planets.html",[59],"solar system",", similar magnetic highways transport charged particles from ",[55,17499,17502],{"href":17500,"rel":17501},"https:\u002F\u002Fwww.space.com\u002F16452-jupiters-moons.html",[59],"Jupiter's moons"," ",[55,17505,17508],{"href":17506,"rel":17507},"https:\u002F\u002Fwww.space.com\u002F16419-io-facts-about-jupiters-volcanic-moon.html",[59],"Io",[55,17510,17513],{"href":17511,"rel":17512},"https:\u002F\u002Fwww.space.com\u002F16440-ganymede-facts-about-jupiters-largest-moon.html",[59],"Ganymede"," to the ",[55,17516,17519],{"href":17517,"rel":17518},"https:\u002F\u002Fwww.space.com\u002F30372-gas-giants.html",[59],"gas giant",", where they too have ",[55,17522,17525],{"href":17523,"rel":17524},"https:\u002F\u002Fwww.space.com\u002Fjupiter-auroras-volcanic-moon-io-tug-of-war",[59],"sparked stunning auroras",[11,17527,17528],{},[55,17529,17532],{"href":17530,"rel":17531},"https:\u002F\u002Fwww.space.com\u002Fearth-aurora-solar-storm",[59],[61,17533,63],{},{"title":65,"searchDepth":66,"depth":66,"links":17535},[],[233],"2024-08-19 10:05:14","By Sharmila Kuthunur",{},"\u002Fblog\u002Fintense-solar-storm-opens-2-way-highway-for-charged-particles-sparking-rare-auroras-on-the-sun",{"title":17357,"description":17538},"blog\u002FIntense-Solar-Storm-opens-2-way-highway-for-charged-particles-sparking-rare-auroras-on-the-sun","_RYtEienJ24KUnazWMvzDwPJyd5pk9XnyNBo-6IooWg",{"id":17545,"title":17546,"body":17547,"categories":17604,"cover":17563,"date":17605,"description":17551,"extension":71,"meta":17606,"navigation":73,"path":17607,"seo":17608,"stem":17609,"tags":77,"__hash__":17610},"blog\u002Fblog\u002FBitcoin-Pioneer-Chun-Wang-to-Command-SpaceX-s-First-Mission-over-Earth-s-Polar-Regions.md","Bitcoin Pioneer Chun Wang to Command SpaceX's First Mission over Earth's Polar Regions",{"type":8,"value":17548,"toc":17602},[17549,17552,17555,17558,17564,17567,17576,17588,17591,17594],[11,17550,17551],{},"Bitcoin Pioneer Chun Wang to Command SpaceX's First Mission Over Earth's Polar Regions",[11,17553,17554],{},"An early Bitcoin miner from 2011 is set to lead a historic mission for SpaceX.",[11,17556,17557],{},"By Nik Hoffman",[11,17559,17560],{},[14,17561],{"alt":17562,"src":17563},"MjA4NTQzODg5NjcyMzgxNjEz","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002FMjA4NTQzODg5NjcyMzgxNjEz.webp",[11,17565,17566],{},"Chun Wang, the co-founder of Bitcoin mining pool f2pool and a well-known figure in the Bitcoin community, is set to command SpaceX’s first human spaceflight mission to explore Earth’s polar regions from orbit. Wang, who began mining Bitcoin back in 2011, said he has been eagerly preparing for this mission for the past 2.5 years and has been involved in every aspect of the mission, from the initial proposal and planning to the trajectory design and crew selection.",[11,17568,17569,17570,17575],{},"“Named in honor of the ship that helped explorers first reach Earth’s Arctic and Antarctic regions, Fram2 will be commanded by Chun Wang, an entrepreneur and adventurer from Malta,” SpaceX ",[55,17571,17574],{"href":17572,"rel":17573},"https:\u002F\u002Fwww.spacex.com\u002Fupdates\u002F#fram2",[59],"announced",". “Wang aims to use the mission to highlight the crew’s explorational spirit, bring a sense of wonder and curiosity to the larger public, and highlight how technology can help push the boundaries of exploration of Earth and through the mission’s research.”",[17577,17578],"iframe",{"id":17579,"scrolling":17580,"frameBorder":17581,"allowTransparency":17582,"allowFullScreen":17582,"className":17583,"title":17584,"src":17585,"dataGtmYtInspected-12":17582,"dataTweetId":17586,"style":17587},"twitter-widget-0","no","0","true",[],"X Post","https:\u002F\u002Fplatform.twitter.com\u002Fembed\u002FTweet.html?creatorScreenName=nikcantmine&dnt=false&embedId=twitter-widget-0&features=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%3D%3D&frame=false&hideCard=false&hideThread=false&id=1823085132234039706&lang=en&origin=https%3A%2F%2Fbitcoinmagazine.com%2Fbusiness%2Fbitcoin-pioneer-wang-chun-to-command-spacexs-first-mission-over-earths-polar-regions&sessionId=5234ed9445d2f876260c47bbf5f2dd7ee693cf69&theme=light&widgetsVersion=2615f7e52b7e0%3A1702314776716&width=550px","1823085132234039706","box-sizing: border-box; margin: 0px; position: static; visibility: visible; width: 550px; height: 654px; display: block; flex-grow: 1;",[11,17589,17590],{},"“This mission represents a new chapter in space exploration,” said Wang. “I’ve read many sci-fi stories about the first human missions to Mars, usually led by NASA or some fictional government. Rarely does anyone dare to imagine such a mission may be carried out privately. But now, I increasingly believe that someday we will reach Mars — and it may be a person, or a company, not a nation, who gets there.”",[11,17592,17593],{},"Joining Wang on this mission is an international team of adventurers, including Norway’s Jannicke Mikkelsen, Australia’s Eric Philips, and Germany’s Rabea Rogge. Over the course of 3 to 5 days, the crew will observe the polar regions from Dragon’s cupola at an altitude of 425 to 450 km. They will study phenomena such as auroras and unusual light emissions, known as STEVE (Strong Thermal Emission Velocity Enhancement), and conduct a variety of research to better understand the effects of spaceflight on the human body, to gain insights into space physics and atmospheric science.",[11,17595,17596],{},[55,17597,17600],{"href":17598,"rel":17599},"https:\u002F\u002Fbitcoinmagazine.com\u002Fbusiness\u002Fbitcoin-pioneer-wang-chun-to-command-spacexs-first-mission-over-earths-polar-regions",[59],[61,17601,63],{},{"title":65,"searchDepth":66,"depth":66,"links":17603},[],[69],"2024-08-19 10:03:50",{},"\u002Fblog\u002Fbitcoin-pioneer-chun-wang-to-command-spacex-s-first-mission-over-earth-s-polar-regions",{"title":17546,"description":17551},"blog\u002FBitcoin-Pioneer-Chun-Wang-to-Command-SpaceX-s-First-Mission-over-Earth-s-Polar-Regions","REYSi8cJpBz4zZs0bDDEpzBz-xJz9rFNCunnetlWhXA",{"id":17612,"title":17613,"body":17614,"categories":17734,"cover":17621,"date":17735,"description":65,"extension":71,"meta":17736,"navigation":73,"path":17737,"seo":17738,"stem":17739,"tags":77,"__hash__":17740},"blog\u002Fblog\u002FWebb-images-cold-exoplanet-12-light-years-away.md","Webb images cold exoplanet 12 light-years away",{"type":8,"value":17615,"toc":17732},[17616,17622,17625,17634,17643,17646,17651,17654,17663,17674,17683,17688,17691,17700,17703,17706,17724],[11,17617,17618],{},[14,17619],{"alt":17620,"src":17621},"weic2421a","https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002Fweic2421a.jpg",[11,17623,17624],{},"An international team of astronomers using the NASA\u002FESA\u002FCSA James Webb Space Telescope have directly imaged an exoplanet roughly 12 light-years from Earth. While there were hints that the planet existed, it had not been confirmed until Webb imaged it. The planet is one of the coldest exoplanets observed to date.**",[11,17626,17627,17628,17633],{},"The planet, known as Epsilon Indi Ab, is several times the mass of Jupiter and orbits the K-type star Epsilon Indi A (Eps Ind A), which is around the age of our Sun, but slightly cooler. The team observed Epsilon Indi Ab using the coronagraph on Webb’s MIRI (",[55,17629,17632],{"href":17630,"rel":17631},"https:\u002F\u002Fesawebb.org\u002Fabout\u002Finstruments\u002Fmiri\u002F",[59],"Mid-Infrared Instrument","). Only a few tens of exoplanets have been directly imaged previously by space- and ground-based observatories.",[11,17635,17636,17639,17640],{},[61,17637,17638],{},"“Our prior observations of this system have been more indirect measurements of the star, which actually allowed us to see ahead of time that there was likely a giant planet in this system tugging on the star,”"," said team member Caroline Morley of the University of Texas at Austin. ",[61,17641,17642],{},"“That's why our team chose this system to observe first with Webb.”",[11,17644,17645],{},"“This discovery is exciting because the planet is quite similar to Jupiter — it is a little warmer and is more massive, but is more similar to Jupiter than any other planet that has been imaged so far,” added lead author Elisabeth Matthews of the Max Planck Institute for Astronomy in Germany.",[11,17647,17648],{},[11729,17649,17650],{},"A Solar System analog",[11,17652,17653],{},"Previously imaged exoplanets tend to be the youngest, hottest exoplanets that are still radiating much of the energy from when they first formed. As planets cool and contract over their lifetime, they become significantly fainter and therefore harder to image.",[11,17655,17656,17659,17660],{},[61,17657,17658],{},"“Cold planets are very faint, and most of their emission is in the mid-infrared,”"," explained Matthews. ",[61,17661,17662],{},"“Webb is ideally suited to conduct mid-infrared imaging, which is extremely hard to do from the ground. We also needed good spatial resolution to separate the planet and the star in our images, and the large Webb mirror is extremely helpful in this aspect.”",[11,17664,17665,17666,17673],{},"Epsilon Indi Ab is one of the coldest exoplanets to be directly detected, with an estimated temperature of 2 degrees Celsius — colder than any other imaged planet beyond our Solar System, and colder than all but one free-floating brown dwarf ",[11729,17667,17668],{},[55,17669,17672],{"href":17670,"rel":17671},"https:\u002F\u002Fesawebb.org\u002Fnews\u002Fweic2421\u002F#1",[59],"[1]",". The planet is only around 100 degrees Celsius warmer than gas giants in our Solar System. This provides a rare opportunity for astronomers to study the atmospheric composition of true solar system analogs.",[11,17675,17676,17679,17680],{},[61,17677,17678],{},"“Astronomers have been imagining planets in this system for decades; fictional planets orbiting Epsilon Indi have been the sites of Star Trek episodes, novels, and video games like Halo,”"," added Morley. ",[61,17681,17682],{},"“It's exciting to actually see a planet there ourselves, and begin to measure its properties.”",[11,17684,17685],{},[11729,17686,17687],{},"Not quite as predicted",[11,17689,17690],{},"Epsilon Indi Ab is the twelfth closest exoplanet to Earth known to date and the closest planet more massive than Jupiter. The science team chose to study Eps Ind A because the system showed hints of a possible planetary body using a technique called radial velocity, which measures the back-and-forth wobbles of the host star along our line of sight.",[11,17692,17693,17696,17697],{},[61,17694,17695],{},"“While we expected to image a planet in this system, because there were radial velocity indications of its presence, the planet we found isn't what we had predicted,”"," shared Matthews. ",[61,17698,17699],{},"“It’s about twice as massive, a little farther from its star, and has a different orbit than we expected. The cause of this discrepancy remains an open question. The atmosphere of the planet also appears to be a little different than the model predictions. So far we only have a few photometric measurements of the atmosphere, meaning that it is hard to draw conclusions, but the planet is fainter than expected at shorter wavelengths.”",[11,17701,17702],{},"The team believes this may mean there is significant methane, carbon monoxide, and carbon dioxide in the planet’s atmosphere that are absorbing the shorter wavelengths of light. It might also suggest a very cloudy atmosphere.",[11,17704,17705],{},"The direct imaging of exoplanets is particularly valuable for characterization. Scientists can directly collect light from the observed planet and compare its brightness at different wavelengths. So far, the science team has only detected Epsilon Indi Ab at a few wavelengths, but they hope to revisit the planet with Webb to conduct both photometric and spectroscopic observations in the future. They also hope to detect other similar planets with Webb to find possible trends about their atmospheres and how these objects form.",[11,17707,17708,17709,17714,17715,17720,17721,17449],{},"These results were taken with Webb’s Cycle 1 GO programme #",[55,17710,17713],{"href":17711,"rel":17712},"https:\u002F\u002Fwww.stsci.edu\u002Fjwst\u002Fscience-execution\u002Fprogram-information?id=2243",[59],"2243"," and have been ",[55,17716,17719],{"href":17717,"rel":17718},"https:\u002F\u002Fwww.nature.com\u002Farticles\u002Fs41586-024-07837-8",[59],"published"," today in ",[61,17722,17723],{},"Nature",[11,17725,17726],{},[55,17727,17730],{"href":17728,"rel":17729},"https:\u002F\u002Fesawebb.org\u002Fnews\u002Fweic2421\u002F",[59],[61,17731,63],{},{"title":65,"searchDepth":66,"depth":66,"links":17733},[],[233],"2024-07-24 14:56:27",{},"\u002Fblog\u002Fwebb-images-cold-exoplanet-12-light-years-away",{"title":17613,"description":65},"blog\u002FWebb-images-cold-exoplanet-12-light-years-away","QG82Q3P034SX-kHv-oO-4YX94u5WeQPGxxaq9seHuoY",{"id":17742,"title":17743,"body":17744,"categories":77,"cover":77,"date":77,"description":17751,"extension":71,"meta":17804,"navigation":73,"path":17805,"seo":17806,"stem":17811,"tags":77,"__hash__":17812},"blog\u002Fblog\u002FRegulation by hostility: the real legacy of Biden-era crypto policy.md","[object Object]",{"type":8,"value":17745,"toc":17802},[17746,17752,17755,17758,17761,17764,17767,17770,17773,17776,17779,17782,17785,17788,17791,17794],[11,17747,17748,17751],{},[14,17749],{"alt":16,"src":17750},"https:\u002F\u002Fcdn.jsdelivr.net\u002Fgh\u002Fyiyilinforfy\u002Fzebi-images-cdn@main\u002Fimages\u002FR4.avif","\nFormer Biden economic advisers Ryan Cummings and Jared Bernstein would have you believe the decline in bitcoin’s price from its 2025 peak somehow vindicates their administration’s approach to cryptocurrency. A masterclass in selective memory, their February 26 New York Times opinion piece omits the most consequential fact about Biden-era crypto policy: it was not a reasoned regulatory framework.",[11,17753,17754],{},"The authors credit the Biden administration with “increasingly aggressive regulatory efforts to curb scams and fraud.” This framing is extraordinary, given what happened on their watch. FTX grew to enormous scale during the Biden administration. Sam Bankman-Fried was a top Democratic donor and met with senior administration officials (including then-Securities and Exchange Commission Chair Gary Gensler) while running what became one of the largest financial frauds in history.",[11,17756,17757],{},"The administration’s strategy of regulation-by-enforcement, rather than establishing clear rules, had a perverse effect: legitimate, compliance-minded companies were driven offshore or out of business, consumers were harmed, and American innovation was stifled. Meanwhile, bad actors like Bankman-Fried (who knew how to play political games) thrived in the confusion. When you refuse to write clear rules, the only people who benefit are those who never intended to follow them.",[11,17759,17760],{},"The authors conveniently ignore one of the most troubling episodes of the Biden era: “Operation Choke Point 2.0.” Under pressure from federal regulators, banks systematically debanked lawful crypto businesses, cutting them off from the financial system without due process, formal rulemaking, or legislative authority. The debanking campaign swept up ordinary individuals and small businesses who had turned to crypto because the traditional banking system had long underserved them. The Biden administration’s approach cut consumers off from tools they were using to participate in the financial system, without putting a single policy through the democratic process of notice-and-comment rulemaking.",[11,17762,17763],{},"The authors dismiss crypto as a “painfully slow and expensive database” with “almost no practical use.” They acknowledge in passing that crypto is used to wire money",[11,17765,17766],{},"internationally, but wave this away as though enabling fast, low-cost cross-border remittances for millions of people is a trivial achievement.",[11,17768,17769],{},"It is not. Global remittance fees average nearly 6.5%, costing migrant workers and their families billions of dollars each year. Stablecoins running on blockchain networks can execute the same transfers in minutes for a fraction of the cost. This is an immediate, material financial improvement for families in developing countries. The Biden economists sat in “dozens of meetings” and apparently came away unimpressed. One wonders whether they spoke to any of the people these tools serve.",[11,17771,17772],{},"Beyond remittances, blockchain technology underpins a rapidly growing ecosystem of financial applications. Fidelity, JPMorgan, BlackRock, BNY Mellon, Morgan Stanley, Visa, Mastercard, Meta, Stripe, Block Inc. and Franklin Templeton are actively building on blockchain infrastructure. The Biden economists’ claim that no “giant tech firms” are using this technology is flatly wrong.",[11,17774,17775],{},"The op-ed’s news hook is bitcoin’s price decline. Using short-term price movements to condemn an entire asset class is analytically unserious. Amazon’s stock fell 94 percent from its peak during the dotcom bust. By the Cummings-Bernstein standard, it should have been written off as “fundamentally worthless.” Volatility is a feature of nascent markets, not proof of worthlessness.",[11,17777,17778],{},"Moreover, it labels the Bitcoin network as “slow.” What it lacks in speed it makes up for in security – a quality that should be of the utmost importance to regulators. Outsiders or intermediaries cannot veto or reverse transactions between peers, unilaterally confiscate user funds, or tamper with its distributed ledger. That’s why it’s used worldwide in areas where regular citizens are targeted by their governments. Meanwhile, other blockchains enable payments at breakneck speed.",[11,17780,17781],{},"The authors repeatedly invoke the straw man of a taxpayer-funded bailout of the crypto industry. No serious policymaker (or crypto participant) has proposed anything of the sort. The stablecoin legislation Cummings and Bernstein reference creates fully reserved payment instruments that are overcollateralized with the most liquid government bonds on Earth. The Trump administration’s bitcoin reserve proposal involves no new taxpayer expenditure.",[11,17783,17784],{},"Meanwhile, when Silicon Valley Bank collapsed in 2023, the Biden administration authorized extraordinary measures to guarantee all deposits. Their concern about moral hazard was seemingly highly selective.",[11,17786,17787],{},"The op-ed devotes considerable space to crypto industry political donations, implying corruption. The suggestion that an industry advocating for favorable regulation through political participation is inherently corrupt would indict virtually every sector of the American economy. Denied a fair hearing by regulators, the crypto industry turned to the political process as a last resort – a cornerstone of American democracy. If political spending is problematic, the authors might start by examining their own side of the aisle during the Biden Administration, when Bankman-Fried overwhelmingly gave to Democrats.",[11,17789,17790],{},"The Biden administration had a historic opportunity to establish the United States as the global leader in digital asset regulation: to write clear, fair rules that would protect consumers while allowing innovation to flourish on American soil. Instead, it chose to weaponize the banking system against a legal industry, creating a lose-lose-lose for innovation, consumer protection and the U.S. crypto ecosystem.",[11,17792,17793],{},"Cummings and Bernstein write that crypto’s boosters “have run out of excuses.” On the contrary, it is the Biden administration’s crypto haters who owe the public an explanation.",[11,17795,17796],{},[55,17797,17800],{"href":17798,"rel":17799},"https:\u002F\u002Fwww.coindesk.com\u002Fopinion\u002F2026\u002F04\u002F07\u002Fregulation-by-hostility-the-real-legacy-of-biden-era-crypto-policy",[59],[61,17801,63],{},{"title":65,"searchDepth":66,"depth":66,"links":17803},[],{},"\u002Fblog\u002Fregulation-by-hostility\u002Fthe-real-legacy-of-biden-era-crypto-policy",{"title":17807,"description":17751},{"Regulation by hostility":17808,"date":17809,"tags":77,"categories":17810,"cover":17750},"the real legacy of Biden-era crypto policy","2026-4-7 12:23:53",[69],"blog\u002FRegulation by hostility\u002F the real legacy of Biden-era crypto policy","5YWOZNniAWLhvVM-7Ok1z7TP59hdh77nUnkpmeFq_4A",1779875690912]