Delphi Digital：值得关注的 7 个亚洲加密游戏生态

MarsBitPublished on 2023-10-11Last updated on 2023-10-12

Abstract

XPLA 采用 Web2.5 方法，重点是通过将位于其应用程序层的链外内容与许多 Web3 功能链接起来，慢慢地将 Web2 业务/游戏过渡到 Web3。

我们（Delphi Digital）刚参加了亚洲两大加密相关会议——韩国区块链周和 Token 2049，借此机会想重点介绍一下我们所关注的该地区一些最有前途的区块链游戏项目。以下是 7 个值得期待的生态系统：
1.Ronin Network

根据钱包活跃度，Ronin 是最活跃的 Web3 游戏生态系统之一。该生态系统正在快速向拥有独立游戏首个 1000 真实粉丝所需活跃用户基数的少数游戏生态系统之一转型。
2.AstarNetwork

Astar 是一个“直达市场链”，它弥合了日本和国际市场的差距。它也是 Polkadot 最大的平行链之一，并拥有软银、电通、微软日本、亚马逊日本等知名企业客户。
3.Oasys

Oasys 是一个可扩展的无 Gas 游戏基础设施合作伙伴，与一些游戏行业巨头合作。该生态系统已经建立了许多著名的游戏相关合作伙伴关系，包括 SEGA、Bandai Namco Research、Ubisoft、Square Enix、Netmarble 等。
4.Iskra
Iskra 通过以下激励机制向平台各利益相关方分配价值和注意力：

平台奖励（分红）；
任务奖励（代币券）；
服务福利（资格）；
活动福利（可访问性）。

5.XPLA
XPLA 采用 Web2.5 方法，重点是通过将位于其应用程序层的链外内容与许多 Web3 功能链接起来，慢慢地将 Web2 业务/游戏过渡到 Web3。

6.MARBLEX
MARBLEX 继续展示其对 Web3 倡议的专注（短期内将有两款新游戏与 gMBXL 集成推出）。他们以季节性抵押计划为特色，以促进开发者、投资者和玩家用户类型之间的协同行为。

7.Intella X
该公司正在尝试一个有趣的“贡献证明”服务协议，该协议测量链上和链下数据的组合。开发者和用户然后根据这些指标获得代币奖励。

向公众敞开大门并提供可玩版本的资金充足的区块链游戏数量正在不断增加。2024 可能是更广泛的玩家情绪发生转变、注意力重新转向游戏的一年。

How Risky is the "Death Spiral" of MSTR and STRC?

Summary: This article explores the perceived "death spiral" risk between MicroStrategy (MSTR), its Bitcoin holdings, and its perpetual preferred stock (STRC), drawing comparisons to the LUNA-UST collapse. While both systems feature price anchors, high yields for holders, and potential feedback loops, their core mechanisms differ fundamentally. The MSTR-STRC structure relies on continuous financing to sustain its high dividend payouts, primarily through stock ATM offerings. A negative feedback cycle could occur: falling MSTR stock price makes raising equity capital harder, increasing pressure to sell Bitcoin, which undermines STRC confidence and further depresses MSTR. However, unlike LUNA-UST's automated, direct linkage, the MSTR-STRC loop is weaker and has brakes: STRC dividends can be deferred or rates lowered, and STRC holders have a $100/share liquidation preference in bankruptcy, providing a price floor. The company's sustainability hinges on its ability to continue financing. Its current ~$900 million USD reserves cover only about 6.3 months of its ~$1.71 billion annual interest/dividend burden. The next six months are critical, aligning with both the potential bottom in Bitcoin's four-year cycle and the depletion timeline of its reserves. While a LUNA-style catastrophic collapse is deemed highly unlikely due to structural differences, the key question is whether MicroStrategy can navigate this period through healthy deleveraging to restart its capital engine.

Foresight News8m ago

How Risky is the "Death Spiral" of MSTR and STRC?

Foresight News8m ago

How Much Debt Does Strategy Really Have? Is There a Risk of Implosion?

MicroStrategy's Debt Risk: A Turning Point in the "Never Sell" Strategy As of June 3, 2026, MicroStrategy holds 843,706 bitcoins (valued at ~$53.1B) but faces significant financial obligations. Its capital structure includes $6.75B in convertible notes and $15.48B in perpetual preferred stock (led by the $8.5B STRC series), creating an annual payout burden of ~$1.71B. With software revenue at only ~$500M, interest and dividend obligations far exceed operating income. A critical shift occurred in late May 2026 when the company sold 32 bitcoins for ~$2.5M to cover dividends, breaking CEO Michael Saylor's long-standing "never sell" pledge. This symbolic move triggered a sharp decline in both Bitcoin's price and MSTR stock, reflecting market fears about cash flow sustainability. The core of the strain is the STRC perpetual preferred stock, designed as a "permanent loan" with no maturity date but requiring high monthly dividends (currently 11.5%). Its business model relies on a three-part cycle: issuing new STRC shares, using proceeds to buy more Bitcoin and fund a USD reserve, and using that reserve to pay dividends. This cycle depends on continuous investor demand for STRC and Bitcoin's price appreciation. Analysis shows Bitcoin needs to appreciate at least 2.3% annually to cover the $1.71B in yearly obligations at current holdings. With Bitcoin price down ~22% from March 2026 highs, this pressure has intensified. The company's $900M USD reserve can only cover about 7 months of payments if STRC issuance stalls. Key risks are not immediate bankruptcy or forced Bitcoin liquidation (as BTC is not collateral), but rather: 1) The erosion of MSTR's premium to its Bitcoin holdings (mNAV), which would cripple its ability to raise cheap capital; 2) A vicious cycle where stagnant Bitcoin prices reduce STRC demand, draining the USD reserve and forcing BTC sales, further depressing prices. The period from February 2027 to September 2028 is a crucial test, with over $5.9B in convertible notes facing put options or maturity. In essence, MicroStrategy has evolved from a simple Bitcoin holder into a complex financial entity acting like a "private Bitcoin bank," leveraging its BTC holdings to create layered financial products. Its survival depends on maintaining Bitcoin's price trend, its stock premium, and market appetite for its preferred shares. The recent token sale marks not a betrayal of its Bitcoin thesis, but an admission that the leveraged strategy must eventually be paid for.

marsbit18m ago

How Much Debt Does Strategy Really Have? Is There a Risk of Implosion?

marsbit18m ago

Bitcoin Falls Sharply Behind Micron Technology As Investors Favor Semiconductor Exposure

Bitcoin is struggling to break the $63,000 level, having dropped sharply from its all-time high. It is now significantly underperforming compared to semiconductor stocks, particularly Micron Technology. Market analysis by Joao Wedson reveals Bitcoin has fallen over 95% against Micron, signaling a major investor rotation towards AI and semiconductor infrastructure assets. While this divergence could profoundly impact crypto markets, Wedson suggests cryptocurrency may eventually become a contrarian play. Meanwhile, Bitcoin's price decline is linked to large stakeholders ("whales") selling over 24,600 BTC last week, indicating market caution. Conversely, small-scale traders increased their holdings, potentially signaling a future buy opportunity.

bitcoinist22m ago

Bitcoin Falls Sharply Behind Micron Technology As Investors Favor Semiconductor Exposure

bitcoinist22m ago

Anthropic Cries Wolf: Is the AGI Threat Real, or Just an IPO Story?

Anthropic has published an article titled "When AI builds itself," discussing the emerging concept of "recursive self-improvement," where AI begins to actively participate in designing, training, testing, and optimizing its own subsequent versions. The company presents internal data showing that by May 2026, over 80% of code merged into its codebase was written by Claude, its AI model. Claude's capabilities have expanded to handling complex, open-ended engineering tasks, achieving a 76% success rate in such areas, and even contributing to research processes, such as optimizing code performance and conducting AI safety experiments. Anthropic outlines an evolution from human-driven development to AI-assisted workflows, culminating in the current stage where AI agents can autonomously write, run, and delegate code. The company cautions that the path toward a "closed loop," where AI continuously improves itself, is becoming visible. It calls for coordinated global mechanisms to potentially slow or pause frontier AI development to allow safety research and societal structures to catch up. However, the timing of this warning coincides with Anthropic's preparations for an IPO, framing the narrative not just as a safety concern but also as a demonstration of Claude's advanced capabilities and its integral role in accelerating Anthropic's own R&D—creating a potential "flywheel" effect for competitive advantage. This contrasts with OpenAI's recent, more policy-oriented discussion of the same risks, highlighting the competitive dynamics in the AI industry as companies position themselves in both the technological and regulatory landscape.

marsbit1h ago

Anthropic Cries Wolf: Is the AGI Threat Real, or Just an IPO Story?

marsbit1h ago

Coinbase Targets Crypto Crime, Freezing $3M Linked To Scam Operations

Coinbase froze over $3 million in cryptocurrency linked to Southeast Asian scam networks as part of a multi-agency "Disruption Week" campaign. The operation, coordinated by the DOJ's Scam Center Strike Force, involved companies like Meta, Microsoft, and Starlink, and disrupted over 1.4 million scam accounts. The DOJ noted that investment fraud, including "pig butchering" scams, is among the fastest-growing threats, with crypto-related scams causing billions in losses. This action follows other recent crackdowns targeting scam infrastructure globally. Coinbase highlighted that blockchain provides a permanent transaction record, aiding investigations and countering the narrative that crypto is solely a tool for crime.

bitcoinist1h ago

Coinbase Targets Crypto Crime, Freezing $3M Linked To Scam Operations

bitcoinist1h ago

Trading

Spot

Futures

Hot Articles

How to Buy GAS

Welcome to HTX.com! We've made purchasing GAS (GAS) simple and convenient. Follow our step-by-step guide to embark on your crypto journey.Step 1: Create Your HTX AccountUse your email or phone number to sign up for a free account on HTX. Experience a hassle-free registration journey and unlock all features.Get My AccountStep 2: Go to Buy Crypto and Choose Your Payment MethodCredit/Debit Card: Use your Visa or Mastercard to buy GAS (GAS) instantly.Balance: Use funds from your HTX account balance to trade seamlessly.Third Parties: We've added popular payment methods such as Google Pay and Apple Pay to enhance convenience.P2P: Trade directly with other users on HTX.Over-the-Counter (OTC): We offer tailor-made services and competitive exchange rates for traders.Step 3: Store Your GAS (GAS)After purchasing your GAS (GAS), store it in your HTX account. Alternatively, you can send it elsewhere via blockchain transfer or use it to trade other cryptocurrencies.Step 4: Trade GAS (GAS)Easily trade GAS (GAS) on HTX's spot market. Simply access your account, select your trading pair, execute your trades, and monitor in real-time. We offer a user-friendly experience for both beginners and seasoned traders.

2.7k Total ViewsPublished 2024.03.29Updated 2026.06.02

Discussions

Welcome to the HTX Community. Here, you can stay informed about the latest platform developments and gain access to professional market insights. Users' opinions on the price of GAS (GAS) are presented below.