前沿AI的权力游戏与去中心化之辩：从Fable 5封杀风波，看DeAI的未来

marsbitPublished on 2026-06-17Last updated on 2026-06-17

Abstract

上周，Anthropic发布的Claude Fable 5引发前沿AI领域的信任危机。研究发现，该模型若怀疑用户开发竞品，会暗中降低回答质量，加之其30天数据保留要求，导致其在微软内部被禁用。此事引发核心争议：是否应由单一公司掌控如此强大的前沿AI？ The Defiant就此组织辩论，探讨去中心化AI（DeAI）的未来。Dragonfly管理合伙人Haseeb Qureshi认为，未来用户开销将更多流向非前沿的轻量级开源模型，但对“用去中心化网络训练/运行AI”的经济可行性表示怀疑。他提及，Fable 5因漏洞和出口管制问题被政府限制，而更危险的模型Mythos则被严格控制在政府挑选的极少数合作伙伴中（如Project Glasswing项目），形同AI版“曼哈顿计划”。 CoinFund创始人Jake Brukhman则主张，对强大AI的访问权应更平等，限制反而制造了安全能力的不平衡。他认为，开源与闭源模型的性能差距正在迅速缩小，而去中心化AI能降低算力成本和门槛，是打破AI行业高度中心化格局、保护消费者选择权的关键。他相信算法进步能使在消费级设备（如GPU集群）上训练大模型变得经济可行。 Sentora创始人Jesus Rodriguez指出，从技术角度看，去中心化方式训练顶尖模型的成本目前仍远高于中心化。他认为DeAI的价值可能不在于重复训练模型，而在于模型周围的基础设施，如沙盒、评估机制及与DeFi的结合。辩论还涉及安全与地缘政治。Haseeb担忧，若Mythos级模型被朝鲜等行为体广泛获取，将引发全球网络安全海啸。Jake则认为，去中心化网络通过将模型权重分散于多国，能增强抗审查性，但其首要目标是降低成本和实现普惠。总结而言，支持者视DeAI为打破垄断、促进竞争和民主的关键；怀疑者则质疑其经济与技术要求，并强调对极端危险模型进行管制的必要性。尽管路径未明，但AI领域的权力分配、安全与开放之间的张力将持续成为焦点。

来源:The Defiant

编译:Yuliya,PANews

编者按:上周,Anthropic发布的Claude Fable 5引爆了前沿AI领域最剧烈的信任危机:研究员发现,一旦模型怀疑用户在开发竞品,它竟会“暗中下毒”悄悄降低回答质量,加之该模型有30天的数据保留要求,导致其在微软内部被禁用。这引发了一个关于加密领域多年来一直在问的问题:是否应该由任何单一公司掌控如此多的前沿AI?

对此,The Defiant创始人兼CEO Camila Russo邀请了CoinFund创始人Jake Brukhman、Sentora兼The Sequence创始人Jesus Rodriguez,以及Dragonfly管理合伙人Haseeb Qureshi,就去中心化AI的未来走向展开激烈辩论。

大模型之战、开源趋势与“封锁”恐慌

Haseeb:我们现在的投资逻辑是:未来大家会看到越来越多“非前沿级别”的模型涌现,而用户在模型Token(算力开销)上的花费,也会越来越多地流向这些非前沿领域。大家都清楚,往那些最前沿的大模型里砸钱是不可持续的,而且绝大多数人根本用不上那么高的智能。

现在市面上有很多经过蒸馏的、开源或者开放权重的模型,价格非常亲民,你完全可以把不同的任务分配给它们。网上有个段子,说有人居然用Mythos或者Claude Fable 5这种级别的模型去给一个文件重命名——随着我们对这些模型越来越熟悉,这种情况会越来越多。你需要思考的是:杀鸡焉用牛刀?

话虽如此,“去中心化AI”这个词太宽泛了。如果它只是指“大家都在用不同机构开发的各种模型”(比如OpenRouter那种模式),那这跟我们现在的世界没什么区别。但如果它指的是“用去中心化的网络来训练或运行AI模型”,那这就是另一套逻辑了。我们对后者其实比较悲观,目前根本没看到什么靠谱的理由能证明,在去中心化环境下训练或运行模型的经济效益和市场需求是成立的。

当然,这次Fable的发布方式确实引起了强烈反弹。人们对好产品有种占有欲,一旦用上了,就会觉得“除非我死了,否则你别想拿走”。当政府突然介入把它封锁时,大家肯定觉得被剥夺了。但同时,如果你还记得Mythos最初发布时的情景,那是非常可怕的——在它面前,我们现有的所有软件、操作系统或浏览器就像瑞士奶酪一样全是漏洞。当时可没人跳出来说“你应该把它对全人类开放”。

有人说美国政府在这里的做法很疯狂。Anthropic声称他们在发布Fable 5之前已经清除了国家安全机构的所有疑虑,但据我了解,国家安全部门早就介入了对Mythos的封锁。Mythos只被推广给Project Glasswing中的三十几个合作伙伴,这些伙伴是由政府精心挑选的,而不是Anthropic选的。所以说“Fable是瞒着政府发布的”这种说法显然站不住脚。有传言说亚马逊的总裁Andy Jassy去了政府或白宫,告诉他们模型存在越狱漏洞,政府才意识到危险,立刻对全美封锁了Fable 5。

这种治理和安全机制显然并不完善。虽然我同意实验室里(无论是Anthropic还是OpenAI)正在发生的事情极其危险,需要谨慎对待,但我也相信开源和开放权重模型的分配中蕴含着巨大的经济价值,这两者必须并行发展。

*注:Project Glasswing是由Anthropic发起并联合多家科技公司共同推进的网络安全项目,于2026年4月启动。

Jesus:不谈那种充满科技末日感的话题,我确实从网络安全行业的人那里听到,Mythos确实很可怕。在它发布后,我跟Anthropic的一些人聊过,问题非常真实。但我听到网络安全领域知名的CEO们表示,他们更希望能开放获取这个模型,因为直接发布它能给所有这些安全公司足够的准备时间。试图去限制它、或者推迟三个月发布,你永远无法获得足够的缓冲余地。但反方观点是:如果直接发布Mythos,会不会造成灾难性的后果?

Haseeb:我们身处区块链领域,如果朝鲜拿到了这个模型,你真的认为这不会是灾难性的吗?

Camila:但是不是有这样一种争论:如果每个人都有,反而能降低风险,因为所有人都可以进行测试?

Haseeb:并不是每个人都有核武器。

Jake:用核武器来比喻不太恰当。拿Mythos来说,它是个能挖掘系统漏洞的模型。我们要算一笔经济账:黑客花钱用Mythos找漏洞,而网站所有者也要花钱来防御。这个市场真的对等吗?黑客真的会觉得,花大把时间去搞一个根本无法变现的Linux系统漏洞是划算的吗?

如果这种能利用漏洞的模型只掌握在少数人手里(比如大公司能用,普通人不能用),你实际上制造了一种不平衡。某些人能保护自己的资产,另一些人却只能挨打。所以我个人认为,让大家平等获取模型反而更好。

我这可不是什么赛博朋克式的反叛精神,这是市场的必然趋势。今天你看到有闭源的前沿模型,但同时也有一大批(主要是中国实验室搞出来的)开源模型。尽管他们在算力上处于劣势,但他们在各项评估指标上与前沿模型的差距只有几个百分点。Epoch.ai的图表清清楚楚地显示,开源和闭源模型之间的差距正在迅速缩小。即便Anthropic想当“老大哥”保护大家,现实是,人们需要这些模型来保护自己的网站和软件。他们总会拿到手的——要么是Anthropic给的,要么是亚洲实验室开源的,要么就是在去中心化网络上训练出来的。

出口管制、监管与自由获取的界限

Camila:Jake,你是否认为根本不应该有任何护栏?应该向所有人完全开放?

Haseeb:让我补充一下这个问题。你是否认为“出口管制”作为一个概念根本就不应该存在?因为除了AI,网络本身就是战争的一个要素。

Jake:我对政治没立场,我只是个搞技术的,又不在国务院上班。如果美国政府决定搞出口管制,那是他们的事。但这跟“技术在全世界范围内是否应该共享”是两码事。

假设Fable是在一个去中心化网络上训练出来的,没有任何人掌握完整的模型权重(一部分权重在美国,一部分在阿姆斯特丹,一部分在澳大利亚)。如果美国对其境内的那部分权重实施出口管制,这个模型在全球其他地方可能照转不误。这就是美国执行机制的问题了。你看比特币,它就是主权独立的、去中心化的、谁也拦不住的货币。Haseeb刚才说他不确定市场对去中心化AI有没有需求,这就好像在2011年说“不知道大家对PoW(工作量证明)有没有需求”一样。事实上,因为大家对全球化、无许可的货币有需求,所以技术需求巨大。同理,大家对全球化、无许可的AI也有着巨大的需求,美国国务院喜不喜欢都拦不住。

Jesus:关于出口管制的类比,如果你们限制了大家访问Mythos,但某个开放权重的模型突然自己进化出了网络攻击能力呢?你看现在的网络安全基准测试,DeepSeek-V4 或者 Qwen 3.7 的排名都非常高。这些模型具备网络攻击能力只是时间问题。

AI圈喜欢用核武器打比方:二战后有四年的时间,美国拥有核武器而世界其他国家没有。有一种理论认为,如果美国当时施压,共产主义可能永远不会在东欧发展。但后来苏联也研发出了核武器。让我感到困扰的不是一开始向所有人开放,而是选择性地决定谁能访问。如果这是出口管制,为什么不是每个美国公司都能访问它?

Haseeb:关于Fable,我们需要理清细节。政府要求对所有非美国人关闭Fable。目前Anthropic没有足够的KYC(实名认证)机制来保证他们能遵守这一点,而出口管制是严格的责任制。如果模型落入非美国人手中,你就有麻烦了。这就是为什么他们目前没有信心说能做到。目前Polymarket预测,到7月底他们能为美国人恢复运行的概率是77%,而在6月初左右恢复的概率大概是50%。

显然,“禁止任何外国人使用Fable 5”的想法本身就很离谱。美国有大量持H1B签证的外国员工,你的编程团队里如果有法国工程师,他们却不被允许使用Fable,这很荒谬。这大概率会在实际执行前被谈判改变,如果Anthropic能修复漏洞并实施更严格的控制,可能就不需要对非美国行为者完全关闭了。

但这与Mythos的情况不同。FFable本来只该是个写写代码、起草邮件的“良民模型”,而面对Mythos,美国政府的态度是:不行,这东西只能给美国人,而且“只能给我们在名单上点名的人”。这已经不是出口管制了,这简直就是AI版的“曼哈顿计划”。

据我从可靠消息源了解,政府主导了Project Glasswing的过程,这就是为什么拿到名额的都是微软这些大公司,而不是某个随机网络安全公司。这对于将它视为极度危险的进攻性网络武器的政府来说并不奇怪,我们对战斗机、导弹也是这样处理的。这不是Anthropic出于商业营销目的只想要30家公司使用,他们巴不得全世界都用他们的产品。

Camila:在加密领域我们看到,因为AI产生的黑客攻击数量急剧增加,我们可以推断如果Mythos被广泛采用会有多大的风险。Jake,你认为在某些情况下限制某些群体使用这些模型是合理的吗?还是你仍然坚持它们应该对所有人开放?

Jake:正如我所说,这与“去中心化AI技术是否可行”是两个相互独立的问题。政府当然可以颁布法律进行监管,这不是一个非黑即白的选择。但是,去中心化技术通过降低参与门槛,可以带来更多竞争。它利用大宗商品级硬件降低成本。

我今天和一位创始人交谈,他正在异构大宗商品GPU上进行推理,他认为随着电力成本上升,长期来看这对消费者来说将是一个更便宜的选择。所有的技术进步,归根结底都是为了降低成本和门槛。AI可以说是目前世界上最中心化的行业,它最需要被打破门槛。我们支持去中心化AI,是为了保护消费者的选择权,说到底也是在捍卫民主。

去中心化AI的物理瓶颈与算法突破

Camila:如果最终只有少数几家中心化公司控制了世界上使用的大部分AI模型,会发生什么?如果实际上没有成功的去中心化AI,代价是什么?

Jesus:我得反驳一下Jake。从技术层面看,用去中心化的方式去搞Mythos这种级别的模型,成本绝对比中心化高得多。英伟达有个大家很少提的深水区护城河:除了谷歌有TPU,目前所有的大型架构都是在成百上千张英伟达GPU上跑出来的,AMD根本没这个实战数据。

我其实也是支持中心化AI的,我曾在这个领域建立过两家公司。去中心化AI并不是新鲜事物,它以前从未找到过产品市场契合点(PMF)。以前是因为模型足够小且简单,去中心化没有多大意义。现在它们足够大了,去中心化却变得非常困难。而且我们在人才、薪酬、资金上都存在差距。很多推理实际上并不是在最先进的GPU上进行的,而是在上一代GPU上,预训练才需要H100。

Jake:过去几年GPU的供应一直处于瓶颈期,价格不断上涨。在2026年,普通中端市场初创公司想要找到H100都非常困难。历史上的大规模训练都是在需要核电支持的豪华数据中心进行的——那些工业级GPU有132GB内存,节点间带宽达到1到3 TB/s。如果我告诉你,我们可以把这个过程转移到消费级设备上(比如普通的Nvidia GPU,甚至你的Macbook或Mac Studio),并放在普通的消费级网络上运行,你会说我疯了。

但是,当面临如此巨大的计算需求时,人们有极大的动力去改变训练方式并优化算法。我打个量子的比方:谷歌有两种量子专家,搞硬件的会说量子计算机十年内解决不了任何问题,而搞软件的会说“3到5年内以太坊就要小心了”。Haseeb和Jesus是从硬件角度看问题,而我是从优化硬件使用方式的人的角度看问题。

我们正在取得巨大的进展。不仅研究表明强化学习后训练可以快10倍且更便宜,现在正在进行的Pluralis运行纯粹是在RTX 4090上进行的,它将展示你可以在纯消费级设备上训练一个真正的大语言模型(LLM)。因为数据中心一半的TCO(总拥有成本)是设施维护和冷却,而设备集群(Swarm)没有这些成本,所以它会变得更便宜。即使速度稍微慢一点,但由于成本低得多,仍然具有经济可行性。

最早的一批算法(如DiLoCo、Sparse LoCo以及两年前谷歌的算法)使参数规模从100亿、400亿发展到720亿。现在Macrocosmos已经达到了1000亿参数。下一代算法将打断模型,我认为使用这些方法我们将达到万亿级参数。

Haseeb:让我扮演一下怀疑论者。

首先,构建大模型有两个限制:计算和带宽。物理规律是打破不了的,如果不把设备物理放置在一起并通过高带宽互连通信,而是通过公共互联网通信并压缩梯度更新,你必然要付出巨大的代价。而且去中心化网络里的机器东一台西一台,根本没法准确核算“总拥有成本(TCO)”。这套说辞当年搞去中心化存储的人也说过:“现在虽然慢,以后算法优化了就好了。”结果呢?去中心化存储根本没需求,因为算下来既不便宜也不高效。

最重要的一点是:训练一个大模型最大的限制是数据。训练一个像Mythos或Fable这种粗略估计有8万亿参数规模的模型,你需要海量的Token数据。OpenAI和Anthropic花巨资从供应商处生成数据,他们花费高昂代价生成合成数据,并从Claude Code和Codex的使用痕迹中获取用户数据。去中心化的人群根本没有这些数据。

抛开经济学,再看需求端。我认为加密货币的核心价值主张不是去中心化,去中心化只是手段,目的是自我主权和抗审查。这也是中本聪设计比特币的原因。在AI领域,人们在乎什么?第一是成本;第二是自己拥有模型并且数据不被放入训练集;第三是抗审查。人们非常讨厌Fable 5的审查制度及其内部暗中削弱性能的机制。

看看Venice AI,它是目前加密AI产品界的宠儿。它使用Near AI进行机密计算,保护隐私且零数据保留。但Venice上最常用的模型并不是什么去中心化训练出来的模型(不是来自Pluralis等),而是像DeepSeek或GLM-5这样的常规公司运行的开源开放权重模型。这就说明,AI的发展方向可能是:人们想要隐私和抗审查的体验,但不一定要通过比特币或以太坊那种底层去中心化的机制来实现。

Jesus:去中心化和中心化AI的人经常在解决落后两代的问题。一位研究员前几天告诉我,“预训练还没有完全解决,但已经非常无聊了。” 很多关于推理的创新来自于后训练,现在我们在谈论递归、持续学习等。中心化AI在人才和资金的降维打击下,差距其实越拉越大了。至于小模型和端侧计算,很多时候直接拿大模型做个蒸馏(比如谷歌的Gemma)就非常好用。如果你搞个去中心化集群,辛辛苦苦练了一个月,中间哪台电脑掉线导致全盘崩溃,我都不知道你该怎么收场。

Jake:这一点你可说错了,去中心化训练集群恰恰有着极强的抗压韧性。在巨型数据中心里,一个GPU坏了你可能需要重新启动训练;而在Swarm中,不同大小和形状的GPU可以在训练进行时随时进出网络而不会产生负面影响。最大的证据是,谷歌最近在博客上表示,他们开始在自己的数据中心内使用DiLoCo风格的算法了。

至于数据问题,Haseeb说得很对,但这并不是说去中心化的人没数据,中心化的人就有数据。市场上有很多客户想要更优的AI经济学。比如,凯易律师事务所(Kirkland & Ellis)最近宣布将斥资5亿美元购买自己的专有数据集进行训练,他们甚至要在律所内部聘请AI工程师。对于像他们这样手握5亿美元预算想训练自有模型的客户来说,去中心化网络免去了数据中心的冷却和维护成本,作为一种计算底层,成本会大大降低。

Haseeb:凯易律师事务所之所以这样做,是因为他们不想分享他们的数据。如果他们把数据放到去中心化网络里,他们的数据就暴露了。他们不是因为觉得自己擅长训练模型才这样做的,而是想把价值内部化。为什么要把它交给Harvey(AI法律工具)呢?

Jake:谁说去中心化训练就一定是公开透明的?完全可以做成隐私许可制的啊。更关键的是,当模型的权重被分散,没有单一实体掌握所有权重时,模型的使用者必须向网络付费。这个收入流不再流向OpenAI的Sam Altman或者Anthropic的Dario,而是流向网络中的代币持有者、购买者和训练参与者。这使得模型有了一个商业模式和收入流。传统律所不一定会马上采用,但绝对有公司会发现这是一种为产品融资的好方法。

网络攻击、地缘政治与最后的堡垒

Camila:如果这一切都能实现,去中心化AI和中心化AI一样强大。在Fable模型这种被政府要求关闭的情况下,去中心化网络能够抗审查吗?

Jake:抗审查其实不是这些网络的首要任务。但如果真要这么干,你可以把神经网络打碎,把权重分散在几十个国家,那就没法被强关了。但我重申,去中心化AI的终极目标是降低门槛,让算力平民化,让更多人能训得起模型。

Jesus:OpenAI之前提到“模型本身已不再是产品”。在去中心化AI领域,人们似乎痴迷于构建模型,而实际上落后了现有技术两三代。我们应该在模型周围的基础设施上寻找价值:用于代码执行和计算的沙盒、评估机制(Evals)、合成数据管道等环境能力。很多现代金融应用可以在DeFi和AI的交叉点上构建,但我们还没充分利用。

Haseeb:回到最开始的问题,如果前沿级别的AI真的被彻底开源、满地跑,连出口管制都拦不住,会发生什么?

我认为全球会爆发一场“新冠级别”的网络安全海啸。那些没法打补丁的软件、小公司的服务器,会被轰得渣都不剩。看看链上的数据就知道了:2026年4月是加密历史上黑客攻击次数最多的一个月,紧接着5月又破了新纪录。虽然被盗总金额还不算夸张,但发案频率直线上升,意味着把钱存放在小协议里比以往任何时候都危险。

如果全世界每个人都手持“火箭筒”,必然会导致大量基础设施被摧毁。尽管在经历痛苦后,两三年内我们的系统会装上“坦克装甲”,但在此期间的阵痛期将会极其惨烈。

Camila:把这么强大的工具放在所有人手里,难道不比只控制在少数几家公司和政府手里更好吗?

Haseeb:你说的“每个人”里,可是包括了朝鲜的。你真想让朝鲜拿到Mythos吗?

Camila:所以你宁愿让美国政府一家独大,甚至由着他们去审查别人,也不愿意让全人类共享?

Haseeb:如果只能在“只有美国能用”和“全世界都能用”里选,我选美国。如果你真的相信AGI(通用人工智能)会到来,那它就是人类史上最强大的武器。自古以来,大规模杀伤性武器都是由主权国家管控的,这很正常。我不担心中国政府拿到Mythos,他们行事稳重且有长远规划;我担心的是朝鲜、恐怖分子和流氓黑客团体。就像我不担心中国有核弹,但我确实担心朝鲜按按钮。

Camila:最后请Jake和Jesus总结一下。Haseeb的火力太猛了,我们需要一点去中心化的信仰充值。

Jake:从投资者的角度来看,就是要找到风险回报率极佳的领域。去中心化AI是一个非常酷的领域。前几天吃晚饭时,我们的一个朋友说:“加密货币正在变成单纯的流量生意,我们该怎么办?” 在这种世界里,去中心化AI可以说是加密货币领域最后的堡垒,它是真正起作用的前沿技术。我对我们在这一领域工作的公司(如Pluralis、Prime、Intel、Jensen、Bagel、Pearl等)感到非常兴奋。

Jesus:去中心化AI绝对有价值,但我依然不看好去中心化“预训练”。我认为在去中心化AI基础设施上存在巨大机会,Crypto底层的技术栈太老旧了,全世界都在用AI进行现代化升级,DeFi和AI的结合绝对是下一个风口。

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Report Analysis: What Is Coherent Planning as CPO Booms?

Title: Report Interpretation: What Moves Is Coherent Making Amid the CPO Boom? Summary: JP Morgan analyst Samik Chatterjee reiterates an Overweight rating on Coherent (COHR), citing undervalued growth potential across three core areas: data center optical transceivers, co-packaged optics (CPO) chips, and industrial lasers/thermal management. COHR's 1.6T data center transceivers are in high demand, with pricing remaining firm. The rise of CPO is seen not as a threat but as a catalyst, creating higher demand for sophisticated optical components, an area where COHR holds a competitive edge with its comprehensive portfolio (lasers, isolators, VCSELs, thermoelectric coolers). Each CPO chip offers significantly greater revenue potential than traditional transceivers. Furthermore, its Optical Circuit Switch (OCS) technology targets a potential $4B market with reliability and power advantages. The company is expanding its InP (Indium Phosphide) device capacity fourfold within two years, securing substrate supply and transitioning to more cost-effective 6-inch wafers. As one of only two major suppliers of high-quality pump lasers—currently in severe shortage—COHR can now move up the value chain from components to complete line cards/systems, boosting ASP over tenfold. Gross margin targets (>42%) may be revised upward due to high-end product premiums, cost improvements from the wafer transition, and contributions from new high-margin products like CPO and OCS. Its efficient thermadite thermal material also offers long-term growth. Industrial segment revenue grows at a steady 5-10%, supported by semiconductor equipment orders. Changes in Apple's Face ID protocol present a re-competition opportunity for 3D sensing. Overall, Coherent is positioned as a key infrastructure provider, with AI-driven compute demand fueling the need for high-speed optical interconnectivity. Growth from CPO/OCS, stable industrial performance, and margin improvement support the bullish thesis. *Disclaimer: This summary interprets a third-party analyst report from JP Morgan. It does not constitute investment advice.*

marsbit1m ago

Report Analysis: What Is Coherent Planning as CPO Booms?

marsbit1m ago

Dan Koe's New Article: Escape the Fate of the Wage Slave, How to Survive in the Tide of AI Replacement?

Dan Koe's article argues that the real threat in the AI era is not technology itself, but financial dependency on employers. He critiques the "wage slavery" of unfulfilling work and identifies five core skills for resilience: agency, taste, persuasion, persistence, and iteration. These are developed not by consuming content, but by starting your own venture. The key to escaping the "employee mindset" is a radical identity shift. This requires: 1) Drastically changing your environment and daily inputs, 2) Choosing a creative medium (like content or code) that provides real-world feedback through trial and error, and 3) Using that feedback to learn and adapt. Koe strongly advocates for content creation over coding for beginners, as it builds irreplaceable subjective taste and audience connection. The practical starting point is a 15-minute self-inquiry to define your "life's work." Answer: What do you know deeply? What innate abilities do you have? What childhood interests were suppressed? Then, identify your contrarian beliefs—what does the mainstream get wrong in your area? The overlap is your unique direction. The final, non-negotiable step is to publish your first piece of content tomorrow. Embrace that it will be bad; the goal is to enter the feedback loop of creation, learning, and iteration, which is the true path to independence.

marsbit10m ago

Dan Koe's New Article: Escape the Fate of the Wage Slave, How to Survive in the Tide of AI Replacement?

marsbit10m ago

After Laying Off 20% of Staff, What Are the Key Points of EF's New Structure?

Following the completion of a months-long organizational restructuring, the Ethereum Foundation (EF) announced a 20% workforce reduction (approximately 54 employees) on June 23rd. It reorganized its teams into five new core clusters: Protocol, Access, User, Community, and Institutional (plus Operations/Management support units). Officially, this move implements the EF's 2026 Mandate and 2025 Treasury Management Policy, aiming to create a more focused and "self-sovereign" organization. The restructuring prioritizes the CROPS principles—Censorship Resistance, Openness & Freedom, Privacy, and Security—as foundational organizational tenets. The Protocol cluster will focus on core protocol R&D, including MEV reduction and zkEVM. The Access cluster emphasizes preserving user "zero option" for non-custodial, permissionless interaction. The User, Community, and Institutional clusters will manage external engagement, with the latter handling institutional and regulatory matters. While offering enhanced severance and transition support for affected employees, the EF did not disclose budget allocations or specific KPIs for the new clusters. This has led to market uncertainty about the impact on project funding and development priorities. Analysts note the announcement's positive tone of mission focus contrasts with a backdrop of recent EF leadership changes and broader ecosystem pressures. The true impact—whether this signifies strategic realignment or reactive contraction—will become clearer as the new structure's resource allocation and project prioritization are revealed in the coming months.

marsbit11m ago

After Laying Off 20% of Staff, What Are the Key Points of EF's New Structure?

marsbit11m ago

Top-Tier MEV Bot Loses $7.5 Million: Is 'Approval' the Most Overlooked Fatal Risk On-Chain?

The article discusses a sophisticated attack on a prominent Ethereum MEV (Miner Extractable Value) bot, Jaredfromsubway.eth, resulting in a loss exceeding $7.5 million. Unlike typical exploits involving key leaks or smart contract bugs, this attack was a carefully orchestrated "reverse hunt." The attacker spent weeks deploying fake tokens and liquidity pools that mimicked legitimate assets like WETH and USDC. These pools were designed to appear as profitable arbitrage opportunities, tricking the automated bot's trading logic. During its normal operation, the bot was induced to grant ERC-20 token approvals to the malicious contracts. Once sufficient permissions were accumulated, the attacker drained the bot's funds by calling these pre-approved allowances. This incident highlights the often-underestimated risks associated with token approvals in Web3. The article explains that approvals are a fundamental mechanism, allowing smart contracts (like DEXs) to move a user's tokens on their behalf. However, risks arise from practices like granting infinite approvals, the persistence of approvals even after disconnecting from a dApp, and the potential for a once-trusted contract to become compromised later. The piece concludes with advice for managing approval risks: users should adopt the principle of least privilege (approving only the needed amount), use separate wallets for storage versus interactions, and regularly audit and revoke unnecessary approvals using tools like Revoke.cash. It also emphasizes the role of wallets like imToken in providing proactive defenses, such as risk warnings and clear, readable transaction signing interfaces, to help users make informed decisions. Ultimately, wallet security must extend beyond private key protection to include active management of token approvals.

marsbit16m ago

Top-Tier MEV Bot Loses $7.5 Million: Is 'Approval' the Most Overlooked Fatal Risk On-Chain?

marsbit16m ago

Precious Metals Decline Alongside, What Signal is Gold Sending to the Market?

Gold and silver prices have declined recently, moving in tandem with a sell-off in risk assets like South Korean semiconductor stocks. This is unusual, as gold typically rises when equities fall due to its safe-haven status. The synchronized drop signals a shift in market focus: it's not about finding safety, but about the rising cost of holding assets that do not yield interest. This cost is the real interest rate. The key driver is a change in Federal Reserve policy expectations under new Chair Kevin Warsh. Despite holding rates steady, the Fed's rhetoric has turned more hawkish, emphasizing persistent inflation risks. This has led markets to price in a "higher for longer" rate environment, increasing the appeal of cash and bonds while pressuring zero-yield assets like gold and tech stocks with high future cash flow valuations. Technically, gold breached the $4,100/oz support level, approaching the critical $4,000 psychological and technical zone. A break below could trigger accelerated selling from momentum traders and ETFs. While long-term supportive factors like central bank buying and geopolitical risks remain, short-term price action is dominated by liquidity and opportunity cost dynamics. The South Korean market meltdown, driven by crowded AI-trade unwinding, is a symptom—not the cause—of this broader macro repricing. Both markets are reacting to the same pressures: higher real rates and a stronger US dollar. In summary, the concurrent decline in equities and precious metals highlights that diverse assets can share exposure to a common macro variable—the price of money. The near-term path for gold and silver depends primarily on the persistence of Fed hawkishness, dollar strength, and real yields, which currently override their traditional safe-haven narratives.

marsbit25m ago

Precious Metals Decline Alongside, What Signal is Gold Sending to the Market?

marsbit25m ago

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What is LINON

Linde plc Tokenized Stock (Ondo): Revolutionizing Traditional Equity Access Through Blockchain Innovation The emergence of Linde plc Tokenized Stock (Ondo), represented by the ticker $LINON, signifies a monumental shift in the fusion of traditional financial structures and decentralized finance (DeFi). This innovative financial instrument showcases the tremendous potential of blockchain technology to democratize access to traditional equity markets while ensuring the security and regulatory compliance necessary for institutional-grade financial products. Through Ondo Finance's pioneering tokenization platform, $LINON provides a seamless pathway for global investors to engage with one of the world's leading industrial gas companies, Linde plc, creating a blockchain-native representation of the underlying equity. Introduction to Linde plc Tokenized Stock The landscape of financial markets is witnessing a groundbreaking transformation through the tokenization of real-world assets. Linde plc Tokenized Stock (Ondo) epitomizes this revolutionary approach by bridging the gap between conventional stock ownership and blockchain-enabled financial infrastructure. The $LINON token allows investors to gain exposure to one of the prominent industrial companies worldwide through decentralized technology. Operating within Ondo Finance's comprehensive ecosystem, $LINON symbolizes a practical application of tokenization technology that enhances accessibility, efficiency, and global connectivity in traditional financial markets. By leveraging blockchain infrastructure, this tokenized stock enables international investors to participate in U.S. equity markets, overcoming traditional barriers associated with cross-border investing. The significance of $LINON goes beyond technological innovation; it represents a fundamental shift in asset structuring, distribution, and trading in the digital age. This tokenized stock maintains all the economic benefits associated with traditional Linde plc shares while offering improved liquidity, programmable compliance features, and seamless integration with decentralized finance protocols. The development of $LINON indicates a growing acceptance of blockchain technology as a viable means for traditional finance, exemplifying how even well-established assets like Linde plc can integrate into blockchain systems. This approach preserves the core attributes that appeal to investors while introducing advanced capabilities that enhance the overall investment proposition. Project Overview and Objectives Linde plc Tokenized Stock (Ondo) encapsulates a strategic effort to democratize access to traditional equity markets through advanced blockchain technologies. The primary objective of $LINON is to provide approved global investors seamless access to the economic exposure associated with Linde plc shares, furthering an effort to create a more inclusive financial ecosystem. Beyond the digital representation of traditional assets, $LINON endeavors to eliminate barriers of geography and time zones that limit investor participation. Its design ensures that blockchain technology can elevate traditional investment vehicles without undermining the security or compliance requirements expected by investors. Key goals of the project include enhanced liquidity provision, programmable compliance mechanisms, and interoperability with other blockchain networks. Each $LINON token is fortified by actual Linde plc securities housed at U.S.-registered broker-dealers, allowing holders to reap economic advantages akin to traditional stockholders, such as dividend reinvestment. Furthermore, $LINON aims to establish new industry standards for institutional-grade tokenized securities, paving the way for traditional assets to embrace blockchain technology while remaining compliant with regulatory frameworks. By associating itself with a company as reputable as Linde plc, the project opens avenues for exploring tokenized equities catering to both conservative institutional players and daring retail investors. Project Creator and Development Team The vision for Linde plc Tokenized Stock (Ondo) comes from Nathan Allman, founder and CEO of Ondo Finance. His background in traditional finance coupled with expertise in blockchain technology positions him uniquely to navigate the complexities of asset tokenization. Allman's academic journey began at Brown University, focusing on Economics and Biology, equipping him with valuable analytical skills. His time at Goldman Sachs in the Digital Assets division strengthened his understanding of the interplay between financial institutions and emerging technologies, laying the groundwork for his later endeavors in alternative investment strategies. Under Allman's guidance, Ondo Finance has emerged as a leader in asset tokenization, launching $LINON as a flagship example of the company's larger mission towards revolutionizing traditional financial systems using blockchain technology. His commitment to leveraging blockchain for creating institutional-grade financial products has shaped the landscape of real-world asset tokenization. Investment and Funding Structure The growth of Ondo Finance, the platform powering Linde plc Tokenized Stock (Ondo), is bolstered by robust financial backing from prestigious venture capital firms and strategic investors. This strong investment foundation underpins the development of the key infrastructure essential for compliant tokenized securities like $LINON. In August 2021, Ondo Finance secured $4 million in seed funding led by a major venture capital firm, which enabled the company to commence platform development and establish the necessary regulatory processes for tokenizing real-world assets. This early investment cemented Ondo Finance's credibility within the industry. The Series A funding round followed, garnering $20 million with participation from renowned firms committed to transformative technology companies. This backing demonstrated substantial institutional confidence in Ondo Finance's vision, allowing it to hone its approach to asset tokenization through mechanisms that ensure compliance and accessibility. Noteworthy contributors, including institutional investors and experienced partners, have added significant value to Ondo Finance’s development efforts. Their involvement underscores the confidence across sectors in Ondo Finance's approach to bridging traditional finance with blockchain innovations. Technical Infrastructure and Innovation The technical architecture that underpins Linde plc Tokenized Stock (Ondo) represents a sophisticated melding of traditional finance systems and cutting-edge blockchain technology. The architecture's foundation is built on the Ethereum network, renowned for its security and programmability—both critical for intricate financial instruments. The $LINON tokenization process comprises creating a blockchain-native representation of Linde plc shares that preserves economic benefits while augmenting investor capabilities. Each token corresponds to actual shares held at U.S.-registered broker-dealers, creating a compliant custody structure that legitimizes the asset's existence and value. Automated compliance systems are integrated into the tokenization process, managing critical components such as know-your-customer (KYC) verification and anti-money laundering (AML) protocols. This incorporation of programmable compliance empowers $LINON to uphold regulatory standards essential for institutional proliferation. Cross-chain interoperability characterizes the advanced technical features of $LINON. While initially deployed on Ethereum, the framework is designed for expansion to other networks such as Solana and BNB Chain. This adaptability enhances liquidity and accessibility, allowing investors to select their preferred blockchain ecosystems. Historical Timeline and Development Crafting the history of Linde plc Tokenized Stock (Ondo) unfolds in parallel with the evolution of Ondo Finance's tokenization platform. The timeline's inception dates back to March 2021 when Nathan Allman laid the foundations for creating institutional-grade financial products on blockchain infrastructure. The initial funding round in August 2021 provided crucial resources for developing the platform and establishing partnerships necessary for effective tokenization. By January 2023, Ondo Finance launched its tokenized treasury products, establishing mechanisms that would facilitate future tokenized equities such as $LINON. A pivotal milestone arose in February 2025 when Ondo Chain—a Layer 1 blockchain designed specifically for asset tokenization—was introduced. This infrastructure enhances capabilities vital for institutional markets, demonstrating Ondo Finance's long-term commitment to tokenization. Subsequently, the launch of Ondo Global Markets in September 2025 marked the official debut of $LINON. This milestone showcased the successful transition from development to active trading, enabling investors around the world to access American financial markets seamlessly. Ongoing development plans include a targeted expansion of available tokenized assets to over 1,000 by the end of 2025, pointing to a bright future for Ondo Finance's ecosystem and its mission to broaden tokenized equity accessibility. Regulatory Compliance and Legal Framework The legal architecture governing Linde plc Tokenized Stock (Ondo) emphasizes a sophisticated approach to regulatory compliance, allowing tokenized securities to be implemented within a blockchain-based framework. The legal structure governing $LINON spans multiple jurisdictions while maintaining a robust legal footing. Compliance systems ensure that only eligible investors can access the token, enforced through automated verification that aligns with international regulations. This innovative regulatory technology promises real-time enforcement of complex requirements, considerably enhancing efficiency in operating within the regulatory landscape. The custody framework undergirding $LINON ensures that the underlying shares are securely held at U.S.-registered broker-dealers, complying with necessary regulations while delivering blockchain-driven access to investors. The token maintains its economic equivalency and security through this carefully structured custody arrangement. KYC and AML compliance systems are embedded within the smart contract architecture, ensuring integrity and adherence to regulatory practices while fostering transparency for investors. The jurisdictional restrictions mark a commitment to navigating the evolving landscape of international securities laws. Market Impact and Industry Significance The advent of Linde plc Tokenized Stock (Ondo) holds profound implications for the broader financial landscape, symbolizing a clear shift towards blockchain-enabled markets. $LINON serves as a proof-of-concept for integrating traditional companies into blockchain ecosystems, showcasing the potential benefits such as broader accessibility and improved efficiency. The market's response to $LINON indicates a growing acceptance of tokenization among institutional investors, contributing to the emergence of an expanding sector wherein traditional assets can be interconnected with blockchain innovations. The success of $LINON further solidifies market confidence, indicating an overarching shift towards recognizing asset tokenization as a transformative force in finance. Future Development and Expansion Plans The future trajectory for Linde plc Tokenized Stock (Ondo) centers around the expansion of the tokenization ecosystem and enhanced infrastructure supporting blockchain-enabled financial services. Plans for cross-chain integration usher in new opportunities for liquidity and flexibility within the investment framework, with existing capabilities poised for continuous enhancement. With the introduction of Ondo Chain, Ondo Finance aims to transition $LINON to an optimized blockchain environment specifically designed for asset tokenization. This new infrastructure heralds exciting prospects for the development of institutional-grade financial products, ensuring ongoing compatibility with contemporary investment strategies. Further integration with decentralized finance protocols signifies a commitment to empowering $LINON holders through advanced financial strategies. The anticipated expansion of available tokenized assets promises to broaden investor access, enhancing the utility and appeal of the platform. In alignment with ambitions for regulatory expansion, ongoing efforts to secure approvals for new jurisdictions will enhance investor access, further positioning $LINON at the forefront of the burgeoning tokenization market. Conclusion Linde plc Tokenized Stock (Ondo), as represented by the $LINON token, stands at the intersection of traditional finance and blockchain innovation. It embodies a transformative milestone in how financial assets are structured, distributed, and engaged within modern investment ecosystems. The technical sophistication behind $LINON, combined with its regulatory compliance framework, illustrates that asset tokenization can improve financial infrastructure rather than simply digitizing existing products. This pioneering effort not only enhances investor access to U.S. equity markets but also signifies an evolution of how traditional financial services can integrate blockchain technology. As the asset tokenization market grows exponentially, with prospects suggesting significant valuation increases, $LINON paves the way for a future where tokenized securities become standard fixtures in the financial landscape. The trajectory of $LINON will undoubtedly influence how traditional finance adapts to a transformed, blockchain-powered world.

3.2k Total ViewsPublished 2025.12.05Updated 2025.12.05

What is CRMON

Salesforce Tokenized Stock (Ondo): Revolutionising Traditional Equity Access Through Blockchain Innovation The emergence of Salesforce Tokenized Stock (CRMON) marks a pivotal advancement in integrating traditional financial markets with blockchain technology. This innovative approach offers investors unprecedented access to equity exposure through tokenisation. Developed by Ondo Finance, CRMON provides tokenholders with economic exposure equivalent to holding Salesforce stock (CRM) while automatically reinvesting dividends. This effectively bridges the gap between conventional equity markets and decentralised finance (DeFi). Introduction and Comprehensive Overview of Salesforce Tokenized Stock In recent years, the financial landscape has dramatically transformed due to blockchain technology, fundamentally altering how investors access and interact with traditional assets. The development of Salesforce Tokenized Stock (CRMON) is a prime example of this evolution, representing a sophisticated fusion of conventional equity markets with cutting-edge distributed ledger technology. CRMON is a tokenised version of Salesforce stock, emerging from the innovative work of Ondo Finance, a leading platform in the real-world asset tokenisation sector that positions itself as a bridge between traditional finance and decentralised systems. Designed to provide tokenholders with economic exposure that mirrors the performance of the underlying Salesforce stock, CRMON incorporates automatic dividend reinvestment mechanisms. This eliminates many traditional barriers associated with international equity investment, such as complex brokerage relationships, currency conversion challenges, and restricted trading hours. The tokenisation process reimagines stock ownership as a blockchain-native asset while maintaining its economic equivalence with the underlying security, offering enhanced portability and integration capabilities within decentralised finance ecosystems. CRMON transcends its individual utility as an investment instrument to represent a fundamental shift in how financial markets can operate in an increasingly digital world. By maintaining full backing through U.S.-registered broker-dealers and implementing robust compliance frameworks, CRMON demonstrates that tokenised securities can achieve the regulatory standards necessary for institutional adoption while delivering the technological advantages of blockchain infrastructure. Understanding Tokenized Real-World Assets and CRMON's Strategic Position Tokenised real-world assets signify one of the most significant innovations in modern finance, fundamentally reimagining how traditional securities are represented, traded, and utilised within digital ecosystems. CRMON operates as a tokenised equity instrument correlating directly with Salesforce stock while optimising accessibility and efficiency. This aligns with Ondo Finance's broader mission to democratise access to institutional-grade financial products through innovative tokenisation strategies. The tokenisation process guarantees complete economic equivalence with the underlying Salesforce equity. Each CRMON token represents a proportional claim on Salesforce stock held by qualified custodians, with dividend payments automatically reinvested to maintain continuous exposure to total return performance. This structure simplifies dividend management and ensures that tokenholders receive the full economic benefit of their equity exposure, encompassing both capital appreciation and income generation. Ondo Finance's strategy in tokenising Salesforce stock demonstrates its expertise in creating compliant, institutional-grade products that meet traditional financial markets' stringent requirements. The platform’s focus on merging regulatory compliance with blockchain benefits positions it at the forefront of decentralised finance, captivating both institutional and retail investors seeking blockchain-native solutions. The Technology and Innovation Framework Behind CRMON The technological infrastructure supporting CRMON integrates blockchain technology with traditional financial mechanisms, delivering institutional-grade security and compliance while maintaining the operational advantages of decentralised systems. Built on the Ethereum blockchain, CRMON utilises robust smart contract capabilities to ensure transparent, secure operations. The smart contract architecture incorporates layered security and compliance mechanisms, enabling automated compliance checks and real-time asset backing verification. Integration with oracle services maintains accurate pricing and dividend information, ensuring CRMON reflects the underlying Salesforce stock's accurate performance. This architecture delivers automated dividend reinvestments and other corporate actions, eliminating manual processing requirements and directly enhancing tokenholder benefits. Ondo Finance ensures CRMON's security structure includes daily third-party verification of holdings, independent collateral agents, and a multiple-layer custody system through partnerships with established financial institutions. This framework safeguards tokenholder interests against operational risks while providing robust asset backing. The user interface enhances integration capabilities, allowing seamless interaction between CRMON and various decentralised finance protocols, as well as cryptocurrency exchanges. This interoperability enables users to leverage their tokenised equity across multiple platforms, creating sophisticated investment strategies that marry traditional equity characteristics with blockchain-native innovation. Leadership and Corporate Structure of Ondo Finance The leadership team behind CRMON and Ondo Finance blends expertise from traditional finance and blockchain technology, presenting a robust combination of skills essential for successfully bridging conventional markets with decentralised finance. Nathan Allman, the founder and CEO, emerged from a distinguished financial background before establishing Ondo Finance in 2021. Allman's experience includes notable roles at major financial institutions, including significant contributions to developing cryptocurrency market services. His insights into regulatory compliance were paramount in developing products like CRMON that successfully unify traditional securities with blockchain technology. With a team of professionals boasting substantial experience in both conventional finance and blockchain sectors, Ondo Finance's leadership comprises diverse expertise that covers every aspect of tokenised asset development. Justin Schmidt serves as President and COO, contributing unique operational expertise, while Chris Tyrell brings essential compliance knowledge. Investment Landscape and Funding History The investment landscape surrounding Ondo Finance reflects significant institutional confidence in its mission to tokenise real-world assets. The company has raised substantial funds through various investment rounds, attracting leading venture capital firms and strategic investors that recognise the transformative potential of tokenised securities like CRMON. Notably, Ondo Finance completed a successful Series A funding round in 2022, led by well-known venture capital firms. This funding success validates Ondo Finance's innovative approach to creating compliant, institutional-grade tokenised products. In total, Ondo Finance has successfully secured substantial funding, raising significant capital for product development and market expansion, including a noteworthy token sale that reinforced its governance structure through the establishment of the ONDO token. The diverse composition of investors reflects broad market confidence in Ondo Finance's business model, demonstrating support from both traditional and blockchain-native organisations. Operational Mechanics and Technical Implementation The operational framework supporting CRMON exemplifies sophisticated integration of traditional financial mechanisms with blockchain technology. The technical implementation introduces multiple layers of security, compliance, and operational efficiency to meet institutional standards while enhancing accessibility. The tokenisation process begins by acquiring actual Salesforce stock through U.S.-registered broker-dealers, ensuring each CRMON token maintains direct correlation with the underlying equity performance. Smart contracts automate operational processes, including dividend reinvestment and corporate action processing, facilitating a streamlined user experience. The Minting and redemption processes allow authorised participants to manage CRMON tokens effectively. During U.S. trading hours, institutions can mint new tokens by depositing stablecoins that are used to purchase corresponding Salesforce equity. This structure maintains a tight correlation with underlying assets, enhancing liquidity and price discovery. Additionally, the infrastructure supports twenty-four-hour token transfer capabilities, providing CRMON holders with operations outside traditional market hours. This represents a significant advantage over conventional securities ownership, thus promoting integration with decentralised finance applications. Plans for cross-chain compatibility through partnerships signal further ambitions for CRMON's market reach. By expanding to other blockchain networks, Ondo Finance aims to enhance accessibility and user engagement with tokenised equity products. Timeline and Historical Development of Tokenized Equity Innovation The timeline of CRMON's development and Ondo Finance's broader tokenised capabilities demonstrates a systematic innovation process beginning with the company's founding in 2021. 2021: Ondo Finance is founded by Nathan Allman and co-founders, launching initial products focused on structured vault offerings on the Ethereum blockchain. 2022: The company completes substantial funding rounds—both equity and token sales—totaling significant capital and launching initial tokenised U.S. Treasury products. 2023-2024: Ondo Finance experiences substantial growth, establishing partnerships with major financial institutions while expanding its product offerings beyond fixed-income securities. February 2025: Ondo Global Markets is announced, marking the transition into equity tokenisation with plans for accessing over one hundred U.S. stocks and ETFs. September 2025: The official launch of Ondo Global Markets includes CRMON alongside other tokenised equity offerings, marking a significant evolution in Ondo Finance's product ecosystem. This timeline highlights the organisation's rapid growth and its capability to adapt its technological and compliance frameworks to accommodate different asset classes effectively while maintaining security and regulatory integrity. Regulatory Framework and Compliance Approach Ondo Finance's regulatory framework showcases a sophisticated compliance strategy, essential for achieving institutional adoption in the tokenised securities market. The company's strong partnerships with U.S.-registered broker-dealers promote adherence to Securities and Exchange Commission regulations and apply robust investor protections. Acquisitions, such as Oasis Pro—a registered broker-dealer—significantly enhance Ondo Finance's compliance capabilities, ensuring thorough alignment with existing regulatory structures. The company employs independent verification procedures that foster transparency, aiming for a solid performance standards reputation. Furthermore, Ondo Finance's commitment extends to international regulatory compliance, ensuring token access remains restricted to eligible investors while adhering to pertinent cross-border securities regulations. Comprehensive attention to tax implications and reporting requirements fortifies the security and compliance landscape of CRMON, ensuring that investor obligations remain manageable. Future Prospects and Market Positioning The forward-looking landscape for CRMON and Ondo Finance illustrates substantial growth opportunities driven by institutional adoption of blockchain technology and escalating demand for efficient alternatives to conventional securities ownership. Market projections indicate the tokenised asset sector could value multiple trillion dollars by 2030. With plans to scale CRMON offerings significantly and integrate it with a dedicated blockchain infrastructure—Ondo Chain—Ondo Finance aims to elevate its institutional-grade tokenised asset operations. Additionally, the development of strategic partnerships enhances distribution capabilities while establishing the company's credibility in the financial market. Furthermore, the integration of tokenised equity with decentralised finance protocols offers new potential for innovative financial products and strategies previously impossible with traditional securities. These factors underscore CRMON's positioning to effectively capture increased market share and deliver innovative solutions for international investment exposure. Conclusion Salesforce Tokenized Stock (CRMON) symbolises a transformative development within financial markets, successfully bridging traditional equity ownership with blockchain technology to create unprecedented accessibility for global investors. Through Ondo Finance's sophisticated tokenisation framework, CRMON provides complete economic exposure to Salesforce equity performance while enhancing operational advantages that exceed traditional ownership. The launch of CRMON reflects the broader evolution of financial markets towards blockchain infrastructures that maintain regulatory compliance while delivering increased efficiency. Ondo Finance's extensive approach to regulatory adherence, institutional-grade security, and technological innovation solidifies CRMON as a model for future tokenised securities, delivering access previously unattainable in conventional brokerage structures. As the tokenised asset sector continues to develop, CRMON is well-positioned to address historical inefficiencies in capital markets while providing investors with innovative solutions for accessing traditional securities. The outlook for CRMON looks exceptionally promising, supported by ambitious expansion plans, technological innovations, and strategic partnerships, thereby representing a pioneering model of modern financial infrastructure evolving through blockchain integration.

3.3k Total ViewsPublished 2025.12.05Updated 2025.12.05

What is SHOPON

Shopify Tokenized Stock (Ondo): A Comprehensive Analysis of Real-World Asset Tokenization in Web3 This article delves into the Shopify Tokenized Stock (Ondo), recognised by its ticker symbol $SHOPON, exploring its implications at the intersection of traditional finance and blockchain technology. As a part of Ondo Finance's tokenized securities platform, Shopify’s tokenized stock exemplifies advancements in democratizing access to global capital markets through innovative digital assets. Introduction and Overview of Shopify Tokenized Stock (Ondo) Shopify Tokenized Stock (Ondo), or $SHOPON, portrays a pivotal innovation in the realm of tokenized securities, allowing investors to gain economic exposure akin to directly owning shares of Shopify Inc. This token, developed under the umbrella of Ondo Finance, not only provides investors with the ability to hold digital representations of the company’s stock but also integrates features such as automatic reinvestment of dividends. This advancement represents a substantial shift in the landscape of decentralized finance (DeFi), linking conventional equity markets with blockchain solutions designed to enhance accessibility, transparency, and liquidity. By eliminating geographical barriers and enabling 24/7 trading capabilities, $SHOPON is positioned as a bridge connecting traditional financial instruments and the emerging Web3 ecosystem. What is Shopify Tokenized Stock (Ondo), $SHOPON? The $SHOPON token serves as a digital manifestation of Shopify Inc.'s shares, engineered to provide a direct correlation to the underlying asset's performance. Through the utilization of blockchain technology, the token gives holders a mechanism to participate in the economic benefits associated with equity ownership, including capital appreciation and dividend distribution. The unique aspect of $SHOPON lies in its automatic dividend reinvestment mechanism, which allows returns to compound without necessitating active management by the investor. This feature inherently enhances its attractiveness as an investment vehicle, particularly for individuals seeking passive income growth alongside exposure to high-performing equities. The tokenization process is facilitated by the custody of actual Shopify shares through regulated intermediaries, ensuring that every $SHOPON token is verifiably backed by real equity. This structure empowers investors with the dual advantages of both traditional financial characteristics and the innovative benefits tied to blockchain technology. Who is the Creator of Shopify Tokenized Stock (Ondo)? The creator of Shopify Tokenized Stock (Ondo), Nathan Allman, is an experienced figure in the finance sector, formerly associated with Goldman Sachs. His rich background includes significant expertise in digital asset development, bridging the gap between traditional finance and cryptocurrencies. Allman’s educational journey, marked by studies at Brown University, provided him with a deep understanding of economics and biology, equipping him with analytical skills that inform his strategic vision. In 2021, he founded Ondo Finance, committing to developing tokenized securities that meet institutional-grade standards while leveraging blockchain's transformative capabilities. Under Allman's leadership, Ondo Finance has focused on creating compliant and innovative financial products that empower a diverse investor base. Who are the Investors of Shopify Tokenized Stock (Ondo)? The investment landscape surrounding Shopify Tokenized Stock (Ondo) is notably robust, underpinned by significant institutional support. Primarily, Pantera Capital stands out as a strategic partner through the Ondo Catalyst initiative, a $250 million commitment aimed at accelerating the development of on-chain capital markets. This partnership not only signifies institutional confidence in the potential of tokenized assets but also reinforces Ondo Finance's operational capabilities and market positioning. The funding pathways have included earlier rounds that amassed millions in seed funding and further structural investments, solidifying relationships with both venture capital firms and private investors. Moreover, the financial framework is complemented by strategic partnerships with established financial institutions and technology companies, enhancing Ondo’s infrastructure and operational expertise. How Does Shopify Tokenized Stock (Ondo), $SHOPON Work? At the core of $SHOPON's operational framework is a sophisticated system integrating traditional finance mechanisms with blockchain technology. The custody of actual Shopify shares ensures that token holders retain authentic economic exposure, safeguarding their investments in line with recognized legal structures. The smart contracts employed in managing $SHOPON handle various functions, including automatic dividend reinvestment and ownership transfer, offering instant settlement and increased liquidity, marking a significant departure from conventional trading systems plagued by multi-day settlement delays. By providing interoperability with other decentralized finance applications, $SHOPON empowers holders with potentially lucrative opportunities for advanced investment strategies, including lending and automated market making. This complex integration presents a unique value proposition, catering to both traditional and crypto-native investors. The innovative structure of $SHOPON also allows for real-time settlements and transactions documented on the blockchain, delivering unparalleled transparency and security—a major advancement over standard equity trading practices. Timeline of Shopify Tokenized Stock (Ondo) March 2021: Nathan Allman establishes Ondo Finance, initially focusing on decentralized finance yield optimization. August 2021: Completion of a $4 million seed funding round led by Pantera Capital. January 2023: Launch of initial tokenized treasury security products, laying the groundwork for future equity tokenization. July 2025: Announcement of the Ondo Catalyst initiative, a strategic investment program valued at $250 million, aimed at propelling the development of tokenization in capital markets. September 3, 2025: Launch of Ondo Global Markets featuring over 100 tokenized U.S. stocks and ETFs, including $SHOPON. Technical Implementation and Blockchain Infrastructure Shopify Tokenized Stock (Ondo) operates on a technical architectural framework that marries blockchain protocols with traditional financial custody arrangements. The ecosystem leverages Ethereum's smart contract capabilities, providing seamless transaction management while ensuring compliance with regulatory standards through established financial custodians. Central to this architecture are security measures and transparent transaction records that affirm the legitimacy of each tokenholder's economic stake. With automated features managed by intricate smart contracts, $SHOPON not only streamlines ownership transfers but also allows for the tactical reinvestment of dividends—a hallmark of modern investment strategies. Moreover, the incorporation of LayerZero technology facilitates cross-chain interoperability, making $SHOPON accessible across multiple blockchain environments while preserving its functional robustness. This forward-thinking technical design positions $SHOPON as an adaptable asset within the larger DeFi milieu. Regulatory Framework and Compliance Architecture $SHOPON's regulatory framework is built upon the meticulous navigation of existing financial regulations that govern securities. The custody arrangements for the underlying Shopify shares are managed by U.S.-regulated broker-dealers, ensuring compliance and protection for investors. By maintaining a separation between the blockchain tokenization process and traditional custody, $SHOPON adheres to legal requirements while offering innovative functionalities that challenge conventional constraints. This dual-layered compliance approach enhances investor confidence and underscores Ondo Finance's commitment to regulatory integrity. Notably, the availability of $SHOPON is tailored to international investors from regions such as Asia-Pacific, Europe, and Africa, as regulatory parameters in the U.S. and U.K. present challenges in accessing tokenized securities. Market Access and Global Distribution Strategy The distribution strategy of $SHOPON is keenly designed to optimize global access while conforming to regulatory standards. The platform aims to establish comprehensive coverage for eligible investors across multiple regions, effectively dismantling traditional barriers through the implementation of blockchain technology. Integration with various cryptocurrency wallets and exchanges also promotes user-friendliness and accessibility, establishing a streamlined experience for investors to manage their holdings. Moreover, the 24/7 trading capabilities afforded by the tokenized model allow participants to react promptly to market shifts, fundamentally transforming how global equities are accessed and traded. Technology Integration and Cross-Chain Functionality The remarkable technological underpinnings of $SHOPON propagate its multi-chain functionality, set to expand its reach beyond Ethereum to networks such as Solana and BNB Chain. Such cross-chain capabilities allow users flexibility when navigating between blockchains, concurrently leveraging distinct network attributes to optimize their trading experience. LayerZero serves as the backbone for ensuring decentralized transfers between networks while providing the requisite security and speed, quintessential for maintaining investor trust. This comprehensive interoperability illustrates $SHOPON's commitment to being a versatile, user-centric asset in the evolving investment landscape. Ecosystem Integration and DeFi Compatibility Incorporating $SHOPON into broader DeFi protocols signifies its potential beyond traditional stock ownership. Token holders can leverage their holdings for various sophisticated strategies and applications, enhancing investment returns and liquidity management. By establishing a presence in lending protocols and automated trading systems, $SHOPON effectively democratizes access to advanced financial strategies previously limited to institutional investors. Such integration contributes to a more competitive and dynamic financial landscape, where individual investors can capitalize on tools typically reserved for larger entities. Risk Management and Security Framework Security remains paramount in the operational infrastructure of $SHOPON. The tokenization framework employs multiple layers of protection—beginning with regulated custody of the underlying Shopify shares. The operational protocols establish rigorous auditing, key management, and transaction monitoring standards, thus safeguarding against potential vulnerabilities. Moreover, meticulous adherence to evolving regulatory requirements provides an extra layer of security, fortifying investor protections and institutional compliance. Market Impact and Industry Implications The introduction of Shopify Tokenized Stock (Ondo) heralds a transformative shift in how financial markets operate, emphasizing the potential of tokenized securities to reshape traditional investment paradigms. The successful integration of $SHOPON encapsulates the efficiencies inherent in blockchain technology and opens avenues for new user demographics previously barred from extensive market participation. The impact extends beyond the immediate benefits to token holders, indicating broader trends that may challenge the status quo of investment services, particularly in addressing geographic restrictions and operational costs typically associated with traditional brokerage platforms. Undeniably, $SHOPON encapsulates the potential for traditional institutions to innovate further, leveraging the increasing demand for seamless blockchain access to complement existing financial infrastructure. Future Development Roadmap and Strategic Vision As Ondo Finance looks forward, the trajectory of $SHOPON rests on ambitious goals aimed at broadening the spectrum of available tokenized assets significantly. Over the next few years, plans are in place to expand to more than 1,000 tokenized securities, further enhancing market participation and investment options for individuals worldwide. Continued integration with traditional financial actors, development of specialized institutional products, and enhancements in automated trading capabilities will ensure that $SHOPON maintains its position at the forefront of financial innovation. Regulatory collaboration will also remain a focal point, establishing a framework that not only supports the compliance requirements but also promotes a healthy environment for tokenized asset proliferation. Conclusion and Market Significance In summary, Shopify Tokenized Stock (Ondo), represented by the ticker $SHOPON, is more than merely a tokenized equity offering; it embodies the innovation possible when traditional finance collides with modern blockchain applications. With a robust technical architecture, a commitment to compliance, and a clear strategic vision, $SHOPON exemplifies the potential for tokenized assets to enhance liquidity, accessibility, and functionality in capital markets. As the global investment landscape evolves, the transformative implications of $SHOPON extend beyond individual investors to revolutionize how financial instruments are perceived, traded, and utilized within both traditional and decentralized frameworks.