Artículos Relacionados con Institutionalization

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The End of DeFi Lego: Vaults Are Left with Nothing but Deposits

This article argues that the era of "DeFi Lego" – the complex, interlocking composability of decentralized finance protocols – is ending. The primary user behavior has collapsed into a single action: depositing stablecoins into yield-bearing vaults for a return. Major exchanges like Binance, OKX, and HTX are forging their own paths by subsidizing and promoting their own stablecoin products (e.g., USD1, USDG) to capture user value directly. On-chain, the yield landscape has become homogenized, with vaults competing almost solely on the APY they offer for USDT and USDC deposits. Users no longer care about the underlying protocols (Morpho, Aave, etc.) or their governance tokens; they are primarily attracted by high yields and the branding of the platforms offering them (e.g., Kraken, Coinbase). This shift has led to several consequences: governance tokens are losing value, DeFi ecosystem has become a flattened landscape of competing vaults rather than a collaborative system, and the end-user experience is now a simple flow of converting fiat to stablecoins on a CEX, finding the highest-yielding vault, and spending via crypto debit cards. The article concludes that DeFi must learn from traditional finance (TradFi), which successfully serves human needs and builds network effects. To survive, DeFi protocols must move beyond being mere back-end yield generators and find ways to re-engage users, rebuild trust, and create value beyond just high APYs.

marsbit01/29 01:38

The End of DeFi Lego: Vaults Are Left with Nothing but Deposits

marsbit01/29 01:38

2026 Outlook: The Next Phase of Quantitative Trading and Structural Opportunities in Alternative Assets

The 2025/2026 China Quantitative Investment Summit highlighted key shifts in the quant industry. Traditional alpha is diminishing, prompting a move toward greater flexibility, domain-specific modeling, and advanced AI applications. Large language models (LLM), particularly the "Order as Token" concept, are revolutionizing trading by predicting price movements as sequences, similar to NLP models predicting words. Concurrently, alternative assets like cryptocurrencies are gaining institutional interest due to their low correlation with traditional markets and high alpha potential. Strategies such as funding rate arbitrage in crypto perpetual contracts offer market-neutral returns. In 2026, quant strategies will emphasize dynamism, anti-fragility, and dynamic asset allocation to manage crowding risks. Structured products with capital protection features will grow in demand. The industry is evolving through either technological innovation, like AI-driven models, or diversification into emerging asset classes such as crypto.

比推01/27 04:28

2026 Outlook: The Next Phase of Quantitative Trading and Structural Opportunities in Alternative Assets

比推01/27 04:28

Farewell to the Era of Chaos: How Are Crypto Market Makers Completing Their 'Rite of Passage'?

This article explores the maturation of cryptocurrency market makers, moving from a "wild west" era of grey arbitrage and information asymmetry to a highly institutionalized and regulated industry. Key shifts include the prioritization of compliance, risk management, and technical infrastructure over aggressive tactics. Profit margins have significantly decreased as project funding for market making has dropped by up to 50%, while demands for transparency and quantifiable results have increased. The role of market makers has evolved from pure liquidity providers to hybrid entities acting as secondary market investors, risk managers, and infrastructure partners. The industry is fragmenting into specialized areas like on-chain market making, derivatives, and tokenized stocks, each with distinct challenges and barriers to entry. Survival now depends on robust systems, strict risk controls, and deep institutional trust rather than bold speculation. The 2025 market crash exemplified how inadequate risk management leads to rapid淘汰. Ultimately, the most successful market makers are those that are systematic, compliant, and resilient—signaling the sector's transition into a disciplined, essential component of the crypto financial ecosystem.

比推01/06 13:45

Farewell to the Era of Chaos: How Are Crypto Market Makers Completing Their 'Rite of Passage'?

比推01/06 13:45

Tiger Research: Ten Major Shifts in the Cryptocurrency Market by 2026

Tiger Research outlines ten major shifts expected in the cryptocurrency market by 2026. As the industry matures, institutional capital will remain concentrated in Bitcoin and Ethereum, avoiding unproven assets. Projects without real revenue generation will face淘汰, while unsustainable tokenomics will give way to models emphasizing buybacks and burns. Increased M&A activity will drive market consolidation. Emerging trends include the fusion of robotics and crypto-enabled gig economies for decentralized data collection, and media companies adopting prediction markets to boost engagement. Traditional finance will dominate real-world assets (RWA) via private chains, while ETH staking ETFs will accelerate growth in Bitcoin-based financial products (BTCFi). Fintech apps will surpass exchanges as primary entry points for new users. Finally, privacy technology will become essential institutional infrastructure to protect large-scale trading strategies.

marsbit12/29 02:08

Tiger Research: Ten Major Shifts in the Cryptocurrency Market by 2026

marsbit12/29 02:08

Ten Individuals Redefining the Power Boundaries of Cryptocurrency in 2025

Ten individuals are redefining the boundaries of power in the cryptocurrency world in 2025, a year marked by institutionalization rather than just a bull market or regulatory compliance. Wall Street capital, sovereign wealth funds, and pension funds have systematically embraced crypto. Bitcoin, propelled by corporate adoption led by Strategy (formerly MicroStrategy) and ETF inflows, reached a new high of $126,000. Stablecoins like USDT and USDC became integral to global payment systems. Key figures include: - Donald Trump, who leveraged political influence to launch a personal token and enact crypto-friendly policies, including the GENIUS Act. - Michael Saylor, pioneer of corporate Bitcoin treasury strategy. - Tom Lee, a bridge between Wall Street and crypto, advocating institutional adoption. - CZ (Changpeng Zhao), who regained influence post-pardon, reshaping exchange dynamics and meme coin trends. - Vitalik Buterin, balancing Ethereum’s decentralization ethos with its role as global infrastructure. - Kim Jong-un, whose regime exploited crypto hacking for funding, highlighting geopolitical risks. - Elon Musk, whose actions and holdings significantly sway markets. - Justin Sun, adept at navigating and leveraging regulatory and market systems. - Brian Armstrong, leading Coinbase’s compliance and infrastructure expansion. - Peter Thiel, building a crypto financial empire through strategic investments in infrastructure. 2025 signifies crypto’s transformation from a rebellious alternative to a core component of the global financial system, raising questions about centralization amidst institutional adoption.

深潮12/25 04:26

Ten Individuals Redefining the Power Boundaries of Cryptocurrency in 2025

深潮12/25 04:26

2026 Crypto Transformation: Real Profits Trump Storytelling

The crypto market is shifting from narrative-driven growth to a cash flow and sustainability-focused valuation model in 2026. Key drivers include Hyperliquid’s HIP-3 upgrade, which removes technical barriers to launching perpetual markets and enables demand-driven, PvE-style expansion into real-world assets. Projects with real revenue and token value accrual—like Hyperliquid, Pump.fun, Aave, and Jupiter—are leading this transition. Meanwhile, prediction markets (e.g., Polymarket, Kalshi) are emerging as key infrastructure for real-time probabilistic data on events, attracting institutional and AI interest despite regulatory divergence: institutionalization in the West and suppression in Asia. The market is now prioritizing fundamentals over speculation.

marsbit12/22 00:33

2026 Crypto Transformation: Real Profits Trump Storytelling

marsbit12/22 00:33

On the Eve of the Bank of Japan's Interest Rate Hike, Why Did Bitcoin Fall First?

On December 15, Bitcoin fell over 5% to $85,616, while gold remained nearly unchanged. The drop was not due to crypto-specific news but was instead linked to expectations around the Bank of Japan’s (BOJ) upcoming interest rate decision. The BOJ was widely expected to raise rates from 0.5% to 0.75% on December 19—its highest rate in 30 years. This triggered a unwind of the "yen carry trade," a strategy where investors borrow cheap yen to invest in higher-yielding assets like U.S. stocks, bonds, and cryptocurrencies. Higher Japanese interest rates reduce the profitability of this trade, forcing global funds to sell assets—including Bitcoin—to repay yen-denominated loans. Bitcoin, being highly liquid and volatile, is often among the first to be sold. Historically, BOJ rate hikes have correlated with significant Bitcoin declines. For example, after the July 2024 hike, BTC fell 23% in a week. This reaction underscores Bitcoin’s shifting identity: once considered "digital gold," it now behaves more like a high-risk asset correlated with tech stocks. Since the approval of U.S. spot Bitcoin ETFs in early 2024, institutional investors have treated Bitcoin as part of a broader risk-asset portfolio, selling it alongside stocks during market stress. While the BOJ’s decision was largely anticipated, its wording could influence market volatility. If the bank signals further tightening, additional selling pressure may follow. However, some analysts believe the impact may be milder this time due to shifted market positioning and broader global liquidity conditions. In summary, Bitcoin’s decline ahead of the BOJ meeting reflects its increased sensitivity to global macro liquidity shifts. As institutional adoption grows, Bitcoin has become more integrated into traditional finance—gaining legitimacy but losing its earlier immunity to external monetary events.

marsbit12/17 07:20

On the Eve of the Bank of Japan's Interest Rate Hike, Why Did Bitcoin Fall First?

marsbit12/17 07:20

From Mining to Prediction Markets: CoinShares' 2026 Crypto Roadmap

CoinShares' 2026 Crypto Roadmap highlights a significant shift from speculative investments to utility-driven projects. Key trends include a strong recovery in crypto VC funding, which has surpassed 2024 levels, with capital concentrating on large-scale deals focused on real-world utility and cash flow. Four major investment themes for 2026 are identified: RWA (especially stablecoins), AI-integrated consumer applications, retail-focused on-chain investment platforms, and Bitcoin utility infrastructure. Prediction markets, led by platforms like Polymarket, have evolved into mainstream information tools, demonstrating high accuracy and growing institutional adoption, notably with ICE's strategic investment. Bitcoin mining is undergoing a fundamental transformation, with companies pivot to high-profit HPC/AI data centers, expected to reduce mining revenue to under 20% by late 2026. Future mining will diversify into models led by ASIC manufacturers, modular operations, intermittent grid-balancing mining, and sovereign-state mining. The industry is moving towards practical, infrastructure-focused growth, distancing from meme coins and purely conceptual projects.

比推12/16 08:47

From Mining to Prediction Markets: CoinShares' 2026 Crypto Roadmap

比推12/16 08:47

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