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On August 26, Layer 1 blockchain protocol Linera opened pre-registration for the LNRA token community round, which will run from now until September 1. The commitment period is from September 1 to September 8, with subscriptions available through Echo's Sonar system at a fixed price in USDC (Base chain). Linera will announce the pricing and sale scale on August 28. Additionally, Linera disclosed an overview of the LNRA token economics. According to the supply distribution chart, the community reserve accounts for 60% of the total supply, the foundation holds 10%, investors have 11.3%, early contributors possess 13.7%, and community sales make up 5%. Investors and early contributors together hold 25%, and these tokens will be unlocked in batches over three years following distribution.

[Linera Announces LNRA Token Economic Model and Launches Community Sale Pre-registration]On August 26, Layer 1 blockchain protocol Linera opened pre-registration for the LNRA token community round, which will run from now until September 1. The commitment period is from September 1 to September 8, with subscriptions available through Echo's Sonar system at a fixed price in USDC (Base chain). Linera will announce the pricing and sale scale on August 28. Additionally, Linera disclosed an overview of the LNRA token economics. According to the supply distribution chart, the community reserve accounts for 60% of the total supply, the foundation holds 10%, investors have 11.3%, early contributors possess 13.7%, and community sales make up 5%. Investors and early contributors together hold 25%, and these tokens will be unlocked in batches over three years following distribution.

Linera Announces LNRA Token Economic Model and Launches Community Sale Pre-registration

On August 26, Layer 1 blockchain protocol Linera opened pre-registration for the LNRA community round, which will run from now until September 1. The commitment period is from September 1 to September 8, with subscriptions available through Echo's Sonar system at a fixed price in USDC (Base chain). Linera will announce pricing and sale scale on August 28. Additionally, Linera disclosed an overview of the LNRA token economics. According to the supply distribution chart, the community reserve accounts for 60% of the total supply, the foundation holds 10%, investors have 11.3%, early contributors possess 13.7%, and community sales make up 5%. Investors and early contributors together hold 25%, and these tokens will be unlocked in batches over three years following distribution.

[Linera Announces LNRA Token Economic Model and Launches Community Sale Pre-registration]On August 26, Layer 1 blockchain protocol Linera opened pre-registration for the LNRA community round, which will run from now until September 1. The commitment period is from September 1 to September 8, with subscriptions available through Echo's Sonar system at a fixed price in USDC (Base chain). Linera will announce pricing and sale scale on August 28. Additionally, Linera disclosed an overview of the LNRA token economics. According to the supply distribution chart, the community reserve accounts for 60% of the total supply, the foundation holds 10%, investors have 11.3%, early contributors possess 13.7%, and community sales make up 5%. Investors and early contributors together hold 25%, and these tokens will be unlocked in batches over three years following distribution.

On August 26, Bits.media reported that Russia's three major telecom operators, MTS, Rostelecom, and Megafon, announced they will begin accepting digital ruble payments starting September 1. MTS will support the use of digital rubles for all services within its payment module, MTS Pay, with no category restrictions. Initially, Rostelecom will only support one-time payments on its official website, with plans to expand to personal accounts, recurring payments, and automatic top-ups once the central bank's platform is ready. Megafon will also offer it as an additional payment method. The two major e-commerce platforms, Wildberries and Ozon, also announced they will enable digital ruble payments on the same day. According to the law, all large enterprises in Russia must be able to process digital ruble transactions starting September 1, and the apps of 12 systemically important banks must provide access to digital ruble wallets. The central bank plans to set limits on digital wallet top-ups, with a maximum of 300,000 rubles per month through a single bank.

[Russian Telecom Operators and E-commerce Platforms to Accept Digital Ruble Payments from September]On August 26, Bits.media reported that Russia's three major telecom operators, MTS, Rostelecom, and Megafon, announced they will begin accepting digital ruble payments starting September 1. MTS will support the use of digital rubles for all services within its payment module, MTS Pay, with no category restrictions. Initially, Rostelecom will only support one-time payments on its official website, with plans to expand to personal accounts, recurring payments, and automatic top-ups once the central bank's platform is ready. Megafon will also offer it as an additional payment method. The two major e-commerce platforms, Wildberries and Ozon, also announced they will enable digital ruble payments on the same day. According to the law, all large enterprises in Russia must be able to process digital ruble transactions starting September 1, and the apps of 12 systemically important banks must provide access to digital ruble wallets. The central bank plans to set limits on digital wallet top-ups, with a maximum of 300,000 rubles per month through a single bank.

Russian Telecom Operators and E-commerce Platforms to Accept Digital Ruble Payments from September

On August 26, Bits.media reported that Russia's three major telecom operators, MTS, Rostelecom, and Megafon, announced they will begin accepting digital ruble payments starting September 1. MTS will support the use of digital rubles for all services within its payment module, MTS Pay, with no category restrictions. Initially, Rostelecom will only support one-time payments on its official website, with plans to expand to personal accounts, recurring payments, and automatic top-ups once the central bank's platform is ready. Megafon will also offer it as an additional payment method. The two major e-commerce platforms, Wildberries and Ozon, also announced they will enable digital ruble payments on the same day. According to the law, all large enterprises in Russia must be able to process digital ruble transactions starting September 1, and the apps of 12 systemically important banks must include an entry point for digital ruble wallets. The central bank plans to impose limits on digital wallet top-ups, restricting them to a maximum of 300,000 rubles per month through a single bank.

[Russian Telecom Operators and E-commerce Platforms to Accept Digital Ruble Payments from September]On August 26, Bits.media reported that Russia's three major telecom operators, MTS, Rostelecom, and Megafon, announced they will begin accepting digital ruble payments starting September 1. MTS will support the use of digital rubles for all services within its payment module, MTS Pay, with no category restrictions. Initially, Rostelecom will only support one-time payments on its official website, with plans to expand to personal accounts, recurring payments, and automatic top-ups once the central bank's platform is ready. Megafon will also offer it as an additional payment method. The two major e-commerce platforms, Wildberries and Ozon, also announced they will enable digital ruble payments on the same day. According to the law, all large enterprises in Russia must be able to process digital ruble transactions starting September 1, and the apps of 12 systemically important banks must include an entry point for digital ruble wallets. The central bank plans to impose limits on digital wallet top-ups, restricting them to a maximum of 300,000 rubles per month through a single bank.

On August 26, Iranian Deputy Foreign Minister Karbalaei stated in an interview on August 25 that Iran is still in a state of war, and the Strait of Hormuz is under the full control and surveillance of the Iranian armed forces. He emphasized that it will not be reopened unless there is consent, approval, and arrangements from Iran. Karbalaei also warned that to defend national security and interests, Iran could take 'preemptive' actions against U.S. targets if conditions are suitable, rather than waiting for the U.S. to initiate an attack before responding.

[Iran's Deputy Foreign Minister: Strait of Hormuz Will Not Reopen Without Iran's Consent]On August 26, Iranian Deputy Foreign Minister Karbalaei stated in an interview on August 25 that Iran is still in a state of war, and the Strait of Hormuz is under the full control and surveillance of the Iranian armed forces. He emphasized that it will not be reopened unless there is consent, approval, and arrangements from Iran. Karbalaei also warned that to defend national security and interests, Iran could take 'preemptive' actions against U.S. targets if conditions are suitable, rather than waiting for the U.S. to initiate an attack before responding.

Iran's Deputy Foreign Minister: Strait of Hormuz Will Not Reopen Without Iran's Consent

On August 26, Iranian Deputy Foreign Minister Karbalaei stated in an interview on August 25 that Iran is still in a state of war, and the Strait of Hormuz is under the full control and surveillance of the Iranian armed forces. He emphasized that it will not be reopened unless there is consent, approval, and arrangement from Iran. Karbalaei also warned that to defend national security and interests, Iran could take 'preemptive' actions against U.S. targets if conditions are appropriate, rather than waiting for the U.S. to initiate an attack before responding.

[Iran's Deputy Foreign Minister: Strait of Hormuz Will Not Reopen Without Iran's Consent]On August 26, Iranian Deputy Foreign Minister Karbalaei stated in an interview on August 25 that Iran is still in a state of war, and the Strait of Hormuz is under the full control and surveillance of the Iranian armed forces. He emphasized that it will not be reopened unless there is consent, approval, and arrangement from Iran. Karbalaei also warned that to defend national security and interests, Iran could take 'preemptive' actions against U.S. targets if conditions are appropriate, rather than waiting for the U.S. to initiate an attack before responding.

According to Beating AI, two Chinese listed large model companies, MiniMax and Zhiyu AI, have simultaneously reached historic highs in short positions. Data from S&P Global shows that 20% of MiniMax's shares are currently shorted, while Zhiyu's is about 6%. MiniMax is set to release its semi-annual report after the Hong Kong market closes on August 26, while Zhiyu will announce its results on August 31, with short sellers increasing their positions ahead of these reports. Both companies were heavily promoted when they went public at the beginning of the year. Currently, Zhiyu's stock price is still over 800% higher than its issue price, while MiniMax is over 80% higher, but both have dropped more than half from their peak values. After the release of Kimi K3 in July, Zhiyu and MiniMax saw their stocks fall by approximately 24% and 18%, respectively. Zhiyu later launched GLM-5.3, which Jefferies believes performs similarly to Kimi K3 but at a 19% lower cost per task, yet the stock price has not shown a significant rebound. Additionally, stock supply is increasing. Following the end of the IPO lock-up period in July, Zhiyu and MiniMax have 25.68 million and 150 million shares, respectively, unlocked, totaling about $11.5 billion at the time's prices. On the other hand, southbound funds continue to buy in, with holdings rising to about 12% for Zhiyu and 8.1% for MiniMax, but this has not helped lift the stock prices. Analysts have differing concerns for the two companies. Hedgeye believes that Zhiyu is pressured by a price war, limiting its ability to raise prices and profit margins, while MiniMax is viewed as 'neither the smartest nor the cheapest.' The upcoming semi-annual reports will need to address a crucial question: Can pure large model companies make a profit in an increasingly competitive and cheaper market?

[Record Short Selling Hits Hong Kong's 'AI Giants': MiniMax Short Ratio Reaches 20%]According to Beating AI, two Chinese listed large model companies, MiniMax and Zhiyu AI, have simultaneously reached historic highs in short positions. Data from S&P Global shows that 20% of MiniMax's shares are currently shorted, while Zhiyu's is about 6%. MiniMax is set to release its semi-annual report after the Hong Kong market closes on August 26, while Zhiyu will announce its results on August 31, with short sellers increasing their positions ahead of these reports. Both companies were heavily promoted when they went public at the beginning of the year. Currently, Zhiyu's stock price is still over 800% higher than its issue price, while MiniMax is over 80% higher, but both have dropped more than half from their peak values. After the release of Kimi K3 in July, Zhiyu and MiniMax saw their stocks fall by approximately 24% and 18%, respectively. Zhiyu later launched GLM-5.3, which Jefferies believes performs similarly to Kimi K3 but at a 19% lower cost per task, yet the stock price has not shown a significant rebound. Additionally, stock supply is increasing. Following the end of the IPO lock-up period in July, Zhiyu and MiniMax have 25.68 million and 150 million shares, respectively, unlocked, totaling about $11.5 billion at the time's prices. On the other hand, southbound funds continue to buy in, with holdings rising to about 12% for Zhiyu and 8.1% for MiniMax, but this has not helped lift the stock prices. Analysts have differing concerns for the two companies. Hedgeye believes that Zhiyu is pressured by a price war, limiting its ability to raise prices and profit margins, while MiniMax is viewed as 'neither the smartest nor the cheapest.' The upcoming semi-annual reports will need to address a crucial question: Can pure large model companies make a profit in an increasingly competitive and cheaper market?

Record Short Selling Hits Hong Kong's 'AI Giants': MiniMax Short Ratio Reaches 20%

According to Beating AI, two Chinese listed large model companies, MiniMax and Zhiyu AI, have reached historic highs in short positions. Data from S&P Global shows that 20% of MiniMax's shares are now shorted, while Zhiyu has about 6%. MiniMax is set to release its semi-annual report after the Hong Kong market closes on August 26, while Zhiyu will report on August 31, with short sellers increasing their positions ahead of the earnings announcements. Both companies were highly promoted when they went public at the beginning of the year. Currently, Zhiyu's stock price is still over 800% higher than its issue price, while MiniMax is up over 80%, but both have fallen more than half from their peak values. Following the release of Kimi K3 in July, Zhiyu and MiniMax saw their stocks drop approximately 24% and 18%, respectively. Zhiyu later launched GLM-5.3, which Jefferies believes performs similarly to Kimi K3 but at a 19% lower cost per task; however, its stock price has not shown a significant rebound. The supply of shares is also increasing. Following the end of the IPO lock-up period in July, Zhiyu and MiniMax had 25.68 million and 150 million shares, respectively, released from lock-up, totaling about $11.5 billion at the time's prices. On the other hand, southbound capital continues to buy in, with holdings rising to about 12% for Zhiyu and 8.1% for MiniMax, but this has not helped lift the stock prices. Analysts have differing concerns about the two companies. Hedgeye believes that Zhiyu is pressured by a price war, limiting its ability to raise prices and profit margins; whereas MiniMax is seen as 'neither the smartest nor the cheapest.' The upcoming semi-annual reports will need to address one key question: Can pure large model companies still make profits in an increasingly competitive and cheaper market?

[Record Short Selling Hits Hong Kong's 'AI Giants': MiniMax Short Ratio Reaches 20%]According to Beating AI, two Chinese listed large model companies, MiniMax and Zhiyu AI, have reached historic highs in short positions. Data from S&P Global shows that 20% of MiniMax's shares are now shorted, while Zhiyu has about 6%. MiniMax is set to release its semi-annual report after the Hong Kong market closes on August 26, while Zhiyu will report on August 31, with short sellers increasing their positions ahead of the earnings announcements. Both companies were highly promoted when they went public at the beginning of the year. Currently, Zhiyu's stock price is still over 800% higher than its issue price, while MiniMax is up over 80%, but both have fallen more than half from their peak values. Following the release of Kimi K3 in July, Zhiyu and MiniMax saw their stocks drop approximately 24% and 18%, respectively. Zhiyu later launched GLM-5.3, which Jefferies believes performs similarly to Kimi K3 but at a 19% lower cost per task; however, its stock price has not shown a significant rebound. The supply of shares is also increasing. Following the end of the IPO lock-up period in July, Zhiyu and MiniMax had 25.68 million and 150 million shares, respectively, released from lock-up, totaling about $11.5 billion at the time's prices. On the other hand, southbound capital continues to buy in, with holdings rising to about 12% for Zhiyu and 8.1% for MiniMax, but this has not helped lift the stock prices. Analysts have differing concerns about the two companies. Hedgeye believes that Zhiyu is pressured by a price war, limiting its ability to raise prices and profit margins; whereas MiniMax is seen as 'neither the smartest nor the cheapest.' The upcoming semi-annual reports will need to address one key question: Can pure large model companies still make profits in an increasingly competitive and cheaper market?

On August 26, Morgan Stanley recently initiated coverage on Nvidia's credit profile, giving it a neutral rating. The firm believes that Nvidia still possesses a very strong balance sheet and cash flow, but as the company participates in AI infrastructure financing platforms exceeding $500 billion, its credit exposure will become more complex. The core focus for Morgan Stanley is that Nvidia is evolving from a chip supplier to an AI ecosystem financing facilitator. In addition to direct GPU sales, the company may assist cloud providers and data center operators in expanding their computing power investments through residual value guarantees, revenue sharing, credit support, and collaborative financing. The firm anticipates that by the end of 2028, Nvidia's broad credit exposure could approach $200 billion. This does not alter Nvidia's core position in AI hardware but will prompt the market to reassess its risk pricing. Recently, AI stocks have experienced increased volatility, and investors have begun to focus on the capital expenditure returns of cloud providers, the realization of AI revenues, and the financing pressures on data centers. If the depreciation of AI computing assets occurs faster than expected, or if some customers' cash flows fall short of market assumptions, Nvidia's ecosystem financing arrangements will become a new variable in valuation.

[Morgan Stanley: Nvidia's AI Financing Expansion Brings New Credit Risks]On August 26, Morgan Stanley recently initiated coverage on Nvidia's credit profile, giving it a neutral rating. The firm believes that Nvidia still possesses a very strong balance sheet and cash flow, but as the company participates in AI infrastructure financing platforms exceeding $500 billion, its credit exposure will become more complex. The core focus for Morgan Stanley is that Nvidia is evolving from a chip supplier to an AI ecosystem financing facilitator. In addition to direct GPU sales, the company may assist cloud providers and data center operators in expanding their computing power investments through residual value guarantees, revenue sharing, credit support, and collaborative financing. The firm anticipates that by the end of 2028, Nvidia's broad credit exposure could approach $200 billion. This does not alter Nvidia's core position in AI hardware but will prompt the market to reassess its risk pricing. Recently, AI stocks have experienced increased volatility, and investors have begun to focus on the capital expenditure returns of cloud providers, the realization of AI revenues, and the financing pressures on data centers. If the depreciation of AI computing assets occurs faster than expected, or if some customers' cash flows fall short of market assumptions, Nvidia's ecosystem financing arrangements will become a new variable in valuation.

Morgan Stanley: Nvidia's AI Financing Expansion Brings New Credit Risks

火币HTX报道，8月10日，网络安全公司Cloudflare提议私募发行21.75亿美元可转换债券。

【网络安全公司Cloudflare提议私募发行21.75亿美元可转换债券】火币HTX报道，8月10日，网络安全公司Cloudflare提议私募发行21.75亿美元可转换债券。

网络安全公司Cloudflare提议私募发行21.75亿美元可转换债券

Clause de non-responsabilité：Le contenu ci-dessus ne représente pas les positions de HTX.，HTX ne fournit pas de recommandations de trading.。

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