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On April 2, local time, explosions were heard in Tehran and Karaj, Iran, with power outages reported in some areas of Karaj. (CCTV)

[Explosions Reported in Tehran and Karaj, Iran]On April 2, local time, explosions were heard in Tehran and Karaj, Iran, with power outages reported in some areas of Karaj. (CCTV)

Explosions Reported in Tehran and Karaj, Iran

[AI-native trading protocol PINDex (PIN) to Launch on Ju.Com Launchpad on April 3]

AI-native trading protocol PINDex (PIN) to Launch on Ju.Com Launchpad on April 3

On April 2, the Islamic Revolutionary Guard Corps of Iran announced that it has carried out the 90th strike of 'Real Commitment-4', targeting steel and aluminum facilities in the region associated with the United States. (CCTV)

[Iran: Conducts 90th Strike of 'Real Commitment-4' Targeting US-Related Metal Industries]On April 2, the Islamic Revolutionary Guard Corps of Iran announced that it has carried out the 90th strike of 'Real Commitment-4', targeting steel and aluminum facilities in the region associated with the United States. (CCTV)

Iran: Conducts 90th Strike of 'Real Commitment-4' Targeting US-Related Metal Industries

On April 2, the prediction market platform Polymarket has begun to see the effects of its recent fee increase. Following the adjustment of its fee structure on March 30, the platform's daily fees and revenue have surged significantly. According to data from DeFiLlama, the platform's daily fees rose from approximately $363,000 on Monday to over $1 million on both Wednesday and Thursday; net revenue, after deducting incentive expenses, peaked at $995,000 on Wednesday before dropping to around $899,000 on Thursday.

This revenue spike is attributed to a new fee model implemented on Monday: Polymarket expanded its trading fees from cryptocurrency and sports events to include finance, politics, economics, culture, weather, and technology, with only geopolitical and major global events transactions exempt from fees. 

This dramatic increase in revenue indicates that, amid regulatory scrutiny in the U.S., Europe, and other parts of the world, Polymarket is actively monetizing through trading to maintain ongoing investor interest. Last week, the Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, invested $600 million in Polymarket.

[Polymarket Increases Fees to Boost Revenue Amid Regulatory Pressure]On April 2, the prediction market platform Polymarket has begun to see the effects of its recent fee increase. Following the adjustment of its fee structure on March 30, the platform's daily fees and revenue have surged significantly. According to data from DeFiLlama, the platform's daily fees rose from approximately $363,000 on Monday to over $1 million on both Wednesday and Thursday; net revenue, after deducting incentive expenses, peaked at $995,000 on Wednesday before dropping to around $899,000 on Thursday.

This revenue spike is attributed to a new fee model implemented on Monday: Polymarket expanded its trading fees from cryptocurrency and sports events to include finance, politics, economics, culture, weather, and technology, with only geopolitical and major global events transactions exempt from fees. 

This dramatic increase in revenue indicates that, amid regulatory scrutiny in the U.S., Europe, and other parts of the world, Polymarket is actively monetizing through trading to maintain ongoing investor interest. Last week, the Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, invested $600 million in Polymarket.

Polymarket Increases Fees to Boost Revenue Amid Regulatory Pressure

On April 2, market news reported that sources indicated Russia is facing oil production cuts due to drone attacks on energy facilities. (Jinshi)

[Market News: Russia Faces Oil Production Cuts Due to Drone Attacks on Energy Facilities]On April 2, market news reported that sources indicated Russia is facing oil production cuts due to drone attacks on energy facilities. (Jinshi)

Market News: Russia Faces Oil Production Cuts Due to Drone Attacks on Energy Facilities

On April 2, geopolitical tensions escalated again, driving oil prices up by 10%. The stock market faced pressure, the dollar strengthened, and widespread risk aversion swept through the market, leading to a decline in cryptocurrencies. Funding rates turned significantly negative, while open interest increased, indicating that traders are actively shorting Bitcoin and Ethereum; the total liquidation amount across the network approached $400 million. Despite the price drop, implied volatility in the options market remained stable, showing that investors continue to buy downside protection rather than engaging in panic selling.

[Analysis: Cryptocurrency Market Plummets, Oil Prices Surge, Traders Bet Bearish]On April 2, geopolitical tensions escalated again, driving oil prices up by 10%. The stock market faced pressure, the dollar strengthened, and widespread risk aversion swept through the market, leading to a decline in cryptocurrencies. Funding rates turned significantly negative, while open interest increased, indicating that traders are actively shorting Bitcoin and Ethereum; the total liquidation amount across the network approached $400 million. Despite the price drop, implied volatility in the options market remained stable, showing that investors continue to buy downside protection rather than engaging in panic selling.

Analysis: Cryptocurrency Market Plummets, Oil Prices Surge, Traders Bet Bearish

On April 2, the 'Qingming Festival' coincides with the Western 'Easter' holiday, leading many financial markets to enter a closure mode. On April 3 (tomorrow), stock markets in Europe, the U.S., Hong Kong, Taiwan, and Australia will be closed for the day; the Chicago Mercantile Exchange (CME) will not trade gold, silver, and crude oil futures all day, and forex, U.S. stocks, and U.S. Treasury futures will close early; the Intercontinental Exchange (ICE) will not trade Brent crude oil futures all day; the Shanghai Gold Exchange, Shanghai Futures Exchange, Zhengzhou Commodity Exchange, and Dalian Commodity Exchange will not conduct night trading. The holiday for many financial markets will last until next Monday, with the Hong Kong market closed until next Tuesday, while the U.S. market will open normally next Monday. Investors are advised to take note. (Jin Shi)

[Multiple Markets to Close Tomorrow; No Trading in Gold, Silver, and Oil]On April 2, the 'Qingming Festival' coincides with the Western 'Easter' holiday, leading many financial markets to enter a closure mode. On April 3 (tomorrow), stock markets in Europe, the U.S., Hong Kong, Taiwan, and Australia will be closed for the day; the Chicago Mercantile Exchange (CME) will not trade gold, silver, and crude oil futures all day, and forex, U.S. stocks, and U.S. Treasury futures will close early; the Intercontinental Exchange (ICE) will not trade Brent crude oil futures all day; the Shanghai Gold Exchange, Shanghai Futures Exchange, Zhengzhou Commodity Exchange, and Dalian Commodity Exchange will not conduct night trading. The holiday for many financial markets will last until next Monday, with the Hong Kong market closed until next Tuesday, while the U.S. market will open normally next Monday. Investors are advised to take note. (Jin Shi)

Multiple Markets to Close Tomorrow; No Trading in Gold, Silver, and Oil

According to monitoring by 1M AI News, an analysis article published by Axios states that the AI competition is increasingly resembling a capital allocation problem rather than a model competition. Computing power procurement needs to be locked in one to two years in advance; over-purchasing can lead to bankruptcy, while under-purchasing risks losing customers. Anthropic CEO Dario Amodei stated in the Dwarkesh Podcast that if procurement is based on a 10-fold annual growth rate but only achieves 5-fold or is delayed by a year, 'there is no hedging tool in the world that can prevent bankruptcy.' While the unit cost of computing power is indeed decreasing, the demand is rising even faster, leading to a continuous increase in total expenditure, which is a classic case of the Jevons Paradox. The article points out that currently, no one has answered this question correctly. Anthropic chooses restraint, preferring to limit flow and lose customers rather than over-purchase, avoiding peak user training tasks; OpenAI opts for an aggressive approach, making significant investments in computing power. Both strategies come with costs: Anthropic's paying users frequently encounter flow limits and interruptions, with Dylan Patel from semiconductor analysis firm SemiAnalysis warning that they may be forced to turn to lower-quality computing power; OpenAI's spending discipline has already been reflected in the secondary market, with investors shifting from OpenAI to Anthropic. This year, capital expenditures on AI by large-scale cloud providers are expected to approach $700 billion, and even at this record level, the industry's supply of computing power still cannot keep up with demand. The closer it gets to an IPO, the harder it becomes to conceal the answer to this question.

[AI Competition Shifts from Model Rivalry to Capital Allocation Game]According to monitoring by 1M AI News, an analysis article published by Axios states that the AI competition is increasingly resembling a capital allocation problem rather than a model competition. Computing power procurement needs to be locked in one to two years in advance; over-purchasing can lead to bankruptcy, while under-purchasing risks losing customers. Anthropic CEO Dario Amodei stated in the Dwarkesh Podcast that if procurement is based on a 10-fold annual growth rate but only achieves 5-fold or is delayed by a year, 'there is no hedging tool in the world that can prevent bankruptcy.' While the unit cost of computing power is indeed decreasing, the demand is rising even faster, leading to a continuous increase in total expenditure, which is a classic case of the Jevons Paradox. The article points out that currently, no one has answered this question correctly. Anthropic chooses restraint, preferring to limit flow and lose customers rather than over-purchase, avoiding peak user training tasks; OpenAI opts for an aggressive approach, making significant investments in computing power. Both strategies come with costs: Anthropic's paying users frequently encounter flow limits and interruptions, with Dylan Patel from semiconductor analysis firm SemiAnalysis warning that they may be forced to turn to lower-quality computing power; OpenAI's spending discipline has already been reflected in the secondary market, with investors shifting from OpenAI to Anthropic. This year, capital expenditures on AI by large-scale cloud providers are expected to approach $700 billion, and even at this record level, the industry's supply of computing power still cannot keep up with demand. The closer it gets to an IPO, the harder it becomes to conceal the answer to this question.

AI Competition Shifts from Model Rivalry to Capital Allocation Game

On April 2, Bloomberg reported that several global hedge funds known for their stable returns experienced losses in March due to the disruption of energy, bond, and stock markets caused by the conflict in the Middle East, which forced traders to unwind crowded positions. Sources revealed that multiple multi-strategy hedge funds, including ExodusPoint Capital Management, Balyasny Asset Management, and Millennium Management, recorded declines, giving back all or part of their gains from the previous two months. However, there were also some standout winners, such as the Alpha fund from Kepos Capital and ADAPT Investment Managers from Switzerland.

[Iran Conflict Disrupts Markets, Major Hedge Funds Known for Stability Suffer Losses in March]On April 2, Bloomberg reported that several global hedge funds known for their stable returns experienced losses in March due to the disruption of energy, bond, and stock markets caused by the conflict in the Middle East, which forced traders to unwind crowded positions. Sources revealed that multiple multi-strategy hedge funds, including ExodusPoint Capital Management, Balyasny Asset Management, and Millennium Management, recorded declines, giving back all or part of their gains from the previous two months. However, there were also some standout winners, such as the Alpha fund from Kepos Capital and ADAPT Investment Managers from Switzerland.

Iran Conflict Disrupts Markets, Major Hedge Funds Known for Stability Suffer Losses in March

According to Coindesk, a Twitter user by the name “Burak” (@brqgoo) sent a large swath of the Lightning Network into turmoil on Tuesday morning, when he allegedly created a non-standard Bitcoin transaction that prevented users from opening new Lightning channels (connections between Lightning nodes). Burak’s valid but non-standard transaction caused Bitcoin nodes running an implementation of Bitcoin called btcd, to suddenly stop creating new transaction blocks. This caused a corresponding glitch on all Lightning Network Daemon (LND) nodes. LND nodes rely on information from btcd Bitcoin nodes, and the glitch caused LND nodes to reject all new channel opening requests. Burak’s shenanigans disrupted a good chunk of the Bitcoin and Lightning ecosystems. Core Lightning (CLN) nodes that rely on Bitcoin Core, the most popular implementation of Bitcoin, were unaffected (although this seems to have been by design). Additionally, the bug Burak exploited was quickly patched.

Detail

【Rogue actor disrupts lightning network with a single transaction】According to Coindesk, a Twitter user by the name “Burak” (@brqgoo) sent a large swath of the Lightning Network into turmoil on Tuesday morning, when he allegedly created a non-standard Bitcoin transaction that prevented users from opening new Lightning channels (connections between Lightning nodes). Burak’s valid but non-standard transaction caused Bitcoin nodes running an implementation of Bitcoin called btcd, to suddenly stop creating new transaction blocks. This caused a corresponding glitch on all Lightning Network Daemon (LND) nodes. LND nodes rely on information from btcd Bitcoin nodes, and the glitch caused LND nodes to reject all new channel opening requests. Burak’s shenanigans disrupted a good chunk of the Bitcoin and Lightning ecosystems. Core Lightning (CLN) nodes that rely on Bitcoin Core, the most popular implementation of Bitcoin, were unaffected (although this seems to have been by design). Additionally, the bug Burak exploited was quickly patched.

Rogue actor disrupts lightning network with a single transaction

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Rogue actor disrupts lightning network with a single transaction

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