收复 10 万才能逆转？BTC 的熊市红线到底在哪里？

X Money Beta to Launch in 1–2 Months, Musk Says

Elon Musk announced that X Money will launch in an external beta within the next one to two months, a key step in transforming X into an "everything app." The payment system, already in internal closed beta, is designed to be a central hub for all monetary transactions. Musk emphasized its potential as a "game changer" for increasing daily user engagement on the platform, which has 1 billion installed and around 600 million monthly active users. The vision mirrors China’s WeChat, integrating payments, messaging, content, and AI tools into a single ecosystem. X has partnered with Visa, suggesting fiat currency will be implemented first, though future crypto integration remains uncertain. Musk’s discussed related growth at xAI, highlighting expanded computing power to support AI development. The limited beta will test infrastructure, compliance, and user experience ahead of a broader global rollout.

TheNewsCrypto9 min fa

Tokens, Models, and Bubbles: The Crypto × AI Game in the Primary Market

Based on a two-year retrospective, this article analyzes the convergence of Crypto and AI from a primary market perspective. Initially, the crypto space heavily promoted "Crypto Helps AI" through three main narratives: computation power tokenization, data tokenization, and model tokenization. However, these efforts largely resulted in what the author calls a "tokenization illusion"—projects that issued tokens but lacked real product-market fit or sustainable business models. The piece critiques these approaches: decentralized compute networks often fail to meet enterprise reliability standards; tokenized data struggles with supply-demand alignment due to low user motivation and high professional requirements; and model tokenization is fundamentally flawed since AI models are non-scarce, easily replicable, and depreciate quickly. Additionally, projects focusing on verifiable inference (like ZKML or OPML) are solutions in search of a problem, as real-world AI failures are rarely due to malicious tampering but rather design errors or misconfigurations. The author references Vitalik Buterin’s updated views, which now present a more balanced perspective compared to two years ago. Buterin outlines four quadrants of Crypto × AI integration: two where crypto (especially Ethereum) provides trustless, economic layers for AI agents and private interactions, and two where AI enhances crypto—through local LLMs acting as user shields for security and AI improving market efficiency and DAO governance. The conclusion emphasizes that meaningful progress lies at the intersection of both fields, beyond mere tokenization or speculative narratives, and expresses hope for more substantive developments in the future.

比推12 min fa

Viewing Crypto × AI from the Primary Market: An Experiment in Tokenization Illusion

This article analyzes the convergence of cryptocurrency and artificial intelligence (AI), critiquing the prevailing trend of "tokenization illusion" in Crypto × AI projects. Initially, the discussion highlights Vitalik Buterin's earlier skepticism toward Crypto-Helps-AI initiatives—such as tokenizing computing power, data, and AI models—which often lack sustainable product-market fit. These efforts face issues like unreliable compute services, low-quality data supply, and the non-scarce nature of AI models. The author also questions the practicality of verifiable inference (e.g., ZKML), arguing it addresses non-existent threats, as AI errors typically stem from design flaws rather than malicious tampering. Buterin’s updated perspective now balances both AI-Helps-Crypto and Crypto-Helps-AI, focusing on four key areas: using Ethereum for trustless AI interactions and economic layers for AI agents, and leveraging AI for smart contract auditing, prediction markets, and DAO governance. The conclusion emphasizes a more mature, integrated approach beyond mere tokenization, hoping for tangible progress in the coming years.

marsbit17 min fa

After Mainland China's Document No. 42 Sets the Tone, What is the Best RWA Token Standard?

China's "Document No. 42" (Yin Fa [2026] No. 42), issued by the People's Bank of China and eight other departments, formally recognizes and regulates Real World Asset (RWA) tokenization, defining it as the use of encryption and distributed ledger technology to convert asset ownership or rights into tokens. The document establishes a compliance pathway, requiring domestic entities to file with the China Securities Regulatory Commission (CSRC) and separating RWA from unregulated virtual currencies. Globally, the RWA market has grown significantly, reaching $23.7 billion. The article analyzes various token standards and their evolution. Early standards like ERC-3525 and ERC-3475, designed for bonds and contracts, saw limited adoption due to complexity. In contrast, successful application-first models like Aave's aToken (using a scaled balance mechanism for automatic interest accrual) and Lido's stETH (using a daily rebase model) thrive by prioritizing user experience and compatibility. For equity tokenization, platforms like Ondo and xStock on Solana use a "chain shares + multiplier" rebase model within the Token-2022 standard, adjusting display values for corporate actions like stock splits. Major exchanges and wallets (Jupiter, Binance, MetaMask) are increasingly supporting these tokenized assets. The author concludes that while China's regulatory clarity is positive, true success depends on leveraging blockchain's advantages—24/7 liquidity, fractionalization, transparency, and automation—to create practical value, rather than just defining perfect standards. The evolution should focus on user-centric solutions that address real market gaps.

marsbit18 min fa

No Agreement Reached In White House Meeting Between Banks And The Crypto Industry

bitcoinist25 min fa