# On-Chain Related Articles

HTX News Center provides the latest articles and in-depth analysis on "On-Chain", covering market trends, project updates, tech developments, and regulatory policies in the crypto industry.

Kyle Samani Is Back: This Time, We're Outperforming CEX in Efficiency!

Kyle Samani, former co-founder of Multicoin Capital, has returned to advocate for PropAMM, a breakthrough in market microstructure innovation on Solana. He argues that PropAMM could surpass traditional centralized exchanges (CEXs) in efficiency by hosting market maker algorithms directly on the blockchain, eliminating latency from bidirectional communication between exchanges and market makers. In CEXs, market makers co-locate servers and constantly exchange data with the exchange, leading to delays. In contrast, PropAMM runs algorithms on the same physical hardware as the Solana blockchain, allowing price updates to occur almost instantaneously within the same silicon chip. This reduces latency significantly compared to traditional systems. Currently, PropAMM already offers narrower spreads for SOL-USDC spot trading than major CEXs. Samani expects it to dominate on-chain trading this year, including spots, perpetuals, and prediction markets. Challenges remain in ensuring best execution for takers due to private algorithms and non-deterministic routing, but solutions from aggregators like Jupiter and dFlow are anticipated. Upcoming Solana upgrades—such as higher compute limits, reduced slot times, and lower network latency—will further enhance PropAMM performance, solidifying its advantage over CEXs.

marsbit03/12 03:51

Kyle Samani Is Back: This Time, We're Outperforming CEX in Efficiency!

marsbit03/12 03:51

Self-Directed Insider Trading: How He Manipulated Prediction Markets to Pay for His Bugatti?

A prominent X user, @Euanker, has accused former kickboxing champion Andrew Tate of orchestrating an elaborate insider trading scheme on the prediction market platform Polymarket. The allegations claim that Tate controlled at least seven accounts to profit from markets predicting his own weekly tweet activity, earning a total of $52,286. On-chain evidence reveals a consistent funding path: deposits from exchanges like Duelbits and Bybit were bridged via a specific address, then used to place bets on Polymarket. Profits were ultimately funneled to a Gnosis Safe wallet controlled by Tate, which holds over $1.3 million in assets. The betting patterns closely aligned with Tate’s actual tweet activity, indicating manipulation. Andrew Tate, a controversial influencer known for his luxury lifestyle and previous involvement in meme coin promotions, is alleged to have used this scheme to fund expenses like his rented Bugatti. The incident highlights significant regulatory gaps in prediction markets, where outcomes controlled by a single individual create inherent insider risks. Polymarket, which approves all markets on its platform, faces scrutiny over its lack of safeguards against such manipulation.

比推03/11 13:27

Self-Directed Insider Trading: How He Manipulated Prediction Markets to Pay for His Bugatti?

比推03/11 13:27

The Limits of Finance, The Channel Value of Global Markets

This article explores the evolving relationship between traditional finance and decentralized finance (DeFi), focusing on the growing institutional interest in on-chain vaults and real-world assets (RWA). While major asset managers like BlackRock and Apollo are investing heavily in DeFi tokens, the sector faces challenges, including liquidity crises and structural limitations. A central theme is the absence of a native DeFi risk-free interest rate. Despite multiple attempts—from algorithmic stablecoins to liquidity staking tokens—DeFi has largely adopted USDT and USDC for their scale, effectively making U.S. Treasury bonds the de facto benchmark. However, this dependency creates vulnerability, as DeFi cannot interact bidirectionally with traditional finance. The article argues that the next phase of DeFi will revolve around vaults—on-chain repositories that aggregate assets and yield. These vaults, managed by "curators," aim to offer fixed-rate products and credit systems but currently lack mechanisms for asset price inflation and clear risk management. The piece concludes that while vaults and curators are gaining traction, the true innovation lies in creating efficient "channels" or broker-like systems that enhance global capital flow. These could eventually replace centralized exchanges as the primary liquidity hubs, enabling a more integrated and efficient financial system without relying on traditional tokenomics.

marsbit03/10 13:23

The Limits of Finance, The Channel Value of Global Markets

marsbit03/10 13:23

Bitcoin rainbow chart’s undervaluation signal vs supply overhang – Which one wins?

Bitcoin has reclaimed the $70k level, yet remains significantly below the miner cost range of $89k-$91k. On-chain metrics, such as the Inter-exchange Flow Pulse, show a bullish crossover, suggesting potential accumulation. However, the Bitcoin Rainbow Chart indicates that BTC is in an extremely undervalued, or "Bitcoin is dead," zone. Analysis of holder behavior reveals short-term holders are realizing losses, with 140k BTC leaving this cohort, indicating possible capitulation. The substantial 21.3% gap between the market price and the realized price of $89k creates a supply overhang. This suggests short-term holders may sell into any price rallies to break even. The LTH/STH SOPR ratio of 0.89, far from the lows seen at previous bear market bottoms, indicates that calling a structural low may be premature. In summary, while the Rainbow Chart signals undervaluation, on-chain data points to significant selling pressure up to $89k.

ambcrypto03/10 07:05

Bitcoin rainbow chart’s undervaluation signal vs supply overhang – Which one wins?

ambcrypto03/10 07:05

Virtuals Collaborates with Ethereum Foundation to Release ERC-8183: A Trustless On-Chain Commerce Protocol

ERC-8183: Trustless On-Chain Commerce Protocol for AI Agents Virtuals Protocol and the Ethereum Foundation dAI team have jointly proposed ERC-8183, a standard for enabling trustless on-chain commercial interactions between AI agents. This is not merely a payment protocol but a comprehensive framework for task specification, escrow, delivery verification, and evaluator certification—forming the infrastructure for agentic commerce. The proposal addresses the core challenge of trust in AI-to-AI transactions, where traditional platforms or intermediaries are undesirable. It introduces a minimal "Job" primitive involving three parties: Client, Provider, and Evaluator. A Job progresses through states—Open, Funded, Submitted, and Terminal (Completed/Rejected/Expired)—ensuring programmable, neutral execution via smart contracts. Funds are held in escrow and released only upon evaluator approval of the work submitted. A key innovation is the modular "Hooks" system, allowing custom logic—such as bidding, reputation gating, or privacy preservation—to be added without modifying the core standard. ERC-8183 synergizes with ERC-8004 (Agent Identity and Reputation), creating a closed loop of discovery, transaction, and reputation accumulation. This standard aims to support an open, permissionless agent economy, enabling AI agents to transact at scale without relying on centralized platforms or traditional trust mechanisms. It is designed for extensibility and adaptability, anticipating diverse future use cases in decentralized AI commerce.

marsbit03/10 05:47

Virtuals Collaborates with Ethereum Foundation to Release ERC-8183: A Trustless On-Chain Commerce Protocol

marsbit03/10 05:47

Meme Coin Watchlist: Who's Cultivating Real Fans, Who's Inflating Data?

Meme coins are analyzed as a persistent and high-beta segment of the crypto market, with a focus on identifying tokens with strong community backing and holder conviction. The report examines BONK, PEPE, SPX6900, PENGU, and USELESS, selected based on liquidity, global appeal, cultural roots, historical volatility, and transparent on-chain data. Key on-chain metrics reveal distinct holder profiles. While BONK, PENGU, and PEPE have large, established holder bases, SPX6900 stands out with exceptionally high retention rates among both its $1,000 and $100,000+ holder cohorts, indicating a deeply committed community. Its holders have retained the highest percentage of their token units since all-time highs, even as its price shows relative resilience with a smaller drawdown from its peak compared to others. Current market conditions show all tokens are trading significantly below their 50-week moving averages (down 57-64%) and are in or near oversold RSI territory, suggesting potential entry points. The conclusion is that meme coins serve as a valuable gauge for market risk appetite and, with careful position sizing and timing, can enhance a portfolio's risk-adjusted returns.

marsbit03/10 05:20

Meme Coin Watchlist: Who's Cultivating Real Fans, Who's Inflating Data?

marsbit03/10 05:20

Ethereum down 60% from ATH! – THESE onchain signals raise new warning

Ethereum is facing a severe bearish outlook, down nearly 60% from its August all-time high and struggling to reclaim the $2,000 level. Key on-chain signals raise further concerns: DEX trading volume has dropped sharply to around $1.02 billion, a level last seen before a previous 40% price crash. Monthly Active Users have also declined significantly from 15.3 million to 12.7 million, indicating reduced network participation. Additionally, fewer users are withdrawing ETH from exchanges to private wallets, while exchange reserves have increased by approximately 168,000 ETH. This suggests growing sell-side pressure and weak demand, potentially leading to further price declines if this supply enters the market.

ambcrypto03/09 16:02

Ethereum down 60% from ATH! – THESE onchain signals raise new warning

ambcrypto03/09 16:02

Behind the 25% Surge: The On-Chain Life-and-Death Game of Hyperliquid

A dramatic 25% surge in WTI crude oil prices, reaching $119.5 per barrel, has triggered a high-stakes on-chain showdown on the Hyperliquid derivatives exchange. The price spike was driven by a geopolitical crisis: the seven-day blockade of the Strait of Hormuz, a critical chokepoint for 20% of global oil supply. This event led to massive liquidations for several prominent traders who had heavily shorted oil. Key figures include trader CBB, who faced a $3.8 million unrealized loss on a $13.78 million short position, and the account "2 frères 2 fauves," the platform's largest oil short with a $3.4 million loss. Both faced liquidation at $120.76. Another whale, 0x8Af7, was fully liquidated, losing $1.55 million, only to immediately reopen a new $6.48 million short position. In contrast, Sky (formerly MakerDAO) co-founder Rune Christensen profited significantly, gaining over $1.36 million from a $7.82 million long position opened around $93. He employed a sophisticated macro-hedging strategy, simultaneously shorting ETH and equity indices to bet on war-driven oil premiums and risk-off sentiment. The event highlights the emergence and risks of on-chain commodity trading. Platforms like Hyperliquid offer democratized access to leveraged oil futures without traditional brokers or safeguards. However, the automated, unforgiving liquidation mechanisms provide no protection against black swan events like a geopolitical crisis, demonstrating that while the tools are new, the lessons of leverage and risk remain starkly old.

比推03/09 08:45

Behind the 25% Surge: The On-Chain Life-and-Death Game of Hyperliquid

比推03/09 08:45

Bitcoin Rally Likely A Relief Bounce, Not New Bull Phase: CryptoQuant

On-chain analytics firm CryptoQuant states that the recent Bitcoin rally is likely a relief bounce rather than the start of a new bull market. Its Bull Score Index, which aggregates signals from ten on-chain metrics, remains deep in bearish territory with a value of only 10. This indicates that just one of the ten indicators is currently bullish. Despite Bitcoin's price surge above $70,000, the index has consistently remained at or below 20 for months, having previously dropped to zero in late November. CryptoQuant concludes that Bitcoin market conditions are still bearish. In separate news, analytics firm Santiment reported that the number of non-empty Bitcoin addresses has reached a new all-time high of 58.45 million, growing 3% in the last six months. After a high near $74,000, Bitcoin's price has since retraced to around $70,500.

bitcoinist03/07 06:02

Bitcoin Rally Likely A Relief Bounce, Not New Bull Phase: CryptoQuant

bitcoinist03/07 06:02

Meme Watchlist: Who's Cultivating Real Fans, Who's Inflating Data

The article "Meme Watchlist: Who's Building Real Communities vs. Who's Inflating Metrics" analyzes the memecoin sector, arguing that memecoins have achieved product-market fit as a form of crypto "gaming" driven by speculation, social interaction, and risk-reward dynamics. The report focuses on five memecoins—BONK, PEPE, SPX6900, PENGU, and USELESS—selected based on criteria including liquidity, global audience, cultural relevance, historical volatility, transparent on-chain data, and high beta correlation to Bitcoin. Key on-chain metrics are analyzed to assess holder conviction and staying power: - **Total Holders:** BONK leads with 985.9K, followed by PENGU (534.1K) and PEPE (505.7K). - **Small Holders (<$100):** BONK, PENGU, and PEPE show mature bases, while SPX6900 has a smaller but more dedicated community. - **Larger Holders:** SPX6900 demonstrates superior holder retention. When analyzing wallets that held $1,000 or $100,000 worth of tokens at their all-time high (ATH), SPX6900 consistently showed the highest rate of holders retaining their full position (in token units, stripping out price volatility). - **Whale Retention:** A significant majority (80%) of SPX6900's whales (wallets that once held >$100k) still hold over 50% of their peak token amount, far exceeding the retention rates of the other coins. The analysis concludes that SPX6900, with its strong community ethos centered around "Flipping the stock market," exhibits the most resilient and committed holder base. The report advises monitoring memecoins as indicators of market risk appetite and suggests that a small allocation (3-5%) to the right assets at oversold levels (low RSI) can significantly enhance a portfolio's risk-adjusted returns.

比推03/06 21:38

Meme Watchlist: Who's Cultivating Real Fans, Who's Inflating Data