2026-04-19 Воскресенье

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The Migration of Settlement Power: B18 and the Institutional Starting Point of On-Chain Banking

The article "The Migration of Settlement Power: B18 and the Institutional Starting Point of On-Chain Banking" discusses how traditional finance relies on settlement—not just transactions—to determine ownership of funds. While transactions are instantaneous, settlement requires time, counterparties, and system confirmation, during which users do not fully control their funds. In contrast, early DeFi (decentralized finance) focused on trading and liquidity while avoiding the fundamental question of who defines settlement in the absence of banks. B18, built on Coinbase’s on-chain infrastructure and operating on Base, aims to address this gap by transforming blockchain into a system that handles time, accounting, clearing order, and finality—functions traditionally managed by banks. B18 is not a typical DeFi protocol but an attempt to decouple banking from institutions and encode it into executable rules. Its capital structure reflects this ambition, with support from Paradigm and Wintermute Ventures at the protocol level, GSR Capital for market liquidity, FuturePay for real-world payment integration, and Base Ecosystem Fund builders who design the rules for fund recording, profit recognition, and liquidation conditions. Together, these layers form a new on-chain financial order where code, not institutions, governs settlement—shifting the power dynamics of finance. B18 represents the starting point of this migration. (Note: This is a submitted article and does not represent the views of ChainCatcher or constitute investment advice.)

marsbit03/21 11:22

The Migration of Settlement Power: B18 and the Institutional Starting Point of On-Chain Banking

marsbit03/21 11:22

From Tencent and Circle: Looking at the Easy and Hard Questions of Investment

The article contrasts the investment prospects of Tencent and Circle in the AI era, framing the decision as a choice between "easy" and "hard" problems, inspired by Charlie Munger's philosophy. Tencent's stock has declined despite strong earnings, as the market shifted from fearing insufficient AI investment to worrying about excessive spending. The author argues this pessimism is overdone. WeChat's nascent AI agent, Yuanbao, is seen as a prototype for a future, more powerful system-native agent. Crucially, this agent would have system-level permissions to seamlessly interact with the massive Mini Program ecosystem (housing apps like Meituan, Didi, etc.), making it a practical, usable product for billions. The author believes the high-probability success of this inevitable development makes investing in Tencent an "easy" decision that the market is currently overlooking. Conversely, Circle's recent rise is fueled by the AI narrative, specifically the belief that AI agents will require blockchain-based stablecoins for settlement, with USDC as the leading compliant option. The author deconstructs this bullish thesis, identifying high uncertainties in its core assumptions: whether AI transactions will *necessarily* use stablecoins (vs. other protocols like Google's UCP), USDC's ability to maintain its lead against competitors like Tether or PayPal, and whether stablecoins even possess strong network effects in an agent-dominated world where cost and friction are paramount. The compounding uncertainty makes investing in Circle a "hard" problem, riskier than market sentiment suggests. In summary, the author posits that Tencent presents a clear, high-probability opportunity (easy), while Circle's future is built on a chain of speculative assumptions (hard).

marsbit03/21 11:20

From Tencent and Circle: Looking at the Easy and Hard Questions of Investment

marsbit03/21 11:20

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