Indepth Research

Provide in-depth research reports and independent analysis, leveraging data, technology, and economic insights to deliver a comprehensive examination of the blockchain ecosystem, project potential, and market trends.

IOSG: A Panoramic View of On-Chain Yields, from Yield-Bearing Stablecoins to the Evolution of Crypto Credit Products

IOSG Research analyzes the on-chain yield landscape, highlighting the growing preference for yield-bearing stablecoins and fixed-income products during bear markets. While bull markets drive TVL growth across all yield products, bear markets see capital shift toward lower-risk, stablecoin-based options. Key trends include protocols expanding into front-end (wallets, mobile interfaces) and back-end services (stablecoin-as-a-service for L1/L2 chains). Anticipated U.S. interest rate cuts may reduce Treasury yields, pushing yield-bearing stablecoins to diversify into alternative real-world assets (RWA) like private credit and GPU financing. The report also notes institutional adoption through end-to-end staking services and crypto-native credit products (e.g., preferred shares), which function as crypto equivalents to Treasury bonds, offering stable yields from DeFi and staking revenues. Exclusive yield sources and transparent revenue-sharing models are becoming crucial differentiators.

marsbit03/10 11:26

IOSG: A Panoramic View of On-Chain Yields, from Yield-Bearing Stablecoins to the Evolution of Crypto Credit Products

marsbit03/10 11:26

From Understanding Skill to Learning How to Build Crypto Research Skill

This article explores the evolution and application of Agent Skill, a modular framework introduced by Anthropic in late 2025, which has become a foundational design pattern in the AI Agent ecosystem. Initially a tool to improve Claude's performance on specific tasks, it evolved into an open standard due to high developer adoption. Agent Skill functions like a "dynamic instruction manual" that AI can reference to perform tasks consistently without repetitive user prompting. It is built using a `skill.md` file containing metadata (name and description) and detailed instructions. The system operates through an on-demand loading workflow: the AI first scans lightweight skill metadata, matches the user's intent, then loads only the relevant skill's full instructions, optimizing token usage. Two advanced mechanisms enhance its functionality: - **Reference**: Conditionally loads external documents (e.g., a finance handbook) only when triggered by specific keywords, avoiding unnecessary context consumption. - **Script**: Executes external code (e.g., a Python script) without reading its content, enabling actions like file uploads with zero token cost. The article contrasts Agent Skill with Model Context Protocol (MCP), noting that MCP connects AI to data sources, while Skill defines how to process that data. For advanced use cases like crypto research, combining both is recommended: MCP fetches real-time data (e.g., blockchain info, news APIs), while Skill structures the analysis and output format. A practical example demonstrates building a crypto research agent using an `opennews-mcp` server. The Skill automates workflows like due diligence on new tokens (pulling Twitter data, news sentiment, KOL tracking) and real-time event monitoring (e.g., ZK-proof breakthroughs) to generate structured reports or trading alerts. This combination creates a powerful, automated research system tailored for Web3 analytics.

marsbit03/10 10:41

From Understanding Skill to Learning How to Build Crypto Research Skill

marsbit03/10 10:41

RWA Weekly Report｜Representative Assets Drop Nearly 14%; Stablecoin Market Cap Reclaims $300 Billion (Mar 4 - Mar 10)

RWA Weekly Report: Representative Assets Drop Nearly 14%; Stablecoin Market Cap Reclaims $300B (Mar 4-10) The total on-chain value of RWA assets increased slightly by 0.8% to $26.43B, though growth slowed compared to previous weeks. In contrast, the value of representative assets fell by 13.9%, dropping about $54B to $336.08B. User adoption showed mild recovery, with total holders rising 1.18% to 665.3K. The stablecoin market cap rebounded by 0.85% to over $301B, led by USDT ($195.15B) and USDC ($796.47B). Structurally, U.S. Treasuries remained the core RWA asset, growing to $11B, while commodities and private credit saw slight declines. Key developments include U.S. regulatory debates around the CLARITY Act and stablecoin taxation, the NYSE’s parent company ICE investing in OKX at a $25B valuation, and new stablecoin regulations advancing in Florida and South Korea. Ondo Finance integrated tokenized stocks as collateral in DeFi via Chainlink, and MSX launched a Pre-IPO investment section. Overall, the RWA market is consolidating with a shift toward higher certainty assets like Treasuries and gradual risk appetite expansion into corporate bonds and alternative funds.

Odaily星球日报03/10 10:26

RWA Weekly Report｜Representative Assets Drop Nearly 14%; Stablecoin Market Cap Reclaims $300 Billion (Mar 4 - Mar 10)

Odaily星球日报03/10 10:26

Your AI Anxiety Is Being Harvested

The article critiques the excessive hype and anxiety surrounding AI, arguing that much of the online discourse is a form of fear-based marketing designed to harvest attention and engagement. It points out that blindly copying others' AI setups—like popular coding configurations—is ineffective because these are tailored to specific needs and contexts, not universal solutions. The author warns against over-reliance on AI, noting that it can erode independent thinking and core human skills like judgment, creativity, and time management. Citing data from Fortune, Goldman Sachs, and academic studies, the article reveals that many companies report no actual productivity gains from AI adoption; instead, it often intensifies workloads and leads to burnout. The key takeaway is to use AI strategically for repetitive tasks while preserving human strengths for critical thinking and decision-making. True success lies not in using AI everywhere, but in knowing when not to use it.

marsbit03/10 08:39

Your AI Anxiety Is Being Harvested

marsbit03/10 08:39

Latest Report from Top US Think Tank CSIS: 4 Truths and 1 Misjudgment About China's Technology...

Based on a comprehensive CSIS report by Scott Kennedy, this analysis examines China's high-tech drive, highlighting four key realities and one major misjudgment. China has significantly increased R&D investment, reaching $1 trillion (PPP) in 2023, leading to notable successes in sectors like EVs (e.g., BYD) and batteries (e.g., CATL), driven by intense domestic competition and market forces. The biopharma sector thrives through global integration and efficient clinical trials. However, the report identifies persistent structural weaknesses: stagnation in total factor productivity, a quality gap in innovation (e.g., low-value patents), and critical dependencies in semiconductors (reliance on global supply chains for advanced chips) and aviation (e.g., C919's high import dependency). The report argues that China's tech power translates into geopolitical influence through military-civil fusion and growing participation in international standard-setting, though it lacks unilateral rule-making ability. A key misjudgment is the belief in "decoupling." The report finds comprehensive separation is counterproductive, fueling China's self-sufficiency while harming global supply chains, inflation, and green energy transitions. Instead, it advocates for "calibrated coupling": targeted restrictions on critical military technologies while maintaining cooperation in non-strategic areas and global issues like climate change. The ultimate advantage will go to those fostering open, inclusive innovation ecosystems.

marsbit03/10 03:29

Latest Report from Top US Think Tank CSIS: 4 Truths and 1 Misjudgment About China's Technology...

marsbit03/10 03:29

a16z: After AI Grants Humans Superpowers, Where Do We Go From Here?

A new paper titled "The Minimal Economics of AGI" explores the economic implications of AI automation, particularly as AI agents evolve from tools into collaborative partners capable of long-horizon tasks. The authors, Christian Catalini and Eddy Lazzarin, argue that the core economic divide will be between automation (tasks that can be measured and automated) and verification (tasks requiring human oversight, judgment, and contextual understanding). Key themes include: - The "coder’s curse": top experts training AI systems may inadvertently automate their own roles over time. - Three future human roles: directors (setting intent), verifiers (domain experts ensuring quality), and meaning-makers (creating cultural and social value). - Cryptocurrency and blockchain are positioned as critical for identity, provenance, and trust in a world flooded with AI-generated content. - Two potential economic outcomes: a "hollow economy" with systemic risk from under-verification, or an "augmented economy" where AI amplifies human potential and reduces costs for education, healthcare, and innovation. - The importance of small, agile teams leveraging AI for outsized impact, with crypto infrastructure enabling coordination at scale. The authors emphasize that AI acts as a force multiplier, granting individuals "superpowers," and urge a focus on verification, adaptability, and ambitious experimentation.

marsbit03/09 11:31

a16z: After AI Grants Humans Superpowers, Where Do We Go From Here?

marsbit03/09 11:31

After Oil, Silicon Is the New Chip

This article argues that silicon, not oil, is becoming the key strategic resource in 21st-century geopolitics and warfare. It begins by analyzing the traditional role of oil, examining how energy supplies from Venezuela and Iran influence global conflicts and fund Russia's war efforts. The author suggests that controlling oil prices and supply routes could strategically weaken adversaries. The core argument, however, is a shift in focus. Advanced semiconductors and AI computing power are now the critical "chips" in global competition. The U.S. should treat cutting-edge AI technology as a controlled military asset. AI is already reshaping conflict through enhanced pattern recognition for target identification, battlefield simulation, and enabling precise, small-scale military operations with minimal collateral damage—a shift from overwhelming force to "sneakers on the ground." The author posits that this silicon-driven AI advantage could create a new form of deterrence. Just as mutual assured destruction (MAD) prevented nuclear war, widespread AI-powered war gaming could lead to "Strongly Assured Destruction" (SAD). By simulating certain defeat, potential aggressors might be deterred from starting conflicts, making negotiation more attractive. The conclusion is that control over silicon and AI may ultimately redefine the rules of power and peace.

marsbit03/09 11:03

After Oil, Silicon Is the New Chip

marsbit03/09 11:03

Iran's New Supreme Leader's Shadow Business Empire: Oil, Real Estate, and Financial Undercurrents

Iran's Assembly of Experts appointed Mojtaba Khamenei, son of the assassinated Supreme Leader Ali Khamenei, as the country's third Supreme Leader amid external threats and internal power struggles. Despite his low public profile and lack of elected or official roles, Mojtaba has long been a central figure in Iran’s power structure, acting as a key advisor and gatekeeper to his father. The U.S. and Israel have expressed strong opposition to his appointment, with former President Trump dismissing him as insignificant. However, Mojtaba has deep ties with the Islamic Revolutionary Guard Corps (IRGC) and played a role in suppressing the 2009 Green Movement protests. A Bloomberg investigation revealed Mojtaba’s hidden global business empire, allegedly funded by Iranian oil revenues and managed through intermediaries. His financial network includes real estate in London, Dubai, Frankfurt, and Mallorca, as well as cryptocurrency transactions. Iranian businessman Ali Ansari is identified as a key figure holding assets on his behalf, though Ansari faces international sanctions for corruption and ties to the IRGC. Mojtaba’s succession has sparked domestic criticism over concerns of hereditary rule and his lack of religious credentials. President Masoud Pezeshkian’s temporary enhanced powers have done little to stabilize the situation, as the IRGC remains influential in shaping leadership decisions. Iran now faces intensified internal divisions and external pressures under its new leader.

marsbit03/09 09:30

Iran's New Supreme Leader's Shadow Business Empire: Oil, Real Estate, and Financial Undercurrents

marsbit03/09 09:30

How to Accurately Value Cryptocurrencies?

Evaluating cryptocurrencies requires moving beyond simplistic metrics like market cap divided by protocol revenue. The core framework proposed is Enterprise Value (EV) / Holder Income, which accounts for what token holders actually receive. Key adjustments include: - **EV Calculation**: EV = Market Cap - Extractable Treasury Assets (discounted based on holder control, e.g., 0% for auto-burn, 100% if no claim exists). - **Holder Income**: The portion of protocol revenue (after supply-side payments) that reaches holders via buybacks, burns, or distributions. The accrual Ratio (Holder Income/Protocol Revenue) varies widely (25%-100% in examples). - **Token Costs**: Team incentives and operational costs from new token issuance are true business expenses and reduce Holder Income. Investor unlocks are market events, not operational costs. Examples: - HYPE: High accrual (100%) but significant team costs. - PUMP: Low EV/Protocol Revenue but high "holder tax" from future unlocks. - MAPLE: Large accrual discount (25.1% ratio). - JUP: Clean structure with net-zero emissions. This framework highlights the mispricing between protocol earnings and holder returns, emphasizing the need to measure actual value capture.

marsbit03/09 03:16

How to Accurately Value Cryptocurrencies?

marsbit03/09 03:16

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