# Сопутствующие статьи по теме Competition

Новостной центр HTX предлагает последние статьи и углубленный анализ по "Competition", охватывающие рыночные тренды, новости проектов, развитие технологий и политику регулирования в криптоиндустрии.

Ethereum Overlooked by Wall Street

Ethereum experienced a significant "fundamental vs. price divergence" in 2025. Despite achieving major technical upgrades like Pectra and Fusaka, which enhanced scalability, and seeing explosive Layer 2 growth with Base chain's success, ETH's price dropped nearly 40% from its all-time high of $4900 to around $2900. A key reason was the Dencun upgrade (EIP-4844), which drastically reduced L2 transaction costs but collapsed fee revenue and ETH burning. This ended Ethereum's deflationary "ultrasound money" narrative, turning it into a mildly inflationary asset. While L2s like Base generated substantial revenue, they were seen as both a threat to L1 value capture and a source of long-term monetary premium for ETH. Ethereum faced intense competition, losing ground in areas like PayFi and DePIN to Solana, but maintained dominance in RWA (e.g., BlackRock's $2B BUIDL fund) and stablecoins. Wall Street remained cautious, with ETH ETF inflows ($9.8B) lagging behind Bitcoin's ($21.8B) due to the exclusion of staking rewards, making it less attractive as a yield-bearing asset. Potential catalysts for a turnaround include: the approval of staking-enabled ETFs, RWA expansion, a future surge in Blob demand, improved L2 interoperability, and upcoming upgrades like Glamsterdam and Verkle Trees aimed at enhancing scalability and decentralization. Ethereum is undergoing a painful transition from a retail-friendly platform to global financial infrastructure, sacrificing short-term gains for long-term, institutional-grade scalability and security.

marsbit01/02 08:28

marsbit01/02 08:28

Traditional Finance's On-Chain 'Open Conspiracy': Why the Crypto Embraced by Giants Is Doomed to Fail?

A warning that as traditional finance embraces blockchain, the specific form of crypto enthusiastically adopted by major financial intermediaries (exchanges, clearinghouses, banks, brokers) is likely to fail. Their approach is driven by a desire to preserve their own power and profits, not by the core principles of crypto. These institutions, with their monopolistic positions and lack of real competition, derive immense value from controlling the centralized "pipes" of the traditional financial system. Crypto represents a second, independent system built on decentralization, permissionless access, and anti-censorship—principles that inherently foster competition and threaten the entrenched dominance of these giants. When forced to adopt blockchain, these institutions will logically choose centralized, permissioned versions that allow them to retain control, rather than embracing the open, competitive nature of true decentralized networks like Ethereum. Their leadership, whose careers are built on centralization, will opt for solutions that protect their status quo. Therefore, the version of crypto they champion—a controlled, centralized mimicry—is destined to fail. The future of finance lies in a fundamentally different, decentralized architecture, not the repackaged old system.

marsbit01/02 07:22

Traditional Finance's On-Chain 'Open Conspiracy': Why the Crypto Embraced by Giants Is Doomed to Fail?

marsbit01/02 07:22

US Banks’ Push To Ban Stablecoin Rewards Could Hand Global Advantage To China, Execs Warn

Crypto industry leaders warn that U.S. banks' efforts to ban interest payments on stablecoins could undermine the competitiveness of the U.S. dollar and hand a strategic advantage to global rivals like China. This follows China's announcement that it will pay interest on its Digital Yuan (e-CNY) starting in 2026, granting it similar status to bank deposits. Coinbase’s Chief Policy Officer, Faryar Shirzad, cautioned that such a prohibition could weaken the impact of the recently passed GENIUS Act, which aims to solidify the dominance of U.S. dollar stablecoins. Other executives, including Coinbase CEO Brian Armstrong and Variant CLO Jake Chervinsky, echoed that this is not just a regulatory issue but a matter of national security, arguing that limiting stablecoin rewards could diminish the global role of the dollar and strengthen China's position in the digital currency landscape.

bitcoinist01/01 11:34

US Banks’ Push To Ban Stablecoin Rewards Could Hand Global Advantage To China, Execs Warn

bitcoinist01/01 11:34

‘National security’ at stake – Why U.S. stablecoin rewards face a China test

Crypto industry leaders are framing stablecoin rewards as a "national security" issue following China's plan to offer yield on its digital yuan to drive adoption. U.S. banks, through the Bank Policy Institute, advocate banning such rewards, warning of potential capital flight from traditional banks, reduced deposits, and negative impacts on lending. Crypto supporters, including Coinbase CEO Brian Armstrong, argue that banks fear competition and that stablecoins are crucial for maintaining U.S. dollar dominance globally. They warn that restricting rewards could hand a strategic advantage to China and other rivals. The stablecoin market has grown significantly since the passage of the GENIUS Act, with increasing demand for yield-bearing products.

ambcrypto12/31 11:20

‘National security’ at stake – Why U.S. stablecoin rewards face a China test

ambcrypto12/31 11:20

The 2026 Showdown: Will the Financial Super App Ultimately Belong to HOOD or COIN?

Coinbase and Robinhood are competing to build the ultimate financial super app, but with distinct strategies. Robinhood (HOOD) is creating an all-in-one platform for everyday financial life, targeting a young user base (75% under 44) with its digital banking features, Robinhood Gold subscription, and integrated services like stock trading, crypto, and a 3% cash-back card. It aims to capture the generational wealth transfer and keep users within its ecosystem. Coinbase (COIN) is building a crypto-native super app with recent updates like 24/5 commission-free stock trading, prediction markets via Kalshi, and a DEX aggregator. Beyond its user-facing app, Coinbase’s larger vision is to become the backend infrastructure for traditional finance (TradFi), offering crypto custody, stablecoin-as-a-service, and institutional solutions. Its revenue is diversifying, with 41% from subscriptions and services in Q3 2025. While both are expanding into each other’s territories—Robinhood with tokenized stocks and its own chain, Coinbase with extended trading hours and stock perps—their core visions differ: Robinhood wants to be the user’s financial home, and Coinbase aims to be the pipes powering the on-chain economy. Both face risks like costly incentives (HOOD) and stagnant user growth (COIN), and their stocks have seen significant rallies. The race in 2026 will test which foundation proves stronger.

marsbit12/31 07:15

The 2026 Showdown: Will the Financial Super App Ultimately Belong to HOOD or COIN?

marsbit12/31 07:15

Robinhood vs. Coinbase: The Final Showdown of Financial Super Apps in 2026

The article analyzes the escalating competition between Robinhood and Coinbase to become the dominant financial "super app" by 2026. Robinhood is building a traditional, all-in-one platform for managing personal banking, spending, and investing. Its strategy focuses on product aggregation, targeting a younger demographic with its Robinhood Gold subscription (offering a credit card, high-yield cash, and IRA matching). Its revenue is diversified across options, crypto (21%), and net interest income (35%). Coinbase is also building a super app but with a crypto-native approach and a dual strategy. It aims to be a front-end for users' on-chain and off-chain financial lives (with new stock trading, prediction markets, and a DEX aggregator) while simultaneously acting as the essential backend infrastructure for traditional finance (TradFi) institutions. Its "Crypto as a Service" platform, custody for major ETFs, and stablecoin services form a robust B2B revenue stream, with subscription services now making up 41% of its income. While both are encroaching on each other's territories with plans for 24/7 trading and prediction markets, their core visions differ. Robinhood bets on being the primary platform for the great wealth transfer to a younger generation. Coinbase bets on the broader migration of the global economy on-chain, positioning itself as the indispensable infrastructure provider. Both face risks: Robinhood's costly incentives and Coinbase's stagnant user growth. Ultimately, Robinhood aims to be the user's financial home, while Coinbase aims to be the pipes that power everyone else's.

比推12/30 20:42

Robinhood vs. Coinbase: The Final Showdown of Financial Super Apps in 2026

比推12/30 20:42

HYPE steadies as LIT’s post-airdrop sell-off deepens: What happens next?

The article discusses the competitive landscape of perpetual decentralized exchanges (Perp DEXes), focusing on Hyperliquid (HYPE) and its rival Lighter (LIT). Despite Lighter being seen as a major threat, Messari analyst Sam downplays its impact, predicting HYPE will outperform LIT in the mid-term as Lighter's trading volume declines post-airdrop farming. Hyperliquid saw a 60% drop in volume and a 65% revenue shortfall in H2 2025 due to competition and lower trading activity, affecting its token buybacks. Meanwhile, LIT's token debuted at $3.3 but fell 21% in its first week. HYPE showed a slight rebound, with potential for further gains if it breaks key resistance levels. The piece concludes that Lighter's traction has waned after its airdrop, while HYPE's recovery remains uncertain.

ambcrypto12/30 15:49

HYPE steadies as LIT’s post-airdrop sell-off deepens: What happens next?

ambcrypto12/30 15:49

IOSG｜A Tale of Two Cities: A Cultural Perspective on BNB Chain and Base

IOSG's article "A Tale of Two Chains: BNB Chain and Base from a Cultural Perspective" explores the cultural and strategic differences between BNB Chain and Base, framing them as distinct "cities" within the crypto ecosystem. BNB Chain is portrayed as a bustling, efficiency-driven port city, closely tied to Binance. It serves users primarily from emerging markets (e.g., Southeast Asia, the Middle East) who prioritize low gas fees, fast transactions, and quick access to new financial opportunities. Its culture is pragmatic, focused on scalability, high application density, and leveraging Binance's massive user base for rapid ecosystem growth. In contrast, Base is characterized as a new city built with Ethereum’s values, attracting developers, creators, and institutional users from Western markets. It emphasizes compliance, long-term building, developer-friendly tools, and cultural alignment with Ethereum’s decentralized ethos. Base users care deeply about technical design, community, and sustainable ecosystem development. Both chains represent exchange-led vertical integration strategies: Binance uses BNB Chain to create a seamless, closed-loop user experience from exchange to chain, while Coinbase leverages Base to offer a trusted, compliant environment with strong developer support. The article concludes that these chains are not in direct competition but serve different user needs and cultural contexts. BNB Chain excels at scaling Web3 for mass adoption, while Base focuses on mature, sustainable infrastructure. The future will likely see both models coexist, with users fluidly moving between ecosystems.

深潮12/30 03:16

IOSG｜A Tale of Two Cities: A Cultural Perspective on BNB Chain and Base

深潮12/30 03:16

Mining Prospects for 2026

Bitcoin mining is evolving into a mature, institutional-scale industry by the end of 2025, setting trends for 2026. Key developments include growing state legalization in countries like Russia and Kazakhstan, increased competition, and rising operational costs. Despite a significant drop in miner profitability per PH/s and a 35% rise in network difficulty, the average ROI for Bitcoin mining remains attractive at 2.5–3 years, driven by long-term Bitcoin value appreciation and institutional demand. Retail interest is also strong, with major pools like ViaBTC reporting hundreds of new users daily. To maintain profitability, miners must optimize efficiency and minimize costs. Industry transformation is inevitable, leading some major firms to pivot entirely, such as transitioning to AI infrastructure. Mining pools are evolving into comprehensive ecosystems, offering integrated services like exchanges (e.g., CoinEx), crypto-backed loans, and staking to provide additional revenue streams and liquidity. This trend of service aggregation and diversification is becoming critical for survival and growth in an increasingly competitive landscape.

RBK-crypto12/29 14:13

RBK-crypto12/29 14:13

Hyperliquid team to unlock 1.2 mln HYPE tokens on January 6 – Details

Hyperliquid has announced a scheduled token unlock for January 6, with the team’s allocation reduced by 30% from 1.7 million to 1.2 million HYPE tokens. This change is speculated to align with lower platform revenues, which fell 30% month-on-month to $73 million in December. Revenue decline has slowed the pace of daily buybacks from nearly $3 million to under $500,000 since November. Additionally, Hyperliquid’s market share in the perpetual DEX space has dropped sharply from 75% in May to 14% in December, due to rising competition from platforms like Lighter and ASTER. Despite these challenges, HYPE’s price has shown steady recovery since mid-December.

ambcrypto12/29 10:04

Hyperliquid team to unlock 1.2 mln HYPE tokens on January 6 – Details