# Сопутствующие статьи по теме DeFi

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

VCs Review 2025 Crypto Investments: Narrative is Dead, Computing Power is King

Venture capital reflects on 2025 crypto investments, declaring "narratives are dead, compute is king." Despite growth in on-chain financial tools and a favorable U.S. regulatory environment, long-term crypto investors faced a difficult year due to structural market issues, including token unlock mechanisms and speculative behavior. Public market winners were owners of physical and financial bottlenecks: power, semiconductors, and scarce compute (e.g., IREN, NVIDIA). AI value accrued to infrastructure and essential services, not speculative narratives. Tokenized networks underperformed as usage failed to translate to value capture. Key lessons: AI value is realized in infrastructure, neutrality is a key economic asset, and token networks face recurring structural challenges. For 2026, the focus shifts to machine transaction surfaces, budget-backed applied infrastructure, and high-conviction asymmetric bets. The market is transitioning from discovery to exit phases, with a temporary shift toward equity investments over tokens.

marsbit12/24 03:16

VCs Review 2025 Crypto Investments: Narrative is Dead, Computing Power is King

marsbit12/24 03:16

VC Retrospective 2025: Compute is King, Narrative is Dead

Venture Capital Review 2025: Compute is King, Narrative is Dead The article reflects on the challenging yet transformative year of 2025 for crypto and AI investments. While on-chain financial tools and the machine economy saw significant growth, long-term crypto investors faced a difficult market structure plagued by a "negative prisoner's dilemma," premature token unlocks, and a major market failure in October that triggered industry-wide deleveraging. Despite these setbacks, the value creation in crypto and AI over the past decade has been immense, far outpacing other regions and sectors. The "Magnificent 7" tech giants and crypto assets collectively added trillions in market cap. The key lesson from 2025 is that value accrued to the narratives but to the owners of physical and financial bottlenecks: power, semiconductors, and scarce compute. Public market winners were companies like NVIDIA, TSMC, IREN, and Bloom Energy. In software, value flowed to embedded, "must-have" platforms (e.g., Alphabet, Meta) rather than optional tools. In private markets, foundational AI companies grew rapidly but faced fragility, while value-controlling companies (e.g., Applied Intuition, Anduril) were better positioned. Tokenized networks were the weakest performers, as usage failed to translate into token value capture. The core takeaway is that the market rewarded ownership of choke points and punished projects lacking control over cash flow or compute. For 2026, the investment focus shifts downstream to: (1) machine transaction surfaces (payments, billing, compliance), (2) applied infrastructure with existing budgets, and (3) high-conviction, non-consensus opportunities. The allocation will temporarily favor equity over tokens until market structure issues are resolved. The author concludes that a major shakeout is coming, but it also presents significant opportunity. The need to move beyond collective illusions and focus on real, budget-backed economic activity is paramount.

比推12/23 23:11

VC Retrospective 2025: Compute is King, Narrative is Dead

比推12/23 23:11

US crypto legislation and policies to watch out for in 2026

The US crypto regulatory landscape is expected to undergo significant changes in 2026 following policy shifts under the Trump administration. Key legislation includes the Digital Asset Market Clarity Act, which aims to establish clear regulatory guidelines and could grant the CFTC more authority over digital assets. The GENIUS Act, signed into law in 2025, will establish a federal regulatory framework for payment stablecoins, with implementation expected in 2026. This is anticipated to encourage greater participation from banks and financial institutions, potentially transforming payments and settlements. Additionally, Texas, Arizona, and New Hampshire have passed laws allowing state-level crypto reserves, with Texas already investing in Bitcoin. Leadership of the CFTC remains understaffed, with nominations pending as of late 2025.

cointelegraph12/23 18:01

US crypto legislation and policies to watch out for in 2026

cointelegraph12/23 18:01

THORChain Launches Native Cross-Chain Swap Interface in Public Beta

THORChain has launched the public beta of its native cross-chain swap interface at swap.thorchain.org. This first-of-its-kind decentralized exchange enables direct swaps of native digital assets—such as BTC, ETH, XRP, and others—across multiple blockchains without using wrapped tokens, bridges, or centralized exchanges. Key features include universal wallet compatibility, optional wallet connection, true native asset swaps, open-source architecture, and a streamlined user experience. The platform is designed to drive volume directly to THORChain while providing a trustless trading environment. The official launch is planned for Q1 2026, with plans to expand token support, improve the interface, and integrate additional protocol features based on community feedback.

TheNewsCrypto12/23 15:38

THORChain Launches Native Cross-Chain Swap Interface in Public Beta

TheNewsCrypto12/23 15:38

Justin Sun Watches $60M Vanish From WLFI Holdings as His Access Remains Locked

Justin Sun, an early and prominent backer of the WLFI token, remains unable to access his holdings, which have lost an estimated $60 million in value over three months. His wallet, along with 272 others, was frozen by the WLFI team in September over concerns of market manipulation, though no specific evidence was provided. While some wallets have since been unfrozen or migrated, Sun’s remains blacklisted without explanation. His 545 million WLFI tokens, once valued at over $130 million, are now worth around $74 million. The situation highlights the tension between WLFI’s decentralized branding and its centralized control, raising questions about governance and investor risk in crypto projects.

ccn.com12/23 15:37

Justin Sun Watches $60M Vanish From WLFI Holdings as His Access Remains Locked

ccn.com12/23 15:37

Charles Hoskinson Says Midnight Will Expand Cardano DeFi by 10x

Charles Hoskinson, founder of Cardano, asserts that the upcoming Midnight privacy sidechain will expand Cardano's DeFi ecosystem by ten times. He addressed concerns that Midnight might weaken Cardano's core infrastructure, explaining that while upgrades like Leios and Hydra offer marginal improvements, they are insufficient to attract users from established ecosystems like Ethereum and Solana. Midnight's key innovation is its programmable privacy features, which provide a fundamentally new value proposition without requiring users to abandon other chains. This could significantly boost Cardano's DeFi activity, which currently has a TVL of $178 million—far behind its competitors. A tenfold increase would bring it to nearly $1.8 billion. Hoskinson also highlighted ongoing discussions with Ripple to bring the RLUSD stablecoin to Cardano and mentioned a forthcoming privacy stablecoin partnership as additional growth catalysts.

TheNewsCrypto12/23 14:16

Charles Hoskinson Says Midnight Will Expand Cardano DeFi by 10x

TheNewsCrypto12/23 14:16

RWA Weekly Report｜Data: Approximately 50% of Euro Stablecoins Deployed on Ethereum; Potential Policy Adjustments as Trump Prepares for Next November's Midterm Elections May Again Impact Digital Assets (12.18-12.23)

RWA Market Weekly Summary (Dec 18–23) The total on-chain value of Real World Assets (RWA) grew 1.65% this week to $19.05 billion, while the broader RWA market saw a slight contraction. U.S. Treasuries remained the core asset at $8.7 billion. Commodities and private equity saw notable increases. The number of RWA asset holders and stablecoin users continued to rise. Key developments include: - Data shows ~50% of euro-denominated stablecoins are deployed on Ethereum. - Former U.S. President Trump’s policy adjustments ahead of the midterm elections may impact digital assets. - The SEC issued new guidance on crypto asset custody and ATS operations. - Hong Kong proposed new rules for insurance investments in crypto assets. - U.S. lawmakers proposed tax exemptions for small stablecoin payments and staking rewards. - Ghana legalized crypto trading and plans to explore gold-backed stablecoins. Highlighted RWA projects: - Ondo Finance (ONDO) will launch tokenized stocks and ETFs on Solana in early 2026. - MSX (STONKS) is preparing for the potential launch of official Nasdaq tokenized stocks. Stablecoin sector growth continues, with Grayscale reporting a $300B supply and $1.1T in monthly trading volume.

marsbit12/23 10:56

RWA Weekly Report｜Data: Approximately 50% of Euro Stablecoins Deployed on Ethereum; Potential Policy Adjustments as Trump Prepares for Next November's Midterm Elections May Again Impact Digital Assets (12.18-12.23)

marsbit12/23 10:56

RWA Weekly Report｜Data: Approximately 50% of Euro Stablecoins Deployed on Ethereum; Potential Policy Adjustments as Trump Prepares for Next November's Midterm Elections May Again Impact Digital Assets (12.18-12.23)

RWA Weekly Report: Data shows approximately 50% of euro-denominated stablecoins are deployed on Ethereum; potential policy shifts as Trump prepares for midterm elections may impact digital asset markets (Dec 18–23, 2025). The on-chain value of Real World Assets (RWA) grew 1.65% to $19.05 billion, while the broader RWA market contracted slightly to $402.57 billion. User adoption continued to rise, with RWA holders increasing to 582,639 and stablecoin holders reaching 212.54 million. U.S. Treasury bonds remained the core asset at $8.7 billion, while commodities and private equity saw notable growth. Key developments include the SEC issuing new guidance for crypto asset custody and ATS operations, Hong Kong proposing new rules for insurer investments in crypto assets, and U.S. lawmakers discussing tax exemptions for small stablecoin transactions. Data from Token Terminal indicates about half of all euro stablecoins are on Ethereum. Political focus remains on potential policy adjustments by Trump ahead of the 2026 midterm elections, which could affect digital asset markets. Projects like Ondo Finance and MSX (STONKS) are advancing tokenized traditional assets, with Ondo expanding to Solana and MSX preparing for Nasdaq’s potential entry into tokenized stocks. Ghana legalized cryptocurrency trading and is exploring gold-backed stablecoins, reflecting global regulatory evolution. Stablecoin supply reached $300 billion in 2025, with significant transaction volume driving growth in related ecosystems.

Odaily星球日报12/23 10:48

RWA Weekly Report｜Data: Approximately 50% of Euro Stablecoins Deployed on Ethereum; Potential Policy Adjustments as Trump Prepares for Next November's Midterm Elections May Again Impact Digital Assets (12.18-12.23)

Odaily星球日报12/23 10:48

From Options Derivatives to Prediction Markets: A Quick Look at Coinbase's 2025 Crypto Acquisition Blueprint

Coinbase has significantly expanded its ecosystem in 2025 through a series of strategic acquisitions, aiming to build an "Everything Exchange." Key acquisitions include: - **Roam** (on-chain browser/search engine) - **Spindl** (on-chain advertising platform) - **Iron Fish** team (privacy layer, team-only acquisition) - **Deribit** ($2.9B, major derivatives platform) - **Liquifi** (token management) - **Opyn** team (DeFi options, talent acquisition) - **Sensible** founders (yield platform, later shut down) - **Echo** ($375M, launchpad platform by Cobie) - **Vector.fun** (Solana DEX, to enhance cross-chain trading) - **The Clearing Company** (prediction markets) Most deals were undisclosed talent/team acquisitions, focusing on integrating expertise rather than tokens or legacy systems. The strategy emphasizes consolidating services—spanning spot, derivatives, DeFi, privacy, and prediction markets—into a unified platform. This aligns with CEO Brian Armstrong's vision of a one-stop "Exchange Everything" model, strengthening Coinbase's competitive position against rivals like Binance and OKX.

Odaily星球日报12/23 10:19

From Options Derivatives to Prediction Markets: A Quick Look at Coinbase's 2025 Crypto Acquisition Blueprint

Odaily星球日报12/23 10:19

Over 80% of New Tokens Peak at TGE, The Root Cause and Cure for Web3's False Prosperity Lies Here

More than 80% of new tokens in 2025 have seen their Fully Diluted Valuation (FDV) fall below their initial TGE valuation, with a median decline of 71%. Only 15% of tokens performed better post-TGE. This trend indicates that for most projects, the token generation event (TGE) represents their peak valuation. Statistical analysis of 113 token launches reveals that common success metrics—such as high fundraising amounts, large social media followings, and listings on major exchanges—have little to no statistical correlation with token performance. Projects raising more capital (e.g., over $10 million) did not perform better than those raising less (e.g., $300k–$500k). In fact, lower-funded projects often delivered higher returns per dollar raised. Social community size proved irrelevant; most "communities" are speculative and disappear when token prices fall. Token pricing also matters: tokens priced between $0.01–$0.05 at launch had the highest survival rate, while those priced outside this range generally failed. AI-related tokens outperformed others in both peak and current returns, while Gaming and DeFi sectors struggled significantly. Launch platforms (IDOs/IEOs) did not ensure success—most tokens on these platforms fell 70–93% post-launch. The root issue is a market that prioritizes hype over substance, narrative over data, and promises over products. To survive in 2026, projects should focus on lean fundraising, realistic token pricing, product-market fit, and tangible metrics like user retention and revenue—rather than vanity metrics. The old playbook is broken; a new, pragmatic approach is essential.

Odaily星球日报12/23 09:55

Over 80% of New Tokens Peak at TGE, The Root Cause and Cure for Web3's False Prosperity Lies Here

Odaily星球日报12/23 09:55

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