# Сопутствующие статьи по теме DeFi

Crypto Court Fight Not Over As Prosecutors Seek Retrial For Roman Storm

US prosecutors are seeking a retrial for Tornado Cash co-founder Roman Storm on charges of money laundering and sanctions violations, following a hung jury on those counts in a previous trial. Although Storm was convicted of operating an unlicensed money-transmitting business, his defense is seeking to overturn that verdict. Prosecutors have proposed an October 2026 retrial date, while Storm’s legal team has indicated unavailability until late 2026. Storm faces up to 40 years in prison if convicted on all counts. The case has drawn criticism from crypto advocates who point to prosecutorial missteps and a recent Treasury Department report acknowledging legitimate privacy applications for crypto mixers. A ruling on Storm’s acquittal motion is expected in April.

bitcoinist03/11 10:10

Ondo, xStocks, Hyperliquid 'Three Kingdoms': Who is Building the 'Foundation' of Future Finance?

This article analyzes three distinct approaches to on-chain tokenization of traditional assets like stocks and ETFs: Ondo Finance, xStocks (by Backed Finance, now Kraken-owned), and Hyperliquid's HIP-3. Ondo Finance employs an institutional-grade, indirect tokenization model. An offshore SPV holds the underlying stocks, issuing on-chain structured notes that represent economic exposure but not legal ownership. It features atomic settlement, instant minting/redemption, and requires KYC for accredited non-US investors. xStocks targets the retail market with a multi-chain, composable model. Similar to Ondo, it uses a 1:1 backed debt instrument structure (tracking certificates) issued by a Jersey-based SPV. It emphasizes self-custody, ease of access with no specific KYC for trading, and integrates a novel "xChange" engine to bridge TradFi liquidity into DeFi. Hyperliquid's HIP-3 offers a fundamentally different, permissionless model for creating perpetual futures markets on any asset. It requires no underlying custody of assets. Instead, it provides synthetic price exposure through oracle-fed perpetual contracts, allowing high leverage and 24/7 trading. It functions as a decentralized infrastructure layer for market creators. The piece concludes that these protocols are not in direct competition but serve different purposes: Ondo and xStocks offer economic ownership and redemption, while Hyperliquid provides leveraged synthetic trading. The common thread is expanding access and composability for on-chain users.

marsbit03/11 10:03

The Boundaries and Channels of Finance: The New Pricing Logic of Global Markets

The article "Financial Boundaries and Channels: The New Pricing Logic of Global Markets" explores the evolving relationship between traditional finance and decentralized finance (DeFi), focusing on the growing interest of asset management giants like BlackRock and Apollo in on-chain vaults and RWA (Real World Assets). It argues that while DeFi has adopted USDT/USDC as de facto standards due to their scale, this reliance on U.S. Treasury-backed stablecoins means DeFi is subject to external monetary policies without reciprocal influence. The piece highlights the absence of a native DeFi risk-free rate and examines past attempts, like algorithmic stablecoins, which failed to challenge this dominance. The author suggests that vaults and curators may become central to a new financial architecture, facilitating global capital flow and efficiency. However, these structures currently lack mechanisms for asset price inflation and face risks from code vulnerabilities and governance issues. The future may lie in broker-like channels that enhance capital fluidity beyond centralized exchanges, potentially leading to a more integrated and efficient global market system. Ultimately, the article concludes that while DeFi infrastructure matures, the real innovation opportunity resides in creating channels that enable seamless, scalable capital interaction, moving beyond traditional token economics.

比推03/11 06:44

Crypto Barbarians: The Jupiter System Still Owes the Market an Answer

The article "Encryption Barbarians: The Jupiter System Still Owes the Market an Answer" investigates the controversies surrounding the Jupiter ecosystem, particularly its affiliated projects Meteora and the founders Meow and Ben Chow, originally from the Mercurial Finance project backed by Alameda Research and FTX. After FTX's collapse, the team split into Jupiter (focused on liquidity aggregation) and Meteora (focused on dynamic market making), creating a vertically integrated ecosystem that controls everything from fiat on-ramps (via Moonshot acquisition) to trading and liquidity. This closed-loop system, while efficient, has been repeatedly accused of exploiting information asymmetry. Key controversies include: - Suspicious MET token airdrop distribution in October 2025, where a few wallets received disproportionately large allocations and showed patterns of coordinated dumping. - Suspected insider trading ahead of MET's listing on Upbit in November 2025. - The LIBRA token scandal in February 2025, where Meteora was accused of supporting a token that crashed after reaching a $4.6B market cap, causing $280M in losses. Ben Chow resigned and appointed law firm Fenwick & West (already under scrutiny for its work with FTX) for an independent investigation, which further damaged trust. While on-chain detective ZachXBT's recent report cleared Meteora in the Axiom Exchange insider trading case, the ecosystem remains under a cloud of suspicion over its centralized control, lack of transparency, and repeated patterns of operating in regulatory gray areas. The article concludes that the market is still waiting for real accountability from the Jupiter system.

marsbit03/11 05:49

Video | Dialogue with Sei Founder Jay: Belief and Survival Rules Through the Crypto Super Cycle

Video | Conversation with Jay Jog, Founder of Sei: Belief and Survival Strategies Through Crypto’s Super Cycle Jay Jog, co-founder of Sei, shares his journey from Robinhood to building the world’s fastest blockchain. The 2021 GameStop short squeeze and Robinhood’s trading halt revealed structural flaws in traditional finance, inspiring the creation of Sei—a high-performance, decentralized alternative to Nasdaq. Sei began development in 2021, launching its Cosmos-based V1 mainnet in August 2023. To attract more developers, the team integrated EVM support, addressing Ethereum’s scalability limitations. With the launch of parallel EVM in July 2024, Sei achieved up to 50x performance improvements, processing over 5 billion transactions and attracting 100 million unique wallets. Major institutions like BlackRock, Brevan Howard, and Ondo have launched products on Sei, drawn by its growing user base and distribution channels rather than underlying tech alone. Jay emphasizes that real adoption comes from killer apps and user growth, not just high TPS. Reflecting on his journey, Jay highlights the challenges of fundraising after Terra’s collapse and the importance of building through bear markets. He remains optimistic about crypto’s future, citing real-world adoption and regulatory progress. Sei’s vision is a “Wall Street on-chain.” Upcoming upgrades like Sei Giga aim for another 50x performance boost, enabling Nasdaq-level order book systems. The team is also focusing on permissionless asset trading and internal app incubation to drive ecosystem growth. Jay advises investors to build strong conviction in crypto’s value rather than following hype. For developers, he recommends focusing on financial applications and emerging opportunities like AI agent payments, which align with internet-native currencies.

marsbit03/11 04:44

How Tron’s entry into AAIF could position TRX to lead AI agent boom

ambcrypto03/11 00:02

Babylon Integrates with Ledger to Enable Easier Access to Trustless Bitcoin Vaults

Babylon Labs and Ledger have partnered to integrate native Ledger signing support for Babylon's Trustless Bitcoin Vaults (BTCVaults). This integration enables users to securely authorize vault transactions directly from their Ledger devices using Clear Signing technology, enhancing both security and accessibility. With over 8 million devices sold globally, Ledger's extensive user base makes it an ideal platform to bring BTCVaults to a wider market. BTCVaults allow users to use native Bitcoin as collateral in DeFi without relying on custodians, bridges, or wrapped assets. The Clear Signing feature ensures users can clearly review and understand transaction details on their device screen before approving, increasing transparency and trust. The collaboration also includes plans to expand support within the Ledger ecosystem, such as asset management via the Ledger Wallet app, future support for Babylon’s staking protocol, and integration of Babylon’s native token, BABY. This partnership marks a significant step toward making Bitcoin more productive while maintaining self-custody and security.

marsbit03/10 15:46

Bybit Alpha Integrates Mantle Chain to Expand Asset Access

Bybit, the world's second-largest cryptocurrency exchange by trading volume, has integrated the Mantle Chain into its Bybit Alpha platform. This integration provides users with direct access to high-potential, Mantle-native assets like $BSB, $SCOR, $ELSA, and $VOOI without requiring cross-chain operations. The move enhances Bybit Alpha's multi-chain architecture and offers a seamless trading experience that merges decentralized liquidity of DeFi with the convenience of a centralized exchange. Key ecosystem partners, including the DEX Fluxion and analytics provider Birdeye, support this expansion by providing necessary liquidity and real-time onchain data. To celebrate the launch, Bybit Alpha is hosting a $200,000 puzzle hunt to encourage user exploration of the Mantle ecosystem. This integration is a strategic step in bridging DeFi and CeFi, allowing capital to flow more freely and efficiently for Bybit's 80 million users.

TheNewsCrypto03/10 15:06

The Stock Tokenization Revolution: A Panoramic Report on Market Dynamics, Product Architecture, and Regulatory Moats

Tokenized stocks are emerging as a breakthrough sector in the real-world asset (RWA) market, with a total value exceeding $800 million—a 30x increase since the start of the year—and monthly trading volume reaching $1.8 billion. The core value proposition is enabling global, 24/7 access to U.S. equities with near-instant settlement, bypassing geographic restrictions and delays inherent in traditional finance. Three primary architectures are competing for dominance: 1. Instant execution (e.g., Ondo, CyberAlpha): maximizes capital efficiency. 2. Inventory model (e.g., xStocks, Backed): uses Swiss debt structures for superior DeFi composability. 3. Direct ownership (e.g., Securitize): offers full legal rights but limited on-chain flexibility. The market is dominated by two players: Ondo (53% share) leverages liquidity engineering, while Backed/xStocks (23%) uses regulatory arbitrage via Swiss law. Regulatory licensing—not technology—is the key moat, with complex cross-jurisdictional compliance (U.S., EU, offshore) forming the highest barrier to entry. The sector faces a trilemma between liquidity/speed, regulatory safety, and DeFi composability, and is diverging into two paths: incremental integration with traditional systems (e.g., DTCC) and revolutionary on-chain issuance for full disintermediation. The convergence of the $150 trillion global equity market with blockchain infrastructure is already underway.

marsbit03/10 13:24

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