# Сопутствующие статьи по теме Infrastructure

Two Paths, One Destination

Coinbase and Robinhood, despite recent earnings misses, are undergoing significant transformations that diverge from simplistic narratives tied to crypto performance. Both are systematically diversifying their revenue streams to reduce cyclical dependency. Coinbase’s subscription and service revenue reached $2.8B in 2025, 5.5x its 2021 peak. It now holds 12% of global crypto assets and is expanding into derivatives (via the Deribit acquisition), prediction markets, and institutional services, partnering with major banks and asset managers like BlackRock. Its long-term goal is to become a foundational settlement layer for on-chain finance. Robinhood’s growth is highlighted by a 27% YoY increase in ARPU to $191, driven largely by its prediction markets—its fastest-growing product line, generating $300M in annualized revenue. Other key drivers include options trading and subscription services. The company is also expanding into banking and private market access through Robinhood Ventures, aiming to capture a share of generational wealth transfer. Though they started from opposite ends—Coinbase in crypto, Robinhood in traditional equities—both are converging toward the same vision: a financial super-app for retail users. They are now competing directly in emerging areas like prediction markets, tokenization, and private market access, with the goal of deepening user financial integration and becoming indispensable platforms.

marsbit02/24 10:36

From Miner to Infrastructure Provider: The Survival Logic Behind Bitdeer's Complete BTC Sell-Off

marsbit02/24 06:32

Bitdeer Says Bitcoin Liquidation “Not A Concern” For Broader Market

Bitcoin mining firm Bitdeer has liquidated its entire weekly Bitcoin output of 189.8 BTC, reducing its treasury holdings to zero. The company defended the move, stating it should not concern the broader market, and explained the decision is part of a strategy to prepare liquidity for potential land acquisitions, likely linked to its recent expansion into AI infrastructure. Despite the sell-off, Bitdeer emphasized its commitment to growing its hash rate and continuing Bitcoin mining. This trend is not isolated, as other major miners like Cango and Bitfarms have also been pivoting toward AI and high-performance computing ventures. Meanwhile, Bitcoin's price experienced volatility, dropping to around $64,300 before recovering to approximately $66,100.

bitcoinist02/23 17:44

Pharos Establishes RealFi Alliance to Promote Institutional-Grade On-Chain Execution Standardization for RWA

Pharos Network has launched the RealFi Alliance, a strategic ecosystem initiative aimed at unifying institutional asset issuers, financial infrastructure providers, and on-chain builders. The alliance seeks to standardize and scale the execution framework for real-world assets (RWA), moving beyond isolated pilots. Founding members include Chainlink, Asseto Finance, Ember, Faroo, LayerZero, R25, Re7 Labs, TopNod, and Centrifuge. The alliance addresses systemic issues like fragmented liquidity, inconsistent infrastructure standards, and regulatory disconnects by creating a unified operational layer where RWAs remain active, composable, and capable of supporting institutional workflows. It operates on four core pillars: Asset Enablement (bringing real-world value on-chain securely), Infrastructure & Compliance (leveraging Pharos’s parallel execution and built-in compliance modules), Liquidity & Utility (designing clear functional use cases like staking and yield mechanisms), and Market Transparency (establishing trust through clear risk and return benchmarks). Pharos CEO Wish Wu emphasized that the goal is to create a unified environment for assets to operate at scale with institutional reliability. The upcoming Pharos mainnet will launch as a ready-to-use financial environment with integrated liquidity and compliance standards. The alliance plans to expand in structured batches, selecting new members based on asset quality, technical maturity, and ecosystem synergy. Pharos is a financial-grade Layer 1 blockchain designed for RealFi, combining modular architecture, parallel execution, and built-in compliance modules. It is developed by a team with backgrounds from Ant Group and is backed by investors like Hack VC and Faction VC.

marsbit02/23 13:02

The War Between Stablecoins and Banking May Not Actually Exist

The article argues that the perceived war between stablecoins and traditional banking is largely illusory, drawing a parallel to the "Javon's Paradox" where technological efficiency (like ATMs) expands, rather than shrinks, an industry. From the supply side, blockchain and stablecoins are dismantling fragmented global payment infrastructures, replacing them with a single, open ledger. This drastically reduces the cost and complexity of offering financial services, enabling companies like Sling Money to operate globally with a small team. Examples like M-Pesa in Kenya and UPI in India show that lowering transaction costs to near zero leads to a massive expansion in financial inclusion, serving previously unbanked populations. On the cost side, the piece highlights the immense compliance burden on banks, which spend hundreds of billions annually on tasks like auditing and reconciling opaque transactions across correspondent banks. Shared ledger technology directly solves this by providing a single source of truth, eliminating reconciliation layers. Projects like J.P. Morgan's Onyx and the Canton Network demonstrate how banks are using this technology to achieve near-instant settlement and free up trapped capital. The convergence of these forces—lower barriers to entry and reduced internal operational costs—points to a future where more financial services are available to more people at a lower cost, much like cloud computing democratized access to computing power. The conclusion is that stablecoins will not destroy the banking system but will instead become a foundational infrastructure upon which more products are built, ultimately expanding the entire market.

Odaily星球日报02/23 12:47

Bitdeer Liquidates 943.1 BTC Reserves: Is It a 'Winter Is Coming' for Mining Giants or a 'Breakthrough Rebirth' in the AI Sector?

Bitdeer, a major Bitcoin mining company, has completely liquidated its Bitcoin reserves, selling off 943.1 BTC despite recently becoming the world's largest publicly traded mining firm by self-mining hash rate (63.2 EH/s). This move reflects severe pressure from plummeting mining profitability, driven by a sharp 14.72% increase in Bitcoin network difficulty and a collapse in Hashprice to under $30/PH/s/day—pushing many miners toward unprofitability. Rather than holding volatile Bitcoin assets, Bitdeer is prioritizing cash flow and strategic financial maneuvering. The company raised $325 million via convertible senior notes, partly to restructure debt and hedge against equity dilution, signaling a shift toward sophisticated corporate finance practices. The core strategy involves pivoting from Bitcoin mining to high-performance computing (HPC) and AI cloud services. Bitdeer aims to leverage its energy infrastructure and data center expertise to capture opportunities in the high-demand AI compute market, where long-term contracts offer more stable revenue compared to Bitcoin's volatility. This transition marks a broader industry trend where large miners evolve into diversified energy and compute infrastructure providers, prioritizing capital efficiency and new high-margin opportunities over traditional "HODL" strategies.

marsbit02/23 04:41

Financing Weekly Report | 10 Public Financing Events, Sports Prediction Market Novig Completes $75 Million Series B Financing Led by Pantera Capital

Last week (Feb 16-22) saw 10 disclosed blockchain funding rounds totaling over $143 million. Key highlights include Novig's $75 million Series B led by Pantera Capital for its sports prediction market, valuing the company at $500 million. In DeFi, derivatives protocol MYX secured a strategic investment from Consensys. Web3+AI firm Unicity Labs raised $3 million in seed funding. Infrastructure investments included $13 million for wallet infrastructure Kresus Labs and $8 million for API infrastructure Monark Markets. CeFi saw Stake raise $31 million in a Series B for its real estate tokenization platform, and Newity raised $11 million to explore on-chain small business lending. Other prediction market deals included PRED's $2.5 million seed round and a strategic investment in Kalshi by Tradeweb. Additionally, Dragonfly closed a $650 million crypto venture fund.

marsbit02/23 03:06

Deep Reflections Behind the OP Plunge

In a significant move, Coinbase's Base announced its departure from the Optimism OP Stack to develop its own proprietary unified architecture, causing a sharp 20% drop in $OP’s price. This event highlights the ongoing debate between two competing economic models for blockchain infrastructure: Optimism’s fully open-source, MIT-licensed approach versus Arbitrum’s “community source” model, which mandates a 10% protocol income contribution from chains built on its Orbit stack that settle outside the Arbitrum ecosystem. Optimism’s strategy emphasizes openness and network effects, attracting major projects like Base, Worldcoin, and Uniswap with its modular, permission-free stack. However, this model risks ecosystem fragmentation, as high-value chains may eventually choose independence. In contrast, Arbitrum enforces economic alignment through its revenue-sharing requirement, aiming for long-term sustainability, though it may slow initial adoption. This tension mirrors historical open-source dilemmas, such as those seen with Linux, MySQL, and WordPress, where balancing free access with sustainable funding remains challenging. In crypto, the presence of native tokens amplifies these dynamics, making economic alignment and infrastructure financing even more critical. Neither model is perfect—each involves trade-offs between growth and sustainability. The key takeaway is the need for a broader ecosystem discussion on how to fund and maintain essential public infrastructure without relying on free-riders. Base’s exit should serve as a catalyst for this conversation.

marsbit02/22 09:27

The Economist: In Asia, Stablecoins Are Becoming the New Financial Infrastructure

Stablecoins are rapidly emerging as a new financial infrastructure across Asia, driven by real-world needs for efficient and low-cost transactions. Despite cautious or strict regulatory stances in countries like India, cryptocurrency adoption continues to thrive. India, which imposes heavy taxes and transaction fees, still leads the global crypto adoption index, with inflows reaching approximately $338 billion from mid-2024 to 2025. A key application is cross-border remittances. With 24 million migrant workers in Southeast Asia, traditional remittance fees averaging 6.5% per $200 transfer pose a significant burden. Stablecoins, unlike volatile cryptocurrencies like Bitcoin, offer a stable, fast, and accessible alternative. From January to July last year, global stablecoin transfers exceeded $4 trillion. Businesses are also adopting stablecoins to streamline payments, reducing intermediaries, delays, and costs. Monthly stablecoin transactions between enterprises surged from under $100 million in early 2023 to over $6 billion by mid-2025. Additionally, Asia’s vast gig economy—over 210 million workers—benefits from instant salary settlements via stablecoins, bypassing traditional banking delays. However, the same features that benefit legitimate transactions—speed, low cost, and accessibility—also risk being exploited for illicit activities. The future of stablecoins in Asia will depend on how effectively regulators balance innovation with oversight. Success could reshape global finance; failure may leave crypto with a practical—but illegal—use case.

marsbit02/22 04:12

Tiger Research: How Crypto Giants Are Betting on AI Agent Payment Infrastructure

Tiger Research explores how major tech companies and crypto sector are building payment infrastructure for AI Agents to enable fully autonomous transactions. Key points: - Payments are transitioning from human-initiated to AI Agent-executed, requiring new infrastructure. - Big Tech (e.g., Google's AP2) builds controlled, approval-based systems using existing platforms, prioritizing consumer protection and convenience but limiting interoperability. - Crypto solutions (ERC-8004 for NFT-based identity and x402 for smart contract payments) enable trustless, decentralized agent-to-agent transactions using stablecoins, emphasizing user sovereignty and permissionless access. - Google’s model operates within a restricted partner ecosystem, while crypto aims for open, programmable microtransactions. - Future may involve interoperability between closed and open systems rather than a winner-takes-all outcome.

marsbit02/22 04:09