# Сопутствующие статьи по теме Infrastructure

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

Farewell to Building Castles: The Transformation Moment for Crypto VCs

The crypto VC industry is undergoing a painful but necessary transformation, marked by the collapse of once-prominent firms like Shima Capital. Its founder, Yida Gao, faced SEC charges for fraudulent fundraising and misrepresentation, leading to the fund’s shutdown. This signals a broader shift toward accountability and transparency in the sector. The era of easy profits through speculative investments and “pump-and-dump” models is ending. With declining liquidity and retail participation, many VCs face prolonged losses and difficult exits. Data shows only 2% of altcoins are in profit, highlighting severe market strain. Investors now prioritize projects with real traction and data, not just narratives. VC strategies are evolving: funding is becoming more concentrated, with larger sums flowing into fewer, later-stage deals. There’s also a growing focus on infrastructure—such as payment rails and privacy tools—rather than premature application-layer projects. Some crypto-native funds are even diversifying into AI, biotech, and other non-crypto sectors. This period of recalibration, though challenging, is pushing the industry toward sustainable growth. By building stronger foundations, the market may eventually support more resilient and valuable applications in the next cycle.

marsbit12/18 12:07

Farewell to Building Castles: The Transformation Moment for Crypto VCs

marsbit12/18 12:07

Computing Power Subprime Crisis: The AI Infrastructure Debt Wave, Miner Leverage, and the Vanishing 'Liquidation Liquidity'

AI Infrastructure Debt Crisis: A Looming "Compute Subprime" Scenario Beneath the surface of booming AI investment and data center expansion, a severe financial mismatch is brewing. Credit investors are growing alarmed as the industry uses long-term, real-estate-like debt models to finance rapidly depreciating tech assets with an effective shelf life of just 18 months. The core issue is a fundamental asset-liability mismatch. AI compute is inherently deflationary; inference costs are falling 20-40% annually due to technological advances, eroding the future cash flows used to service debt taken out at peak 2024 prices. This risk is amplified by a shift in financing. High-risk, venture-grade tech assets are being packaged into low-risk, utility-grade project finance and asset-backed loans (ABL), transforming potential equity losses into systemic defaults. Crypto miners, often portrayed as successfully "pivoting" to AI, are particularly vulnerable. Many have not deleveraged but have instead taken on double leverage—using volatile crypto holdings as collateral to borrow more dollars to buy GPUs. This creates a dangerous correlation risk where a crypto crash and a drop in AI rental prices could occur simultaneously. The final, critical flaw is the illusion of collateral. Unlike real estate, a defaulting borrower's GPUs are nearly impossible to liquidate. They are physically dependent on specialized infrastructure, face rapid obsolescence, and lack a deep secondary market, meaning the repo market needed for a orderly清算 (liquidation) does not exist. This is not a critique of AI's potential but a warning of a profound credit mispricing, where deflationary tech assets are financed with rigid infrastructure debt, creating a hidden chain of potential defaults.

marsbit12/18 11:04

Computing Power Subprime Crisis: The AI Infrastructure Debt Wave, Miner Leverage, and the Vanishing 'Liquidation Liquidity'

marsbit12/18 11:04

The On-Chain Game of Payment Giants: The Battle for a $40 Trillion Settlement Layer

The payment industry, while perceived as traditional, remains one of the earliest and most adaptable parts of the financial system to technological transformation. While the market continues to debate whether cryptocurrencies are assets, payment giants Visa and Mastercard have reached a consensus on a more fundamental issue: the need for a more efficient settlement layer that can integrate with existing payment systems, rather than requiring a complete overhaul. Their answer is stablecoins. Visa has begun integrating USDC stablecoin settlements via the Solana blockchain for U.S. banks, emphasizing standardization and productization rather than disruptive innovation. This allows for near-instant, 24/7 settlements, reducing liquidity constraints and transaction times, all while maintaining a seamless experience for end-users. Meanwhile, Mastercard is pursuing a multi-chain strategy, partnering with entities like Ripple and Gemini to build a flexible compliance layer that connects traditional finance with on-chain settlement networks. This approach prioritizes adaptability across various stablecoins and blockchain environments, particularly for cross-border and B2B payments. Both companies recognize that the real competition is not about individual stablecoin growth, but about controlling the future settlement layer—where an estimated $40 trillion in credit market activity could be redefined. The shift toward programmable settlement tools could reshape core financial processes like credit issuance and risk management. This transition is occurring quietly in the background—a technical migration that is gradual but likely irreversible. As major payment networks adopt on-chain settlement capabilities, blockchain is becoming embedded within the infrastructure of finance itself, changing the underlying logic of how value moves globally.

marsbit12/18 10:03

The On-Chain Game of Payment Giants: The Battle for a $40 Trillion Settlement Layer

marsbit12/18 10:03

Why Does Hyperliquid Earn Less Than Coinbase?

Hyperliquid, a decentralized exchange, processes near-Nasdaq-level perpetual trading volumes but captures significantly lower fees compared to centralized platforms like Coinbase and Robinhood. While Hyperliquid cleared $205.6 billion in notional volume over 30 days, it generated only $80.3 million in fees—an effective take rate of ~3.9 bps. In contrast, Coinbase and Robinhood achieve take rates of ~35.5 bps and ~33.5 bps, respectively, by operating as retail brokers that monetize multiple layers: distribution, balances, subscriptions, and order flow. This gap stems from a structural difference: Hyperliquid positions itself as a low-fee *market layer* (like Nasdaq), providing high-throughput execution and清算 infrastructure, while brokers like Coinbase control user relationships and extract value through higher-margin activities. Hyperliquid’s model includes permissionless distributor frontends (Builder Codes) and product deployment (HIP-3), which drive ecosystem growth but also create long-term fee compression risks by outsourcing high-value distribution. To defend its economics, Hyperliquid is taking steps to retain distribution control, integrate HIP-3 markets natively, and introduce balance-driven revenue streams like USDH (a native stablecoin with 50% reserve收益 sharing) and portfolio margin (10% interest fee on borrows). These moves aim to shift its model from pure exchange-level execution toward a hybrid approach that captures broker-like profit pools—without sacrificing its core infrastructure advantages. The key challenge remains balancing open ecosystem growth with tighter economic integration to avoid being commoditized as a wholesale execution venue.

marsbit12/18 07:03

Why Does Hyperliquid Earn Less Than Coinbase?

marsbit12/18 07:03

HashKey Supports Nighttime Currency Exchange, Becoming First Licensed Exchange to Fully Enable 24/7 Fiat Conversion

Hong Kong's licensed virtual asset exchange platform, HashKey Exchange, has announced the launch of overnight USD-HKD currency exchange services, making it the first licensed platform in Hong Kong to offer round-the-clock fiat currency conversion for both retail and institutional clients. This upgrade allows users to enjoy near-native crypto market liquidity at any time of day. Previously, currency exchanges were limited to banking hours, restricting institutions from hedging overnight and individuals from transferring funds promptly. With the new service, HashKey will process conversion requests outside regular banking hours, enabling seamless transactions without delays. As a licensed platform, all funds used in overnight exchanges are fully segregated from operational funds and monitored in real-time to ensure security. The move enhances Hong Kong’s digital finance infrastructure, providing both institutional and retail users with continuous, regulated, and reliable conversion services. Randall Chan, Managing Director of HashKey Exchange, stated that fiat liquidity has been a major barrier for institutional entry into digital assets. Overnight conversion reduces time constraints for hedging, transfers, and settlements, allowing secure capital flow at all hours. The platform aims to further integrate trading, deposits/withdrawals, custody, and settlement into a comprehensive liquidity infrastructure.

深潮12/18 04:50

HashKey Supports Nighttime Currency Exchange, Becoming First Licensed Exchange to Fully Enable 24/7 Fiat Conversion

深潮12/18 04:50

2026 Grayscale Outlook: Ten New Investment Opportunities and False Hypes in Crypto

Grayscale's 2026 outlook anticipates a structural shift in digital asset investment driven by increased demand for alternative value stores and enhanced regulatory clarity. This is expected to attract significant institutional capital, integrate blockchain into mainstream finance, and end the traditional four-year crypto cycle. Bitcoin may reach new all-time highs in H1 2026. Key investment themes include: 1) Demand for monetary alternatives (BTC, ETH, ZEC) due to fiat currency risks; 2) Regulatory progress supporting adoption; 3) Stablecoin growth under the GENIUS Act; 4) Asset tokenization reaching a tipping point; 5) Privacy solutions (ZEC, AZTEC) for mainstream blockchain use; 6) Blockchain addressing AI centralization (TAO, NEAR); 7) DeFi acceleration, particularly in lending; 8) Next-gen infrastructure (SUI, MON); 9) Focus on sustainable revenue (SOL, ETH); 10) Staking becoming default for investors (LDO, JTO). Quantum computing and Digital Asset Treasuries (DATs) are identified as overhyped themes with limited 2026 impact. The overall trajectory points toward institutional adoption, with capital flowing primarily through regulated ETPs.

深潮12/18 03:07

2026 Grayscale Outlook: Ten New Investment Opportunities and False Hypes in Crypto

深潮12/18 03:07

Why Are Bitcoin Miners Collectively Turning to AI? The Reasons Behind Are Astonishing

Bitcoin miners are shifting from cryptocurrency mining to leasing data center space to major tech companies for AI workloads, driven by fundamental vulnerabilities in their core business model. Mining revenues are highly volatile and entirely dependent on Bitcoin's unpredictable price, while structural expenses—including rising electricity costs, increasing mining difficulty, and hardware depreciation—continue to climb. With the current cost to mine one Bitcoin estimated at around $130,000, far above its market price, miners face sustained operational losses. This financial pressure has accelerated a strategic pivot. Miners possess key infrastructure valuable to AI firms: high-performance GPU clusters, massive power capacity, and advanced cooling systems. Companies like Core Scientific are repurposing their facilities into AI data centers, generating stable rental income. This transition provides more reliable cash flow, reduces reliance on Bitcoin's price volatility, and strengthens the overall industry by weeding out weaker players and fostering a more resilient, diversified business model.

marsbit12/17 11:07

Why Are Bitcoin Miners Collectively Turning to AI? The Reasons Behind Are Astonishing

marsbit12/17 11:07

The Underestimated Matrixdock: A Sovereign-Level Watershed in Gold Tokenization

Beyond the prevailing focus on "asset tokenization" and "scale" in the RWA (Real World Asset) sector, a more critical question is whether tokenized assets can be integrated into real-world economic operations for actual use, settlement, and interoperability. Matrixdock, the RWA platform under Matrixport, has been appointed by the Gelephu Mindfulness City Administration (GMCA) of Bhutan as the core tokenization technology provider for its gold-backed digital token, TER. This sovereign-level partnership signifies a formal endorsement of Matrixdock’s underlying technical architecture—not just a specific product—by a national government. Unlike many RWA projects focused on short-term financialization, Matrixdock emphasizes verifiability, regulatory and technical interoperability, and long-term operational stability. Its collaboration with GMC aims to transform gold from a mere investment asset into a transactional medium within a sovereign digital financial ecosystem. This shift from “holding” to “settlement” represents a watershed moment for RWA adoption, moving beyond narrative-driven growth toward tangible, state-level infrastructure implementation. The market has underestimated not Matrixdock’s progress, but the strategic significance of its sovereign-grade technical capabilities. When RWA ceases to be a narrative and becomes embedded in real-world systems, Web3 truly enters the economy. Matrixdock’s role in Bhutan’s digital city project poses a foundational question: after the hype, which RWA infrastructures will endure?

marsbit12/17 10:20

The Underestimated Matrixdock: A Sovereign-Level Watershed in Gold Tokenization

marsbit12/17 10:20

Crypto Is Dead, Long Live Crypto

Crypto Is Dead, Long Live Crypto The author argues that "crypto" as a self-contained, insular industry is dying. This is not a failure of the technology, but the demise of a closed ecosystem built by and for a narrow group of "crypto natives." This world, optimized for activities like yield farming, airdrops, and speculation, functions like a high-liquidity MMO game but has limited potential for mainstream adoption. The "death" signifies the end of this isolated world. Crypto will no longer be a separate industry but will instead integrate into everything else as a foundational technology. The label "crypto" will become a burden, and successful companies will simply be those that use blockchain without branding themselves as such. The future lies in serving "normal people," not just crypto natives. Success will be measured by users who benefit from the technology—like those using USDT for fast payments or stablecoins to hedge inflation—without knowing or caring how it works. The bottleneck is no longer user experience but intent: builders must create products that solve real-world problems. While the "casino" of speculation will persist, it will become just one vertical. The core values worth preserving are permissionless access, global liquidity, composability, and user ownership. The old playbook of liquidity mining and airdrops is failing; it merely recirculates capital within the same small group. Winners will be those who build for broad, real-world use cases in areas like payments and identity. Losers will be those who continue to serve only the crypto echo chamber. This transition may be difficult for early adopters whose identity is tied to the industry, but it is the inevitable path of any successful foundational technology. The mission was never to turn everyone into a crypto native, but to build tools that improve the world—even if the world forgets their name.

marsbit12/17 09:16

Web3 Inside and Outside the Great Wall: The Triple Impact and Solutions for Chinese Entrepreneurs

Chinese Web3 entrepreneurs, once dominant in the crypto industry with leading exchanges and mining ventures, have seen their global influence decline significantly since the DeFi Summer of 2020. This shift stems from three major challenges: stringent regulatory crackdowns in China, which dismantled local ecosystems and forced migration overseas; a structural bias in venture capital favoring Western projects due to compliance advantages and better exit opportunities; and a mismatch in skill sets, as many Chinese developers excel in B2C applications rather than the infrastructure-focused B2B nature of recent Web3 development. While culturally diverse founders like Hyperliquid’s Jeff Yan show that Chinese-background innovators can still succeed, they often do so by integrating into Western cultural and operational frameworks. The future of crypto entrepreneurship will depend less on geographic origin and more on cross-cultural collaboration, long-term technical commitment, and adaptive resilience in a rapidly evolving regulatory landscape.

marsbit12/17 09:04

Web3 Inside and Outside the Great Wall: The Triple Impact and Solutions for Chinese Entrepreneurs