# Competition İlgili Makaleler

HTX Haber Merkezi, kripto endüstrisindeki piyasa trendleri, proje güncellemeleri, teknoloji gelişmeleri ve düzenleyici politikaları kapsayan "Competition" hakkında en son makaleleri ve derinlemesine analizleri sunmaktadır.

Lighter: How incentive exhaustion cut LIT’s dominance to 8.1%

Lighter's dominance in DeFi perpetuals peaked near 60% in late 2025, driven by aggressive incentives and an airdrop. However, as incentives normalized and the airdrop concluded, participation declined sharply. By mid-February 2026, Lighter’s market share fell to 8.1%, while Hyperliquid regained dominance, capturing 40-50% of the market. Despite the drop in headline volume, Lighter maintained strong open interest in key pairs. Large token movements by entities like Justin Sun and Wintermute indicated strategic positioning, balancing ecosystem support with readiness to sell if conditions worsened. Incentive exhaustion and post-airdrop exits enabled Hyperliquid to seize leadership in the derivatives space.

ambcryptoDün 22:02

Lighter: How incentive exhaustion cut LIT’s dominance to 8.1%

ambcryptoDün 22:02

Four Years of Transformation: A Deep Dive into the Evolution of Coinbase's Business Model

Coinbase has undergone a significant business transformation from 2021 to 2025, shifting from heavy reliance on retail trading revenue (88% in 2021) to a more diversified model. By 2025, retail trading contributed only 48% of total revenue, while subscription and service revenue grew to 41% of total revenue—driven largely by stablecoin income (19% of total revenue, via the Circle partnership), staking, and Coinbase One subscriptions. Total revenue in 2025 increased by 9.4% year-over-year but remains 6.4% below the 2021 peak. Transaction revenue fell 40% compared to 2021. The company improved operational efficiency, reducing costs by 45% in 2023 through layoffs and restructuring, resulting in a 21% operating margin in 2025. Coinbase's balance sheet is strong with $11.3 billion in cash, minimal debt cost (~1% interest), and significant crypto holdings. However, it faces risks including competition, regulation, market cyclicality, interest rate sensitivity, and concentration in its Circle partnership. Compared to Robinhood, Coinbase trades at a lower valuation multiple despite a stronger balance sheet, presenting a potential opportunity for long-term crypto investors.

比推2 gün önce 19:53

Four Years of Transformation: A Deep Dive into the Evolution of Coinbase's Business Model

比推2 gün önce 19:53

Masters of Trivia Launches March 1 “Year of the Horse” On-Chain Trivia Tournament on Solana With 1,000 MOT Token Prize Pool

Masters of Trivia announces the "Year of the Horse" on-chain trivia tournament on March 1, 2026, from 12:00 p.m. to 1:00 p.m. ET. The Solana-native event features 30 timed questions themed around Lunar New Year traditions. A prize pool of 1,000 MOT tokens and handcrafted art sculptures will be awarded to top performers. The platform utilizes the MOT token on the Solana blockchain, with liquidity in the MOT/SOL trading pair. MOT is listed on CoinMarketCap, and the company was selected for the HundrED Global Collection 2026. Registration and details are available through the provided links.

TheNewsCrypto02/19 05:50

Masters of Trivia Launches March 1 “Year of the Horse” On-Chain Trivia Tournament on Solana With 1,000 MOT Token Prize Pool

TheNewsCrypto02/19 05:50

BlackRock sets 0.25% fee for staked Ethereum ETF – Details

BlackRock has filed an updated proposal with the SEC for its iShares Staked Ethereum Trust, detailing a layered fee structure for investors. The ETF will charge a 0.25% annual sponsor fee, with a temporary discount to 0.12% on the first $2.5 billion in assets. Additionally, BlackRock will take 18% of the staking rewards generated. The fund plans to stake 70% to 90% of its Ethereum holdings to earn yield while keeping the remainder liquid to handle redemptions and expenses. This move follows Grayscale, which became the first U.S. issuer to distribute staking rewards in cash to shareholders. Amid these developments, Ethereum has seen significant ETF inflows and price volatility, with market sentiment indicating potential for a major price movement.

ambcrypto02/18 18:01

BlackRock sets 0.25% fee for staked Ethereum ETF – Details

ambcrypto02/18 18:01

Sai Launches Perps Platform Combining CEX Speed with Onchain Settlement

Sai has launched Sai Perps, a perpetuals trading platform designed to combine the speed and user experience of a centralized exchange (CEX) with the transparency and self-custody of onchain settlement. The platform offers gasless transactions to reduce friction while maintaining onchain security. Alongside the launch, Sai announced the "Let’s Go Saicho" trading competition, running from February 18 to March 19, 2026, with $25,000 in total prizes. The competition includes a PNL-based phase and a first-come, first-served phase to reward both performance and early participation. Key advantages of Sai Perps include a CEX-like interface, deep liquidity infrastructure, accessibility for all traders, and plans to expand into stocks, commodities, and FX markets. The platform aims to make advanced trading accessible without compromising on transparency or self-custody.

TheNewsCrypto02/18 14:21

Sai Launches Perps Platform Combining CEX Speed with Onchain Settlement

TheNewsCrypto02/18 14:21

Polygon Surpasses Ethereum in Daily Transaction Fees

According to data from Token Terminal, Polygon, a scaling solution for Ethereum, surpassed Ethereum in daily transaction fee revenue for the first time. On a recent Friday, Polygon generated $407,121 in fees compared to Ethereum's $211,790. This surge is largely attributed to heavy usage of the prediction market platform Polymarket, which has driven significant on-chain activity. For instance, an Oscars-related market on Polymarket saw over $15 million in wagers. Additionally, increased stablecoin activity, particularly USDC, on the Polygon network has contributed to this growth. While the trend continued over the weekend, fees have since normalized, with Ethereum regaining its lead. This event highlights a momentary shift in network activity, prompting discussions on long-term competition.

TheNewsCrypto02/17 13:45

Polygon Surpasses Ethereum in Daily Transaction Fees

TheNewsCrypto02/17 13:45

The Hidden War Behind Stablecoins: Issuers, Applications, and Users—Who Will Be the 'Biggest Winner'?

The article explores the intense competition among stablecoin issuers, applications, and users over the lucrative profits generated by stablecoins. Issuers like Tether and Circle earn significant risk-free returns by investing user funds in cash equivalents, creating a highly profitable business model. However, applications (wallets, exchanges, DeFi protocols) that control user relationships demand a share of these profits, leveraging their distribution power to negotiate revenue-sharing agreements or even launch their own branded stablecoins (e.g., Aave’s GHO or PayPal’s PYUSD via white-label services). Users, especially in developed markets, increasingly expect yield on their stablecoin holdings, pressuring applications to offer returns. This dynamic creates a three-way tug-of-war, with applications caught between profit-retentive issuers and yield-seeking users. The author suggests that users may ultimately benefit the most from this competition, gaining a larger share of the profits as the ecosystem evolves.

marsbit02/17 13:09

The Hidden War Behind Stablecoins: Issuers, Applications, and Users—Who Will Be the 'Biggest Winner'?

marsbit02/17 13:09

Less Than a Year in Office and Leaving Again: Why Are Core Figures of the Ethereum Foundation Departing Once More?

Tomasz Stańczak, the co-executive director of the Ethereum Foundation (EF), has announced his resignation, just 11 months after taking the role. He was appointed alongside Hsiao-Wei Wang in March 2025, replacing long-time leader Aya Miyaguchi amid community criticism that EF was too slow and disconnected. Stańczak, founder of core Ethereum client Nethermind, was brought in to make EF more decisive and execution-focused. During his tenure, he streamlined operations, refocused strategy on Layer-1 scaling, accelerated upgrade timelines, and pushed new initiatives in AI integration and privacy. His departure hints at internal tension. In his statement, Stańczak suggested his ability to operate independently within EF diminished as the leadership became more self-sufficient. He expressed a desire to return to hands-on product building, specifically in AI/blockchain convergence, echoing Ethereum’s early experimental spirit. He is replaced by Bastian Aue, a low-profile internal figure focused on "principled" decision-making aligned with "cypherpunk values," signaling a potential shift back towards a coordination-focused rather than execution-driven approach. This leadership change comes at a critical time. EF is preparing to release key proposals on "Lean Ethereum" and future roadmaps, while Ethereum faces intense competition, Layer-2 fragmentation, and market pressure—with its price risk falling below inflation-adjusted 2018 levels.

marsbit02/14 03:46

Less Than a Year in Office and Leaving Again: Why Are Core Figures of the Ethereum Foundation Departing Once More?

marsbit02/14 03:46

Traditional Gambling Companies Enter Prediction Markets, Aiming for a 'Dimensionality Reduction Strike' Against Wall Street Traders

Traditional sports betting giants DraftKings, Fanatics, and FanDuel are entering the prediction market space, leveraging their expertise in odds-making to compete with Wall Street trading companies. These firms are establishing or planning associated market-making entities to provide liquidity and set odds on prediction platforms, viewing their experience in pricing complex, interconnected outcomes as a key advantage. On the other side, Wall Street firms like Susquehanna and Jump Trading are expanding into sports prediction markets, though they face challenges due to limited experience in sports event pricing. Sports betting involves dynamic risk factors such as injuries or weather changes, requiring sophisticated models and data analysis—areas where traditional bookmakers excel. However, Wall Street firms are actively hiring sports specialists to bridge this gap. Competition is intensifying as both sides vie for market share, which may compress profit margins due to narrower spreads. Despite this, betting companies remain confident in their ability to succeed, citing their deep industry knowledge. Over time, the competitive strengths of both groups may converge as talent and strategies blend.

比推02/12 15:05

Traditional Gambling Companies Enter Prediction Markets, Aiming for a 'Dimensionality Reduction Strike' Against Wall Street Traders

比推02/12 15:05

Stablecoins See Largest Conversion Spreads In Africa, Research Shows

Research from Borderless.xyz reveals that Africa has the highest median conversion spreads for stablecoin-to-fiat transactions globally, reaching nearly 300 basis points (3%) in January. This is significantly higher than Latin America's 1.3% and Asia's 0.07%. Within Africa, costs vary widely; South Africa has a low rate of 1.5% due to competition, while Botswana and Congo saw spreads exceeding 19% and 13%, respectively. The high costs are attributed to local market structure and lack of liquidity rather than blockchain technology. While stablecoins offer potential for cheaper remittances, the final conversion cost depends heavily on local competition and infrastructure, limiting savings in many African corridors.

bitcoinist02/12 11:31

Stablecoins See Largest Conversion Spreads In Africa, Research Shows

bitcoinist02/12 11:31

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