# Пов'язані статті щодо Fragility

Центр новин HTX надає останні статті та поглиблений аналіз на тему "Fragility", що охоплює ринкові тренди, оновлення проєктів, технологічні розробки та регуляторну політику в криптоіндустрії.

The Hidden Costs and Structural Dilemmas of Tokenized Assets

Tokenized assets face a critical structural challenge: a severe lack of deep, reliable on-chain liquidity. While tokenization promises to unlock trillions in traditional assets for DeFi, the reality is that markets for tokens like gold (PAXG, XAUT) and stocks (e.g., TSLAx, NVDAx) are extremely shallow compared to their traditional counterparts (e.g., CME). This results in exponentially higher slippage—often exceeding 100 basis points for trades over $4M—and makes large transactions costly or impossible. Fragile liquidity also leads to market instability, such as flash crashes on exchanges that trigger cascading liquidations across connected DeFi protocols. The root cause is a misalignment with market makers' incentives: high minting/redemption fees, slow settlement times, and capital lock-ups make providing liquidity for tokenized assets inefficient and risky. Without a new market structure that bridges on-chain access with off-chain liquidity depth, tokenization will remain stuck in a low-liquidity equilibrium, limiting its scalability and utility in DeFi.

marsbit01/16 06:51

The Hidden Costs and Structural Dilemmas of Tokenized Assets

marsbit01/16 06:51

Big Short Burry Warns: Fed's RMP Aims to Conceal Banking System Fragility, Essentially a Restart of QE

Michael Burry, of "The Big Short" fame, issued a warning that the Federal Reserve's new Reserve Management Purchases (RMP) program is a covert form of quantitative easing (QE) designed to mask deep-seated vulnerabilities in the US banking system. He argues that the need to inject liquidity, despite over $3 trillion in bank reserves, signals systemic fragility, not strength, stemming from the 2023 banking crisis. Burry contends that each crisis now forces the Fed to permanently expand its balance sheet to prevent funding crises. The market reaction showed rising 2-month Treasury yields and falling 10-year yield, alongside ongoing repo market volatility, raising concerns about year-end funding stress. He cautions against bullish bank stock advice and prefers Treasury money market funds for large deposits. While the Fed states RMP is a technical operation to ensure sufficient liquidity, Burry sees it as evidence of a weakened financial system reliant on constant central bank support.

深潮12/12 01:37

Big Short Burry Warns: Fed's RMP Aims to Conceal Banking System Fragility, Essentially a Restart of QE

深潮12/12 01:37

Behind Bitcoin's Trillion-Dollar Market Cap: A 41-Person Development Team and a Fragile Funding Ecosystem

Bitcoin, with a peak market cap of $2.5 trillion, is maintained by only 41 core developers, supported by a fragile funding ecosystem of approximately $8.4 million annually. This decentralized development model relies on a small group of sponsors and donors, including organizations like Blockstream, Chaincode Labs, MIT DCI, Spiral, and OKX, among others. Despite Bitcoin’s massive valuation, its core development is highly centralized in Western countries, with 71% of code contributions coming from just 15 developers. Key challenges include over-reliance on a few donors—such as Jack Dorsey—funding instability during market downturns, and a significant lack of representation from Asian developers. The report calls for greater support from profitable crypto businesses to ensure sustainable development and broader geographical participation in maintaining the Bitcoin network.

比推12/08 17:16

Behind Bitcoin's Trillion-Dollar Market Cap: A 41-Person Development Team and a Fragile Funding Ecosystem

比推12/08 17:16

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