# Пов'язані статті щодо Programmability

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

a16z: The 'Convergence of DeFi and TradFi' is a False Proposition

Title: a16z: "The Fusion of DeFi and TradFi" is a False Proposition In the crypto industry, a common vision is that DeFi and TradFi will merge, creating a hybrid system. This article argues this is largely incorrect. The more honest trajectory is that TradFi will adopt specific blockchain components that improve its existing operations—reducing costs, improving settlement, expanding distribution, and tightening client control—without embracing the core tenets of decentralization like open access or permissionless execution. This is not a fusion but the emergence of a new category: programmable financial infrastructure optimized for institutional constraints, running on blockchain rails. Institutions adopt components like atomic settlement, shared ledgers, and programmable money only when they improve efficiency without compromising control or compliance (e.g., KYC, AML). Projects from J.P. Morgan or BlackRock use blockchain's technical attributes while deliberately discarding DeFi's permissionless nature. For entrepreneurs, this presents two distinct, parallel opportunities. The first is building infrastructure that institutions are ready to adopt today, validating the technology and bringing real volume on-chain. The second is continuing to build the open, crypto-native DeFi system that institutions aren't yet ready for. These paths are complementary, not competitive. The open network remains the primary lab for innovation, whose validated components institutions later adapt. Successful companies must choose their target market clearly. Building for institutions requires understanding procurement, compliance, and risk models, which differs fundamentally from building for open networks focused on developers and composability. The future may see both layers relying on the same public blockchain settlement layer, but convergence won't happen through one assimilating the other. TradFi isn't adopting DeFi; it's selectively using parts that fit its model.

marsbit07/16 13:54

a16z: The 'Convergence of DeFi and TradFi' is a False Proposition

marsbit07/16 13:54

From TrueFi to Elara: Why the Next Stop for On-Chain Finance is Liquidity Infrastructure?

From TrueFi to Elara: Why On-Chain Finance's Next Stage is Liquidity Infrastructure? The article analyzes the evolving focus in decentralized finance, shifting from narrative-driven expansion to robust, operationally sound infrastructure. The author, drawing from experience at TrueFi and building Elara, argues that early DeFi incorrectly assumed technological superiority alone would force adoption. Instead, financial systems evolve through workflow compatibility. Traditional finance prioritizes stability and predictability, creating intentional "viscosity" (friction) through controls, which slows execution but ensures durability. Crypto-native systems minimized friction for rapid experimentation and iteration but often lacked operational safeguards, leading to reflexive liquidity that can disintegrate under stress. The core insight is that sustainable on-chain finance cannot rely solely on isolated products like RWA lending or token incentives. The real opportunity lies in a coordinated financial architecture for liquidity management, collateral coordination, and capital deployment. Elara is presented as an example of this next-generation "programmable treasury infrastructure"—a yield-bearing, dollar-pegged collateral asset designed for capital efficiency and operational flexibility within fragmented digital markets. A key architectural decision separates liquidity from yield generation, allowing the collateral to remain liquid and programmable while accruing value. The funding environment has also shifted. Investors now prioritize operational proof—working systems, integrations, and controls—over visionary narratives. Competitive advantage comes from building systems that endure under real market conditions, not just launching quickly. Ultimately, the path forward is not a sudden replacement of traditional finance but a selective hybridization. Lasting infrastructure will combine the iterative speed of digital assets with the control architecture of traditional finance. Systems like Elara are built to operate efficiently in today's low-viscosity crypto markets while embedding the operational discipline—compliance, reporting, risk management—required to eventually support institutional capital as it gradually integrates with on-chain settlement rails. The focus is not on who launches first, but on who can build infrastructure capable of managing both high-speed digital-native liquidity and the slower, more deliberate flow of institutional capital.

marsbit07/15 08:32

From TrueFi to Elara: Why the Next Stop for On-Chain Finance is Liquidity Infrastructure?

marsbit07/15 08:32

Blockchain Capital Partner: Most People Have a Narrow Understanding of the On-Chain Economy

Author Spencer Bogart, a partner at Blockchain Capital, argues that most people have a narrow view of the on-chain economy, seeing it primarily as a faster, cheaper version of existing financial systems. While this represents a significant opportunity, he believes it's only a small part of the story. Bogart compares the current state of crypto to the early internet, where email was the obvious "faster mail" application. The truly transformative categories—like search, social media, and cloud computing—were entirely new and unimaginable beforehand. Similarly, the most profound innovations in crypto will not be incremental improvements but entirely new categories enabled by the core properties of public blockchains: atomic execution, shared global state, programmable custody, and composability. He cites the "flash loan" as a prime example of a "new verb"—a financial action structurally impossible before programmable assets and atomic settlement. It allows for uncollateralized, trustless borrowing of any size, provided repayment occurs within the same transaction, enabling novel strategies like arbitrage and collateral swaps. Bogart admits the difficulty in precisely predicting these future innovations, as human imagination tends to extrapolate from the past. He posits that the most exciting applications in ten years will be things that don't exist today and have no precedent—products only possible in a global, composable, always-on environment with programmable assets. While the exploration of this vast design space will involve many failures, the potential for transformative, category-defining breakthroughs is what makes the next decade so promising.

链捕手05/18 02:26

Blockchain Capital Partner: Most People Have a Narrow Understanding of the On-Chain Economy

链捕手05/18 02:26

Research: $35 Trillion in Annual Stablecoin Transaction Volume, How Much is Real Payment?

A joint report by McKinsey and Artemis reveals that only about 1% of the annual $35 trillion stablecoin transaction volume represents real payments, totaling approximately $390 billion. Among these, 58% are B2B transactions—such as cross-border supplier settlements and financial operations—which grew by 733% year-over-year. Consumer usage, including card payments and remittances, remains negligible. The analysis identifies five structural reasons for this institutional dominance: 1) Greater financial efficiency gains for businesses compared to consumers; 2) Programmability benefits B2B workflows but lacks retail applications; 3) Regulatory frameworks favor institutional adoption; 4) Closed-loop B2B systems avoid the chicken-and-egg problem of consumer-merchant networks; 5) Corporate incentives prioritize internal efficiency over downstream consumer adoption. While B2B stablecoin payments are growing rapidly, consumer adoption may remain limited without breakthroughs in usability and regulatory clarity. The report suggests stablecoins may evolve primarily as an institutional settlement layer rather than a mainstream consumer payment tool.

marsbit04/07 03:09

Research: $35 Trillion in Annual Stablecoin Transaction Volume, How Much is Real Payment?

marsbit04/07 03:09

Interview with Circle's Chief Product Officer: Redefining Global Money Movement

Interview with Nikhil Tandog, Chief Product Officer of Circle, on redefining global money movement. Circle has evolved from a stablecoin issuer to a full-stack platform with a three-layer strategy: core assets (USDC, EURC), payments (Circle Payment Network), and infrastructure (ARC). Despite challenges like the US banking crisis, USDC rebounded due to its recognized value, compliance (MiCA, Genius Act), and transparency. Operating on 28 blockchains with CCTP, USDC is global, with holders in 190 countries. Looking to 2030, Tandog envisions a future with efficient B2B payments ($59T market), AI-agent-driven M2M transactions, and programmable money integrated into software. Circle’s ARC infrastructure addresses scalability, payment finality, configurable privacy, and gas payment in stablecoins. The company continues expanding USDC, deepening CPN, and launching ARC to unlock global productivity.

marsbit02/09 01:03

Interview with Circle's Chief Product Officer: Redefining Global Money Movement