# Bài viết Liên quan Protocols

Trung tâm Tin tức HTX cung cấp những bài viết mới nhất và phân tích chuyên sâu về "Protocols", bao gồm xu hướng thị trường, cập nhật dự án, phát triển công nghệ và chính sách quản lý trong ngành tiền kỹ thuật số.

Grayscale: These 15 Profitable Crypto Protocols Are Severely Undervalued

Grayscale Research identifies 15 top-revenue crypto protocols trading at significant valuation discounts, with many at single-digit or even 1x revenue multiples. Protocols like Pump.fun, PancakeSwap, and Meteora have market capitalizations roughly equal to their annual revenue. The report argues these financially-focused protocols (DEXs, lending, staking) are fundamentally undervalued and could benefit from the potential passage of the CLARITY Act, expected as soon as next month. This legislation aims to clarify digital asset regulation, potentially reducing institutional barriers and driving on-chain activity. The analysis breaks down the protocols into three groups: the "1x Club" (market cap ≈ revenue), mid-tier protocols with 3-9x multiples (e.g., Aave, Lido, Jupiter), and high-multiple protocols like Hyperliquid (15x) and Uniswap (37x), where valuation reflects future potential rather than current cash flows. Grayscale applies a traditional DCF model to Aave, suggesting a one-year price target of ~$175, representing ~130% upside from current levels. The report notes a risk-off macro environment since the Iran conflict has further compressed valuations, creating a potential entry window. The conclusion highlights that while the valuation data presents an intriguing opportunity, the investment thesis is contingent on the CLARITY Act's passage and subsequent institutional capital flows. Investors are cautioned to consider Grayscale's inherent conflict of interest as a crypto asset manager with products tied to these assets.

marsbit06/25 10:01

Grayscale: These 15 Profitable Crypto Protocols Are Severely Undervalued

marsbit06/25 10:01

As Channel Dividends Fade, What Can DeFi Protocols Rely On to Resist Giant Harvesting?

The article discusses how major tech companies like Coinbase, Stripe, and Kraken are increasingly acquiring or building their own underlying infrastructure to capture profits, moving away from relying on external DeFi protocols. It uses the example of Coinbase's Base blockchain, which generates sequencing fees for Coinbase from protocols like Morpho that deploy on it. Similarly, Stripe acquired Bridge to capture stablecoin yield instead of paying it to Circle, and Kraken bought NinjaTrader for its derivatives licenses. The core argument is that when channel-based advantages (like user traffic) fade, control over the profit-generating infrastructure becomes critical. While this could lead to a future dominated by a few integrated giants, the article suggests a more balanced outcome is possible. Protocols that have already achieved deep, multi-chain integration and embedded themselves into corporate backends create high switching costs, making them difficult to replace. Examples include Morpho (despite reliance on Base, it's widely deployed) and Uniswap. The piece concludes that the race between institutional expansion and open-source protocol proliferation will ultimately shape the industry's structure.

marsbit06/22 10:22

As Channel Dividends Fade, What Can DeFi Protocols Rely On to Resist Giant Harvesting?

marsbit06/22 10:22

Behind HYPE's Repeated Record Highs, the 'Minions' in the Ecosystem Can't Keep Up

While HYPE, the native token of the Hyperliquid ecosystem, surges to new all-time highs above $76 and attracts significant institutional ETF inflows, a starkly different reality unfolds within its HyperEVM application layer. Multiple core DeFi protocols across lending, NFTs, stablecoins, and DEXs have announced shutdowns between May and June. The article argues HYPE functions more like an "application stock" than a traditional ecosystem token. Its value is anchored to the trading fees from Hyperliquid's core perpetual contracts platform (HyperCore), which boasts a diversified revenue stream from crypto, commodities, and indices. Approximately 97% of protocol fees fund buybacks and burns of HYPE. This means HYPE's price is largely decoupled from the health of projects built on HyperEVM. The closures of significant projects like lending protocol HypurrFi (peak TVL >$300M) and NFT marketplace Drip.Trade highlight a structural tension. Hyperliquid's minimalist philosophy offers infrastructure without official grants, liquidity support, or marketing coordination for HyperEVM projects. This forces protocols into a fiercely competitive environment from day one. Furthermore, the success of HyperCore creates a liquidity vacuum, and mechanisms like HIP-3 (allowing direct perpetual market deployment) divert user attention and capital away from application-layer projects. The stronger the core perpetual trading business becomes, the more difficult it is for peripheral "DeFi lego" projects to survive and capture value, despite the flagship token's rising price.

Foresight News06/17 06:33

Behind HYPE's Repeated Record Highs, the 'Minions' in the Ecosystem Can't Keep Up

Foresight News06/17 06:33

Top 10 Promising Emerging Hyperliquid Native Protocols to Watch

Title: A Review of 10 Emerging Native Protocols on Hyperliquid Hyperliquid is evolving beyond perpetual contracts into a comprehensive on-chain financial stack. This article highlights 10 key native protocols driving this growth: 1. **Monetrix**: A yield-optimizing protocol akin to Ethena, aggregating funding rates, HLP rewards, maker rebates, and HIP-3 into a single stablecoin yield. 2. **ROSETTA**: An automated stablecoin yield router, allocating USDC across top protocols (e.g., Felix, Aave, HLP) for optimal returns, factoring in gas and slippage. 3. **papertrade.xyz**: A fair-launched perpetuals protocol offering up to 1000x leverage, no funding rates, no slippage, and fully on-chain, oracle-based execution. 4. **alt.fun**: A launchpad where tokens are paired with leveraged perpetual positions (2x-5x), linking token price to trading activity and underlying position performance. 5. **Ventuals**: Pre-IPO perpetual contracts (built on HIP-3) allowing up to 10x leveraged speculation on valuations of private companies like SpaceX and Stripe. 6. **Liminal**: A delta-neutral yield protocol that captures funding rates via automated short positions and uses generated xTokens (xBTC, etc.) as DeFi collateral. 7. **Melt**: Brings tokenized stocks, commodities, and RWAs to Hyperliquid spot markets, enabling 24/7 trading alongside crypto assets. 8. **Chainsight**: An oracle and data infrastructure protocol providing low-latency (<3s) price feeds, volatility indices, and risk metrics for novel derivatives. 9. **rip.xyz**: Tokenized vault strategies on HyperEVM; its flagship rHYPURR offers liquidity and fractional exposure to a Hypurr NFT basket, priced hourly via NAV. 10. **Markets**: A perpetuals exchange (by Kinetiq) for trading stocks, forex, commodities, bonds, and crypto with up to 50x leverage, using USDH collateral and Kaiko oracles. These protocols form the foundational layer for generating real yield, liquidity, and innovative financial products natively on Hyperliquid.

marsbit05/21 12:39

Top 10 Promising Emerging Hyperliquid Native Protocols to Watch

marsbit05/21 12:39

Valuation Collapse and Revenue Divergence: Reassessing the True Logic of Crypto Assets

Cryptocurrency valuations are collapsing as the industry matures, with infrastructure tokens losing their premium while revenue becomes concentrated in a few key sectors. Despite generating record fees ($74.8B since 2018, nearly half in 2024-2025), the market is gripped by fear, with projects shutting down and talent migrating to AI. Stablecoin issuers Tether and Circle now capture 34.3% of all crypto fees, benefiting from massive demand (hedging against inflation in emerging markets) and near-zero marginal costs. Their dominance stems from distribution advantages and Lindy effects, not technical superiority. Meanwhile, speculative trading products (Telegram bots, perpetual exchanges like Hyperliquid) grew rapidly, accounting for over 15% of fees by 2025. These leverage crypto’s mature infrastructure to offer high-risk, dopamine-driven financial services. In contrast, DeFi protocols and L1/L2 chains face valuation compression. Price-to-fee ratios for major chains (Solana, Arbitrum, Optimism) fell dramatically as novelty premiums faded. The market now values revenue-generating protocols rationally—often at or below traditional finance multiples (e.g., Aave at 4x P/S vs. Visa’s 15x). The key insight: Crypto’s must build real economic moats (first-mover advantage, liquidity, or distribution) and赋予代币实际权益 token holders with clear economic rights and governance power. The era of speculative narratives is over; sustainable value comes from capturing fees via high-frequency trading or trust-minimized transactions.

marsbit03/06 10:07

Valuation Collapse and Revenue Divergence: Reassessing the True Logic of Crypto Assets

marsbit03/06 10:07

After the Valuation Collapse: The Crypto Market Enters the 'Revenue Pricing' Era

The crypto market is shifting from speculative narratives to a focus on real revenue generation, entering an "earnings-based valuation" era. Despite industry-wide fear and declining sentiment, crypto-native protocols have generated $74.8 billion in fees since 2018, with nearly half ($31.4 billion) occurring between January 2024 and June 2025. However, valuations have collapsed as novelty premiums fade. Key trends include: - **Stablecoin dominance**: Tether and Circle now account for 34.3% of all fees, benefiting from global demand and near-zero marginal costs. - **Trading platforms surge**: Meme coin trading and perpetual exchanges (e.g., Hyperliquid, Jupiter) grew from 1% to over 15% of total revenue by 2025, driven by consumer demand for high-risk, high-reward products. - **Protocol decline**: Layer 1 and Layer 2 tokens (e.g., Solana, Arbitrum) saw price-to-fee ratios drop sharply as infrastructure matured and competition increased. The median monthly revenue per protocol fell to $13,000. - **Valuation rationalization**: The average price-to-sales ratio for crypto assets compressed from 40,400x in 2020 to 170x today, aligning with or below traditional financial infrastructure multiples (e.g., Visa at 15x P/S). Protocols like Aave (4x P/S) and Hyperliquid (7x P/S) now trade at reasonable valuations. The era of building pure infrastructure is over. Success requires business models with real revenue, clear moats (first-mover advantage, liquidity, or distribution), and tokens that offer actual economic rights and governance—not just speculative value.

比推03/06 09:10

After the Valuation Collapse: The Crypto Market Enters the 'Revenue Pricing' Era

比推03/06 09:10

On-Chain Lending Bull Market Logic: The Inflection Point Has Arrived, How to Position?

On-chain Lending Bull Market Logic: Inflection Point Arrived, How to Position? The on-chain lending market is at a cyclical inflection point (Stage 4), characterized by low capital and low interest rates. Key drivers for the next growth phase include necessary product upgrades to attract institutional capital, unlocking new demand, and capital returning as rates stabilize above risk-free rates. The sector's valuation multiples are compressing towards Fintech levels (currently 21x-42x P/S vs. 8.4x for public Fintech lenders), presenting a potential entry opportunity for 2026. Critical developments include: - **Superior Collateral**: Modular protocols (e.g., Kamino, Aave, Morpho) enabling higher-risk lending and tokenization of traditional assets (e.g., securities lending, HELOCs). - **Protocol Improvements**: New loan types (term loans, whitelisted addresses, tri-party agreements) improving capital efficiency and compressing spreads. - **Yield Generation**: Tokenized yield products (e.g., 8-15% returns from credit funds) becoming crucial for yield funds as basis trade returns compress. The thesis suggests sustainable lending demand growth can occur even if crypto prices decline, with fundamental catalysts providing a stronger foundation for the next cycle.

比推01/26 18:16

On-Chain Lending Bull Market Logic: The Inflection Point Has Arrived, How to Position?

比推01/26 18:16

David Hoffman: Ethereum in the New World Order

David Hoffman, founder of Bankless, reflects on the 2026 Davos Forum, where crypto leaders gathered amidst a significant shift in global order. U.S. Secretary Howard declared "globalization has failed," while Canada’s Minister Mark noted the "fracturing, not transformation" of the rules-based international system. Hoffman argues that the post-WWII order, upheld by fragile institutions like the UN, is collapsing as the U.S. abandons multilateralism under Trump’s "America First" policy, reverting to a might-makes-right reality. In this fragmented landscape, Hoffman sees decentralized crypto protocols like Bitcoin and Ethereum as emerging higher-order structures that can unify a divided world. They don’t replace nation-states but provide a neutral, rules-based coordination layer for global cooperation. Bitcoin enforces accountability through its decentralized, algorithmic "if-then" logic, while Ethereum’s Turing-complete smart contracts extend this principle further. Despite current crypto market pessimism, Hoffman believes these protocols could deliver the rules-based order that traditional institutions failed to sustain—potentially making Ethereum the unexpected foundation for a new global system.

marsbit01/26 03:09

David Hoffman: Ethereum in the New World Order

marsbit01/26 03:09

RWA Power Map: Understanding How the Five Major Protocols 'Divide' Trillions in Institutional Capital

The institutional RWA tokenization market is rapidly approaching $20 billion, driven by yield opportunities, regulatory clarity, and infrastructure maturity. Five key protocols are leading this space, each targeting distinct institutional needs: - **Rayls Labs** focuses on privacy for banks using zero-knowledge proofs. - **Ondo Finance** dominates tokenized public stocks with $1.93B TVL and cross-chain expansion. - **Centrifuge** is the infrastructure for private credit, with $1.3-1.45B TVL and major asset manager deployments. - **Canton Network**, backed by Wall Street giants like DTCC and BlackRock, offers privacy-focused settlement infrastructure. - **Polymesh** embeds compliance at the protocol level for regulated securities. Key challenges include cross-chain fragmentation ($1.3B annual cost), privacy-transparency trade-offs, and regulatory divergence. Critical 2026 catalysts include Ondo’s Solana launch, Canton’s DTCC MVP, and Centrifuge’s $1B Grove deployment. The market is projected to reach $2-4 trillion by 2030, driven by institutional adoption across treasury bonds, private credit, and tokenized equities.

marsbit01/12 13:36

RWA Power Map: Understanding How the Five Major Protocols 'Divide' Trillions in Institutional Capital

marsbit01/12 13:36

Identity, Recourse, Attribution: Decoding the Three Breakthrough Points of the Next-Generation AI Agent Economy

Identity, Recourse, Attribution: Decoding the Three Breakthrough Points of the Next-Generation AI Agent Economy As AI agents begin to handle transactions, new standards like OpenAI's ACP and Google's AP2 are emerging to facilitate payments, while protocols like x402 enable machine-to-machine micropayments. However, these systems lack the trust infrastructure—identity verification, fraud detection, and dispute resolution—that underpins traditional commerce. This creates a critical gap: while blockchain enables fast, irreversible settlements, agents operate without mechanisms for recourse when errors occur. The solution requires building new layers for the agent economy: a "Know Your Agent" (KYA) identity system to establish persistent, verifiable credentials; a recourse mechanism to handle disputes and provide insurance-like protection; and an attribution layer to track influence on purchasing decisions. Established players like card networks and AI labs are unlikely to lead this effort due to misaligned incentives, creating opportunities for startups. The development of agent commerce will unfold in three stages: as an interface (current stage), executing under human supervision (where trust layers become critical), and fully autonomous transactions. Startups that build identity, recourse, and attribution infrastructure will enable the transition to an economy where agents transact freely and securely at scale.

深潮12/22 10:00