# On-Chain Finance的所有文章

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Bitwise: This Weekend's Surge Accelerates the On-Chain Migration of the Financial World

Financial migration to the blockchain is inevitable, and recent geopolitical events have dramatically accelerated this shift. Traditional markets operate with delays, high costs, and limited hours, but blockchain enables 24/7 global trading, instant settlement, and lower costs. While many assumed this transition would take 5–10 years, a weekend military strike against Iran—occurring when almost all traditional markets were closed—proved a turning point. On February 28, during widespread market closures, decentralized platforms like Hyperliquid saw explosive activity. Hyperliquid’s oil perpetual contracts became a key price reference, even cited by Bloomberg. Tether’s gold token XAUT reached over $300 million in trading volume, and prediction markets like Polymarket hit record highs. For the first time, crypto markets functioned as the primary real-time financial system during a major event. This event underscores that investors, funds, and institutions can no longer ignore on-chain finance. The barrier to entry—learning wallets, stablecoins, and DeFi platforms—is diminishing as necessity drives adoption. Once engaged, users gain access to a faster, more open financial system. Critics may argue extended traditional hours could suffice, but history shows that disruptive technology, like blockchain, often outperforms incremental improvements. The move to on-chain finance is happening faster than anyone expected.

marsbit03/05 07:20

Bitwise: This Weekend's Surge Accelerates the On-Chain Migration of the Financial World

marsbit03/05 07:20

Bitwise CIO: On-chain finance is ‘arriving sooner than expected’

Bitwise CIO Matt Hougan declared that on-chain finance has crossed a historic threshold, arriving "sooner than expected" due to its critical role during the Middle East crisis. When Iran-related escalations intensified over the weekend and traditional markets were closed, platforms like Hyperliquid became essential real-time hedging tools, providing live oil price data and seeing its token HYPE surge 30%. Tether Gold also experienced a massive volume spike, reaching $300 million in daily trades as investors sought safe-haven assets. Prediction markets like Polymarket recorded all-time high activity. Hougan argues that crypto’s performance during this period will accelerate institutional adoption, comparing the shift to disruptive technologies like Netflix and the iPhone. Despite some criticism about added friction and risks, the weekend demonstrated that on-chain finance is becoming an unavoidable part of the global financial system.

ambcrypto03/04 22:02

Bitwise CIO: On-chain finance is ‘arriving sooner than expected’

ambcrypto03/04 22:02

European Banking Giants Unite: Can the Euro Stablecoin Reshape the Global Crypto Landscape?

A consortium of 12 major European banks, including BNP Paribas, ING, and UniCredit, has announced the launch of a euro-pegged stablecoin, Qivalis, in late 2026. This initiative aims to provide a regulated European alternative to dominant dollar-based stablecoins like USDT and USDC, which currently serve as the de facto monetary standard in the crypto ecosystem. The Qivalis stablecoin will be fully backed by a reserve comprising at least 40% in bank deposits and the remainder in high-rated short-term eurozone government bonds, ensuring high liquidity and reduced risk. The move represents a strategic effort by European institutions to secure a role in the emerging on-chain financial infrastructure, where stablecoins are increasingly functioning as settlement units, payment networks, and sovereign currency representations. Rather than directly challenging dollar stablecoins' liquidity dominance, the project seeks to ensure the euro’s presence in the digital financial landscape, preventing a single-currency monopoly in future on-chain trade and capital flows. This development signals a broader shift: traditional finance is actively entering the digital asset space to redefine its role in an increasingly tokenized economy.

marsbit03/04 13:38

European Banking Giants Unite: Can the Euro Stablecoin Reshape the Global Crypto Landscape?

marsbit03/04 13:38

Bitwise: A Weekend Attack Accelerates the On-Chain Migration of the Entire Financial World

The author, Bitwise CIO Matt Hougan, argues that a weekend geopolitical event—an announcement of a U.S. strike against Iran—accelerated the inevitable migration of global finance onto blockchain infrastructure. While traditional markets (stocks, futures, forex) were closed, decentralized platforms like Hyperliquid, which offers perpetual contracts for crypto and real-world assets like oil, saw massive trading volume spikes. Hyperliquid’s oil contract prices were even cited by Bloomberg as a key market reference. Additionally, Tether’s gold token XAUT and prediction markets like Kalshi and Polymarket hit record volumes. This event demonstrated that crypto markets now function as a true, 24/7 global market during off-hours when traditional finance is inactive. The author concludes that this shift is now unavoidable and will happen faster than anticipated, forcing traditional investors, banks, and funds to adopt crypto wallets, stablecoins, and DeFi platforms to remain competitive.

比推03/04 03:45

Bitwise: A Weekend Attack Accelerates the On-Chain Migration of the Entire Financial World

比推03/04 03:45

Bitwise: A Weekend Attack Accelerates the On-Chain Migration of the Entire Financial World

Matt Hougan, CIO of Bitwise, argues that the migration of traditional finance to on-chain systems is inevitable and has been dramatically accelerated by a recent geopolitical event. While he previously believed this transition would take 5-10 years, starting at the edges of finance, a weekend attack on Iran proved him wrong. On Sunday, February 28th, when most global markets (stocks, futures, forex) were closed, a major geopolitical shock occurred. With traditional venues unavailable, investors turned to the always-open, global crypto infrastructure. The decentralized exchange Hyperliquid became a central hub, with its trading volume surging and its oil futures contract prices being cited by Bloomberg as a key market reference. Its native token, HYPE, rose ~30%. Other on-chain assets like Tether's gold token (XAUT) and prediction markets also saw record volumes. Hougan concludes that this event was a watershed moment, proving that crypto markets can function as the primary market during global crises. For any competitive investor, bank, or fund, engaging with on-chain tools like stablecoin wallets, Hyperliquid, and tokenized assets is now a necessity. The biggest barrier to entry—learning these new systems—is being overcome, and this initial contact will lead to further exploration and adoption. He dismisses the idea that traditional markets can simply extend their hours to compete, comparing it to legacy companies dismissing disruptive technologies like Netflix or the iPhone. The shift to on-chain finance is now arriving much sooner than anyone anticipated.

marsbit03/04 03:27

Bitwise: A Weekend Attack Accelerates the On-Chain Migration of the Entire Financial World

marsbit03/04 03:27

Centrifuge and Pharos Collaborate to Advance On-Chain Distribution Infrastructure for Institutional Assets

Centrifuge and Pharos have announced a collaboration to build shared on-chain infrastructure for the scalable distribution and operation of institutional-grade assets, including tokenized U.S. Treasuries (JTRSY) and AAA-rated structured credit products (JAAA). The partnership addresses a core challenge in institutional onchain finance: distribution. While tokenization has advanced significantly, many institutional assets remain siloed, inaccessible, or become inactive after issuance. A key issue is that access to dollar-denominated products like credit and Treasuries remains restricted in many markets outside the U.S. and Western Europe due to regulatory, operational, and custodial barriers. Even when tokenized, these assets are often distributed in a fragmented way, limiting their reach and usability within active on-chain financial systems. By integrating Centrifuge’s institutional tokenization infrastructure with Pharos’s “inclusive, execution-first” Layer 1 blockchain, the partnership aims to create a unified environment for asset distribution, liquidity, and continuous on-chain operation. Pharos will serve as a strategic liquidity and distribution layer for assets originated through Centrifuge, enabling deeper liquidity pathways and broader capital access. Centrifuge Labs CEO Bhaji Illuminati emphasized that “tokenization alone doesn’t solve accessibility and usability,” underscoring the need for distribution infrastructure. Pharos CEO Wish Wu noted that “the challenge isn’t demand—it’s infrastructure,” highlighting the goal of creating an environment where institutional assets can migrate on-chain and remain active within open, composable financial systems. This collaboration represents a step toward “operational onchain finance,” where tokenized assets are not only on-chain but also supported by infrastructure designed for distribution, execution, and sustained engagement.

marsbit02/17 13:08

Centrifuge and Pharos Collaborate to Advance On-Chain Distribution Infrastructure for Institutional Assets

marsbit02/17 13:08

LayerZero’s ZRO jumps 30% after Cathie Wood backs ‘Zero’ chain

LayerZero's ZRO token surged 30% following the announcement of its new high-performance Layer-1 blockchain, Zero, and the appointment of Ark Invest's Cathie Wood as an advisor. Wood expressed strong support, stating that finance is moving on-chain and that LayerZero will be a core innovation platform in this shift. The project is also supported by major financial institutions like Citadel Securities, DTCC, and ICE. ZRO price jumped from $1.8 to $2.3, extending its February recovery gains to 81%. However, the rally faces resistance at the $2.4 level, which may trigger selling pressure. The RSI suggests limited upside momentum, with a potential retest of $1.8. A break above $2.5 could target $3.0. Derivatives market activity showed open interest nearly doubling to $154 million, but exchange net position change hit a five-month high of $7 million, indicating significant selling into the rally. Analysts speculate ZRO could soon rank among the top 20 crypto assets.

ambcrypto02/11 23:01

LayerZero’s ZRO jumps 30% after Cathie Wood backs ‘Zero’ chain

ambcrypto02/11 23:01

Matrixdock Releases 2026 Outlook: From "Asset On-Chaining" to the "Reserve Layer" of On-Chain Finance

Matrixdock, the RWA platform under Matrixport, has released its "2026 Outlook," outlining a strategic shift from the initial phase of "on-chain asset representation" to building a foundational "Reserve Layer" for the on-chain economy. The report argues that tokenization is entering a second stage, where the focus moves beyond technical feasibility to whether assets possess the quality, regulatory compliance, and balance sheet suitability required for institutional adoption. This envisioned Reserve Layer would consist of high-quality, regulated tokenized assets (like short-term U.S. Treasuries, STBT, and gold, XAUm) that provide a trusted base for value anchoring, liquidity, and stable operation across market cycles. Matrixdock's 2026 vision is structured around four pillars: transparency, a robust trust mechanism, native on-chain programmability, and an institutional-grade user experience. The platform positions itself not as a general tokenization service but as a connector of institutional trust and on-chain finance, focusing on the distribution network, adoption scenarios, and cross-jurisdictional usability of these "reserve-grade" assets. The long-term goal is to build a resilient, scalable infrastructure for the on-chain financial system, prioritizing structural development over short-term market narratives.

marsbit02/04 02:14

Matrixdock Releases 2026 Outlook: From "Asset On-Chaining" to the "Reserve Layer" of On-Chain Finance

marsbit02/04 02:14

Tokenized Deposits vs. Stablecoins: The Future of Finance is Not Replacement, but Integration

Tokenized deposits and stablecoins represent complementary, not competing, visions for the future of finance. Banks create money through fractional reserve lending, offering low-cost credit to large clients in exchange for deposits—tokenized deposits extend this on-chain but remain within the banking system’s regulatory and operational framework. Stablecoins, like USDC or USDT, function as permissionless, 24/7 cash-like instruments ideal for global settlements, especially in cross-border payments. The future lies in interoperability: corporations may hold tokenized deposits for credit benefits while using stablecoins for efficient, off-ledger transactions. Smart contracts enable complex, multi-party financial workflows beyond what traditional APIs offer. Rather than one replacing the other, both tokenized deposits (for banking-integrated credit) and stablecoins (for borderless liquidity) will coexist on-chain, enabling a more efficient and accessible financial system. The key is building bridges between these models, not choosing sides.

深潮12/10 03:57

Tokenized Deposits vs. Stablecoins: The Future of Finance is Not Replacement, but Integration

深潮12/10 03:57

Financial On-Chain Transformation: A Blueprint for the Overhaul of the U.S. Capital Market

The article "Financial On-Chaining: A Blueprint for the Transformation of U.S. Capital Markets" explores the potential systemic overhaul if the U.S. financial system migrates to blockchain technology, as suggested by SEC Chair Paul Atkins. It outlines seven key structural shifts: 1. Market Dynamics: Transition to T+0 settlement, enabling 24/7 trading and real-time regulatory oversight by the SEC, increasing capital velocity but eliminating traditional market buffers. 2. Banking Sector: Banks would operate with near-transparent balance sheets, reducing risks like asset-liability mismatches but potentially accelerating bank runs. Programmable collateral could unlock new financing efficiency. 3. Real Economy: Democratization of assets through fractional ownership and "micro-IPOs" for SMEs, injecting liquidity premium into U.S. assets. 4. Geopolitics: Digital reinforcement of dollar dominance via tokenized Treasuries and money market funds, attracting global capital through efficiency and transparency. 5. Risk Evolution: Systemic risks would shift from human-driven panics to technical failures (e.g., smart contract bugs, oracle manipulation), making crises faster and more technical. 6. Winners and Losers: Infrastructure builders, new asset managers, and hybrid talent would thrive; traditional intermediaries and opaque industries would decline. 7. Realistic Timeline: Full adoption in two years is unlikely due to technical, legal, and political hurdles, but gradual implementation (e.g., in Treasuries, repos) is inevitable as efficiency drives change.

比推12/09 08:30

Financial On-Chain Transformation: A Blueprint for the Overhaul of the U.S. Capital Market

比推12/09 08:30

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