# Protocols的所有文章

在 HTX 新聞中心流覽與「Protocols」相關的最新資訊與深度分析。潘蓋市場趨勢、專案動態、技術進展及監管政策，提供權威的加密行業洞察。

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

Why Do DeFi Users Reject Fixed Rates?

Despite the intuitive appeal of fixed-rate loans for providing payment certainty, they have consistently failed to gain mainstream adoption in DeFi. This is not due to user rejection alone but stems from a fundamental mismatch between product design and actual user behavior. DeFi protocols are built as on-demand money markets, where lenders prioritize liquidity, composability, and the ability to exit or rotate capital instantly—features inherent to floating-rate pools like Aave. They accept slightly lower yields for this flexibility. In contrast, fixed-rate products require capital lock-up, sacrificing this optionality. The modest premium offered is often insufficient compensation for this loss. Furthermore, most crypto borrowing is not long-term credit but short-term leverage, basis trading, and collateral management. These borrowers are unwilling to pay a high premium for fixed rates as they don’t plan to hold debt long-term. This creates a one-sided market where lenders demand a lock-up premium, but borrowers refuse to pay it. Fixed-rate mechanisms also suffer from fragmented liquidity across different maturities, leading to poor secondary markets and significant price impacts for early exits. This forces lenders to become bond managers rather than passive liquidity providers. Ultimately, fixed-rate lending can exist as a niche product but is structurally disadvantaged to become the default in DeFi. The ecosystem is dominated by mercenary capital that values liquidity over yield certainty. For fixed rates to succeed, they must be treated as true credit instruments with priced-in exit options, rather than attempting to mimic liquid money markets.

marsbit12/21 06:44

marsbit12/21 06:44

Stripe for Agents: From Protocol Stack to Payment Ecosystem - An Investment Map for Agents

Agentic Commerce represents a transformative shift towards fully autonomous commercial systems where AI agents handle service discovery, trust verification, order generation, payment authorization, and settlement without human intervention. This machine-to-machine (M2M) economy relies on a dual-payment infrastructure: traditional fiat systems (e.g., Stripe, Visa) for regulated and high-value transactions, and stablecoin-based systems (e.g., USDC, x402) for digital-native, micro-payment scenarios like API calls, cross-border payments, and IoT transactions. The protocol stack enabling Agentic Commerce spans six layers: discovery (A2A, MCP), trust (ERC-8004), ordering (ACP), authorization (AP2), payment (AP2 for fiat, x402 for crypto), and fulfillment (still emerging). Key protocols include Google’s A2A for agent interoperability, Anthropic’s MCP for tool integration, OpenAI and Stripe’s ACP for structured ordering, Google’s AP2 for payment authorization, Ethereum’s ERC-8004 for on-chain identity/reputation, and Coinbase’s x402 for stablecoin-based API payments. The ecosystem features projects like Skyfire (identity and payment credentials), Payman (AI-native fund control), Catena Labs (agent identity standards), and Nevermined (micro-payment billing). x402’s Facilitators (e.g., Coinbase CDP, PayAI) are critical for executing on-chain settlements, though the space remains early and competitive. Long-term, Agentic Commerce will operate on two parallel tracks: fiat-based systems for traditional commerce and stablecoin-native protocols like x402 for M2M micro-transactions. Web3’s role is to provide verifiable identity, programmable settlement, and global stablecoin infrastructure, ultimately重构ing economic秩序 through trust, automation, and scalability.

marsbit12/16 12:35

Stripe for Agents: From Protocol Stack to Payment Ecosystem - An Investment Map for Agents