why

Since the beginning of this year, crypto protocols have generated a total revenue of 7.42 billion dollars, but most tokens have not risen as a result. This article takes six leading protocols, including Aave, Hyperliquid, Pump, and Uniswap, as examples to explain why the revenue generated by protocols does not equate to profits for holders, from four dimensions: sources of income, value distribution, token unlocking, and incentive spending.

Using the method of managing corporate debt to "custody" user assets is essentially a gamble destined to fail.

Revenue reached a record high of 60.8 billion, but Meta's stock plummeted after hours. What shocked the market was the massive "AI bill": capital expenditures soared, leading to a 91% drop in free cash flow, with negative territory imminent. Unlike Microsoft selling computing power, Meta's monetization through AI "mining" is too slow. When revenue growth can't keep up with the pace of spending, capital is losing patience with this seemingly bottomless heavy asset transformation.

Regulation is not the end of the cryptocurrency industry, but rather its "coming of age" as it integrates into the mainstream financial system. The sanctions from the UK and Europe are forcing exchanges to upgrade their compliance, creating a "transparency premium" and clearing obstacles for large-scale entry of Wall Street funds.

The probability of the CLARITY Act passing this year has dropped to 35%, and the Senate vote may be postponed until September. Analysts believe the market has reacted in advance; Coinbase and Circle are under short-term pressure, but the long-term logic remains unchanged. If the legislative window in Washington is missed, it will be pushed to 2027.

The future truly belongs to the era of global talent, where what is competed is not just the ability to get things done, but the ability to make things happen together with the whole world.

The long-term narrative of AI still exists, but short-term valuation pressures are rising.

Bank of America believes that the biggest highlight of the second quarter earnings report is that Google Cloud revenue increased by 82% year-on-year, far exceeding expectations, with cloud business backlog hitting a record high, and AI investments are accelerating revenue realization. Although the significant increase in capital expenditures has put pressure on the stock price, Bank of America maintains a "buy" rating, believing that the long-term logic remains unchanged.

In the field where company alpha operates, expert-tuned open models have simultaneously outperformed the cutting edge in terms of accuracy and cost, and the infrastructure to build it in a privacy environment is arriving node by node.

The competitiveness of stablecoins comes from the long-term accumulation of liquidity, habits, and trust, which cannot be replicated by just a list of partners. This article takes Binance as an example to clarify whether "switching stablecoins" is worthwhile, and also explains why the market may have overestimated the impact of OUSD on USDT and USDC.

In many cases, the old names of encryption projects have no competitive advantage, only historical baggage.

ICE and OKX established OKXICE, symbolizing the relationship between traditional finance and the crypto market is transitioning from "tentative cooperation" to "infrastructure-level integration."

SpaceX set a record with its IPO, spending a staggering $60 billion to acquire the popular AI programming unicorn Cursor just four days later. Musk is using the ultimate puzzle of "super computing power + top coding engine" to propel the market value skyrocketing, surpassing Amazon in one fell swoop.

Goodbye to the "comfort zone" of traditional brokers, a large number of financial elites are rapidly flocking to Bitget. This article reveals their true stories of breaking boundaries and reshaping their career futures in the era of cryptocurrency.

How to reconstruct the prediction market using leverage?

Oracle's revenue for fiscal year 2026 set a record, with AI cloud orders soaring to $638 billion, but massive capital expenditures on computing power led to negative free cash flow, causing a 5% drop in after-hours stock price.

The Bitcoin L2 star project Botanix announced a gradual shutdown, with the team admitting to facing severe challenges from the failure of its business model and the prevailing trends. Users are urged to withdraw all assets before July 9, 2026.

As stablecoins and RWAs accelerate on-chain, Ethereum's role as a global value settlement layer has just begun, and the market will eventually reprice ETH.

It turns people's judgments about the future into tradable probabilities. It has advantages in both predictive accuracy and coverage that traditional polls struggle to match, but whether it can fulfill its potential depends on whether it can solve the design challenges of transparency, insider information, and manipulation risks.

Palantir, political risk, and the self-preservation of technological oligarchs.