IOSG Ventures · 359

IOSG: Why are Wall Streeters saying “no” to ChatGPT and Claude?

Author: IOSG Ventures Original title: IOSG Weekly Brief｜AI's Crossroads: Why Is Wall Street Saying “No” to ChatGPT and Claude? #336为什么需要私有 AI On July 1, Palantir CEO Alex Karp contributed 20 minutes of an interview on CNBC called a “mental breakdown” by some media. According to Karp, the company is paying a token premium to Frontier Labs while watching its IP flow to model vendors. He called this leak an alpha transfer, and the transfer is happening at the architecture layer: every request sent to the closed source model arrives at the service provider's server in plain text. Just a few days before the broadcast of the program, Palantir just announced a partnership with NVIDIA to run an open Nemotron model in a customer-controlled environment, along with a nine AI sovereignty declaration. PLTR jumped 8% after the CNBC show aired. Over the past 20 years, enterprises have relied on agreement level trust to adopt cloud software, and it works. Every SaaS vendor sees only slices of enterprise data, and most have little incentive to feed back to core products with customer data. Salesforce sees sales channels, Workday sees personnel, Jira sees development iterations, and AWS provides the foundation for storage and computing. Today's AI workflow, however, advocates uploading all the household items at once, and stringing together the structured context of each department to maximize productivity. Goodwill aside, upstream service providers can now use this data for new functions instead of leaving them lying in the server eating dust. No one is slowing down. Anthropic's annualized revenue reached $47 billion in May, a sharp jump from $9 billion at the end of 2025, while OpenAI surpassed 900 million weekly active users in February. Both companies completed a new round of financing this spring, are valued at close to $1 trillion, and are expected to IPO at higher market capitalization. Years of privacy and IP accusations haven't caused the two companies to lose any momentum. Some companies have already taken action. In February 2023, less than three months before ChatGPT was released, major Wall Street banks restricted its use. In May 2023, after Samsung engineers leaked the chip source code to ChatGPT, the company banned generative AI across the network. In response, OpenAI launched ChatGPT Enterprise in August of that year, promising not to use commercial data training, plus a zero-data-retention (ZDR) n agreement, which has since become a standard requirement for corporate procurement. However, the contract only locked the company account. IBM found that by 2025, shadow AI (employees feed company data into unapproved AI tools through personal accounts) was involved in one-fifth of data breaches, and heavy shadow AI use added an average of 670,000 dollars to the cost of the breach. In a 2025 survey by safety training company Anagram, four workers said they were willing to violate AI usage policies in order to complete tasks faster. Businesses can at least spend money to buy roads, ZDR contracts, untrained service files, if you're a government or Palantir customer and sovereign deployment. However, for ordinary users like you and me, the importance of AI privacy is still debated until the court subpoena was found. A court order in May 2025 forced OpenAI to keep even consumer chats that users had deleted. In November, the judge also ordered 20 million of these to be handed over to the “New York Times” lawyers as evidence disclosure materials. Then the criminal case: the ChatGPT records of the defendant in the Palisades arson case entered the evidence, and the affidavit for the murder of two dead in Florida cites questions from the suspect about how to dispose of the bodies. Sam Altman also admitted in an interview in July 2025 that ChatGPT conversations are not protected by legal privileges, and OpenAI “may be asked to hand over” user chat records in lawsuits. The point is not that only criminals need intimate conversations. People's conversations with AI are archived and can be summoned, and most users don't know...

38d agoburnking#AI #Claude #GPT #IOSG

CEX buying US stocks? You probably just bought a “digital IOU”

Source: IOSG Ventures Authors: Ethan, Xinyang, IOSG Original title: Did you buy US stocks at CEX: Dismantling the 94% liquidation monopoly and evaporation of equity under the five-tier pipeline In 2026, CEX intensively launched US stock trading products, creating a prosperous narrative of “using USDT to seamlessly trade NVIDIA” at the front end of the industry. However, if you break away from its silky trading interface and examine the legal relationships and liquidation process behind it, you'll find that this is not a simple “RWA asset revolution,” but rather a complex game of interests involving spot pricing, equity ownership, and the underlying escrow monopoly. The three paths of US stocks are divided in terms of capital flows, asset forms, and the most fundamental legal relationships. Currently, CEX US stock trading products on the market are not in the same category. In the dark part of the highly homogenized front-end transaction interface, they are divided into three completely different evolutionary paths based on differences in underlying assets and legal relationships: the coexistence of these three models is not an overnight product design result, but a product of continuous compromise and iteration in the on-chain ecosystem over the past few years between liquidity efficiency and traditional compliance and settlement friction. The early exploration of offshore tokenization (Tokenized) and the beginning of the limited liquidity circuit stemmed from early on-chain tokenized securities (xStocks) experiments in 2021-2024, represented by Backed Finance (xStocks) and Ondo Finance. The core of the business at this stage is to establish a special purpose company (SPV) in an offshore jurisdiction to map and mint corresponding token certificates (such as AAPLx) on the chain by fully collateralizing real shares off-chain. This type of asset has the native characteristics of cryptographic assets. It can refer to Web3 wallets and circulate on the chain without permission, completing the paradigm of assets going from 0 to 1 on the chain. However, while traditional financial native clearing giants have yet to substantially enter the crypto ecosystem, this model shows serious supply-side scarcity and scale limitations. Due to a lack of underlying liquidity support from mainstream centralized exchanges (CEXs), these tokenized assets can only circulate in a few decentralized protocols or second-tier platforms, causing the total asset management scale (TVL) of the entire circuit to remain low for a long time. As of August 2025, the total asset management scale (TVL) of the entire network chain was less than 100m. This characteristic of “asset mapping and no transaction friction efficiency” made early tokenized US stocks inevitably reduced to low liquidity deposits on the chain and failed to actually reach mainstream retail traders. Synthetic perpetual contracts: pure price derivatives game In order to make up for the shortcomings of lack of liquidity in spot tokenization, US stock/ETF perpetual contracts quickly became the main players in the market. In September 2025, Bitget pioneered the launch of US stock perpetual futures and quickly expanded the number to more than 40, with a cumulative trading volume of over $15 billion. But what really set off the racetrack was HIP-3 (unlicensed perpetual contract deployment mechanism) launched by Hyperliquid on October 13, 2025, which completely activated the all-weather equity derivatives market. As of June 2026, the nominal holdings (OI) of perpetual contracts related to US stocks have exceeded US$2.25 billion. Among them, Hyperliquid dominates with HIP-3, and its permanent holdings in the Nasdaq-100 (XYZ100) and S&P 500 indices have exceeded US$310 million and US$340 million, respectively. Binance also strongly followed suit in early 2026, gaining more than 56% of the CEX market share in the RWA sustainability sector. In particular, pre-IPO derivatives such as SpaceX (SPCX) can peak at several billion dollars in a single day. Furthermore, the cumulative trading volume of Korean stock perpetual futures (Samsung, SK Hynix, Hyundai), which was launched by Binance in early June 2026, was about US$470 million in the first week, of which SK Hynix contributed more than 90%, and the daily trading volume often exceeded 100 million US dollars, showing that retail leveraged traders are keenly interested in global hot targets such as AI semiconductors. This reflects one of the major advantages of crypto perpetual contract platforms: the ability to quickly integrate traditional brokers...

43d ago章鱼烧#Tokenized US stocks #Traditional brokerage #Compliance supervision

Money for a racetrack: AI and RWA are sucking out new money

Article: KarenZ, Foresight News Original Title: 2026 Crypto VC Changes: Fundraising Thresholds Narrow, LPs Only Look at Repayments, New Money Flows to AI and RWA. If you only look at leading funds, Crypto VC in the first half of 2026 is not cold. According to Foresight News, of the new Crypto VC funds announced to be completed or launched in the first half of 2026, only a16z Crypto and Haun Ventures reached a scale of $1 billion or more: the former launched a $2.2 billion Crypto Fund 5, and the latter raised $1 billion in new funds. Of the announced funds that reached more than $500 million and less than $1 billion, there was only Dragonfly's $650 million Fund IV. Further down are Variant's $222 million Variant 4, and ParaFi's new $125 million fund for stablecoins, tokenization, and institutional on-chain finance. Almost every month, Crypto VCs get hundreds of millions of dollars in new ammunition. The market isn't that cold. But another set of data gives a colder side. According to the Galaxy Research report, Crypto VC raised only 8 new funds in Q1 2026, totaling about US$1.1 billion, the lowest number of new funds in a single quarter since the third quarter of 2020. Compared with Q1 in 2023, the number of new funds raised in Q1 2026 decreased by about 43%, the total amount raised was halved, the average fund size decreased by about 41%, and the median size also fell from $62.5 million to $55 million. Source: Galaxy Research This also makes the previous capital raising more meaningful: the market has not completely cooled down, but the popularity is mainly concentrated on a small number of funds. The emergence of large funds will amplify the sense of recovery. However, the number of new funds, average size, and the pace of annual fund-raising all remind that the overall fund-raising platform of Crypto VC is already much thinner than in the previous round. Combined with public fundraising data and our interviews with IOSG Ventures founding partner Jocy Lin, HashKey Capital CEO Deng Chao, and Starbase founder Vivian, a clear signal is emerging: 2026 is not an overall recovery, but a narrower recovery. The fundraising window is still open, but the doors have narrowed. Those that can be squeezed in are usually GPs with long-term results, exit cases, clear strategies, and cross-cycle capabilities; projects that can get money are also increasingly focused on projects such as stablecoins, RWA, institutional financial infrastructure, and Crypto x AI, which are easier to verify and are closer to real financial infrastructure. From changes in LP issues, to the narrowing of racetrack preferences, to the restructuring of investment play styles and exit paths, Crypto VC is entering a new, more demanding cycle. LP requirements have changed: AUM is not enough to watch. DPI becomes a hard currency from 2021 to the first half of 2022. The primary market is like a high-speed financing machine. Funds are raising capital, projects are being financed, ecological funds are subsidizing, and exchanges and market makers are undertaking liquidity. Crypto VCs at the time had a default consensus: as long as the industry beta continues to expand, early investments can always be caught by the next round of liquidity. But now, that default consensus is no longer valid. IOSG Ventures founding partner Jocy Lin summarized this change as a shift from “narrative driven” to “DPI driven.” He believes, “In past narrative-driven cycles, the gap between head and waist funds was not fully widened; however, in the DPI-driven present, funds that can actually exit and clearly explain the exit path will take more LP funds, and the remaining money is being contested among a large number of middle and lower back funds.” Deng Chao emphasized, “Crypto is highly cyclical, so funds must not only rely on a single path to exit; they must have the ability to allocate across cycles. In terms of fund allocation, HashKey Capital places more emphasis on portfolio structures: which are long-term infrastructure, which are cash-flow projects, which are early-stage projects with high volatility but high upward trends, and which can pass through level 2 or flow...

65d agoLuxurytracy

IOSG Ventures did not sell UNI and COMP, the relevant address was mislabeled by Arkham

According to Twitter, IOSG Ventures founding partner Jocy @IOSGVC posted an article on the X platform saying that the market rumor about IOSG Ventures depositing UNI and COMP on Binance is untrue, the relevant wallet is not an IOSG address, the Arkham platform tag is wrong, and the platform itself has marked both the “IOSG Ventures” and “Binance Deposit Change Address” labels with question marks, meaning Not confirmed. IOSG has not held or sold any UNI or COMP positions recently.

89d ago

Real equity or mirrored notes? Eight pre-IPO platforms hide mysteries

Author: Wenser Original title: The most complete evaluation of the top eight pre-IPO platforms. Which are real shares and which are mirrored notes? With the disclosure of SpaceX's prospectus, the 2026 “big year of IPOs” is about to usher in wave after wave of public offering. In this context, many pre-IPO pre-market trading platforms have also sprung up and launched their own “pre-market liquidity arms race.” In view of this, Daily Planet Daily will provide a brief inventory of the 8 major pre-IPO platforms currently in the market, mainly focusing on information such as project introduction, advantages and disadvantages, etc., so that readers can participate in pre-market transactions of corresponding projects according to their own circumstances. To clarify the differences and differences between platforms, this article divides pre-IPO platforms into three categories: specialized pre-IPO pre-market trading platforms (focusing on tokenized pre-IPO), pre-IPO channels (based on CEX traffic and compliance cooperation channels), pre-IPO assets and DeFi protocol assets launched on the RWA platform (tokenized shares under a broad RWA framework). The representative projects of the three types of platforms are summarized below. Focus on pre-IPO pre-market platforms: PreStocks, Jarsy, and Tessera's previous “Kalshi Stock Price Skyrocketed Before Market, Is It Too Late to Buy Now?” In articles such as “Crypto Bear Market Startup Guide Part 1: Cryptocurrency Stock Pre-Market Spread Market”, etc., we have given a brief introduction to pre-market prices and spread opportunities for some stocks on such pre-IPO platforms. Currently, the trading volume of such platforms is growing steadily, and they have gradually become a solid bridge between crypto liquidity and traditional financial market equity in the crypto market. Today, we're taking a quick look at the top 3 most representative platforms. PreStocks (formerly PrePO): The largest pre-IPO platform on the chain: https://prestocks.com/2022 In March of March, PreStocks completed a $2.1 million strategic round led by IOSG Ventures and Republic Capital; participants include MEXC, AscendEX, Shima Capital, HoneyDAO, NeptuneDAO, GCR, and founder of projects from Gnosis, 1inch, Moonbeam, Zapper, Gelato, BarnBridge, Immunefi, Thales, and Dapp.com. After several years of construction, since the second half of last year, the platform has ushered in a period of business explosion. Currently, the total trading volume of the platform's pre-IPO assets is close to US$92 billion, and the number of users is close to 17,000; the total market value of assets is about 23 million US dollars. Underlying assets: The shares of the corresponding company are indirectly held through the underlying SPV structure. The tokens are mapped 1:1 onto the chain, and the related assets have no voting rights, dividend rights, or information rights. Platform advantages: There is no funding threshold for asset transactions (minimum $0.01); more than 60 ecosystem partners, many trading channel entrances (such as Jupiter, Binance wallet, etc.); freedom of on-chain token trading, which has a certain advantage compared to depth; 7*24 hour transaction time; transaction tax is only 0.01%. Disadvantages: SPV shares rely on offshore structures, and there are certain compliance and regulatory risks; platform assets include only a few popular shares such as SpaceX, Kalshi, OpenAI, and Anthropic. Take SpaceX's pre-IPO pre-market price as an example: single share price of 721, liquidity pool of $1.26 million, cumulative trading volume of $210 million. PreStocks Platform Asset Information PreStocks Ecosystem Partner Jarsy: The Strictest Compliance and Most Assets Pre-IPO Platform Website: https://www.jarsy.com/根据官方介绍，Jarsy The founding team is a former Silicon Valley tech giant and blockchain veteran; it opens trading opportunities to global investors, including US users. The compliance framework is relatively clear. It uses orderbook transactions, where users first submit purchase requirements, and the platform purchases shares according to a specific time. Delivery is also carried out according to the specified nodes. this...

114d agoburnking#Bitget #Gate #RWA #USDT #xStocks #Exchanges #Binance #invests #finance #oracles

IOSG Founder's Open Letter: How Should China's Crypto OG Keep the “Church”

Author: Jocy, founder of IOSG Ventures Original title: IOSG Founder's Letter to Chinese Crypto OG: Don't Let Casinos Eat Up the Cathedral Part 1: Who Stays? More importantly, why stay where I wrote an AI and crypto talent flow promotion last year. Some people commented: It's great for excellent people to go to AI and participate in building a future that is bound to happen. But a recent podcast conversation made me realize that this judgment isn't profound enough. The question is not only “who will stay”, but more fundamentally, “why stay” and “can ecology support revolution after staying”. Only people who have experienced bulls, failures, and friction between reality and ideals who remain in the industry and continue to build can lead the revolution in the coin industry. I've been talking a lot about 2023-2025 crypto entrepreneurs in recent months. Many Chinese teams only raised 5 million to 7 million dollars around 2023. In the current environment, it is difficult to reach the next round. This kind of runway has survived for just over two years until now, and then stagnated to launch on the exchange. Countless airdrops and tokens given out hit the market, and the token price dropped all the way down. The answer given by the entrepreneurs was that the token was about to return to zero, lost its reputation in the crypto industry, and then turned away. Looking back at Asia, there are fewer and fewer investors willing to support early-stage entrepreneurs. Without investor support, no determined entrepreneurs are willing to step back into the crypto industry, and the ecological progress of the entire industry is unsustainable — how can the crypto war between China and the US compete? In April of last year, I wrote a tweet about a Portfolio core team starting an AI app startup, and the most prestigious talents in the industry have all left. Until today, more and more people are making this choice. This is no accident; what is reflected behind it is a more systemic problem: after making money, Chinese and American crypto OGs chose a completely different path. # Part 2: How do US OGs “support the cathedral” What do US crypto OGs think after they make money? **Brian Armstrong** launched the Research Hub after listing Coinbase as the first mainstream crypto exchange in the US to try to fundamentally change the incentive mechanism for scientific research. **This is not a simple donation, but a restructuring of the entire knowledge production system. **Naval Ravikant** As an early Bitcoin philosopher, he not only promoted ICOs through AngelList and used Bitcoin as a global crowdfunding tool, but also incubated CoinList to provide a compliance framework for token issuance and fund the Zcash team. His ideas about money, cryptoeconomics, and decentralization have profoundly influenced the entire industry. **Chris Dixon** led the Coinbase B-round in 2013, becoming the first mainstream VC to publicly bet fully on Crypto. He grew a16z crypto from $300 million in 2018 to over $7 billion, not only investing in projects, but also establishing crypto schools to systematically train industry talents. **Dan Robinson** is not only an investor, but also a builder at Paradigm. He participated in the early development of Uniswap and was a co-author of Uniswap V3. He promoted the development of the modern MEV auction model in the early stages of FlashBots, participated in Plasma research (the predecessor of Hyundai Rollups), and led the Optimism seed round. This kind of deep technical participation and ideological output is true ecological construction. **Michael Saylor** transformed MicroStrategy into Strategy, held $67 billion worth of Bitcoin (over 3% of the total circulating supply), and continued large-scale financing through the issuance of shares and innovative financing methods of low-interest bonds, and became an iconic figure in the institutionalization of Bitcoin. **Barry Silbert** founded DCG and launched the GBTC Grayscale Bitcoin Trust, which became the main channel for traditional investors to gain exposure to Bitcoin, and its Genesis Trading and CoinDesk became industry infrastructure. Chainlink founder **Sergey Nazarov** worked as a software engineer at Google in 2017...

211d agoLuxurytracy

Voyage closes $3 million funding round with participation from a16z and Solana Ventures

Comparatively, Voyage announced the completion of the $3 million pre-seed round of financing and is building the world's first GeoFi network, so that every real contribution of content and data can be duly rewarded in the AI era. Through “Generative Engine Optimization (GEO, Generative Engine Optimization),” Voyage not only helps companies increase their exposure in AI conversation scenarios, but also rewards users who provide real content and data to AI. Participants in this round of funding include well-known institutions such as a16z speedrun, Solana Ventures, AllianceDAO, and IOSG Ventures, as well as a number of heavyweight angel investors in the crypto industry, including Trends.fun founder Daring Jiang, Farcaster co-founder Varun Srinivasan, and Kuan, a former head of operations at SushiSwap and a former IOSG investor.

310d ago

IOSG Ventures: When DeFi and mobile devices are combined, the next wave of consumer-grade applications is on the way

Original title: “IOSG Weekly Brief | Combining DeFi with Mobile: The Next Wave of Consumer Applications is on the Way” Original author: Max, IOSG Ventures Core Ideas TL; DR Retail investments in traditional finance (tradfi) have been mobilized (zero commission+application user experience), and this trend is spreading to the cryptocurrency sector — retail users are seeking a fast, familiar, and low-friction mobile native transaction experience. Hyperliquid's technology stack (HyperEVM + CoreWriter + builder code) significantly reduces the development threshold for mobile front-ends, while taking into account CEX-like execution efficiency with the advantages of DEX (self-hosting, fast coin listing, fewer regional/KYC restrictions). The wave of HL-based native mobile apps has started: BasedApp, Mass.Money, Dexari, Supercexy. These apps have an average daily trading volume of $50,000 (monthly recurring revenue of $1.5 million), accounting for 3-6% of HL's perpetual contract trading volume, and target various user groups (native crypto users, Web2 retail users, professional traders). Why now? The “hyperspeculative” + creator content cycle has boosted the risk appetite of retail users; mobile apps reduce user entry time, simplify cryptographic complexity, and add sticky features (copy transactions, fiat deposits, card payments, money markets, and revenue tools). Core Arguments: - Crypto mobile trading front-ends benefit from the Web2 mass audience and strong retail behavior. - For the cryptocurrency market to grow in scale and transaction volume, mainstream Web2 consumers need to provide more crypto-native mobile apps. - Compared to the Web3 business model, this field has true sustainable scale revenue characteristics, and the marginal cost of expansion is extremely low. Over the past few months, there has been a significant increase in mobile trading + DeFi apps for retail consumers, most of which are built on Hyperliquid infrastructure. The purpose of this article is to explore this vertical in depth, analyze current market-dominant applications, and present relevant opinions. Background Overall, the scale of retail investor participation in traditional investments has grown dramatically over the past decade. This trend began in 2019, when a number of major US brokers competed with Robinhood to reduce stock trading commissions to zero, drastically reducing transaction costs for small accounts. The 2020 pandemic accelerated this process: lockdown policies, stimulus checks, and a continuously optimized mobile experience brought millions of newcomers to the market. As of 2022, the Federal Reserve Consumer Finance Survey showed a significant increase in stock market participation — 58% of American households directly or indirectly held shares, and the direct shareholding ratio jumped from 15% to 21%, the biggest increase in history. The share of retail trading in daily market activity continues to be prominent: it currently accounts for 20-30% of US stock trading volume, far higher than pre-pandemic levels. This phenomenon is not limited to the US, but is also evident globally: the number of investment accounts in India surged from tens of millions before the pandemic to over 200 million in 2025. Investment channels are also continuing to expand — the 2024-2025 ETF capital inflow reached a record, and the popularity of zero-share trading and mobile brokerage services provided retail investors with more convenient investment tools. The cost impact brought about by zero commissions, the channel shock brought about by mobile trading apps, and the liquidity shock brought about by ETFs have jointly pushed retail investors to enter the open market on a large scale, making consumer-grade investment applications an important structural force in the market. Mobile trading apps Since 2021, the vertical field of mobile trading apps in the retail trading market has continued to expand. Behind this is an increase in mobile device penetration and the rise of a new generation of independent decision investors. The global investment application market is expected to reach approximately US$254.9 billion by 2033, with a compound annual growth rate (CAGR) of 19.1%. Why are mobile trading apps so popular with retail investors? The main reason can be summarized in two dimensions: social-driven (everything is gamified, gamified) Contemporary social culture is dominated by dopamine cycles, gamification mechanisms, and hyperspeculative behavior. The creator economy and the rise of short video platforms such as TikTok and YouTube Shorts have reshaped user behavior patterns. People seek instant gratification, and mobile trading apps fit this need perfectly on many levels. On a social level, Reddit...

323d agoWendy#basedApp #DeFi #Dexari #HYPERLIQUID #Mass.Money #Supercexy

IOSG Ventures: In-depth analysis of the stablecoin crypto payment circuit prospects

Author | Frank @IOSG核心观点 TL; DR stablecoins are a killer app for crypto: they're not NFTs, they're not memes. They are already the “everyday currency” of the global South. The market's focus is not on creating new currencies, but on how to truly integrate existing stablecoins into everyday payment scenarios. Consumer value is driven by B2B: P2P remittance and cryptographic cards between individuals are important, but the author believes that the largest TAM will take place in the field of cross-border payments between companies. Cryptographic orchestration layers and PSPs that abstract stablecoins and directly embed them into the transfer systems of large companies can capture the additional benefits brought about by huge capital flows and capital accumulation. License + Corridor = Moat: Just as infrastructure shifts from technology competition to distribution, the real barriers to B2B payments are regulatory licenses (MSB/EMI/SVF, etc.), banking cooperation, and the first-mover advantage of cross-border corridors. (Example: Bridge has the US MSB/MTL, and RD Tech has the Hong Kong SVF license). Orchestration > Aggregation: Aggregators are only market-matching platforms, and profit margins are thin; orchestrators control compliance and settlement rights. Real defense comes from directly holding a license and being able to transfer funds on your own. Competition is intensifying: from emphasizing “underlying technology” to competing for “actual use”: Similar to consumer apps, the market rewards actual adoption and user size. The rise in TRON fees has verified the strong demand for stablecoin transactions, and the next stage will be stablecoin native chains (stablecoin issuers with distribution and distribution channels, such as Plasma, Arc, etc.), which will actively guide users to directly use their own stablecoin blockchain for transactions and settlements like Hyperliquid, thus preventing most transaction fees from being taken away from the general public chain. At the same time, users can also directly use the transferred stablecoins to pay processing fees to unify payment media and network incentives. Introduction Stablecoins and blockchains built around stablecoins are the focus of the industry and headlines almost every day. Plasma and Stable launched by Tether.io, Circle's Arc, Stripe's Tempo, Codex PBC, 1Money, the next-generation L1 blockchain being developed by Google, and projects that will appear one after another continue to accelerate this trend. At the same time, as one of the most widely used self-hosted wallets in the world, Metamask also officially announced that it will launch its native stablecoin, marking the further expansion of wallet products to payment and value carrying functions. Meanwhile, personal cross-border remittance giant Remitly announced the launch of Remitly Wallet, a multi-currency fiat and stablecoin wallet. It is currently in the testing phase and plans to launch it officially in September in partnership with Circle. Together, these actions show that more and more large payment companies and Web2 and Web3 tech giants are speeding up “vertical integration” and directly entering the stablecoin and blockchain payment circuit. Instead of just relying on infrastructure provided by a third party, they chose to issue their own stablecoins, build their own wallet products, and even launch an exclusive payment blockchain. Stablecoins are rapidly expanding from cryptographic native scenarios to a wider range of payment, remittance and financial services, and have become one of the most effective application directions of blockchain. Therefore, this article provides us with a good opportunity to discuss: the current stablecoin payment technology stack has the PMF circuit proposed an investment framework for each payment circuit. Although there are various definitions of stablecoin payment infrastructure on the market, the author believes that the stablecoin payment technology stack can be broken down from the following perspective: * The mapping used in this article comes from the author's July compilation. If you need to check the latest market map, please refer to the ASXN board ( https://stablecoins.asxn.xyz/payments-market-map). At the bottom of the entire payment map is blockchain itself, which is both the infrastructure and the foundation. Recently, when Paradigm's Matt Huang explained why Stripe chose to build a new L1 Tempo over Ethereum L2, he gave a long list of reasons. Although there are quite a few reasons why the Ethereum community and various VCs...

333d agoIOSG#IOSG #IOSG Ventures #pays #stablecoins

IOSG Ventures: Is Hyperliquid disruptive infrastructure or an overvalued bubble?

Source: IOSG Author | Joey @IOSG过去几个月里, Hyperliquid has received a lot of attention. The purpose of this article is to keep everyone up to date with the latest developments and expectations for the future. It's both a guide to getting started with Hyperliquid and some of my nuanced insights into the ecosystem as a whole. TL; DR For those readers who just want to know the focus of this article and its key points: Hyperliquid quietly accounts for 13.6% of Binance's monthly perpetual contract trading volume and generates $116 million in monthly revenue — but most analysis ignores the subtle risk/reward dynamics, which will determine whether it will become a breakthrough infrastructure project in the cryptocurrency sector or another DeFi victim. The market position accounts for 70% of the total trading volume of decentralized perpetual contracts, accounting for 9.9% of Binance's daily trading volume. 665,000 traders generate a monthly transaction volume of $300,000 per month (the transaction intensity is 65 times that of Binance retail users). USDC of 4.4 billion USDC on the platform accounts for 71% of Arbitrum's network-wide USDC lock-up volume, of which 97% is returned to the ecosystem 38% of the total token supply of participants (388 million HYPE) is still reserved for future growth incentives for 24 verification nodes to maintain cybersecurity vs Ethereum's 1 million+ (trade-off between centralization and performance). The competitive trend is expected to increase 15-25% of the trading volume (better than industry standards but still worth paying attention) to increase the market share of Binance perpetual contracts from 2.2% to 13.6% within 12 months on the Jupiter platform & nbsp; $32 billion. Perpetual contract trading volume shows increased on-chain competition. When most people are concerned about token price appreciation, I analyzed its underlying commercial sustainability through multiple market cycles (including bear market stress tests and competitive pressure). Unlocking the 238 million tokens at the end of the year would generate an average daily sell-off pressure of $17 million — equivalent to 8 times the current repurchase capacity. Most bulls ignore this structural resistance of $600 million NASDAQ listed treasury bonds and VanEck endorsements indicate that there is non-retail demand that may absorb the unlocking pressure, but the institutional adoption schedule is still uncertain Gas fee transactions + 0.2 second delay + built-in order book form conversion costs, but technical debt and consensus mechanism restrictions may erode the advantage Hyperliquid may face user loss due to token depreciation and revenue compression, but the 97% fee rebate model and sustainable revenue generation capacity make it a potential multi-cycle infrastructure project. Unlike traditional DeFi protocols that rely on token emissions or subsidized earnings, Hyperliquid generates revenue from real economic activity and returns almost fully — showing resilience when unsustainable revenue models collapse. Expect a 60-80% drop during the 2025-2027 unlocking period, but business intelligence and infrastructure advantages make it likely to rise strongly in industry consolidation. This article points directly at the keys that really determine Hyperliquid's long-term success: a sustainable business model, competitive positioning, and survival across the industry The ability to survive multiple cycles in a crisis. What Happened? The well-known part — Hyperliquid is a leading decentralized perpetual contract exchange (Perpetual DEX) and is seeking vertical expansion. It accounts for 60% of the trading volume of the decentralized perpetual contract market, and its main drivers include regulatory arbitrage opportunities, airdrop activities, excellent user interface/experience (UI/UX), deep liquidity, and strong community consensus. Early growth users can use a perpetual contract exchange with seamless UI/UX without KYC (but still subject to regulations in different regions). This is due to: #零 Gas fees and low transaction costs. The unique order cancellation and post-only priority mechanism is superior to other order types (such as immediate or cancelled order IOC), which significantly reduces the harmful effects of high-frequency trading (HFT) order grabbing (10x more). For more technical details on how to do this...

338d agoIOSG#DEX #HYPERLIQUID #IOSG #Perp DEX topics