Web 3 · 13078
Millions of dollars are rushing into the market, but some are in a hurry to exit: Pharos's high-interest treasury causes a “view of time” collision

Millions of dollars are rushing into the market, but some are in a hurry to exit: Pharos's high-interest treasury causes a “view of time” collision

Article: Sanqing, Foresight NewsSharos Network joined forces with Vault infrastructure agreement R25 and credit asset management agency Axil to launch Axil Prime Credit Vault (APC), an institutional consumer credit RWA wealth management product issued by Pharos on July 15. The products were launched simultaneously with Binance Wallet, TopNod, OKX Wallet, Bitget Wallet, and KuCoin Wallet, with a total fundraising limit of 100 million USDC, with a target annualization of about 14.3%. As of the closing of the deposit window, a total of $45.39 million had been deposited. This year, there have been frequent security explosions in Web3 on-chain strategies. User funds are looking for new stable income sources, and project parties are also there. Binance Wallet is now offering an additional $300,000 PROS as an incentive to explore RWA Vault's market space, causing the Vault to generate a lot of discussion in the market. The launch time coincided with the redemption period of the Pharos TGE pre-deposit campaign. The previous treasury required the submission of a redemption application about half a month before the end of the lockdown period, stop accruing interest on July 20, and complete the redemption within 7 days. Users accustomed to DeFi T+0 looked back and found that they couldn't help but missed the redemption period and began to question the redemption time and asset safety. R25 and Axil then held an AMA at Binance Square. Well-known KOLs such as Haotian and Tianqing participated in discussions, detailing the differences between RWA assets and DeFi Vault, the role of fund managers (Curators), why consumer credit is worth allocating, and risk management methods from pre-investment to post-investment. In complex asset logic and mixed social media discussions, some users put in one million funds on the last day, while others sought early redemptions from the project party. On July 23, Pharos issued an announcement: Users who submitted applications on time in the previous issue have received all principal and interest, breaking the “financial security” concerns; funds that missed the window will automatically be carried forward to the next three-month cycle according to the treasury's preset rules, and interest will continue to be accrued at 14% USDC per annum. The controversy revealed more important issues than the redemption itself. Although the RWA TVL has exceeded $38 billion, non-institutional chain users are clearly dissatisfied when investing in RWA products. Institution-driven, stable, and high interest rates, but often require longer lockdown periods and complex understanding costs. From DeFi to RWA, is the market really ready? High yield, low threshold, and high liquidity. BlackRock's “impossible triangle” of RWA's BUIDL threshold is $5 million. It is only open to qualified buyers, yet it can be redeemed almost instantly through the stablecoin channel; the APC threshold is so low that ordinary users can buy it at will; instead, it must be locked for three months. Liquidity has never been determined by how high or low the threshold is, but rather how quickly the underlying assets can be realized. The bottom layer of BUIDL is US treasury bonds, and the world's deepest secondary market can take over at any time; the bottom layer of APC is hundreds of thousands of emerging market consumer loans, and few people are ready to buy large amounts of capital at any time. This has formed a triangle that RWA cannot bypass at this stage: high yield, low threshold, and high liquidity; the three can only take two. For example, Franklin Templeton's BENJI starts at $20 (low threshold) and supports daily redemption (high liquidity), and the annualization is only 3% to 5%; if you want double-digit returns, you have to accept non-standard assets and a lock-up period. This is the liquidity premium. A significant portion of the excess income is the consideration for abandoning liquidity. APC, on the other hand, is a combination of high returns and a low threshold, and the cost is liquidity. There is nothing wrong with this trade-off itself; it also explains the full source of this controversy. Retail investors have obtained assets that were originally only open to institutions, and they have also taken over the agency's time rules that focus on long-term matching. The period of use of institutional funds is scheduled before investment, and the lockdown period is a predictable cost; private equity credit and closed-end funds already have redemption restrictions. However, most ordinary users on the chain are not the same; most of the latter's first appeal is to go in and out. So the current “retail” RWA is mostly just distribution-side retailing, to be precise. Web3 wallets and low initial investment amounts have contributed to a low threshold, but the liquidity structure is still designed according to institutional logic. Having understood this triangle, the remaining questions became specific: why must the liquidity side be sacrificed, a high income of 14.3%...

2d agoForesight News#WEB3

Industry leaders warn AI agents may turn billion-dollar crypto hacks into “change money”

Comparatively, at the 2026 Wyoming Blockchain Conference, Global Settlement Network CEO Ryan Kirkley warned that AI agents could allow hackers to hack Wi-Fi networks, passwords, and wallets on an unprecedented scale, dwarfing current billion-dollar cryptographic attacks. Kirkley said, “We thought these bridging attacks were serious; in fact, they were just change money.” Attacking one person with $20,000 in assets used to be too expensive, but now a single agent can attack everyone at the same time. Bill Laboon, vice president of technical operations at the Web3 Foundation, agreed, believing that the efficiency improvements brought about by decentralized systems are also beneficial to attackers. Midnight Foundation President Fahmi Syed emphasized that agents require clear parameter settings and should not be granted unlimited access to credit cards, social security information, and various accounts. Kirkley believes that setting proxy permissions is relatively easy to solve, and that the security of the underlying system is the greater concern. On the issue of trust, Laboon notes that big language models are still occasionally illusory, so they don't want to let agents manage individual pensions. Richard Incurred, founder of Silvermine Capital Advisors, believes proxy AI technology is growing faster than people can accept. Kirkley also mentioned the issue of supervisory liability, that is, when autonomous agents make mistakes or even break the law, accountability and fund recovery mechanisms have yet to be clarified.

2d ago#On-chain dynamics

RootData establishes strategic partnership with Tiger Research

Comparatively, Web3 asset data platform RootData has established a strategic partnership with Tiger Research, Korea's leading crypto research institution. According to the agreement, Tiger Research will fully adopt the API data interface provided by RootData to provide underlying data support for various industry research reports, market insights and project analysis. As a comprehensive data platform, RootData has a large number of indicators such as project fundamentals, financing history, team background, and popularity index. This collaboration will enable Tiger Research's research team to efficiently obtain structured, highly reliable data sets, significantly improve research efficiency and data breadth, and produce more timely and in-depth analytical results. At the same time, RootData's data partner network has also been further expanded, marking the verification of the application value of its data services in professional research scenarios. At present, RootData has accumulated more than 220 data partners, making it one of the key structured data providers in the cryptographic industry.

2d ago

Interlace establishes Brazilian office to continue to advance Latin American market layout

Comparing news, stablecoin infrastructure platform Interlace has officially set up an office in Brazil and formed a local team to further advance the Latin American market layout. Interlace will provide enterprises with global payment and digital asset infrastructure support by connecting local financial institutions, cross-border trade platforms, digital asset ecosystems, and Web3 project parties. Additionally, Interlace recently appeared at the Rio Blockchain.rio exhibition to exchange views with Brazilian and Latin American financial, payment, and digital asset practitioners. Guilherme Santos, National Manager of Interlace Brazil, was invited to participate in the live panel to discuss topics such as digital assets, stablecoin payments, and financial infrastructure. It is reported that Interlace will attend the Crecimiento LATAM Digital Assets Conference in Argentina from August 20 to 21 and deliver a speech to share the practical experience of global card issuance projects and their Latin American market layout.

3d ago

Metaplanet uses Bitcoin to hold Super League, and Zhibao Technology completed a private placement of 2,380 BTC

Comparative news, according to BBX data, yesterday global listed companies revealed the latest developments in cryptocurrency strategic mergers, acquisitions and financing. The core information is as follows: Meta Planet invests 2,100 BTC holdings in Super League to create a multinational treasury: Super League Enterprise and Meta Planet reached a final agreement. Meta planet will invest 2,100 bitcoins (worth approximately $132.1 million) and $2.5 million in cash through its wholly-owned US subsidiary in exchange for 44,859,400 Super League shares ($3 each), preferred shares, and warrants. After the transaction is completed, Super League will change its name to “Super Planet, Inc.” and become a consolidated subsidiary of Meta Planet holding approximately 95.7% of the shares, thus creating a Bitcoin treasury platform spanning the NASDAQ and Tokyo Stock Exchange. Zhibao Technology completed $154.7 million PIPE financing, fully paid in Bitcoin: NASDAQ listed company Zhibao Technology (ZBAO) announced the completion of a $154.7 million private equity financing (PIPE). The company issued a total of 442 million PIPE units, and investors paid in full with 2,380 bitcoins (calculated at a market price of approximately $65,000 each on July 30). The funds raised will be used to strengthen the financial base, accelerate business growth, and deepen strategic collaboration with the cryptocurrency and Web3 sectors.

3d ago#financing

Analysis: The era of easy earnings in the crypto industry is coming to an end, and over 100 projects have gone out of business in 2026

In comparison, Global Settlement Network (GSN) CEO Ryan Kirkley said that the crypto industry is experiencing a round of large-scale liquidation, and projects with inflated valuations, weak business models, and lack of sustainable revenue are leaving the market one after another. Over 100 crypto projects have shut down, filed for bankruptcy, or virtually disappeared since 2026. Kirkley believes that this wave of failure is largely a result of the financing frenzy from 2020 to 2021. Many projects received huge financing at excessive valuations at the time, but lacked real revenue and profit paths, and were eventually forced to rely on continuous financing to maintain operations. According to Galaxy Research data, venture capital in the crypto and blockchain sector in the first quarter of 2026 was about US$4 billion, involving 355 transactions. The capital scale fell by about half compared to the fourth quarter of 2025, while the number of transactions fell by only 16%, indicating that the contraction in capital was mainly due to a decrease in large-scale financing. Kirkley believes that stablecoins, digital banks, and institutional wallets and settlement infrastructure may become winners after the industry clears up, while social tokens, memes, and some Web3 game projects will face more severe tests. For Bitcoin, Kirkley said the market is currently in a mild bear market, with $6.12 million as a key support level. If it falls below this position, leveraged funds may be forced to sell off, further opening up room for a decline to $41,000. Meanwhile, Kirkley said that he has met with government representatives from 7 countries in the past month, and the interest of institutions and governments in blockchain technology is increasing, but their focus is more on applications such as reducing financial costs, tokenized assets, and cross-border settlement, rather than the decentralized financial system emphasized by the traditional crypto industry. This article is sponsored by GENG, Build Your Fortune on GENG (https://geng.one)

4d agoburnking
What happened to Farcaster, which was sold twice in a year and is valued at $1 billion?

What happened to Farcaster, which was sold twice in a year and is valued at $1 billion?

Author: Shenchao TechFlow Original title: Farcaster, which was once valued at 1 billion US dollars, ushered in a project resold for the second time in a year, and was sold twice within a year. What an experience. On August 17, Farcaster operator Neynar's co-creator Rish announced the search for a new team for the Farcaster agreement, official app, and coin platform Clanker. The company returned the remaining funds and the team later disbanded. It's only been 7 months since Neynar took over the project from the founding team. And that handover was Farcaster's first “sold”. This Web3 social star, once invested by Paradigm and a16z and valued at $1 billion, has entered the process of finding a home for the second time in a year. The founding team that left first On January 21 of this year, Farcaster's founding team, Merkle Manufactory, did an uncommon thing: handing over all of the agreements, codebase, official app, and Clanker to Neynar, and then refunded all of the $180 million in financing to investors. The two founders, Dan Romero and Varun Srinivasan, joined the payment chain Tempo (a project incubated by Stripe and Paradigm). The money was refunded, the people left, and the project was left behind. The takeover, Neynar, a middleware company that makes Farcaster development tools, raised $11 million in Series A in 2024. What it saw when it took over was a developer-first social network and a coin machine that was printing money. After 7 months, it also started looking for a new home. Rish wrote in the announcement that the acquisition seemed like a good choice at the beginning of the year, but then it changed so much that Neynar “no longer fits the needs of the next phase.” The announcement was posted on Farcaster in advance, and he said, don't be so sudden this time around. The money printer temporarily shut down. Among the assets Neynar took over, the most valuable was Clanker, an AI one-click coin issuing robot. At the beginning of this year, when the AI coin issuance hype was at its peak, it was Farcaster Ecological's cash cow, which swept away $35 million in on-chain coin service fees in one quarter. According to DeFilLama data, Farcaster Ecosystem's agreement fee: $35.43 million for the first quarter of 2026. In the second quarter, $4.67 million. From July 1 to August 17, $377,000. But for the past 24 hours, the agreement cost was only $4001. From 35.43 million in a single quarter to 4,000 in a single day, the drop was 99%. The cumulative processing fee of 94.1 million US dollars since its launch has become a monument parked at the top of the mountain. Meanwhile, CLANKER token repurchases, which are fed by handling fees, have stopped. The cost side is also an issue. According to Rish, to keep this full-stack social network running, it costs 100,000 dollars a month, and at its peak, 500,000. However, in the last 30 days, the revenue of the entire ecosystem was $120,000, which can only be said to cover the monthly consumption of the project. At the same time, RiSH also wrote on Farcaster: The operating cost is really high, but it really wasn't a factor in our decision. This number is being disclosed because it may influence the next team's decisions. Our balance sheet can absorb current costs indefinitely. The other sentence is more straightforward: “This is not a financial decision. Gathering energy is much harder than raising capital. “(It's much harder to raise energy than capital.) is probably the most accurate microcosm of Farcaster's development over the past seven years. Perhaps the problem with the consumer-grade social illusion Farcaster really isn't the cost. After the market is booming, it is not critical how much money the project burns this month, because the existing capital can still cover this part. But in terms of direction and demand, one question is hard to avoid: Why are users leaving X and coming to you? Alliance Co-Founder Imran's review is straightforward: Farcaster was a useful...

4d ago深潮TechFlow#Farcaster #WEB3