Crypto cards processed a record 9M purchases in July, roughly 2.5× the volume from one year earlier.
Here's what happened this week ↓
• @Paymentscan | July data showed RedotPay, KAST and http://ether.fi all posting double-digit monthly growth as stablecoin card usage kept climbing.
• @ether_fi | Summer release added tokenized stocks and metals, 30+ fiat rails, and portfolio-backed borrowing you can spend through the Cash card.
• @KASTxyz | KAST hit its second anniversary with a redesigned app and a 48-hour promo paying 20% back on food and dining, capped at $20.
• @BitgetWallet | Assetback now returns up to 3% of card spend in assets like Bitcoin, tokenized gold, and tokenized stocks.
• @useTria | Tria's August Summerfest doubled card cashback caps and Tria Points for the month. Campaign runs through August 31.
• @ustarpay | UstarPay officially launched its app and virtual card, letting eligible users deposit and spend USDT in everyday transactions.
• @get_revuto | Revuto opened access to its non-KYC Visa debit cards, usable at 150M+ merchant locations worldwide.
• @Plasma | Plasma One launched a limited campaign offering 10% back on eligible Starlink payments made with its stablecoin Visa card through August 15.
• @RedotPay | RedotPay ran a one-week promo cutting virtual Visa card cost by 40%, bringing issuance down to $6 for eligible new users.
• @GetCoinZoom | CoinZoom said average transactions per active cardholder roughly tripled, with users earning around $150/month in rewards during H1 2026.
• @coinbase | Eligible new U.S. Coinbase One Card users get $50 in BTC after completing $100 in purchases. Targeted offer runs through August 31.
• @cryptocom | http://Crypto.com added tokenized U.S. stocks and ETFs for EEA users, bringing another asset class into the app used to manage crypto and card balances.
• @Mastercard | Mastercard completed its acquisition of stablecoin infrastructure company BVNK, strengthening the rails behind future stablecoin payments, settlement and card products.
昨天 Hyperliquid 24小时手续费只剩约23万美元，迎来新低
但再过8天，链上就有60亿美元的USDC，可能开始贡献另一条日均约47万美元的现金流了
HYPE依旧坚挺，难道是在提前交易这个利好？
昨天我们讨论了Hyperliquid收入跌至近期低点
过去24小时手续费收入一度只有约22万至24万美元，相比长期日均约208万美元，几乎只剩一成
周末休市、市场波动下降、交易量被积分活动分流，再加上HIP-3大量市场仍在打折，共同压低了协议收入
但就在交易手续费进入低谷的时候，Hyperliquid另一条不直接依赖交易量的现金流，马上要开始计提了
根据AQAv2安排，从8月26日起，Hyperliquid链上USDC产生的储备收益，将按照新的规则开始累计，第一笔资金预计在10月3日进入援助基金，之后按周期结算
这里需要先解释一下：用户把USDC存入Hyperliquid以后，并不会直接收到这部分储备收益
Circle负责USDC的技术部署，Coinbase担任金库部署方。USDC对应储备资产产生收益后，部署方会把约90%的经成本调整后收益，分配给Hyperliquid协议
这90%不是USDC本金的90%，也不是90%的年化收益率，它指的是扣除相关成本以后，USDC储备收益中的约90%
这些资金最终会进入援助基金，用于持续购买HYPE
如果按照Hyperliquid链上约60亿美元USDC，以及Circle近期披露的储备收益水平估算，这条现金流每月可能达到约1350万至1400万美元
折合下来，平均每天大约45万至47万美元
这是什么概念？
昨天Hyperliquid的手续费收入低点只有约23万美元
也就是说，在当前估算成立的情况下，USDC储备收益的日均规模，可能达到昨天手续费收入的约两倍
当然，两者不能完全放在一起比较
交易手续费每天产生，并根据交易活跃度变化
USDC储备收益则按周期累计，第一笔付款要等到10月3日才会进入援助基金，并不是从8月26日开始每天到账
但它们之间最大的区别更加重要：
手续费依赖用户有没有交易，USDC储备收益主要依赖链上存放了多少USDC，以及市场利率处于什么水平
行情活跃时，Hyperliquid可以通过交易手续费获得收入；行情低迷、交易者减少时，只要大量USDC仍然留在链上，储备收益就可以继续累计
这相当于为援助基金增加了一条不完全依赖交易周期的HYPE购买资金来源
HIP-3成熟市场开始调整手续费、USDC储备收益进入援助基金、HLP闲置资金进入原生借贷、股票现货、组合保证金和借贷市场继续扩大USDC需求
这些变化都在尝试降低Hyperliquid对交易手续费的单一依赖
人们认为Hyperliquid是一个加密货币应用，就像人们曾经认为亚马逊是一家书店
#HYPE #Hyperliquid #USDC #DeFi
和 AI 们讨论了一天得出的剧本...
结论：当下可以类比为2018年末至2019年初的复现...
顺手把2019年类似的结构放到图表上了，可以验证的几个关键点：
1. 2026年见底，但目前最终底部还未出现；
2. 2027年会有一波小牛市，但宏观环境不配合，根本无法新高；
3. 2028年因为减半叙事和宏观流动性彻底回复，走出完整且长达一年的牛市到达300K...
三个关键节点每验证一个，就代表下一个有可能出现，如果连第一个都被市场否定，那么就当作看个 Crypto 原生家庭导致虚空臆想的乐子就好...
但凡是2025年买入的BTC拿到现在都是亏的。所以，只要是25年的筹码减少了，除了钱包转移，其他都是割肉卖出。
时至今日，2025年的BTC目前还有477w枚，从去年12月的峰值处下降了41.5%。
下降趋势的斜率分位明显的2段：2月之前是急速下降，2月之后有所减缓，但还是保持一定的斜率。
这个群体应该是目前市场规模最大的供应端了。
我们拉出24年、23年和22年的数据来对比就不难发现，这些还有浮盈的筹码，已经基本都度过了下降斜率的陡峭期。
且时间越久，斜率越小。从图上看2月之后的曲线斜率几乎走成了直线。
即便价格再跌，这些筹码数量的变化也不明显了。也就是说，该换手的都换了，剩下的都不动了。
从过去的2轮熊市中，22年熊底时21年的高位筹码下降了51%；18年熊底时17年高位筹码下降了62%；
如果单纯刻舟的话，我个人认为本轮熊底最多也就到50-60%（现在是41%），这还没考虑25年ETF和微策略买入的BTC，其中大部分是锁定不动的。
富达（Fidelity）正式向美国SEC提交了文件，准备给它的以太坊现货ETF（代码 FETH，目前规模约8.98亿美元）加上“质押（staking）”功能。
主要包括：
• 基金持有的ETH，在正常情况下最多可以质押100%（会留一部分不质押，用来应对赎回、费用和流动性需求）。
• 质押产生的奖励：基金自己留85%，剩下15%分给赞助方、托管机构和节点运营商（文件中提到了Blockdaemon、Figment、Galaxy等）。
• 净奖励先用来覆盖基金本身的费用，剩下的会每季度以现金形式分给持有人。
文件一旦生效，他们计划尽快开始质押。
由于去年11月IRS出过一个安全港规则，允许这类信托做质押还不丢掉原来的税务身份，所以Grayscale、21Shares已经先做了样板。
贝莱德则是另开了一个专门的质押产品。富达这次是直接把现有的FETH改造成也能赚质押收益。
这样的行动，说明大机构愿意把“持有ETH”升级成“持有+赚质押收益”，长期看对机构资金流入是有利的。
三个远古项目@MetaMask、@opensea、@Polymarket
共同点冲击上市失败回来公布自家代币，后再次开启Pua轮。自家赛道不好好发展，非要做自己不擅长的事情。最后弄的“四不像”....
Opensea18年成立， 主赛道NFT。 25年10月公布 $SEA后上了DEX 开启奥德赛 。团队离职人数超20人！！
Polymarket 20年成立， 主赛道预测。26年5月暗示 $POLY Soon ;26年4月推出Perp。团队离职人数超15人
Metamask16年成立，主赛道钱包。25年10月确认 $MetaMask ，后开启积分奖励计划,钱包内置过跨链桥、DEX、Perp...团队离职人数超9人
现在只关心When Tge？
另外从高净值投资者和小规模投资者的数据来看，最近一个月出现了逆转，这个数据应该是短期内看到最像好数据的数据了。
从 7月30日 开始，也就是 bitcoin:native 在 63,000 美元的时候能明显看到持仓 Bitcoin 小于 10 枚的小规模投资者出现了大量离场的迹象，而这部分的筹码大多数进入到了持仓超过 10 枚 Bitcoin 的高净值投资者手中。
可能会有小伙伴质疑是不是进入到了交易所的地址，所以显示是高净值，但实际上 7月30日 以后转入到交易所的 BTC 数量并不高，相比小规模投资者的减持和高净值投资者的增持来看差距是很大的。
所以这部分的小规模投资者的减持确实很有可能是被高净值投资者收入囊中。
@Gate Crypto、美股、港股、韩股、黄金、CFD、预测市场一站交易
昨晚7月cpi数据公布都符合预期，也如昨晚聊到的是市场趋势比较平稳，纳指标普略涨，表现亮眼的个股和板块基本上也都是近期基本面强的板块。
1、劳工部统计局公布的精确数据时cpi同比3.36%，核心cpi同比47%，其实略低于预期的。但对外公布四舍五入之后就是符合预期。
1）核心商品环比增速0.2%，三个月复合增速来看目前依然偏低，整体中枢下行趋势延续的；本月反弹集中在二手车分项。
但需要注意的是AI相关消费品重回升势，AI消费品最直接相关的计算机、外围设备等分项，7月环比从-0.7%回升至3.5%，同比再创阶段新高，尽管其权重不大，短期贡献有限，但AI不同于原油，其不像是一次性冲击，而是具备更广泛的扩散能力，尤其是企业进行数字化投资后，相关服务类的价格有缓慢提升，这也许是长期性的，需要重点关注。后面专门聊聊这一点
2）在核心服务里
住房还在低位低位，医疗、车险等反弹，世界杯效应确实在衰退。
机票是油价上涨对核心通胀的最大威胁。机票分项的权重超过1%，7月环比增长2.2%。
3）这说下油价
油价影响弱于预期，7月以来美伊矛盾再起，油价快速反弹，让市场担忧通胀会被再度抬高，但回顾WTI油价的走势，可以发现其实7月震荡区间和中枢与6月基本一致，并未出现实质性上涨。cpi数据也能体现这一点
2、这份数据的意义
1）CPI符合预期，核心通胀偏弱把市场从危险边缘拉回来了，进一步降低了市场加息的担忧。但没有也没给市场强烈乐观的预期。
2）在美伊还没谈妥油价还未回落的时候 ，让市场情绪稍微好转。但是毕竟不是大幅低于预期，市场很难出现全面上涨。资金只能是偏好基本面强势的，基本面一般或者说依赖降息预期利率下行的资产就没那么强。
3、之后怎么看？
近期就看今晚七月的ppi，ppi数据算是cpi的上游，如果ppi也能走弱对市场情绪也是进一步提振和利好。
但考虑到美伊毕竟仍未谈妥，若8月国际油价持续在80以上震荡，仍有可能影响8月通胀水平。
在美伊还没谈妥前，美股市场估计还是走分化行情，如昨晚聊的好多去看个股和板块的基本面了。
本条由@bitget_zh赞助，「Bitget 买美股：秒级入场，丝滑交易 」
这两天，不管是SEC还是CFTC，都在主动弥补Clarity Act严重延迟的空窗，继续推进加密资产相关监管，不再干等国会立法。
从实用功效看，SEC+CFTC目前推进的行政新规，大约能覆盖Clarity Act 50-60%左右的功效。
其中：
• SEC主要补“一级市场发行路径 + 资产分类清晰度”
• CFTC主要补“衍生品市场规则 + 部分交易/中介安排”
两边行政动作合计，对行业实际运行能解决部分当前最急需的问题。
不过，
整体看，依然缺少立法带来的永久性和全面现货市场结构。只有国会把加密监管框架正式写进法律，才算稳固。
Thesis: Robinhood will a $300B company in 2030 (~3.5x from here) as #1 global trading platform, primarily through BUYING @tradingview which has 100M+ traders and integrating Robinhood Wallet.
Context: $HOOD has 28.4M funded accounts (vs 26.5M a year ago, ~8% YoY growth) and BEAR case is Robinhood has saturated the US market for retail investors. Robinhood can only upsell so many products to US consumers and has $5B in cash for M&A.
Argument: To become a $1T company, Robinhood NEEDs to grow users.
Growth drivers for $HOOD :
1️⃣ Trump accounts: kids as long-term top-of-funnel, get kids on, bring parents over from IKBR / Schwab /Fidelity. Add 5M funded accounts by 2030)
2️⃣ Robinhood Chain/Wallet: frame as “the Robinhood app for the entire world” and already 2M monthly transacting user. Add 10M funded accounts by 2030
3️⃣ International expansion: Robinhood expanding to Singapore, acquired WonderFi in Canada, etc, Add another 5M funded accounts.
⭐️ Key acquisition idea: Robinhood should buy TradingView for 3-5B in cash. TradingView has 100M monthly active traders globally (80% are outside U.S, so call it 80M MAUs)) last raised at $3B from Tiger Global.
Analogous to Binance buying CoinMarketCap as top-of-funnel. Robinhood can merge TradingView with Robinhood Legend and route traders to wallet, stocks, crypto. This can add 50M of funded accounts.
Model Assumptions: 100M funded accounts and ARPU ~$200, implies $20B revenue, $10B earnings and at 30x earnings that's $300B marketcap in 2030.
Full Model here: https://www.artemis.ai/company/HOOD?tab=model
Full Pitch here: https://docs.google.com/presentation/d/1Fq_rBWmsBs9pG8F82gTL9tCqux2fUmllnytBFDN433M/edit?slide=id.g3f601113bd4_0_137#slide=id.g3f601113bd4_0_137
The core idea behind “new state types” is to stop treating all state as equal. Some initial ideas:
1. Hot-cold state separation
See EIP-8188/8295/8296. The core idea is to price cold state storage significantly higher than hot state. This would enable clients to implement hot-cold database separation, improving overall state performance. Historical analysis shows that retaining roughly 3% of the state in hot storage accounts for ~94% of all updates (on a monthly basis).
2. Temporary state
A new state category that is automatically pruned after a defined time period. About 55% of state slots are written once and never accessed again, so applications can make use of this feature if emphemeral slots fit their use cases (main incentive is cheaper gas).
3. Trieless contracts
Replace the contract trie with some fixed size cryptographic accumulator. Not all applications require state proofs.
The state hasn't been improved since genesis. So it's about time.
We used onchain data to estimate Circle's Q2 earnings last week within 0.05% accuracy.
Before Circle reported last week, our research team built an independent estimate of their reserve income using three public inputs: adjusted USDC circulating supply, Coinbase wallet labels, and published rate schedules.
Our estimate: $667.4M.
Circle reported $667.7M. (off by $330K on a $668M line item)
USDC reserve income is a function of supply, distribution, and rates. All visible onchain if you have clean wallet attribution.
A similar approach works for any crypto company with meaningful onchain activity. Stablecoin issuers, lending protocols, exchanges with onchain treasuries. If the financial inputs live on a blockchain, you can reconstruct the quarter before it's reported.
If you're evaluating onchain data as an alternative data source, read about how we did it in our weekly Allium Research newsletter:
Who is actually accruing the value created in crypto?
This started as a conversation on the @Blockworks TG group with @santiagoroel and a few others.
Venture in crypto has shrunk a lot! and imo the main reason is that on-chain revenue pools have been far smaller than anticipated.
From Blockworks data, total on-chain revenue was roughly $8B in 2025, so I wanted to see how much off-chain/Centralized companies are capturing from this industry by comparison.
So consider the off-chain pool: public companies like coinbase, Gemini, BitGo, Bullish, plus crypto revenue from Robinhood, Galaxy etc and private players like Binance, Tether, FalconX, Anchorage, etc.
The result surprised me: off-chain companies generate ~$70B roughly, consider roughly a range between 60B to 100B, 8.5x more than on-chain protocols and L1s.
To put that $8B in perspective: even if you give on-chain protocols generous 70% EBITDA margins and a 30x multiple, the entire addressable market cap today is ~$168B ($8B × 70% = $5.6B EBITDA × 30x). That's the whole on-chain pie, less than a single mega-cap tech company.
Do the same for centralized companies at a more realistic 40% EBITDA margin: $70B × 40% = $28B EBITDA × 30x = ~$840B of justified market cap. Even with lower margins, that's 5x the entire on-chain ecosystem. And to put even that in perspective: the entire centralized crypto industry, all of it combined, is basically worth one OpenAI or Anthropic.
The breakdowns are telling too. On-chain, L1/L2 chains take almost half the pool (~49%), with launchpads/trading apps and DEXs/perps splitting most of the rest. Off-chain, it's exchanges and brokers dominating at ~66%, with stablecoin issuers second at ~19%, everything else (market making, payments, infra, asset mgmt) is single digits. Both worlds are extremely concentrated at the top of the same funnel: trading and the rails to do it.
From a venture perspective, you were often better off investing early in L1s and traditional exchanges than in most tokens. It was a bit simpler than we thought.
To me the common denominator: off-chain companies sit much closer to the end user than protocols and L1s. They own that relationship and monetize it well. They abstract away crypto's complexity: trade, stake, store, manage without ever touching a coldcard or metamask app and people pay up BIG for that.
On-chain is clearly in a bear market, but the lesson for protocols, L1s, and on-chain primitives is to build and verticalize more. Get closer to the end user.
One caveat: this is an approximation, done with Claude's help. Many of these companies don't have public earnings, so the private side (Binance, Tether, and especially "other private") is mostly an educated guess. Directionally though, the gap is hard to argue with.
Best report I've read on Robinhood Chain:
> Q2 crypto revenue fell 38% YoY to $100m accounting for 8% of revenue
> Retail crypto volume declined 36% YoY
> Crypto’s share of total AUC fell to all-time low of 7%
> Robinhood Chain had one of the strongest L2 launches in history
> Generated $3.6m in REV during July
> Accounted for 38% of all L2 chain revenue
>Memecoins drove activity, at 51% of July spot volume compared to just 5% for RWAs
> 48% of RWA volume occurred in liquidity pools pairing an RWA with a memecoin
> USDG already generates est. $10.5m in annualized interest income
> Lighter’s wallet-only integration accounted for just 0.2% of its total perps volume
from @blockworksres
I'm bullish.
Morgan Stanley just published an @ethereum primer.
Not an ETH price target or a trading thesis.
A primer on Ethereum as infrastructure for stablecoins, tokenized assets, payments, settlement, lending, and financial applications.
Assets converge where the liquidity is.
Liquidity converges where the assets are.
Institutions converge where both already exist.
Ethereum has spent a decade compounding all three.
Those network effects can't be replicated.
Institutions building the future of finance are choosing Ethereum.
上周Saylor大手笔回购了1.08亿美金的STRC。
增发MSTR募集了6.5亿美金，卖出BTC获得了1.08亿美金，这样来看，卖币的钱就是用来回购了，ATM出来的钱进现金储备。
按照之前规划的10亿美金额度，还剩下7-8亿，不出幺蛾子的话，回到100应该问题不大了。
而且从态度上来看， 卖股票、卖币，Saylor正在用一切手段回购STRC，无疑已经是现阶段的最高优先级了。
The sexiest crypto narrative for 2026 onwards is PMF.
PMF shows real demand not just sexy stories that we traded on for years
So instead of vaporware we focus on real adoption:
- projects with high fees or token holder revenue
- L1s/L2s with real value users (eth, sol, tron, arbitrum, base, robinhood...)
- crypto cards ->neobanks
- prediction markets
- stablecoins
- tokenization platforms
- trading apps (fomo, pump fun)
- perps
- oracles (chainlink)
- Defi (aave, morpho, fluid, pendle...)
List is ever expanding but relatively easy to identify.
The big one is memecoins: those as a category clearly have PMF!
But memecoins fail to sustain rally as money rotates from one memecoin to another, thus it fails to create the wealth effect needed to boost sentiment.
For one winner there are 1000 losers.
So refocusing on fundamentals could attract attention and money inflows from millions of assets to few that matter.
And reward teams that been building and adding value vs memes and kols that extract it.
I updated my 2023 roadmap diagram to overlay where the items that were there sit in the current Strawmap ( https://strawmap.org/ ).
In general, a lot of overlap, but:
* Some things got reshuffled in order (eg. quantum safety up-prioritized)
* Some things deprioritized (eg. VDFs; many EVM improvements)
* Some things replaced with superior constructions (eg. Verkle -> unified BT -> PBT; state expiry -> new state types)
What's most striking, however, is that some completely new things are in the strawmap that are NOT in this diagram, because they were not in the 2023 roadmap at all. These reflect changing priorities.
Notably:
* First-class attention to strong privacy. This covers: keyed nonces and recent roots, aspects of FOCIL, lean privacy pool & wormholes
* Aggressive scaling in the context of post-quantum. This covers: leanSPHINCS signatures and aggregation, zkzk frames (see https://ethereum-magicians.org/t/eip-8288-frame-type-for-pq-sig-and-stark-aggregation/28723 )
* Lean-ification of the spec, to assist in formal verification (full FV of everything is only possible because of modern AI)
* Blob and gas futures (this idea just didn't exist back in 2023)
* Native rollups (SNARKs were nowhere near mature enough to even consider this back in 2023)
* A more open design space for the "future of the EVM". zkzk frames already implies that the protocol will expose to users some ISA that's not the EVM - current leading candidates are leanISA and RISC-V. These ISAs are more simple, modern and efficient than the EVM. Once they're there, why not expose them to developers everywhere? (And then, why not turn the EVM into being an IR on top of that ISA, instead of an enshrined feature massively complicating the base protocol?) Though much of the deeper exploration here is too early even for the strawmap.
* New state types are not just a replacement for expiry, they're a fundamentally different paradigm to how Ethereum does scaling
A common theme in scaling, found in both state types and zkzk frames (both new ideas), is that instead of trying to maximally scale ALL ethereum activity, we try to create specialized mechanisms that have more restrictive properties that make them more scaling-friendly, while supporting the heaviest loads incurred by users and applications today (eg. token transfers, swaps) and tomorrow (eg. privacy protocols).
The other common theme is treating STARKs and AI-accelerated FV as first-class objects, that we are okay betting the technical future of Ethereum on. There are recursive STARKs in many layers of the protocol, one particular primitive (the "aggregate to union verified dependencies" primitive) is expected to be used in *three* places in the protocol: EL, CL and DL. This can only be safe with formal verification, which is itself only feasible with modern AI tools.
In general, many steps forward in maturity. And a huge amount of hard work by many dozens of Ethereum researchers and developers on all of these features.
Ethereum will be quantum-safe. Ethereum will put users' privacy first. Ethereum will be secure. Ethereum will be censorship-resistant. Ethereum will be highly performant and scalable while satisfying the above. And Ethereum will be Lean.
EIP-8361 is a cold shower for Ethereum’s inflation economy.
After the Kelp DAO incident, this may be the second major wake-up call.
Ethereum’s largest protocols now hold ~$66.6B TVL. Almost all of it sits in staking, restaking, lending and ETH wrappers. Together they paid just ~$3.7M in Ethereum L1 gas over the last year.
Instead of creating proportional new economic activity, much of this capital is recursively recycled to maximize exposure to ETH issuance.
1/4
Clarity Act不通过确实损失了一大催化剂，不过暂时不来也没有问题。时间拉长些罢了。
此外，对加密原生的赛道来说，该孕育的一直都在孕育，该来的一定会来。
日历
8 月 18 日
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