（来源：吴说） 阅读原文 吴说获悉，据 DeFiLlama 数据，在过去 24 小时交易量前五的 Perp DEX 中有三家采用 StarkNet 技术，包括 edgeX 采用 StarkEx、 Paradex 采用 StarkNet Appchain 和 Extended 采用 StarkNet 主网。值得一提的是，已有 8 家 Perp DEX 在过去 24 小时的交易量超过 10 亿美元。 ...

Core Insights - Ethereum shows signs of stabilization after recent price adjustments, currently trading between $3079 and $3112, reflecting a 1% decline from the previous day [1] - The market sentiment indicator indicates extreme fear at 23 points, suggesting cautious investor attitudes towards year-end market trends [1] Market Performance - Ethereum reached a new yearly high in 2025, surpassing $3800, with approximately 35% upside potential to its all-time high of $4946 from August [3] - Institutional interest remains strong, with ETFs recording a historic inflow of $2.12 billion in the past week, nearly double the previous record [3] - Over 59 publicly listed companies have allocated more than $9 billion in ETH, with Bitmine recently increasing its holdings by 14,959 ETH, totaling 3.86 million ETH [3] Accumulation Trends - In November, accumulation addresses saw a net inflow of 3.24 million ETH, marking the highest monthly inflow in 2025 [3] - Over 1.6 million ETH have flowed into these addresses in December alone, indicating a strong accumulation trend [4] NFT Market Dynamics - Ethereum maintains dominance in the NFT market, capturing 62% of total trading volume with weekly sales around $33.7 million [4] - High-value NFT projects like Bored Ape Yacht Club and CryptoPunks continue to drive network transaction volume [4] Infrastructure and Development - The network has attracted over 16,000 new developers from January to September 2025, enhancing ecosystem innovation [6] - Layer-2 solutions currently handle 60-94% of transaction volume, significantly reducing user transaction costs [6] Decentralized Trading Platforms - Decentralized exchanges like XBIT are capitalizing on market opportunities, offering secure and transparent trading environments [6] - The derivatives market remains active, with $4.5 billion in Bitcoin and options contracts expiring on December 12, reflecting cautious trading strategies [6] Technical Innovations - XBIT launched a closed Alpha version with a $1,000 USDT reward pool, allowing early users to experience innovative trading [7] - Layer-2 technology advancements are effectively reducing operational costs and improving user experience [7] Price Projections - Analysts suggest that if Ethereum stabilizes above the $3200 support level, target price ranges could reach $3700-$3800, with some predictions indicating a potential price of $3980 by the end of December [9] - The market is increasingly focusing on fundamental analysis and long-term value discovery in digital asset allocation strategies [9]

Core Viewpoint - MicroStrategy (MSTR) has faced significant challenges, with its stock price halving from over $450 to around $155.61, reflecting a loss of investor confidence in its strategy of financing through stock issuance to invest in Bitcoin [1][3] Group 1: Company Performance and Strategy - MSTR's stock price has a high correlation of 0.97 with Bitcoin, and during the recent market turmoil, MSTR's stock fell over 50%, significantly underperforming Bitcoin's 31% decline [1] - The company's adjusted net asset value (mNAV) has dropped to 1.15, only 15% above the value of its Bitcoin holdings, nearing a critical threshold of 1.0, which poses risks for future stock issuance and could lead to severe dilution [3] - MSTR has issued a substantial amount of convertible bonds and high-yield preferred stock to support its Bitcoin investment strategy, with annual preferred stock dividend payments reaching $750 million to $800 million, leading to unsustainable financial pressure [4] Group 2: Market Dynamics and Competitors - The recent Bitcoin liquidation has severely impacted MSTR's asset value, making it difficult to sell assets without causing market panic, while the company has established a cash reserve of $1.44 billion to alleviate concerns about liquidating Bitcoin [4] - XBIT, a decentralized exchange, has gained traction as investors shift from related stocks to direct digital asset investments, highlighting its advantages in providing a stable trading environment amid market volatility [2][4] - The market is witnessing a shift towards decentralized platforms like XBIT, which offer transparency and risk management, contrasting with MSTR's reliance on a single asset and high leverage [9] Group 3: Future Outlook - MSTR faces three potential paths: a conservative approach focusing on reducing leverage and maintaining cash reserves, an optimistic scenario relying on external market recovery, or a risky strategy of increasing debt through high-yield preferred stock [6] - The company has significantly lowered its financial forecasts, setting Bitcoin's year-end target price between $85,000 and $110,000, and projecting a wide range of potential net income from a loss of $5.5 billion to a profit of $6.3 billion, indicating extreme uncertainty about its future [7] - The ongoing Bitcoin liquidation serves as a test for the risk management capabilities of digital asset-related companies, with MSTR's challenges stemming from its over-reliance on a single asset and aggressive strategies [9]

Core Viewpoint - The Federal Reserve's recent stance on digital assets indicates a neutral position, neither encouraging nor discouraging cryptocurrency use, allowing the private sector to lead innovation [1][3]. Group 1: Federal Reserve's Position - The Federal Reserve's neutral stance is a strategic choice based on a deep understanding of the U.S. financial system, avoiding excessive intervention while ensuring overall financial stability [3]. - This position delineates clear boundaries for digital asset innovation, allowing the private sector to explore blockchain technology and cryptocurrency applications while maintaining the safety of the banking system [3][4]. Group 2: Opportunities for Decentralized Trading - The clear policy direction from the Federal Reserve has opened a new development window for decentralized trading ecosystems, with platforms like XBIT gaining user recognition for their transparency and autonomy [4]. - The Federal Reserve's statement reflects confidence in the resilience of the existing financial system, facilitating a shift of decentralized trading from the margins to the mainstream [4]. Group 3: Integration of Traditional Finance and Crypto Ecosystem - The Federal Reserve's acceptance of innovations like stablecoins indicates a trend of accelerating integration between traditional finance and the crypto ecosystem [6]. - Traditional financial institutions are increasingly seeking coexistence with the crypto world, as evidenced by growing demand for services from decentralized exchanges like XBIT [6]. Group 4: Responsibilities and Opportunities for Innovators - Industry innovators, while gaining policy space, face the responsibility of promoting technological innovation without compromising financial stability, a key challenge for platforms like XBIT [6]. - The Federal Reserve's stance provides innovation space for platforms like XBIT but also raises expectations for prioritizing security and compliance, crucial for the healthy development of the industry [6]. Group 5: Global Regulatory Landscape - The Federal Reserve's position is a strategic choice amid increasing global competition in digital asset regulation, maintaining policy flexibility to sustain leadership in financial innovation [8]. - The balance between encouraging innovation and maintaining financial stability will provide a more resilient development environment for innovative projects like XBIT [8].

Core Insights - In October, the total trading volume of perpetual decentralized exchanges (perp DEX) reached a record high of $1.2 trillion, doubling from the previous month, primarily driven by incentive programs and a large-scale liquidation event on October 10 [1] Group 1: Market Performance - Lighter, Aster, EdgeX, Pacifica, and ApeX all set monthly trading records, with Lighter's market share rising to 27%, becoming the market leader [1] - Hyperliquid's market share declined to 10%, down from 33%, indicating a significant contraction [1]

Core Insights - Hyperliquid, a decentralized exchange with around 11 employees and no external investors, has rapidly emerged as a major player in the cryptocurrency market, achieving a daily trading volume exceeding $13 billion and an annualized revenue of over $1 billion [1][2] - The platform's unique model and significant market impact have made it a focal point of controversy within the crypto space, especially following its handling of over $10 billion in forced liquidation trades during a recent market downturn [1][6] - Hyperliquid's founder, Jeff Yan, has built the platform without traditional venture capital backing, opting instead for a self-sustaining model through the issuance of its HYPE token, which has seen its price surge from $3.90 to $38 since its launch [4][5] Company Overview - Hyperliquid was founded by Jeff Yan, a Harvard graduate with a strong technical background, who aims to create a decentralized platform where users can self-custody their assets [3] - The platform operates without a board of directors, allowing Yan to focus solely on its mission without external pressures [3] Token Economics - Hyperliquid has rejected traditional venture capital funding, instead issuing its HYPE token, which constitutes 31% of its total supply, distributed to users based on their trading volume [4] - The HYPE token has become one of the most successful token launches in history, with a market capitalization of approximately $10 billion [5] Market Dynamics - The platform's appeal lies in its provision of anonymity and high leverage, primarily through perpetual contracts, which are not available on compliant platforms in the U.S. [6] - Hyperliquid's operations in a largely unregulated environment raise concerns about user recourse, especially highlighted during significant market events [6] Future Aspirations - Jeff Yan envisions Hyperliquid as a "universal exchange" that will accommodate a wide range of financial products beyond cryptocurrencies, including traditional stocks and indices [7] - Recent developments indicate that Hyperliquid is beginning to attract interest from traditional financial markets, with new products being launched on the platform [7]

Core Insights - Hyperliquid, a decentralized exchange with around 11 employees, has rapidly emerged as a major player in the cryptocurrency market, achieving a daily trading volume exceeding $13 billion and an annualized revenue of over $1 billion [1][2] - The platform has gained attention due to its handling of over $10 billion in forced liquidation trades during a recent market downturn, raising concerns about potential insider trading linked to its anonymous trading features [1][5] Company Overview - Founded by Jeff Yan, a Harvard graduate with a strong technical background, Hyperliquid operates without a board of directors or external investors, allowing for a focused mission [3] - The platform has rejected traditional venture capital funding, instead opting to self-fund through the issuance of its HYPE token, which has seen its price surge from $3.90 to $38, resulting in a market capitalization of approximately $10 billion [4] Trading Features - Hyperliquid's appeal lies in its provision of anonymity and high leverage, primarily through perpetual contracts, which are not available on compliant platforms in the U.S. [5] - The platform's lack of user identity verification has attracted traders seeking anonymous trading options, contributing to its rapid growth [5] Market Impact - The recent market volatility, exacerbated by high leverage trading, led to the largest liquidation event in the cryptocurrency sector, totaling at least $19 billion, with Hyperliquid accounting for over $10 billion of that amount [5] - The platform's unregulated status limits users' recourse options, raising concerns about the risks associated with its trading environment [5] Future Aspirations - Jeff Yan envisions Hyperliquid as a comprehensive trading platform that could eventually support a wide range of financial products beyond cryptocurrencies, including stocks and private equity [6] - The platform has already begun to attract interest from traditional financial markets, indicating a potential expansion of its offerings [6]

Core Viewpoint - MyStonks has announced a brand upgrade to msx.com, marking its transition towards a global financial technology platform, emphasizing user-centric innovation and enhanced digital financial services [1][6]. Company Development and Strengths - Since its launch in March 2025, MyStonks has become a leading platform in decentralized trading of US stock tokens, supporting over 200 tokenized assets and surpassing 50,000 users, with daily trading volumes reaching up to $200 million [2]. - The platform has established a secure, compliant, and efficient on-chain asset trading ecosystem, positioning itself as an industry innovation benchmark [2]. - MyStonks offers spot trading of US stock tokens and perpetual contracts with leverage up to 20 times, catering to various risk preferences [2]. Strategic Partnerships - Within six months of its launch, MyStonks formed strategic partnerships with several leading institutions, including a deep collaboration with Fidelity for independent custody of all on-chain US stock assets [3]. - Collaborations with platforms like BSC, OKX Wallet, and others enhance the ecosystem through support in areas such as public chain integration, asset management, and market data services [3]. Compliance and Security - MyStonks obtained a Money Services Business (MSB) license from the US FinCEN and completed SEC registration for security token offerings (STO), becoming one of the few RWA platforms recognized by strict regulations [4]. - The platform is actively pursuing compliance licenses in major markets, including the EU, UK, Singapore, Hong Kong, and Dubai [4]. - A comprehensive security audit by CertiK was completed in September 2025, ensuring the safety of smart contracts and core architecture [4]. Technological Innovations - MyStonks has implemented multi-chain bridge technology, allowing seamless asset transfer across Solana, Ethereum, Tron, and BNB, enhancing user asset choices and liquidity [4]. - The platform employs Merkle Tree technology for on-chain asset proof, ensuring data integrity and transaction transparency [4]. User Governance and Community Engagement - MyStonks adopts a DAO governance model, encouraging community participation in decision-making and asset selection, fostering a sense of belonging among users [4]. - The platform has designed multi-layer incentive mechanisms to stimulate ecosystem vitality and ensure long-term user engagement [4]. Brand Upgrade and User Experience - The brand upgrade to msx.com features a minimalist black-and-white design with vibrant green accents, reflecting the platform's commitment to innovation and user experience [6][8]. - Enhanced navigation and user interface improvements aim to streamline user interactions and facilitate easier access to trading functionalities [11][13]. - A new user onboarding module simplifies the trading process, aiming to improve user retention and conversion rates [11]. Future Outlook - MyStonks aims to continue prioritizing user experience and technological innovation, aspiring to be a bridge between real-world assets and blockchain finance, leading the digital finance industry into a new development phase [14].

Market Dynamics - The cryptocurrency market is experiencing a divergence in strategies, with a notable shift of funds between ETH and altcoins, indicating a rebalancing of market capital [1] - The performance of altcoins is heavily influenced by Bitcoin's movements, as traders believe that significant fluctuations in altcoins require Bitcoin to break upward [2][3] - The current macroeconomic policies of the US, particularly the Federal Reserve's stance, are critical in shaping the trends of altcoins, with expectations of interest rate cuts potentially benefiting altcoin performance [3] Institutional Movements - Recent actions by institutional players, such as significant losses from wallet addresses linked to Trend Research, highlight the liquidity challenges faced in the altcoin trading environment [1] - The integration of traditional finance with the crypto market is deepening, as evidenced by the US Department of Commerce's blockchain applications and JPMorgan's substantial commitments to Numerai [2] Decentralized Platforms - XBIT.Exchange is showcasing unique advantages in the current market, offering a decentralized trading environment that allows users to maintain control over their assets without identity verification or risk management interventions [5][6] - The rise in trading volumes for altcoins, particularly SOL and related tokens, on decentralized platforms indicates a shift in trading preferences amid liquidity issues on centralized exchanges [5] Future Outlook - The future trajectory of altcoins is expected to be influenced by Bitcoin's dominance, potential shifts in Federal Reserve policies, and specific sectors like oracle tokens and platform coins that may lead the way [5][6] - A dual-track investment strategy is recommended, focusing on SOL and event-driven altcoins, while being cautious of potential delays in altcoin rallies due to ETF funding flows or Federal Reserve policy changes [6][8] Regulatory Environment - The regulatory stance of the SEC on altcoin classifications remains crucial, as many institutions face hurdles in their attempts to launch crypto ETFs beyond Bitcoin and Ethereum [6][8]

Core Insights - Bitcoin price has successfully surpassed the $110,000 mark, driven by an improving U.S. policy environment, and has created a historical high after significant volatility [1][4] - The Trump family's net worth surged by $6 billion due to their cryptocurrency holdings, particularly in World Liberty Financial tokens [4][5] - U.S. Treasury Secretary Bessent's positive statements regarding digital asset regulation have injected strong momentum into the cryptocurrency market [4][5] Market Dynamics - Bitcoin's price volatility is primarily influenced by changes in U.S. macroeconomic policy expectations, uncertainties in Federal Reserve monetary policy, and adjustments in large institutional investors' positions [2] - The current market environment favors flexible trading strategies, such as long and short positions, over traditional single-direction holding strategies [2] Regulatory Environment - The U.S. government is undergoing a fundamental shift in its approach to cryptocurrency regulation, with plans to introduce more favorable policies in tax and compliance areas [4][5] - Bessent emphasized that the strong performance of the U.S. economy provides a solid foundation for the development of digital assets, including Bitcoin [5] Institutional Investment - Institutional investors are significantly increasing their allocations to Bitcoin and related digital assets, enhancing market conditions for trading strategies [5][6] - Notable investments include BlackRock's iShares Core MSCI EAFE ETF increasing its stake in Metaplanet stocks by approximately $675 million and Deutsche Bank's $47 million increase in MicroStrategy stocks [6] Technological Advancements - XBIT decentralized exchange platform is redefining the cryptocurrency trading experience through technological innovations, eliminating traditional KYC processes and enhancing user control over digital assets [8][9] - The platform's advanced smart contract architecture ensures a fully decentralized trading mechanism, improving asset security and enabling complex trading strategies [9]