来源：市场资讯 XBIT.Exchange去中心化交易平台近期在治理层面加快拓展，推出链上投票系统与治理代币机制，使用 户能够直接参与协议参数调整和提案表决。其特点在于无需依赖中心化机构，所有治理数据与投票结果 均在链上公开，社区透明度和参与度随之提升。平台在交易执行与资产托管方面保持去中心化特征，所 有交易通过智能合约在区块链上完成，用户始终掌握私钥，资产存储于个人钱包而非交易所集中托管。 这一模式强化了资产安全性，与治理透明化形成呼应，为目前关于稳定币透明化的行业讨论提供了具有 实践意义的样本。截至2025年8月17日，美股三大股指日内走势出现显著分化，道琼斯指数上涨 0.45%，纳斯达克指数下跌0.38%，标普500指数微涨0.12%。沪指周内累计上涨1.4%，成交量突破8500 亿元。大宗商品市场方面，动力煤价格较上周上涨4.1%，焦炭上涨9.6%，金价则因宏观不确定性维持 震荡走势。XBIT链上治理参与度环比上升31%，当月新增治理提案数量较7月增加四成，活跃度显著提 高。 据BOSS钱包APP数据，美股今日价格行情分化，折射出全球资本市场在利率预期反复摇摆与产业周期 切换中的复杂局面。美国债务规模 ...

Financial Data and Key Metrics Changes - For Q2 2025, the net loss attributable to common stockholders was $8.8 million or $2.5 per share, compared to a net loss of $11.1 million or $16.65 per share for Q2 2024, indicating an improvement in financial performance [23] - Research and development expenses decreased by $3.9 million or 85% to $700,000 in Q2 2025 from $4.6 million in Q2 2024, primarily due to the termination of the CHAPERONE study [24] - General and administrative expenses increased by $3.9 million or 104% to $7.7 million in Q2 2025 from $3.8 million in Q2 2024, driven by higher noncash stock-based compensation and professional fees [24] - Interest expense decreased to $500,000 in Q2 2025 from $700,000 in Q2 2024, reflecting a reduction in outstanding debt [25] - As of June 30, 2025, unrestricted cash and cash equivalents were $7.5 million, up from $2.1 million as of December 31, 2024, indicating improved liquidity [25] Business Line Data and Key Metrics Changes - The company has established a cryptocurrency-based treasury reserve strategy, acquiring over 1.5 million HYPE tokens, which is expected to enhance returns compared to traditional cash reserves [7][8] - The treasury strategy has provided necessary resources for advancing the Gen two Optejet user fill device, which is on track for FDA registration [9] Market Data and Key Metrics Changes - The company is positioned to benefit from the growing adoption of digital currencies and the acceleration of related innovations, as indicated by strong signals from institutional players like BlackRock and JPMorgan [12] - The establishment of a strategic treasury reserve based on the HYPE token differentiates the company from others adopting digital asset treasury strategies [8] Company Strategy and Development Direction - The company is focused on executing a pioneering cryptocurrency treasury reserve strategy that aims to create long-term value for shareholders [26] - There is an emphasis on enhancing operational focus and strategic direction by filling key leadership roles with individuals experienced in digital assets [10] - The company is exploring partnerships within the Hyperliquid ecosystem and other platforms to maximize treasury deployment [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strategy's potential to generate significant and enduring revenue for shareholders, citing favorable market conditions and regulatory clarity for stablecoins [12] - The company remains committed to completing the FDA registration for the Optejet device and finding a suitable commercialization partner [27] Other Important Information - The company hosted a successful webinar discussing its strategy and the unique aspects of the HYPE token and Hyperliquid platform [9] - The company is actively engaged in initiatives to enhance shareholder value through innovative treasury strategies and ecosystem engagement [26] Q&A Session Summary Question: Why purchase HYPE D shares instead of investing in HYPE directly? - The company provides regulated exposure to the HYPE ecosystem without the need for investors to manage keys or wallets, making it more accessible for public market investors [19] Question: What are the key future catalysts for the company? - Future catalysts include growth in Hyperliquid trading volumes, ecosystem partnerships, and new on-chain primitives that drive demand for hyperliquidity [21]