在区块链生态中，不同链网络的孤立性一直是行业发展的核心痛点。IM以太坊（IM）作为以太坊链上的去中心化数字现金，与Cosmos生态核心ATOM的跨 链交换，依托成熟技术协议实现了链间价值流转与功能互补，为跨链交互提供了典型实践范式。这种交换模式不仅打通了两条特性各异的区块链，更彰显了 跨链技术在连接生态、提升流通效率上的核心价值。 要理解二者的跨链交换，首先需明确两条链的核心定位与特性。IM以太坊基于以太坊网络发行，遵循去中心化理念，具备通缩属性与点对点传输能力，无 管理员权限、无交易税费，仅支持买卖、发送与销毁操作，凭借简洁的合约设计适配高频日常交互场景，目前已在以太坊主网形成稳定流通规模，且通过燃 烧机制持续降低总量以强化稀缺性。 ATOM则是Cosmos生态的原生通证，承载着生态治理与网络维护功能，而Cosmos最核心的优势在于其跨链通信协议IBC（Inter-Blockchain Communication）。IBC协议并非简单的跨链中转工具，而是一套实现异构区块链间可信、有序消息传递的完整体系，通过轻客户端、连接建立、通道管理 与数据包验证四大核心模块，确保跨链信息的安全性与可靠性，为IM与ATOM ...

Core Insights - South Korean AI chip company Rebellions has delivered chip samples to Elon Musk's AI "unicorn" xAI [1] - Rebellions has previously supplied ATOM and ATOM Max chips to major domestic tech firms KT Cloud and SKT, and has also completed chip samples for Meta [1] - The latest AI chip from Rebellions is the REBEL-Quad NPU, which was announced last year [1] - Rebellions completed a Series C funding round with a valuation of $1.4 billion in September 2025, and plans to go public in the second half of this year [1]

Core Viewpoint - The Cosmos ecosystem is currently facing significant challenges, with many projects either shutting down or shifting to maintenance mode, leading to a decline in user and market interest to historical lows [1] Group 1: Project Status - Several projects within the Cosmos ecosystem, such as Penumbra and Osmosis, have either closed or are in maintenance mode [1] - Some projects, like Noble, are leaving the Cosmos ecosystem altogether [1] Group 2: Financial and Market Dynamics - The ICF (Interchain Foundation) is shifting its funding focus towards capturing the value of ATOM itself [1] - User engagement and market interest in the Cosmos ecosystem have dropped to historical lows [1] Group 3: Challenges for New Projects - New projects like Namada are facing increased pressure due to high costs associated with self-developed technology stacks, sustainability of validators, and insufficient user demand [1] - The current technological path of Cosmos is no longer optimal for serving privacy needs of assets from Ethereum or Solana [1]

Market Position & Trading Volume - LBank Derivatives highlights its leading position among centralized exchanges (CEX) [1] - The platform reports over $72 billion traded in 24 hours [1] - Open interest exceeds $28 billion [1] Top-1 Holdings Dominance - BSV exhibits a dominance of 7868% [1] - PEOPLE shows a dominance of 5705% [1] - TON demonstrates a dominance of 4412% [1] - ATOM reveals a dominance of 4116% [1] - BCH indicates a dominance of 3291% [1]

Core Insights - Royal Bank of Canada (RBC) aims to achieve an enterprise value of $700 million to $1 billion from artificial intelligence by 2027, as stated by RBC President and CEO Dave McKay [1][2] - The enterprise value from AI is calculated based on annualized exit run-rate benefits in revenue, cost avoidance, expense savings, fraud reduction, and lower cost of risk, net of investments, starting from fiscal 2024 [3] AI Capabilities and Initiatives - RBC's AI initiatives include the Lumina platform for analyzing transactions, the proprietary ATOM model trained on large-scale financial datasets, generative AI for call center support, and the Aiden platform for document preparation and summarization [5] - The bank is implementing machine and reinforcement learning models and has partnered with Nvidia to enhance its AI strategy, focusing on reimagining workflows in commercial, corporate, and investment banking [6] - RBC has launched its internal AI tool, RBC Assist, to over 30,000 employees, improving productivity across various roles [7] Strategic Goals and Benefits - The bank's AI strategy aims to enhance developer productivity, upskill advisors, and improve client engagement through personalized services [4] - Key initiatives are also focused on enhancing security, technology operations, and AI-enabled developer productivity, with significant outputs including over 5 million lines of code and extensive code reviews and test suites [7]

Core Insights - Royal Bank of Canada (RBC) aims to achieve an enterprise value of $700 million to $1 billion from artificial intelligence by 2027, as stated by RBC President and CEO Dave McKay [1][2] - The enterprise value generated from AI is measured by annualized exit run-rate benefits in revenue, cost avoidance, expense savings, fraud reduction, and lower cost of risk, net of investments, starting from fiscal 2024 [3] AI Capabilities and Initiatives - RBC's AI capabilities include the Lumina platform for analyzing transactions, the proprietary foundation model ATOM trained on large-scale financial datasets, generative AI for call center support, and the Aiden platform for document preparation and summarization [5] - The bank is implementing machine and reinforcement learning models and has partnered with Nvidia to enhance its agentic AI strategy, focusing on reimagining mortgages and workflows for various banking teams [6] - RBC has launched its internal AI tool, RBC Assist, to over 30,000 employees, enhancing productivity across front office and functional roles [7] Strategic Goals and Benefits - The bank announced its AI enterprise value target during an investor day event, highlighting benefits such as improved developer productivity, upskilled advisors, and enhanced client engagement [4] - Key initiatives across the bank include enhancing security, technology operations, and AI-enabled developer productivity, with significant outputs such as over 5 million lines of code and 55,000 code reviews [7]

The Cosmos community has released a proposal to start researching and gathering ideas for a new tokenomics model for ATOM. The core model should be revenue/fee-based. Key ideas include:- Gradually increasing staking rewards to favor long-term stakers- Reducing inflation- Unifying the ecosystem around ATOM as the reserve, gas, and settlement asset- A variable inflation model tied to accumulated fees https://t.co/he2YQuHarw ...

Market Trends - Crypto market experienced a pullback in November, but attention should be paid to projects with significant spikes in trading volume [1] - Top 10 volume risers this week are listed, indicating potential shifts in market interest [1] Projects to Watch - Kelp DAO's RSETH, Ethena Labs' sUSDe, rzcoin's RZ, Starknet's STRK, Picoreteam's PI, Cosmos' ATOM, Jewelry Token's JEWELRY, ASI Alliance's FET, Astorcoin's ASTER, and Zcash's ZEC are identified as top volume risers [1] Resources - A screener is available to track assets with the highest percentage jumps in trading volume [1]

Core Insights - The digital asset market experienced its largest liquidation event on October 10, termed as crypto's Black Friday, with over $19 billion in leveraged positions liquidated [1] - The sell-off was triggered by President Trump's announcement of a proposed 100% tariff on Chinese imports, leading to global risk aversion across various asset classes [2] - Bitcoin, ether, and solana saw significant price drops, with bitcoin falling to $106,560, ether to $3,551, and solana to $174, while smaller-cap tokens dropped more than 75% intraday [2] Market Dynamics & Scale of Deleveraging - Total perpetual futures open interest decreased by 43%, from $217 billion on October 10 to $123 billion by October 11, marking the largest single-day contraction on Hyperliquid with a 57% decline [3] - Approximately $16 billion of the $19 billion total liquidations originated from long positions, with most traders using 2x leverage or higher without stop-losses [4] Structural Stress & Order Book Collapse - The event highlighted the interconnectedness of liquidity, collateral, and oracle systems, evolving into a market-wide stress event as prices hit key liquidation levels [6] - Market depth collapsed by over 80% across major exchanges within minutes, with large-cap assets like ATOM experiencing near-zero bids due to market makers withdrawing liquidity [7] - The shared collateral across assets and reliance on local price feeds amplified volatility, affecting even well-capitalized platforms as liquidity disappeared [7]

Core Insights - The cryptocurrency market experienced a historic liquidation event, with Bitcoin's price dropping from over $126,000 to a low of $105,000 before rebounding above $110,000 [3][13] - Altcoins faced severe declines, with notable drops in prices for various cryptocurrencies, indicating a widespread market impact [5][6] - The total liquidation amount reached approximately $19.37 billion, marking it as one of the largest liquidation events in cryptocurrency history [8][9] Market Impact - Bitcoin's price fluctuated significantly, with a peak of $122,514 and a low of $107,520, resulting in a 12.2% decrease [7] - Ethereum also saw a drop from around $4,700 to below $3,500, reflecting a 20% decline [6][7] - The liquidation event affected over 1.6 million traders, predominantly long positions, highlighting the volatility in the market [8][9] Exchange Performance - Hyperliquid emerged as the center of the liquidation event, recording the highest liquidation amount of $10.31 billion, despite being smaller than competitors like Bybit and Binance [10] - The automatic deleveraging mechanism on Hyperliquid was criticized for exacerbating the sell-off, leading to significant losses for many traders [12] Trader Outcomes - The top 100 traders on Hyperliquid collectively earned $1.69 billion, while the top 100 losers lost $743 million, resulting in a net profit of $951 million concentrated among a few highly leveraged short sellers [12] - The largest gain was reported by a trader who made over $700 million through short positions, while the biggest loser, known as "TheWhiteWhale," lost $625,000 [12] Future Outlook - The market is expected to experience continued volatility, with potential further impacts on funds and market makers in the coming days or weeks [14]