Onchain Finance & Data Feeds - Chronicle Protocol 现在在 Avalanche 上线，为构建者提供机构级别的可验证数据，以支持代币化资产和链上金融的大规模发展 [1] - Chronicle 为 Avalanche 带来了超过 140 个具有弹性的可验证数据源，以推动链上金融的未来发展 [1] Technology & Scalability - 构建者可以利用 Chronicle 在 Avalanche 上的数据来扩展代币化资产和链上金融 [1]

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Core Insights - Coinbase Global Inc. (COIN) primarily generates revenue from transaction fees, which account for over 50% of its total revenue and are closely linked to trading volumes [1][4] - Transaction revenues rose 18.2% year-over-year to $1.3 billion in Q1 2025, driven by a 26% increase in trading volume [2] - The company anticipates a decline of $30 million to $40 million in institutional transaction revenues for Q2 2025 [2][8] Revenue Growth and Market Position - The increase in crypto trading activity, fueled by the adoption of Bitcoin ETFs and tokenized assets, is enhancing COIN's transaction-based income [3] - Coinbase is investing in foundational infrastructure, such as its Layer 2 Ethereum scaling solution, Base, to support long-term growth and improve crypto utility [3] - The platform has expanded its asset offerings by launching tokenized equities on Base, contributing to its revenue growth [3] Competitive Landscape - COIN competes with Robinhood Markets and Interactive Brokers, both of which also rely heavily on transaction revenues from active trading [5][6] - Robinhood's transaction revenues, which make up over 60% of its total revenues, are sensitive to market fluctuations and retail investor behavior [5] - Interactive Brokers benefits from high-margin commission-based transaction revenues, demonstrating strong operating leverage [6] Financial Performance and Valuation - COIN's shares have gained 1.2% year-to-date, outperforming the industry [7] - The company trades at a price-to-earnings ratio of 45.5, significantly above the industry average of 18.72, indicating an expensive valuation [10] - The Zacks Consensus Estimate for COIN's EPS has decreased by 47.1% and 37% for Q2 and Q3 2025, respectively, while estimates for full-year 2025 and 2026 have increased by 52.3% and 16.7% [11][12]