链上花絮
追热点、看门道、懂趋势，链上世界的趣味观察者。
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Analyzing the x402 Protocol: A Technological Revolution Reshaping Future Payments
On October 25, 2025, the cryptocurrency market witnessed a phenomenal event. The x402 protocol, developed primarily by Coinbase, saw its daily trading volume exceed 150,000 transactions, an astonishing increase of 492.63% compared to the previous week. This payment protocol, based on the HTTP 402 status code, attracted the participation of tech giants like Visa, Google, and Cloudflare within just six months, and even gave rise to the PING token, which has a market value of over $20 million. This raises the question: how could an apparently ordinary technical protocol create such a massive upheaval in the industry in such a short time?
The unfulfilled dream of internet payments
The story begins in 1997. When the HTTP/1.1 protocol was established, engineers reserved a special status code - 402 "Payment Required". Their vision was simple: the future internet should facilitate payments as easily as transmitting information. However, this forward-thinking idea had to be shelved due to the technological conditions at the time. Credit card processing fees reached as high as $0.3, making it impossible to support micropayments of just a few cents; there was a lack of global digital payment infrastructure; and more importantly, there was no urgent demand for automated payments at that time.
The unfulfilled dream of internet payments
The story begins in 1997. When the HTTP/1.1 protocol was established, engineers reserved a special status code - 402 "Payment Required". Their vision was simple: the future internet should facilitate payments as easily as transmitting information. However, this forward-thinking idea had to be shelved due to the technological conditions at the time. Credit card processing fees reached as high as $0.3, making it impossible to support micropayments of just a few cents; there was a lack of global digital payment infrastructure; and more importantly, there was no urgent demand for automated payments at that time.
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Meme Coin: Why Cultural Identity is the Core Code for Price Increase
In May 2021, a 'joke coin' that was born in 2013 suddenly surged into the top ten of the cryptocurrency market capitalization. The explosive rise of Dogecoin left countless people dumbfounded and made even more people puzzled: why is this token, with a Shiba Inu avatar, worth billions of dollars?
The answer lies in every forwarded meme, in every comment of "To the Moon," and even more in the cultural identity spontaneously formed by millions of holders.
Today we will unveil the true value logic of Meme Coin and tell you why spreading culture is more important than urging project teams to 'pump' the price.
The answer lies in every forwarded meme, in every comment of "To the Moon," and even more in the cultural identity spontaneously formed by millions of holders.
Today we will unveil the true value logic of Meme Coin and tell you why spreading culture is more important than urging project teams to 'pump' the price.
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In-depth Analysis of Token Destruction: Mechanisms, Cases, and Market Impact
Insights from the OKB destruction event that sparked market interest
OKX officially destroyed 65.25 million OKB tokens in a single event, leading to a swift and strong market reaction. CoinMarket Cap data shows that OKB's price soared to $142.88 on August 13, with a single-day increase of over 232%. This immediate price surge highlights the market's positive reception of OKX's strategy and reaffirms the common market pattern after significant token destruction announcements—when token supply is intentionally limited, investors often show stronger confidence in its long-term potential.
In the turbulent waves of the cryptocurrency market, 'token destruction' has become an important tool for project parties to adjust supply and demand relationships and stabilize market confidence. This mechanism attempts to simulate scarcity value logic in the digital economy by permanently reducing the number of circulating tokens, but its actual effectiveness remains highly controversial.
OKX officially destroyed 65.25 million OKB tokens in a single event, leading to a swift and strong market reaction. CoinMarket Cap data shows that OKB's price soared to $142.88 on August 13, with a single-day increase of over 232%. This immediate price surge highlights the market's positive reception of OKX's strategy and reaffirms the common market pattern after significant token destruction announcements—when token supply is intentionally limited, investors often show stronger confidence in its long-term potential.
In the turbulent waves of the cryptocurrency market, 'token destruction' has become an important tool for project parties to adjust supply and demand relationships and stabilize market confidence. This mechanism attempts to simulate scarcity value logic in the digital economy by permanently reducing the number of circulating tokens, but its actual effectiveness remains highly controversial.
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From DOGE to PEPE, the Path to Creative Empowerment of Memecoin
In the wild world of cryptocurrency, nothing is more dramatic than meme coins - they are born out of jokes, but can skyrocket a thousand times in a week; they tout "fair launches," but leave countless retail investors in tears. In April 2023, PEPE coin swept the market with a "no pre-sale, no pre-mining" fair stance, with 93.1% of the tokens directly injected into the liquidity pool and permanently destroyed. This almost paranoid transparency attracted 400,000 holders in two weeks. But few people noticed that behind this seemingly perfect fair model lies the most cruel truth of the meme coin industry: when the technical threshold is smoothed out by no-code platforms, when "decentralization" becomes a marketing rhetoric, what kind of "equality" are we pursuing?
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Ethereum's Next Decade: Technological Innovation and Unresolved Challenges
Yesterday marked Ethereum's tenth anniversary. When the genesis block went live in 2015, it was just an "experimental project". Now it manages over 44 billion US dollars in Layer 2 locked value and serves as one of the infrastructures supporting global cryptocurrency ETFs. The first decade of Ethereum wrote one of the most dramatic evolutionary histories in blockchain, from DAO forks to the merge upgrade, from high gas fees to rollup promotion, with each crisis becoming a stepping stone for technological leaps.
However, at the beginning of the second decade, Ethereum's "coming of age" is not easy. After account abstraction was implemented, security vulnerabilities emerged, and the Layer 2 ecosystem is experiencing a "fragmentation war." MEV erodes fairness, and global regulation is a "double-edged sword." These four core challenges are like the sword of Damocles hanging over its head. Institutional funds are flowing in through ETFs, while ordinary users are looking for better interaction experiences. Ethereum must find a new balance between technological ideals and real-world compromises.
However, at the beginning of the second decade, Ethereum's "coming of age" is not easy. After account abstraction was implemented, security vulnerabilities emerged, and the Layer 2 ecosystem is experiencing a "fragmentation war." MEV erodes fairness, and global regulation is a "double-edged sword." These four core challenges are like the sword of Damocles hanging over its head. Institutional funds are flowing in through ETFs, while ordinary users are looking for better interaction experiences. Ethereum must find a new balance between technological ideals and real-world compromises.
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MicroStrategy (MSTR) premium rate has slightly decreased, closing at 62.54% as of last weekend. Previously, the company announced it would raise $736.4 million through the common stock 'ATM' mechanism to purchase Bitcoin (BTC). According to the filing, the company currently has $17 billion of common stock ATM, $20.4 billion of STRK ATM, $1.9 billion of STRF ATM, and $4.2 billion of STRD ATM available for issuance. Strategy has also launched a new derivative product - Stretch perpetual preferred stock (STRC), aiming to raise up to $2.474 billion. The company is scheduled to announce its financial report after the market closes on July 31, 2025.
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AI Trading Bots: From Wealth Myths to Regulatory Games in Industry Turbulence
The news of Musk's xAI team's MEV arbitrage bot turning 0.1 ETH into 47 ETH in 12 hours sent the crypto community into a frenzy. At this point, AI crypto trading bots had evolved from marginal tools to core market participants. QYResearch data shows that the global market size for AI crypto trading bots was $0.22 billion in 2024 and is expected to grow to $1.12 billion by 2031 at a compound annual growth rate of 26.5%. This algorithm-driven trading revolution has created 'ever-restless arbitrageurs' but also buried the hidden dangers of technological loss of control, with the $1.46 billion ETH theft from Bybit in February 2025, the 100-fold surge of GrokCoin in two hours in March, and the regulatory restructuring after the implementation of the US (GENIUS Act) in July, all painting a complex picture of the intertwining of AI and cryptocurrency.
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Let's not worry about the Shaolin matters in our Beggar's Sect😂
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Traditional payment systems and existing financial infrastructure have long faced efficiency bottlenecks and inclusivity flaws. The traditional cross-border payment network represented by SWIFT requires a settlement cycle of 3-4 days, along with high fees and cumbersome processes.
International students and cross-border e-commerce business owners must have a strong aversion to SWIFT.
Mainstream DeFi protocols generally rely on an excessively collateralized risk control model, excluding individuals and small to medium-sized enterprises without crypto asset reserves, creating a "liquidity gap" in financial services.
At this moment, the world's first decentralized PayFi network @Huma Finance 🟣 makes its grand debut!!!
Huma Finance's core positioning lies in building an open ecosystem that deeply integrates payment and financing. This protocol transforms real-world income streams (such as salaries, invoices, cross-border remittances) into on-chain trusted collateral through an innovative model of "income as collateral."
Congratulations! You can now participate in Huma's savings activity with $USDC to earn an annualized return of 10% (amounts over 500U in exchanges typically yield only single-digit returns) along with additional rewards from Feathers!
As an innovative paradigm that integrates payment and financing functions, #humafinance effectively addresses both the inefficiencies of traditional finance and the inclusivity limitations of DeFi through blockchain technology and stablecoin efficiency. As a symbol of efficient blockchain, #solana gives Huma the wings to soar, making mass adoption possible.
Follow me, and in the next issue, we will analyze Huma's user incentive mechanism: the balance of liquidity supply and token distribution~
International students and cross-border e-commerce business owners must have a strong aversion to SWIFT.
Mainstream DeFi protocols generally rely on an excessively collateralized risk control model, excluding individuals and small to medium-sized enterprises without crypto asset reserves, creating a "liquidity gap" in financial services.
At this moment, the world's first decentralized PayFi network @Huma Finance 🟣 makes its grand debut!!!
Huma Finance's core positioning lies in building an open ecosystem that deeply integrates payment and financing. This protocol transforms real-world income streams (such as salaries, invoices, cross-border remittances) into on-chain trusted collateral through an innovative model of "income as collateral."
Congratulations! You can now participate in Huma's savings activity with $USDC to earn an annualized return of 10% (amounts over 500U in exchanges typically yield only single-digit returns) along with additional rewards from Feathers!
As an innovative paradigm that integrates payment and financing functions, #humafinance effectively addresses both the inefficiencies of traditional finance and the inclusivity limitations of DeFi through blockchain technology and stablecoin efficiency. As a symbol of efficient blockchain, #solana gives Huma the wings to soar, making mass adoption possible.
Follow me, and in the next issue, we will analyze Huma's user incentive mechanism: the balance of liquidity supply and token distribution~
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A Song of Ice and Fire: What Insights Can the Trendy Toy Bubble Bring to the Recovery of the NFT Market?
When Labubu dolls are speculated to a million in the trendy toy market, we can't help but recall the similarly crazy Bearbrick a few years ago. The once top trendy toy is now seeing most models halved in price and in a state of being priced yet unsold. This reminiscent situation brings to mind the current recovery of the NFT market. Since the bubble burst in 2022, the NFT market has seen a strong recovery, with a counter-trend growth of 78%, reaching a transaction volume of 14.9 million. Are we witnessing the formation of another bubble, or is the market undergoing a structural shift from 'high prices with few transactions' to 'inclusive participation'? Is the momentum behind this a resonance effect formed by institutional funds re-entering the market alongside retail user returns? Let's discuss.
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When the parameter scale of artificial intelligence (AI) models exceeds trillions and computing power is measured in hundreds of quintillions per second (FLOPS), a neglected core bottleneck is emerging—data. In his technical blog "Building the Hyperdata Network for AI," #chainbaes profoundly points out: the next revolution in the AI industry will no longer be driven by model architecture or chip computing power, but will depend on how we transform fragmented human behavioral data into verifiable, structured, AI-ready capital. This insight not only reveals the structural contradictions in the current development of AI but also outlines a brand new vision of the "DataFi Era"—in this era, data is no longer a byproduct of technology, but a core production factor that is measurable, tradable, and value-enhancing, just like electricity and computing power. @ChainbaseHQ $C
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The Real Adoption Trends of Stablecoins in the E-commerce Sector: Challenges, Cases, and Future
The prospect of cryptocurrency as a mainstream payment method in e-commerce has long been highly anticipated. Theoretically, its advantages such as irreversible transactions, low fees, and instant cross-border settlements seem to perfectly address the pain points of traditional payment systems. However, in reality, the adoption of cryptocurrency in the e-commerce sector has been slow. It is only in recent years, with the maturation of the market and technological advancements, that this situation has begun to change. This article will deeply analyze the adoption journey of cryptocurrency in the e-commerce field, from the gap between early expectations and reality, to the crucial role of network effects, and finally to the new possibilities brought by stablecoins, revealing the core logic and future directions behind it.
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A good DEX will not allow retail investors to directly become the liquidity source for institutional investors
Introduction: The underlying logic of liquidity game
In the financial market, retail investors are often seen as the "buyers" of institutional investors when they exit liquidity - when institutions need to sell off on a large scale, retail investors often passively take over assets with falling prices. This asymmetry is further amplified in the field of cryptocurrency, and the market maker mechanism and dark pool trading of centralized exchanges (CEX) have exacerbated this information gap. However, with the evolution of decentralized exchanges (DEX), new order book DEXs represented by dYdX and Antarctic are reconstructing the distribution of liquidity power through mechanism innovation. This article will take technical architecture, incentive mechanism and governance model as the entry point to analyze how excellent DEXs can achieve physical isolation between retail and institutional liquidity.
In the financial market, retail investors are often seen as the "buyers" of institutional investors when they exit liquidity - when institutions need to sell off on a large scale, retail investors often passively take over assets with falling prices. This asymmetry is further amplified in the field of cryptocurrency, and the market maker mechanism and dark pool trading of centralized exchanges (CEX) have exacerbated this information gap. However, with the evolution of decentralized exchanges (DEX), new order book DEXs represented by dYdX and Antarctic are reconstructing the distribution of liquidity power through mechanism innovation. This article will take technical architecture, incentive mechanism and governance model as the entry point to analyze how excellent DEXs can achieve physical isolation between retail and institutional liquidity.
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Clarifying the Three Major Concepts of DeFAI, DeSci, and DePIN in One Article
'Concepts emerge in bull markets'. With last November's bull market kicking off and BTC breaking 100,000, the rapid advancement of technology has led to a plethora of AI + Web3 concepts that leave us dazzled. The speed of iteration of related concepts and the breadth of ideas have made sleep gradually a luxury. Recently, my good friend Renée released a video about the influx of hot money into DeSci: Is it the beginning of a revolution and breaking the mold, or just another fleeting trend? This motivated me to explain DePIN, DeSci, and DeFAI in the simplest possible language.
First, let me introduce the big brother 'DePIN'.
The big brother's full name is 'Decentralized Physical Infrastructure Networks', representing decentralized physical infrastructure networks. As early as 2021, IoTeX proposed the concept of MachineFi, which combines 'Machine' and 'DeFi' to represent the financialization of machines and the data they generate. After continuous development and evolution of the ecosystem, the concept of DePIN was ultimately proposed by Messari, representing a way to establish and maintain infrastructure in the real world.
First, let me introduce the big brother 'DePIN'.
The big brother's full name is 'Decentralized Physical Infrastructure Networks', representing decentralized physical infrastructure networks. As early as 2021, IoTeX proposed the concept of MachineFi, which combines 'Machine' and 'DeFi' to represent the financialization of machines and the data they generate. After continuous development and evolution of the ecosystem, the concept of DePIN was ultimately proposed by Messari, representing a way to establish and maintain infrastructure in the real world.
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