[{"data":1,"prerenderedAt":204},["ShallowReactive",2],{"DlFXI4Eibt_Bn9lrEZz1TYbHCWFZj3IvqwHQSEW-Exc":3,"FvkGFcJAkUFHbzlQy5Kp1usWLVaClVepsNZF2qSUjNk":194},{"code":4,"msg":5,"data":6},0,"",{"category":7,"tag":11,"hot":39,"new":78,"banner":118,"data":143,"cache":193},[8,9,10],"Agent","OpenAI","LLM",[12,14,17,20,23,25,27,30,33,36],{"title":8,"total":13},39,{"title":15,"total":16},"Google",44,{"title":18,"total":19},"Nvidia",13,{"title":21,"total":22},"Claude",11,{"title":9,"total":24},35,{"title":10,"total":26},85,{"title":28,"total":29},"DeepSeek",9,{"title":31,"total":32},"OCR",1,{"title":34,"total":35},"Chat",7,{"title":37,"total":38},"Generator",116,[40,48,55,64,71],{"id":41,"publish_date":42,"is_original":4,"collection":5,"cover_url":43,"cover_url_1_1":44,"title":45,"summary":46,"author":47},557,"2022-04-29","article_res/cover/7a9b1375ed9bb298154981bae42b794d.jpeg","article_res/cover/afa281dd52bc0454e6735daa8e6b0706.jpeg","Translation and summary of Messari Report [2.8 Kristin Smith, Blockchain Association and Katie Haun, a16z]","We need unity and speed right now.","Translation",{"id":49,"publish_date":50,"is_original":4,"collection":5,"cover_url":51,"cover_url_1_1":52,"title":53,"summary":54,"author":47},531,"2022-05-25","article_res/cover/e8362057f8fa189594c60afdfaaeb6e5.jpeg","article_res/cover/8ea08d0d6fa7eee6b57ed4ec61b61ad6.jpeg","Decentralized Society: Finding Web3’s Soul / Decentralized Society: Finding the Soul of Web3 -7","Decentralization through Pluralism When analyzing ecosystems, it's desirable to measure how decentralized it is.",{"id":56,"publish_date":57,"is_original":32,"collection":58,"cover_url":59,"cover_url_1_1":60,"title":61,"summary":62,"author":63},127,"2024-11-14","#Google #AI Game #World Model #AI Story","article_res/cover/0233a875b7ec2debf59779e311547569.jpeg","article_res/cover/6ffddb6ae4914b3c699493311aa9f198.jpeg","Google Launches \"Unbounded\": A Generative Infinite Character Life Simulation Game","Unbounded: A Generative Infinite Game of Character Life Simulation","Renee's Entrepreneurial Journey",{"id":13,"publish_date":65,"is_original":32,"collection":66,"cover_url":67,"cover_url_1_1":68,"title":69,"summary":70,"author":63},"2025-02-14","#Deep Dive into LLMs #Andrej Karpathy #LLM #Tool Use #Hallucination","article_res/cover/11e858ad6b74dfa80f923d549b62855c.jpeg","article_res/cover/615e1b320f1fc163edc1d2d154a6de33.jpeg","Andrej Karpathy's in-depth explanation of LLM (Part 4): Hallucinations","hallucinations, tool use, knowledge/working memory",{"id":72,"publish_date":73,"is_original":4,"collection":5,"cover_url":74,"cover_url_1_1":75,"title":76,"summary":77,"author":47},579,"2022-04-07","article_res/cover/39387376ba28447af1eb40576b9df215.jpeg","article_res/cover/02727ede8551ed49901d0abe6d6305b7.jpeg","Messari Report Translation and Summary 【1-7 Surviving the Winter】","I’d be more cautious here: 10 year and 10 hour thinking only.",[79,87,95,103,111],{"id":80,"publish_date":81,"is_original":32,"collection":82,"cover_url":83,"cover_url_1_1":84,"title":85,"summary":86,"author":63},627,"2025-03-20","#AI Avatar #AI Video Generation","article_res/cover/d95481358f73924989f8c4ee9c75d1c8.jpeg","article_res/cover/b74bc0fab01f8b6a6aa87696c0c3ed8b.jpeg","DisPose: Generating Animated Videos by Driving Video with Reference Images","DisPose is a controllable human image animation method that enhances video generation.",{"id":88,"publish_date":89,"is_original":32,"collection":90,"cover_url":91,"cover_url_1_1":92,"title":93,"summary":94,"author":63},626,"2025-03-21","#Deep Dive into LLMs #LLM #RL #Andrej Karpathy #AlphaGo","article_res/cover/446553a5c8f8f2f07d97b20eaee84e56.jpeg","article_res/cover/e6c2823409c9b34624064b9acbaca6f1.jpeg","AlphaGo and the Power of Reinforcement Learning - Andrej Karpathy's Deep Dive on LLMs (Part 9)","Simply learning from humans will never surpass human capabilities.",{"id":96,"publish_date":97,"is_original":32,"collection":98,"cover_url":99,"cover_url_1_1":100,"title":101,"summary":102,"author":63},625,"2025-03-22","#Deep Dive into LLMs #LLM #RL #RLHF #Andrej Karpathy","article_res/cover/8da81d38b1e5cf558a164710fd8a5389.jpeg","article_res/cover/96f028d76c362a99a0dd56389e8f7a9b.jpeg","Reinforcement Learning from Human Feedback (RLHF) - Andrej Karpathy's Deep Dive on LLMs (Part 10)","Fine-Tuning Language Models from Human Preferences",{"id":104,"publish_date":105,"is_original":32,"collection":106,"cover_url":107,"cover_url_1_1":108,"title":109,"summary":110,"author":63},624,"2025-03-23","#Deep Dive into LLMs #LLM #Andrej Karpathy #AI Agent #MMM","article_res/cover/a5e7c3d48bb09109684d6513287c661d.jpeg","article_res/cover/d3f22b7c0ab8d82fd2da457a299e0773.jpeg","The Future of Large Language Models - Andrej Karpathy's In-Depth Explanation of LLM (Part 11)","preview of things to come",{"id":112,"publish_date":105,"is_original":32,"collection":113,"cover_url":114,"cover_url_1_1":115,"title":116,"summary":117,"author":63},623,"#Google #Voe #AI Video Generation","article_res/cover/c44062fea0f336c2b96b3928292392c2.jpeg","article_res/cover/a041041c69092ad3db191c5bf3ff981b.jpeg","Trial of Google's video generation model VOE2","Our state-of-the-art video generation model",[119,127,135],{"id":120,"publish_date":121,"is_original":32,"collection":122,"cover_url":123,"cover_url_1_1":124,"title":125,"summary":126,"author":63},160,"2024-10-04","#Philosophy","article_res/cover/496990c49211e8b7f996b7d39c18168e.jpeg","article_res/cover/14dbaa1ade9cb4316d5829423a900362.jpeg","Time","The fungus of the morning does not know the waxing and waning of the moon, and the cicada does not know the seasons; this is a short life. To the south of the state of Chu there is a dark spirit which regards five hundred years as spring and five hundred years as autumn. In ancient times there was a great tree called the Ming which regarded eight thousand years as spring and eight thousand years as autumn; this is a long life.",{"id":128,"publish_date":129,"is_original":32,"collection":130,"cover_url":131,"cover_url_1_1":132,"title":133,"summary":134,"author":63},98,"2024-12-17","#AI Video Generator #Sora #Pika","article_res/cover/3b86e85d03fff4f356a3e4cf2bb329c9.jpeg","article_res/cover/5fa5c20ad0b40f8f544d257c0ef02938.jpeg","Pika 2.0 video generation officially released: effect comparison with Sora","今天，我们推出了Pika 2.0模型。卓越的文字对齐效果。惊人的视觉表现。还有✨场景成分✨",{"id":136,"publish_date":137,"is_original":32,"collection":138,"cover_url":139,"cover_url_1_1":140,"title":141,"summary":142,"author":63},71,"2025-01-14","#Nvidia #World Foundation Model #Cosmos #Physical AI #Embodied AI","article_res/cover/feddf8c832dfb45d28804291f6a42a9e.jpeg","article_res/cover/d6bc2f1186d96b78228c2283a17a3645.jpeg","NVIDIA's Cosmos World Model","Cosmos World Foundation Model Platform for Physical AI",[144,163,188],{"title":8,"items":145},[146,147,155],{"id":104,"publish_date":105,"is_original":32,"collection":106,"cover_url":107,"cover_url_1_1":108,"title":109,"summary":110,"author":63},{"id":148,"publish_date":149,"is_original":32,"collection":150,"cover_url":151,"cover_url_1_1":152,"title":153,"summary":154,"author":63},622,"2025-03-24","#OWL #AI Agent #MAS #MCP #CUA","article_res/cover/cb50ca7f2bf4d1ed50202d7406e1c19a.jpeg","article_res/cover/4aa7aa3badfacf3cc84121334f1050dd.jpeg","OWL: Multi-agent collaboration","OWL: Optimized Workforce Learning for General Multi-Agent Assistance in Real-World Task Automation",{"id":156,"publish_date":157,"is_original":32,"collection":158,"cover_url":159,"cover_url_1_1":160,"title":161,"summary":162,"author":63},620,"2025-03-26","#LLM #Google #Gemini #AI Agent","article_res/cover/53751a6dbbe990b1eb0b63f3b062aed4.jpeg","article_res/cover/031344981f0a212ff82d1f3a64aa5756.jpeg","Gemini 2.5 Pro, claimed to be far ahead of the competition, has been released with great fanfare: comprehensively surpassing other LLMs and topping the global rankings","Gemini 2.5: Our most intelligent AI model",{"title":9,"items":164},[165,172,180],{"id":166,"publish_date":157,"is_original":32,"collection":167,"cover_url":168,"cover_url_1_1":169,"title":170,"summary":171,"author":63},619,"#OpenAI #AI Image Generator #4o #MMM #AR Transformer","article_res/cover/2faffc97fcecf3151552cb0fd3206d89.jpeg","article_res/cover/1133cb4948af44cee2e7fbe79efb69e5.jpeg","The native image function of GPT-4o is officially launched","Introducing 4o Image Generation",{"id":173,"publish_date":174,"is_original":4,"collection":175,"cover_url":176,"cover_url_1_1":177,"title":178,"summary":179,"author":63},434,"2023-07-15","#Anthropic #OpenAI #Google #AI Code Generator #Claude","article_res/cover/e1b6f600a2b9f262a4392684e5f2ce25.jpeg","article_res/cover/6e1772e83f78f9a351ab23d3e414adee.jpeg","Latest Updates on Google Bard /Anthropic Claude2 / ChatGPT Code Interpreter","We want our models to use their programming skills to provide more natural interfaces to the basic functions of our computers.  \n - OpenAI",{"id":181,"publish_date":182,"is_original":4,"collection":183,"cover_url":184,"cover_url_1_1":185,"title":186,"summary":187,"author":63},417,"2023-08-24","#OpenAI","article_res/cover/bccf897d50a88b18364e35f7466387e0.jpeg","article_res/cover/2f871085c1073717c1703ae86e18056f.jpeg","The GPT-3.5 Turbo fine-tuning (fine-tuning function) has been released～","Developers can now bring their own data to customize GPT-3.5 Turbo for their use cases.",{"title":10,"items":189},[190,191,192],{"id":88,"publish_date":89,"is_original":32,"collection":90,"cover_url":91,"cover_url_1_1":92,"title":93,"summary":94,"author":63},{"id":96,"publish_date":97,"is_original":32,"collection":98,"cover_url":99,"cover_url_1_1":100,"title":101,"summary":102,"author":63},{"id":104,"publish_date":105,"is_original":32,"collection":106,"cover_url":107,"cover_url_1_1":108,"title":109,"summary":110,"author":63},true,{"code":4,"msg":5,"data":195},{"id":196,"publish_date":197,"is_original":4,"collection":5,"articles_id":198,"cover_url":199,"cover_url_1_1":200,"title":201,"summary":202,"author":63,"content":203},350,"2024-01-04","VG0-1mIOi1qz-r_ezyza2g","article_res/cover/23db78c7ca1c23807770823e6522601d.jpeg","article_res/cover/fd73845afbf1b42d6259fa9df4354f89.jpeg","CeFi Trending in \"CRYPTO THESES 2024\" (Part 1)","\"A lot of holes in the desert, and a lot of problems are buried in those holes.\" \n-Nicky Santoro, Casino","\u003Cdiv class=\"rich_media_content js_underline_content\n                       autoTypeSetting24psection\n            \" id=\"js_content\">\u003Cp data-tool=\"mdnice编辑器\" style='margin-bottom: 0px;padding-top: 8px;padding-bottom: 8px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;line-height: 26px;'>\u003Ca target=\"_blank\" href=\"https://mp.weixin.qq.com/s?__biz=MzkwOTMzMzk0MQ==&mid=2247486724&idx=1&sn=e3e0c6ff0c6a8cfb36795ab74a307d5e&chksm=c13d09def64a80c82b5da19e250daea8553d87731117c5b78299a586c18188bbd0cb4d7d5623&scene=21#wechat_redirect\" textvalue=\"《CRYPTO THESES 2024》之“关键趋势”\" linktype=\"text\" imgurl=\"\" imgdata=\"null\" data-itemshowtype=\"0\" tab=\"innerlink\" data-linktype=\"2\">Key Trends in \"CRYPTO THESES 2024\"\u003C/a>\u003C/p>\u003Cp data-tool=\"mdnice编辑器\" style='margin-bottom: 0px;padding-top: 8px;padding-bottom: 8px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;line-height: 26px;'>\u003Ca target=\"_blank\" href=\"https://mp.weixin.qq.com/s?__biz=MzkwOTMzMzk0MQ==&mid=2247486738&idx=1&sn=0b22d5cf87ff5f992b13567c84a1027d&chksm=c13d09c8f64a80de47250b0f18cfd6b4d9a526ec418edc054e2be0df9e412f5d935894465435&scene=21#wechat_redirect\" textvalue=\"《CRYPTO THESES 2024》名人堂\" linktype=\"text\" imgurl=\"\" imgdata=\"null\" data-itemshowtype=\"0\" tab=\"innerlink\" data-linktype=\"2\">Hall of Fame in \"CRYPTO THESES 2024\"\u003C/a>\u003C/p>\u003Cp data-tool=\"mdnice编辑器\" style='margin-bottom: 0px;padding-top: 8px;padding-bottom: 8px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;line-height: 26px;'>\u003Ca target=\"_blank\" href=\"https://mp.weixin.qq.com/s?__biz=MzkwOTMzMzk0MQ==&mid=2247486752&idx=1&sn=34121c6092c400ac390e27fef91c9e1c&chksm=c13d09faf64a80eced01a58418303c05a4ebfbd18fbac7bb57a271cd396aa159af19719f9395&scene=21#wechat_redirect\" textvalue=\"《CRYPTO THESES 2024》十大产品：引领行业的前沿技术\" linktype=\"text\" imgurl=\"\" imgdata=\"null\" data-itemshowtype=\"0\" tab=\"innerlink\" data-linktype=\"2\">Top Ten Products in \"CRYPTO THESES 2024\": Leading-edge Technologies in the Industry\u003C/a>\u003C/p>\u003Cp data-tool=\"mdnice编辑器\" style='margin-bottom: 0px;padding-top: 8px;padding-bottom: 8px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;line-height: 26px;'>\u003Ca target=\"_blank\" href=\"https://mp.weixin.qq.com/s?__biz=MzkwOTMzMzk0MQ==&mid=2247486809&idx=1&sn=8c41f96fffa76901f9e60d73673e9a49&chksm=c13d0983f64a8095ea54c12c96ddc0d773a7170260e7c8b4c63997ef2afe112b6d21c2476b3c&scene=21#wechat_redirect\" textvalue=\"《CRYPTO THESES 2024》之 Crypto Monies\" linktype=\"text\" imgurl=\"\" imgdata=\"null\" data-itemshowtype=\"0\" tab=\"innerlink\" data-linktype=\"2\">Crypto Monies in \"CRYPTO THESES 2024\"\u003C/a>\u003C/p>\u003Cp data-tool=\"mdnice编辑器\" style='margin-bottom: 0px;padding-top: 8px;padding-bottom: 8px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;line-height: 26px;'>\u003Ca target=\"_blank\" href=\"https://mp.weixin.qq.com/s?__biz=MzkwOTMzMzk0MQ==&mid=2247486840&idx=1&sn=5ba608117c6720b1aa80216b888cb78b&chksm=c13d09a2f64a80b4e505c42cccad05b633aa7451d7e78e804d77724a52946ce79f078e5d7e3c&scene=21#wechat_redirect\" textvalue=\"《CRYPTO THESES 2024》之美国政策法规\" linktype=\"text\" imgurl=\"\" imgdata=\"null\" data-itemshowtype=\"0\" tab=\"innerlink\" data-linktype=\"2\">U.S. Policy and Regulations in \"CRYPTO THESES 2024\"\u003C/a>\u003C/p>\u003Cp data-tool=\"mdnice编辑器\" style='margin-bottom: 0px;padding-top: 8px;padding-bottom: 8px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;line-height: 26px;'>Compared to the credit contagion of 2022, this year seems more manageable. Coinbase has performed exceptionally well in difficult markets, delivering great success to its shareholders. Binance continues to survive under new leadership. OKX, Kraken, and ByBit are all net winners, but many other exchanges have lost their positions. In September 2023, exchange trading volumes fell to their lowest levels since the end of 2020, with poor market sentiment, delistings, and regulatory barriers all contributing to the contraction of the CeFi sector. But it seems we're heading back up again.\u003C/p>\u003Cp data-tool=\"mdnice编辑器\" style='margin-bottom: 0px;padding-top: 8px;padding-bottom: 8px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;line-height: 26px;'>What doesn’t kill us makes us stronger.\u003C/p>\u003Ch2 data-tool=\"mdnice编辑器\" style='margin-top: 30px;margin-bottom: 15px;font-weight: bold;font-size: 22px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;letter-spacing: normal;text-align: left;text-wrap: wrap;'>1. Coinbase\u003C/h2>\u003Cp data-tool=\"mdnice编辑器\" style='margin-bottom: 0px;padding-top: 8px;padding-bottom: 8px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;line-height: 26px;'>Currently, Coinbase is operating at an extraordinary level and remains the best-positioned company in the cryptocurrency space.\u003C/p>\u003Cp data-tool=\"mdnice编辑器\" style='margin-bottom: 0px;padding-top: 8px;padding-bottom: 8px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;line-height: 26px;'>Coinbase has gone through layoffs, lawsuits against the SEC, secured licenses, formed a strategic partnership with Circle regarding USDC insurance, launched perpetual contracts (Perps), released L2 Base (profitable by $7 million in the first quarter), upgraded its own wallet, and launched the RWA platform \"Diamon\" project.\u003C/p>\u003Cp style=\"text-align: center;\">\u003Cimg class=\"rich_pages wxw-img\" data-galleryid=\"\" data-imgfileid=\"100003254\" data-ratio=\"0.6148148148148148\" data-s=\"300,640\" data-type=\"png\" data-w=\"1080\" style=\"\" src=\"https://res.cooltool.vip/article_res/assets/17423811908200.8416714045915346.png\">\u003C/p>\u003Cp data-tool=\"mdnice编辑器\" style='margin-bottom: 0px;padding-top: 8px;padding-bottom: 8px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;line-height: 26px;'>Repaying loans at reasonable prices, generating revenue several times higher than expected, earning income from non-trading businesses, maintaining break-even status even during bear markets. Coinbase Ventures is one of the three most active Web3 funds, making acquisitions when startup funding is tight.\u003C/p>\u003Cp style=\"text-align: center;\">\u003Cimg class=\"rich_pages wxw-img\" data-galleryid=\"\" data-imgfileid=\"100003253\" data-ratio=\"0.612037037037037\" data-s=\"300,640\" data-type=\"png\" data-w=\"1080\" style=\"\" src=\"https://res.cooltool.vip/article_res/assets/17423811906440.6898081382803216.png\">\u003C/p>\u003Ch2 data-tool=\"mdnice编辑器\" style='margin-top: 30px;margin-bottom: 15px;font-weight: bold;font-size: 22px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;letter-spacing: normal;text-align: left;text-wrap: wrap;'>2. Binance\u003C/h2>\u003Cp data-tool=\"mdnice编辑器\" style='margin-bottom: 0px;padding-top: 8px;padding-bottom: 8px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;line-height: 26px;'>Reaching a settlement with the U.S. government and pleading guilty to money laundering and violations of sanctions laws has several positive aspects for Binance.\u003C/p>\u003Cp style=\"text-align: center;\">\u003Cimg class=\"rich_pages wxw-img\" data-galleryid=\"\" data-imgfileid=\"100003255\" data-ratio=\"0.5388888888888889\" data-s=\"300,640\" data-type=\"png\" data-w=\"900\" style=\"\" src=\"https://res.cooltool.vip/article_res/assets/17423811907770.12591512304135266.png\">\u003C/p>\u003Col data-tool=\"mdnice编辑器\" class=\"list-paddingleft-1\" style='margin-top: 8px;margin-bottom: 8px;padding-left: 25px;width: 557.438px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;'>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">The outcome could have been worse. The alleged actions of Binance were bad, but what they ultimately admitted to may not be as terrible as imagined. The final result is that Binance continues to operate and still dominates global trading volume.\u003C/section>\u003C/li>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">We now have a \"surveillance-sharing agreement.\" Now, major ETF applicants have formal agreements with Coinbase, and an independent compliance monitor might reassure U.S. regulators that Binance's global operations are compliant. CeFi has been legitimized in unprecedented ways overnight.\u003C/section>\u003C/li>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">Real competition for American giants. Companies complying with U.S. rules no longer feel like total losers when building domestically.\u003C/section>\u003C/li>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">Customer funds are safe, but what about tax filers? One point in the Binance settlement brings significant pain to U.S. users who failed to properly report their cryptocurrency holdings or gains.\u003C/section>\u003C/li>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">The beginning of the end. Finally resolving the Binance settlement feels like the beginning of the end, a stone off our chest, allowing us to move forward.\u003C/section>\u003C/li>\u003C/ol>\u003Ch2 data-tool=\"mdnice编辑器\" style='margin-top: 30px;margin-bottom: 15px;font-weight: bold;font-size: 22px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;letter-spacing: normal;text-align: left;text-wrap: wrap;'>3. Other CeFi Winners\u003C/h2>\u003Cp data-tool=\"mdnice编辑器\" style='margin-bottom: 0px;padding-top: 8px;padding-bottom: 8px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;line-height: 26px;'>This year, Binance lost 25% of its market share in international trading volume, mainly losing out to Kraken (Europe) and OKX and Bybit (other regions).\u003C/p>\u003Cp style=\"text-align: center;\">\u003Cimg class=\"rich_pages wxw-img\" data-galleryid=\"\" data-imgfileid=\"100003252\" data-ratio=\"0.6092592592592593\" data-s=\"300,640\" data-type=\"png\" data-w=\"1080\" style=\"\" src=\"https://res.cooltool.vip/article_res/assets/17423811907780.44403006803951905.png\">\u003C/p>\u003Ch2 data-tool=\"mdnice编辑器\" style='margin-top: 30px;margin-bottom: 15px;font-weight: bold;font-size: 22px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;letter-spacing: normal;text-align: left;text-wrap: wrap;'>4. ETF\u003C/h2>\u003Cp data-tool=\"mdnice编辑器\" style='margin-bottom: 0px;padding-top: 8px;padding-bottom: 8px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;line-height: 26px;'>A spot Bitcoin ETF is a product long overdue. Institutional fund managers will love the narrative of the fastest horse/digital gold, Bitcoin's Sharpe ratio, its explosive growth years (performance fees), and volatility (trading fees).\u003C/p>\u003Cp style=\"text-align: center;\">\u003Cimg class=\"rich_pages wxw-img\" data-galleryid=\"\" data-imgfileid=\"100003251\" data-ratio=\"0.762962962962963\" data-s=\"300,640\" data-type=\"png\" data-w=\"1080\" style=\"\" src=\"https://res.cooltool.vip/article_res/assets/17423811908000.8614061860917206.png\">\u003C/p>\u003Col data-tool=\"mdnice编辑器\" class=\"list-paddingleft-1\" style='margin-top: 8px;margin-bottom: 8px;padding-left: 25px;width: 557.438px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;'>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">We know that the fees on these products will quickly decrease, and the market is about to become more liquid.\u003C/section>\u003C/li>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">As the primary custodian for most ETF issuers, Coinbase is destined to see billions of dollars in new custody demand overnight.\u003C/section>\u003C/li>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">Michael Saylor, owning 25% of MicroStrategy, can retain the company’s current $5 billion worth of Bitcoin (and the $1.6 billion in realized gains so far on this leveraged bet) even if $MSTR loses its \"kind of an ETF\" luster. Michael played an all-in wealth creation game in simple mode. Respectful.\u003C/section>\u003C/li>\u003C/ol>\u003Ch2 data-tool=\"mdnice编辑器\" style='margin-top: 30px;margin-bottom: 15px;font-weight: bold;font-size: 22px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;letter-spacing: normal;text-align: left;text-wrap: wrap;'>5. DCG\u003C/h2>\u003Cp data-tool=\"mdnice编辑器\" style='margin-bottom: 0px;padding-top: 8px;padding-bottom: 8px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;line-height: 26px;'>They had good businesses, substantial liquid assets, profitability, and a good reputation, but ultimately got into trouble due to poor timing choices around the product that made them kings, GBTC, and inadequate counterparty risk management.\u003C/p>\u003Cp data-tool=\"mdnice编辑器\" style='margin-bottom: 0px;padding-top: 8px;padding-bottom: 8px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;line-height: 26px;'>Hedge funds flooded into this \"arbitrage\" trade in 2020 and 2021, leveraging bets that they could create new shares and sell them to public market investors when a premium to NAV existed, and redeem for Bitcoin when the stock traded at a discount, especially once approved spot ETFs allowed daily redemptions. But almost no one anticipated that the GBTC stock premium could turn into a deep negative discount for an extended period. As a result, there was a bloody massacre between 2021-2023. In December last year, GBTC's stock discount to NAV reached 50%.\u003C/p>\u003Cp style=\"text-align: center;\">\u003Cimg class=\"rich_pages wxw-img\" data-galleryid=\"\" data-imgfileid=\"100003250\" data-ratio=\"0.3194444444444444\" data-s=\"300,640\" data-type=\"png\" data-w=\"1080\" style=\"\" src=\"https://res.cooltool.vip/article_res/assets/17423811913030.7505872006670773.png\">\u003C/p>\u003Cp data-tool=\"mdnice编辑器\" style='margin-bottom: 0px;padding-top: 8px;padding-bottom: 8px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;line-height: 26px;'>Genesis has collapsed, its wealth management division headquarters closed. DCG just sold CoinDesk to the crypto exchange Bullish, and many of DCG's investment assets seem to have been sold or pledged as collateral to Genesis or its counterparties. This leaves Grayscale as DCG's crown jewel, along with Foundry (the operator of the world's largest Bitcoin mining pool). It's hard to imagine DCG continuing without Grayscale.\u003C/p>\u003Cp style=\"display: none;\">\u003Cmp-style-type data-value=\"3\">\u003C/mp-style-type>\u003C/p>\u003C/div>",1752585480404]