137Labs Global

USD1 wird als ein fiat-gesichertes, 1:1 gegen USD einlösbares Stablecoin positioniert, wobei der Emittent auf institutionelle Depotverwahrung, Reserven-Attestierungen und regulatorische Ausrichtung setzt. Auf dem Papier steht es näher an USDC als an irgendeinem algorithmischen oder synthetischen Stablecoin.

Dennoch wurde die Marktdiskussion um USD1 nicht von der Peg-Stabilität, sondern vielmehr von der Liquiditätsstruktur und der Transparenz-Regelmäßigkeit dominiert. Diese Bedenken sind nicht abstrakt – sie ergeben sich aus der praktischen Wechselwirkung zwischen USD1s Angebot, Handelsplätzen und Offenlegungspraktiken.

Institutionelle Ansichten, Marktzugang und die Debatte um einen öffentlichen Stablecoin-Aussteller

Die Börsennotierung von Circle Internet Group (NYSE:

) markierte einen seltenen Moment, in dem ein zentraler Bestandteil der Kryptoinfrastruktur direkt auf den traditionellen Aktienmarkt gelangte. Als Emittent von USDC, dem weltweit zweitgrößten Stablecoin, nimmt Circle eine Position ein, die weder eine reine Fintech-Firma noch ein typischer Krypto-Handelsplatz ist.

Seit seiner Börseneinführung ist CRCL eine der am häufigsten diskutierten Krypto-Aktien auf den US-Märkten – nicht wegen einer stabilen Preisfindung, sondern wegen der deutlichen Divergenz der institutionellen Ansichten bezüglich seiner langfristigen Rolle.

From Simple Yield Tools to a Multi-Strategy Income Framework
Over the past few years, centralized exchanges have increasingly positioned yield products as a way to retain users and improve capital efficiency. Among them, OKX has built one of the more comprehensive “Earn” product suites in the market.
Rather than offering a single fixed-income product, OKX has gradually expanded into a range of yield mechanisms, each with different risk profiles, return sources, and market dependencies. This article reviews OKX’s major Earn products and looks at how yields have behaved historically.
 1. Overview of the #OKX Earn Framework
OKX’s yield products are grouped under its Earn section, designed to help users generate returns from idle crypto assets. The core categories include:
· Simple Earn (Flexible & Fixed)
· Dual Investment
· On-chain Earn (staking and #DeFi participation)
· Other structured or strategy-based products
Each category sources yield differently, including lending interest, protocol rewards, and platform-level incentives. As a result, returns are variable rather than guaranteed.
 2. Simple Earn: The Primary Entry Point
How It Works
Simple Earn is the most widely used OKX yield product and serves as the entry-level option for most users. Assets such as USDT, #BTC , and #ETH are deposited into OKX-managed pools and may be:
· Lent to margin or borrowing markets
· Used in staking or protocol-level yield generation
· Supplemented by platform incentives during high-demand periods
Users can choose between:
· Flexible deposits, which allow instant redemption but offer floating yields
· Fixed-term deposits, which lock assets for a set period in exchange for higher expected returns
 3. Historical Yield Performance: Volatility and Peak Periods
Yields on OKX Earn products fluctuate based on market conditions, borrowing demand, and liquidity stress.
Normal Market ConditionsDuring relatively stable market periods, Simple Earn products typically offer moderate yields aligned with lending and staking rates across the industry.
Short-Term Yield Spikes
In periods of heightened market activity or liquidity imbalance, yields have shown sharp but temporary spikes:
· In late 2024, USDT Simple Earn annualized yields briefly exceeded 20–27%
· During episodes of extreme volatility in 2025, reported flexible USDT yields temporarily surged into the 40–50%+ range
These spikes were driven by sudden increases in leverage demand and short-term capital shortages, rather than structural yield changes. Rates generally normalized quickly once market conditions stabilized.
 4. Beyond Simple Earn: Product Expansion
Dual Investment
Dual Investment products allow users to earn higher yields by taking on conditional price exposure. Returns depend on whether the underlying asset settles above or below a predefined price at maturity.
This structure can enhance yield in sideways or range-bound markets, but it introduces directional risk, making it less suitable for passive investors.
On-chain Earn
On-chain Earn enables users to participate in proof-of-stake networks and selected DeFi protocols directly through OKX’s interface. Returns are tied to:
· Network staking rewards
· Protocol incentives
· Smart contract performance
While potentially attractive, these products carry additional protocol and smart contract risks.
 5. User Experience and Yield Transparency
OKX provides users with relatively granular visibility into their Earn performance:
· Daily and cumulative yield tracking
· Asset-level breakdowns
· Integration with overall portfolio PnL views
However, yields are displayed in percentage terms and do not account for underlying asset price volatility, which can materially impact real returns.
 6. Risk Considerations
Despite their convenience, OKX Earn products are not risk-free. Key considerations include:
1.Market Risk
Yield may be positive while asset prices decline.
2.Platform Risk
Assets are custodial. Users are exposed to operational and liquidity risks during extreme market events.
3.Yield Variability
High historical yields do not imply persistence. Most rates are demand-driven and highly dynamic.
Understanding these risks is essential when evaluating historical performance.
7. Conclusion
OKX’s Earn products have evolved from basic yield tools into a diversified income framework covering lending, staking, and structured strategies.
Historically, they have delivered:
· Stable yields during normal market conditions
· Occasional high-yield spikes during liquidity stress
· A wide range of options catering to different risk preferences
While past performance highlights the potential for attractive returns, yields remain market-dependent and should be assessed alongside risk management considerations rather than in isolation.
 
 

Wie tokenisierte US-Aktien die Liquidität und die Marktstruktur verändern
Die Tokenisierung von US-Aktien ist keine theoretische Diskussion mehr.
Im Jahr 2025 ist sie eine operative Realität geworden – eine, die die Krypto-Infrastruktur, die Bereitstellung von Liquidität und die Rolle der Marktbetreiber stillschweigend verändert.
Wenn traditionelle Finanzanlagen on-chain wandern, werden krypto-native Systeme gezwungen, sich anzupassen. Dieser Wandel geht weniger um Produktneuheit als vielmehr um die Marktinfrastruktur.
1. Vom Konzept zur Umsetzung: US-Aktien on-chain

Vom Marktsignal zum On-Chain-Kapitalrecycling
Im Jahr 2025 wurden Token-Rückkäufe zu einer der am häufigsten diskutierten — und zunehmend durchgeführten — finanziellen Maßnahmen im gesamten Web3-Ökosystem.
Im Gegensatz zu früheren Zyklen, in denen Rückkäufe oft als kurzfristige Marktsignale dienten, zeigt die aktuelle Welle eine klarere Verbindung zu Protokolleinnahmen, Treasury-Management und tokenwirtschaftlicher Umstrukturierung. Auf zentralisierten Plattformen, DeFi-Protokollen, Infrastrukturprojekten und ausgewählten Anwendungsbereichen werden Rückkäufe allmählich weniger als Ankündigungen und mehr als operationale Mechanismen behandelt.

Als 2025 zu Ende geht, kollabiert die Web3-Branche nicht – aber sie zieht sich an einigen Stellen eindeutig zurück.

Laut dem @RootDataCrypto 2025 Web3 Branchenjahresbericht war das vergangene Jahr weniger durch explosives Wachstum und mehr durch strukturelle Umverteilung geprägt.
Über die Marktperformance, Fundraising-Aktivitäten, Sektorverteilung und Projektüberlebensraten bewegt sich die Branche weg von narrativgetriebenem Wachstum und hin zu einer viel geringeren Toleranz für Ineffizienz.
Dieser Wandel war leise, aber entscheidend.

🎉Happy New Year 2026~

In a previous post, we summarized A16z’s view on the overall trajectory of crypto in 2026, covering everything from payments and asset forms to infrastructure. The post highlighted the main areas institutional players are focusing on as the industry evolves.
See the original here: https://x.com/137LabsCN/status/2003795134698360924?s=20

Building on that, A16z released an update yesterday with a more detailed checklist for 2026.
Titled “17 things we’re excited about for crypto in 2026”, the update lists 17 specific directions across stablecoins and payments, real-world assets (RWA), identity and privacy, AI, communications infrastructure, and legal/technical alignment.

Compared with the previous high-level outlook, this update focuses more on concrete issues and implementation paths, showing A16z’s attention to crypto moving from concept to execution.

A16z’s 17 Signals for 2026

1、More efficient stablecoin onramps/offramps
Adoption depends heavily on how efficiently and cheaply funds move on and off-chain. Competition will focus on who can provide smoother, compliant access.

2、Looking at RWA and stablecoins in a crypto-native way
Instead of copying traditional finance, the focus is on whether assets are truly chain-native—composable, automatically settled, and programmable.

3、Stablecoins driving upgrades to banking ledgers
Stablecoins act as a ledger upgrade for traditional banking systems, supporting faster settlements and new payment scenarios.

4、The internet taking on banking functions
As stablecoins, payment protocols, and wallet infrastructure develop, some traditional banking functions are being handled natively online.

5、Wealth management for a wider audience
On-chain finance can lower the barrier to wealth management, letting more users access automated, low-cost services.

6、From KYC to KYA (Know Your Agent)
With AI agents participating in trading, research, and asset management, systems need to recognize and control agents, not just individuals.

7、Using AI for substantive research
AI is moving from support tools to active participants in data analysis, research, and decision-making.

8、Invisible costs on open networks
Open networks carry hidden cost structures that affect user behavior and system efficiency.

9、Privacy as a core moat
Privacy is now a fundamental factor in whether a system can be sustainable.

10、Decentralized, quantum-resistant communication
Future messaging systems need both quantum resistance and decentralization.

11、Secrets-as-a-service
Key and sensitive information management is evolving into a service, forming part of infrastructure.

12、From “code is law” to “spec is law”
System rules are defined not only by code but also by clear specifications and standards.

13、Expansion of prediction markets
Prediction markets will cover more areas and become more sophisticated in structure and intelligence.

14、Staked media
Content combined with financial mechanisms, creating media models based on staking and incentives.

15、Crypto as a reusable technical primitive
Blockchain capabilities can be called by broader systems beyond the chain itself.

16、Trading as a waypoint, not the end
Trading becomes a step within a larger business model rather than the final product.

17、Alignment of legal and technical frameworks
Blockchain potential is fully realized when legal structures better match technical systems.

From these 17 points, it’s clear A16z is focused on building core capabilities rather than chasing short-term market trends. Payments, asset forms, identity, privacy, and legal structures appear repeatedly, signaling areas that need solving.

Overall, A16z’s view on 2026 emphasizes long-term, structural development. The focus is on usability, sustainability, and better integration with the real world. Progress might be subtle, but it will shape the industry’s path.

Finally, wishing everyone a happy new year. Stay safe, keep building, and may 2026 bring steady progress.

Seit Jahren sieht sich die Kryptoindustrie einer wiederkehrenden Frage gegenüber: Kann sie wirklich verstanden, bewertet und langfristig von traditionellen Kapitalmärkten gehalten werden?
Wenn wir ins Jahr 2025 gehen, beginnt der Markt eine Antwort zu geben. Laut DLNews haben Krypto-Unternehmen im Jahr 2025 rund 3,4 Milliarden Dollar durch Börsengänge gesammelt. Für 2026 werden noch größere und häufigere Listungen erwartet.
Welche Web3 / Krypto-Unternehmen streben Börsengänge an, und was signalisiert diese Welle von Listungen? Lassen Sie uns eintauchen.

Gestern hat Uniswap bekannt gegeben, dass die Gebühren für seine App und API auf null gesenkt wurden, was nicht nur eine Preisänderung signalisiert, sondern auch eine breitere Neugestaltung seines Modells zur Wertschöpfung auf Protokollebene.

I. Grundlegende Logik

Die erste Reaktion könnte sein: „Front-End ist kostenlos, die Nutzer sparen Geld“, aber die tatsächliche Begründung ist tiefer:
▪️Die Front-End-Gebühren wurden auf null gesetzt: App und API verlangen keine Gebühren mehr für den Zugriff.
▪️Aktivierung des Gebührenschalters steht kurz bevor: Einnahmen auf Protokollebene werden zum primären Werttreiber.
▪️UNI deflationärer Mechanismus: Großangelegte UNI-Burns sperren den Wert zurück zum Token.

Recently, there has been significant discussion around the “Aave vote failure” event. Based on reports from multiple media sources, this article provides a full breakdown of the event, key participants, and critical factors, helping to understand how this governance dispute unfolded step by step.

The incident centers on a key governance proposal within Aave DAO, which addressed control of Aave’s brand assets, front-end products and revenue streams, and the informal division of responsibilities between Aave DAO and Aave Labs.

Aave operates as a hybrid model: the DAO, via AAVE token voting, handles protocol governance and strategic decisions, while Aave Labs manages front-end development, brand operations, and user-facing platforms. No formal codified boundaries exist between the two; their relationship has evolved through historical collaboration and implicit consensus.

Event Timeline: Phase 1 – Front-End Update Sparks Discussion
The incident began with a front-end update by Aave Labs, integrating the swap functionality on aave.com into CoW Swap. Community members noticed that fees from this front-end were directed to wallets controlled by Aave Labs rather than the DAO treasury.
This triggered discussions around front-end revenue ownership and gradually expanded to broader governance questions: whether the DAO truly controls economic rights associated with the protocol’s brand and entry points, and the DAO’s role within the Aave ecosystem.
Attention also turned to control over brand assets, domains, social accounts, and related IP. Opinions diverged: some argued that the DAO should have ultimate control; others noted legal, operational, and liability considerations that make full delegation uncertain.
A formal governance proposal was then submitted to Aave DAO, aiming to transfer brand asset control to the DAO and align associated revenue streams under DAO governance. The proposal sparked active discussion in the governance forum even before voting.

Phase 2 – Proposal Discussion and Voting Preparation
Debates during this stage focused on proposal feasibility, potential legal/operational considerations, redefining DAO–Labs responsibilities, and governance process transparency.
During voting, discussions arose around voting power and token holdings. On-chain data showed that Aave founder Stani Kulechov purchased a substantial amount of AAVE tokens before and during the vote, prompting community speculation about influence. Stani clarified that the purchases were personal long-term investments, unrelated to the proposal, which addressed some concerns but discussions on voting power concentration persisted.
Controversy also arose regarding proposal initiation: it was attributed to former Aave Labs members, some of whom later clarified they had not consented to advancing it in its submitted form, highlighting DAO mechanisms for proposal authorization and process transparency.

Phase 3 – Vote Outcome
The vote concluded with the proposal rejected: 55.29% against, 41.21% abstained, and 3.5% supported. Under current governance rules, abstentions prevent proposals from passing, resulting in formal rejection.
This vote failure was not an isolated incident but the result of gradual escalation: front-end updates, revenue allocation discussions, governance debates, voting power scrutiny, and procedural controversies all contributed to this concentrated governance event.
The vote marks the end of this proposal in its current stage, but discussions around DAO–Labs responsibilities, brand and front-end control, and governance processes remain ongoing.

As the community continues to examine governance boundaries and transparency, additional discussions or proposals may arise. Future developments will be monitored and summarized to provide a complete view of Aave DAO’s governance dynamics. Stay tuned for updates to track the latest progress within Aave DAO.

As the year comes to a close, let’s review how various institutions are looking at 2026. Today, we’ll focus on Bitwise’s outlook.
Bitwise’s “10 Crypto Predictions for 2026” highlights structural drivers, institutional inflows, ETF dynamics, product maturity, and regulatory developments shaping the next market cycle.

Core Thesis:

2026 is expected to move beyond single narrative cycles. Market dynamics are increasingly defined by supply-demand imbalances, ongoing allocation flows, and infrastructure upgrades, rather than hype-driven sentiment.

I. BTC Price Dynamics
The traditional 4-year halving cycle may no longer dictate BTC price trends. Persistent institutional inflows and ETF demand could support new all-time highs independent of historical cycles.

II. Volatility Moderation
As liquidity providers and long-term allocators increase exposure, BTC volatility may stabilize, reflecting portfolio asset behavior rather than speculative swings.

III. Spot ETFs and Supply Absorption
Spot ETFs could absorb more than 100% of new BTC, ETH, and SOL issuance, according to Bitwise estimates, generating structural support for prices through real demand absorption.

IV. Crypto Equities Outperformance
Public companies in exchanges and infrastructure are likely to outperform broader tech indices, driven by growth momentum and ecosystem expansion.

V. Prediction Market Growth
On-chain prediction and derivatives markets continue to mature, with open interest surpassing previous US election highs, indicating robust adoption of decentralized betting infrastructure.

VI. Stablecoins Scaling to Macro Relevance
As total value locked (TVL) grows, stablecoins will become central to discussions on global liquidity and emerging market currency impacts.

VII. On-Chain Vaults (“ETF 2.0”)
Automated, yield-bearing on-chain strategies provide institutions with risk-managed exposure, creating a decentralized alternative to traditional investment rails.

VIII. Regulatory Clarity as a Catalyst
Legislation such as the CLARITY Act could significantly rerate valuations of major layer-1 protocols, including ETH and SOL, by reducing regulatory uncertainty.

IX. Institutional Mainstreaming
University endowments and large allocators are increasingly integrating crypto as a core portfolio component, transitioning it from a speculative side bet to a strategic allocation.

X. Expansion of Crypto-Linked ETFs
The launch of 100+ crypto ETFs in the U.S. will facilitate seamless onboarding for both retail and traditional financial institutions.

Structural Implications
Demand is increasingly institutional and less driven by retail FOMO.
Investment tools are evolving from spot trading to layered DeFi/TradFi hybrids.
Regulatory clarity and infrastructure improvements reinforce long-term market stability.
Market narratives are shifting from price speculation to operational understanding, portfolio allocation, and compounding strategies.

Bottom Line:
Bitwise’s base case for 2026 is a market powered by structure, regulation, and infrastructure—not hype. Expect steadier, deeper, and more sustainable growth.
Full Report: https://s3.us-east-1.amazonaws.com/static.bitwiseinvestments.com/Research/Bitwise-The-Year-Ahead-10-Crypto-Predictions-for-2026.pdf

I’ll be sharing more insights and forecasts from leading institutions on the direction of 2026. Piecing together these different perspectives could be more useful than staring at daily charts. If you’re interested, hit follow