“我们不需要着急”：鲍威尔在讲话中敦促保持耐心

Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial. Layer-2 chains were supposed to be the next evolution of blockchain scalability, and in some ways, they delivered. They made transactions faster and cheaper, helped projects scale rapidly, and gave Ethereum (ETH) room to breathe amid a surge in network activity. But as the dust settles, one uncomfortable truth has become hard to ignore: L2s don’t retain the value they generate. Instead, they leak it back to the parent chain, back to the liquidity hubs, and back to governance structures that were never really theirs to begin with. You might also like:Math meets humanity where web3 needs it most | Opinion This might not have been a problem in 2021, when projects raced to achieve speed and scale above all else. But we’re in a different cycle now, and the number of projects competing for users has increased exponentially. Projects now have to think long-term. They’re optimizing for sustainability, sovereignty, and alignment. And increasingly, they’re turning to app-specific “appchain” layer 1s—not as a novelty, but as a necessity. L2s: Fast, cheap—and economically hollow Let’s call it like it is: L2s are downstream environments. They inherit security, settle transactions, and rely on Ethereum (or another L1) to finalize everything that matters. That dependency has economic consequences. Every time a transaction is processed on an L2, it eventually gets rolled up and settled on the L1. The result? Fees flow back to Ethereum. Data availability fees flow back to Ethereum. MEV value—also upstream. It’s a one-way transfer of value, from the L2’s economy back to the L1 that secures it. If you’re building a project on an L2, you’re not compounding value in your own ecosystem—you’re subsidizing someone else’s.  While these charges may seem trivial—after all, they’re just a tiny percent of the network’s revenue—they add up quickly, endlessly sapping away liquidity. For any project trying to scale, these persistent overheads can seriously limit growth and long-term sustainability. While these fees may appear minor—just a small fraction of overall revenue—they accumulate fast, quietly draining liquidity from the ecosystem. Over time, costs from the data availability and restaking layers become substantial. For any project approaching scale, these persistent overheads can seriously limit growth and long-term sustainability. And it doesn’t stop with fees. Liquidity and governance are also rooted in the parent chain. Most DeFi protocols still rely on liquidity pools and bridges based on the Ethereum mainnet. Token holders often stake or vote using systems built upstream. Even when L2s have their own tokens, they’re often structurally tied to Ethereum’s economic and political dynamics. Put differently: L2s give you speed, but they take away your independence and slowly drain your token economy of resources. Appchain L1s: Keeping the value you create Appchains, in contrast, are built to retain the value they generate. When you launch your own sovereign chain, you’re not settling elsewhere. You’re not leaking fees or depending on another network’s validator set. The economic activity you generate—transaction fees, staking rewards, MEV, governance power—it all stays local. That creates a fundamentally different growth model. Instead of value flowing out of your ecosystem, it compounds internally. Your token captures more utility. Your community has a direct stake in your chain’s success. Your infrastructure becomes an engine for growth, not a cost center feeding another chain’s economy. You also get full-stack control, no longer bound by a parent chain’s limitations. Want to set custom validator incentives? Go for it. Want to experiment with gasless transactions or dynamic tokenomics? Do it. L1s let you build infrastructure that matches your application’s needs, not the other way around. But what about fragmentation? For years, the biggest knock against appchains was that they’d create isolated ecosystems. That criticism used to hold weight, but not anymore. Thanks to interoperability solutions like LayerZero, Avalanche Warp Messaging, and IBC, we now have reliable ways to move data and assets across chains. Appchains can plug into broader ecosystems while still keeping their sovereignty. They can be both connected and independent—no longer forced to choose between integration and control. The fragmentation argument is outdated. In practice, appchains are becoming a natural extension of the multichain world, and the tooling around them is improving fast. The market is catching on More and more projects are choosing to go the appchain route, and the trend will continue to gain steam. Builders want autonomy, they want economic sustainability, and they want the freedom to design their infrastructure around their users, not around Ethereum’s bottlenecks. That’s not to say L2s are going away. For many early-stage projects, they’re a decent starting point. But they’re not built for scale. They’re not designed to retain value. And they’re definitely not built for projects that want sovereignty over their infrastructure and their economy. If you’re trying to build something enduring—something that’s not just fast and cheap, but aligned, sovereign, and sustainable—you shouldn’t be settling for a Layer 2. You should be thinking like an ecosystem manager. You should be owning your stack. You should commit to building a chain that meets your own custom needs, without siphoning resources.  Spinning up an L2 may seem like the simplest go-to-market strategy, offloading responsibilities so you can get to market faster, but investing in L1 infrastructure is acrucialstep to long-term success. Before long, every project will be racing to build its own appchain.  Read more:The super app awakens: Telegram’s quest for crypto supremacy | Opinion Steven Gates Steven Gatesis the Founder of Hypha, a comprehensive platform for launching blockchains that makes it easy to configure a validator license sale.

2025年3月11日，美国华盛顿特区，比特币政策研究所组织了一场比特币顶级爱好者的聚会。 迈克尔·塞勒在美国发表了关于比特币的有力演讲。在 X 上，演讲视频引发了关于是否需要“更好的比特币”的争论。Riot Platforms 的 Pierre Rochard 加入了讨论，并就为什么不可能有更好的比特币发表了自己的看法。 这场辩论始于播客、企业家和天使投资人 Jason Calacanis 对 Michael Saylor 演讲视频的回应。演讲中提到，美国作为超级大国，必须主宰网络空间，以免失去其地位。Saylor 解释了比特币为何重要以及美国为何应该拥有大量比特币。 塞勒对比特币的不懈推崇以及他高风险的积累技术正在损害比特币生态系统和品牌。过于集中、过于夸张、过于冲突。他实际上正在为某人发起“a”创造绝佳机会……https://t.co/D9BkzY5nNt— @jason (@Jason) 2025 年 3 月 11 日 卡拉卡尼斯转发了一段视频，并补充说，塞勒正在通过不断的拉高和高风险的积累技术破坏比特币的品牌和生态系统。卡拉卡尼斯认为，比特币“过于集中化，夸张太多，冲突太多”。他总结说，塞勒为推出“更好的比特币”奠定了完美的基础。 推出更好的比特币就像推出更好的轮子一样不可能。你不可能发明两次数字稀缺性。— Matteo Pellegrini ⚡️ (@matteopelleg) 2025 年 3 月 11 日 当然，比特币大佬们也注意到了这一评论。他们说推出“更好的比特币”是不可能的，这表明 Calacanis 根本就没有正确理解比特币。例如，Consensus Pro 的 Matty Ice 回应说，人们无法“重现网络效应、安全性、去中心化、起源故事等”。他解释说，Saylor 拥有大量比特币并不意味着比特币就中心化了。 皮埃尔·罗查德登场 Riot Platforms, Inc. 研究副总裁 Pierre Rochard 详细解答了 Calacanis 的疑虑。他首先表示，去中心化是比特币设计和工作量证明的固有特征，全球节点的分布比比特币在一个人手中的积累更重要。拥有大量 BTC 并不能提供利用网络的能力。Rochard 提醒我们注意共识规则，他说“即使是高调的倡导者或单个大持有者也要像所有其他用户一样接受相同的验证和共识流程。” Rochard 认为，Saylor 的活动对比特币的价值影响不如可预测的发行计划、全球可访问性、安全性以及去中心化节点运营商社区。无论单个影响者的拉动有多大，所有参与方都将受到平等对待，任何个人或机构都不能享有特权。为了证实他的观点，Rochard 表示，比特币经历了一系列严重的动荡，如交易所大规模崩盘、市场波动、协议分歧等。这些都没有影响其运营。 Rochard 并没有明确表示不可能出现“更好的比特币”。相反，他表示创造这样的比特币是不可能的。创造“更好的比特币”需要挑战比特币独特的历史作用及其在流动性、长期安全性和其他特征方面的主导地位。他指出，现有的山寨币和代币存在长期漏洞，而所有模仿比特币基础设施的尝试都失败了。 最后，罗查德重申，独立验证、去中心化和无需许可的性质在比特币网络中一直比灾难或任何影响者的可信度发挥着更重要的作用。“该协议的核心属性——安全、无需许可、任何人都可验证——确保比特币的基本承诺不受损害。” 一位名为“Chad”的 X 用户试图加强对比特币的批评，称像 Saylor 这样的人正在损害品牌、扭曲市场并威胁比特币的“去中心化精神”，然而，这些担忧被懒惰的、不以为然的回应所驳回。 矿池只是服务提供商。他们不拥有或控制挖矿设备。机构所有权/Saylor：共识规则由世界上每个全节点执行。如果他们改变了节点的规则，他们就无法与比特币网络交互— Darkwing (@DarkwingCrypto) 2025 年 3 月 12 日 Rochard 的详细阐述有效地结束了这场辩论。有趣的是，Calacanis 并没有回应 Rochard。 What did Rochard say in his speech? Pierre Rochard himself participated in the Washington, D.C., event, providing a speech aimed to prove that Bitcoin is a better gold. The things he said in his remarks add some points to the debate over Bitcoin’s characteristics. 黄金是美丽的，比特币是聪明的感谢@btcpolicyorg 邀请我发言！这是一次很棒的活动。pic.twitter.com/T5TptT6wOe— Pierre Rochard (@BitcoinPierre) 2025 年 3 月 12 日 罗查德的演讲围绕着人们对诺克斯堡黄金是否还在那里的怀疑展开。他辩称，50 年前发生的最新一次审计并不是真正的审计，因为那只是一位参议员看了他目测是黄金的东西，然后就认定一切都很好。 阅读更多：Donald Trump to audit Fort Knox: “If gold isn’t there, we’re gonna be very upset” Rochard estimates that Fort Knox must hold $425 billion worth of gold and hopes that DOGE will make a proper audit involving an assay, a sonogram, and other procedures that will confirm the purity of gold in Fort Knox. The procedures are expansive and require much expertise. He continued by saying that even if all the gold in Fort Knox is real, we cannot estimate how much of the world’s total supply is kept there. Once gold may be discovered outside the Earth. That’s not the case when we speak about Bitcoin. The purity of Bitcoin is verifiable by any person with any connected device. The task of calculating the total supply’s share of any amount of BTC is easy. The audit of Bitcoin is easy. The secure storage and transport of Bitcoin is much easier and cheaper than the secure storage and transport of gold.  总体而言，罗查德的言论呼应了塞勒和其他比特币支持者之前的许多言论。他们都在推动更积极的 BTC 购买政策。塞勒在演讲中提到，到 2035 年，BTC 总供应量的 99% 将被开采，届时美国必须巩固其在比特币领域的领导地位。 你可能还喜欢：经济学家预测，比特币最终将归零：时间是这样的

数字资产金融服务提供商 Hex Trust 已收购 Byte Trading，收购价格未公开。 此举旨在增强 Hex 为机构投资者提供的市场和主要服务，同时标志着该初创公司从托管人向全方位服务金融机构转型的一个新里程碑。 该协议于周五宣布，在此之前，Hex Trust 于 2024 年 11 月推出了电子交易，并最近与 Morgan Creek Digital 进行了一轮融资，使其总融资额超过 1 亿美元。通过将 Byte Trading 的低延迟交易平台整合到其安全、受监管的基础设施中，Hex Trust 旨在提供无缝执行和扩展的机构级服务。 你可能还喜欢：1 月份代币发行量达到 60 万，引发市场流动性担忧 Hex Trust 首席执行官 Alessio Quaglini 在一份事先准备好的声明中表示：“收购 Byte Trading 标志着 Hex Trust 战略发展中又一个重要里程碑。他们一流的技术加速了我们的转型，使我们能够满足机构投资者在数字资产领域日益增长的需求。” Hex Trust 的扩张不仅限于托管和质押，该公司于 12 月推出了 HT Market MENA，使机构投资者能够通过其授权托管平台将加密货币转换为法定货币。该公司最近还与 DeFi 协议 Clearpool 合作推出了专注于现实世界资产收益的区块链平台 Ozean。 Hex 的努力是否会引起机构投资者的兴趣还有待观察。根据摩根大通最近的一项调查，71% 的投资者计划在 2025 年避免使用加密货币。 Hex Trust 的下一步计划 随着 Hex Trust 继续扩大其机构产品范围，此次收购标志着该公司 2025 年积极的增长战略，并且即将推出进一步的扩张计划。 Hex Trust 持有迪拜虚拟资产监管局 (VARA) 颁发的三张虚拟资产服务提供商牌照。该公司的业务涵盖托管服务、经纪和交易以及虚拟资产管理——HT Markets MENA FZE 在其名下运营。 该公司还提供场外交易解决方案、企业财务风险管理和深度流动性渠道。 自 2022 年 6 月在迪拜开设办事处以来，Hex Trust 一直专注于在中东和北非地区扩张，同时与 VARA 合作以确保安全的加密交易环境。

Ripple is making progress in its long-drawn legal battle with the U.S. Securities and Exchange Commission, with plans for a $50 million settlement. A joint filing made the headlines following several updates on firms planning to raise funds to purchase XRP and hold it as a treasury asset. Experts examine whether it is a “pump and dump” tactic to exploit sidelined traders or whether XRP could rally toward a new high in 2025. Table of ContentsXRP price forecastXRP derivatives analysis Ripple makes progress in SEC lawsuit, other catalysts What to expect from Ripple in 2025Err on the side of caution, Matthew Sigel warns XRP traders XRP price forecast The XRP weekly price chart shows that the long-term outlook on the native token of the XRPLedger is mixed. While technical indicators suggest a likelihood of further consolidation, catalysts, and bullish developments surrounding Ripple, the XRPLedger and its stablecoin could fuel a bullish sentiment among traders and drive prices higher.  The RSI reads 50, at the neutral level and MACD flashes red histogram bars under the neutral line, meaning there is an underlying negative momentum in XRP price trend.  The altcoin faces resistance at a local peak of $2.6549 and could test liquidity at the $2 support, a key psychological level for XRP.  XRP could rally 25% if it ends the consolidation and confirms an upward trend, testing resistance at $2.6549.  The daily price chart shows that XRP is in a short-term downward trend and consolidates under the $2.6549 resistance. RSI reads 40, far under the neutral level, while MACD flashes its first red histogram bar after a series of green histogram bars in the past week.  To test the $7 target, XRP would have to enter price discovery and climb towards the 272.2% Fibonacci retracement of the rally from the $0.3823 low to the $3.40 peak. This is possible if the XRP price maintains a sustained upward trend and bullish momentum for the next few weeks, irrespective of volatility in altcoins and Bitcoin flash crashes.  XRP/USDT weekly and daily price chart | Source: Crypto.news You might also like:XRP price nears big move as RLUSD flirts with $500m milestone XRP derivatives analysis  Derivatives data from Coinglass, a crypto intelligence platform, shows a decline in Open Interest (OI), or the total value of all open contracts in XRP across derivatives exchanges. However, there has been a massive increase in derivatives trade volume and options volume in the last 24 hours.  The long/short ratio exceeds 2 on Binance and OKX, meaning there are more long bets than short bets, and derivatives traders expect a rally in XRP.  However, over $20 million in long positions have been liquidated in XRP, while less than $2 million in shorts were liquidated, meaning the market is punishing bulls.  XRP derivatives data analysis | Source: Coinglass You might also like:This crypto raised $299M with zero VC help: BlockDAG is the people’s chain Ripple makes progress in SEC lawsuit, other catalysts  A recent filing in the SEC v. Ripple lawsuit shows that the two parties have jointly agreed to a $50 million settlement to be paid to the securities regulator. This could draw the long legal battle to an end and support a bullish thesis for XRPLedger and XRP adoption.  🚨NEW: The @SECGov and @Ripple have jointly requested a Manhattan District court to dissolve the injunction in their ongoing case and release the $125 million civil penalty held in escrow.They’re proposing that $50 million be paid to the SEC, with the remaining funds returned… pic.twitter.com/UopQuQNG5q— Eleanor Terrett (@EleanorTerrett) June 12, 2025 Two other key catalysts include Trump-appointed CFTC Chair Chris Giancarlo’s idea of issuing government bonds for crypto assets like Bitcoin and XRP. The CFTC Chair believes that it is likely and shared his insights during a discussion at the XRPL Apex 2025 event in Singapore.  With a large number of ideas being floated in the Trump administration about the US government’s acquisition and custody of cryptocurrencies, there is an interest in bonds backed by crypto.  The final catalyst is related to crypto banking itself: a bank charter that could allow payment remittance firms like Ripple to get banking licenses. At an XRP Las Vegas conference, Greg Kidd, co-founder of Haka Yaka Ventures and owner of Vast Bank, told FOX Business’ Eleanor Terett that “he is working on a bank charter that could allow firms like Ripple to get banking licenses.” What to expect from Ripple in 2025 Developers at the XRPLedger, led by Ripple CTO David Schwartz announced at the Apex 2025 event that the chain has plans to launch an Ethereum Virtual Machine (EVM) sidechain in Q2 2025.  The sidechain would allow Ethereum smart contracts to enter the XRPLedger ecosystem, and the parallel-running blockchain would integrate the low-cost transaction capabilities of XRP’s native blockchain with the DeFi ecosystem of apps.  The chain is currently being tested, ahead of the mainnet launch. Further testing and validator partnerships will most likely mark Q2 2025. A bridge will connect the side chain to XRP’s native blockchain, and a version of the altcoin, wrapped in XRP, will be the native gas token for the EVM side chain.  The news of the technical development is likely the single most important driver of utility and adoption to the Ledger and XRP. At the same time, Ripple makes strides through its stablecoin partnerships and boosts the Ledger’s ecosystem. Err on the side of caution, Matthew Sigel warns XRP traders Despite bullish developments and headlines shining the spotlight on firms that announced plans to buy and hold XRP as a treasury asset, VanEck’s Head of Digital Assets, Matthew Sigel is not convinced.  Sigel believes that the low-cap Nasdaq companies claiming they’ll buy hundreds of millions of dollars worth of altcoins like XRP could be “pump and dump” schemes. These schemes are meant to inflate prices and benefit from the liquidity, leaving retail traders in the lurch to pocket large-scale losses.  According to Sigel, VivoPower’s announcement, followed by Webus’s $300 million XRP reserve plan, could be temporary catalysts for XRP. Whether the low-market-cap firms raise the funds and purchase the tokens to hold in their treasuries remains to be seen.  Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial.

While Michael Saylor’s Bitcoin playbook is the talk of Wall Street, another U.S.-listed company, Know Labs, is set to join the growing list of publicly traded Bitcoin treasury companies. Former Ripple chief risk officer Greg Kidd is set to acquire Know Labs Inc., a medical device company that offers non-invasive health monitoring solutions, and adopt a Bitcoin (BTC) treasury strategy.  Know Labs announced the news on June 6, stating that Goldeneye 1995 LLC, an affiliate of Greg Kidd, has agreed to acquire a majority stake. Once the deal closes, the former Ripple executive will become the new chief executive officer and chairman of Know Labs. The acquisition will be completed using a mix of Bitcoin and cash, with Know Labs deploying Goldeneye’s 1,000 BTC payment as part of its treasury strategy. Investors in the company will gain “significant economic exposure to this highly attractive digital asset,” Know Labs wrote in a press release. You might also like:Trump Media files Form S-3 with U.S. SEC over $2.3B raise for Bitcoin treasury Know Labs is Greg Kidd’s latest crypto-related venture. The co-founder and CEO of venture capital firm Hard Yaka has backed several crypto companies, including Ripple, Coinbase, Robinhood, Uphold, and Solana. He previously served in the Federal Reserve’s payments division. His move to take a Bitcoin strategy approach may be inspired by Michael Saylor’s Strategy, formerly MicroStrategy, which has amassed a massive haul of BTC since first buying the asset in August 2020..  “I’m thrilled to deploy a Bitcoin treasury strategy with the support of a forward-looking organization like Know Labs at a time when market and regulatory conditions are particularly favorable,” Kidd said. Know Labs’ Bitcoin holdings will account for 82% of its $128 million market cap once the BTC is added to the balance sheet. This will give the company a net asset value multiple of 1.22x, based on a BTC price of $105,000 at closing. Know Labs expects the transaction to close in Q3 2025, subject to shareholder approval and the finalization of customary closing conditions. You might also like:Michael Saylor boasts Strategy’s ‘indestructible balance sheet’