CryptoQuant：随着永续合约与现货价差缩小，比特币可能很快反弹

Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial. For the past several years, web3 has been dominated by one metric: Total Value Locked. Entire ecosystems have been valued, ranked, and rewarded based on how much capital they can silo within their smart contracts and bridges. However, while TVL has been an easy number to point to, it’s also led us down a narrow path that reinforces fragmentation, not freedom. You might also like:Breaking free from the Matrix: Web3 search engine can reshape the internet’s future | Opinion I feel it’s time to shift the narrative. Web3 shouldn’t be about how much value is locked away on isolated chains; it should be about how much value is unlocked and made usable everywhere. The industry needs a new north star: Total Value Unlocked (TVU). The failure of TVL as a metric Some readers might argue that TVL is a necessary measure for assessing economic security and user trust. Others may contend that full interoperability increases systemic risk, especially given the growing frequency of cross-chain bridge exploits. While I agree that these risks must be addressed, they do not justify the continued fragmentation of the ecosystem. TVL incentivizes protocols to hoard assets through staking rewards, yield farming and native token lockups, creating liquidity silos, fragmented networks that are difficult and risky to bridge. Developers are pressured to align with specific ecosystems while users must navigate a fractured, complex landscape. Recent trends, such as the proliferation of Layer 2s (a Gemini Institutional Insights report noted how a new Ethereum L2 solution is launched roughly every 19 days) and application-specific chains have exacerbated this problem. Projects like Base and Blast are expanding Ethereum’s reach but are also reinforcing value lock-in. Meanwhile, interoperability promises, such as those made by Cosmos and Polkadot, have yet to fully solve cross-chain composability at scale. Introducing Total Value Unlocked Total Value Unlocked shifts the focus from isolation to accessibility. TVU is a measure of how much usable, verifiable, and interoperable value a blockchain ecosystem can unlock, not just on its own, but in concert with others. It’s about enabling liquidity, data, smart contracts, and infrastructure to be accessed universally, across all chains. This is what web3 urgently needs now: the ability to use the best applications, the most relevant data, and the deepest liquidity, regardless of where they originated. To make this possible, the ecosystem needs more than just cross-chain bridges. It requires a universal foundation for verifiability and interoperability, a settlement layer that validates data, transactions, and smart contracts across diverse environments. Unlocking value through universal verification Instead of relying on trust-based integrations, systems could use mathematical proofs to ensure correctness. Whether it’s a transaction from Ethereum (ETH), a smart contract execution on Solana (SOL), or an AI model inference on a Layer 3 network, a verifiable settlement layer would allow developers to verify once and use anywhere. This model allows liquidity from one chain to be deployed across others without losing integrity, while enabling smart contracts written in one language to be verified and referenced by another chain’s execution environment. Additionally, it allows AI models and off-chain computations to be cryptographically verified and made usable across applications and chains, ultimately bringing together off-chain knowledge and on-chain state under a single verifiable architecture. With TVU, we stop measuring how much value is trapped and start measuring how much is empowered. As more chains launch and as application-specific infrastructure continues to proliferate, the fragmentation of web3 will only accelerate in tandem. If we cannot share liquidity, contracts, or data easily across environments, user experience will remain fractured and mainstream adoption will stall. TVU offers a new framework for thinking about growth, prioritizing composability, reach, and usability over isolated numbers. It rewards developers who build interoperable systems, and it guides ecosystem architects to design infrastructure that connects rather than isolates. By focusing on TVU, and by developing a universal settlement and verification infrastructure, web3 can move beyond liquidity islands and toward a truly interconnected ecosystem. Read more:Put developers at the center of web3 | Opinion Grigore Roșu Grigore Roșuis the founder & CEO of Pi Squared. Grigore is a professor of computer science at the University of Illinois and a former NASA engineer, where he developed the K Framework—an open-source “Rosetta Stone” for programming language semantics. Grigore also founded Runtime Verification, now the leading formal verification company in web3. In 2023, he founded Pi Squared with a vision to solve fragmentation and trust limitations in today’s blockchain infrastructure.

披露：此处表达的观点和意见仅属于作者，不代表 crypto.news 编辑的观点和意见。 自主人工智能代理已经在帮助我们自动执行复杂的任务，从交易加密货币和执行 DeFi 交易到优化云计算，独立思考和行动，响应高级指令而无需不断的人工输入。想象一下告诉人工智能代理，“订购该地区最便宜的大号意大利辣香肠披萨并送货上门。”然后人工智能就会出发，搜索最优惠的价格，进行购买，并安排送货。 你可能还喜欢：人工智能的信任问题可以通过 ZK 解决方案解决 | 观点 但是人工智能如何支付披萨费用呢？ 您的 AI 代理可以拥有自己的钱包，并且只有它自己才能访问，而无需依赖传统的银行系统。然后，您可以设置一个多重签名钱包，任何交易都必须经过您和 AI 的批准才能发送。这种方法大大增强了安全性，因为 AI 只能使用您批准的钱包中的资金。 或者，您可以允许 AI 完全访问您的加密资金，或者您可以将特定代币（如 USD Coin (USDC)）直接发送到其钱包进行交易。每个选项都提供不同的安全级别，但有一点很清楚：基于区块链的支付系统比传统的法定解决方案提供了更大的灵活性和控制力，并且可以轻松定制以满足个人用户的偏好。 问题是，当前的 DeFi 基础设施主要为人类用户和投机资产而设计，在支持人工智能驱动的经济方面存在不足。为了充分发挥 web3 中人工智能的潜力，我们必须用智能稳定币和专用金融基础设施正面解决支付问题。 AI 与 DeFi 之间的不匹配 DeFi 协议是为与流动性池和交易平台手动交互的人类参与者构建的。然而，人工智能系统是自主运行的，通常需要微交易和即时访问计算资源、数据馈送和其他服务。当前的 DeFi 基础设施无法以无需信任和高效的方式处理机器对机器的支付，这为人工智能创新造成了瓶颈。 解决方案在于智能稳定币稳定币是与现实世界价值挂钩的数字资产，可以自主管理支付并访问流动性池。与波动性大的加密货币不同，稳定币为人工智能系统提供了必要的稳定性，使其能够不受价格波动风险的影响。 借助智能稳定币，AI 代理可以购买计算资源、访问数据源和 API、执行跨链结算以及管理基于订阅的服务。这种稳定、可编程的金融层使 AI 驱动的经济体无需人工干预即可运行，从而实现更高水平的效率和可扩展性。 推动稳定币在人工智能交易中的应用 为了扩大人工智能驱动的交易规模，行业必须推动在支付网络、市场和 DeFi 协议中更广泛地采用稳定币。与现有加密基础设施的无缝集成将确保人工智能代理可以自由交易，而不会受到流动性短缺或网络效率低下的限制。 与主要支付处理商、云提供商和去中心化计算网络建立合作伙伴关系是打造生态系统的关键，在这个生态系统中，稳定币将成为 AI 驱动服务的默认支付方式。通过协调 AI 开发者、稳定币发行者和金融平台之间的激励机制，我们可以加速采用并为机器原生交易建立新的金融标准。 未来之路 为了真正解决 web3 中 AI 的支付问题，行业必须开发能够处理微交易和跨链结算的智能稳定币，实施去中心化的合规框架以满足监管标准，构建机器原生的流动性池以支持 AI 驱动的经济，并致力于与 OTC 柜台建立合作伙伴关系以增强稳定币的流动性。 通过解决这些关键领域，我们可以创建一个金融支柱，使人工智能协议能够在去中心化的数字经济中蓬勃发展。 阅读更多：人工智能终于凭借 DeFAI 在加密货币领域占据了一席之地 | 观点 伊恩·埃斯特拉达 伊恩·埃斯特拉达是一位职业产品制造商，热爱 memecoin 和稳定币。目前担任 Maitrix 首席执行官，正在推进 DefAI 基础设施的开发，为 AI 代币创建 DeFi 层。曾任 GCash（超过 1 亿用户）副总裁，在支付、借贷和信用风险方面拥有 10 多年的产品经验。自 2020 年以来一直从事加密货币。

SoFi CEO Anthony Noto said the company is preparing to re-enter the crypto market and integrate blockchain technology across all major business lines, as regulatory conditions continue to improve.  The comments came during an interview with CNBC, where Noto outlined a strategy to make crypto and blockchain core components of the company’s future offerings. “We want to enter cryptocurrency and blockchain activities in a much broader and more significant way,” Noto said. He emphasized that while expansion depends on the evolving regulatory environment, SoFi is preparing for a broad crypto rollout over the next six to 24 months. “We want to be able to offer blockchain products and crypto products across every area that we’re currently in, so across lending, across paying, across investing, as well as protecting,” Noto said. The first step in that plan involves relaunching SoFi’s ability to buy, sell, and hold cryptocurrencies within its “Invest” product. That offering was paused due to regulatory uncertainty, but Noto said the company expects to restart it within the next six months. SoFi’s broader vision includes using blockchain infrastructure to improve speed and reduce costs in areas like payments and lending. Noto also hinted at the potential to offer blockchain-based infrastructure services to third parties via SoFi’s technology platform. You might also like:Miden raises $25m to launch ‘Edge Blockchain’ for private, scalable apps Crypto-backed lending On the lending side, Noto discussed the possibility of offering crypto-backed loans.  “If we custody the cryptocurrency, we can provide a secure loan against that currency, again, a lower cost of lending for our members, just like margin loans are,” he said, comparing it to traditional margin loans already offered within SoFi’s invest business. While SoFi continues to scale its traditional loan origination and fee-based lending platform, the company appears to be setting the foundation for crypto to serve as both a new asset class and a technology layer.  Noto called blockchain “a technology more than anything else,” underscoring its potential to power financial services behind the scenes. SoFi’s crypto ambitions come as the company reports strong financial performance to start 2025, with revenue up 33% year-over-year and EBITDA up 46%.  The fintech firm added 800,000 new members in the quarter, bringing total membership growth to 34% year-over-year. Engagement in the SoFi Invest platform also hit record highs. You might also like:SEI price targets $0.40 as anticipation builds for staked SEI ETF

2 月 5 日，在特朗普加密政策顾问就可能实施国家战略比特币储备发表讲话后，美国现货比特币交易所交易基金的资金流入有所放缓。 根据 SoSoValue 的数据，12 只现货比特币 ETF 周三的净流入量为 6638 万美元，比前一天 3.4082 亿美元的流入量下降了 80%。大部分流入资金进入了贝莱德的 IBIT，共有 4435 万美元进入该基金。 WidomTree 的 BTCW 和 Fidelity 的 FBTC 也为这一积极势头做出了贡献，分别流入 1138 万美元和 1065 万美元。其余 9 只现货比特币基金当天没有流入或流出。 2 月 5 日，这些投资产品的总交易量为 20.4 亿美元，而自推出以来的总净流入量为 406.7 亿美元。 值得注意的是，周三流入量下降可能源于最近一次概述唐纳德·特朗普总统对美国数字资产格局愿景的谈话。在讨论中，特朗普的加密货币沙皇未能提供有关为国家实施战略比特币储备的任何新进展，只是表示探索“战略比特币储备的可行性”仍然是加密货币委员会的首要任务。 特朗普在赢得总统大选前几个月就承诺建立美国战略比特币储备，但政府对此立场的不确定性导致 BTC 投资者情绪谨慎。 截至发稿时，比特币（BTC）下跌 0.4%，每枚交易价为 97,847 美元。 你可能还喜欢：埃里克·特朗普表示，在他的 ETH 通话导致比特币价格飙升后，现在是购买比特币的“好时机” 以太 ETF 流入量也大幅下降 9 只以太坊现货 ETF 的净流入量出现更为严重的下降，2 月 5 日为 1811 万美元，低于前一天 3.0777 亿美元。 富达的 FETH 领先，流入资金 2006 万美元，而灰度的迷你以太坊信托紧随其后，从投资者那里吸引了 521 万美元。 Grayscale 规模较大的 ETHE 基金是当天唯一的例外，录得 716 万美元的净流出。其余 ETH ETF 保持中性。 阅读更多：以太坊的反弹看起来很强劲，但它能持续下去吗？2025 年展望

A high-profile House hearing on crypto regulation got testy Tuesday after House Democrats, led by Rep. Maxine Waters walked out in protest over President Donald Trump’s involvement in crypto. The joint hearing — organized by the House Financial Services and Agriculture Committees — was meant to discuss a new draft of market structure legislation that would divide oversight of digital assets between the Securities and Exchange Commission and the Commodity Futures Trading Commission.  But, for a moment, the debate on regulatory frameworks was interrupted and marked by political tension. Waters, the ranking Democrat on the Financial Services Committee, formally objected to the hearing at its outset.  “I object to this joint hearing because of the corruption of the President of the United States and his ownership of crypto and his oversight of all the agencies,” she said during the session, before exiting with other Democratic members. During a heated exchange, Waters kept “insisting on the objection,” citing dubious ties between Trump and the crypto industry.  You might also like:21Shares launches ETP giving exposure to Crypto.com’s CRO    Partisan concerns over crypto The walkout followed Waters’ earlier warning to Committee Chair French Hill that she would oppose the session unless Republican lawmakers agreed to include language addressing Trump’s financial ties to crypto.  Those ties have come under increased scrutiny in recent months, with Trump and his wife, Melania, launching their own memecoins, and a pro-Trump financial group, World Liberty Financial, unveiling a stablecoin.  Trump also held a crypto fundraising dinner Monday night, with prices reportedly reaching $1.5 million per plate. Hill responded by defending the bipartisan nature of the legislative efforts, saying the new draft “places universal requirements on issuers of all stripes” and should not be derailed by political disputes, according to Politico.  You might also like:UK rules out Bitcoin reserves: not ‘appropriate for our market’ Democrats against GENIUS Democrats have also expressed concerns about the GENIUS Act, a proposed stablecoin bill that aims to set federal standards for issuance and compliance. Over the weekend, several Democratic senators, including Mark Warner and Raphael Warnock, flagged issues such as the need for stronger anti-money laundering rules and stricter oversight of foreign issuers. Waters is reportedly planning a separate “shadow hearing” to highlight what she sees as conflicts of interest surrounding Trump’s crypto activities. Joint hearings in the House require unanimous consent, but the hearing is still going at the time of writing.  You might also like:Crypto staking firm Figment eyes $100m to $200m acquisition deals with ‘smaller providers’