Against the backdrop of the US having established a leading advantage through legislation such as the GENIUS Act, the a16z report points out that the United Kingdom still has a "short but significant window period" to shape its unique competitive advantage through wise regulation.

Opportunities and challenges in the United Kingdom:

• Opportunity : About 12% of United Kingdom adults hold cryptoassets, and blockchain is expected to contribute 40 billion pounds to the United Kingdom economy by 2035. Clear and forward-looking regulation can help London upgrade from a traditional financial center to a "crypto innovation center".
• The challenge (which is also the core of the proposal) : action must be taken quickly to establish predictable regulatory environments , otherwise projects and capital will flow to jurisdictions with clearer rules (such as the US).

The key implication of the report: Crypto regulation has become a strategic tool for competition between countries . If the United Kingdom wants to not fall behind, it must coordinate and compete with the US on key issues such as decentralized frameworks and stablecoin mutual recognition, and build its own attractiveness.

In short: This is not only rule-making, but also a competition for future financial has the voice over and economic growth points. Do you think the United Kingdom can seize the opportunity?

International Competition Analysis: https://a16zcrypto.com/posts/article/steps-uk-drive-growth-protect-consumers

#InternationalCompetition #UnitedKingdom #US #Strategy #EconomicGrowth

The evolution path of the prediction market is highly representative: from crypto-native applications (Polymarket), to obtaining traditional financial regulatory licenses (Kalshi) , and then to being integrated by top exchanges and brokerage giants (ICE, Robinhood) . The key to its success lies in meeting the needs of different levels.

Value to different stakeholders:

• For users: the "bet" into a "expression of views" with economic incentives , both entertainment and potential benefits.
• For platforms (such as Robinhood) : It is the perfect tool to increase user engagement rate and achieve cross selling , and can seamlessly integrate into trading apps.
• For institutions (such as ICE): The probability of market generation is high-value alternative Data assets that can be packaged and sold to clients such as hedge funds.

Competitive core: It has been upgraded from simple product experience to comprehensive competition in regulatory status, traffic entrance and data distribution network . Even if newcomers (such as DraftKings) enter the market, it is difficult to shake the ecosystem position of the duopoly.

Thinking: When a track is taken over by traditional financial giants with capital and channel advantages, is there still a chance for crypto-native innovation teams?

Evolution of the competition landscape: https://blog.ju.com/prediction-markets-2026-growth/?utm_source=blog #Competition #TraditionalFinance #Evolution #WallStreet #Track

PancakeSwap incubates the prediction market platform Probable, which is far more than just adding a product feature. It also reveals the strategic evolution of top DeFi applications: Expanding from a single "trading venue" to a comprehensive "on-chain casino/casino" ecosystem.

Strategic logic deduction:

1. User retention and value-added: The prediction market has strong entertainment and user stickiness , which can effectively improve user engagement rate and stay time, guide traffic to the PancakeSwap main station and create new sources of income.

2. Ecosystem collaboration: Probable seamlessly integrates PancakeSwap's liquidity and exchange functions to form an experience loop. Its automatic token conversion is the best example.

3. Seize the track: The prediction market is regarded as a key track in 2026 by institutions such as a16z, with huge trading volume (the peak of the sector in 2025 will reach $10 billion per month). PancakeSwap seizes the position in advance through incubation.

Challenge: Faced with the Network Effect and Liquidity Depth of mature platforms such as Polymarket (with monthly trading volume exceeding $2 billion), Probable needs to prove that its "zero commission" strategy is enough to attract users to migrate.

Analysis of ecosystem strategy:https://blog.ju.com/probable-prediction-market-bnb-chain/?utm_source=blog #DeFi #ecosystem #strategy #competition #PancakeSwap

DAWN Network, led by Polychain Capital with $13 million, is another example of capital re-staking on the DePIN (decentralized physical infrastructure) track. Its logic is: using token incentives and community building models to challenge the monopoly of traditional centralized heavy asset infrastructure .

DAWN's differentiated positioning:

1. Focus on "last mile" broadband: Unlike DePIN projects such as Helium (5G) and Hivemapper (map), DAWN focuses on home broadband access this more basic and larger market area.

2. Strong ecosystem binding: Cooperate with Helium Mobile to expand coverage, integrate with Spheron Network to access home GPUs to the AI computing market, which enhances the utility and potential benefits of its nodes.

3. Hardware and verification innovation: Its "backhaul proof" mechanism and Modularization hardware design aim to solve the core pain points of inaccurate contribution measurement and easy obsolescence of equipment in DePIN projects.

Industry Signal: Messari report predicts that projects similar to DAWN will drive on-chain DePIN revenue to exceed 100 million USD by 2026. Do you have confidence in this "using Crypto to incentivize the construction of the physical world" model?

Track analysis and investment logic: https://blog.ju.com/dawn-network-depin-solana/?utm_source=blog #VCInvestment #Track #Polychain #Helium #BusinessModel

The market is repairing, bulls and bears are in equilibrium, and macro signals are intertwined. In this typical "hesitation period" , investors' strategies may need to be clearer.

Current market status summary:

1、Environment : leverage risk release, systemic selling pressure reduction.

2、Contradiction: Macroscopically, the US crypto tax proposal (good) and the Fed's higher interest rate expectations (bad) form a hedging.

3、Phenomenon: funds in the extreme balance of mainstream currency and extreme volatility of counterfeit products currency between the two poles.

Potential strategic direction:

• For trend traders: need to wait patiently for BTC or ETH to clearly break through the current range (e.g. BTC stands at $90,000, ETH stands at $3050) to confirm the direction.
• For volatility traders : you can pay attention to counterfeit products currency rotation, but you must strictly stop loss, and realize that this is essentially a high-risk, fast-in and fast-out game .
• For long-term investors: The easing of market leverage and regulatory discussions may provide a window to examine project fundamentals and gradually build positions in batches .

Bottom line: The market is accumulating energy, and your strategy needs to match this state.

After-market outlook and strategy: https://blog.ju.com/crypto-daily-market-report-dec22-2025/?utm_source=blog #InvestmentStrategy #MacroAnalysis #VolatileMarket #TradingIdeas

AMA discussion reveals that 2025 may be a key turning point year for on-chain finance to move from "Proof of Concept" to "mainstream infrastructure", with the core driving force coming from breakthroughs in regulatory frameworks and substantial entry of traditional giants.

Key progress:

1. Regulatory milestones: The US passed the GENIUS Act , and Hong Kong implemented the Stablecoin Ordinance , providing a clear compliance path for stablecoins and other encrypted financial products, sweeping away the biggest obstacle to institutional funds entering.

2. Institutional action: BlackRock, JP Morgan Chase, Franklin Templeton and other traditional financial giants have launched tokenized funds or bond products (such as BUIDL funds), no longer watching, but participating in the construction.

3. Infrastructure investment: Venture capital is investing heavily in underlying facilities such as payments and RWA , valuing their ability to solve persistent problems such as cost, speed, and compliance, rather than short-term speculative needs.

Conclusion : Driven by regulation, capital and traditional players, a crypto-driven, more efficient global financial network is accelerating.

Detailed explanation of regulatory and institutional dynamics : https://blog.ju.com/jucom-ama-new-liquidity-rails-2025/?utm_source=blog #Regulation #TraditionalFinance #Institutions #compliance #Turningpoint

Against the backdrop of positive CPI and on-chain data, the market has not yet chosen its direction and continues to fluctuate. This indicates that it is currently in the bottoming stage of "accumulation of positive news" to "recovery of confidence" .

Breakthrough may require the following signal resonance:

1. Technical Fundamental Confirmation: BTC needs to re-establish and consolidate the $88,000-90,000 range to prove the end of the pullback. ETH needs to effectively break through and stand above the $3,000 psychological barrier.

2. Improvement in the funding side : The greed index has dropped to 21 (extreme fear), which is usually close to the bottom of the sentiment, but it is necessary to see a sustained increase in trading volume and a significant increase in the proportion of mainstream coin bulls to confirm the return of funds.

3. New narrative or catalyst: In addition to macro, new hotspots (such as a major agreement upgrade, ETF progress) are needed to attract off-site incremental funds.

In summary: The market digests floating funds and accumulates energy in the shock. For long-term investors, this may be a window period to examine the fundamentals of the project and layout in batches.

After-market observation and strategic thinking : https://blog.ju.com/crypto-daily-market-report-dec19-2025/?utm_source=blog #Aftermarketoutlook #Bottombuilding #Breakthroughsignal #Investmentstrategy

The RateX protocol provides an excellent example of observing the evolution of DeFi speculation: when basic liquidity mining and staking returns become commonplace, the market begins to pursue more complex tools - Leveraged speculation on the "yield" itself.

Potential Returns and Risks:

• Return Case: If it is judged that the implied return of an asset will increase from 6% to 9%, using 10x leverage to go long on its YT may obtain a return of 500% (for example, non-commitment).
• Core risk:  
• 1、Double volatility : YT price is affected by the underlying asset price and yield, and the volatility may be greater.  
• 2、Liquidation risk : under 10 times leverage, a small reverse fluctuation in the market may trigger forced position squaring.  
• 3、Contract risk : Despite being audited, complex smart contracts can still have unknown vulnerabilities.

Reflection: Is this trend of financial derivatives of "income" itself a sign of maturity for DeFi, or does it introduce more systemic risks? Is the participation threshold too high for ordinary users?

Risk and Return Analysis : https://blog.ju.com/ratex-protocol-leveraged-yield-trading/?utm_source=blog #Speculation #RiskManagement #DeFi #FinancialEngineering

Reading through a16z's 2026 outlook, perhaps the most striking thing is the clear call made in its concluding section: the industry must shift from a "light construction, heavy trading" casino model to a "light trading, heavy construction" factory model.

The "construction" direction identified in the report:

• Build financial assets native to the chain (such as perpetual contracts), rather than simply moving off-chain assets.
• Building an identity and payment layer for AI agents has become the cornerstone of silicon-based civilization.
• Design privacy and security as foundational capabilities at the protocol layer, rather than as an after-the-fact patch at the application layer.

The logic behind it: With regulatory clarity, the industry must fulfill its technological promises, truly solve problems, and create value in order to usher in the "golden age of builders".

What this means for you and me: The rewards of the future market will flow more towards protocols and infrastructure that solve real problems, rather than short-term speculation. Do you agree with this judgment?

Full report and opinion : https://blog.ju.com/a16z-2026-crypto-trends-report/?utm_source=blog #Builders #IndustryTurns #ValueInvestment #Infrastructure

For entrepreneurs, the financing environment in 2026 will be more stringent but also clearer. The investment logic of VC has undergone a fundamental transformation: From paying for "possibility" and "narrative", to paying for "proven product market fit" and "real income".

Successful templates under the new paradigm:

• Hyperliquid Path: Zero external VC financing, relying on excellent products (occupying 70% of on-chain perpetual contract trading volume) and community-driven, achieving annual revenue of over 650 million US dollars and then gaining market recognition.
• Polymarket path: years of polishing products, validating demand in real election cycles, obtaining mainstream institutions (such as ICE) 2 billion US dollar strategic investment, and then considering tokenization.

Core revelation: Capital is scrutinizing crypto projects with the discipline of traditional technology investment, demanding to see protocol revenue, user retention, and competitive barriers . Purely speculative projects will face financing exhaustion.

Detailed guidance for entrepreneurs: https://blog.ju.com/crypto-vc-2026-outlook/?utm_source=blog #Entrepreneurship #financing #productmarketfit #businessmodel

When cloud giants control the lifeline (computing power) of AI training and charge high fees, Gensyn, led by a16z, is trying to open a gap with decentralized protocols. Its testnet data shows that this alternative solution has initially worked.

Current progress and data:

1. Cost advantage : Claiming that the cost of computing power can be as low as 1/5 of the centralized Cloud as a Service, this will be the key to attracting small and medium developers and researchers.
2. Technical verification: Its RL Swarm collaborative training framework connected more than 26,000 nodes in the test network and completed more than 120,000 training sessions, proving that distributed collaborative training is technically feasible.
3. Trust mechanism: Through cryptographic proof and random sampling verification (Verde protocol) to ensure the reliability of computing strange nodes, which is the foundation of the entire business model.

Key question: The success of the testnet proves the potential of the technology, but whether it can truly form a stable and large-scale demand and supply at the commercial level after the mainnet goes online will be the touchstone of the next stage.

Project details and testnet data: https://blog.ju.com/gensyn-ai-compute-network #CloudServices #Competition #Infrastructure #AIModel

The market is hovering in a short-term correction (BTC -0.87%, ETH -3.61%), but the macro positive signals released in today's report are far more important than intraday fluctuations and are paving the way for the long-term structure of the market.

Summary of key benefits:

1. Federal Reserve "Green Light": The Federal Reserve officially lifted the ban on banks cooperating with crypto institutions in 2023 , clearing the biggest policy obstacle for traditional banks to enter the crypto field on a large scale . .
2. Head exchanges actively seek change: Bloomberg reported that Binance is evaluating the restart of Binance.US and easing compliance pressure by adjusting the equity structure, showing a trend of actively embracing regulation.
3. Compliance market explosion growth: Hong Kong virtual asset spot ETF total market value soared to $920 million in the third quarter, an increase of up to 217% , proving that institutional funds are pouring into compliance products at high speed.

Observation: Short-term prices are dominated by sentiment and leverage, but medium- and long-term trends are determined by fundamentals and institutions. These signals suggest that the convergence of traditional finance and crypto is accelerating into deep waters.

In-depth macro analysis: https://blog.ju.com/crypto-daily-market-report-dec18-2025/?utm_source=blog #FederalReserve #Regulation #TraditionalFinance #compliance #Macro

TestMachine's $6.50 million financing is a direct response of capital to the intensification of the encryption security crisis. Data shows that industry losses in the first half of 2025 have exceeded $3.10 billion, with access control defects and private key leakage being the main attack paths. Against the backdrop of continuous upgrading of hacker technology (especially national-level teams), traditional defense methods seem inadequate.

The logic of capital betting:

1. Rigid demand: Security is the foundation of all DeFi activities, exchange operations and asset custody, and is the bottom line of industry survival .
2. Technology generation gap: AI-driven continuous monitoring and dynamic testing, compared to a one-time human audit, represents a significant generation gap in efficiency and coverage , with the potential to become the new industry standard.
3. Scaling pain points: As the number of tokens and protocols in the ecosystem grows exponentially, manual auditing cannot scale , and automated solutions are the only way out.

Challenges: The "black box" nature of AI models may bring new trust issues, and their ability to identify new and unknown attack patterns still needs to be tested in practice.

Market analysis and investment logic:https://blog.ju.com/testmachine-blockchain-security/?utm_source=blog #Investment #cybersecurity #marketdemand #cryptoventure

Payment Processor Speed announced that it has processed more than 1.50 billion dollars in annual payments through the Bitcoin Lightning Network, serving more than 1.20 million users. This data shows that encrypted payments based on the Lightning Network are moving from a "geek concept" to a scalable commercial service .

Market structure and opportunities:

1. Track Verification: Speed's data proves that there is a real and massive demand for fast, cheap, global payment solutions, especially in e-commerce, cross-border remittances, and the creator economy.
2. Competitive advantage: Compared with traditional encrypted payment (slow on-chain confirmation, high gas fee) and traditional bank card payment (high handling fee, slow settlement, geographical restrictions), Lightning Network payment has the potential of dimensionality reduction attack in experience and cost.
3. Ecosystem Synergy: The Lightning ecosystem itself is growing rapidly ($300 million channel capacity), forming a virtuous circle with application layers like Speed.

The key question: How much market share can it grab from existing payment giants? Regulatory compliance will be the primary challenge facing its expansion.

Market Performance and Competitive Analysis: https://blog.ju.com/speed-lightning-network-payment-processor/?utm_source=blog #Marketcompetition #Trackanalysis #monetization #Lightningnetworkecosystem

The Solana Foundation continues to invest, aiming to solve scalability and ecosystem richness with money. However, the core advantage of Ethereum L2 is precisely what money is most difficult to buy.Solana's advantages (money can accelerate):

• High throughput, low cost: Single chain performance experience is better.
• Ecosystem subsidies: Grants can quickly mature applications such as DeFi and NFT.

The advantages of Ethereum L2 (hard to shake with money):

• Inherited security trust: Institutions and large assets prefer to stay within the Ethereum system.
• Deep liquidity and compliance channels: The established financial infrastructure has huge inertia.

Conclusion: This is not a "do-or-die" race, but a market choice of different technical philosophies and user preferences . Do you value extreme speed and cost more, or the security of assets and ecosystem interoperability?

#Performance #Security #Liquidity #RouteSelection

After yesterday's plunge, the market entered a technical repair. Data shows that the rebound was mainly driven by short covering and technical buying , rather than a large influx of new long funds.Structure revealed by key data:

1. Long and short mentality: BTC and ETH long and short ratio still shows the advantage of the bears (about 51:49) , indicating that most funds will rise as a rebound rather than a trend reversal , cautious mentality.
2. Capital diversion : When mainstream assets fluctuate, PTB, EVER and other high-volatility small coins rise by more than 80% , showing that active short-term hot money flows from the market to more speculative sectors .
3. Sentiment indicators : Greed index rose from 21 to 25, panic has eased, but far from optimistic .

Thinking : This "big market stable, small market crazy" fund structure usually means that the market is in the stage of shock bottoming out or falling. True stabilization requires seeing the bullish funds of mainstream assets regain their dominance.

Full data and charts : https://blog.ju.com/crypto-daily-market-report-dec17-2025/?utm_source=blog #LongShortRatio #CapitalFlow #Rebound #MarketStructure #Sentiment

Surf AI, which recently completed a $15 million financing, has chosen a path of "anti-crypto normality": Instead of publishing tokens, it adopts a traditional SaaS subscription model (monthly fee of $15-399). This may reveal a new direction in the AI + crypto track.Key points of its business model:

1. Targeting Definitive Demand: Solving the rigid information needs of crypto traders and researchers, directly creating income, rather than relying on token speculation.
2. Institutional Market Priority: By providing enterprise-level functions such as SOC2 compliance and exclusive deployment (Surf Enterprise), it focuses on serving institutional customers who are willing to pay , which is the basis for its realization of millions of dollars in ARR.
3. Benchmarking general AI: Its direct competitors are ChatGPT, Perplexity, etc. , aiming to become the "default AI entrance" in the encryption vertical field.

Thinking: If more crypto projects return to the traditional business logic of "solving practical problems - charging service fees", does it mean that the industry is entering a more pragmatic stage?

Business model and financing details : https://blog.ju.com/surf-ai-crypto-research-platform/?utm_source=blog #SaaS #Subscriptionbased #BusinessModel #PanteraCapital #Startup

Looking ahead to 2026, the two most core structural forces are reshaping the market: one is the systematic entry of traditional financial institutions , and the other is the tokenization of trillions of dollars in real-world assets .Specific driving force analysis:

1. Institutionalization: Bitcoin ETFs are just the beginning. In the future, long-term capital such as pension funds and insurance companies will enter on a large scale through compliance infrastructure (such as regulations such as MiCA ), bringing more stable but more "picky" funds.
2. Asset Tokenization : RWA will bring trillions of dollars of traditional assets such as real estate and national debt onto the chain, providing real assets and revenue sources far beyond the current scale for DeFi and public chain ecosystems. This is no longer a concept, giants such as BlackRock and UBS are already laying out.
3. Market impact: This means that the drivers of market volatility will shift from internal narratives such as "halving cycles" to macro liquidity, institutional funding flows, and global regulatory progress .

Outlook: A new market is emerging, driven by institutional capital and real-world assets, with potentially lower volatility but large volumes. What does this mean for ordinary investors?

Complete trend analysis: https://blog.ju.com/crypto-market-outlook-2026-revenue-driven-growth/?utm_source=blog #TraditionalFinance #AssetTokenization #MarketStructure #DrivingForce

The Fed's "hawkish interest rate cut" has put short-term pressure on the market, but if we look to 2026, three gradually clear medium-term pillars may provide support for the market.Three pillars:

1. Liquidity Bottom: The end of QT and the beginning of RMP mark the most tight moment of macro liquidity has passed.
2. Policy expectations: The market has begun to expect that after May 2026, a more dovish Kevin Hassett may take over the Fed from Powell, and the policy tone may shift.
3. Institutional cost zone: The range of $75,000-82,000 is considered an important institutional holding cost and ETF position area, and may become a strong support zone.

• Upward breakthrough: stand firm at $92,000-93,500, above, may confirm that the market is beginning to price liquidity improvement.
• Downside support: Watch the $75,000-82,000 area.

Key location:

• Upward breakthrough: stand firm at $92,000-93,500, above, may confirm that the market is beginning to price liquidity improvement.
• Downside support: Watch the $75,000-82,000 area.

Thinking: The current market may be in the game stage of short-term sentiment adjustment and medium-to-long-term fundamental improvement. Are you more concerned about the current volatility or preparing for next year's layout?

Full Outlook and Data Analysis: https://blog.ju.com/fed-rate-cut-crypto-liquidity-2026 #2026Outlook #Bitcoin #Support #Resistance