TradFi

Explore A16z’s new investment logic in the crypto and technology sectors, analyzing its strategic deployments in AI, decentralization, and infrastructure, as well as the underlying trends driving these moves.

The article analyzes the similarities between the cryptocurrency market and traditional financial markets, highlighting the unique phenomenon of liquidity illusion in the crypto space and illustrating the severity of this issue through concrete case studies.

Under the growing trend of regulatory compliance, a fierce battle for discourse power in on-chain finance has begun. Amid this unfolding competition, who will lead the next wave of on-chain finance? This report explores the triggers behind the explosion of on-chain finance in 2025, how blockchain platforms can capture value, and the key factors to becoming critical infrastructure for the sector.

The article, by analyzing the attention and investment trends of traditional financial companies towards DeFi, reveals the potential of DeFi in improving operational efficiency, reducing costs, and enhancing risk management. It also explores traditional finance's interest in stablecoins, tokenized assets, and decentralized exchanges (DEXs), as well as the key impact of the regulatory environment on the development of DeFi.

After eight weeks of consecutive green candles, the crypto market finally saw some retracement. But, I'm more bullish on BTC than ever, even though we’re literally in a price discovery zone. The premise is simple, Bitcoin as an asset class is now properly entering the TradFi (3,3) system.

The Hyperliquid CXMT Pre-IPO Contract is an on-chain perpetual derivative that tracks the anticipated pre-listing price of Changxin Technology (CXMT), settled in USDC. It does not confer ownership of A-share registered stock. Unlike the three participation paths outlined in [Changxin Technology CXMT](https://www.gate.com/learn/articles/what-is-cxmt-changxin-stocks-pre-ipo-trading-guide), Hyperliquid is designed for global users with on-chain trading capabilities, offering a product under the IPOP category within the HIP-3 framework. Changxin Technology is the listed entity of Changxin Storage, with its stock narrative closely tied to the DRAM storage cycle and the STAR Market IPO process. Before official A-share listing, Hyperliquid introduced a synthetic perpetual market for CXMT, enabling investors to express directional views on Changxin Technology’s anticipated listing price on-chain, without holding individual stocks in the legal sense. Understanding the Hyperliquid CXMT Contract requires separating co