Chainfeeds Digest:
The rise of stablecoin payment solutions, the huge potential of BTC L2, the transition of AI applications from speculation to value return, and the more precise security attacks.
Source:
https://mp.weixin.qq.com/s/9z_XBAMyHd6_gDSzi6jrBA
Author:
Cobo
Viewpoint:
Cobo: From the sharp decline in Binance's market share (50.9% to 42.5%) to TRUMP setting a 24-hour market cap record of over $100 billion, the market is redefining the core competitiveness of exchanges. The traditional advantage of scale is giving way to efficiency-driven, which foreshadows a structural change in the exchange landscape by 2025: a three-way competition between leading CEXs, innovative mid-small exchanges, and emerging DEXs. Although the number of affected addresses only grew by 3.7% in 2024, losses soared by 67%, with a single highest loss of $55.48 million. Hackers have shifted from "casting a wide net" to "sniping" attacks, precisely targeting high-value targets with more professional and stealthy methods, greatly increasing the difficulty of defense. Bitcoin L2 is underestimated. Bitcoin L1 lacks programmability, and all innovations and capital are concentrated on L2, which is different from the Ethereum L1/L2 co-development model, and will eventually open up a trillion-dollar market. At the same time, all applications must be built on top of Bitcoin L2, including use cases with high security requirements, which means that the security requirements of Bitcoin L2 are much higher than those of Ethereum L2. Stablecoins are undergoing a transformation from crypto-asset tools to mainstream payment infrastructure, and Stripe's $110 million acquisition of Bridge is a landmark event in this transformation, as payment tech giants begin to reshape the payment infrastructure through stablecoins, reducing payment costs and expanding market coverage. The deeper significance of Stripe's acquisition is that it has upgraded from a payment interface provider to an infrastructure operator. By acquiring the stablecoin clearing pipeline, Stripe can bypass traditional payment intermediaries and achieve independent clearing. The stablecoin payment market is being restructured. Full-service infrastructure providers like Bridge are gaining scale advantages through mergers and acquisitions, while regional API service providers are taking a differentiated path, competing in terms of fees, service scope, and compliance levels; infrastructure service providers like Cobo will focus on providing customized digital wallet technology, risk control and compliance management, and one-stop resource docking to help enterprises quickly build stablecoin cross-border payment capabilities. Currently, the AI track is in a bubble, but AI agents with practical value and execution capabilities will stand out in the future. The most successful AI agents will have their own decentralized payment solutions, just as a real business needs its own bank account. The market opportunity for AI agents lies in creating real value and having execution capabilities, and the key is to find the product-market fit (PMF). DeFi and gaming are the most promising application areas for AI agents, and dedicated decentralized payment solutions will become the key infrastructure for the autonomous operation of AI agents. AI infrastructure platforms need to have speed, scalability and unique features. Similar to the leading projects on the public chain, the success of the framework depends on the high-quality agents built on it, and in the long run, the boundary between the framework and the launch platform may gradually blur, breaking through the limitations of a single function.
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