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a16z Crypto interprets leading investment in Morpho logic: On-chain lending is the next frontier for credit

a16z Crypto elaborated on why it co-led a $175 million financing round for the decentralized lending protocol Morpho in partnership with Paradigm and Ribbit. a16z views on-chain lending as "the next frontier of credit" and a key technological node for human prosperity, believing that a blockchain-based open credit network can reduce infrastructure costs, create a more competitive credit market, and provide broader channels for capital and yield acquisition.a16z stated that when they first engaged with the Morpho team in 2022, founder Paul Frambot was still in university but had already gathered nearly all of France's top blockchain talent; the team's pioneering on-chain lending optimizer achieved a Pareto improvement in interest rates by coordinating peer-to-peer loans on top of the underlying peer-to-pool protocol, and the project symbolizes a transformation for the global financial system.In 2024, Morpho launched the Morpho Blue protocol, focusing on over-collateralized loans of crypto assets with floating interest rates and variable terms. Now, Morpho is moving towards a larger vision—becoming the open credit network of the internet. The next product, Morpho Midnight, will support fixed-rate term on-chain loans collateralized by traditional assets, equipped with customizable KYC tools. More importantly, clients can initiate their own lending markets based on Morpho's underlying infrastructure while sharing the network's liquidity and network effects.a16z believes that we are currently at a critical window for disrupting the traditional credit system and building a more open and efficient credit network.

The AI and intelligent driving track continues to be active, with Gate NVIDIA (NVDAX) and Tesla (TSLAX) contracts performing first in the world

With the growing demand for AI computing power and the continuous development of the intelligent driving industry, technology leaders such as Nvidia and Tesla continue to attract market attention. According to Gate market data, Nvidia (NVDAX) is currently priced at $205.86; Tesla (TSLAX) is currently priced at $392.22. CoinGlass data shows that the NVDAX contract position on the Gate platform has reached $3.35 million, with a 24-hour trading volume of $4.13 million, both ranking first in the world; the TSLAX contract position on the Gate platform has reached $3.87 million, with a 24-hour trading volume of $2.91 million, also ranking first in the world. Relevant data indicates that AI computing power and intelligent driving-related assets remain an important focus for market funds.In addition, the new public course section of Gate Live will launch its first stock series on June 10 at 16:00 (UTC+8) titled "How to Participate in the US Stock Market with USDT." This public course will share insights on Gate's stock products, coverage of stocks and ETF assets, and core highlights of the products. Leveraging Gate's unified account system, users can achieve one-stop management and allocation of digital assets and global securities assets on the same platform, further enhancing cross-market investment efficiency.

Goldman Sachs and Morgan Stanley compete for the lead underwriting position in OpenAI and Anthropic's IPO, with potential earnings exceeding $7 billion

According to Fortune, Goldman Sachs and Morgan Stanley are competing for the lead underwriter position for the future IPOs of OpenAI and Anthropic. Previously, Goldman Sachs secured the lead underwriter role for the SpaceX IPO, which is expected to take place on June 12. Both OpenAI and Anthropic's IPOs are expected to raise at least $60 billion, totaling over $120 billion.Jay Ritter, an IPO expert from the University of Florida, stated that the investment bank that secures the lead underwriter position will determine how much IPO stock allocation each fund receives, thus potentially earning far more than other underwriters. Ritter noted that institutional investors often pay a significant amount of "soft dollars" to lead underwriters to secure more IPO allocations, which refers to the portion of trading commissions that exceeds the actual execution costs.If it is still uncertain whether Goldman Sachs or Morgan Stanley will secure the lead underwriter position for OpenAI and Anthropic, funds may simultaneously direct more trading commissions to both investment banks to increase their chances of receiving allocations. For example, in the case of the SpaceX IPO, if the fundraising scale reaches $86 billion, the underwriting fee would be approximately $600 million. However, if the stock price rises by 20% on the first day, the paper gains for IPO investors would exceed $17 billion, and Ritter estimates that at least 30% of that could flow back to the investment bank in the form of soft dollars, about $5 billion, far exceeding the underwriting fee itself.If both OpenAI and Anthropic see a 20% increase on their first day of trading, the paper gains for investors would reach $24 billion. Based on the same ratio, investment banks could potentially receive over $7 billion in soft dollars, most of which would flow to the lead underwriter. Currently, both OpenAI and Anthropic have secretly submitted draft registration statements, but the listing dates have not yet been determined.
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