The so-called "product-market fit" is often just a "founder-investor fit" attached to some revenue numbers.

In summary, Robinhood's layout on layer 2 will be significant.

Analyzing Robinhood's product line and profit model, what is the future development direction of Robinhood?

The biological mechanism of winning is almost inscribed in the genes of all living organisms.

Texas passes two bills to initiate a state-level Bitcoin accumulation strategy: on one hand, using public funds to purchase Bitcoin and establish an independent reserve fund; on the other hand, authorizing law enforcement agencies to confiscate involved cryptocurrency assets and lock them up for the long term.

Despite the booming signs of the stablecoin Summer, the entire Crypto circle has reacted very lukewarmly, with even some funds flowing out to the US stock market to speculate on concept stocks. Why is that?

We have no revenue from the U card business, only costs.

Circle has risen with compliance advantages and an innovative business model, leading to a surge in stock prices and becoming a core driver of the digital dollar.

The future of Web3AI lies not in imitation, but in strategic circumvention. From semantic alignment in high-dimensional space, to information bottlenecks in attention mechanisms, and to feature alignment under heterogeneous computing power, I will elaborate one by one to explain why Web3AI should adopt the tactic of surrounding the city from the countryside.

Recently, investors who achieved a 500% return through Hyperliquid (HYPE) are shifting $500 million in funds to XYZVerse (XYZ), attracting market attention. XYZVerse, with its "Sports + MEME" innovative model and deflationary mechanism (17,130,003,333 already burned, target listing price $0.10 with a 30x increase), needs to observe three key factors: listing on top exchanges, community viral capability, and market environment. If Bitcoin's market performs well, the MEME sector may see an influx of funds. Whether it can replicate the wealth effect of Hyperliquid (which has risen 1551% in the past six months) depends on the team's ability to continuously drive marketing, exchange layout, and ecosystem development. In the bull market of 2025, XYZVerse may become a new narrative hotspot.

Yesterday, ETH and ecological blue-chip assets experienced a price surge, with ETH rising 6.4%. UNI, which we mentioned in our previous research report, increased by 24.4%, AAVE rose by 13.1%, and ENA went up by 6.6%. In this round of Trend Research, we have aligned our actions with our beliefs, starting from a position at $1400, optimistic about and increasing our holdings in ETH-related assets, and recently purchased ETH call options, becoming one of the earliest secondary investment institutions to openly express confidence and disclose our holdings address in the entire network.

Building "anything" is difficult.

What is the deeper meaning behind AB's choice of Alpha? In the full-chain asset strategy landscape of "AB Anywhere," what role does the Alpha phase play?

In the history of DeFi derivatives, few protocols have been able to capture more than half of the on-chain perpetual contract market, but Hyperliquid has done it. What is its secret?

This article is for general informational reference only and does not constitute any form of legal opinion, investment advice, or other professional advice. Users should conduct independent review and confirmation by themselves or by engaging a qualified lawyer before taking any action based on this material.

In this issue's column, HTX Research Chloe focuses on macro liquidity and changes in market structure, analyzing the supporting factors behind Bitcoin's resilience and the potential systemic risks of altcoins.