汇总：战时市场 | Kraken 接入联储支付系统 | 特朗普对抗银行 | 人工智能对阵五角大楼 | 《纽约时报》称加密货币已死

我也有同样的感受。

I'm finding it so as well.

我的意思是，新的Opus模型，看到它在OpenClaw和Clawd Cowork中的使用方式，而这正是我如今主要的使用场景，它确实超越了所有其他产品。

I mean, the new Opus model, seeing how it's being used with Open Claw, using it in Clawd Cowork, which is a lot of my use case for it nowadays, like, it's definitely surpassed everything.

就我个人而言，是的。

Like, for for me personally Yeah.

我曾经是ChatGPT的重度用户，但Claude就是更好的产品。

I I was a chatty PT power user, but Claude is just a better product.

它就是更好的产品。

It's just a better product.

是的。

Yeah.

我并不是出于抗议才这么做，但我想，不是的。

I didn't do anything out of protest, but, like, I guess No.

是的。

Yeah.

这更多是因为它现在更强，所以一直在吸引我。

It was it was more that it's just drawing me because it's it's a stronger product at this point.

嗯。

Mhmm.

好的。

Alright.

接下来，华盛顿正在发生权力转移。

Coming up next, the power shift going on in DC.

加密银行正在取代传统银行，获得更大影响力。

Crypto banks are gaining power versus the trad banks.

天啊，这周对银行来说真是糟糕透了，瑞安。

Oh man, this is it was a bad week to be a bank, Ryan.

我跟你说说吧。

Let me tell you that.

Kraken 获得了历史性首次准入，成为首个接入 Fedwire 的瘦主账户。

Kraken gets the historic first, a skinny master account to Fedwire.

我们将讨论什么是瘦主账户。

We're gonna talk about what a skinny master account is.

我知道你急着想知道。

I know you're dying to know.

然后，特朗普和小特朗普告诉银行，必须向Coinbase低头，向用户支付稳定币收益。

And then Trump and Trump Junior tell banks they need to bend the knee to Coinbase give people their stablecoin yields.

正如我所说，这是银行的糟糕一周，我们会讨论所有这些以及更多内容，但首先，让我们听听这些优秀赞助商的广告，正是他们让这个节目成为可能。

Like I said, Bad Day Debate Bank, we're gonna talk about all that and more, but first a message from some of these fantastic sponsors that make this show possible.

Galaxy 是数字资产与下一代基础设施交汇的地方，为机构提供端到端服务。

Galaxy operates where digital assets and next generation infrastructure come together, serving institutions end to end.

在市场方面，Galaxy 是领先的机构平台，提供现货、衍生品、结构化产品、去中心化金融借贷、投资银行和融资服务。

On the market side, Galaxy is a leading institutional platform, providing access to spot, derivatives, structured products, DeFi lending, investment banking, and financing.

拥有超过1600个交易对手，Galaxy 帮助机构应对市场周期的每一个阶段。

With more than 1,600 trading counterparties, Galaxy helps institutions navigate every phase of the market cycle.

该平台还通过主动管理策略以及机构级质押和区块链基础设施，支持长期资产配置者。

The platform also supports long term allocators through actively managed strategies and institutional grade staking and blockchain infrastructure.

这种规模是真实的。

That scale is real.

Galaxy 平台上的资产超过 120 亿美元，并在 2025 年底平均拥有 18 亿美元的贷款组合，反映出整个生态系统对其的深厚信任。

Galaxy has over $12,000,000,000 in assets on the platform and averaged a $1,800,000,000 loan book in late twenty twenty five, reflecting deep trust across the ecosystem.

除了数字资产，Galaxy 还在为人工智能驱动的未来构建基础设施。

Beyond digital assets, Galaxy is also building infrastructure for an AI powered future.

其 Helios 数据中心园区专为人工智能和高性能计算而建，已获批的电力容量超过 1.6 吉瓦，使其成为同类中规模最大的站点之一。

Its Helios Data Center campus is purpose built for AI and high performance computing, with more than 1.6 gigawatts of approved power capacity, making it one of the largest sites of its kind.

从全球市场到为人工智能做好准备的数据中心，Galaxy 正在端到端地服务数字资产生态系统。

From global markets to AI ready data centers, Galaxy is serving the digital asset ecosystem end to end.

访问 galaxy.com/bankless 或点击节目说明中的链接，了解更多关于 Galaxy 的信息。

Explore Galaxy at galaxy.com/bankless or click the link in the show notes.

World 是一个完全链上的现货、永续合约和借贷交易平台。

World is a fully on chain exchange for spot, perps, and lending.

所有交易均通过一个统一的保证金系统和完全链上的撮合引擎运行。

All running through a universal margin system with a fully on chain matching engine.

相信我，兄弟，后端没有暗盘交易，平台不会跟自己的用户对赌。

No trust me bro back end, no shadow trading desk where the venue trades against its users.

在 World 上，链就是交易平台。

With World, the chain is the venue.

只有在 Mega ETH 上才可能实现，World 将现货订单簿、永续合约交易和保证金借贷的全部业务逻辑整合在一个链上平台中。

Only possible on Mega ETH, World hosts the entire business logic of a spot order book, a perps exchange, and margin lending inside of a single onchain platform.

当整个交易平台运行在链上时，World 能让用户同时享有 DeFi 的安全与自主权，以及 CeFi 的可扩展性与流动性。

When the entire exchange runs onchain, World can give its users the safety and sovereignty of DeFi with the scalability and liquidity of CeFi.

核心秘诀在于通用保证金系统。

The secret sauce is the universal margin system.

在 World 上，每个仓位都会与其他所有仓位对冲，因为 World 利用 Mega ETH 的规模，对用户仓位的完整状态提供全面的计算保障。

On World, every position nets out against every other because World leverages Mega ETH scale to have the total computational assurances over the full state of user positions.

这使得 World 能将你的投资组合视为一个单一账户，让你的收益型现货未实现盈亏、金库投资和贷款共同贡献到你的可用保证金中。

This lets World treat your portfolio as one single account, allowing your yield bearing spot unrealized p and l, vault investments, and loans to contribute towards your available margin.

实际上，用户用更少的钱赚更多的钱。

In effect, users make more money with less money.

这就是传统金融中真实市场的工作方式，得益于Mega ETH的可扩展性，现在完全可以在链上实现。

This is how real markets work in TradFi, and thanks to Mega ETH scalability, it is now fully possible onchain.

World上的所有事物都以USDM计价，这是Mega ETH的原生货币。

Everything on World is denominated in USDM, Mega Eath's native currency.

一旦完成资金充值，你就可以通过同一个界面、在统一的保证金系统下交易现货、永续合约和借贷产品。

Once you're funded, you can trade spot, perps, and loans from the same interface under one universal margin system.

正如人们所说，World比性爱还棒。

World is, as they say, better than sex.

在world.inc赚更多钱，或访问docs.world.inc阅读文档。

Make more money at world.inc, or read the docs at docs.world.inc.

Kraken成为美国首家数字资产银行。

Kraken becomes the first digital assets bank inside The United States.

所以有Kraken Financial，它和Kraken交易所并不是同一个实体，但其实也没那么重要，它是个子公司。

So there's Kraken Financial, which is not not the same entity as what like Kraken Exchange is, but it doesn't really matter, subsidiary.

这是一家在怀俄明州获得特许的Kraken银行，成为美国首家直接接入美联储支付基础设施的数字资产银行。

It's a it's a Kraken Wyoming chartered bank, becomes the first digital asset bank in The United States to plug in directly to the Fed, to the Fed's payment infrastructure.

这使得Kraken能够像传统银行一样运行。

This operates Kraken on the same rails as traditional banks.

这里有一段参议员卢米斯关于此事的讲话。

And there's a clip from Senator Sen Lummis about this.

让我们先听一下这段讲话，然后讨论为什么这

So let's go to hear from this clip, then we'll talk about why this is

意义重大。

a big deal.

这将是一个巨大的资产，Kraken今天宣布他们现在可以访问SkinnyMaster账户，这将为法币美元与数字资产的新整合带来新的机会。

This is gonna be a huge asset, and today's announcement by Kraken that they now have access to a SkinnyMaster account is going to add another opportunity for the new integration of the fiat dollar with digital assets.

这是巨大的一步。

This is a huge step forward.

很高兴看到美联储终于意识到，我们可以以一种惠及美国人的方 式整合这些金融产品。

Very happy to see the Fed finally realize that we can integrate these financial products in a way that benefits Americans.

当然，卢米斯参议员是怀俄明州的参议员。

Senator Lummis, of course, is a Wyoming senator.

这正是她对此如此兴奋的原因之一，而且她长期以来一直是加密货币的倡导者。

That's part part of the reason she's so excited about this, and she's also been a longtime crypto advocate.

但为什么这如此重要呢？

But why is this such a big deal?

你还记得瑞安，那次‘扼杀行动2.0’吗？当时我们被切断了与银行业的联系，如果你想把钱转入加密交易所或其他地方，根本不可能，因为他们失去了所有银行渠道。

So you remember Operation Chokepoint two point o, Ryan, where we were getting cut off from the banking industry, and so if you wanted to get money into a crypto exchange or anything, well, you couldn't because they lost all of their banking access.

是的。

Yeah.

那就是扼杀点。

That was the choke point.

对吧？

Right?

你无法做到。

You can't.

对。

Yeah.

他们就是在扼杀我们。

Like, they were choking us out.

他们切断了我们与银行系统的连接。

They were disconnecting us from the banking rails.

如果Kraken或其他加密货币交易所可以直接接入美联储，那就没什么可扼杀的了。

You can't and with if Kraken or and other crypto exchanges have direct access to the Fed, there's nothing to choke.

他们本身就是银行。

They are the bank.

所以，我们这里有一个著名的埃隆·马斯克的名言，说的是机器中最好的部分就是没有部分。

So we have completely there's a there's a famous Elon Musk quote where like the best part in a machine is no part.

我们去掉了需要通过银行来存钱的环节，这样人们才能为他们在Coinbase或Kraken等平台上的账户充值。

We took out the part of needing to have a bank to to deposit money into so people can fund finance their their accounts on Coinbase or Kraken or whatever.

所以你知道，你想想，你上一次给加密货币交易所转账是什么时候？比如你给Coinbase转账，其实钱是转到了One River Financial这样的机构。

So you know you know, like, I don't know when's the last time you sent money to a crypto exchange, but like if you send money to Coinbase, you send money to like One River Financial or something like that.

那是一家对应的银行

That's a corresponding bank that

服务

services

Coinbase没有这个联邦电子转账账户。

Coinbase because Coinbase doesn't have this Fedwire account.

没错。

Exactly.

如果你想现在、今天给Kraken转账，你就直接转给Kraken。

If you want to send now, today, if you want to send money to Kraken, you send money to Kraken.

你把钱转给Kraken Financial这样的机构。

You send money to like Kraken Financial.

所以我们直接绕开了银行，因为现在Kraken本身就是一家银行。

And so like we just cut out the we cut out the banks because now Kraken is a bank.

那么，我们是怎么走到这一步的？

Now, how did we get here?

是什么关键突破让这一切成为可能？

What was the unlock that allowed for this?

美联储有一个叫做瘦型主账户的东西。

There's this thing called a skinny master account at the Fed.

这个账户是在去年12月创建的，也就是四个月前。

This was created in December, so four months ago.

这是一种全新的美联储账户类型，Kraken Financial 是第一个也是唯一拥有瘦型主账户的机构。

This is a brand type Fed account, and Kraken Financial is the first and only entity who has a skinny master account.

什么是瘦型主账户？

What is a skinny master account?

它能带来什么好处？

What does it get you?

它不能带来什么？

What does it not get you?

它能让你直接接入美联储的实时清算系统 Fedwire，并且无需任何其他中介银行即可完成支付的清算与结算。

It does get you direct access to Fedwire, the real time settlement system, and the ability to clear and settle payments without any other intermediary banks.

但它不能给你的是——这就是‘瘦’的含义——你无法获得储备金利息，无法访问美联储的贴现窗口，因此没有紧急贷款权限，也没有日间透支特权；如果你的余额归零，支付就会被直接拒绝，所以你没有缓冲资金之类的保障。

What it does not get you, this is the skinny part, is you don't get interest on reserves, you don't get access to the Fed's discount window, so no emergency lending, you don't get daylight overdraft privileges, so if your balance hits zero payments just get rejected, so you don't have, I guess, like a buffer or whatever.

而且还有一些潜在的余额上限。

And then there's also some some potential balance caps.

所以我来描述一下：他们能获得支付功能，但得不到任何其他银行服务。

So like the way I'll describe this is they get the payments, they don't get any of the banking.

是的。

Yes.

所以还有一些额外的银行服务产品，Kraken 将无法获得。

So there's like extra banking service products that Kraken will not be getting.

我认为他们其实并不在意。

I don't think they really care.

他们主要只关注支付方面的功能。

They mostly just focus on the payments side of things.

所以他们能接入 Fedwire，可以进行支付，我的意思是，

So they they get access to Fedwire, and they can make payments using I mean,

支付是很重要的事。

payments is a big deal.

瘦型主账户很重要，因为银行系统的工作方式以及访问Fedwire的方式是，大约有4500家不同的银行和信用合作社，它们几乎就像在许可制的Fedwire网络上充当权益证明验证者。

Skinny Master Account's a big deal because the the way the banking system works and access to Fedwire works is there's about 4,500 different banks and credit unions that act as proof almost like proof of stake validators on a permissioned Fedwire network.

对吧？

Right?

这些是唯一能够提交Fedwire交易的验证者。

These are the only validators that can actually submit transactions for Fedwire.

现在Kraken也是其中之一，嗯。

And now Kraken is one of those Mhmm.

验证者。

Validators.

他们说，嘿。

They're like, hey.

我们可以记录存款和贷方，而你们也必须记录这些。

We get to write the deposits and the credits in the books, and you guys have to write those down too.

是的。

Yeah.

这非常酷。

It's it's very cool.

正如你所说，这仅仅是支付功能。

And as you said, this is just payments only.

所以有些人可能会想到，比如，如果不仅获得Fedwire访问权限，还能享有其他一些银行特权，比如赚取利息、参与美联储贴现窗口等，那会怎样？

So some people might think of the idea of like, oh, what about the idea of a narrow bank where you not only get Fedwire access privileges, but you also get some of those other bank privileges, the ability to get interest, the the ability to participate in the Fed's discount window, that sort of thing.

如果你拥有这种更高级别的访问权限——虽然Kraken目前并未获得——那么你就可以创建一些经济学家所称的‘窄银行’。

And if you had that next level of access, something that Kraken's not being given here, but if you had that, then you could create what some economists have called a narrow bank.

嗯。

Mhmm.

这种银行本质上不会进行任何借贷，但会向消费者和用户提供美联储基准利率的访问权限，让他们可以把存款存在你的银行里。

Which is essentially, you wouldn't do any lending and borrowing, but you would give consumers and users access to the Fed fund rate, and they could just keep their deposits in your bank.

这几乎就像一个带有收益的稳定币机制，你只是将美联储基准利率传递给用户。

And it it almost be like a a stablecoin with yield type of apparatus where you're just passing on the Fed funds rate.

美联储过去一直非常反对这种做法。

The Fed has previously been very against this.

是的。

Mhmm.

之前已经有人尝试过设立窄银行。

So there have been narrow banks that have tried at this before.

一家名为TNB USA的公司尝试过，但被美联储拒绝了。

One was called TNB USA, and the Fed denied them.

TNB实际上就这一拒绝决定起诉了纽约联邦储备银行。

And t TNB actually sued the New York Fed over the denial.

他们在法庭上败诉了。

They lost in court.

美联储一直强烈抵制窄银行这一概念，因为他们认为这会 destabilize 系统、削弱货币政策——因为你绕过了银行体系，制造了系统性风险。

So the Fed has been very resistant to the whole narrow bank idea because they think it will destabilize the system, undermine monetary policy, right, because you're taking the banks out of the loop and create some systemic risk.

不过，我有点怀疑，让Kraken获得一个简化版的主账户，是否可能是未来迈向窄银行牌照的一步。

I I somewhat wonder though if this step of getting Kraken on a skinny master account is a step towards a narrow bank license maybe at some point in the future.

也许美联储最终会对此敞开大门。

Maybe the Fed will actually open up to that.

如果是这样，这将从根本上改变美国的货币政策和银行业。

And if so, that will fundamentally change monetary policy and banking in The US.

你觉得银行对此感到高兴吗，大卫？

You think the banks are happy about this, David?

这让我们谈到这个故事中最精彩的部分。

This brings us to my favorite part of this part of the story.

就在周三宣布这一消息后的几小时内，银行政策研究所表示，他们深感担忧，因为这一批准是在美联储尚未最终确定其政策框架之前做出的，认为这一决定忽视了公众意见，且整个过程缺乏透明度。

So within hours of the announcement that happened on Wednesday, the Bank Policy Institute said that it was deeply concerned that the approval came before the Federal Reserve finalized its policy framework, arguing the decision ignores public comment and was issued with no transparency into the process.

他们担心这一创新可能会 destabilize 银行业。

And they are worried that this innovation might destabilize the banking sector.

当银行告诉你他们担心某事会 destabilize 银行业时，他们实际上是在说：我们的商业模式正受到威胁。

Like when the banks tell you that they're worried something is destabilizing the banking sector, they're basically saying, hey, our business model is under a threat.

是的。

Yes.

这意味着我们的收入会因此减少。

Like, we're gonna make less money from this.

这个故事的另一个精彩部分是杰西·鲍威尔的这条推文，他转推了我们刚刚分享的辛西娅·卢米斯的视频。

The the other favorite part of this story here, think, is this Jesse Powell tweet, where he tweeted out the Cynthia Lummis clip that we just shared.

Kraken的创始人。

The founder of Kraken.

Kraken的创始人。

Founder of Kraken.

是的。

Yeah.

他写道：抱歉打扰了你的垄断。

He goes, sorry about your monopoly.

谢谢您，卢米斯参议员。

Thank you, Senator Lummis.

怀俄明州和Kraken团队真棒。

Great state of Wyoming and the Kraken team.

我们现在就是银行家了。

We're the bankers now.

准备就绪。

Saddle up.

是的。

Yes.

天哪。

Oh my god.

那真是太好了。

That was so Yeah.

是的。

Yeah.

这是迈克·阿波利托对此的评论。

This is Mike Apolito commenting on this.

Kraken 获得了接入美联储支付系统的权限。

Kraken gaining access to the Fed's payment system.

特朗普公开批评银行，以推动 Clarity 法案通过。

Trump openly berating the banks to get Clarity pass.

我们即将讨论这个。

We're about to talk about this.

这将彻底超越2020年甚至2017年最乐观的加密信仰者的预期。

This would have blown the expectations of even the most bullish bullish crypto evangelists in 2020, 2017 out of the water.

真疯狂，居然有这么多人在胜利前夕放弃加密货币。

Crazy how many people in crypto are giving up on eve of victory.

这又是另一个案例，所有加密预言和最疯狂的梦想都开始成真了。

This is another case of all of the crypto prophecies, wildest dreams are starting to Yeah.

你知道吗，那些曾经被边缘化在金融体系外围的加密交易所，如今已被接纳为美联储支付系统Fedwire的验证节点。

You know, the crypto exchanges, were kind of ostracized on some periphery of the financial system are now being admitted as validators to, you know, the Fed, Fedwire.

嗯。

Mhmm.

我的天，这可是个天大的事。

I mean, this is a big freaking deal.

这引出了我们本周的下一个话题：特朗普反击银行，公开支持加密货币和稳定币收益。

And this goes to kind of our our next story on the week, which is Trump slapping back the banks and coming out in support of crypto and stablecoin yield.

他就几天前发了这条推文。

So he tweeted this just days ago.

天才法案正受到银行的威胁和破坏，这是不可接受的。

The Genius Act is being threatened and undermined by the banks, and that is unacceptable.

我们不会允许这种情况发生。

We're not going to allow it.

美国必须尽快完成市场结构的建设。

The US needs to get market structure done ASAP.

美国人应该让自己的钱赚取更多收益。

Americans should earn more money on their money.

银行正创下创纪录的利润。

The banks are hitting record profits.

如果我们不尽快解决清晰法案，我们强大的加密议程最终将被中国和其他国家接管，我们不会允许这种情况发生。

We're not gonna allow them to undermine our powerful crypto agenda that will will end up going to China and other countries if we don't get Clarity Act taken care of.

当这个行业即将取得成功时，我们不能让它从美国人民手中被夺走。

This industry cannot be taken away from the people of America when it's so close to becoming successful.

对。

Right.

他们必须排队，让稳定币收益流向消费者。

And they need to get in line and let stablecoin yield go to consumers.

这正是布赖恩·阿姆斯特朗和Coinbase从一开始就一直在《清晰法案》中所倡导的。

This is something that Brian Armstrong and Coinbase has been arguing in the Clarity Act from the very beginning.

但这次是特朗普利用Truth Social的舆论平台，狠狠地抨击这些银行在这一问题上的做法。

But this is Trump using the Truth Social bully pulpit to absolutely slam the banks over the head on this issue.

他明确表示，他们必须与加密行业达成一项有利的协议。

He literally says they need to make a good deal with the crypto industry.

特朗普并不是唯一一个这样做的。

Trump Trump wasn't the only one.

小特朗普，埃里克，他发推文说，大银行一直在进行游说。

Trump junior, Erik, he tweets out, big banks are lobbying overtime.

小特朗普？

Junior?

等等。

Wait.

等等，等等。

Actually actually, wait.

我不确定哪个是小特朗普，我想他们俩都是小特朗普。

Which I one is get I guess they're both juniors.

算了。

Never mind.

有唐纳德·特朗普 Jr.

There's there's Donald Trump junior.

小特朗普，你知道的？

Little little little Trump, you know?

随便吧。

Whatever.

埃里克·特朗普发推说，大银行正在长期游说，阻止美国人从储蓄中获得更高收益，同时试图阻止向客户发放任何奖励或福利。

Erik Trump said tweeted tweeted out, big banks are lobbying over time to block Americans from getting higher yields on their savings while trying to block any rewards or perks from being given to customers.

所以，埃里克·特朗普紧接着使出了第二记重拳。

So like, Eric Trump also comes in with the second of the two punches.

他指出，如今银行正拼命针对加密稳定币，这些平台计划提供4%的收益奖励。

He goes in like, you know, today the banks are desperately targeting crypto stablecoins where platforms plan to offer 4% yield to rewards.

美国银行家协会和其他游说团体正花费数百万美元，试图通过像《清晰法案》这样的法案禁止或限制这些收益，打着公平的旗号，使用‘稳定’这类词汇——这正是我之前说的。

The ABA and other lobbyists are spending millions trying to ban or restrict those yields via bills like the Clarity Act crying fairness and using words like stability, which that's what I said.

如果这真的威胁到金融部门的稳定，那只不过意味着威胁到了他们的利润。

Like, if it's a threat to the stabilization of the finance sector, just means their profits.

是的。

Yes.

这实际上是为了保护他们低利率的垄断地位，防止存款外流。

Mean, it's really about protecting their low rate monopoly and preventing deposit flight.

所以，这件事的时间点很有意思。

So the timing on this whole thing was interesting.

对吧？

Right?

所以，我们接连看到了两条推文，特朗普在Truth Social上，Air Trump在Twitter上。

So like we had these two tweets back to back, Trump on truth social, air Trump on Twitter.

就在几个小时前，或者可能是前一天，特朗普总统与布莱恩·阿姆斯特朗举行了会面。

The hours before or maybe maybe the day before, president Trump had a meeting with Brian Armstrong.

因此，政治媒体报道称，特朗普和阿姆斯特朗于周二在白宫闭门会晤。

And so, the political reported that Trump and Armstrong met behind closed doors at the White House on Tuesday.

是的，就在特朗普在Truth Social上抨击银行的帖子发布前几个小时。

Yes, just hours before the Trump's truth social post blasting the banks.

所以，就是这样。

And so that's it.

这很有趣。

That's interesting.

这个时间点非常、非常耐人寻味。

The timing is very, very interesting.

所以布莱恩太糟糕了。

So Brian's terrible.

特朗普在这儿？

Trump here?

我的意思是，看起来就是这样。

I mean, this is what it seems like.

这就是

This is

时间线揭示了这一点。

what the timeline is revealing.

当然，这是布莱恩·阿姆斯特朗和Coinbase的问题。

Course, this was Brian Armstrong's issue and Coinbase's issue.

这就是他们撤回对清晰法案支持的原因。

This is why they withdrew support from the Clarity Act.

许多其他加密行业人士也说，伙计们，我们必须妥协，对吧。

And a lot of other people in the crypto industry said, guys, we have to compromise Right.

Coinbase 看看其他所有好的

Coinbase Look at all the other good

Clarity法案中的其他事情。

things in the Clarity Act.

不能为了稳定币收益这一件事就孤注一掷，而Brian当时就说：我要这么做。

Can't die on this one hill of stablecoin yields, and I'm and Brian was like, I'm gonna do it.

是的。

Yeah.

我要这么做。

I'm gonna do it.

他确实下了这样的赌注，但现在特朗普站出来支持他了。

He It's took that kind of a gambit, but now he's got Trump weighing in on his side on this.

所以，这对他来说是值得的，我想。

So it's paying off for him, I suppose.

这让我想起几周前我们聊过达沃斯，当时Jamie Dimon似乎当面指着Brian Armstrong的鼻子，因为这件事对他大加指责？

This goes back do remember a few weeks ago we were talking about Davos and Jamie Dimon apparently getting in Brian Armstrong's face with wagging his finger over this issue?

他叫他什么？

What did he call him?

你满嘴胡扯。

You're full of shit.

他说你满嘴胡扯。

He said you're full of shit.

你满嘴胡扯。

You're full of shit.

我想说，Brian 能深入进去，玩转华盛顿的游说游戏并为这个问题抗争，确实了不起。

I guess, I mean, good on Brian for getting in there and playing the DC lobbyist game and and fighting on this issue.

看起来这招奏效了。

It looks like it's paying off.

是的。

Yeah.

还没完呢。

It's not over yet.

这是 Ron Hammond 发的一条推文。

This is a tweet from Ron Hammond.

他是一位相当受信任的政治评论员。

He's a pretty trusted political commentator.

他发推说，随着中期选举日益临近，《清晰法案》通过的可能性越来越低。

He tweeted out, the closer we get to election, the midterms, the odds for the Clarity Act passage gets lower.

银行对此心知肚明。

The banks know this.

拖延足够长的时间，直到选举政治占据主导。

Stall for long enough till election politics takes over.

这是一种经典的游说策略，但特朗普这种变数可能会迫使政治计算发生改变。

It's a classic lobbying tactic, but Trump is the kind of x factor that could force the political calculus to change.

所以，这不过是关于整个事件的时机与策略的一些经典《清晰法案》评论。

And so this is just like some some good old Clarity commentary about the timing and the strategy of this whole thing.

如果你去Polymarket看看，目前《清晰法案》在2026年获得签署的概率为71%。

If If you go to Polymarket, we are at a 71% chance that the Clarity gets signed into law in 2026.

这一概率本周上升了6%，但此前已经持续缓慢攀升了一段时间。

It's up up 6% on the week, but it's just been like kinda creeping upwards for a while.

亚历克斯·索恩也绝对关注这件事，他发推问：这两张图之间的差异是否存在套利空间？

Alex Thorne, who also definitely absolutely pays attention to this matter, he tweeted out, is there alpha in the delta between these two images?

其中一张图是Polymarket上71%的概率。

The the one image is the 71% chance on Polymarket.

第二张图是《路透社》的一篇报道，标题为‘加密法案陷入新僵局，其前景备受质疑’。

The second image is crypto bill hits new impasse raising doubts over its future, which is article on Reuters.

所以他指出，Polymarket对《清晰法案》通过的定价比媒体报道所暗示的要乐观得多。

So he's pointing out that Polymarket is pricing in a lot of optimism on the Clarity passage than what reporting is suggesting.

这两者之间存在脱节，尚不清楚最终会如何解决。

So there is a dislocation between these two things, Unsure as to how it resolves.

这场博弈还没结束。

The game's not over yet.

我们还没赢。

We haven't won yet.

是的。

Yeah.

不。

No.

我们还没有赢。

We haven't won yet.

而且我不知道。

And it's I don't know.

这确实感觉像是一个渺茫的希望。

It does it does feel it does feel like a long shot.

不过，我要说，Polymarket 在这些事情上通常都是对的。

Although, I I will say, I mean, Polymarket is generally right on these things.

也许7%的概率确实是比较准确的。

May maybe 7% odds is is kind of is kind of accurate.

是的。

Yeah.

我们走着瞧。

Let's see.

30万美元的交易量，所以这里的交易量并不算大。

$300,000 of volume, so not a crazy amount of volume here.

所以这可能还能更好一点，以获得更清晰的信号。

So that could be a little bit better and to just have better signal.

我不知道在这些紧闭的门后是什么情况，但对银行来说，这关乎一切。

I don't know what it's like to be behind these closed doors, but also like this is everything for the banks.

存款收益以及谁获得这些收益，对银行来说就是全部。

Like like yield on deposits and who gets that is the whole thing for the banks.

所以这其实是可选的。

So like it's optional.

他们这是不是和我们两周前讨论过的计算方式一样？

Are they This is the same calculus we were talking about two weeks ago.

对加密行业来说，为这件事拼死一搏是可选的。

It's optional for the crypto industry to die on this hill.

对银行业来说，为这件事拼死一搏似乎别无选择。

It doesn't seem optional for the banking industry to die on this hill.

是的。

Yeah.

我的意思是，他们会让一个新兴行业、新兴公司，比如你的1000亿美元的Coinbase公司

And I mean, they are they gonna let some little upstart industry, upstart company kind

来颠覆吗？他们会允许它们偷走自己的金饭碗吗？

of like your $100,000,000,000 Coinbase company

是的。

disrupt the Are they are they gonna let them kinda steal their golden goose?

是的。

Yeah.

我不知道。

I don't know.

我们肯定还没听到他们的最后一句话，但让特朗普

We I'm sure we haven't heard the last from them, but getting Trump It

有特朗普站在我们这边真是太好了。

is really nice to have Trump on our side.

这是一件大事。

It's a big deal.

好吧。

Alright.

接下来我们还有很多内容要介绍。

We got a lot more to cover coming up next.

Voorhees项目。

Voorhees project.

这是一个用于私有AI的加密项目。

It's a crypto project for private AI.

这周是Open Claw推荐的吗？

Was it recommended by Open Claw this week?

确实有点是这样。

It kinda was.

我们会谈谈这个。

We'll talk about that.

此外，X正在推出X货币。

Also, X is rolling out X money.

这会包括稳定币和加密货币吗？

Will this include stablecoins and crypto?

还有，David，说说这个故事。

And David, the story.

还记得那个偷了政府4600万美元的孩子吗？

Remember that kid who stole $46,000,000 from the government?

他已经被特种部队逮捕了。

Well, he got apprehended by special forces.

难道How没逃掉吗？

Didn't How get away with

由特种部队？

By special forces?

是的。

Yes.

是的。

Yes.

法国特种部队。

French special forces.

我们怎么以为这事会收场？

How did we think this would end?

哦，法国特种部队会怎么收场？

Oh, did French we special this would end?

我们稍后会讨论所有这些以及更多内容。

We'll talk about all that and more.

但在那之前，我们要感谢让本集成为可能的赞助商。

But before we do, we wanna thank the sponsors that made this episode possible.

如果你能用与交易加密货币相同的工具和速度来交易黄金、外汇和全球市场呢？

What if you could trade gold, forex, and global markets with the same tools and speed that you use for crypto?

这正是 Bitget TradFi 所提供的。

That's exactly what Bitget TradFi unlocks.

在强劲的测试版需求推动下，包括单日黄金交易量超过一亿美元，Bitget TradFi 现已向所有用户开放。

After strong beta demand, including over a $100,000,000 in single day gold trading volume, Bitget TradFi is now live for all users.

在您现有的 Bitget 账户内，您可以交易涵盖外汇、贵金属、指数和商品的 79 种金融工具，所有交易均以 USDT 直接结算。

Inside of your existing Bitget account, you can trade 79 instruments across forex, precious metals, indices, and commodities, all settled directly in USDT.

无需切换平台，也无需法币兑换。

No platform switching and no fiat conversions.

这就是 Bitget 普适性交易所愿景的实践。

This is Bitget's universal exchange vision in action.

加密货币与传统金融并肩共存。

Crypto and traditional finance side by side.

您将获得深厚的流动性、低滑点，以及最高达 500 倍的杠杆，让您能够将加密策略应用于宏观市场。

You get deep liquidity, low slippage, and leverage up to 500 x, letting you apply crypto strategies to macro markets.

对传统金融还不熟悉？

New to TradFi?

从黄金开始。

Start with gold.

黄金兑美元货币对流动性强，受宏观因素驱动，是加密货币与传统市场之间自然的连接桥梁。

The gold USD pair is liquid, macro driven, and a familiar natural bridge between crypto and traditional markets.

立即在 bitget.com 上尝试交易黄金。

Try trading gold on Bitget now at bitget.com.

点击节目说明中的链接以获取更多信息。

Click the link in the show notes for more information.

这不是财务建议。

This is not financial advice.

有一些令人兴奋的消息。

Some exciting news.

我们正在推出一个新的播客，帮助人们理解加密货币周期以及如何应对它。

We are launching a new podcast to help people figure out the crypto cycle, how to navigate it.

我认识的最优秀的加密货币周期投资者，他的名字叫迈克尔·纳托。

The best crypto cycle investor I know, his name is Michael Nato.

他运营着《DeFi 报告》。

He runs the DeFi Report.

这个人在我收到10月10日价格下跌的卖出提醒之前就发给我了。

This is the guy that sent me a sell alert before the 10/10 price drop happened.

他的周期分析一直非常精准。

His cycle analysis has been absolutely on point.

我已经关注他好几年了。

I've been following him for years.

今年，我们开始每周录制播客节目。

And this year, we started recording weekly podcast episodes.

每期节目都会深入他的投资组合，看看他持有哪些资产、市场结构、入场目标、比特币和以太坊的公允价值，以及我们当前所处的周期阶段。

Each one, get into his portfolio, what he's holding, the market structure, entry targets, fair market value of Bitcoin and Ether, and where we are in the cycle.

每周三都会发布新一期节目。

There's new episodes that are released every Wednesday.

每期大约三十分钟。

They're thirty minutes.

节目很短。

They're short.

它们简洁有力。

They're punchy.

我认为这个加密货币周期比大多数都更难把握，所以我们一起来应对吧。

I think this crypto cycle is harder to navigate than most, so let's do it together.

去订阅这个播客吧。

Go subscribe to this podcast.

在你收听播客的任何平台搜索《The DeFi Report》，包括YouTube、Apple、Spotify，或者在节目说明中查找链接。

Search The DeFi Report wherever you get your podcasts, YouTube, Apple, Spotify, or find a link in the show notes.

现在有一期新节目正等着你。

There's a new episode waiting for you now.

所以，大卫，你有关注埃里克·沃里希的项目吗？

So, David, have you been following Erik Voorhees' project?

它叫威尼斯。

It's called Venice.

这是一个大语言模型。

It's a LLM.

这是一个AI项目。

It's an AI project.

你有关注这个项目吗？

Have you been looking at this at all?

我不敢说我一直密切关注它。

I wouldn't say I have both my eyes on it.

我偶尔会瞄一眼，也就是说关注得不多，但我知道，有时候，瑞安，假设我正在向Claude或Chatty PT输入一个提示，然后我想：你知道吗？

I think I have one eye on it every once in a while, which is to say not not much, but like, I understand that sometimes, Ryan, just hypothetically, I'm typing a prompt into Claude or Chatty PT and I'm like, you know what?

也许我可以把这个交给Venice处理。

Maybe I'll take this one to Venice.

是的。

Yeah.

我会用Venice来处理这个。

I'll do this one in Venice.

我不想在这个地方做这个

I don't wanna do this one in This is a

有点私密，对吧？

little private, right?

我的意思是，是的。

I mean Yeah.

这确实是，是的。

This is, Yeah.

众所周知，除了少数小范围之外，真正的私有AI并不存在。

It it's well known that private AI really doesn't exist outside of some small pockets.

也许Proton有一个这样的实例。

Maybe Proton has kind of a an instance.

这正是Venice试图实现的目标。

That's what Venice is trying to deliver.

实际上，我最近在主流播客中听到更多关于它的讨论了。

Actually, I've started hearing about it more in mainstream podcasts.

所以我认为Venice已经在主流播客中投放了一些广告，而且Venice确实吸引了相当可观的数据。

So I think Venice has been running some ads in mainstream podcasts, and Venice is actually pulling in some pretty impressive numbers.

这是Erik Voorhees的一条推文。

So this is a tweet from Erik Voorhees.

每种颜色代表一个不同的模型。

Each color is a different model.

Venice的做法是运行私有AI实例，通常是开源模型，部署在类似云的环境中，并且可以运行任何模型。

So what Venice does is it runs private AI instances, generally open source models in kind of a cloud type of environment, and it can run anything.

它可以运行，比如Kimi，这里实际上是一些顶级模型，前五名。

So it can run, you know, Kimi, here are actually some of the top models, the top five.

GLM，有

GLM There's

这里的颜色很多。

a lot of colors here.

是的，颜色很多，模型也很多。

Yeah, a lot of colors, and a lot of different models.

GLM 4.6、Venice无审查版1.1、Kimi K2.5、Grok 4.1。

GLM 4.6, Venice Uncensored 1.1, Kimi K two two point five, Grok 4.1.

它的专长确实是这些开源模块，并且在云端运行它们，Venice 的说法是，所有内容都以私密方式运行，因此没有任何第三方能够访问你的对话记录和聊天日志，以及你在界面内所进行的操作。

Its specialty is really these open source modules, and it's running them in its cloud, and Venice's claim is that everything is run-in a private way, so there isn't a third party that can actually access your your transcript and your chat logs, and, like what you're what you're doing inside of the interface.

对于 podcast 的听众来说，去年十月，Venice 每天处理的 token 数量约为 80 亿。

Just for the podcast listeners out there, last October, Venice was clocking in about 8,000,000,000 tokens per day.

这些 token 是来自他们的 API 或用户访问网站时产生的。

They were running for their APIs or people showing up to the website.

今天，三月，每天已达 360 亿。

Today, March, 36,000,000,000 per day.

所以增长相当可观。

So quite the growth.

现在，Erik Voorhees 声称 Venice 既不会观察也不会存储任何提示或回复，因此不存在窃听行为。

Now, Erik Voorhees claims that Venice neither observes nor stores prompts or responses, so there's no eavesdropping.

任何对话记录都不会被保存。

There's no records of convos, con conversations of any kind.

当然，这些都基于 Venice 自己运行的开源模型。

Of course, those are with the open source models that are run by Venice specifically.

显然，你也可以使用Venice在你的查询之上提供一层类似VPN的功能，但它会将请求路由到云模型，比如OpenAI、Google Anthropic。

Obviously, you can also use Venice to sort of almost provide a VPN layer on top of your query, but then it would route to a cloud model, like an OpenAI, a Google Anthropic.

当然，这些公司可以看到聊天记录，但他们看不到元数据，因此不知道请求来自谁。

Of course, those companies can see the chat log, but they they don't see the metadata, so they don't know who it it comes from.

但你现在必须得相信Venice确实保持了这些内容的私密性，没有存储任何提示或回复。

But you kind of have to, right now, trust that Venice is actually keeping these things private and is not storing any of the prompts or responses.

如果在这个行业中，有一个人我会信任他践行自己公开宣扬并坚持了几十年的价值观，那就是Erik Voorhees。

If there is one person I'm going to trust in this industry to up uphold the values that he talks about and espouses publicly and has for decades, it's Erik Voorhees.

我同意这一点。

I I I agree with that.

我丝毫不怀疑这个人真的相信他所说的这些话。

Have a doubt in my mind that that man actually believes this thing that he says.

当然。

Sure.

我同意这一点。

I I agree with that.

但对加密货币领域的人来说，这还不够好。

But also, it's just like that's not good enough for people in crypto.

它不应该是那种‘应该够好了’的态度。

It shouldn't be this kind of quote should be good.

我们不应该信任某个个人。

We should not trust an individual.

难道不会吗

Wouldn't

对Erik来说，这还不够好，伙计们。

be good enough for Erik, guys.

这还不够好。

It wouldn't

这还不够好。

be good enough.

因此，Erik回应了这些批评，基本上是针对那种‘相信我，兄弟’式的隐私说法，他提到过去几天里关于Venice隐私模型的大量讨论。

And so Erik responds to some of that criticism, basically, a little bit of the trust me bro privacy, and he said lots of discussion around Venice's privacy mod model in the past few days.

到目前为止，Venice 是私密的，其提示和响应不会存储在 Venice 的服务器上。

To date, Venice is private, and that prompts and responses are not stored on Venice servers.

如今这确实是私密的，但无法被证明。

This is private today, but it's not provable.

Venice 的用户主要不是加密货币领域的人。

Venice users are not mainly crypto people.

对于他们而言，正如我们刚才所说，上述措施在经验上已足够，考虑到其增长情况，但证明隐私性会更好，我们必须做到这一点。

And for them, as we just said, the above has been sufficient empirically given the growth, but proving the privacy is much better, and we need to do so.

自项目启动以来，这一直是我们路线图上的内容。

This has been on our roadmap since inception.

所以你能感觉到，Venice 也将提供某种隐私证明，而不仅仅是一个‘相信我，兄弟’式的模式。

So you get the sense that Venice is going to deliver some proof of privacy as well, so it's not just a trust me, bro type of model.

但无论如何，这是你能获得私密大语言模型的唯一途径，除非你本地运行它，这正是我认为它如此有吸引力的原因。

But, anyway, this is the only place you can really get private LLMs unless you're running it locally, which is why I think it's such an attractive service.

是的。

Yeah.

我确信Erik理解在打造一款完全秉持原则、透明度等理念的产品，与由此带来的用户体验和界面设计之间的权衡。他一定在思考：我需要让尽可能多的人用上这个产品，因为像这样的私密产品，比Linaclade或ChatGPT要难得多，和Moxie以及Signal属于同一类。

I'm sure Erik understands the trade off between like like building a product that is 100 percent committed to like principles and like transparency and all that kind stuff and like the UX UI trade offs that that presents where he I'm sure he's thinking like, I I need I need to get this product into the hands of as many people as possible because, you know, a private product like this is harder than Linaclade or a chat GBT, you know, very much in the same vein as like Moxie and and signal.

这个产品与ShapeShift如此相似，这让我觉得很有意思。

It's interesting to me how similar this product is to shape shift.

这是他的第一个加密项目，本质上就是运行一个私密的、无需注册、无需KYC的交易所。

His first crypto project, which is just like, let me basically run a private, no sign up, no KYC exchange.

我会在后台为你完成工作，将你的加密交易路由到合适的订单。

I'll do the work for you in the background by routing your trade, your crypto trades to the right order.

然后我会把你想获得的代币还给你，而你无需为每件事都注册。

And then I'll give you your your the tokens you want back, and you don't have to sign up for everything.

同样的理念，但这次是针对LLM模型。

Same thing, but this is just LLM models.

是的。

Yeah.

理念相似。

Similar ethos.

我认为部分增长来自于使用Venice与Open Claw的结合。

Think some of the growth has been the usage of Venice with Open Claw.

所以，如果你想拥有一个完全私密的Open Claw，使用开源LLM模型，你还能在哪里部署它呢？

So if you want a completely private Open Claw with an open LLM model, like, where else do you spin this up?

而Venice正好提供了这一点。

And Venice has provided that.

以至于Open Claw的一些入门文档曾推荐Venice作为私有LLM方案。

So much so that some of Open Claw's onboarding docs actually recommended Venice as a private LLM.

但这一推荐后来被撤回了。

That was since rescinded.

所以Open Claw表示，他们希望保持一个中立的平台，不希望

So Open Claw said we wanna maintain a neutral, you know, platform and we don't wanna

撤回的原因正如你所说，因为你无法确定它是否真的私密。

It was rescinded the reasons you said were like, you don't know that it's actually private.

他们没有做到这一点，这也是原因之一。

Like they don't have a That's part of it too.

埃里克说，明白了，我们正在处理这个问题。

Erik said saying like, understood, we're working on that.

是的。

Yeah.

你有没有看过威尼斯代币以及它的作用？

Have you looked at the Venice token and what this thing does?

是的。

Yeah.

对。

Yes.

只是粗略地了解了一下。

Very briefly.

我大致理解它代表了整个系统计算资源的一部分。

I kinda understand it that it represents just like a share of the compute of the whole system.

没错。

That's right.

这确实是一种实用型代币，我想是这样的，没错。

It's a true like utility token, I suppose from So that Yeah.

与其每次调用API都付费，你实际上可以质押这些威尼斯代币（VVV代币），从而永久获得威尼斯内部推理能力的按比例份额。

Instead of paying per API I call, you can actually stake these Venice tokens, these VVV tokens, and you get a pro rata share of Venice's inner fit inner inference capacity indefinitely.

这让我想起了EOS代币模型，老兄。

Which reminds me of the EOS token model, bro.

那就是EOS。

That's EOS.

嗯，没错。

Uh-huh.

计算能力。

The compute.

你拥有网络计算能力的一定比例。

You own a percentage of the of the compute of the network.

是的。

Yeah.

这之所以有点意思，是因为随着计算成本随时间降低，推理能力——即每个模型背后的智能——

And the reason this is somewhat interesting is as compute gets cheaper over time, the inference capacity, like the intelligence behind each Mhmm.

代币或你所占威尼斯计算资源的按比例份额，必须不断增长。

Token or each pro rata portion of all of Venice's compute, that's got to grow.

所以你的威尼斯

And so your Venice

你们拥有某个数据中心吗？

own a data center somewhere?

还是说他们从别人那里租用？

Or are they renting it from someone?

这到底是怎么运作的？

How does that work?

是的，我对这一点还有很多疑问。

Yeah, I still have a lot of questions about this.

而且我还有很多

And I have a lot

很多问题。

of questions.

是的。

Yes.

很多问题。

A lot of questions.

你不需要质押VVV就可以参与这个。

You don't have to stake VVV in order to participate in this.

你可以直接购买威尼斯实例，我认为。

You could just like buy Venice instances, I believe.

他们有一个名为Diem的独立代币，代表AI推理积分，所以

They have a separate token called Diem, which represents AI inference credits, so

我不知道。

I don't know.

哦，我们认可这些积分。

Oh, we recognize credits.

哦，这很酷。

Oh, that's cool.

老实说，通常当我看到一个代币时，我就会想，我们为什么要这个代币？

Honestly, like, usually when I see a token, I'm just like, why do we need a token?

但对这个项目，我觉得完全说得通。

And for this, I'm like, oh, this makes total sense.

一个代币就是一个积分，拥有实际的计算资源和硬件。

One token is a credit, one owns the actual compute and and hardware.

你可以的。

I you could.

我觉得这很合理，老兄。

I think that makes sense, dude.

是的。

Yeah.

沃里斯能投身于此，将加密货币理念应用于大语言模型，确实非常必要。

And and good for Voorhees he's for stepping into this, like applying crypto values to to LLM certainly much needed.

大卫，Aave 领域又出新风波了。

David, we got more drama from the Aave space.

这周到底发生了什么？

What what is this on the week?

好的。

Okay.

所以马克·策勒的 ACI，也就是 Aave Chan 计划，有点像是一个治理协调平台。

So Mark Zeller's ACI, the Aave Chan initiative, which is kind of like a kind of like a governance delicate platform.

你可以把它看作是 Aave DAO 内部的一个投票团体。

Think of it like a voting block inside of the Aave DAO.

他们决定退出，不再续签与 Aave DAO 的合作，并将在未来四个月内逐步终止运营，于七月前完全退出。

They are leaving, they are leaving Aave, they have decided to not renew its engagement with the Aave DAO and will wind down operations over the next four months, exiting by July.

这是继 Aave DAO 内部治理紧张之后，第二起高调的退出事件。

This is kind of the second high profile departure from Aave, the system Aave the DAO, downstream of just like the governance tensions inside of Aave.

这发生在 Aave Labs 推出 'Aave 将获胜' 提案之后，该提案引发了一些人支持，另一些人反对。

This happened after Aave Labs introduced the Aave will win proposal, and that caused, know, some people liked it, some people didn't like it.

我猜马克不喜欢这个提案。

Mark did not like it, I'm guessing.

马克指出，当三个实验室关联的钱包在对‘Aave将获胜’提案进行温度检查投票时，人们意识到Aave Labs完全可以自行投票，它们拥有足够的投票权来主导决策。

Mark highlighted that three labs linked wallets when they voted on the temperature check for the Aave will win proposal realized that the Aave Labs can simply vote, they have enough voting power to dictate things.

而且，如果‘Aave将获胜’提案通过，Aave Labs还将获得更多的Aave代币奖励。

And then especially if the Aave Labs, Aave will win proposal goes through, they will be rewarded with even further Aave.

因此，这实际上将Aave Labs的投票权永久固化了。

So it kind of functionally enshrines Aave Labs voting power.

所以，马克的批评是：Aave本质上已经变成了Aave Labs。

And so Aave becomes essentially Aave Labs is the critique that Mark has.

因此，他决定不再受Aave Labs的治理权威管辖，因为万一它们随时取消ACI的资金流怎么办？

And so he decided that he doesn't want to be under the governance authority over Aave Labs, because what if they just cancel ACI's funding stream whenever they want?

马克曾在治理论坛中提出过这一点。

That was something that Mark put into the governance forums.

因此，他们决定逐步终止运营。

And so instead they are are electing to wind down.

马克·策勒实际上一直是道氏的伪首席执行官、创始人和运营主管。

Mark Zeller has been effectively the pseudo CEO, founder, operator in chief of the of the Dow.

所以一个非常关键的人物，就像一边是斯托尼，另一边是马克，而马克说：我不想在这种条件下工作。

And so a very key person like it's like stony on one side and mark on the other and mark is saying like, I don't want to work under these conditions.

他选择放弃，这可不是什么好事。

And he's throwing in the towel, which is So not great.

真是一团糟。

So messy.

太乱了。

That's super messy.

乱七八糟。

Messy.

我希望情况不是这样。

I wish it wasn't this way.

但我的意思是，问题是，现在结束了吗？

But I mean, I guess the question is, is it over now?

剩下的各方是否支持这个提案？

Is are the the remaining parties aligned with the proposal?

而且

And

我假设是的。

I would assume so.

对。

Yeah.

叛逃者需要真正离开，这样所有达成共识的人才能协同合作。

Like the defectors need to defect so that all the people who have consensus can coordinate together.

对。

Yeah.

对。

Yeah.

以一种混乱的方式失去人才，但也许这是不可避免的。

Suppose a messy way to lose talent, but like maybe that was inevitable.

是的。

Yeah.

我想知道马克是完全离开这个领域，还是只是离开Aave。

And I wonder if Mark is leaving the space entirely or if he's just leaving Aave.

我认为是后者。

I think just I think the latter.

我认为是后者。

I think the latter.

好的。

Okay.

好的。

Okay.

这是个大新闻。

This was big news.

纽约证券交易所的母公司ICE以250亿美元的估值投资了加密货币交易所OKX。

New York Stock Exchange parent company, ICE, invested in the crypto exchange OKX at a $25,000,000,000 valuation.

他们给出的理由是推动代币化股票。

The reason for this they gave was a push towards token tokenized stocks.

我完全没有料到这种突如其来的投资。

I did not see this one coming kind of a out of left field investment.

嗯哼。

Mhmm.

但我认为，投资这些新兴的加密银行或加密交易所是有道理的。

But I think it makes sense to have some share in one of these emerging new crypto banks, crypto exchanges.

我认为我们真正开始看到的是，自加密货币诞生以来，交易所之间的竞争就一直存在。

I think what was really what we're starting to see is that there have been just the exchange wars since the genesis of crypto.

现在我认为，如果你在2026年仍然存活并运营着，而且你盈利了，那么你就开始被传统机构收购，或者你已经跨越了门槛。

And now I think if you are still alive and operating in 2026, and you have like, you know, if you're profitable, you are starting to be gobbled up by traditional institutions, or or you are you have now made it over the threshold.

因此，在2026年，那些盈利的交易所——数量比以往任何时候都少——正在逐步融入主流金融体系。

And so profitable exchanges in 2026, which are far fewer than they've ever been before, are now working their way into the Exactly.

是的，它们实际上正在融入经济体系。

Yeah, they're actually working this way into the economy.

大卫，一个关键门槛即将被突破。

A threshold is about to be reached, David.

我们即将挖出第两千枚比特币。

We are about to mine our twenty millionth Bitcoin.

明白吗？

Okay?

我们就要达到这个节点了。

We're about to hit that.

我相信，这将在下周的某个时候发生。

That's going to happen, I believe, sometime next week.

那会是3月9日吗？

That would March be March 9

还是10号之类的？

or tenth or something?

是的。

Yeah.