综合The Card Always Wins
The $15 billion market that's quietly becoming crypto's most compelling consumer product.
A1 Team阅读约 21 分钟研究博客
来自 A1 Research 团队的论点驱动、数据支撑的研究，覆盖 DeFi、人工智能、宏观与市场。
文章以英文发布。
阅读: The Card Always Wins 综合A1 Team阅读约 21 分钟阅读: Front-Running the IPO: The $10 Trillion Pre-IPO Market Comes On Chain 
宏观与市场Front-Running the IPO: The $10 Trillion Pre-IPO Market Comes On Chain
OpenAI and Anthropic called the private share tokens "void." Yet they're still trading and the on-chain market priced Anthropic's $965B round before the term sheet was signed. The issuer veto is the filter.
A1 Team阅读约 15 分钟阅读: Why Everything Is Becoming a Perp 
综合Why Everything Is Becoming a Perp
Perpification is what happens when financial nihilism meets infrastructure that lets you lever anything, in a world that won't sit still.
A1 Team, Sakshi阅读约 17 分钟不错过任何一份报告
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阅读: Agentic Payments: Everyone's Arguing About Payment Rails. The Real Money Is Somewhere Else Entirely. 
人工智能Agentic Payments: Everyone's Arguing About Payment Rails. The Real Money Is Somewhere Else Entirely.
Agentic payments are solving a real gap: AI-driven, “unbankable” businesses (solo devs, micro-APIs) can finally transact via stablecoins, with USDC supply reaching ~$75B and L2 fees dropping to ~$0.001, making…
A1 Team, Sakshi阅读约 17 分钟阅读: Ethereum’s Scaling Experiment: What Worked, What Didn’t, and What Comes Next 
DeFiEthereum’s Scaling Experiment: What Worked, What Didn’t, and What Comes Next
In February 2026, a single post by Vitalik Buterin set the Ethereum ecosystem on fire. The rollup-centric roadmap the architectural vision that had defined Ethereum's scaling strategy for half a decade needed to…
A1 Team, Sakshi阅读约 25 分钟阅读: Analyst Take: The Internet Is Learning How to Pay Itself and Crypto Is the Reason 
综合Analyst Take: The Internet Is Learning How to Pay Itself and Crypto Is the Reason
Coinbase is building the AWS of agent commerce. AWAL + x402 + Stripe integration creates a full-stack moat on Base. Solana competes on speed, but integration depth will matter more than settlement time.
Sakshi, A1 Team阅读约 6 分钟阅读: Perp DEX Wars: The $8 Trillion Institutional Endgame 
DeFiPerp DEX Wars: The $8 Trillion Institutional Endgame
Hyperliquid leads at 67/80 under our institutionally-weighted scorecard, reflecting dominance in volume, ecosystem breadth, and builder adoption, while October 10 exposed concrete limits: $2.1B closed via ADL in 12…
A1 Team, ZeroKnowledge阅读约 68 分钟阅读: Zero: The Multi-Core Revolution or Maximum Hype? 
综合Zero: The Multi-Core Revolution or Maximum Hype?
Zero introduces a heterogeneous "multi-core" architecture that separates execution (datacenter Block Producers) from verification (consumer-grade Nano Validators via ZK proofs), claiming 2 million…
A1 Team阅读约 20 分钟阅读: Prediction Markets: The Path to $1 Trillion and What Needs to Happen Next 
DeFiPrediction Markets: The Path to $1 Trillion and What Needs to Happen Next
Analyzing the explosive growth, the infrastructure innovations, and the challenges that could define the next phase
A1 Team, Sakshi阅读约 19 分钟阅读: Paradex: Private Institutional-Grade Trading at Internet Scale 
DeFiParadex: Private Institutional-Grade Trading at Internet Scale
In the current decentralized trading landscape, every institutional trader pays a hidden "Visibility Tax." When position sizes, entry points, and liquidation levels are broadcast to public mempools, sophisticated…
A1 Team, ZeroKnowledge阅读约 31 分钟阅读: Greenland Tariffs and the Failure of the Digital Gold Thesis 
宏观与市场Greenland Tariffs and the Failure of the Digital Gold Thesis
On January 17, 2026, the Trump administration announced 10% tariffs on eight European nations, effective February 1, escalating to 25% by June 1 unless Denmark agrees to sell Greenland.
A1 Team, Derek阅读约 20 分钟阅读: Why the Venezuela Intervention Didn't Move Crypto 
宏观与市场Why the Venezuela Intervention Didn't Move Crypto
On January 3, 2026, the United States launched Operation Absolute Resolve, a military intervention in Venezuela that captured President Nicolás Maduro and his wife Cilia Flores. It was the most significant US…
A1 Team, Derek阅读约 7 分钟阅读: What to Expect in 2026 
宏观与市场What to Expect in 2026
If there was ever a year that represents the volatility of crypto, it was 2025.
A1 Team阅读约 41 分钟阅读: 2025 Crypto Wrapped 
综合2025 Crypto Wrapped
This was supposed to be the year crypto finally "made it" and in some ways, it did. We got institutional adoption, some regulatory clarity, ETF expansion, the whole nine yards. But if you were retail? If you were…
A1 Team阅读约 24 分钟阅读: Talus: The Foundational Layer of the Agentic Onchain Economy 
人工智能Talus: The Foundational Layer of the Agentic Onchain Economy
AI agents are expected to generate $3-5 trillion in economic value by 2030 according to McKinsey, with IDC projecting agentic systems will drive over 26% of global IT spending by 2029. Meanwhile, NVIDIA's Jensen…
A1 Team阅读约 13 分钟阅读: State of the CLOB Wars: The Trillion-Dollar Battle for Onchain Trading by A1 & GSR 
DeFiState of the CLOB Wars: The Trillion-Dollar Battle for Onchain Trading by A1 & GSR
A fundamental shift in onchain market structure is underway, driven by the rapid ascendance of Central Limit Order Book (CLOB) decentralized exchanges (DEXs). Propelled by surging activity in decentralized…
A1 Team阅读约 87 分钟阅读: Will DEXs Finally Kill CEXs? 
DeFiWill DEXs Finally Kill CEXs?
Decentralized finance has undergone significant structural evolution across successive market cycles. While Centralized Exchanges (CEXs) have always been leading in terms of volume, Decentralized Exchanges (DEXs), in…
A1 Team阅读约 17 分钟阅读: Private Onchain Trading - The Privacy Paradox in Blockchain 
DeFiPrivate Onchain Trading - The Privacy Paradox in Blockchain
For an institutional trader, executing on a public blockchain today is like playing a high-stakes poker game with your cards face up. The core promise of DeFi, unfettered access and transparent settlement, has…
A1 Team阅读约 30 分钟阅读: HyperLiquid - The CLOB King 
DeFiHyperLiquid - The CLOB King
$1 billion in annual revenue, 700,000 users, 30% market dominance, all achieved by a team of 10 people who refused VC money. In just three years, @HyperliquidX (HL) has done what seemed impossible: built a…
A1 Team阅读约 20 分钟阅读: The Future of Institutional DeFi Onchain 
DeFiThe Future of Institutional DeFi Onchain
Is the mass migration of institutional capital into DeFi inevitable? If you ask some of the largest money managers in the world, the answer is pretty clear:
A1 Team阅读约 36 分钟阅读: Monaco: Bringing Wall Street Onchain 
DeFiMonaco: Bringing Wall Street Onchain
The financial world is in the early innings of its most significant transformation in a century. A seismic shift is underway as the rigid, analog infrastructure of traditional finance begins to yield to the fluid,…
A1 Team阅读约 18 分钟阅读: Real-time Blockchains and the Rise of Onchain CLOBs 
DeFiReal-time Blockchains and the Rise of Onchain CLOBs
Decentralized finance has long held the promise of building a more open, efficient, and global financial system. Early blockchains like Bitcoin established the foundation with immutable ledgers, and Ethereum ignited…
A1 Team阅读约 57 分钟阅读: From Hyperliquid to Paradex, Bullet, Hibachi and Lighter: The Rise of CLOB Appchains 
DeFiFrom Hyperliquid to Paradex, Bullet, Hibachi and Lighter: The Rise of CLOB Appchains
Appchain CLOBs merge the "fat protocol" and "fat app" theses into a hybrid model, capturing value at both the infrastructure layer (sequencing revenue, MEV) and the application layer (trading fees, user retention)…
A1 Team阅读约 31 分钟阅读: Paradex: The Zero-Fee SuperExchange for the Internet Economy 
DeFiParadex: The Zero-Fee SuperExchange for the Internet Economy
In onchain finance, code is law, but architecture is destiny. For most traders, an exchange is just a user interface, a.k.a. a set of prices and a "buy" button. Yet beneath this surface lies a complex architecture of…
A1 Team阅读约 25 分钟阅读: Bullet: The Network Extension That Turns Solana Into an Onchain Nasdaq 
DeFiBullet: The Network Extension That Turns Solana Into an Onchain Nasdaq
The digital asset landscape is in a constant state of rapid evolution, currently witnessing a Cambrian explosion of innovation where blockchains compete on scalability, security, and decentralization. This relentless…
A1 Team阅读约 22 分钟阅读: The State of the CLOB Wars 
DeFiThe State of the CLOB Wars
Zero-fee competition has compressed margins across CLOB DEXs. Market leader @HyperliquidX's revenue fell 39% to $68.93 million in September despite stable volumes as Lighter processes $133 billion monthly at zero…
A1 Team阅读约 33 分钟阅读: From AMMs to CLOBs: The $7 Trillion Race to Bring Nasdaq Onchain 
DeFiFrom AMMs to CLOBs: The $7 Trillion Race to Bring Nasdaq Onchain
The global exchange market processes over $7.5 trillion in daily volume, according to the Bank for International Settlements' 2022 report. Crypto captures less than 2% of this, with average daily trading volume…
A1 Team阅读约 19 分钟阅读: Programmable Privacy: The Next Multi-Billion Dollar Infrastructure Layer 
DeFiProgrammable Privacy: The Next Multi-Billion Dollar Infrastructure Layer
Blockchain's radical transparency was the right design choice for trustless money. But as digital infrastructure expands beyond simple value transfer into complex computation, data sharing, and institutional finance,…
A1 Team阅读约 54 分钟阅读: Ethena: The Science Behind a 76% Capital Retention Rate 
DeFiEthena: The Science Behind a 76% Capital Retention Rate
This data driven report dives into @Ethena recent growth while successfully retaining more than 70% of its capital.
A1 Team阅读约 17 分钟阅读: Hyperliquid: The Everything Exchange Valuation 
DeFiHyperliquid: The Everything Exchange Valuation
Hyperliquid has achieved unprecedented dominance in decentralized perpetual futures, generating between $1.5 to $4.5 million in daily revenue (annualized $548M–$1.64B). Its $56.65 billion in 7-day average trading…
A1 Team阅读约 21 分钟