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Oracle

Oracles are essential infrastructure components that feed real-time, off-chain data (such as price feeds, weather, or sports results) into blockchain smart contracts. Without decentralized oracles like Chainlink and Pyth, DeFi could not function. In 2026, oracles have evolved to support verifiable randomness and cross-chain data synchronization. This tag covers the technical evolution of data availability, tamper-proof price feeds, and the critical role oracles play in ensuring the deterministic execution of complex decentralized applications.

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Created: 2026/02/02 18:52
Updated: 2026/02/02 18:52
Cardano’s Biggest Governance Vote Arrives After Network Scare

Cardano’s Biggest Governance Vote Arrives After Network Scare

The post Cardano’s Biggest Governance Vote Arrives After Network Scare appeared on BitcoinEthereumNews.com. Cardano’s key founding entities have proposed a 70 million ADA governance budget, seeking approval from the network’s treasury to fund major infrastructure integrations as the blockchain rebounds from a recent chain split. This proposal comes at an important juncture for the Cardano ecosystem. The network recently demonstrated resilience after resolving a disruption caused by an AI-generated malformed transaction earlier this month. Sponsored Sponsored Critical Infrastructure Funding Targets 2026 Ecosystem Expansion The Cardano Critical Integrations Budget proposal unites Input Output, EMURGO, Cardano Foundation, Intersect, and the Midnight Foundation. Their goal is to address gaps that limit Cardano’s scaling. The 70 million ADA allocation would support tier-one stablecoin integrations, institutional-grade digital asset custody, cross-chain bridges, pricing oracles, and on-chain analytics platforms. These integrations are designed to enhance Cardano’s DeFi ecosystem, attract institutional investors, and drive real-world asset tokenization. While discussions have occurred with integration partners, the proposal’s advancement depends on community approval through Cardano’s governance system. Intersect will administer the initiative, ensuring transparency and accountability. Approval is required from both Delegated Representatives (DReps) and the Constitutional Committee, crucial components of Cardano’s decentralized governance. According to documentation, Cardano’s treasury holds about 1.7 billion ADA and receives approximately 25.92 million ADA monthly through protocol mechanisms. Community members are scrutinizing the proposal’s actual cost. Some suggest the total expense could surpass the requested sum by a wide margin. Given all the different numbers that I’ve seen floated around, I personally suspect that in-all this roster of superpowers will cost way more, maybe double or triple what is being asked for. I assume that means that the founding entities have some agreement to cover the rest of… https://t.co/XY8CN63Sa2 — Quantumplation | Pi Lanningham (@Quantumplation) November 27, 2025 The post also speculated that founding entities might cover extra costs out of pocket, a detail that voters should…

Author: BitcoinEthereumNews

2025/11/28

Tokenization of Equity in Unlisted Companies: A Trillion-Dollar "Siege," and Attention Stealed by Perpetual Contracts

Tokenization of Equity in Unlisted Companies: A Trillion-Dollar "Siege," and Attention Stealed by Perpetual Contracts

I. Introduction In the global asset landscape, equity in unlisted companies—especially high-growth unicorn companies—is an asset sector that combines both scale and potential. However, for a long time, this growth potential has been almost entirely monopolized by professional institutions such as private equity (PE) and venture capital (VC), with only a few institutions and high-net-worth investors able to participate. Ordinary investors can often only watch the growth stories of unicorns in the news. Blockchain and tokenization are changing this landscape. By issuing tokens on-chain to represent equity or economic interests in non-publicly traded companies, the market hopes to build a new secondary market that can be traded 24/7 within a compliant framework, improving liquidity, lowering barriers to entry, and connecting TradeFi and DeFi on a larger scale. Institutions have also given this field extremely high expectations. For example, Citigroup believes that private equity tokenization could grow 80 times within ten years, approaching $4 trillion in size. Against this backdrop, the tokenization of equity in non-listed companies has naturally become one of the most watched sub-sectors within RWA (Rich Personal Asset Tokenization). Its significance lies not only in technological innovation but also in profound changes to asset participation mechanisms, exit strategies, and profit structures. Bitget Wallet Research will guide you through this article to see how equity tokenization will help non-listed companies break through this barrier. II. A Trillion-Dollar "Siege": High Value, Yet Difficult to Enter and Exit From an asset perspective, equity in non-listed companies covers a wide range from startups to large private conglomerates, with holders including founding teams, employee ESOPs/RSUs, angel investors, VC/PE funds, and some long-term institutions. From a funding perspective, according to publicly available data, global PE assets under management are approaching $6 trillion, and VC assets under management are approximately $3 trillion, totaling about $8.9 trillion. Meanwhile, as of mid-2025, the total valuation of global unicorn companies hovered between $4.8 and $5.6 trillion, and this only represents the top few thousand companies at the very top of the pyramid; tens of thousands of mature private companies that have not yet reached the "unicorn threshold" are not fully accounted for. Putting these figures together reveals a stark picture: a massive pool of assets worth trillions, yet a illiquid, walled city. On one hand, this market is inaccessible to the vast majority. Major jurisdictions generally limit primary private equity opportunities to a small circle of qualified and institutional investors, with minimum investments often starting at hundreds of thousands or even millions of dollars. The combination of wealth and institutional barriers makes this asset class virtually untouchable for ordinary investors. On the other hand, those already in the city often struggle to exit. For employees, angel investors, and VC/PE holders, the main exit paths are almost exclusively IPOs or mergers and acquisitions. Unicorn companies commonly postpone IPOs, with ten-year lock-up periods becoming the norm, making it difficult to liquidate their paper wealth for extended periods. While an off-chain private equity secondary market exists, it heavily relies on intermediaries, resulting in opaque processes, high costs, and long cycles, making it difficult to become a large-scale liquidity outlet. The asymmetry between high-value assets and inefficient liquidity mechanisms provides a clear entry point for the tokenization of equity in non-listed companies, namely, to reconstruct a new path for participation and exit without disrupting the regulatory and corporate governance order. III. What does tokenization truly change? Under the premise of compliance, the value brought by tokenization is not only to move equity on the blockchain, but also to the reshaping of three core mechanisms. First, there's the continuous secondary liquidity . Through tokenization and splitting, high-value equity can be divided into smaller shares, allowing more compliant investors to participate in assets that were originally only for PE/VC with lower amounts. From the perspective of external investors, this is the starting point for ordinary people to buy some OpenAI/SpaceX; from the perspective of internal holders, it provides employees, early shareholders, and some LPs with a supplementary outlet besides IPO/M&A, enabling them to realize phased monetization in a 24/7 on-chain market with controllable thresholds. Secondly, it enables more continuous price discovery and market capitalization management . Traditional valuation of unlisted equity is highly dependent on financing rounds, with prices being discrete and lagging, and can even be considered as intermittent quotations. If, within a compliant framework, some equity or economic rights are tokenized and put into continuous trading, the target company and primary investors can use more frequent market price signals to price subsequent financing, proactively conducting market capitalization management in a "quasi-public market" and bridging the valuation gap between primary and secondary markets. Finally, there are new financing channels . For some high-growth companies, tokenization is not only a tool for transferring existing equity, but also a tool for issuing new capital. Through pathways such as security token offerings (STOs), companies can potentially bypass expensive underwriting and lengthy IPO processes, directly raising funds from compliant global investors. This path is particularly attractive to companies that do not have short-term listing plans but wish to optimize their capital structure and improve employee mobility. IV. Three Models: Real Stock On-Chain, Mirror Derivatives, and SPV Structure Regarding the issue of tokenization of equity in non-listed companies, there are currently three main implementation paths in the market, which differ fundamentally in terms of legal attributes, investor rights, and compliance. The first type is the native collaborative model of putting real shares on the blockchain. In this model, the target company actively authorizes and participates, and share registration, token issuance, and shareholder register maintenance are all completed within the regulatory framework. The on-chain tokens are legally equivalent to shares, and holders have full shareholder rights such as voting rights and dividend rights. A typical example is Securitize, which has helped companies such as Exodus and Curzio Research tokenize their shares and then trade them on the ATS platform, and even further list them on the NYSE. The advantage is clear compliance and well-defined rights, but the prerequisite is high cooperation from the issuer, and the implementation pace is relatively slow. The second type is synthetic mirror-image derivatives. These projects do not hold actual equity; instead, they "index" the valuation of the underlying company through contracts/notes, and then issue perpetual contracts or debt-type tokens. Investors legally have a debt or contractual relationship with the platform and are not registered as shareholders of the underlying company; their returns depend entirely on contract settlement. Ventures is a representative of this model; based on Hyperliquid's perpetual contract infrastructure, it breaks down the valuation of unlisted companies like OpenAI into tradable valuation units, allowing users to go long or short. The third type is the most common SPV indirect holding model in the current Crypto scenario. The issuing platform first establishes a special purpose vehicle (SPV), which acquires a small amount of equity in the target company in the traditional private secondary market, and then tokenizes and sells the beneficial rights of the SPV. Investors hold contractual economic beneficial rights to the SPV, rather than direct rights on the target company's shareholder register. The advantage of this model is its practicality, that is, it can connect real equity with on-chain capital to a certain extent even without the cooperation of the issuer; however, it is also naturally subject to dual pressure from regulatory agencies and the legal departments of the target company. Transfer restrictions in the shareholder agreement, the lack of transparency of the SPV itself, and liquidation arrangements may all become points of contention in the future. V. Derivatives Matching: When OpenAI is "On-Chain" via Perpetual Contracts Recently, a new signal is reshaping the market's perception of pre-IPO RWA: what many users actually want is not shareholder status, but the ability to bet on the rise and fall of unicorns such as OpenAI and SpaceX at any time. Hyperliquid has taken this need to the extreme. Through the HIP-3 programmable perpetual contract layer, any team can create a new perp market as long as they stake enough HYPE; to reduce the pressure of a cold start, Hyperliquid also introduced Growth Mode, which provides a taker fee reduction of about 90% for new markets, allowing long-tail assets to quickly accumulate depth and activity in the early stages. Just last week, Hyperliquid directly launched the OPENAI-USDH trading pair . This means that a company that is not yet listed and whose valuation is entirely dominated by the private market has been pulled into a 24/7, leveraged, globally accessible on-chain market, creating a devastating blow to the pre-IPO RWA. The anticipated impact is very evident. Pre-IPO equity tokens, lacking liquidity, are marginalized by the depth and speed of the perp market before they can truly mature. If this trend continues, the primary market may even have to refer to the on-chain price of the perp market when discussing valuations, which will completely change the price discovery logic of private assets. Of course, the question arises: what exactly is the price of OPENAI-USDH pegged to? The market capitalization of unlisted companies does not have continuous pricing off-chain, but the on-chain perpetual contracts operate 24/7. This may rely on a "soft anchoring" system built by oracles, long-term valuation expectations, funding rates, and market sentiment. For the pre-IPO RWA sector, there are two real-world impacts: First, there's the squeeze on the demand side. When ordinary investors only want to bet on price and don't care about shareholder rights, dividends, or voting rights, perpetual contract DEXs based on Hyperliquid are often simpler, more liquid, and offer a wider range of leverage tools. In contrast, pre-IPO equity tokenization products, if they only offer price exposure, will find it difficult to compete with perp DEXs in terms of user experience and efficiency. Secondly, there's the contrast between narrative and regulatory logic. Equity tokenization requires repeated adjustments and collaborations with regulatory bodies like the SEC and the issuer's legal system; while perp DEX, currently operating in a regulatory gray area, has captured mindshare and trading volume with its lighter contract structure and global accessibility. For ordinary users, "first use perpetual contracts, then consider whether there's real equity" is becoming a more natural path. This does not mean that the narrative of Pre-IPO RWA has failed, but it has sounded an alarm. If this track is to go further, it must find its own differentiated positioning among "real shareholder rights, long-term capital allocation, cash flow distribution" and "on-chain native liquidity". VI. Conclusion: The rewriting of asset and market structures is beginning. The importance of tokenizing equity in non-listed companies lies not in enabling more people to buy a piece of a unicorn, but in addressing the most fundamental pain points of private equity assets: excessively high barriers to entry, narrow exit paths, and lagging price discovery. Tokenization has shown for the first time that these structural constraints can be redefined. In this process, Pre-IPO RWA presents both an opportunity and a stress test. On the one hand, it reveals real needs—employees, early shareholders, and investors are all seeking more flexible liquidity methods; on the other hand, it also exposes real constraints such as regulatory friction, price anchoring, and insufficient market depth. Especially under the disruptive impact of perp DEX, the industry has more directly witnessed the speed and power of native on-chain liquidity. However, this does not mean that tokenization will stagnate. Changes in asset structure, transaction structure, and market structure often do not depend on a single model prevailing, but rather on issuers and infrastructure finding a sustainable compromise between regulation and efficiency. A hybrid path is more likely to emerge in the future, preserving shareholder rights and governance structures within a compliant framework while also ensuring continuous liquidity and global accessibility for on-chain markets. As more assets are put on the blockchain in a composable and tradable form, the boundaries of unlisted equity will be redefined: it will no longer be a scarce asset in a closed market, but a fluid node in a global capital network.

Author: PANews

2025/11/28

Binance Launches APRO (AT) With 20M Token Airdrop as AT Trading Goes Live Nov. 27

Binance Launches APRO (AT) With 20M Token Airdrop as AT Trading Goes Live Nov. 27

Key Takeaways: Binance introduced APRO (AT) as the 59th HODLer Airdrops project, allocating 20 million AT to eligible BNB holders. AT spot trading opens Nov. 27, with pairs against USDT, The post Binance Launches APRO (AT) With 20M Token Airdrop as AT Trading Goes Live Nov. 27 appeared first on CryptoNinjas.

Author: Crypto Ninjas

2025/11/28

OpenAI Partners May Borrow Nearly $100 Billion for AI Data Center Expansion

OpenAI Partners May Borrow Nearly $100 Billion for AI Data Center Expansion

The post OpenAI Partners May Borrow Nearly $100 Billion for AI Data Center Expansion appeared on BitcoinEthereumNews.com. OpenAI’s partners have collectively borrowed nearly $100 billion to fund the massive computing infrastructure required for its AI models. This debt-financed strategy allows OpenAI to scale without direct financial risk, leveraging external balance sheets from firms like Oracle, SoftBank, and CoreWeave to meet surging global demand for advanced AI capabilities. Major players including Oracle, SoftBank, and CoreWeave have secured over $30 billion in loans specifically for OpenAI-related projects. Additional financing of $38 billion is in the works through banks for new data centers via Oracle and Vantage Data Centers. Analysts from KeyBanc Capital Markets project Oracle could amass up to $100 billion in debt over four years to fulfill OpenAI contracts, highlighting the scale of investment needed. OpenAI partners debt hits $100B for AI infrastructure. Discover how firms like Oracle and SoftBank borrow billions to power ChatGPT’s growth without OpenAI taking on risk. Explore the strategy now. What is OpenAI’s Debt Financing Strategy with Partners? OpenAI’s debt financing strategy involves utilizing the financial resources of its partners to build extensive data center infrastructure, enabling the company to train more advanced AI models and satisfy global demand. Rather than incurring debt itself, OpenAI relies on entities like Oracle and SoftBank to secure loans and bonds, which fund the necessary computing power. This approach keeps OpenAI’s balance sheet unburdened while ensuring rapid expansion. How Are Oracle, SoftBank, and CoreWeave Involved in OpenAI’s Debt Expansion? Oracle has raised $18 billion through corporate bonds to support its commitments to OpenAI, with projections indicating potential debt could reach $100 billion in the coming years, according to analysts at KeyBanc Capital Markets. SoftBank has committed $20 billion this year for AI initiatives, including a significant portion tied to OpenAI via an $8.5 billion bridge loan, of which $1 billion has already been repaid. CoreWeave, a key…

Author: BitcoinEthereumNews

2025/11/28

OpenAI’s data center partners pile up $100 billion in debt as AI build‑out ramps up

OpenAI’s data center partners pile up $100 billion in debt as AI build‑out ramps up

OpenAI’s partners are going into deep debt, almost $100 billion, to keep up with its extreme computing needs. The company behind ChatGPT isn’t taking the loans itself. It’s using other people’s money to build the data center empire it says is necessary to train smarter models and meet exploding global demand. A senior executive inside […]

Author: Cryptopolitan

2025/11/28

HIP-3 becomes a new engine for Hyperliquid: Leading DEX drives trading volume tenfold, but ecosystem challenges remain.

HIP-3 becomes a new engine for Hyperliquid: Leading DEX drives trading volume tenfold, but ecosystem challenges remain.

Author: Frank, PANews Since the launch of the HIP-3 growth model, this flagship product has been rapidly becoming a new business growth engine for Hyperliquiid, not only driving explosive growth in trading volume in the market with a tenfold increase in monthly trading volume, but also injecting more innovative vitality and liquidity into the Perp DEX track. Behind the surge in trading volume is HIP-3's ambition to become the underlying trading platform for the future decentralized market. However, this transformation path is far more arduous than the data suggests. Transaction volume increased more than tenfold in a single month; the main driving force behind the growth model The full name of the HIP-3 proposal is "Builder-Deployed Perpetuals." Its core concept is to decentralize "market creation rights" from the core protocol team to the community and developers. Under the HIP-3 architecture, Hyperliquid takes a backseat, becoming the underlying settlement and matching engine, while the rights to define assets, set risk parameters, and select oracles on the front end are completely transferred to third-party "deployers." Under this mechanism, A key hurdle in HIP-3's mechanism is that any developer wishing to deploy a permissionless marketplace must stake 500,000 HYPE tokens on the network. At the current price of $35, this staked amount to approximately $17.5 million. If a deployer engages in malicious behavior, validators can vote to forfeit these assets. Furthermore, even if the deployer intends to exit the marketplace, a 7-day unlocking period applies. This threshold setting forces deployers to be financially strong institutions or teams committed to long-term development, rather than speculative retail investors. On the other hand, such a staking amount is a highly effective deflationary measure for the HYPE token. Considering that HYPE's maximum supply is 1 billion tokens and its current market capitalization is approximately $9.5 billion, each lock-up under this model is equivalent to locking up two-thousandths of the tokens. Furthermore, the HIP-3 market currently enforces an isolated position model. This means that the position risk of a user in a specific HIP-3 market is completely isolated from their BTC/USDC position on the mainnet. Even if a flash crash or oracle attack occurs in a particular asset, its impact is limited to that specific market and will not affect the user's overall account funds or other mainstream asset positions. Since its launch, HIP-3 has experienced exponential growth. As of November 28th, its transaction volume exceeded $3.6 billion, more than ten times that of a month prior. The single-day transaction volume on November 25th even reached $500 million. This performance is comparable to Uniswap V3's transaction volume on Ethereum. Furthermore, the total number of users in the HIP-3 market has reached 18,000, while Hyperliquid has accumulated over 800,000 users to date. The recent surge in HIP-3 data is primarily due to the introduction of Growth Mode on November 19th. This new mode allows for license-free market deployment and significantly reduces fees, thereby improving liquidity. The new feature can reduce transaction fees for new markets by over 90%, with top traders potentially seeing fees as low as 0.00144%. Simultaneously, Growth Mode requires markets to avoid overlap with existing assets and imposes a 30-day lock-up period to maintain stability. The growth effect of this upgrade is clearly evident in the data changes. Leading applications accounted for over 90% of trading activity; the hot US stock market still faces liquidity challenges. According to Nansen data monitoring, more than 100 decentralized applications are currently being built on HIP-3, generating $94 million in new revenue. In terms of trading volume sources, Trade.xyz contributes almost all of the HIP-3 trading activity, consistently accounting for over 95%. Trade.xyz is the first permissionless perpetual contract exchange built on the HIP-3 protocol within the Hyperliquid ecosystem, developed by the Hyperunit (Unit) team. Behind the explosive growth in trading volume, besides the market's high expectations for airdrops to Trade.xyz , according to @kungfu_crypto's analysis, Trade.xyz boasts genuinely active trading, rather than being a volume-driving platform. This is primarily due to its provision of contracts with fees approaching those of US stocks, offering a significant cost advantage for high-frequency, low-leverage trading. This demonstrates that the DEX's trading community has a small average transaction value but high-frequency activity. Furthermore, the Unit team behind it has long been deeply involved in Hyperliquid, building a strong foundation of trust. Currently, Trade.xyz's flagship product is XYZ100, an on-chain index contract tracking the top 100 non-fintech companies in the US (parallel to the Nasdaq 100 index). To date, XYZ100 accounts for over 60% of Trade.xyz's trading volume. In addition, it has launched perpetual contracts for popular US stocks such as NVDA (Nvidia), TSLA (Tesla), and MSFT (Microsoft). It's worth noting that Trade.xyz 's on-chain stock trading doesn't actually involve real stocks in the traditional sense, but rather an index contract. This type of contract doesn't involve physical settlement and doesn't share the liquidity of the US stock market. The biggest advantage of this index contract is that it allows participation in US stock market fluctuations without KYC (Know Your Customer) verification, and it achieves 24/7 uninterrupted trading through a simulated mechanism. For investors who don't need physical settlement but want to profit from US stock market volatility, this casino-like simulated trading platform is the most convenient option. However, this model also exposed the problem of insufficient liquidity. According to a recent report by KOL He Bi, three trading pairs built on another market, Ventures, were unable to close short positions and could only be shorted. This led to an abnormal price surge. The root cause was precisely insufficient liquidity. In fact, this is not a problem unique to the HIP-3 market. The on-chain stock trading market as a whole is still immature, and this lack of liquidity seems to be widespread. Another crypto practitioner, @EthWiz0X, stated that buying $100,000 worth of Ondo Finance's TSLAon on Uniswap would result in a price impact of up to 83.34%. In the HIP-3 market, apart from a few tokens like Trade.xyz 's XYZ100 and NVDA, which have relatively decent trading volumes, other markets like Felix and Ventures maintain daily trading volumes at a low level of several million dollars. This is mainly because trading pairs in markets like Felix and Ventures generally use Hyperliquid's native stablecoin, USDH. Compared to the widely adopted USDC, USDH currently lacks significant market acceptance. Furthermore, the on-chain stock trading service is currently facing increased competition from more players. For example, on November 26th, Binance Wallet announced the addition of on-chain stock trading with transaction fees as low as 0%. In addition, major exchanges such as Bitget and Bybit have also launched similar US stock trading sections. Of course, as a permissionless marketplace, HIP-3's applications are not simply limited to on-chain stock trading. Another project, TROVE, targets the trading of collectible toys, such as Pokémon trading cards, CS2 skins, and perpetual contracts for Nintendo and Pop Mart stocks. Ventuals, on the other hand, targets the pre-IPO market. Compared to the US stock market, these market directions are currently still niche markets, and therefore, the insufficient trading depth in these alternative markets is largely related to their specific themes. Multiple positive factors have driven the rise in popularity, but the dilemma of ecosystem expansion and stablecoins still remains. The recent attention received by the HIP-3 market may be mainly due to the following reasons: 1. The recent divergence in the crypto market has weakened. As the market enters a bear market, the price movements of most tokens are influenced by Bitcoin. In an environment where the entire market rises and falls together, the market favors assets that can move independently. The US stock market, relatively unaffected by the direct impact of the crypto market, exhibits greater independence. 2. Airdrop Expectations for HIP-3 Ecosystem Projects. Previously, Hyperliquid's airdrop left a positive impression on the market, leading to widespread belief that projects within the Hyperliquid ecosystem are likely to replicate the success of the Hyperliquid airdrop. These projects, which haven't yet issued their own tokens, are currently in a period of high trading volume. 3. There is much more potential to be explored in HIP-3. As mentioned earlier, the potential of HIP-3 is not limited to the stock market; it may see explosive growth in more alternative markets in the future. Therefore, in a market currently experiencing a lack of narrative, such potential can easily fuel optimism. In September of this year, the Hyperliquid community also proposed the concept of HIP-4, aiming to introduce perpetual contracts for prediction markets. This roadmap is even more aligned with current market trends. A Falconx report also noted, "We expect the incremental fees generated by the perpetual futures markets deployed by HIP-3 builders to drive HYPE growth by 67% over the next year, with the equity and index markets being the main drivers." Despite multiple positive factors in the market, these optimistic expectations do not necessarily guarantee a bright future for the HIP-3 market. In terms of liquidity, apart from Trade.xyz, other markets currently have pitifully low liquidity and trading volume. Regarding trading currencies, the HIP-3 market's popularity still relies on the mainstream acceptance of USDC, while Hyperliquid aims to support its native stablecoin USDH as a mainstream trading currency. Finding a balance between these two factors is the biggest obstacle preventing the HIP-3 market from truly taking off.

Author: PANews

2025/11/28

APRO (AT) to Binance HODLer Airdrops

APRO (AT) to Binance HODLer Airdrops

Binance has listed APRO (AT) as the newest project eligible for HODLer Airdrops, adding the data-oracle protocol to its expanding lineup of early-distribution tokens. Any user who kept BNB in Simple Earn or On-Chain Yields between 4 and 6 November 2025 will receive AT, with distributions scheduled ahead of trading. The exchange plans to open AT trading at 14:00 UTC on 27 November across four pairs: USDT, BNB, USDC and TRY. Deposits will be available from 10:30 UTC, and AT will launch with a seed tag. AT HODLer Airdrops Details Eligible users are those who held BNB in Simple Earn (flexible or locked) or in On-Chain Yields during the snapshot window from 4 November 00:00 UTC to 6 November 23:59 UTC. Binance will complete the AT distribution within 24 hours of the listing announcement. Token metrics: Name: APRO (AT) Total Supply: 1,000,000,000 AT Airdrop Allocation: 20,000,000 AT, representing 2 percent of supply Marketing Reserve: 20,000,000 AT earmarked for promotional use six months after listing Circulating Supply at Launch: 230,000,000 AT Listing Fee: None BNB Hard Cap: Individual holdings capped at 4 percent of the total eligible pool Source: Binance Binance noted that the airdrop covers a small slice of the supply, with additional allocations locked for longer-term ecosystem growth. Eligible users do not need to perform any extra steps; tokens will be credited automatically before the market opens. Introducing Binance HODLer Airdrops Binance’s HODLer Airdrops give long-term BNB users a way to receive new token distributions simply by keeping their assets in eligible earning products. Instead of requiring active participation or ongoing tasks, the program relies on historical snapshots of BNB balances to determine who qualifies. Learn more: Allora (ALLO) to Binance HODLer Airdrops Users who put BNB into Simple Earn, whether flexible or locked, are automatically counted in the snapshot pool and stay eligible for Launchpool and Megadrop rewards. Those who allocate BNB to On-Chain Yields also qualify for HODLer Airdrops and earn on-chain returns at the same time. What makes the program appealing is how little users need to do. As long as BNB stays in one of the supported products during the snapshot period, the account automatically qualifies for upcoming airdrops. There is no sign-up step, no special campaign to join and no manual claiming once the distribution goes live. How to Benefit from HODLer Airdrops Users who want to participate only need to allocate BNB into one of Binance’s supported Earn products. To join, they enter the Earn section, search for BNB and choose the product that fits their preferences. Binance tracks balances through multiple hourly snapshots and later uses them to compute the average holdings for each account. Each airdrop uses a separate snapshot period selected after the announcement. For example, a mid-June distribution may rely on balances recorded earlier that month. Once Binance completes the calculation, rewards are delivered directly to the Spot Wallet, often within one day. This approach lets BNB holders earn new tokens passively while keeping full control of their assets. Learn more: NFTPlazas first exchange choice to trade AT The post APRO (AT) to Binance HODLer Airdrops appeared first on NFT Plazas.

Author: Coinstats

2025/11/28

The 7 Best Altcoins to Buy Now Before the Market Recovers: NNZ Token Leads the Pack

The 7 Best Altcoins to Buy Now Before the Market Recovers: NNZ Token Leads the Pack

When the market cools down, smart investors do not panic. They rotate. Downtrend periods often create the perfect entry points into the next cycle’s biggest winners. That is why traders are closely watching the best altcoins to buy now before the recovery phase kicks in. The goal is simple. Accumulate projects with low market caps, […]

Author: LiveBitcoinNews

2025/11/28

30% Of Crypto Market Makers Got Wiped, Mike Novogratz Says

30% Of Crypto Market Makers Got Wiped, Mike Novogratz Says

Galaxy Digital CEO Mike Novogratz says the October 10th crash in crypto was far more than a routine shakeout, claiming that roughly a third of market makers in parts of the ecosystem were effectively wiped out. “We had a flash crash and it did a lot of damage to the fabric of the market,” Novogratz told Anthony Scaramucci on the first-ever episode of “All Things Markets,” recorded November 26. “Even on Hyperliquid, the market makers, you know, 30 percent of them went out of business. Got zeroed.” Scaramucci framed the last 20 trading days as another brutal reminder of crypto’s structural volatility. “I know I have a trap door on my portfolio,” he said. “Once in a while I’ll be walking across the living room feeling beautiful about myself. And then, boom, a trap door opens and I have fallen into the basement of the house.” Related Reading: Will Crypto Explode If Kevin Hassett Takes Over The Fed In 2026? According to Novogratz, this particular trap door opened at Binance. “It started really by, you know, at Binance, they had an oracle which set price misfunction,” he said. That error hit a synthetic stablecoin and “created a cascade where people were getting stopped out because there was the wrong price.” The dislocation then bled into levered perpetual markets “like Hyperliquid, like Uniswap,” where “as prices went down, people started getting liquidated.” He argued that the way crypto participants use leverage turned a technical glitch into a systemic event. “What people don’t understand about crypto is that the crypto investor doesn’t play for 10, 11, 12 percent returns,” he said. “Crypto investor call themselves degens with pride. They want to turn one into 15. And so they trade a very volatile asset with a lot of leverage.” Perpetual futures make that leverage particularly dangerous for liquidity providers. “Perpetual futures are not normal futures,” Novogratz said, crediting “the genius that Arthur Hayes and his group of people” for a design where “as longs get liquidated, they’re paired off against shorts.” In a fast collapse, “you could be short and you lose your short position. Well, if you’re long on another exchange against that short position, you’re shit out of luck. And that happened to a lot of market makers.” Will The Crypto Market Recover? The result, he said, was a sharp loss of liquidity and retail capital. “We lost a lot of liquidity in the market. We lost a lot of retail punters who lost their stack,” he noted, adding that after such a wipeout “it takes a while for Humpty Dumpty to get put back together again.” Novogratz said he initially expected higher levels to hold. “I actually, to be fair, thought we were going to hold at higher levels at $90,000,” he admitted. “And we went all the way to $80,000. $80,000 was a maximum pain point… Got to $1.80 on XRP. We got to $125 on Solana. Real pain points.” He links the subsequent rebound to macro tailwinds, not healed sentiment. “Now we bounce up. We bounce because of the Fed. But we’re not out of the woods,” he said. “I do think Bitcoin will climb back towards $100,000 by the end of the year, but there’ll be sellers waiting there. We’ve done some medium-term damage to the psychology of the market.” Related Reading: Crypto Has Entered Late-Cycle Territory, Says Global Liquidity Veteran On the spot side, he highlighted massive profit-taking by early holders against ETF-driven inflows. “We had one $9 billion seller,” he said. “That’s one-third of all of IBIT’s flows of the year.” As US wealth channels move “from a zero weighting to a 3 to 4 percent weighting” in Bitcoin, that “was met with OG sellers.” “In the long run, that’s healthy,” he said. “In the short run, that’s painful.” Novogratz also argued that crypto is being repriced as a real business ecosystem rather than a pure story. “It’s a transition from just being a story — ‘we’re the most important industry… we’re going to decentralize the world’ — to ‘show me what crypto actually does,’” he said. “Some businesses are making money. Some businesses aren’t. There are some token ecosystems that make common sense to an investor and there’s some that all feel like they’re just an association.” Overlaying it all is a macro backdrop he views as increasingly supportive. He called the Fed’s recent signals and plans to ease bank cash requirements in repo “a monstrous liquidity boom that’s coming,” adding that “they’re going to bring rates down to 2 percent in the next 16 months” and that inflation will “creep higher,” implying negative real rates. For crypto, the message is double-edged: structurally de-levered, with fewer market makers and wounded sentiment, but still tied to a global liquidity cycle that Novogratz believes is turning in its favor — once Humpty Dumpty gets put back together again. At press time, Bitcoin traded at $91,115. Featured image from YouTube, chart from TradingView.com

Author: NewsBTC

2025/11/28

華爾街名嘴示警：Google Gemini 來勢洶洶，ChatGPT 恐陷生存危機？

華爾街名嘴示警：Google Gemini 來勢洶洶，ChatGPT 恐陷生存危機？

CNBC 指出 Google Gemini 3 威脅 OpenAI，若 ChatGPT 無反制恐被視為外強中乾。Google Gemini 的生態整合能力強大，引發華爾街關注。美國 CNBC 知名財經節目主持人Jim Cramer日前在節目中指出，Google 最新推出的 Gemini 3 大型語言模型，可能成為 OpenAI 有史以來最大的威脅。他認為，ChatGPT 若不採取反制措施，恐怕會被視為「外強中乾」。 Google Gemini 3 備受矚目，Salesforce CEO 也喊讚 特別點名 Google Gemini 的整體實力「令人振奮」，並透露 Salesforce 執行長 Marc Benioff 也直言偏好使用新版 Gemini，而非 ChatGPT。這一點引起了不少華爾街科技觀察人士的注意。 他強調，Google 在 AI 模型領域的強項在於生態整合能力，能將 Gemini 與旗下搜尋、Gmail、Docs 等服務無縫接軌，形成天然優勢。 除了產品競爭壓力，OpenAI 面臨的另一個關鍵挑戰是資金問題。他透露，OpenAI 曾承諾將投入約 1 兆美元資金持續擴展，這對其維持高速成長、吸引資金來說至關重要。但若使用者成長放緩，將牽動其未來營運節奏與合作夥伴信心。 值得注意的是，OpenAI 的重要合作夥伴之一甲骨文（Oracle）也可能受到影響。不過克雷默認為，即使 OpenAI 面臨風險，甲骨文仍具備吸引其他大型雲端客戶的能力，不會完全受限於單一客戶的命運。 ChatGPT 還有沒有機會逆轉？ 雖 ChatGPT 面臨挑戰，但也不完全看衰 OpenAI，他認為該公司可能正投入研發下一代「革命性產品」。這也代表 AI 大戰仍未結束，ChatGPT 並非無力反擊，只是當前聲勢已遭 Gemini 重擊。 截至目前為止，Google（母公司 Alphabet）與 OpenAI 均尚未對此公開評論。     延伸閱讀：Gemini 3 威脅來襲？OpenAI 執行長內部信坦言技術落後很有壓力，燒錢大戰誰能笑到最後？ 延伸閱讀：年薪破900萬搶人！OpenAI瘋搶的FDE是誰？為什麼比AI科學家還搶手？ 延伸閱讀：OpenAI 推出 GPT-5.1，新增友善、專業、直率等多種個性語氣選擇  加入T客邦Facebook粉絲團

Author: Techbang

2025/11/28

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