YBB Capital

The Bitcoin main chain has long faced issues such as slow interactions and limited programming capabilities. Although the Lightning Network offers a solution for payment efficiency, it has not been widely adopted due to its complex structure and high security thresholds. Thunderbolt introduces a new mechanism through soft forks, enhancing scalability and programmability, and opening up new pathways for off-chain BTC applications.

The essence of RWA is the mapping of real assets on the chain, but its development has always been limited by the conflicts between regulatory frameworks, asset complexity, and decentralization logic. Although current RWA protocols have made initial achievements in the tokenization of financial assets, issues such as compliance silos, poor accessibility, and lack of interoperability remain prominent. In the future, to truly realize its value release, it is necessary to break down the barriers between traditional finance and the on-chain world, and build a more inclusive public ledger financial system.

Trump creates economic pressure through tariff policies, driving trade negotiations and market fluctuations. Under the strategy of "using tariffs to promote talks," tariffs serve not only as a negotiation tool but also as a key means to manipulate market sentiment and capital flows. The sharp market fluctuations, the strong return of the dollar, and the stock market's reactions reveal how Trump uses power and information to influence the global economic landscape.

On March 26, Hyperliquid experienced the most severe attack to date, prompting widespread reflection in the decentralized perpetual contract market. The attacker exploited high leverage and the weak liquidity of Meme coins for precise arbitrage, forcing the platform's liquidity pool HLP to absorb massive losses. The incident revealed core flaws in the governance mechanisms, risk control, and structural design of Perp Dex, reflecting the structural contradictions between decentralized ideals and capital efficiency.

Saylor, through MicroStrategy's Bitcoin investment, successfully tied the company's stock price closely to Bitcoin's volatility by leveraging the high leverage effect of the capital market. By issuing additional shares and convertible bonds, MicroStrategy raised funds to purchase Bitcoin, which not only drove up the stock price but also achieved continuous capital expansion. This unique capital operation model, while increasing market speculation, has also raised concerns about its sustainability and future risks.

The establishment of the Trump Sovereign Fund is related to investments in infrastructure, supply chains, and other areas, which may become a source of funding for crypto strategic reserves. The collaborative actions of giants like Binance reveal a trend of the crypto market gradually being co-opted by traditional finance and geopolitical forces, leaving public chains with a choice: either rely on the powerful or embed themselves in the CEX ecosystem. Under centralized pressure, the decentralized existence of Ethereum becomes particularly crucial.

The Ethereum Pectra upgrade merges the Prague and Electra versions, marking a deep integration of the execution layer and the consensus layer, aimed at enhancing the staking mechanism, optimizing L2 scalability, and strengthening network governance. Core improvements such as account abstraction (EIP-7702) and an increase in validator staking limits (EIP-7251) make Ethereum more institutional-oriented, while also sparking controversy over the decrease in decentralization.

Trump's deal-making philosophy is built on controlling the pace and creating surprises. This strategy runs through his business empire, political career, and even his cryptocurrency ventures. From the sudden announcement of strategic reserves to the policy manipulation of the cryptocurrency market, he uses power to shape market dynamics while ensuring the dominance of the U.S. and his family in this transformation. BTC is becoming a new tool of American hegemony, while non-American projects may face greater survival pressures.

The Open Intents Framework promotes intent collaboration across Ethereum chains through the ERC-7683 standard, providing a more efficient cross-chain trading solution for DeFi. The framework aims to optimize liquidity management and address fragmentation issues by standardizing cross-chain operations, enhancing the user experience.

External technological innovation is accelerating the integration of AI and blockchain, impacting the traditional AI industry landscape. Meanwhile, the challenges within and outside the Crypto market are gradually emerging, from the chaotic expansion of altcoins to the challenges of decentralized computing power, the industry urgently needs innovation and reshaping. As the market fog deepens, traditional projects face immense valuation pressure, and finding new breakthroughs at the intersection of AI and Crypto has become a key issue.