Deep Tide TechFlow

CME plans to launch computing power futures in October, with AI capital expenditure surpassing $765 billion for the first time, exceeding oil and gas. However, the performance difference among GPUs of the same model can reach up to 38%. Whether computing power can become the next trillion-dollar asset class depends on whether the issues of concentration and interchangeability can be resolved.

When Bitcoin becomes just a button in a banking app, the crypto industry gains users but loses its soul.

By the end of 2025, Tether's reserve assets will exceed liabilities by $6.814 billion.

A financial migration from the old system to the new system is taking place.

Solana sets a record for usage, but SOL has fallen to its lowest since December 2023; Celestia network's daily fee is $89, with a market value of $370 million. The fat protocol thesis is dying: value is flowing to equity, not tokens.

The father of the Move language leaves Sui to join Anthropic for AI safety: the "gatekeepers" of the crypto industry are flocking to AI in droves, GitHub code submissions have plummeted by 75%, while AI can identify vulnerabilities in Coldcard that have gone unnoticed for five years in just 8 minutes.

DeFi deposits have shrunk by 15%, while RWA deposits have surged by 200%. The incremental sources of crypto finance are shifting: from "token-incentivized closed loops" to "real assets on-chain."

The ai16z project has been shut down, and the token has gone to zero. The founder stated that a $25 million position has not been sold; after the collapse of the crypto AI narrative, the direction may need to be reversed.

Cloudflare launches AI wallet: allowing machines to spend money and settle with stablecoins. With a dual-layer structure + identity system + x402 protocol, the carrier of 20% of global website traffic is integrating payments into the HTTP pipeline.

The data breaks down how much of this "1.89 billion dollar market" is real money, serving as a wake-up call for any investor considering entering the on-chain securities space.