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first_img The dispute over AMC tokenized stocks is spreading, with intense debates in the industry about three issuance models

According to The Defiant, the dispute between AMC Entertainment CEO Adam Aron and Robinhood over tokenized AMC stock has escalated into a debate among tokenized stock issuers about which model should become the industry standard.Gabriel Otte, co-founder of Dinari, criticized Robinhood's synthetic tokens with Ondo as "worse for end investors than regular stocks," while Uniswap founder Hayden Adams compared it to early stablecoins, stating that it meets users' demands for programmability and 24/7 trading.Currently, three models are competing in the $2.91 billion tokenized stock market: Robinhood's stock tokens are debt securities issued by a Jersey entity, available only to non-U.S. persons; Ondo, xStocks, and Dinari hold the underlying stocks through regulated intermediaries and pass on economic benefits; Securitize and Superstate directly put company-registered stocks on-chain. The U.S. SEC's Division of Corporation Finance has legally defined the three models as of January 28. Data from rwa.xyz shows that the total scale of tokenized stocks reaches $2.91 billion, with a 14.4% growth over 30 days, and Ondo leads with $869.6 million.Securitize CEO Carlos Domingo also supports Aron's position, stating that he does not wish for others to create offshore derivatives of company stocks. Brian Huang, co-founder of Glider, believes that the trading venue is more important than the packaging format, as AMMs cannot guarantee users the best execution.

first_img OpenAI's new model Astra can autonomously discover and exploit software vulnerabilities, rated as "critical" in cybersecurity capability level

OpenAI stated that its upcoming Astra model can autonomously discover previously unknown software vulnerabilities and convert them into usable attack vectors without human intervention, making it the company's first model to reach the "Critical" cybersecurity capability level threshold. In a blog post released on Tuesday, OpenAI mentioned that according to its Preparedness Framework, reaching this level means the model can discover zero-day vulnerabilities and develop usable exploit code in hardened real systems without human involvement, or design and execute attacks based solely on a high-level objective.In testing, Astra achieved a 100% score in benchmark tests for developing exploit code based on known vulnerabilities and discovered two previously unknown vulnerabilities in another internal test. Additionally, the model successfully broke through a hardened browser sandbox and executed commands on the host machine, while gaining root access by exploiting multiple weaknesses in the operating system. OpenAI stated that it has delayed some of Astra's development progress to enhance security measures and plans to make its advanced cybersecurity capabilities available only to selected testers.This capability is particularly relevant to the cryptocurrency industry, as software vulnerabilities can be converted into financial losses within minutes. CoinDesk reported in June that increasingly powerful AI models can compress the process of searching code, discovering misconfigurations, and assembling attacks from days or weeks to machine speed. Security researchers noted at the time that the significant change was not the emergence of new categories of attacks, but rather the dramatically increased speed at which existing vulnerabilities are discovered and exploited.

first_img The core ARR of China's open-source large models is approximately 6-8 billion USD

Robonomics author FD published the China Open-Source LLM Tracker on September 1, 2026, stating that the total ARR of China's open-source large models is approximately $10-15 billion, with core LLM revenue around $6-8 billion after excluding ByteDance / Seedance. Growth has not relied on price wars; after DeepSeek raised prices by about 3-12 times, usage still increased, and the average price of the Zhipu API rose by 101% while token usage exceeded 40 times within the year. The best estimate for overseas revenue is approximately $2 billion.Zhipu MaaS ARR increased from about $250 million in March to an annualized monthly rate of about $1.6 billion in August, with a weekly annualized rate of $2 billion. August revenue has already surpassed its API revenue for the first half of the year; the API gross margin is 24.6%, and inference costs per token decreased by 80%. MiniMax ARR rose from about $100 million in December 2025 to over $800 million in annualized weekly revenue by August 2026, with B2B accounting for about 80%. Kimi ARR increased from about $100 million in March to about $300 million by mid-June. DeepSeek's revenue from January to July was approximately $70 million, with the latest ARR estimated at about $1.2 billion.ByteDance's annualized AI revenue is approximately $4 billion, of which Seedance accounts for about $2 billion.
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