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Preconfs 进化论：从「补丁」到「基建」，UniFi AVS 如何影响 Based Rollup 的游戏规则？撰文：Web3 农民 Frank
作为 Based Rollup 公认的必要补丁，Preconfs，终于迈出了标准化的关键一步。
被视为以太坊「正统」扩容终局的 Based Rollup，为什么一直「叫好不叫座」？
一方面，它通过将排序权交还 L1，实现了与主网最彻底的安全与去中心化对齐，但另一方面，却不得不忍受长达 12 秒的确认延迟，几乎让高频交易与实时金融场景望而却步。
因此 Preconfs 才作为 Based Rollup 的必要补丁被提出，试图用亚秒级的交易承诺来抹平延迟，但长期以来，Preconfs 更多停留在小规模、非标准化的探索阶段，缺乏统一机制与稳定收益，始终未能真正走向规模化。
近期，Puffer Finance 推出的以太坊安全基础设施产品「UniFi AVS」，终于试图将 Preconfs 从临时性的性能补丁，升级为可复用的标准化基建，以带来 sub-10ms 的确认速度，并在安全与经济激励层面引入制度化设计。
本文将以行业观察者的视角，拆解 UniFi AVS 的核心能力、技术路径与生态影响，并讨论它能否真正成为 Based Rollup——乃至更广泛以太坊 Rollup 生态的关键变量。
一、UniFi AVS：Preconfs，不再只是「打补丁」
要理解这次升级的重要性，需要先回顾 Based Rollup 的核心逻辑。
在以太坊的扩容叙事中，Based Rollup 通过将排序权交还给 L1 验证者，从而在安全和去中心化上完全对齐主网，但同时也带来一个不可避免的取舍——继承主网安全性的同时，也带来了约 12 秒的区块确认延迟。
为此，预确认（Preconfs） 成为 Based Rollup 的必要补丁，负责在交易真正提交到 L1 前，提前为用户提供交易执行承诺，可以说，如果要充分发挥 Based Rollup 的潜力，就必须实现无需许可、中立且灵活的预确认服务。
然而，在过去相当长一段时间里，Preconfs 更多停留在「小作坊」阶段（非标准化、点对点的解决方案），通常由少数节点或项目方自行运行，缺乏统一标准，也没有稳定的收益模式，一旦负责预确认的节点掉线或作恶，交易就可能失效甚至遭遇 MEV 攻击，可靠性和可持续性都存在严重不足。
Puffer 推出的 UniFi AVS，正是对这一困境提出的系统性解决方案，它不再把 Preconfs 当作临时补丁，而是把它升级成可调用的基础设施层，核心思路就是将 Preconfs 重构为 AWS 式的标准化云服务。
具体而言，UniFi AVS 是从三条主线出发，不仅让 Based Rollup 跑得更快，还具备可持续收益，并在安全机制上实现制度化保障：
性能层面，将交易确认压缩至 sub-10ms，带来媲美 Solana 甚至中心化交易所的即时使用体验；
经济层面，通过协议层分润机制，让 Rollup 不再「替 L1 打工」，而是与验证者、网关共享收益；
安全层面，依托高达 130 亿美元的 Restaked ETH 的担保与 slashing 机制，把「口头承诺」变成「有成本的契约」，形成制度化约束；
对开发者和 Rollup 项目而言，UniFi AVS 的出现意味着不再需要自行设计和维护复杂的排序与确认逻辑，而是能够像调用 AWS 云服务一样，直接接入一套经过验证的预确认基础设施，即插即用、按需扩展，把更多精力投入到产品和用户层面。
这种模块化的设计，也让 Preconfs 有望进一步产品化并产生外溢效应——不仅是 Rollup 项目方可以避免重复造轮子，未来钱包、DApp、上层协议同样能够通过标准化 API 接入，统一享受「即时确认 + 经济对齐 + 安全担保」的能力，把「快与稳」真正变成以太坊生态的公共底层服务。
从这个角度来看，UniFi AVS 让 Preconfs 超越了单纯性能补丁的定位，而是把性能、收益、安全三件事一次性标准化，推动其从附加功能跃迁为以太坊扩容的中间层基建，为 Based Rollup 的规模化落地铺设了一条更可持续的道路。
值得注意的是，Puffer 也强调，UniFi AVS 的适用范围并不限于 Based Rollup，从设计上看，其注册表机制同样能够为任何 OP Stack Rollup 提供 sub-10ms 的即时确认能力，并计划在后续支持更多 Rollup 架构，换句话说，它被定位为一套具备跨架构潜力的通用预确认基础设施。
当然，是否所有 Rollup 都愿意让渡 Sequencer 收益给 AVS，仍存在不确定性，甚至可以断言初期很难做到——毕竟排序器从来都不单单是技术问题，而是深度交织的利益分配问题：
L2 经济体系中，谁来负责来分蛋糕，计划分给谁，又该怎么分？
因此 Preconfs 最终会演变为整个 Rollup 生态的公共标准，还是主要服务于 Based 路径，不仅是技术路线的选择，更是商业模式与利益分配的博弈，也注定会是未来几年需要持续观察的问题。
二、Preconfs 如何被重构为标准化基建 ？
客观来讲，从 Rollup 概念提出以来，以太坊扩容一直缺的不是概念，而是工程化的落地能力。
毕竟一项技术要从一个巧妙的「功能」演变为一个稳健的「基础设施」，通常需要满足三个核心条件：明确的服务承诺、可靠的安全保障和可持续的经济模型。
换言之，就是从技术概念走向「工程化」的落地，这才能让其真正具备规模化运行的条件，而 Puffer 的 UniFi AVS 思路与此大同小异——将 Preconfs 从零散的小规模尝试，重构为可复用、可扩展、带有经济激励的基础设施。
换句话说，如何让 Preconfs 不再是某些节点的「临时承诺」，而被设计成一种标准化的网络服务。
1. Execution Preconfs：从「入块保证」到「执行保证」
首先就是实现了从 Inclusion Preconfs 到 Execution Preconfs 的升级。
在传统 Inclusion Preconfs 模式中，用户只被承诺交易会被打包进区块，但交易执行时的状态却无法保证，因此用户仍可能遭遇价格滑点甚至 MEV 抢跑。
而 Execution Preconfs 则进一步升级为「执行保证」，保证交易会在用户提交时的状态下执行——用户一旦下单，状态就会被锁定，交易只有在这个状态下才会执行，否则直接不成立。
举个例子，你下单购买 ETH，价格是 4400 USDC：
Inclusion 模式下，到真正执行时，市场价格可能已经变成 4410 USDC，仍然会成交，但成交价不是你预期的 4400；
如果是 Execution 模式，那无论市场怎么波动，系统都会保证 4400 USDC 的成交价，只有能满足这个条件时，交易才会执行；
这就让 Preconfs 从「提前入场券」升级为「确定性成交」，显著提升了用户体验，也为 DeFi、衍生品、支付等对价格敏感的金融应用提供了更强的可靠性。
2.Gateway 架构与 frags 技术：延迟压缩至 10 毫秒以下
Puffer 还引入 Collateral-backed Gateway 架构（由 Gattaca 团队首创），允许 L1 proposer 将预确认执行权委托给更专业的 Gateway。
而借助 frags（区块片段） 技术和 lookahead 机制，Gateway 能在正式出块前提前处理交易，缩短状态切换的空窗期，理论上，在最佳配置下，交易延迟可降至 10 毫秒（sub-10ms）以下。
由此带来的是使其用户体验在理论上能够达到 Solana 等高性能公链的水平。
3.Restaked ETH 安全背书：让承诺「有成本」
过去的 Preconfs 很大程度上依赖节点「自觉」，一旦掉线或作恶，用户几乎没有补偿机制。
Puffer 升级版通过 EigenLayer 的再质押机制（Restaking），让每个 Gateway 背后都由验证者质押的 ETH 担保（分阶段落地）——如果节点失活，可能被罚没 1 ETH；如果恶意提取 MEV 或违背承诺，则可能触发 1000 ETH 级别的 Slashing。
与 PoS 惩罚不同，Preconf 的罚没 ETH 会补偿 使用 Preconf 服务的用户，直接增强经济对齐，将以往依赖节点信誉的软承诺，转变为有明确罚没（Slashing）机制约束的硬承诺，大幅提升了制度化约束力。
同时，Puffer 设立了 Canonical Preconf Gateway Registry，确保所有 Gateway 进入有序、公开、可验证的注册体系。
4.可编程分润：制度化的多方价值分配
仅有速度和安全还不够，Preconfs 要想成为基础设施，还必须可持续运转。
为此，升级后的 UniFi AVS 内置 Rewards Distributor，允许在 Rollup 团队、以太坊 proposer、Gateway 提供商之间灵活分配收益，实现协议层面的可编程分润：
Rollup 团队：保留部分交易费用，不再「替 L1 打工」；
以太坊 proposer（验证者）：通过提供 Preconfs 获得额外收入；
Gateway 提供商：运行网络得到激励，确保服务稳定；
那收益分成不再是临时约定，而是写进协议、自动执行的制度，形成了 Rollup、验证者、Gateway 三方经济对齐（Economic Alignment） 的长期闭环。
这种多维度的机制设计，正是 Preconfs 从一个单点解决方案，迈向可规模化、可信赖的公共基础设施的关键。
三、多方博弈下的受益者版图
任何一项基础设施升级，都不仅仅是技术层面的演进，更是利益格局的再分配。
UniFi AVS 的特别之处在于，它把性能、安全与经济激励绑定在一起，使得多个生态角色都能在同一套机制中找到价值——从 Rollup 项目方，到以太坊验证者、开发者与最终用户，它把 Preconf 从补丁变成了可持续的模块化服务，让所有参与者都能在一条更强壮的船上获益。
首先自然是 Rollup 项目方，获得了性能 + 收益的双重解锁。
过去，Based Rollup 一度被市场诟病「跑得慢、赚不到」，尤其是在经济模式上几乎完全让利于 L1 验证者，借助 UniFi AVS 的 Execution Preconfs，Rollup 可以即插即用地获得 sub-10ms 确认速度，大幅提升用户体验。
同时，协议层的收益分润机制让 Rollup 团队保留部分经济收益，而不必完全依赖外部补贴，对项目方而言，这是速度提升 + 收益共享的双重红利。
其次则是以太坊验证者 / Restaker，收获了新型收入来源。
因为 L1 验证者是 Preconfs 的直接执行方，所以通过参与 UniFi AVS，验证者能够在传统出块奖励之外，获得新的 Preconf 服务收益。
同时 Restaked ETH 不仅提供安全背书，同时增加了验证者的盈利机会，这反过来也提升了质押 ETH 的吸引力，从而增强以太坊整体的经济安全，使得验证者从此前的单纯跑节点变成了「提供增值服务、获取额外收益」。
此外，还包括 Gateway 提供商，它们的角色在此次升级中被正式制度化。
Puffer 设立了 Canonical Gateway Registry，让 Gateway 成为网络中的标准化节点，而不仅是临时角色，Gateway 在获得委托权后，可以通过运行 frags 技术与 lookahead 机制，实现低于 10 毫秒级的预确认；
它们的服务直接与经济激励挂钩，并受到 Slashing 机制约束，既有收益，也有成本，这使得 Gateway 从「志愿者」变成了真正的基础设施服务商。
同时，开发者则能获得更低的门槛和更强的可组合性。
毕竟过去开发者如果要在 Rollup 上实现即时确认，往往需要自行搭建复杂的机制，既耗时也难以标准化，而升级后的 UniFi AVS 通过 模块化 API，让开发者可以像调用云服务一样，直接接入即时确认能力。
无论是 DEX、衍生品协议还是高频的 GameFi 应用，都能快速享受 sub-10ms 确认带来的体验提升，这不仅降低了基础设施搭建成本，也减少了 MEV 被盗取的风险，让开发者能更专注于应用层创新。
最后是普通用户，他们是最直观的受益者，第一次在以太坊 Rollup 上获得了 Solana 级别甚至接近 CEX 的丝滑体验：
在速度上，交易确认时间从 12 秒缩短到 10 毫秒，体验媲美中心化交易所；
在确定性上，Execution Preconfs 从协议承诺层面保证价格锁定，避免滑点与抢跑；
在安全性上，Restaked ETH 背书与 Slashing 机制让承诺「有成本」，用户违约时能获得补偿；
站在更高的层面看，Puffer UniFi AVS 的升级不仅仅是一次产品演进，更是在为 Preconfs 确立行业标准，让其从补丁升级为基建，甚至变为以太坊的标准化中间层服务。
这不仅让 Based Rollup 真正具备跑得快、赚得到、够安全的可能性，也强化了以太坊作为 安全主权层（Security Settlement Layer） 的长期叙事。
写在最后
回望以太坊过去 5 年的扩容进程，Rollup 无疑是绝对主线，但如何在性能、经济与安全三者间找到真正可行的平衡点，这个「不可能三角」始终悬而未决。
尤其是 Based Rollup 这个以太坊「正统扩容路径」，一直卡在规模化、商业化运行的最后一块拼图，所以客观而言，此次 Puffer 升级上线的 UniFi AVS，算是尝试补齐这一拼图且具备高度可行性的探索之一。
更深远的意义在于，它为模块化区块链的未来描绘了一种清晰的「终局」可能：任何新兴 Rollup 都无需重复造轮子，而可以直接搭建在 UniFi AVS 之上，快速获得媲美 Solana 的性能体验、以太坊主网级别的安全，以及自洽的经济模型。
不过，它能否最终成为行业共识，不仅取决于自身设计的稳健性与开放性，还要看其能否在复杂的 Rollup 生态与多方利益博弈中，找到那个最优的平衡点。
因此，对于行业而言，它算是未来一到两年内，衡量 Based Rollup 叙事能否真正走向成熟的关键观察窗口。
Ethena Labs宣布战略投资Based，深化Hyperliquid生态合作Ethena Labs今日宣布对Based进行战略投资并建立合作伙伴关系，进一步加强其在Hyperliquid生态系统中的布局。Based是Hyperliquid上最大的建设者代码平台，目前占据约7%的Hyperliquid永续合约交易量，同时还将为用户提供在全球任何地方使用稳定币的借记卡服务。据悉，Ethena基金会已向Based进行数百万美元的战略投资，以支持其业务增长。
此次投资将专门惠及sENA持有者，作为合作安排的一部分，sENA质押者将在不久的将来独家获得Based积分资格。Based在其官方声明中表示："我们很高兴宣布来自Ethena的战略投资。这标志着我们合作伙伴关系的第一步，旨在加速USDe在Hyperliquid生态系统中的采用。"
通过此次合作，Based将成为推动USDe、USDtb及其他未发布Ethena产品在Hyperliquid上采用的关键合作伙伴。这一战略联盟预计将为USDe在Hyperliquid平台上的流动性和使用率带来显著提升。作为合作的重要组成部分，Based还计划使USDe和USDtb能够在其借记卡上使用，并提供嵌入式储蓄功能，为用户提供更好的支付体验。这一功能的推出将使用户能够在日常支付场景中直接使用这些稳定币产品，同时保持其收益生成能力。
Ethena Labs表示，与Based的合作是其扩大Ethena产品在Hyperliquid生态系统中影响力的重要举措，公司将继续与Hyperliquid上的优秀团队合作，展示USDe作为抵押品和储蓄资产的协同效应。这一合作关系体现了Ethena对于Hyperliquid生态系统长期发展的信心。双方将在未来几个月内公布更多合作细节。
Gary Yang: The Asset Tokenization Trend Based on StablecoinsWritten in NYC on Sep 8, 2025
In August 2025, global financial cities began undergoing dramatic market changes under the impact of the stablecoin wave. Driven by the Genius Act and Project Crypto, and amplified by the wealth-making examples of MSTR and Circle, the equilibrium of traditional financial interest games has been broken. Stablecoins, token-equity linkage, DAT, RWA, and on-chain asset management have rapidly become hot areas of competition in this new environment.
Essentially, the implementation of the Stablecoin Act marks the starting point of a comprehensive reform in global financial tokenization. The second growth curve of crypto will unfold along the axis of stablecoin application scenarios and asset tokenization, leveraging the flexibility of crypto finance and the historical experience of traditional finance, forming differentiated development paths under various regional compliance frameworks.
tl;dr
1. The essence of the Genius Act is to delegate the power of currency issuance and settlement, thereby strengthening the pricing power of the currency.
2. Stablecoins, by changing the form of monetary pricing, have triggered global reforms in financial tokenization and asset tokenization.
3. The reform is rapidly dismantling the long-standing Cartel Alliances in traditional finance, creating opportunities for interest realignment amid chaos.
4. Trump successfully grafted his personal interests onto a historical turning point, thereby forging an incredible sense of legitimacy.
5. The Two Directions of Crypto–Equity Linkage: Securitization and Tokenization, and Their Market Characteristics.
6. The market characteristics and problems of stablecoins, DAT, stock tokenization, RWA, and on-chain asset management.
7. The second growth curve of Crypto has triggered industry fragmentation and cultural divides.
1. The essence of the Genius Act is to delegate the power of currency issuance and settlement, thereby strengthening the pricing power of the currency.
In a previous article titled "The GENIUS Act and On-chain Shadow Money", we elaborated on the irreversible trend of declining U.S. dollar dominance, and how the GENIUS Act represents a trade-off decision to delegate issuance and settlement rights in exchange for broader circulation of the U.S. dollar. In fact, this move was further validated by the market within just three months of the GENIUS Act’s proposal. At this stage, loosening control over the issuance and settlement rights of the dollar—effectively via shadow currencies—has enabled dollar-denominated stablecoins to gain broader market application scenarios, thereby reinforcing a much wider pricing power. It is this pricing powerthat represents the future competitive consensus strength in on-chain finance, while the traditional monetary issuance and settlement rights will gradually fade into being generic infrastructural tools, losing their moat and competitive value.
The future "currency war" will be a competition of consensus strength in currency usage, rather than a contest over issuance and settlement rights. This is a fundamental reform in traditional finance, compelled by the rise of on-chain finance. Yet, it is a notion that many governments, regulatory regimes, traditional financial experts, scholars, and entrepreneurs have not yet realized—or find it difficult to adopt. In other words, the traditional M2 measure of on-chain currencies will gradually lose its original significance. The massive oversupply of currencies and tokenized assets will become a kind of freedom, but such freedom does not equate to equivalent value. True value will be determined by the consensus strength of currencies and tokenized assets, manifested through their liquidity, purchasing power, interoperability, community recognition, and other quantifiable market feedbacks.
Faced with this transformational inflection point, paradigm-shifting flexibility in thinking becomes critically important. Many traditional economic definitions, market regulation methods, and asset operation models will undergo fundamental change. For example, as M2 loses its original meaning, it may be revised by introducing a "liquidity value factor" as a multiplier, in order to derive a kind of effective circulation value of a currency or asset. Naturally, all types of monetary and fiscal policies will also require fundamental changes, to adapt to the emerging governance methods of the on-chain economy.
2. Stablecoins, by changing the form of monetary pricing, have triggered global reforms in financial tokenization and asset tokenization.
After the Genius Act quietly ignited this "new currency war", countries and regions around the world rushed to introduce their respective stablecoin legislations. Although many of these legislations are still fundamentally anchored in the inertia of traditional monetary and financial rules and will require time to iterate and adjust, the overall on-chain reform of financial markets has already begun.
Although assets settled in 1 USD and 1 USDC (or other stablecoins) may not appear to differ much in pricing, their underlying monetary mechanisms are essentially different, thus greatly altering the financial significance of such assets. This is mainly reflected in aspects such as programmability, composability, market liquidity, differentiated circulation within ecosystems, and the flexibility of financial derivatives.
Recently, when friends from traditional finance backgrounds asked about the characteristics of on-chain asset management carried out by CICADA Finance, I would use the metaphor of a "financial motherboard". Various financial asset strategies are much like different algorithmic "financial chips". Through the plug-and-play selection of asset management, they form flexible financial combinations on the financial motherboard, while stablecoins serve as the "financial current" (Note 1) that connects the chips and the motherboard.
3. The reform is rapidly dismantling the long-standing Cartel Alliances in traditional finance, creating opportunities for interest realignment amid chaos.
From the Genius Act to Project Crypto, stablecoins and on-chain financial reform have essentially subverted the inherent interest model of traditional finance. At other points in history, this would certainly have triggered large-scale conflicts and contradictions, yet this time the transition has appeared smooth and widely acceptable. Is this because modern financial legal systems have made competition fairer, or because today’s institutions are more civilized than those of the past?
Of course NOT. The reason is simple: the global curve of social development today is moving too fast. The additional profits gained by enterprises that can see the trend and quickly transform far exceed the cost of losses that come from clinging to existing interest alliances and resisting. The financial Cartel Alliances of the previous stage were quickly broken and abandoned by enterprises that transformed faster. From Wall Street to all of New York, this time the collective choice was the (+3, +3) model to enter the new situation and engage in the game. This transformation process will inevitably lead to a period of chaos and restructuring in financial markets, while at the same time creating abundant trading opportunities for new assets and capital.
Over the past month in the New York market, I have observed that the degree of Cartel Alliances solidification varies significantly across industries. Although the financial industry, under the driving force of the Genius Act and Project Crypto, has rapidly transformed this time, many traditional industries (such as real estate) remain highly stubborn. Due to the strict control of admission conditions and information flows by monopolistic alliances, the trading environment in many industries is still very primitive, and many RWA assets are far from meeting the conditions required to enter the current wave of tokenization upgrades.
4. Trump successfully grafted his personal interests onto a historical turning point, thereby forging an incredible sense of legitimacy.
What remains worth mentioning is still the crypto president Trump, who has been driving this rapid development. Historically, pushing for reforms has usually been a high-risk endeavor, facing strong resistance and rarely winning favor—especially when one’s own interests are further grafted onto it, which tends to add fuel to the fire. Yet Trump’s maneuver was indeed carried out with remarkable precision at a very particular historical juncture, achieving an almost inconceivable correctness and legitimacy. By leveraging the opportunity for interest realignment brought about by an inevitable industry trend, he offset a great deal of negative confrontation, creating a very unique and non-replicable effect.
5. The Two Directions of Crypto–Equity Linkage: Securitization and Tokenization, and Their Market Characteristics.
Crypto–equity linkage is an important topic in Q3 2025. In essence, crypto–equity linkage in fact takes two directions: first, embedding token assets into listed companies, thereby forming a capital premium through the form of stocks; second, following the development of existing policies to tokenize stocks, mapping them into a 7x24-hour tradable stock-token market. The former is the process of Securitization, usually managed by the securities commission of a given country or region; the latter is the process of Tokenization, usually at present managed under alternative asset management regulations of a given country or region—sometimes under banking regulation over currency or payments, and sometimes under alternative securities regulation.
The securitization process of crypto–equity linkage in Q3 2025 has evolved a new term, namely DAT (Digital Asset Treasury). This is a process more flexible and universal than ETFs, whereby token assets are embedded into listed companies so that their stocks form a capital premium. The success of DAT in first-generation cases such as MSTR created a premium multiple of 1.5x–2x (with peaks close to 4x), and over the past half year has become the mainstream wealth-creation model in major financial cities such as NYC and Hong Kong. Compared with the initial MSTR–BTC cases, the differences in the DAT market as it enters late Q3 and early Q4 are as follows: 1) the expansion of embedded assets, now beginning to include non-BTC token assets such as ETH and SOL; 2) in addition to the stock premium multiple caused directly by asset embedding, financial instruments are beginning to be used to form leverage for higher capital or monetary multiples; 3) unlike MSTR, which carried benchmark political and economic significance, the practices of small and medium-sized listed enterprises are mostly entirely commercial, and thus the hidden risks of a Davis double-kill after gaining premiums will be more pronounced (And this is why the US has begun to restrict the freedom of DAT and crypto–equity linkage).
The tokenization process of crypto–equity linkage in Q3 2025 is still in its early stage. The main issues are as follows: 1) For retail (to-C) scenarios it is too early—current demand is not genuine (usually limited to extending trading hours and non-compliant period tax avoidance), and it remains in the early stage of infrastructure building and to-B; 2) It is not friendly enough for small and medium participants—due to the profit difficulty caused by issue 1), at this stage only mature players such as Robinhood and Ondo Finance are capable of supporting the early market; 3) Infrastructure building and to-B demand are relatively hidden and lengthy, and standalone business models are difficult to make money independently—it requires the formation of an industry chain to achieve overall resonance, which needs a growth period. Many entering institutions in the early stage have certain misjudgments about the development of stock tokenization, while the real needs and directions at the current stage are: 1) achieving compliant paths across different jurisdictions; 2) issuing large-scale stock-tokenized assets through low-cost purchase/borrowing/holding of securities; 3) forming large liquidity providers; 4) creating leverage multiples and derivatives markets through financial instruments such as lending; 5) providing the oversaturated token quant strategy market with a large amount of high-liquidity assets that contain alpha-exploitable value.
In comparison, as of Q3 2025, the securitization process of crypto–equity linkage is closer to money than the tokenization process, but its opportunity window period is also shorter. Conversely, the tokenization process of debt–equity–FX is a long-term development direction, an important step in the process of bringing assets on-chain, and will open a larger market for strategy-based quantitative financial assets.
6. The market characteristics and problems of stablecoins, DAT, stock tokenization, RWA, and on-chain asset management.
Stablecoins, DAT, stock tokenization, RWA, and on-chain asset management can be regarded as the "five golden flowers" of the crypto industry’s second growth curve and the process of asset tokenization. Among them, stablecoins, DAT, and stock tokenization have already been discussed earlier and will not be repeated here.
RWA is an interesting track. Last year it was unpopular, yet shifting into this year, although it has regained popularity, it has also presented more problems. These are mainly: 1) most of the assets—or even platforms—engaging in RWA treat it merely as a fundraising tool, without considering issues of post-issuance turnover and purchasing power, exit mechanisms, liquidity, yield generation, market making, or sustainability; 2) lack of, or no consideration for, the problem of fair value assessment of RWA assets and the Oracle process; 3) beyond the fundraising function, failing to conduct economic design and ecosystem building with composability and programmability, thereby making it no different from Web2’s P2P or crowdfunding approaches.
In the past few months, we have interacted with a large number of RWA partners. Abstractly speaking, the essence of RWA is constructing a "Tier-1.5 market" for certain non-standard assets. This is in fact a problem of "do not impose on others what you yourself do not desire". For assets that inherently lack sufficient consensus, purchasing power, and liquidity, it is difficult to reach a one-step solution through RWA. The entire process of asset tokenization must still undergo the stages of standardization, fair valuation, marketization, and financialization of the assets themselves. For RWA assets, the most difficult and critical problem lies in large-scale, medium-term tradable liquidity—this is essentially the same problem faced by structured finance frameworks and liquidity disposal institutions in traditional markets, and it is one that still lacks effective solutions in today’s crypto asset tokenization market.
Compared with the more intuitive areas that many people prefer to focus on—such as real estate, digital collectibles, and artworks—the more suitable RWA assets for tokenization at this stage are in fact Supply Chain Fi and PayFi, whose underlying liquidity asset characteristics support the feasibility of tokenized trading flows.
On-chain asset management is essentially the comprehensive track of categorizing and managing various assets under the wave of stablecoins. At its core, it is a systematic engineering task of connecting Liquid Assets with Liquid Funds. From economic model design to platform products, from asset screening to asset management operations, it is far more complex than TradFi, requiring multi-dimensional professional actuarial and quantitative capabilities. In the past half year of growth along the second curve, CICADA Finance has rapidly iterated its on-chain asset management capabilities, pioneering new standards for on-chain asset management, and welcomes cooperation and dialogue with different assets and ecosystems.
7. The second growth curve of Crypto has triggered industry fragmentation and cultural divides.
After the SEC launched Project Crypto in August, the rapid growth of crypto’s second curve accelerated the further differentiation of the entire crypto market. North America, Southeast Asia, the Middle East, and Africa have all begun to show completely different patterns of divergence.
The development of native DeFi and the stablecoin ecosystem has shown the strongest momentum in New York and along the East Coast. RWA and crypto–equity linkage have opportunities in global financial cities, but each is subject to certain influences from its own policy particularities, compounded by the cognitive inertia of mainstream market participants, resulting in different modes of interpretation. Africa, South Asia, and South America are developing more from the perspective of Supply Chain Fi and PayFi applications—these are in fact the true mainstream emerging markets. Although not yet priced in by the crypto market, they possess enormous latent strength. By contrast, Southeast Asia has instead become the receiving base for the subsequent development of the first curve, where centralized exchanges and narrative-driven projects are gathering to generate new purchasing power.
Different social environments across geographies have created fragmented layers within the crypto market. Global finance is facing disruptive changes in financial reforms and asset pricing mechanisms along different dimensions, with stablecoins being only the first step.
Author: Gary Yang
Date: September 9, 2025
X:https://x.com/gary_yangge
E: gary_yangge@hotmail.com
BW: https://cicada.finance
BX: https://x.com/cicadafinance
Note 1: For the concept of "financial current", see the definition in the article Financial Circuit and Web3 Tokenomics Theory.
以太坊回暖，Based Rollup 会带来哪些机遇与挑战？撰文：Donovan Choy
编译：深潮 TechFlow
以太坊钟爱 Rollup。最近，Based Rollup 备受关注。
based 的 Rollup 有何特别之处？核心在于它的排序器（Sequencer）。
传统 Layer-2 使用中心化的排序器来处理用户交易并将其提交到 Layer-1 进行结算，而 based 的 Rollup 则将排序任务交由以太坊 Layer-1 的验证者完成，这种机制被称为「based 的排序 (based sequencing)」。
这种设计有两大优势：抗审查能力和增强的互操作性。
通过让 Layer-1 充当排序器，based 的 Rollup 能够提供与以太坊主网相同的活跃性保障，同时避免了中心化排序器可能带来的审查问题。
阅读更多：MagicBlock 开源 a16z 支持的「短暂 Rollup」技术
另一个重要优势是互操作性的大幅提升。based Rollup 支持者（如 Justin Drake）将其称为「同步可组合性」，即以太坊上的交易可以在不同 Layer-2 之间同步排序或桥接。
简单来说，based 的 Rollup 上的智能合约可以在同一个区块内几乎即时调用 Layer-1 上的其他合约，就像它们都在同一条链上一样。
这种同步性和「资金乐高 (money legos)」理念并非新概念；它一直是以太坊最初愿景的重要组成部分。
然而，当前 Rollup 的分散状态导致 Arbitrum 和 Optimism 之间的交易是异步的，从而带来了费用的不确定性。由于不同时间点计算 Gas 费用，而不是在以太坊区块的 12 秒时间槽内统一计算，这种不确定性进一步加剧。
除了让 Ethereum 实现更好的互操作性外，这种机制还带来了显著的成本节约。Nethermind 技术负责人 Ahmad Mazen Bitar 解释道：
「用户可以在 Layer-1 上发起一个交易，利用 Layer-2 的深度流动性池完成操作，再返回 Layer-1。这种同步可组合性让整个过程更加高效。」
目前，最大的 based Rollup 是 Taiko，本月其 TVL 和每日交易量均显著增长。
来源：DefiLlama
其他早期的 based Rollup 项目也在开发中，例如 Nethermind 团队的 Surge 和 Puffer Finance 团队的 UniFi。这些项目均基于 Taiko 分叉。
尽管如此，based Rollup 也面临一些挑战。由于排序任务交由 Layer-1 验证者完成，其性能受限于 Layer-1 的 12 秒区块时间。
因此，based Rollup 的优势（如同步可组合性）在实际中可能难以完全实现。它需要在一个 12 秒时间槽内完成实时零知识证明，否则无法快速执行可组合交易。
为此，Taiko 引入了多种技术，包括 Risc Zero 和 Succinct Labs 的 zk 证明，以及基于英特尔 SGX 的可信执行环境 (TEE)。这使得 Taiko 成为首个在生产环境中实现多重证明且不依赖单一可信方的 based Rollup。
「证明器的性能正在快速提升。我们看到更多可信执行环境（TEE）、更高效且成本更低的零知识虚拟机（zkVM）以及可验证状态机（AVS）被引入使用。我们相信 zk 技术的进展非常顺利，子时间槽延迟内生成证明的目标已经不远了，」Taiko 联合创始人 Brecht Devos 在接受 Blockworks 采访时表示。
然而，based 的 Rollup 也面临一些挑战。例如，由于没有中心化排序器，可能会丧失 MEV（最大可提取价值）这一重要的收入来源。不过，Devos 表示，这个问题可以通过一些创新的方式来解决。
在 Taiko 网络中，「MEV 可以通过向 Layer-1 区块提议者拍卖‘执行票’的方式捕获，」Devos 向 Blockworks 解释道。
因此，虽然 based 的 Rollup 默认将排序权交给 Layer-1 验证者，但这并不是唯一的解决方案。
Matthew Edelen 是 Spire Labs 的联合创始人，这是一家专注于 Rollup 基础设施的企业。他在最近的 Bell Curve 播客中分享了类似的看法：「拍卖并非分配排序权的唯一途径。我们可以通过拍卖分配 99% 的排序权，同时将剩下的 1% 分配给朋友或独立质押者，以便在 L2Beat 上展现更好的形象。」
从长远来看，MEV（最大可提取价值）可能不会是一个主要问题。这一观点源自一个简单的成本收益分析：当前，区块链的大部分收入来源于拥堵费用，这一部分收入远远超过 MEV 的收入。而且，随着更高效的 MEV 解决方案不断涌现，MEV 收入的占比正在逐步减少。
因此，对于 Rollup 来说，更优的收入模式是依托同步可组合性所带来的网络效应，通过拥堵费用获益，而非依赖 MEV 收费。
正如 Justin Drake 在 The Rollup 播客中所言：
「目前，拥堵费用与争用费用的比例大约是 80:20。在以太坊主网（Layer-1）的收入中，80% 来自拥堵费用——自 EIP-1559 实施以来，每天约 3200 ETH。而自合并以来，MEV 收入每天约为 800 ETH。我认为，这个比例会变得更加悬殊，可能从 80:20 发展到 99:1。」
综上所述，Based Rollup 的优势让以太坊的用户体验回归到了最初的状态。
有趣的是，这种回归实际上让人联想到区块链从诞生之初就具备的特性。同步可组合性以及 Layer-1 层的交易排序功能，自比特币网络诞生以来，一直是区块链的核心特性。
而执行层职责的这种分化，主要是由于近年来 Rollup 中心化的发展路线（以及 Polkadot、Cosmos 和 Avalanche 的多链架构）所导致的。如今，基于 Rollup 的解决方案已经准备好重拾这一初衷。
能继承以太坊活性的 Based Rollup 是什么？撰文：0XNATALIE
随着坎昆升级的完成，L2 Gas 费用的降低，市场的焦点再次回到 L2 上。在 Rollup L2 的解决方案，目前主要有两大类：Optimistic Rollup 和 ZK Rollup。Optimistic Rollup 由于其成熟的市场应用，占据着市场大部分的份额。然而，不论是 Optimistic Rollup 还是 ZK Rollup 都存在着一些问题。为了解决这些局限性，并进一步优化效率和去中心化特性，Based Rollup 应运而生。它不仅简化了技术复杂性、减少了交易延迟，而且是唯一完全继承了以太坊活性（liveness）的方案。在所有已知项目中，当前只有 ZK Rollup 团队 Taiko 正在开发基于 Based Rollup 的方案。
现有 Rollup 的问题
Optimistic Rollup 在确认交易时需要一个较长的挑战窗口，通常为 7 天，以便纠正潜在的欺诈行为。这种设计导致资金在提取前需要等待较长时间，减缓了整体的交易流程。而且在以太坊网络高峰期间，Optimistic Rollup 在处理欺诈证明时会涉及高昂的 Gas 费用。而 ZK Rollup 虽然能够提供更快的交易确认时间，并且可以减少交易在链上的数据存储从而节省费用，但在生成零知识证明的过程中需要消耗大量的计算资源和时间，导致成本和交易处理速度（TPS）受到影响。
总之，Optimistic Rollup 和 ZK Rollup 的技术复杂性，导致它们都需要维护一套复杂的基础设施和安全机制来处理和验证 L2 交易，这对交易成本和网络效率都产生了负面影响。
Based Rollup 解决方案
以太坊基金会的研究员 Justin Drake 于 2023 年 3 月提出 Based Rollup，可以有效克服这些问题。Based Rollup 也称为 L1-sequenced Rollup，是一种其排序完全由基础 L1 推动的 Rollup。这种设计允许 L1 的提议者与 L2 的搜索者和构建者无需许可地协作，将 Rollup 区块直接包含在 L1 区块中，也就是将排序权利外包给了 L1 验证者。Based Rollup 的共识层、数据可用性层、结算层都是以太坊，只有执行层构建在 Rollup 网络之上，负责处理交易的执行和状态更新。值得注意的是，Based Rollup 从排序的角度出发解决 Rollup 效率问题，和 Optimistic Rollup、ZK Rollup 从验证的角度分类不同。因为维度不同所以与 OP 和 ZK 的分类并不冲突，也就是说如果 Optimistic Rollup 或者 ZK Rollup 将排序权利外包给了 L1 验证者就可以称为 Based Rollup。
Based Rollup 通过将交易排序的责任转移到 L1，继承其安全性和活性，同时优化 L2 的性能。它是唯一一种继承了以太坊 100% 活性的 Rollup 方案。这种设计带来了以下优势：
活性的完全继承：Based Rollup 的安全性和去中心化程度与以太坊保持一致，不需要额外的安全机制或共识算法来保证交易的有效性和顺序。相比有逃生舱机制的 Rollup 更安全、快速便捷。在拥有逃生舱机制的 Rollup 中，如果 Rollup 发生故障或受到攻击，用户可以通过逃生舱将自己的资金安全地退回到 L1，但必须等待一个时期才能保证结算。
简化技术复杂性：当 L2 需要自己处理交易排序和数据可用性问题时会引入额外的复杂性和潜在的安全风险。将排序的责任转移给 L1 可以简化 L2 的结构，不需要排序器签名验证，不需要逃生舱口，也不需要外部 PoS 共识。
减少延迟：使用 L1 来排序交易，可以快速确认交易的有效性和顺序，从而减少了确认时间，提高了整个网络的响应速度和效率。
降低操作成本：由于 L1 已经处理了交易的排序，L2 可以在此基础上更有效地批处理和确认交易，减少了 L2 的验证复杂性和单独为排序而需消耗的资源和费用。这种成本效率在交易量大时更加明显。
经济激励一致性：L1 的矿工因为参与到 L2 的交易排序中，可以从中获得额外的费用和激励，这增加了他们维护网络整体健康的动力。这种设计也有助于保持网络中不同层次之间激励的一致性，增强整个生态系统的经济安全性。
Based Rollup 面临的挑战
Based Rollup 虽然可以解决目前 Rollup 方案的一些不足，但这种技术也面临一些挑战：
收入限制：依赖 L1 的排序限制了获取 MEV 的机会，大部分 Based Rollup 的 MEV 会流向 L1 验证者。Based Rollup 自身无法直接从中获益。
排序灵活性：排序任务委托给 L1 可能会降低排序的灵活性，影响特定的交易排序策略和快速交易确认的实现。比如，L1 的排序决策可能是矿工选择优先处理某些交易以最大化自己的利益，所以想在 Based Rollup 中实现一个类似 Arbitrum 的 FCFS （First-Come First-Served）排序机制就需要额外的技术支持（如 EigenLayer）。
构建 Based Rollup 的项目
由于 Based Rollup 的概念提出到现在也就一年的时间，是一个比较新的概念，其理论和实现细节还在探索和完善阶段，所以正在构建 Based Rollup 的项目很少，目前最为人所知的项目是 Taiko。Taiko 是一个使用 ZK Rollup 技术的 L2，并开发了 Type-1 zkEVM，提供了与以太坊完全相同的操作码和功能，确保了与现有以太坊生态的高度兼容性。在 Based Rollup 概念提出后不久，Taiko 便开始着手构建 Based Rollup，将交易排序交给以太坊的验证者，并利用以太坊作为结算和数据可用性层和共识机制，来简化 Rollup 的结构。2024 年 1 月 15 日，Taiko 启动 Katla 测试网，实现了 Based Contestable Rollup (BCR) ，一种将争议处理过程（类似欺诈证明系统）纳入了交易验证工作流程的 Based Rollup。
未来展望
虽然 Based Rollup 发展可能需要更多的时间和资源，以及市场和技术的双重验证。但长远来看，Based Rollup 因其增强的安全性、去中心化特性、简化结构和目标一致性，将在市场竞争中获得优势。特别是在 DeFi 领域，Based Rollup 展现出更快的交易确认速度和更低的交易成本，具有显著的潜力优势。相信随着技术的不断完善和市场的逐步认可，Based Rollup 有望在 Rollup L2 解决方案市场占有一席地位。JPMorgan Settles First Trade with BlackRock Amid Launch of Blockchain-based Tokenisation PlatformSummary
JPMorgan’s tokenisation platform is called the “Tokenised Collateral Network” (TCN).
The bank completed its first tokenised swap with financial institution BlackRock.
JPMorgan’s entry into the blockchain sector is a landmark moment for bridging the gap between TradFi and DeFi.
Traditional finance giants, JPMorgan, committed themselves to the blockchain sector yesterday upon launchingtheir tokenisation platform. The banking goliaths have created an in-house blockchain system called the Tokenized Collateral Network (TCN) which went live for the first time on October 11. The first trade was settled on the platform by fellow TradFi company BlackRock.
JPMorgan Chase has transformed money market fund shares into tokens to execute an over-the-counter derivatives trade between BlackRock and Barclays Bank using blockchain technology.
The development answers an industry-wide appetite for frictionless transfer of collateral… pic.twitter.com/A0FWmfmPVX
— Dr Martin Hiesboeck (@MHiesboeck) October 11, 2023
What Does the Tokenized Collateral Network Do?
JPMorgan’s TCN is a local, blockchain-based tokenisation platform that allows clients to trade traditional assets (fiat currency, bonds etc.) faster, cheaper and at any time. The trade between BlackRock and JPMorgan involved converting shares of a money market fund into tokens stored on the custom-built Onyx blockchain. These digital assets were then moved to Barclays Bank.
Although this is the first official transaction on the TCN, it is not the only time JPMorgan’s blockchain tech has been put to the test. The network debuted in May last year. Several of its features were tested and enhanced before eventually being released over 12 months later.
The Institutions Are Coming To Crypto🚀
Today, JPMorgan’s Onyx blockchain (built on Quorum – an enterprise version of Ethereum) and their Tokenized Collateral Network (TCN) was used by BlackRock to tokenize shares in one of its money market funds. The tokens that were created to… pic.twitter.com/Ipn2XfMPxg
— Velvet.Capital (@Velvet_Capital) October 11, 2023
What Does JPMorgan’s Interest in Crypto Mean for the Industry?
JPMorgan was one of crypto’s staunchest skeptics, but has since changed its tune. Finding a more efficient settlement process is a massive step forward for banks – and after some initial resistance to blockchain technology – more and more are starting to embrace the potential of tokenised assets.
Although the news may not mean a lot for the crypto market in terms of price movement, it does bode well for the longevity of blockchain technology in both the decentralised and traditional financial markets. Finding a way to marry TradFi with distributed ledgers has been a key movement over the past few months, with several major players – JPMorgan, BlackRock, Invesco and more – entering the crypto scene for the first time.
As big banks and other financial institutions continue to integrate blockchain solutions into their systems, more and more money will be poured into innovation and investment in the industry. Again, although this may not directly impact market price, it will no doubt bolster the potential for growth across the blockchain world.
Bitcoin Could See A 50% Rise Based On This, Analyst ExplainsAn analyst has explained that a pattern in Grayscale Bitcoin Trust (GBTC) could suggest a potential 50% rise for BTC may be ahead.
Bitcoin & GBTC Have Seen A Decoupling In Recent Months
In a new poston X, analyst James V. Straten has discussed the correlation between GBTC and BTC that has been present over the years. The Grayscale Bitcoin Trustis an investment vehicle that holds Bitcoin and allows exposure to these holdings through its shares.
The chart below shows the trend in the percentage performance of Bitcoin and GBTC, as well as the correlation coefficient between them, over the past year.
Looks like the two assets have diverged recently | Source: @jimmyvs24 on X
The “correlation coefficient” here refers to a metric that tells us how tied the prices of any two assets are. When this metric has a positive value, the given commodities show positive correlations as they replicate each other’s moves. The closer the metric is to 1, the stronger this relationship is.
On the other hand, negative values imply the assets are responding to each other’s moves by moving in the opposite direction. The strongest negative correlation occurs at a value of -1.
Related Reading: Ethereum Could See A Steep Decline If It Closes Below This Level
Naturally, when the correlation coefficient is around zero, there isn’t any correlation between the commodities, as their prices move independently.
From the above graph, it’s apparent that Bitcoin and GBTC have often had a correlation coefficient close to 1, implying that there has been a robust positive correlation between the two.
There have been some temporary periods of deviation, mainly during drawdowns in the cryptocurrency’s price and other significant events like the SVB collapse. The correlation reverted to the norm soon after these, however.
Straten says this correlation is especially striking in a 5-year timeframe, where it becomes 100%. The analyst also notes, however, that the two assets have decoupled since June.
As is visible in the chart, GBTC has enjoyed some sharp uptrend recently, while BTC has been mostly flat. GBTC’s performance currently stands at +81% during the past year, while Bitcoin is up about 43%.
“GBTC will be the first to be approved for the spot ETF before Blackrock and others,” says Straten, referring to what British HODL, another analyst, said earlier. “Price action agrees with this. Irrespective of whether it’s late Q3 or early Q4, it’s a six-month window from now.”
Related Reading: Is Ethereum Doomed? Whales Have Sold 12M ETH In Past Year
Based on this, the analyst believes that either Bitcoin will have to close up the gap created between it and GBTC since June, which would mean a price jump of around 50%, or GBTC would have to come down towards BTC. Straten believes the latter scenario to be unlikely, however.
BTC Price
Bitcoin has declined over the past few days as its price has dropped to just $27,100.
BTC has been going down during the last few days | Source: BTCUSD on TradingView
Featured image from Shutterstock.com, charts from TradingView.com
Tags:bitcoinbitcoin rallybtcbtcusdgbtcgrayscalegrayscale bitcoin trust
JPMorgan Chase Conducts First Blockchain-Based Collateral Settlement with BlackRock and BarclaysJPMorgan Chase Conducts First Blockchain-Based Collateral Settlement with BlackRock and Barclays
Source: AdobeStock / monticellllo
The blockchain-based collateral settlement application of JPMorgan Chase & Co., a global banking giant, the Tokenized Collateral Network (TCN), is now live, having completed its inaugural transaction involving two significant clients: BlackRock and Barclays.
According to Bloomberg, the TCN allowed BlackRock to seamlessly convert shares from one of its money market funds into digital tokens. These tokens were then transferred to Barclays as collateral for an over-the-counter derivatives trade. Tyrone Lobban, head of Onyx Digital Assets at JPMorgan, confirmed this breakthrough, highlighting the efficiency gains.
Previously tested internally in May 2022, TCN demonstrated its potential by transferring tokenized representations of shares from a BlackRock money market fund for collateral on JPMorgan's private blockchain platform, Onyx Digital Assets. Now live, TCN is poised for wider adoption, with a pipeline of clients and transactions in the works, according to Ed Bond, head of trading services at JPMorgan.
TCN Revolutionizes Collateral Settlement with Near-Instant Transactions, Paving the Way for Broader Asset Coverage
TCN's rapid collateral movement drastically reduces settlement times, offering a stark improvement over the traditional day-long process. One of TCN's standout features is its remarkable speed compared to traditional collateral settlement methods. While conventional systems can take up to a full day to settle collateral, TCN's nearly instant settlement sets a new industry standard.
Beyond this milestone feature, JPMorgan envisions TCN's expansion to cover a broader range of assets, including equities and bonds. This move aims to provide institutions with greater flexibility in meeting their collateral requirements, ultimately enhancing their trading capabilities. If implemented broadly, it could free up capital for use as collateral in ongoing transactions, improving overall market efficiency.
JPMorgan's TCN not only marks a significant advancement in blockchain technology but also indicates the potential for private bank networks to gain significant traction. This development could challenge the dominance of platforms like Ethereum in the blockchain market.
Additionally, it's worth noting that JPMorgan also operates a blockchain-based payment system called JPM Coin, which offers extended operating hours and faster transaction speeds. The platform, launched in 2019 for dollar payments, allows wholesale payments clients to transfer dollars or euros between JPMorgan accounts around the world, or make payments to other customers of the bank using blockchain technology instead of traditional payment methods.
In June, JPMorganexpanded its JPM Coin blockchain payment service to include euro-denominatedtransactions for corporate clients.JPMorgan Goes Live with Its Blockchain-Based Collateral SettlementThe move signals a major stride on the part of JPMorgan as it intensifies its efforts towards boosting the commercial applications of blockchain technology.
United States’ largest bank by assets, JPMorgan Chase & Comay have started using its blockchain-based collateral settlement for customers. This follows after a recent transaction between BlackRock Inc and Barclays Plc saw the duo use JPMorgan’s Tokenized Collateral Network (TCN) to effect the trade.
According to Tyrone Lobban, head of Onyx Digital Assets at JPMorgan, BlackRock had used TCN to turn some shares into digital tokens before transferring the same to Barclays as collateral in an over-the-counter (OTC) derivatives deal the duo had going on. Lobban shared this while speaking in an interviewwith Bloomberg.
Meanwhile, the move signals a major stride on the part of JP Morgan as it intensifies its efforts towards boosting the commercial applications of blockchain technology.
JPMorgan Redefining Blockchain Technology in Finance
For what it’s worth, it is rarely seen that a bank develops a blockchain app. However, JPMorgan may be setting the pace in that area. That is even though the volumes, for now, are still tiny in comparison to the bank’s overall business.
For context, Wall Street firms have spent nearly a decade looking for ways to simplify some of their more complex processes using blockchain technology. However, the limited number of applications being used commercially makes one wonder whether the technology has any real-life applications in finance.
Now though, it appears that previous barriers in terms of complexity may be broken. According to JPMorgan’s Lobban, using the bank’s blockchain network Onyx Digital Assets, the collateral moved almost instantaneously. Thus, creating a better experience than before that one had to wait for an entire day.
With the app, JPMorgan hopes to eventually allow clients to use other assets as collateral. As Ed Bond, head of trading services at JPMorgan says, clients will eventually be able to use equities and even fixed income as collateral. To this end, Bond noted in an interview:
“Institutions on the network can use a wider scope of assets to meet any collateral requirements they have on the back of trading.”
Other Banks Are Keen on Floating Blockchain Projects
Meanwhile, just as JPMorgan is pushing, many of its biggest rivals also appear to be highly invested in blockchain and digital-asset projects.
Goldman Sachs Group Inc, for instance, unveiled its digital-asset platform last November. Whereas, asset managers, including Franklin Templeton, have also shown keen interest in using blockchain technology to process transactions for their funds.
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Author Mayowa Adebajo
Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this. He's a reader, a researcher, an astute speaker, and also a budding entrepreneur. Away from crypto however, Mayowa's fancied distractions include soccer or discussing world politics.
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The proposal outlines a deal that encompasses roughly 9% of iFinex’s outstanding capital and assigns a value of $1.7 billion to the company.
As per the latest report, the parent firm of the Bitfinex exchange – iFinex Inc – has started exploring a $150 million share buyback, as per the letter written to shareholders on September 22. The directors of iFinex have proposed an offer of $10 per share for 15 million shares.
The document notes that a group of directors within iFinex and its subsidiaries are eligible to participate in the buyback. Among them, is Giancarlo Devasini, who previously worked as a plastic surgeon and currently serves as the Chief Financial Officer for both Tetherand Bitfinex.
It is worth noting that there is no specified minimum threshold for the number of shares to be offered for sale to trigger the buyback. iFinex is prepared to purchase as many shares as are made available until the maximum limit is reached. The company determined its valuation internally, using a variety of business metrics, without seeking validation from an independent third party. Shareholders need to express their intent to sell their holdings to iFinex by October 24.
Details of the Bitfinex Share Buyback
The proposal outlines a deal that encompasses roughly 9% of iFinex’s outstanding capital and assigns a value of $1.7 billion to the company. This agreement is contingent on the business securing an infusion of funds from at least one of its subsidiaries.
The offer is extended to shareholders who acquired iFinex stock through a 2016 swap arrangement with the investment platform BnkToTheFuture. In that year, Bitfinex experienced a hack resulting in the theft of approximately $71 million worth of Bitcoin, a sum now valued at approximately $3.3 billion. To compensate affected users, Bitfinex issued BFX tokens, which iFinex redeemed later in exchange for company shares through BnkToTheFuture.
The decision to initiate the buyback is due to the “positive performance” exhibited by the company in recent years, as stated by iFinex in a communication to Bloomberg News. Tether emphasized its separate identity from iFinex, albeit sharing common shareholders. Simon Dixon, the CEO of BnkToTheFuture, declined to comment on confidential client information.
By selling their shares back to iFinex, investors can alleviate the increasing demands placed on them to provide information in support of Bitfinex Group’s regulatory applications and to address heightened scrutiny. Additionally, this move allows them to exit a relatively illiquid investment.
nextBlockchain News, Business News, Cryptocurrency News, Investors News, News
Author Bhushan Akolkar
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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You have successfully joined our subscriber list.XRP Ledger 钱包应用遭安全漏洞攻击，26.7万枚XRP被盗后下线Techub News 消息，基于 XRP Ledger 的钱包应用因安全漏洞导致用户资金被盗，目前已被下线。此次攻击中，被盗资产包含约 267,664 枚 XRP。
（U.Today）新加坡口腔AI初创公司Oral Link推出首款HSA注册消费者自用筛查工具Techub News 消息，新加坡口腔 AI 初创公司 Oral Link 表示，其产品已成为新加坡卫生科学局（HSA）注册的首款直接供消费者使用的 AI 口腔筛查工具。（Tech in Asia）Pineapple Financial 将 10 亿美元抵押贷款记录上链至 InjectiveTechub News 消息，抵押贷款机构 Pineapple Financial 计划将超过 100 亿美元的历史贷款记录上链，将数千份抵押贷款文件转化为基于区块链的记录。该公司已开始在 Injective 区块链上处理价值 10 亿美元的抵押贷款记录。
此举旨在利用区块链技术提高抵押贷款记录的透明度、安全性和可审计性，并探索资产代币化的可能性。（Cointelegraph）巴西银行通过花旗完成 500 万美元区块链数字票据投资Techub News 消息，巴西银行（Banco do Brasil）通过花旗集团（Citi）在 Euroclear 的区块链基础设施上发行的数字原生结构性票据投资了 500 万美元。该银行称，这是拉丁美洲机构参与此类交易的首例。
此次交易是传统金融机构利用区块链技术进行数字证券发行和投资的又一案例，Euroclear 的区块链平台旨在提升证券结算的效率和透明度。（Crypto.news）Subsense 获 2700 万美元种子轮融资，开发纳米粒子脑机接口Techub News 消息，脑机接口初创公司 Subsense 宣布获得 2700 万美元种子轮融资，用于开发基于纳米粒子的非侵入式脑机接口技术，旨在革新神经疾病治疗方法，挑战现有的侵入式方案。（Crypto Briefing）Equinix 联合英伟达与 Together AI 推出 AI 推理交易所Techub News 消息，数据中心运营商 Equinix 联合英伟达与美国 AI 云公司 Together AI，共同推出 Equinix Inference Exchange 服务。该服务旨在构建一个 AI 推理交易所，为 AI 模型提供高效的计算与交易平台。（Tech in Asia）SEC 指控旧金山湾区私募基金高管涉嫌庞氏骗局Techub News 消息，美国证券交易委员会（SEC）今日指控加州诺瓦托 Pacific Private Money Group LLC 前首席执行官 Mark D. Hanf 及其子公司前首席运营官 Hoai-Nam Chu Phan，涉嫌策划一项欺诈性发行。SEC 指控二人通过其管理的私人基金，向投资者筹集数百万美元，并谎称资金将用于房地产贷款，实则用于支付早期投资者回报及个人开支，构成庞氏骗局。
SEC 已向加州北区联邦地区法院提起诉讼，寻求对 Hanf 和 Phan 的永久禁令、民事罚款及追缴非法所得。此案涉及对私募基金行业的欺诈指控，凸显了监管机构对该领域的持续关注。 （SEC）Kast 推出稳定币商业账户平台，支持超 170 个国家并提供最高 8% 年化收益Techub News 消息，Kast 推出了一个基于稳定币的商业平台 KAST Business，为企业提供账户、卡片、支持超过 20 种货币的转账服务，并在超过 170 个国家提供最高 8% 的年化收益率。该公司表示，该平台为企业提供了一站式服务，以管理其稳定币业务需求。
（Crypto.news）农业机械巨头约翰迪尔为农民推出 AI 助手 JDTechub News 消息，农业机械制造商约翰迪尔（John Deere）正在测试一款名为“JD”的AI助手，旨在帮助农民提高收益。该助手能够利用用户的“农田、机械和运营数据”来回答问题，内容涵盖设备设置、燃料使用或收获时机等最佳实践与历史趋势分析。
约翰迪尔宣布启动该AI聊天机器人的早期访问计划测试，并提及了其十点“农民数据承诺”，承诺不会出售用户数据，并允许农民控制自己的数据。目前新闻稿未披露该平台背后的具体AI技术。（The Verge）OpenAI 对部分大客户采用基于结果的定价模式Techub News 消息，OpenAI 开始向部分大型企业客户提供基于结果的定价模式，即仅在 AI 实际完成任务后才收费。Salesforce、Adobe 及多家初创公司也在从固定订阅费模式转向。核心争议依然存在：成功应归功于软件还是客户？（The Decoder）撰文：Web3 农民 Frank 作为 Based Rollup 公认的必要补丁，Preconfs，终于迈出了标准化的关键一步。 被视为以太坊「正统」扩容终局的 Based Rollup，为什么一直「叫好不叫座」？ 一方面，它通过将排序权交还 L1，实现了与主网最彻底的安全与去中心化对齐，但另一方面，却不得不忍受长达 12 秒的确认延迟，几乎让高频交易与实时金融场景望而却步。 因此 Preconfs 才作为 Based Rollup 的必要补丁被提出，试图用亚秒级的交易承诺来抹平延迟，但长期以来，Preconfs 更多停留在小规模、非标准化的探索阶段，缺乏统一机制与稳定收益，始终未能真正走向规模化。 近期，Puffer Finance 推出的以太坊安全基础设施产品「UniFi AVS」，终于试图将 Preconfs 从临时性的性能补丁，升级为可复用的标准化基建，以带来 sub-10ms 的确认速度，并在安全与经济激励层面引入制度化设计。 本文将以行业观察者的视角，拆解 UniFi AVS 的核心能力、技术路径与生态影响，并讨论它能否真正成为 Based Rollup——乃至更广泛以太坊 Rollup 生态的关键变量。 一、UniFi AVS：Preconfs，不再只是「打补丁」 要理解这次升级的重要性，需要先回顾 Based Rollup 的核心逻辑。 在以太坊的扩容叙事中，Based Rollup 通过将排序权交还给 L1 验证者，从而在安全和去中心化上完全对齐主网，但同时也带来一个不可避免的取舍——继承主网安全性的同时，也带来了约 12 秒的区块确认延迟。 为此，预确认（Preconfs） 成为 Based Rollup 的必要补丁，负责在交易真正提交到 L1 前，提前为用户提供交易执行承诺，可以说，如果要充分发挥 Based Rollup 的潜力，就必须实现无需许可、中立且灵活的预确认服务。 然而，在过去相当长一段时间里，Preconfs 更多停留在「小作坊」阶段（非标准化、点对点的解决方案），通常由少数节点或项目方自行运行，缺乏统一标准，也没有稳定的收益模式，一旦负责预确认的节点掉线或作恶，交易就可能失效甚至遭遇 MEV 攻击，可靠性和可持续性都存在严重不足。 Puffer 推出的 UniFi AVS，正是对这一困境提出的系统性解决方案，它不再把 Preconfs 当作临时补丁，而是把它升级成可调用的基础设施层，核心思路就是将 Preconfs 重构为 AWS 式的标准化云服务。 具体而言，UniFi AVS 是从三条主线出发，不仅让 Based Rollup 跑得更快，还具备可持续收益，并在安全机制上实现制度化保障： 性能层面，将交易确认压缩至 sub-10ms，带来媲美 Solana 甚至中心化交易所的即时使用体验； 经济层面，通过协议层分润机制，让 Rollup 不再「替 L1 打工」，而是与验证者、网关共享收益； 安全层面，依托高达 130 亿美元的 Restaked ETH 的担保与 slashing 机制，把「口头承诺」变成「有成本的契约」，形成制度化约束； 对开发者和 Rollup 项目而言，UniFi AVS 的出现意味着不再需要自行设计和维护复杂的排序与确认逻辑，而是能够像调用 AWS 云服务一样，直接接入一套经过验证的预确认基础设施，即插即用、按需扩展，把更多精力投入到产品和用户层面。 这种模块化的设计，也让 Preconfs 有望进一步产品化并产生外溢效应——不仅是 Rollup 项目方可以避免重复造轮子，未来钱包、DApp、上层协议同样能够通过标准化 API 接入，统一享受「即时确认 + 经济对齐 + 安全担保」的能力，把「快与稳」真正变成以太坊生态的公共底层服务。 从这个角度来看，UniFi AVS 让 Preconfs 超越了单纯性能补丁的定位，而是把性能、收益、安全三件事一次性标准化，推动其从附加功能跃迁为以太坊扩容的中间层基建，为 Based Rollup 的规模化落地铺设了一条更可持续的道路。 值得注意的是，Puffer 也强调，UniFi AVS 的适用范围并不限于 Based Rollup，从设计上看，其注册表机制同样能够为任何 OP Stack Rollup 提供 sub-10ms 的即时确认能力，并计划在后续支持更多 Rollup 架构，换句话说，它被定位为一套具备跨架构潜力的通用预确认基础设施。 当然，是否所有 Rollup 都愿意让渡 Sequencer 收益给 AVS，仍存在不确定性，甚至可以断言初期很难做到——毕竟排序器从来都不单单是技术问题，而是深度交织的利益分配问题： L2 经济体系中，谁来负责来分蛋糕，计划分给谁，又该怎么分？ 因此 Preconfs 最终会演变为整个 Rollup 生态的公共标准，还是主要服务于 Based 路径，不仅是技术路线的选择，更是商业模式与利益分配的博弈，也注定会是未来几年需要持续观察的问题。 二、Preconfs 如何被重构为标准化基建 ？ 客观来讲，从 Rollup 概念提出以来，以太坊扩容一直缺的不是概念，而是工程化的落地能力。 毕竟一项技术要从一个巧妙的「功能」演变为一个稳健的「基础设施」，通常需要满足三个核心条件：明确的服务承诺、可靠的安全保障和可持续的经济模型。 换言之，就是从技术概念走向「工程化」的落地，这才能让其真正具备规模化运行的条件，而 Puffer 的 UniFi AVS 思路与此大同小异——将 Preconfs 从零散的小规模尝试，重构为可复用、可扩展、带有经济激励的基础设施。 换句话说，如何让 Preconfs 不再是某些节点的「临时承诺」，而被设计成一种标准化的网络服务。 1. Execution Preconfs：从「入块保证」到「执行保证」 首先就是实现了从 Inclusion Preconfs 到 Execution Preconfs 的升级。 在传统 Inclusion Preconfs 模式中，用户只被承诺交易会被打包进区块，但交易执行时的状态却无法保证，因此用户仍可能遭遇价格滑点甚至 MEV 抢跑。 而 Execution Preconfs 则进一步升级为「执行保证」，保证交易会在用户提交时的状态下执行——用户一旦下单，状态就会被锁定，交易只有在这个状态下才会执行，否则直接不成立。 举个例子，你下单购买 ETH，价格是 4400 USDC： Inclusion 模式下，到真正执行时，市场价格可能已经变成 4410 USDC，仍然会成交，但成交价不是你预期的 4400； 如果是 Execution 模式，那无论市场怎么波动，系统都会保证 4400 USDC 的成交价，只有能满足这个条件时，交易才会执行； 这就让 Preconfs 从「提前入场券」升级为「确定性成交」，显著提升了用户体验，也为 DeFi、衍生品、支付等对价格敏感的金融应用提供了更强的可靠性。 2.Gateway 架构与 frags 技术：延迟压缩至 10 毫秒以下 Puffer 还引入 Collateral-backed Gateway 架构（由 Gattaca 团队首创），允许 L1 proposer 将预确认执行权委托给更专业的 Gateway。 而借助 frags（区块片段） 技术和 lookahead 机制，Gateway 能在正式出块前提前处理交易，缩短状态切换的空窗期，理论上，在最佳配置下，交易延迟可降至 10 毫秒（sub-10ms）以下。 由此带来的是使其用户体验在理论上能够达到 Solana 等高性能公链的水平。 3.Restaked ETH 安全背书：让承诺「有成本」 过去的 Preconfs 很大程度上依赖节点「自觉」，一旦掉线或作恶，用户几乎没有补偿机制。 Puffer 升级版通过 EigenLayer 的再质押机制（Restaking），让每个 Gateway 背后都由验证者质押的 ETH 担保（分阶段落地）——如果节点失活，可能被罚没 1 ETH；如果恶意提取 MEV 或违背承诺，则可能触发 1000 ETH 级别的 Slashing。 与 PoS 惩罚不同，Preconf 的罚没 ETH 会补偿 使用 Preconf 服务的用户，直接增强经济对齐，将以往依赖节点信誉的软承诺，转变为有明确罚没（Slashing）机制约束的硬承诺，大幅提升了制度化约束力。 同时，Puffer 设立了 Canonical Preconf Gateway Registry，确保所有 Gateway 进入有序、公开、可验证的注册体系。 4.可编程分润：制度化的多方价值分配 仅有速度和安全还不够，Preconfs 要想成为基础设施，还必须可持续运转。 为此，升级后的 UniFi AVS 内置 Rewards Distributor，允许在 Rollup 团队、以太坊 proposer、Gateway 提供商之间灵活分配收益，实现协议层面的可编程分润： Rollup 团队：保留部分交易费用，不再「替 L1 打工」； 以太坊 proposer（验证者）：通过提供 Preconfs 获得额外收入； Gateway 提供商：运行网络得到激励，确保服务稳定； 那收益分成不再是临时约定，而是写进协议、自动执行的制度，形成了 Rollup、验证者、Gateway 三方经济对齐（Economic Alignment） 的长期闭环。 这种多维度的机制设计，正是 Preconfs 从一个单点解决方案，迈向可规模化、可信赖的公共基础设施的关键。 三、多方博弈下的受益者版图 任何一项基础设施升级，都不仅仅是技术层面的演进，更是利益格局的再分配。 UniFi AVS 的特别之处在于，它把性能、安全与经济激励绑定在一起，使得多个生态角色都能在同一套机制中找到价值——从 Rollup 项目方，到以太坊验证者、开发者与最终用户，它把 Preconf 从补丁变成了可持续的模块化服务，让所有参与者都能在一条更强壮的船上获益。 首先自然是 Rollup 项目方，获得了性能 + 收益的双重解锁。 过去，Based Rollup 一度被市场诟病「跑得慢、赚不到」，尤其是在经济模式上几乎完全让利于 L1 验证者，借助 UniFi AVS 的 Execution Preconfs，Rollup 可以即插即用地获得 sub-10ms 确认速度，大幅提升用户体验。 同时，协议层的收益分润机制让 Rollup 团队保留部分经济收益，而不必完全依赖外部补贴，对项目方而言，这是速度提升 + 收益共享的双重红利。 其次则是以太坊验证者 / Restaker，收获了新型收入来源。 因为 L1 验证者是 Preconfs 的直接执行方，所以通过参与 UniFi AVS，验证者能够在传统出块奖励之外，获得新的 Preconf 服务收益。 同时 Restaked ETH 不仅提供安全背书，同时增加了验证者的盈利机会，这反过来也提升了质押 ETH 的吸引力，从而增强以太坊整体的经济安全，使得验证者从此前的单纯跑节点变成了「提供增值服务、获取额外收益」。 此外，还包括 Gateway 提供商，它们的角色在此次升级中被正式制度化。 Puffer 设立了 Canonical Gateway Registry，让 Gateway 成为网络中的标准化节点，而不仅是临时角色，Gateway 在获得委托权后，可以通过运行 frags 技术与 lookahead 机制，实现低于 10 毫秒级的预确认； 它们的服务直接与经济激励挂钩，并受到 Slashing 机制约束，既有收益，也有成本，这使得 Gateway 从「志愿者」变成了真正的基础设施服务商。 同时，开发者则能获得更低的门槛和更强的可组合性。 毕竟过去开发者如果要在 Rollup 上实现即时确认，往往需要自行搭建复杂的机制，既耗时也难以标准化，而升级后的 UniFi AVS 通过 模块化 API，让开发者可以像调用云服务一样，直接接入即时确认能力。 无论是 DEX、衍生品协议还是高频的 GameFi 应用，都能快速享受 sub-10ms 确认带来的体验提升，这不仅降低了基础设施搭建成本，也减少了 MEV 被盗取的风险，让开发者能更专注于应用层创新。 最后是普通用户，他们是最直观的受益者，第一次在以太坊 Rollup 上获得了 Solana 级别甚至接近 CEX 的丝滑体验： 在速度上，交易确认时间从 12 秒缩短到 10 毫秒，体验媲美中心化交易所； 在确定性上，Execution Preconfs 从协议承诺层面保证价格锁定，避免滑点与抢跑； 在安全性上，Restaked ETH 背书与 Slashing 机制让承诺「有成本」，用户违约时能获得补偿； 站在更高的层面看，Puffer UniFi AVS 的升级不仅仅是一次产品演进，更是在为 Preconfs 确立行业标准，让其从补丁升级为基建，甚至变为以太坊的标准化中间层服务。 这不仅让 Based Rollup 真正具备跑得快、赚得到、够安全的可能性，也强化了以太坊作为 安全主权层（Security Settlement Layer） 的长期叙事。 写在最后 回望以太坊过去 5 年的扩容进程，Rollup 无疑是绝对主线，但如何在性能、经济与安全三者间找到真正可行的平衡点，这个「不可能三角」始终悬而未决。 尤其是 Based Rollup 这个以太坊「正统扩容路径」，一直卡在规模化、商业化运行的最后一块拼图，所以客观而言，此次 Puffer 升级上线的 UniFi AVS，算是尝试补齐这一拼图且具备高度可行性的探索之一。 更深远的意义在于，它为模块化区块链的未来描绘了一种清晰的「终局」可能：任何新兴 Rollup 都无需重复造轮子，而可以直接搭建在 UniFi AVS 之上，快速获得媲美 Solana 的性能体验、以太坊主网级别的安全，以及自洽的经济模型。 不过，它能否最终成为行业共识，不仅取决于自身设计的稳健性与开放性，还要看其能否在复杂的 Rollup 生态与多方利益博弈中，找到那个最优的平衡点。 因此，对于行业而言，它算是未来一到两年内，衡量 Based Rollup 叙事能否真正走向成熟的关键观察窗口。
