Deep Tide TechFlow

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.

South Korean tech stocks plummeted, triggering a leveraged sell-off, with SK Hynix halving in value in 34 days, and Bitcoin's volatility has fallen below that of Nvidia. Global stock markets are becoming "crypto-like," with a narrative and leverage-driven bubble cycle re-emerging.

Currently, there are over 90 stock tokens on the chain, but he believes this is just the starting point, and in the future, it will expand to more asset classes such as international stocks and private equity markets.

Agency economy, physical AI, machine-driven discovery.