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2026

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Article
Flash

first_img The on-chain derivatives protocol Variational has scheduled the $VAR TGE for the fourth quarter of 2026, with the genesis allocation accounting for 32%

The on-chain derivatives protocol Variational announced that the Token Generation Event (TGE) for the token $VAR is scheduled for the fourth quarter of 2026. The initial token distribution includes 32% genesis allocation, 18% ecological reserve, and 50% for team and investor shares. The genesis tokens will be airdropped according to the proportion of Variational points held and will be 100% unlocked at TGE; the ecological reserve will be retained by the Variational Foundation for ecological growth and distributed at its discretion.The team and investor tokens will be locked for 12 months after TGE, followed by a minimum unlocking period of three years. Team members are also subject to individual vesting arrangements, and the specific shares for both parties will be announced before TGE. Variational stated that it plans to use all revenue directed to the treasury for the repurchase and destruction of $VAR. Weekly point distribution will continue until TGE, with 150,000 points distributed each week; accounts must hold at least 1 point to qualify for signing terms and receiving the genesis allocation, and any unclaimed portion will be destroyed.Variational originally planned to end the points program in the third quarter of 2026 and subsequently launch $VAR, but this timeline has been delayed due to significant strategic partnerships. In the final weeks before TGE, the project will conclude private testing, launch Omni on the public mainnet, expand exchange functions, and release trading APIs, while also announcing details on repurchase and token usage, and disclosing the impact of new partnerships on Omni, Pro, and traditional financial markets on-chain when conditions permit.

first_img David Hoffman: In 2026, ZEC will be similar to ETH in 2021, and NEAR will win the smart contract buying market

David Hoffman, founding partner of Bankless Ventures, published a discussion on the "Bitcoin Buy Side Trophy," stating that the crypto market occasionally sees a single asset absorbing the capital shift from Bitcoin holders. The Bitcoin community has long maintained a consensus of "holding only BTC," with a scale of about $1.7 trillion; individual shifts usually go unnoticed, but when enough people turn to the same asset, it becomes contagious. He cited 2021's ETH as an example, where its market cap rose from about $12 billion at the bottom to about $554 billion at the top, and referenced Su Zhu's statement from October that year, indicating that some people specifically moved cold-stored Bitcoin to buy ETH, and some publicly known Bitcoin maximalists may privately hold ETH.He believes that ZEC in 2026 is similar to ETH in 2021, having formed a consensus point for some Bitcoin capital, with reasons including privacy, quantum, or as a hedge against Bitcoin exposure "just in case." ZEC's market cap rose from about $200 million to about $2.6 billion, which is still small relative to the $1.7 trillion BTC; the key lies in relative scale rather than dollar appreciation, as the buying pressure is driven by Bitcoin wealth. As long as a very small proportion of holders can be persuaded to allocate a small amount of ZEC, the buying pressure will continue; very few people skip BTC, ETH, and other crypto assets to buy based solely on ZEC's own merits.He also believes that NEAR will win the weaker "smart contract buy side" in 2026, with funds coming from more decentralized market participants. The crypto market has always prioritized value storage, with smart contract chains coming second; ETH's position is weaker than BTC's, and SOL's challenge to ETH is greater than any asset's challenge to BTC.

first_img a16z: In August 2026, the perpetual transaction volume of RWA reached 117.3 billion USD

The venture capital firm a16z crypto stated that the trading of perpetual contracts linked to stocks, gold, and other traditional assets has rapidly increased, with more transactions occurring on-chain. In August 2026, the transaction volume reached $117.3 billion, up 44 times from a year earlier, with open interest at $4.8 billion. After a decline in transaction volume in April 2026, it hit a new high again in May, rising to $145.1 billion in July, before falling back to $117.3 billion in August.Open interest increased from $161 million in July 2025 to $4.8 billion in August 2026, nearly a 30-fold increase, remaining close to record highs even as transaction volumes declined. As of November 2025, centralized exchanges accounted for about two-thirds or more of monthly transaction volumes, with December nearly evenly split with on-chain venues; in August 2026, on-chain venues accounted for 86%, approximately $101 billion, while centralized exchanges accounted for about $16 billion, with their transaction volume declining from a peak in March to July.The decentralized perpetual contract platform Hyperliquid launched HIP-3 in October 2025, allowing developers to deploy their own perpetual contract markets using the shared trading infrastructure HyperCore. That month, the on-chain RWA perpetual transaction volume increased to about $4 billion, with on-chain venues accounting for nearly half of the tracked transaction volume in December. A year ago, commodities accounted for 84%, while in August this year, stocks accounted for 48%, commodities for 28%, and indices for 18%. In June, the open interest for stocks was $1.6 billion, surpassing commodities at $1.2 billion, and in August, they were $2.2 billion and $1.6 billion, respectively.

first_img The 2026 China Private Enterprises Top 500 was released, with revenue of 44.93 trillion yuan

The All-China Federation of Industry and Commerce organized the 28th large-scale survey of private enterprises, with a total of 6,350 companies participating that have an operating income of over 1 billion yuan in 2025. Among them, the top 500 companies by operating income are the 2026 China Private Enterprises Top 500. In 2025, the total operating income of the Top 500 private enterprises reached 44.93 trillion yuan, with an average of 8.9851 billion yuan per household, an increase of 4.35% compared to the previous year; total assets reached 53.74 trillion yuan, with an average of 10.7479 billion yuan per household, an increase of 5.05%. A total of 29 companies made it to this year's Fortune Global 500 list.The net profit of the Top 500 private enterprises was 1.83 trillion yuan, with an average of 3.652 billion yuan per household, an increase of 1.31%. The proportion of companies in the secondary industry and manufacturing industry accounted for 74.40% and 70.60%, respectively, with the total operating income of the manufacturing industry reaching 32.22 trillion yuan, an increase of 8.73%. The actual reported total R&D expenditure of enterprises was 1.26 trillion yuan, with an average R&D investment intensity of 2.95%; total exports reached 1.97 trillion yuan, an increase of 11.25%; total tax payments amounted to 1.30 trillion yuan, and the total number of employed persons was 11.9633 million.
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