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DOGE $0.0692 -1.31%
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BCH $202.79 -5.13%
LINK $8.80 +0.14%
HYPE $56.04 -2.77%
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pos

Proof of Stake (PoS) is a blockchain consensus mechanism that determines the accounting rights and reward distribution of nodes based on the amount and duration of token holdings. Compared to Proof of Work (PoW), PoS reduces energy consumption and enhances the scalability and security of the network. Token holders participate in network governance and transaction verification by staking tokens, earning block rewards and transaction fees. The PoS mechanism is widely used in blockchain projects such as Ethereum 2.0 and Cardano, promoting the development of green blockchain.
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first_img MSCI's new proposal may exclude Strategy and Metaplanet from the global investable index

According to CoinDesk, the index provider MSCI has launched a new round of consultations, proposing to exclude so-called "non-operating companies" from its Global Investable Market Indexes. This classification will no longer use the proportion of crypto assets as the sole threshold but will adopt a two-step screening process: first, it will check whether operating assets exceed 50% of total assets; those that do not pass will then be assessed based on five financial ratios: operating asset intensity, expense intensity, cash flow, fair value intensity, and capital dependence. If at least four of these do not meet the standards, they will not qualify for inclusion.If the current data is applied to the MSCI ACWI IMI Index, Bitcoin-holding companies Strategy (MSTR), Metaplanet (3350), and uranium holder Yellow Cake will be excluded. Strategy has cumulatively held approximately 840,400 BTC since 2020, while Metaplanet holds about 43,000 BTC. MSCI's description of "non-operating companies" refers to businesses that create value by accumulating and holding non-operating assets, have limited operating cash flow, and rely on external financing for expansion.The consultation for collecting opinions will end on September 30, with results expected to be announced around October 16; even if approved, the related adjustments will not take effect until the index review in November 2026 at the earliest. Previously, a consultation in October 2025 regarding "digital asset treasury" companies, which set a standard of 50% for crypto asset proportion, had caused market fluctuations and industry opposition, ultimately being postponed.

hot_img Samsung Electronics plans to repurpose the NRD-K R&D production line for wafer foundry use, aiming for mass production of 2nm base chips for HBM

According to South Korean media ZDNet Korea, Samsung Electronics is adjusting the original purpose of its NRD-K Line 2 at the Giheung campus from a research and development facility to a wafer foundry line, with the main target product being the 2nm base chips required for NVIDIA's HBM. This production line is expected to be operational in the second half of 2028, adopting a "Send-Fab" model, which involves receiving wafers from other mass production lines and performing specific processes.NRD-K is the most advanced composite research and development campus built by Samsung Electronics to seize future semiconductor technology, with a total investment of approximately 20 trillion won, planning for three production lines, of which the first line is scheduled to be completed by the end of 2024. This adjustment aims to proactively respond to the expansion of HBM demand driven by investments in AI infrastructure. Samsung plans to first apply the 2nm process to custom HBM and HBM5 to maintain performance advantages.Industry insiders point out that the scale of NRD-K Line 2 is relatively small, making it suitable for operation in the Send-Fab format. However, there are still about two years until the production line is operational, and the final purpose may be adjusted again based on market conditions. Samsung had previously considered using this production line for DRAM production, but after modifications to the relevant plans this month, DRAM capacity will be more concentrated in the Pyeongtaek campus. Equipment procurement orders have not yet been officially issued.

Data: The high-position chips of BTC in 2025 have decreased by 41.5%, and the market's maximum supply pressure may be easing

On-chain analyst Murphy stated that currently, all chips bought in BTC in 2025 are basically in a state of loss. Therefore, apart from wallet migrations, the reduction in the scale of 2025 chips likely means that holders are cutting losses and selling. Data shows that as of now, approximately 4.77 million BTC chips bought in 2025 remain, a decrease of 41.5% from the peak in December last year.From the downward trend, this group has experienced two phases: a rapid decrease in chips before February this year, and a significant slowdown in the rate of decline after February, although it still maintains a certain slope. Murphy believes that the 2025 chips may be the largest potential supply side in the current market scale. In contrast, the BTC chips formed in 2024, 2023, and 2022 have basically completed the release of high-level locked positions due to still having unrealized gains, and the slope of the curve is gradually flattening, indicating that the selling pressure from long-term holders is weakening.Historical data shows that during the bottom phases of the past two bear markets, high-level chips have shown a significant decline: at the bottom of the bear market in 2022, the chips bought at high levels in 2021 decreased by about 51%; at the bottom of the bear market in 2018, the chips bought at high levels in 2017 decreased by about 62%. If we refer to historical cycles, Murphy believes that in this bear market bottom phase, the reduction of high-level chips in 2025 may be in the range of 50%-60%, and the current decline of 41.5% indicates that there is still some room for release. However, this judgment has not yet considered the BTC bought by institutional investors such as spot ETFs and MicroStrategy, as this portion of chips is mostly in a long-term locked state, which may reduce the actual market supply pressure.
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