Lorenzo Valente: RWA Trading Reshaps DeFi, Trade.xyz May Require Higher Revenue Share

Broadcom is in talks with lending institutions to raise over $60 billion in debt funds to support the AI chip business and infrastructure construction of companies such as Anthropic. The financing plan includes approximately $30 billion in subordinated debt, and Broadcom will provide guarantees for $60 billion to $70 billion in senior secured debt, with a total financing plan of up to $100 billion.

ARK Invest research director Lorenzo Valente stated that RWA trading venues can form a scale without relying on Bitcoin and Ethereum liquidity. Data shows that RWA accounts for 54% of Hyperliquid's weekly trading volume, with individual stocks accounting for 61% of RWA trading volume; During the same period, the trading volume of perpetual contracts on decentralized exchanges reached 79 billion US dollars, with Hyperliquid accounting for 50 billion US dollars. Lorenzo Valente believes that if Trade.xyz accounts for 90% of Hyperliquid's trading volume, it may demand a higher user fee share. Most popular applications still rely on shared infrastructure and may only choose to build their own chains when the independent operating costs exceed the rental value. （Bitcoin.com News）

In the past 24 hours, there has been a large-scale liquidation in the cryptocurrency market, with a total amount exceeding 861 million US dollars, of which short liquidation amounted to 679.5 million US dollars. （Cointelegraph）

Brian Armstrong stated on X platform that it is time to promote tokenization in the United States. Coinbase has launched a non US tokenized stock business, and the US Securities and Exchange Commission and SEC Chairman Paul Atkins are making progress with the Reg Crypto announced this week and the Innovation Exertion expected to be announced soon. The Senate should pass the Clarity Act in the fall.

According to CME Federal Reserve observations, the probability of the Fed keeping interest rates unchanged until September is 63.8%, and the probability of a cumulative 25 basis point rate hike is 36.2%; The probability of keeping interest rates unchanged until October is 51.8%, the probability of a cumulative increase of 25 basis points is 41.4%, and the probability of a cumulative increase of 50 basis points is 6.8%. AI interpretation: The market's expectation of the Federal Reserve maintaining interest rates unchanged in the short term dominates, reflecting the current observation window of monetary policy. The pricing of the interest rate path shows a cautious attitude towards balancing inflation and economic growth, and the expectation of interest rate hikes has not completely subsided. This pricing structure suppresses market fantasies of aggressive interest rate cuts and reinforces the policy tone of a long-term high interest rate environment. Investors are adjusting their asset allocation based on the probability distribution of interest rates to cope with the liquidity pressure brought by the Federal Reserve's tightening stance.