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Web3来时路

Jun 2025

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Builder

· 21m

那位亿万富翁 CZ 刚刚在 CNBC 上进行了现场直播：

“我认为，在 2026 年下半年，我们将见证历史上最庞大的加密货币超级周期。”

我们谈论的是加密货币与比特币领域中最重要的人物之一。

问题是……他到底知道些什么呢？

👀

中文 English

0:00 你最近经常交易加密货币吗？

0:03 不，我根本不交易。

0:05 我不交易，我只是持有大币，持有B&B。

0:09 我不做日内交易，我不买卖，

0:10 我不试图抓住市场。

0:12 我就是不擅长那种事。

0:13 多年前，大约20年前，我试过，亏了钱，

0:17 后来想，我是开发者，做系统的，不适合交易。

0:21 那么，能不能简单说说，

0:23 你怎么看比特币的价格和未来走向？

0:26 你觉得我们处于冬天、夏天，还是某个周期？

0:30 你支持凯西·伍德的观点吗，认为比特币会涨

0:32 到一百万美元？

0:34 每当有人问这个问题时，

0:35 我总要问他们，时间范围是多久？

0:38 如果你看的是今天、明天或日常，

0:40 我根本无法预测。

0:42 如果你看的是五年、十年的时间段，

0:44 很容易预测，我们会涨。

0:48 如果看一年时间，

0:49 这也是最常见的视角，

0:54 2026年，我不确定，也许吧，我很有信心

0:59 那会是一个超级周期。

1:01 - 你说超级周期？

1:02 - 是的，2026年。

1:03 - 针对比特币。 - 针对比特币。

1:04 - “超级周期”对你来说是什么意思？

1:06 - 通常比特币历史上遵循四年周期。

1:09 看历史数据，每四年都有新高，

1:11 然后下跌。

1:14 但我认为今年，鉴于美国如此支持加密，

1:18 其他国家也有跟进，

1:20 我觉得我们可能会看到，可能甚至会提前突破

1:23 传统周期的高点。

0:00 Do you trade a lot of crypto these days?

0:03 No, no, I don't trade at all.

0:05 I don't trade, I just, I hold big coins, I hold B&B.

0:09 I don't do day trading, I don't buy and sell,

0:10 I don't try to attend the market.

0:12 I'm just not good at that.

0:13 Years ago, like 20 years ago, I tried that, lost money,

0:17 just figured, I'm a developer, I do systems, I don't trade.

0:21 So, do you have any thought though, real quick,

0:23 on just like the price of Bitcoin and where this is all headed?

0:26 Do you think we're in a winter, a summer, a cycle?

0:30 Are you with Kathy Wood and thinks it's going to turn

0:32 into a million dollars of a coin?

0:34 So, whenever people ask that question,

0:35 I always got to ask them, what's the time frame you're looking at?

0:38 If you're looking at today, tomorrow or a daily basis,

0:40 there's no way I can predict.

0:42 If you look at a 10, five, 10 year horizon,

0:44 it's very easy to predict, we're going to go up.

0:48 If you look at a one year horizon,

0:49 which is like what the most common framework is,

0:54 2026, I'm not sure, maybe, I think I have very strong feelings

0:59 that you will probably be a super cycle.

1:01 - You're super cycle?

1:02 - 2026, yeah.

1:03 - For Bitcoin. - For Bitcoin.

1:04 - And what super cycle to you means what?

1:06 - Well, normally Bitcoin follows four year cycles historically.

1:09 If you look at historic data, like every four years,

1:11 you know, there's an all-time high and then there's a drop.

1:14 But I think this year, given the US being so pro-crypto

1:18 and every other country's kind of following,

1:20 I do think we will see this, we will probably break

1:23 before your cycle.

Builder

· 1h

CT 在询问为什么最近有这么多人离开了以太坊基金会。这是以太坊的坏兆头吗？

绝对不是——这实际上恰恰相反。

你们很多人可能错过或略读了 2026 年 3 月发布的 38 页 EF 使命宣言中的一个关键句子。

“我们的目标是随着时间的推移减少基金会的影响力。”

这句话解释了一切。以太坊基金会正在有意收缩——不是因为任何危机、弱点或失败，而是因为这是明确、长期规划战略的一部分。

最终目标很简单：以太坊必须通过“走开测试”。即使基金会明天消失，网络也应该继续运行、改进并保护自己。只有当 EF 不再是中心瓶颈时，以太坊才能真正实现去中心化——就像比特币一样。

想想看。每当 $ETH 的价格下跌时，很多人都立即将责任归咎于基金会。Vitalik 和 EF 持续的 ETH 销售是否是压力的主要原因，对吧？

随着基金会的影响力逐步消退，以太坊越来越接近其理想形式——一个完全去中心化的网络，没有单一控制点。ETH 最终将被视为一个可信中立平台上的真正货币资产，没有“可扼喉咙”的对象。不再有中心目标承受批评、监管或抛售压力。

这不是弱点。这是以太坊在成长。

Builder

· 2h

对 Solana 和 XRP 的持有者来说，这是个坏消息：

🇺🇸

高盛刚刚公开区分了赢家和输家。

已售出：所有 Solana ETF 持仓。
已售出：所有 XRP ETF 持仓。

保持：对比特币的持有。
保留：以太坊的基础设施依然发挥着重要作用。

贝莱德：在以太坊领域投资了 70 亿美元。比特币 ETF 依然占据主导地位。
高盛：退出 SOL 和 XRP 业务。

美国两家最强大的银行。
与比特币和以太坊保持一致。
忽略其他所有内容。

这并非市场信号。
这是一份定罪声明。

Builder

· 2h

“以太坊是实现代币化的必经之路。”

约瑟夫·查洛姆称，拉里·芬克致力于推动代际更替。

稳定币是最早的实践成果。

现在，其他的一切就都顺其自然了吧：

🔹

股票

ETFs

抵押品/担保物

全天候开放的市场

纽约证券交易所、纳斯达克、DTCC 以及 Bullish 的走势都一致。

黑岩集团认为，市场结构的变化即将到来。

中文 English

0:00 我认为拉里专注于代际变革，我觉得他的描述方式是

0:05 稳定的

0:07 稳定币是代币化的第一个证明。

0:11 稳定币与代币化没有区别，它只是代币化的美元

0:15 很快还会有

0:16 港币、韩元和日元。

0:19 这是代币化的首个案例，如果你能编程某样东西，

0:23 即时

0:24 结算，这东西恰好是现金，这可以改变金融服务和

0:29 资金

0:30 的流动方式。

0:31 第二点，在某种程度上，这为眼下即将到来的事做了练习，

0:35 那就是所有资产的代币化。

0:36 他在达沃斯展示了一系列关于金融未来的幻灯片。

0:37 其中一张说代币化将改变世界，以太坊是

0:42 通向代币化的收费公路，这是幻灯片顶部的引用。

0:48 我认为撇开价格差异不谈，

0:49 从未有过一个时期，信号如此明朗，表明许多资产

0:52 的代币化正到来。

0:57 我给你五个过去几周的证明点。

1:00 纽约证券交易所转为24小时代币化，纳斯达克也转为24小时。

1:01 DTCC表示他们能使抵押品无纸化，代币化，并允许

1:02 人们分批移动，

1:06 每次15分钟。

1:11 就在本周早些时候迈阿密的这栋楼和共识大会上，你听到

1:16 有人看好买下了Quinity。

1:17 这里没有人听说过Quinity。

1:20 Quinity是2900只上市股票的枯燥过户代理，包括Chainlink。

1:26 他们会以模拟形式持有账簿，会支付你的股息。

1:27 这不是玩笑，这是一个极其看涨的信号，说明有一家本土加密公司

1:29 拥有上市股票，

1:32 相信他们能更好、更快地将2900只股票代币化，

1:37 并大大加快链上处理，不需一家家公司慢慢来。

1:38 这是一个大胆的声明。

1:44 当这发生时，稳定币正在增长，代币化就在眼前，

1:49 逐步

1:50 实现代币化功能。

1:55 你将开始看到这些资产进入去中心化金融（DeFi）。

1:56 所以你可以借贷的不仅是稳定币和加密货币，还有特斯拉股票

2:02 和ETF。

2:04 我认为拉里更专注于市场结构的变化，因为

2:07 最终

2:08 这对积极参与的机构是极其正面的，

2:10 对投资者而言，则在风险与回报上极其正面。

2:13 所以我认为他少关注迈克尔·塞勒，更关注接下来

2:19 未来十年会发生什么，他想引领这个趋势。

2:20 And I think Larry's more focused on that market structure change, because

2:23 ultimately

2:24 it's going to be incredibly positive for institutions who lean in and

2:27 incredibly positive

2:29 for investors in terms of risk and return.

2:31 So I think he's less focused on Michael Saylor, more focused on what is going

2:36 to happen over

2:36 the next 10 years, and he wants to lead.

0:00 I think Larry is focused on generational change, and I think the way he's

0:05 described it is stable

0:07 coins is the first proof point for tokenization.

0:11 Stable coins are not different than tokenization, it's just tokenized dollars

0:15 and soon to be

0:16 Hong Kong dollars and Korean Wan and Yan.

0:19 It is the first proof case for tokenization that if you can program something,

0:23 settle

0:24 it instantly, it happens to be cash, that can change how financial services and

0:29 money is

0:30 moved.

0:31 The second thing is in some ways that's practice for what's coming right now,

0:35 and that is tokenization

0:36 of all assets.

0:37 He in Davos had a series of slides talking about the future of finance.

0:42 One of the slides was tokenization is going to change the world, and Ethereum

0:48 is the toll

0:49 road to tokenization, that's the quote from the top of the slide.

0:52 And I think you're seeing put aside price divergence.

0:57 There's never been a period of time where the signals are clear that token

1:00 ization of

1:01 many assets are coming.

1:02 I'll give you five proof points from the last several weeks.

1:06 New York Stock Exchange going 24/7 on tokenization, NASDAQ going 24/7.

1:11 The DTCC saying they can dematerialize collateral, tokenize it, and allow

1:16 people to move it in

1:17 while it's 15 minutes at a time.

1:20 And in this building here in Miami and Consensus earlier this week, you heard

1:26 that bullish is

1:27 buying a quinity.

1:29 No one in this building had heard about a quinity.

1:32 Quinity is the boring transfer agent for 2,900 public equities, including sharp

1:37 link.

1:38 They will hold a ledger in analog form, they will pay your dividends.

1:44 This is a no pun intended, a massively bullish signal that you have a crypto

1:49 native company

1:50 with public stock who believes they can do a better job, quickly tokenizing 2,

1:55 900 public

1:56 equities, and bring it on chain much faster than going one company at a time.

2:02 It is a bold statement.

2:04 And when that happens, stable coins are growing, tokenization is right in front

2:07 of us, step

2:08 function tokenization.

2:10 You'll start seeing some of these assets make their way into DeFi.

2:13 So you can borrow and land not just stable coins and crypto, but Tesla stock

2:19 and an ETF.

2:20 And I think Larry's more focused on that market structure change, because

2:23 ultimately

2:24 it's going to be incredibly positive for institutions who lean in and

2:27 incredibly positive

2:29 for investors in terms of risk and return.

2:31 So I think he's less focused on Michael Saylor, more focused on what is going

2:36 to happen over

2:36 the next 10 years, and he wants to lead.

Builder

· 3h

本周的市场日程，疯狂得离谱

周一 → 凯文·沃什宣誓就任新一任美联储主席

周二 → 美联储理事讲话

周三 → 联邦公开市场委员会紧急会议

周四 → 美联储资产负债表

周五 → 美联储注入 32.8 亿美元

准备好迎接 2026 年最动荡的一周！！

Builder

· 21h

交易所从夯到拉排名

1. 夯：币安默克尔树: 有资金量: 1500 亿美元左右用户量: 超 2 亿现状: 全网绝对老大，流动性与资金体量断层领先。2. 顶级：OKX、Bitget、Bybit、Gate默克尔树: 有资金量: OKX 约 150 亿，Bitget约 30 - 50 亿美元、Bybit 约 100 亿，Gate 约 30-40 亿用户量: 数千万级现状:OKX、Bybit: 衍生品大盘的核心承载地，机构与大资金沉淀极其稳固。Bitget：近年增速最明显的黑马，依靠合约跟单、海外扩张以及资产整合迅速起量，真实活跃流量紧咬前两档。Gate: 凭借极度庞大的上币库和长期积累的账面用户，卡在头部...

Builder

· 22h

执掌 11.5 万亿美元资产的贝莱德董事长拉里·芬克，刚刚抛出了一个极具颠覆性的预判：

“美国正在面临电力、算力、芯片和内存的全面短缺。我确信，算力期货将成为一种全新的资产类别。”

这意味着在全球最大资管巨头眼中，算力即将与石油、粮食和天然气并列。它将成为一种由于极度的结构性稀缺，必须依靠衍生品市场来为其定价的核心大宗商品。

这绝非短暂的行业瓶颈。当下， AI 基础设施的需求正以每年 80% 以上的速度狂飙，而底层 DRAM 供应的年增速仅为 16% 。三星、 SK 海力士和美光的先进 HBM 产能，已经一路被抢购并售罄至 2027 年。

考虑到单台 AI 服务器的内存消耗是传统服务器的 10 到 20 倍，这种供需的撕裂程度令人咋舌。

从芯片、电力到算力，这场短缺是不可逆的深层危机。在迎来任何转机之前，风暴只会愈演愈烈。

Builder

· 23h

所有机构都选择了同一条链

72.6%的所有代币化 ETF 运行在以太坊上。

全球 ETF 市场：$20,000,000,000,000。
迄今为止已代币化：$441,900,000。

0.002% 链上。
99.998% 仍在等待。

字幕处理失败

Builder

· 23h

CZ：我们仍然将 70%–80%的资本投资于区块链

在 5 月 7 日于 Consensus Miami 2026 的演讲中，币安创始人赵长鹏表示，他和 Yzi Labs 仍然将 70%到 80%的资本分配给区块链，因为区块链仍然是他们的核心专业领域。他说，人工智能代理将创造未来支付的重大需求，而区块链是它们更原生和自然的支付工具。

CZ 还表示交易所应该为 AI 代理做准备：用户应该能够使用自然语言让 AI 代理审查投资组合并执行交易，而不是手动阅读图表并输入价格和数量。

中文 English

0:00 所以，对我来说，对于Easy Labs，我们仍然将70-80%的资金投向区块链。

0:04 那里是我们的核心专长所在。

0:05 但从根本上讲，人工智能你的智能体可以与另一个

0:09 世界另一端的智能体互动。

0:09 我是一个来自，不知道，新加坡的人，想去迈阿密参加一个

0:12 会议。

0:13 智能体会花时间帮你找，比如说，这里很贵，而且都订满了。

0:15 全部这些都应该由智能体来完成。

0:17 然后当那个人想在新加坡付款时，信用卡可以用，

0:18 但智能体不知道怎么刷你的信用卡。

0:20 信用卡没有API。

0:22 所以智能体最本地化的工具显然是区块链。

0:24 这是最自然的技术。

0:27 我认为未来对智能体的支付需求会很大。

0:28 智能体会做更多微交易。

0:31 今天如果你打开币安App，有一堆图表，

0:31 一堆数字，然后你得选一个图表，放大，

0:33 看价格，在手机上输入价格，

0:35 输入数量，然后点击红色或绿色按钮。

0:38 这非常不直观。

0:40 所以你应该直接拿起手机说，“给我看我的投资组合

0:43 。”

0:43 过去24小时的情况，以及最新消息，

0:44 例如《明确法案》通过了。

0:47 然后你说，“好的，我想把10%的稳定币换成B&B

0:47 。”

0:49 如果你持仓量大，智能体会在后台帮你操作。

0:51 技术上今天已经有条件实现，只是没人做。

0:54 我其实挺沮丧没人做这个。

0:54 这就是智能体和你的互动方式。

0:56 更自然的人机交互。

0:57 未来，应该就是智能体在交易。

1:00 所以所有这些变化，都需要支持智能体。

1:00 很多不同的东西，我觉得人工智能是改变世界多方面的基础技术，

1:01 但人工智能仍然需要资金。

1:03 所以区块链不会消失。

1:05 我们不会因为有了智能体就突然不需要钱了。

1:06 钱是经济的基本概念，驱动一切。

1:08 所以区块链不会消失。

1:11 我看到很多区块链开发者转向人工智能。

1:13 这没问题，你们可以做人工智能。

1:14 但看看NVIDIA，多年里显卡并不是最热门的东西，

1:15 We're not going to suddenly not need money because we have agents.

1:17 CPU才是，对吧？

1:20 我们花了40年才到现在，现在人工智能来了，

1:22 并且他们成了全球最有价值的公司。

1:24 所以我认为对区块链开发者来说，资金不会消失。

1:26 所以对我来说，对于Easy Labs，我们仍然将70-80%的资金投向区块链。

1:30 那里是我们的核心专长所在。

1:30 然后20%投人工智能，也许10%投生物技术。

1:31 So they took 40 years for us to come to now, and now the AI come around,

1:35 and they're the most valuable company in the world.

1:36 So I think for blockchain builders, money's not going away.

1:38 So for me, for easy labs, we still invest 70, 80% of our phones in blockchain.

1:42 That's where our core expertise are.

1:44 And then the 20% AI, and then maybe 10% in biotech.

0:00 So, for me, for easy labs, we still invest 70-80% of our phones in blockchain.

0:04 And that's where our core expertise are.

0:05 But AI fundamentally, your agent can interact with another agent across a

0:09 different part of the world.

0:09 I'm a guy from, I don't know, Singapore wants to travel to Miami for a

0:12 conference.

0:13 And the agent will spend all the time finding you, like, no, it's pretty

0:15 expensive here and they're fully booked.

0:17 All of that should be done by the agent.

0:18 And then when that guy wants to pay in Singapore, credit card will work,

0:20 but the agent doesn't know how to swipe your credit card.

0:22 Credit cards don't have an API.

0:24 So the most native thing for the agent to use is obviously a blockchain.

0:27 It's the most natural technology.

0:28 I think there's going to be a lot of agent requirement for payments in the

0:31 future.

0:31 And the agent is going to do much more microtransaction.

0:33 Today, if you open the Binance app, there's a bunch of charts,

0:35 there's a bunch of numbers, and then you have to select one chart, zoom in,

0:38 figure out the price, type in the price on the phone,

0:40 type in two numbers of price on the quantity, and then hit a red or green

0:43 button.

0:43 That's very counterintuitive.

0:44 So what you should do is just open up your phone and say, "Show me my portfolio

0:47 ."

0:47 We're having the last 24 hours, and when news are there,

0:49 clarity act gets passed.

0:51 And then you say, "Okay, I want to convert 10% more of my stable coins into B&B

0:54 ."

0:54 And if you have a large position, that's just happening in the background with

0:56 an agent.

0:57 The technology is there to make it work today, just so that nobody has built it

1:00 yet.

1:00 I'm actually quite frustrated that nobody has built it.

1:01 So that's now agents interacting with you.

1:03 It's a much more natural human interaction.

1:05 In the future, it should just be agents trading.

1:06 So all this change, it needs to be agent-ready.

1:08 A lot of different stuff that I think AI is a fundamental technology

1:11 that can change many different parts of our world,

1:13 but AI still needs money.

1:14 So the blockchain is now going away.

1:15 We're not going to suddenly not need money because we have agents.

1:17 Money is a fundamental concept of the economy, which drives everything.

1:20 So the blockchain is now going away.

1:22 So I see a lot of blockchain builders that go to AI.

1:24 That's fine, you know, you can be building AI.

1:26 But if you look at NVIDIA, for years, graphics cards were not the sexiest thing

1:30 .

1:30 CPUs were, right?

1:31 So they took 40 years for us to come to now, and now the AI come around,

1:35 and they're the most valuable company in the world.

1:36 So I think for blockchain builders, money's not going away.

1:38 So for me, for easy labs, we still invest 70, 80% of our phones in blockchain.

1:42 That's where our core expertise are.

1:44 And then the 20% AI, and then maybe 10% in biotech.

Builder

· 1d

Ai在 1、2 或 3 年内会发展到哪里？

中文 English

0:00 让我跟你分享一些想法。

0:03 第一点是，在过去几个月里，

0:07 AI工具的生产力发生了质的飞跃，

0:10 变得大大提升了。

0:13 它比九个月前强大得多。

0:20 对我们Citadel来说，这使得

0:23 我们能释放更多AI的应用场景。

0:29 这非常有趣，

0:31 坦白说，以前我们通常

0:35 用硕士、博士和金融专业人员

0:39 几周甚至几个月完成的工作

0:43 现在由AI代理在几小时或几天内完成。

0:47 这并不是中等水平的白领工作，

0:52 而是极高技能的工作。

0:56 我用“由AI代理自动化”形容这个词。

1:02 说实话，有个星期五我回家时，

1:07 对这一点感到相当沮丧，

1:11 因为你能明显看到这将对

1:15 社会产生多么剧烈的影响。

1:18 当你亲眼见证这点时，

1:20 看到过去几周或几个月的工作

1:23 几天内就被完成，真是震惊，

1:27 那是我第一次看到我们内部真正的影响。

0:00 Let me just share a few thoughts with you on this.

0:03 Number one is in the last few months,

0:07 there has been a step change function

0:10 in the productivity of the AI toolkit.

0:13 It is profoundly more powerful than it was just nine months ago.

0:20 And for us at Citadel, that has allowed

0:23 us to unleash a much broader array of use cases for AI.

0:29 And it has been really interesting

0:31 to watch, to be blunt, work that we would usually

0:35 do with people with masters and PhDs and finance

0:39 over the course of weeks or months being done by AI agents

0:43 over the course of hours or days.

0:47 So these are not, these are not mid-tier white-collar jobs.

0:52 These are like extraordinarily high-skilled jobs.

0:56 I'm going to pick a word being automated by agenic AI.

1:02 And I got to tell you, I went home one Friday, actually

1:07 fairly depressed by this, because you could just

1:11 see how this was going to have such a dramatic impact

1:15 on society.

1:18 And when you win this in your own four walls,

1:20 when you see work that used to be manures of work being done

1:23 in days or weeks, it's like, wow,

1:27 that's the first time I've seen real impact in our four walls.

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