Circle price

Many are saying early Bitcoin vibes. Hestia solves a key problem in Crypto, minimizing downside volatility. Some are speculating Hestia becomes a collateral reserve asset, increasing monetary premium value many orders of magnitude ($billions). Recent, @PeapodsFinance integrations are just the beginning for @UltraRoundMoney $HESTIA $CIRCLE Only time will tell

AUTHOR: MONK Compiler: Deep Tide TechFlow The transaction symbol is $ETH. Wall Street is experiencing a crypto highlight moment. Traditional finance (TradFi) is draining the resources of the growth narrative. Artificial intelligence has become a hot topic in the market, but the focus on it has been overblown, and software companies are nowhere near as attractive today as they were in the 2000s and 2010s. At a deeper level, growth investors who have raised capital to invest in innovation stories and massive serviceable markets (TAMs) know that most AI-related companies are at ridiculous premiums, and that other so-called "growth" narratives are no longer easy to find. The once-highly regarded FAANG stock is also gradually transforming into a compound asset with "good quality, maximum profits, and medium annual growth". For example, the median EV/Rev multiple for software companies has fallen below 2.0x. That's when cryptocurrencies came into the air. Bitcoin ($BTC) broke all-time highs, the US president heavily promoted our assets at a press conference, and a wave of regulatory tailwinds pushed the crypto asset class back into the spotlight for the first time since 2021. BTC, COIN, HOOD, CIRCLE vs. SPY and QQQ (Source: Artemis) This time, the protagonists are no longer NFTs and Dogecoin. This time, it's the era of digital gold, stablecoins, "tokenization" and payment reform. Stripe and Robinhood are claiming that cryptocurrencies will be a core focus for their next round of growth; $COIN (Coinbase) successfully joined the S&P 500 index; Circle shows the world that cryptocurrencies are attractive enough that growth stocks can once again ignore yield multiples. But how does it all relate to $ETH? For those of us crypto natives, the space for smart contract platforms looks very fragmented. There's Solana, there's Hyperliquid, and a dozen emerging high-performance blockchains and Rollups (on-chain scaling solutions). We know that Ethereum's lead has been truly challenged, and it is facing an existential threat. We also know that it doesn't solve the problem of value capture. But I very much doubt that Wall Street understands any of this. In fact, I would even venture to say that most Wall Street investors know almost nothing about Solana. If we're honest, XRP, Litecoin, Chainlink, Cardano, and Dogecoin may be more well-known in the outside market than $SOL. After all, these people have been indifferent to the entire crypto asset class for several years. What Wall Street knows is that $ETH is the epitome of the "Lindy effect" (referring to things that have been around for a long time are more likely to continue to exist), which has been battle-tested and has been the primary "beta investment option" for $BTC for years. What Wall Street sees is that $ETH is the only other crypto asset that has a liquid ETF. Wall Street is keen on the upcoming catalyst versus classic relative value investing. Those in suits may not know much about cryptocurrency, but they know that Coinbase, Kraken, and now Robinhood have all decided to "build on Ethereum." With minimal due diligence, they can discover that the Ethereum chain has the largest pool of stablecoins. They would start calculating the "math of the moon landing" and soon realize that while $BTC had reached a new all-time high, $ETH was still more than 30% below its 2021 high. You may think that relative underperformance looks pessimistic, but these people have different ways of investing. They prefer to buy lower-priced but well-targeted assets than to chase higher assets that make them question whether they have "missed the opportunity". I think they've come. Investment authorization is not an issue, and any fund can drive cryptocurrency exposure with the right incentives. Although Crypto Twitter (CT) has declared that it will not run into $ETH again for more than a year, the ticker has continued to perform well over the past month. As of this year, $SOLETH is down nearly 9%. Ethereum's market dominance bottomed out in May and has since recorded its longest upward trend since mid-2023. If the entire crypto Twitter (CT) tags $ETH as a "cursed coin", why does it still outperform? The answer is: it's attracting new buyers. Since March this year, the inflow of spot ETF funds has been showing a one-way growth trend. Source: Coinglass Microstrategy Clones, similar to $ETH, are adding aggressive positions to the market, adding early structural leverage to the market. Perhaps, some crypto natives realize that they have insufficient exposure to $ETH and begin to recalibrate their positions, possibly exiting from the $BTC and $SOL that have outperformed over the past two years in favor of Ethereum. I'm not saying that Ethereum has solved the problems it has. I think what's likely to happen at this stage is that $ETH as an asset starts to decouple from the Ethereum network itself. Outside buyers are driving a paradigm shift in $ETH assets, challenging our preconceived notions that it will only fall. Bears will eventually be forced to close their positions. After that, crypto native capital will start chasing the rally until some kind of full-blown speculative frenzy for $ETH emerges and ends with a spectacular top. If all this happens, then the all-time high (ATH) is not too far away.

After seeing this news, I've been pondering the impacts and opportunities it presents, especially since xStocks has already deployed major stock tokens on Solana, and several second and third-tier CEXs have launched collaborations with @xStocksFi. Let me briefly share my thoughts: Currently, @xStocksFi coming to @BNBCHAINZH might benefit them even more than the benefits Bnbchain receives, though it’s likely a win-win situation. Why? I took a look at several major stock tokens they issued on Solana ($NVDAx, $TSLAx, $COINx, etc.), and the on-chain data is quite dismal. I captured a screenshot showing that $NVDAx is one of the better performers, with a total trading volume of only $160,000 in a day, while $GOOGx has a mere $50,000 in daily volume. Is this really the new hot spot in the crypto world? This trading volume, which can be described as loud thunder but little rain, is hardly significant, right? So far, @xStocksFi is likely still losing money while trying to gain attention. ~~~~~~~~~~~~~~~ Why is coming to Bnbchain beneficial for xStocks? ▶️ A larger user base The user base on Solana is largely composed of users from Europe and America, who can easily trade US stocks through Robinhood or other brokers. The main user base of Bnbchain is in East Asia (China, Japan, Korea), Southeast Asia, Turkey, etc., especially with a significant number of Chinese users. With the recent surge of interest in US stocks on Twitter, more and more Chinese users are considering opening bank accounts and US stock accounts in Hong Kong, but for most retail investors, this still presents a high barrier to entry, creating a strong demand market. Buying US stocks on-chain has its advantages compared to brokers like Futu and Tiger: 1. No need for KYC, and it’s unlikely to be taxed in the future. 2. Low trading fees; traditional brokers take about 1% (0.5% commission + 0.5% platform fee), while on-chain US stocks have very low fees. 3. Brokers have minimum trading amounts, but on-chain stock tokens can be split (friendly for small retail investors). ▶️ More DeFi support Currently, the biggest issue with stock tokens is their very poor liquidity, which should not only depend on the number of users but also on whether there is DeFi Lego support. I hardly see any DeFi protocols doing anything innovative on @RaydiumProtocol’s pools on Solana, but on @BNBCHAIN, besides @PancakeSwap, other DeFi protocols might consider getting involved, such as @lista_dao and @VenusProtocol. Is it possible for @Aster_DEX to offer leveraged trading for these stock tokens? I think it’s quite likely. Of course, I believe more developers need to create protocols around stock tokens, think outside the box, and attract more web3 users, even those from web2 who face barriers to buying US stocks. Remember why we used to play with Mirror’s US stock tokens? Because of the airdrops. Could new projects attract people to provide liquidity for US stock tokens to initiate airdrop expectations? Very possible. ~~~~~~~~~~~~~~~ Of course, I think if it’s just the current "Seven Sisters" of US stocks, we are still a bit far from igniting market FOMO. If last month’s $Circle listing had allowed xStocks to seize the opportunity to deploy on-chain immediately, it would have exploded. Additionally, I suspect there will be projects that announce "integrating xStocks US stock tokens as gameplay props" to bring about secondary market activity; it’s normal to chase trends. In summary: The arrival of @xStocksFi’s US stock tokens to Bnbchain marks a significant step towards a deeper market. Whether this narrative can truly sustain itself and become something that genuinely impacts the lives and investments of Web3 and Web2 players remains a long journey ahead. If @binance can list these US stock tokens, I believe the progress can be much greater; at least I am definitely considering trading these US stock tokens on Binance rather than going to Futu. After all, the depth on-chain compared to the real US stock market is like night and day, and I’m hesitant to buy more; I’ll take it step by step. @cz_binance, will Binance list stock tokens on the main site? ☺️☺️