Odaily星球日报讯 Aave 核心成员 Marc Zeller 昨日于 X 发文表示，当一个生态系统衍生出第二个代币时，两者的总市值最终将低于原始代币的市值，比如 Polygon 继 POL 后推出的 Katana Network 也将发行新币 KAT，预计二者的市值之和将低于 POL 起初的市值。 该条动态引发了 Polygon Labs 首席执行官 Marc Boiron 的不满，二人在一番激烈讨论后决定对赌 5 万美元，押注六个月后（圣诞节当晚）POL 和 KAT 的市值总和是否低于官宣 Katana 计划时 POL 的市值。

Odaily星球日报讯 Aave 核心成员 Marc Zeller 昨日于 X 发文表示，当一个生态系统衍生出第二个代币时，两者的总市值最终将低于原始代币的市值，比如 Polygon 继 POL 后推出的 Katana Network 也将发行新币 KAT，预计二者的市值之和将低于 POL 起初的市值。该条动态引发了 Polygon Labs 首席执行官 Marc Boiron 的不满，二人在一番激烈讨论后决定对赌 5 万美元，押注六个月后（圣诞节当晚）POL 和 KAT 的市值总和是否低于官宣 Katana 计划时 POL 的市值。

Aave核心成员与Polygon Labs CEO对赌5万美元，押注Polygon推出新币后市值不涨反跌

<Odaily> report: Aave core member Marc Zeller stated yesterday on X that when an ecosystem derives a second token, their combined market capitalization will ultimately be lower than the original token's market value. For example, after Polygon launched POL, the Katana Network will also issue a new token KAT, and their combined market value is expected to be lower than POL's initial market value. This post triggered dissatisfaction from Polygon Labs CEO Marc Boiron, and after a heated discussion, they decided to bet $50,000 on whether the total market capitalization of POL and KAT will be lower than POL's market value at the time of Katana's official announcement, with the bet to be settled on Christmas night six months later.

<Odaily> report: Aave core member Marc Zeller stated yesterday on X that when an ecosystem derives a second token, their combined market capitalization will ultimately be lower than the original token's market value. For example, after Polygon launched POL, Katana Network will also issue a new token KAT, and the combined market cap of these two is expected to be lower than POL's initial market value. This post triggered dissatisfaction from Polygon Labs CEO Marc Boiron, and after an intense discussion, they decided to bet $50,000 on whether the total market cap of POL and KAT will be lower than POL's market value at the time of Katana's official announcement, with the bet to be settled on Christmas night six months later.

Aave core members bet $50,000 with Polygon Labs CEO, betting that Polygon’s market value will fall instead of rise after launching new coins

In the crypto world, what truly determines victory is never code, but the interplay between liquidity, power, and regulation. The rise and fall of BUSD is not merely a tragic tale of a stablecoin, but a financial war waged by exchanges attempting to "unify the world."

When BUSD was thrust onto the historical stage, it carried not only a compliance narrative, but also Binance's ambition to reshape the stablecoin order through coercive measures—by manipulating exchange rates and merging trading pairs, directly swallowing competitors' liquidity into its own ledger.

The "automatic conversion" of 2022 was a textbook example of a blitzkrieg; and 2023...

The Rise and Fall of Binance's Dominance: From BUSD's "Unification" to $U's "Conquering the World"—The Stablecoin Wars

Source: Galaxy Research; Translation: Jinse Finance xz
Bitcoin's closing price in 2025 is expected to be roughly the same as the level at the beginning of the year.
The cryptocurrency market experienced a genuine bullish wave in the first ten months of this year. Regulatory reforms continued to advance, ETFs continued to attract funds, and on-chain activity became increasingly active. Bitcoin hit an all-time high of $126,080 on October 6th.
However, the market failed to deliver the expected breakthrough after the initial frenzy; instead, it experienced rotation, repricing, and rebalancing. This was driven by factors such as unmet macroeconomic expectations, a shift in investment narratives, leveraged margin calls, and massive...

Galaxy: 26 Predictions for the Crypto Market in 2026

Messari released "The Crypto Theses 2026," a report that predicts future trends in public blockchains, DeFi, AI, DePIN, and TradFi. From Messari's perspective, 2026 will be a pivotal year for cryptocurrencies, marking a shift from "speculative" to "system-level integration."

Author: Messari
Compiled/Translated by: ODIG Invest
Messari Releases "The Crypto Theses 2026"...