CoinW 研究院

Recently, the cryptocurrency derivatives market will witness a structurally significant event. CME Group's cryptocurrency futures and options will enter a 24-hour, 7-day continuous trading mode starting from May 29. This means that one of the largest and most strictly regulated derivatives exchanges in the traditional financial system will be essentially aligned with the trading hours of the crypto-native market.

The narrative of Hyperliquid has changed; it is no longer just a crypto-native perpetual trading platform, but is transforming into a 24-hour operation that covers on-chain prices of both crypto assets and traditional assets.

Hook has turned the pool itself into a programmable financial interface. In the next round of DeFi competition, it's not just about who has more liquidity, but who can make this layer of interface into a stable, transparent, auditable, and distributable product.

Arc is not just another general-purpose public chain pursuing high TPS, but rather a comprehensive upgrade by Circle attempting to unify the issuance of USDC, cross-chain transactions, payments, institutional clearing, compliance privacy, and AI Agent payments onto the same execution layer.

Understanding the evolution of policies is not just a macro judgment, but also a prerequisite for understanding the future market structure. The crypto landscape is being reshaped through institutionalization. Those who can find a balance between transparency and efficiency are more likely to navigate the next cycle.

Opinion proposes the concept of "Multiplayer Internet," hoping to use market mechanisms to form a priceable and verifiable collective consensus from dispersed viewpoints on the blockchain.