Odaily News Galaxy Research Head stated on X platform that House Republican leadership has canceled the voting schedule for the weeks of September 21 and September 28. The House will reconvene on September 14 for a four-day agenda, then leave Washington and will not reconvene until after the midterm elections. This arrangement makes it highly unlikely that the CLARITY Act will pass before the midterm elections.

Odaily News, according to monitoring by Bitwise CEO, Robinhood Chain continues to generate revenue, with daily income exceeding $2 million and operating costs of $15,000. The Bitwise CEO stated that for enterprises, on-chain finance means financial services with software-level profit margins, noting that this trend is inevitable.

Odaily News Uniswap founder Hayden said on X that correlated trading pairs are emerging. The top five tokenized SPY trading pairs by volume are "bridge" pairs connecting other common base pairs, which then primarily link to highly correlated tokenized stocks. These markets are global, programmable, low-cost, and operate 24/7.

Uniswap founder Hayden said on X:.

I've been working at the frontier of DeFi for 9 years. It's a fascinating field with infinite depth and the potential to transform capital markets.

I've always believed AMMs hold immense potential, but for the past decade, one question has persisted: Can this novel market structure truly become the core engine for all financial markets?

After years of evolution and development, the path for AMMs to achieve global dominance is becoming increasingly clear. To explain this, we need to start in 1976.

Tokenization Changes Market Makers.

Index funds celebrated their 50th anniversary this month. When Jack Bogle launched the index fund in 1976, he hoped to raise $150 million but ultimately raised only $11.3 million. Competitors called it "Bogle's Folly," posting posters claiming index funds were un-American. They argued that a fund making no decisions couldn't possibly beat professionals paid to make decisions. Today, the majority of US fund assets are allocated to passive investment vehicles.

I've been thinking about this recently because tokenization's "folly moment" is ending. The SEC has approved NASDAQ and the NYSE to trade tokenized stocks. DTCC, which handles virtually all US securities settlement, also conducted a live pilot of tokenized trades in July. Nearly all related activity is described the same way: treating tokenization as an infrastructure upgrade.

The same markets, faster, cheaper, and always open. These statements are all true, but I believe the infrastructure upgrade framework obscures a larger change. Tokenization makes markets programmable, changing how markets exist, who makes markets, and what is traded.

In 2018, I created Uniswap, an automated market maker protocol. Anyone can deposit two assets into a shared liquidity pool and earn fees from every trade, while prices adjust along a curve as users buy and sell. Uniswap has operated autonomously since its launch, processing over $4.6 trillion in cumulative volume and increasing DEX spot volume share from under 1% to over 20%.

As AMMs like Uniswap continue to evolve, their liquidity has formed a pattern most financial markets haven't noticed yet: correlated trading pairs.

The Easiest Place to Find Success.

To succeed everywhere, you must first succeed somewhere. AMMs found product-market fit in long-tail markets because most assets previously couldn't attract professional market makers' attention. On Uniswap, anyone can create a market with a single transaction, and issuers and early supporters can become the first liquidity providers.

Then came stablecoin pairs. Take USDC/USDT, for example. A good passive strategy can approach optimal levels, with low capital costs sufficient to cover the difference. This is why professional trading firms no longer bother making markets in these stablecoin exchanges—passive AMMs are simply cheaper.

High Profits and Lack of Competition.

Traditional financial markets are completely dominated by market-making firms. These companies vertically integrate capital, trading strategies, execution technology, settlement, and distribution into one business. This structure exists for good reason: assets reside in separate systems, settlement is slow, and each function requires someone to perform it, so one institution handling everything makes sense.

When scale is sufficient, all fixed costs are covered. Citadel Securities handles about 25% of US stock trading volume and generated a record $12.2 billion in net trading revenue last year on roughly $21 billion in trading capital.

Most people see these numbers as proof the system works; I see them as evidence of market entrenchment.

Breaking Up the Business Bundle.

Blockchain introduces competition at every layer, unbundling previously integrated businesses. Trade execution happens through code, and custody and settlement become shared services anyone can access. What once required proprietary infrastructure is now open-source software.

In AMMs, capital is the scarce input, and the advantage goes to those who can hold inventory at the lowest cost. Trading firms need higher returns to cover their operating expenses, so liquidity providers willing to accept lower returns gain a competitive edge. Most market makers hedge all their price exposure, and hedging costs money, so investors who already hold correlated assets can bear this exposure for free. Asset issuers even have negative capital costs, since they typically pay professional market makers to provide liquidity for their new assets.

In short, DeFi and AMMs lower the barriers to market making, opening markets to more participants. Their advantages may come from various sources: lower capital costs, willingness to hold inventory exposure that professional firms typically hedge away, or even directly from asset issuers themselves.

But it all comes down to one question: Can automated strategies perform well enough to sustain this system?

Liquidity Follows Correlation.

Recently, I was on a call with one of the largest institutions in finance. They asked what the most common base trading pairs in DeFi were. I explained that Ethereum-based assets typically trade against ETH, Solana ecosystem assets trade against SOL, and stablecoins pair with each other, with only a few high-liquidity pairs serving as bridges between these clusters.

This pattern wasn't designed by anyone; it emerged naturally, partly because liquidity providers perform better when their held assets move in tandem. Correlation means lower inventory risk for LPs, allowing them to deepen liquidity. As assets become tokenized, the world's largest markets will reorganize in the same way.

Traditional markets currently can't do this. Out of necessity, settlement in traditional markets overwhelmingly occurs in USD. Assets exist in isolated systems, with fiat rails like SWIFT and Fedwire serving as the glue holding the system together. But blockchain is a more expressive form of glue. Once assets are tokenized, they can share the same settlement layer, allowing any asset to trade directly against any other.

NVDA/USD can become NVDA/SPY, with SPY/USD serving as the bridge to dollars. Oil companies can trade against oil ETFs or tokenized crude. Private credit can trade against tokenized treasury funds. Tokenization also enables markets across different asset types, something extremely difficult or impossible for traditional financial infrastructure.

Delta Neutrality Is an Inefficient Approach.

Traditional market-making firms typically attempt to be "delta neutral." That's trader-speak for denominating in USD and minimizing non-USD risk. When market making for volatile assets, they often pay for options to reduce non-USD risk—that is, hedging. This is one of the most expensive parts of traditional market making.

Grouping assets into low-volatility "correlated pairs" connected by a few high-volatility "bridge" pairs generates several efficiency gains. Most importantly, if market makers genuinely want to hold the correlated underlying assets, market making becomes cheaper and more efficient.

The higher the correlation between trading pairs, the smaller the gap between passive AMM strategies and the most sophisticated active strategies—making it easier to compete with active strategies through lower inventory costs.

Specifically, if someone is long NVDA, they're likely also long SPY. Compared to NVDA/USD, the efficiency gap between passive AMM and active strategies for NVDA/SPY is much smaller.

Connected Liquidity.

If stocks trade against SPY, then all trades starting or ending in USD route through the same pair: SPY/USD. These bridge pairs still require significant expertise, but there are far fewer of them, and they carry enough flow to justify professional firms allocating resources.

DeFi has already proven this. ETH/USDC is one of the deepest on-chain liquidity markets because every cluster routes through this pair. Passive LPs provide liquidity for correlated pairs, while active LPs compete around bridge pairs.

Investors can still buy and sell all assets using USD, as trades automatically route through multiple pools. Liquidity will concentrate where risk is lowest, rather than being forced to stay where traditional infrastructure dictates. This will push the deepest markets toward correlated trading pairs—the very domain where AMMs already have the advantage.

Correlated RWA Pairs Already Exist.

On-chain correlated liquidity initially came from crypto-native assets. But the first correlated markets for tokenized stocks have already emerged: 10 tokenized stocks are trading against SPY in Uniswap pools on Robinhood Chain.

In the first 12 days, these pools generated $33 million in volume from over 11,000 unique traders, with significant activity occurring during US market hours. Some trades went directly from one stock to another, never touching USD along the way.

Notably, we're also starting to see memecoins paired with "correlated" stocks—like Elon-themed memecoins paired with Tesla stock, or hot dog-themed memecoins paired with Costco stock. It's unclear how correlated they truly are in price terms, but I suppose "vibes" can count as another form of correlation.

AMMs Will Succeed.

Correlated trading pairs are only part of the story; the other part is AMM design and customization.

Uniswap v4 Hooks enable comprehensive market customization that can significantly improve LP returns. For example, our recently released DualPool Hook puts passive AMM capital to work earning lending yields when it's not being used for swaps.

Despite Uniswap's roughly $4.6 trillion in volume, I believe AMMs are still in their early stages, with many paths ahead to further improve competitiveness. Both within Labs, with partners, and across the broader ecosystem, there are many initiatives underway to boost LP returns. More to come soon.

In 1976, the argument against index funds was that a fund making no decisions couldn't beat professionals paid to make decisions. Fifty years later, funds making no decisions have beaten roughly 90% of professionals. More importantly, index funds democratized investing and improved lives for everyday people. I believe passive liquidity will follow a similar path to success, with an even greater impact by dramatically lowering the barriers to creating and participating in markets.

Odaily Odaily News: Bybit Pay, the payment arm of cryptocurrency exchange Bybit, has integrated with crypto payment infrastructure provider Mesh, allowing users to directly use their Bybit account balances to make payments or top up accounts on Mesh-supported platforms without the need to withdraw or transfer assets first. Merchants can add Bybit Pay as a payment option through existing Mesh integrations and use programmable settlement features to control settlement timing and methods across different markets.

Mesh stated that its network is already connected to over 300 wallets, exchanges, and financial service platforms. In January this year, the company completed a $75 million Series C funding round led by Dragonfly, reaching a valuation of $1 billion, with cumulative funding exceeding $200 million. It also plans to expand into markets in Latin America, Asia, and Europe. (Cointelegraph)

Odaily News: Oman has quietly rejected Iran's proposal to charge service fees to commercial vessels in the Strait of Hormuz. Regional officials familiar with the matter stated that Oman refused to agree to the collection of environmental and security service fees, even on a voluntary basis, and previous claims by Iran's Islamic Revolutionary Guard Corps that the two sides had reached an agreement were untrue. Earlier, after Iranian Foreign Minister Araghchi met with Omani Foreign Minister Al Busaidi in Tehran, Iranian Revolutionary Guard Corps spokesman Hossein stated that the two countries had reached an agreement on the demarcation of waters in the Strait of Hormuz and the distribution of revenue. (New York Post)

According to GMGN data, Robinhood Chain Meme coin CASHCAT's market cap briefly surpassed $300 million, setting a new all-time high. It is currently reported at $275.4 million, with a 24-hour increase of 7.68%.

Odaily reminds users that Meme coin prices are highly volatile, and investors should participate with caution.

Odaily News According to a post by whale "Set 10 Big Goals First" on platform X, Bitcoin has firmly established support at $80,000 and is now targeting $100,000, calling it the "last chance to get on board." Based on the chart shared, crypto-related stocks and ETFs such as IBIT, CRCL, and MSTR saw significant gains today.

Odaily reported that HypeStrat stated its purchase of 800,000 HYPE was valued at $66.939 million; additionally, the company's cash increased by $59.1 million.

Odaily报道，据Onchain Lens监测，某巨鲸过去一天向币安存入600万枚TRUMP，价值约1385万美元；其充值钱包再次收到120万枚TRUMP，价值约286万美元。

Odaily News, Liquid Capital founder Yi Lihua posted on Platform X, stating that Bitcoin rebounded from support at $76,300. Regardless, this aligns with expectations—after a pullback, the uptrend continues. The resistance above remains near $86,000. If Bitcoin fails to break through $86,000 decisively, it may be worth considering a pullback opportunity after this rally. The market is always changing, but regardless, the bull market trend has already begun.

Odaily News: Crypto trader Ansem stated in a post that some of the top traders he knows have still not turned bullish, primarily citing concerns over war, Treasury yields, the Federal Reserve's policy meetings, and the four-year cycle.

Ansem believes that as the market develops, these still-cautious traders will shift their stance in Q4 and begin aggressively chasing gains.

Odaily News: The company primarily provides institutional clients with USD accounts, payment rails, and stablecoin deposit and withdrawal channels, having processed over $10 billion in payments cumulatively this year.

Odaily Planet Daily News Hyperbot data shows that as Bitcoin breaks through $81,000, Machi Big Brother Huang Licheng's long position unrealized profits have surged. He has now closed the previously opened HYPE long position, with overall position floating profit of approximately $4.08 million and an investment return rate of 86%:

1. 25x leverage Ethereum long position, holding 38,200 ETH, with floating profit of $2.864 million;

2. 40x leverage Bitcoin long position, holding 418 BTC, with floating profit of $1.219 million.

Odaily星球日报讯 美国货币监理署（OCC）已初步批准 OpenReserve 的国家银行牌照申请。该公司于 4 月完成 2500 万美元种子轮融资，由 a16z crypto 领投，Jump Capital、Acrew、Coinbase Ventures、Clocktower、Quona 和中东风险投资基金 AAF Management 参与投资。OpenReserve 由包括 MoneyLion 联合创始人 Dee Choubey 在内的金融科技高管领导，致力于结合传统银行业务、区块链基础设施和数字资产服务，并利用数字资产和技术实现全天候 24 小时运营。OpenReserve 还在申请联邦存款保险公司（FDIC）保险，目前已向 FDIC 提交申请。

Odaily News, Ethena Foundation announced that the fee conversion vote has passed with 100% approval, and programmatic ENA buybacks will begin, gradually scaling up as metrics and milestones are achieved. ENA is up over 10.5% in the past 24 hours, currently trading at $0.166. On August 27, the Ethena Foundation announced four adjustments to the Ethena ecosystem, including buybacks of locked tokens held by early investors, further alignment of token and equity value, launching a governance proposal to use revenue for ENA buybacks, and canceling future monthly VC investor unlocks.

According to Odaily, the yen has continued to strengthen recently, pushing the U.S. dollar index (DXY) lower and providing short-term support for dollar-denominated assets such as Bitcoin and gold. Data shows that the U.S. dollar against the yen (USD/JPY) fell 1.4% intraday to 156.40, after already declining 0.9% on Wednesday; the euro, pound, and Australian dollar all edged higher against the dollar. As a result, the DXY fell 0.4% to 99.22, approaching its 200-day moving average.

Analysts believe this trend typically favors dollar-denominated assets like Bitcoin, while also helping to ease global financial conditions and boost market risk appetite. However, if the yen appreciates too rapidly, this logic could quickly reverse.

Over the past decade-plus, many investors have used low-cost yen financing to invest in stocks, bonds, and even cryptocurrencies. If the yen appreciates sharply, yen carry trades could unwind, triggering a sell-off in risk assets. When yen carry trades were unwound in August 2024, Bitcoin fell roughly 20% within days.

Market expectations are currently growing that the Bank of Japan will raise its policy rate from 1% to 1.25% on September 18, and the yen continues to face further appreciation pressure. Reports also indicate that officials from the U.S. and Japan have previously taken action to address "disorderly yen movements." Therefore, while a moderate yen appreciation is currently favorable for Bitcoin, if it evolves into a rapid, disorderly appreciation, it could instead become a risk factor for BTC. (CoinDesk)