牛牛恶霸

Participating in another AMA hosted by Teacher Xiaxia. Looking forward to everyone's guidance🫶

TermMax Daily Topic: Stablecoins, which are also a type of interest rate instrument
Many people understand stablecoins as a very simple thing: 1 USD = 1 token.
But from a financial structure perspective, stablecoins are actually a special type of liability instrument. When you hold stablecoins, essentially, it means:
You are holding a liability of a certain issuing entity.
In the traditional financial system, any liability has a core question:
What is the cost of funds?

Monday and Tuesday just saw a rebound correction, and market sentiment has slightly warmed up. Everyone is now focusing on Wednesday night's CPI; positive news might push prices higher before pulling back again. Yesterday, BTC surged to around 70,500 but was quickly suppressed. The market situation is quite clear, so many veteran traders are thinking similarly: buy in batches at low levels, take profits and exit at high levels, and short near resistance levels with caution.

Then I must talk about the pancake, looking forward to everyone's sharing.

TermMax Daily Topic: On-Chain Finance, Moving from "Experiment" to "Structure" Looking back at the development of DeFi, it has actually gone through three stages: First Stage: Liquidity Experiment A large number of protocols attract funds through incentives, with returns coming from subsidies and inflation. Second Stage: Trading Markets Perpetual contracts, DEXs, and derivatives begin to mature, and the market gradually operates around price fluctuations. Third Stage: Financial Structure

Recently, I really feel like things are getting a bit ridiculous. The situation is like this: lately, while browsing X and groups, I keep seeing everyone talking about lobsters. I only noticed this news after watching a video of Gracy Chen; she didn't go into much detail, but from the information revealed, it seems that this isn't just about adding a simple feature, but about integrating spot, futures, and automated strategies into one platform.

TermMax Daily Topic: When real assets enter the blockchain, the market will slow down. Many people worry about one thing: if fixed income and RWA increase, will the crypto market lose high growth? The answer is actually quite interesting; the market won't become devoid of opportunities, but it will slow down. The reason is that real assets bring stable cash flow, not short-term surges. For example: government bond yields are 3–5%.

Bitcoin is not just stored; its ecosystem is also gradually coming to life. If we look back over the past decade, Bitcoin's identity has actually been changing all along; in the beginning, everyone thought it was just an internet experiment, then it gradually became digital gold, and now many institutions consider it part of macro assets.

TermMax Daily Topic: RWA - To Realize It, You Must First Have a Rate Market RWA (Real World Assets) has been one of the most discussed topics in recent years. But many people overlook a key point: real-world assets are essentially mostly fixed-income assets. For example: government bonds, corporate bonds, real estate loans, infrastructure financing. The core logic of these assets is: funds enter today and are repaid in the future according to a fixed structure.

Things are starting to feel off! The market is collectively seeking safety. Macro sentiment is becoming increasingly tense. The market generally expects only 59,000 new jobs and an unemployment rate that could rise to 4.3%. As soon as this data was released, everyone's first reaction was: seek safety first. The market has already shown its stance in advance. WTI crude oil surged to $83, the US dollar index has risen back above 99, and US tech stocks are also pulling back in pre-market trading; like MicroStrategy, Coinbase, MARA

This matter has been circulating in the community for a long time, and now the official hammer has finally fallen: The U.S. SEC has officially dropped all charges against Sun Yuchen himself, the Tron Foundation, and the BitTorrent Foundation. The development of the situation is actually quite clear: On March 5, 2026, the SEC filed a document in the Southern District of New York Federal Court proposing a settlement, which has now entered the court process.

TermMax Daily Topic: Fixed income is the starting point of credit expansion. The development of the financial system is essentially one thing — credit expansion. Banks create credit through loans; the bond market expands credit through financing; the capital market carries credit through valuation. But credit has a prerequisite: the cost of funds must be predictable. If interest rates fluctuate wildly at any time, borrowers cannot plan costs, and lenders cannot assess returns;

War impacts the market, but Bitcoin quickly recovers — Against the backdrop of intense geopolitical and macroeconomic turbulence worldwide, the fragility of the traditional financial system has once again been exposed. The situation in the Middle East suddenly escalated, and the military conflict between the United States and Iran rapidly triggered significant volatility in the financial markets; leading to rising oil prices, increased risk aversion, and noticeable short-term fluctuations in traditional markets.

The market just barely crossed $70,000 again, is Brother Sun up to something? —— AINFT Season 3: If you dare to come, he dares to give! The recent market movements are all about one thing: "heartbeat." Watching BTC climb out of the $63,000 mud pit and then push back to the $73,000 level with force. The current market is full of uncertainties: geopolitical conflicts haven't eased, the Fed folks are still watching inflation data closely, and the bulls and bears are fighting fiercely.

Recently, the market has been like a different story every day. A few days ago, the situation in the Middle East escalated, and BTC dropped directly from $68,000 to $63,000, making people break out in a sweat; fortunately, in the past couple of days, the $65,000 support level held, and foreign ETF investors also started to buy the dip, causing the price to wobble back up to around $72,000; but to be honest, the current market and macro variables are overwhelming.

TermMax Daily Topic: From trading markets to interest rate markets, early crypto markets, the core is price. Price fluctuations determine everything, but the core of a mature financial system is interest rates. Interest rates determine valuation; interest rates determine financing; interest rates determine capital flows; when sustainable fixed income structures appear on the chain, capital focus will gradually shift: from "how much the coin rises" to "what is the yield."

Victory at the start, success upon arrival！！！！ The Middle East situation is heating up, oil prices are expected to rise, and inflation concerns are once again being brought to the forefront. Market expectations for interest rate cuts; According to CME's FedWatch data, the market is extremely pessimistic: March expectation: only a 2.7% chance of a 25 basis point rate cut, with an 88% chance of holding rates steady; April expectation: the probability of holding steady remains high at 87.3%, with a cumulative rate cut of 25