Sabitlenmiş Tweet
Hash Global
133 posts
Hash Global
@HashGlobal
We invest in Web3 business applications and infrastructure. We share market insights via @HashGlobal_R and are building a Web3 Chinese club @rpcnftclub.
Hong Kong Katılım Nisan 2019
52 Takip Edilen8.8K Takipçiler
Hash Global 最新发布：BNB 估值系列报告（第六期）
核心观点：BNB 正在从 BNB 生态代币，进一步演变为开放金融基础设施的核心资产。其价值来源不再局限于 Web3 生态内部，而是扩展至连接全球用户、资产与链上金融场景的开放金融网络。
本期报告采用两层估值框架：
1. 传统回报率框架。引入传统资本市场视角，参考传统金融基础设施公司的股东回报率，测算 BNB 的参考估值下限为 1,471 美元。
2. 价值功能性代币估值框架。采用更新后的 MV=PQ 货币方程式模型，将最新估值上调至 2,968 美元，对应约4,000亿美元市值。
本次估值上调的核心来自三点：
1. 用户增长：RWA、稳定币、美股交易与链上金融产品，正在帮助 BNB 生态触达更广泛的全球金融用户；
2. 交易增量：TradFi 永续合约为 Binance 带来新的交易品类和交易量来源；
3. 链上活动：RWA 与 bStocks 有望带动 BNB Chain 上的交易、借贷、做市、抵押和组合策略等更多金融场景。
展望未来，当数字资产市场从叙事驱动走向价值定价，真实用户、真实收入和价值捕获机制的重要性将持续提升，BNB 的基本面价值有望被重新定价。与此同时，开放金融基础设施叙事的成型与 RWA 业务的深化，也将成为 BNB 进入机构认知和配置框架的重要契机。随着 BNB ETF、DAT 等机构化产品推进，机构资金进入有望进一步加速这一价值发现过程。
如果 BNB 达到 2,968 美元，对应约 4,000 亿美元流通市值，将具备成为 BTC 之后第二大数字资产的可能。
感谢作者 @longwinsk 与 @jf4172
🔗 完整报告链接：secondary.hashglobal.io/HashGlobal-BNB…
Hash Global@HashGlobal
中文
Hash Global retweetledi
我完全同意对 ETH 核心价值和护城河的判断。
但我不太同意一个推导：链上承载资产多了，就一定说明 ETH 被低估。
Kelp DAO 等上层应用事件的处理方式及后续发展，可能恰恰说明：ETH 至少在现阶段，并不一定适合承载更大规模的金融资产。
机构做 POC 可能会首选 ETH，因为它最中立、最有共识。但一旦进入真实业务，需要解决分发、交易、托管、赎回、风控、合规和客户服务，就很可能被其他生态的“招商团队”挖走。
因为机构很多时候需要的不是“抗审查”，而是“有审查”：有人负责、有人协调、有人处理异常。
去中心化金融体系当然很有价值，但它也有代价：治理推进慢，责任边界模糊，出事后主要靠社区协调和自救。
DeFi hacks 可以说是上层应用问题，但如果上层长期频繁出问题，解决成本高、周期长、不确定性大，上层应用和资产规模就起不来，底层 ETH 的价值也会受限。
在这个意义上，以太坊国度反而不是安全的那一个，因为这里没有政府，但也没有警察和治安，富人和机构怎么敢来呢？
所以问题不是 ETH 有没有价值，而是：完全去中心化的制度，现阶段是否已经能支撑更大规模的金融资产，尤其是 RWA 这种需要责任、合规、托管、赎回和风控的资产。
Web3 不等于 ETH。DeFi 也不一定只有“完全去中心化”才叫新一代金融。
未来数字经济的价值会落在什么样的基础设施组合上，最终又以怎样的方式来分配，建议大家用务实的态度来观察。
蓝狐@lanhubiji
去中心化从来不是ETH的“脆弱点”，反而是它最硬的护城河：用公开的经济激励换取无需信任的安全。 DeFi hacks主要是上层应用问题，不能用来否定底层机制。中心化看起来“不用考虑安全”，其实是把所有风险藏在黑箱里，最大的单点安全风险。 真正能承载万亿级DeFi和RWA的，只有经济安全足够强、去中心化足够彻底的基础设施，而不是反过来降低去中心化。
中文
Hash Global retweetledi
BNB/ETH only needs another ~10% move to reach 0.40 — up from 0.28 at the start of the year.
That would mark another year of 40%+ outperformance versus ETH.
Execution compounds.
KK@longwinsk
2025年BNB回报大幅跑赢BTC和ETH。其中BNB跑赢ETH 33个点，如果叠加Launchpool收益，跑赢43个点（下面图表是ChatGPT生成，只能简单叠加收益，还不能复利计算）。我们认为BNB在未来三年，相对价格上可以每年跑赢ETH 30个点左右，三年之内完成总市值的反超（BNB的数量比ETH还多一些，1亿3对1亿）。
English
Hash Global retweetledi
I agree with most of David’s points here.
ETH remains one of the most important assets and infrastructures in Web3. But I don’t think ETH needs to be “revalued” into a gold-like monetary premium asset.
Regulatory clarity, institutional adoption, DeFi, RWA, stablecoins and L2s can all be positive for Ethereum — but ETH’s valuation still needs to come back to value capture, network revenue, collateral demand, settlement demand, and real usage.
For context, I also sold all my ETH — not because I think Ethereum is irrelevant, but because I don’t see the current case for a structural re-rating of ETH as an asset.
ETH does not need to be "as good as gold” to be valuable. It can be valuable enough as core on-chain financial infrastructure.
I wrote more on this here:
secondary.hashglobal.io/article-202605…
David Hoffman@TrustlessState
English
Impressive interview with CZ on TBPN. 🎬
Key takeaways:
📖 The Story: Reflections from his new book on the early days and the future of the industry.
🤖 AI & Infrastructure: How AI will become a primary user of crypto for global, permissionless payments.
📈 Prediction Markets: Their evolution into a powerful mechanism for "Truth Discovery" via price.
For those looking to dig deeper, here is the full version: 🔗 youtube.com/watch?v=FImugb…
#HashGlobal #Web3 #Crypto #AI #CZ
YouTube
TBPN@tbpn
Binance CEO @cz_binance says the crypto industry is too transparent: "I think right now the crypto industry is too transparent. It's actually extremely easy to track crypto funds. The blockchain is a public ledger. If you couple that with a few centralized exchanges, KYC information, you can track most of the transactions pretty accurately. So I think right now there's a lack of preserving of privacy." "For example, if your company pays everybody in crypto and if you get one payment today on the blockchain, you can just trace to the address that paid you and see how many addresses that address paid in the last week, then you can figure out everybody's salary. That's a privacy issue." "Another example, if you pay for a hotel [in crypto], then people will know that you're going to stay at that hotel, which for some people may create security issues. So there's little problems like those that are not solved yet."
English
@Polyflow_PayFi @yzilabs Massive shoutout to @Polyflow_PayFi ! 🚀
Let’s keep pushing the boundaries. Build and Build together! 🛠️💪
English
@HashGlobal @yzilabs Huge congrats @HashGlobal @yzilabs 👏
Honored to have you in the PolyFlow journey. Onward.
English
We are proud to announce that our institutional version of the BNB Yield Fund — BNB Holdings Fund — has received a $100 million strategic commitment from YZi Labs @yzilabs . This latest investment marks the formal transition of BNB into a structurally advanced stage of institutionalization.
As KK @longwinsk Founder of Hash Global, noted: “BNB’s institutionalization should not be viewed merely as portfolio inclusion, but as a structural alignment between capital and ecosystem development. The ecosystem co-building model is the defining feature that differentiates BNB from other digital assets”.
BNB’s institutional era enters a new and substantive phase!
Full details here:👇
secondary.hashglobal.io/article-202603…
#BNB #Web3 #HashGlobal #YZiLabs
English
🚀 Hash Global 招聘｜社区运营与投后赋能经理（九命公社）
九命公社聚集 Web3 创业者与投资人，致力于打造真正“高密度连接”的华语社区，并为项目提供实质性的赋能支持。
现面向市场招募一名
社区运营与投后赋能经理
我们希望你具备：
• 2–3 年社区运营 / 内容或活动策划经验
• 熟练使用 AI 工具提升工作效率
• 优秀的组织能力与资源整合能力
• 能独立策划并落地线上线下活动
📩 详情请参考 JD
欢迎转发推荐或私信联系。
中文
Hash Global retweetledi
Our BNB Yield Fund (BNB策略收益型基金) backed by @yzilabs is a secure and efficient gateway for all kinds of institutions to the BNB ecosystem, offering cost-effective and highly liquid access to its yield opportunities.
We are creating a closed-loop model and a value flywheel: institutions contribute to ecosystem growth while benefiting from it by investing in BNB through our BNB Yield Fund.
More announcements will be made after the Spring Festival holiday.
YZi Labs@yzilabs
🏛️ Inspiring afternoon discussing the accelerating institutional adoption of digital assets. The consensus is clear: BNB is the premier infrastructure for this global shift, powered by its utility and the visionary builders strengthening its fundamentals.
English
Inspiring afternoon co-hosting "The BNB Blueprint & Institutional Thesis" with @yzilabs and @KGIAsia.
At Hash Global, our mission remains steadfast. We are dedicated to:
1️⃣Driving the institutional evolution of the BNB ecosystem by supporting high-quality projects and infrastructure.🚀
2️⃣ Bridging the worlds of Traditional Finance (TradFi) and the Web3 economy to create a more inclusive financial future 🤝
Looking forward to the next collaboration with @yzilabs
English
Inspiring afternoon co-hosting "The BNB Blueprint & Institutional Thesis" with @yzilabs and @KGIAsia
At Hash Global, our mission remains steadfast. We are dedicated to:
1️⃣Driving the institutional evolution of the BNB ecosystem by supporting high-quality projects and infrastructure.🚀
2️⃣Bridging the worlds of Traditional Finance (TradFi) and the Web3 economy to create a more inclusive financial future.🤝
Looking forward to the next collaboration with @YziLabs! 🚀
YZi Labs@yzilabs
🏛️ Inspiring afternoon discussing the accelerating institutional adoption of digital assets. The consensus is clear: BNB is the premier infrastructure for this global shift, powered by its utility and the visionary builders strengthening its fundamentals.
English
Proud to highlight @LorenzoProtocol as our key partner in the @BNBCHAIN ecosystem.
Through tokenization, this collaboration connects on-chain liquidity and composability with the liquidity and yield opportunities of centralized platforms, unlocking new ways for Web3-native users to participate in the BNB ecosystem.
Backed by @yzilabs , we’re excited to continue exploring the long-term value of BNB and the growth potential of the broader ecosystem. 🚀
Lorenzo Protocol@LorenzoProtocol
Lorenzo Protocol 🤝 @HashGlobal We’ve formed a strategic collaboration with Hash Global, a leading Web3 investment firm managing over $200M in assets, an early BNB Chain validator, and long-term supporter of the BNB ecosystem. Lorenzo will launch BNB+ OTF, a next-generation yield product built around institutional-grade BNB strategies. Stay tuned for our next update!
English
Happy to see PolyFlow, one of our portfolio companies, bringing a fully composable PayFi payment gateway to @BNBCHAIN — in collaboration with @circle and @GeoswiftLimited.
Turning on-chain assets into real, global payment rails is a key step toward PayFi’s real-world adoption.
Excited to support PolyFlow as it unlocks new use cases across payments, AI agents, and on-chain commerce. 🔶
#PayFi #BNBChain #Web3Payments #Portfolio #HashGlobal
PolyFlow@Polyflow_PayFi
The next chapter of crypto payments is here, and it’s happening on @BNBCHAIN . 🔶 PolyFlow, together with @circle and @GeoswiftLimited , has officially brought a decentralized, fully composable PayFi payment gateway to BNB Chain. Now any builder on BNB Chain can turn their token utility, synthetic, or stable, into a real payment asset, backed by a global payment network processing billions annually via Circle Payments Network, connecting crypto → cards → merchants → users with licensed settlement rails across US, Canada, APAC, Europe, and more. 🌍
English
Hash Global 在行业内首先提出“Web3 之于互联网商业，正如比特币于金融”的理念，依托生态商业资源，致力于发掘行业内优秀的“Web3 商业”应用案例。
去年 11 月，Hash Global 率先提出“Web3 的 Mass Adoption 始于文化娱乐”的论断。在香港 Fintech Week 期间，Hash Global 与生态合作伙伴一起，共同发起成立“Web3 文娱联盟”，吸引并联动更多 Web2 与 Web3 文娱项目和资源方的加入，推动去中心化娱乐经济生态的共建与 Web3 娱乐的 Mass Adoption。
Meet48 @meet_48 脱胎于业内知名 SNH48 团队，具有强大的娱乐基因和深刻的行业 know-how，将文娱产业中最具情感链接的“偶像经济”，与 AI + Web3 完美融合，已成为 Web3 娱乐的标杆项目，并逐渐成为下一代 Web3 娱乐的基础设施。
Hash Global 的投研团队相信，正如 Netflix 抓住互联网浪潮重塑内容分发规则，Meet48 必将利用 AIUGC 和 Web3 改写内容创作与价值流转的逻辑，重构全球文娱体系，推动“奈飞传奇”在链上重现。🚀
📄研报详情，请点击：
cdn.prod.website-files.com/63e85d9060afc2…
中文