News linked to both this project and an event.
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 l
The U.S. SEC is investigating the near-collapse of AI hedge fund Situational Awareness and has issued subpoenas to related Wall Street banks. The fund previously managed over $30 billion in assets and was recently forced to liquidate its positions at a discount to Citadel due to market volatility.
Odaily News: Wall Street quantitative trading giant Jane Street suffered losses of approximately $15 billion in the July market selloff due to its investments in AI-focused hedge fund Situational Awareness and other tech stocks.Sources familiar with the matter revealed that despite the significant drawdown in July, Jane Street's trading revenue this year has already exceeded $40 billion, far surpassing global major banks and other market makers, and exceeding its full-year 2025 trading revenue of $39.6 billion.In an internal memo to employees, Jane Street confirmed that July was a "rough month" for the firm. The company stated that its investment in AI-focused hedge fund Situational Awareness, which had expanded positions due to strong performance in the first half of the year, experienced a sharp drawdown during the AI stock selloff, bringing returns on the related investment back to roughly breakeven for the year, though it remains profitable relative to the initial investment.Situational Awareness, founded by former OpenAI researcher Leopold Aschenbrenner, had drawn market attention for its heavy positions in AI-related stocks. After the sharp correction in the AI sector in July, the fund sold most of its stock positions to Citadel, owned by billionaire Ken Griffin, after triggering margin requirements.Jane Street noted that the losses also stemmed from its long positions in Asian non-AI stocks, which had performed strongly earlier this year. The company said many large memory and semiconductor stocks fell approximately 50% in July, causing drawdowns in its previously well-performing trading portfolio. (Reuters)
Odaily News: Bloomberg ETF analyst Eric Balchunas posted on X, stating that Paul Tudor Jones has bought IBIT, and noted that institutions such as the UAE sovereign wealth fund, Harvard, Dartmouth, and the Texas pension fund holding IBIT are worth watching. IBIT's 13F filing list still covers approximately 1,500 filers after a 50% pullback. In comparison, he believes that JPM, GS, Jane, and Citadel buying IBIT is not particularly significant.
Odaily News: "AI stock guru" Leopold Aschenbrenner has shared wedding photos on X after a nearly one-year silence.Previously reported, Leopold Aschenbrenner's Situational Awareness fund gained 439% cumulatively before June 2026, but suffered heavy losses during the July AI sector sell-off. Prior to his wedding, he sold most of the fund's equity portfolio to Citadel, the investment firm owned by Ken Griffin.
Odaily News Multi-strategy hedge funds Balyasny Asset Management and Verition Fund Management both posted losses last month, as the selloff in AI-related stocks rattled markets and weighed on numerous hedge funds. According to sources familiar with the matter, Balyasny fell 1.5% in July, trimming its cumulative return for the first seven months of the year to 1.2%. Another source said Verition declined 1.1%, bringing its year-to-date return to 4.5%. The sources requested anonymity as the performance data is confidential. Meanwhile, some hedge funds managed to profit from the market turmoil. Citadel's flagship fund Wellington rose 5.9% in July, benefiting from taking over positions in Situational Awareness. ExodusPoint Capital Management fell 0.9%, bringing its year-to-date gain to 3.5%. (Bloomberg
According to the market weekly report released by market maker Wintermute (@wintermute_t), the macro and crypto markets experienced multiple shocks over the past week: On the macro level, the Federal Reserve maintained interest rates unchanged at 3.50-3.75% with a 9-3 vote. Officials Hammack, Kashkari, and Logan rarely voted together to support a 25bp rate hike, marking dissent at the second meeting since Chairman Warsh took office. The 30-year US Treasury yield once touched 5.24%, hitting a new high since July 2007, while the 10-year yielded 4.67%. The yield curve bear-steepened, indicating market doubts about the Federal Reserve's inflation credibility. On the stock market level, AI leveraged fund Situational Awareness (under Leopold Aschenbrenner) encountered margin calls due to leverage as high as 400%. Its size plummeted from $45 billion in early July to about $10 billion, forced to sell all public positions to Citadel at a discount. Long positions in AI infrastructure such as SK Hynix and CoreWeave fell sharply, partially explaining the reason for the continuous decline in chip stocks in July. On the crypto level, BTC fell 2.84% weekly and ETH fell 3.63% weekly, but Wintermute believes major sellers are nearly exhausted, and the painful trade direction has turned upward. ETH has outperformed BTC for two consecutive months,
Moment, an AI fintech company founded by former Citadel Securities quantitative traders and researchers, has announced the completion of a $78 million funding round, led by Index Ventures with participation from existing investors including a16z and Avra. Moment has established partnerships with institutions such as Edward Jones, LPL Financial Holdings, and Hightower Advisors, primarily providing AI automation infrastructure for fixed income and equity trading. The new capital will be used to accelerate the deployment and product expansion of AI in Wall Street trading systems. (Bloomberg)
According to The Block, Matt Hougan, Chief Investment Officer at Bitwise, noted that three enterprise-grade blockchains—Arc (by Circle), Canton Network, and Tempo (by Stripe)—have collectively raised over $1 billion in funding recently. All three funding rounds occurred after the signing of the GENIUS Act in July 2025. Hougan believes this legislation broke a prior regulatory stalemate that had discouraged institutional capital from entering the space. Hougan identified three key signals: First, all three blockchains prioritize native privacy-preserving transactions as a core design feature, addressing institutions’ need for transaction confidentiality. Second, the implementation of the GENIUS Act has significantly reduced regulatory uncertainty; the next critical variable is the pending Clarity Act, from which stablecoins and tokenization infrastructure stand to benefit. Third, these blockchains are backed by top-tier institutions—including Goldman Sachs, Citadel, BlackRock, Stripe, and Visa—marking a stark contrast to Ethereum and Solana, which emerged from grassroots origins. Hougan stated that his firm’s capital remains primarily allocated to native crypto projects, and he believes these emerging enterprise chains will raise the overall competitive bar and attract additional capital inflows.