Part of the drama took place on Hyperliquid, a decentralized exchange (DEX) that offers spot trading and perpetual contracts (for background, see “The Allure of DEXs: The Rise of Decentralized Exchanges”). Starting on August 20th, a single Bitcoin “whale” (an investor holding a large amount of BTC) sold approximately $3.5 billion in BTC and immediately purchased approximately $3.4 billion in ETH. [6] While we cannot speculate on the investor’s motivations, the fact that this scale of risk transfer occurred on a DEX rather than a centralized exchange (CEX) is encouraging. In fact, on its highest trading day of the month, Hyperliquid’s spot trading volume briefly surpassed Coinbase’s spot trading volume (see Figure 3).
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Ethereum co-founder and its frontman, Vitalik Buterin, has joined an AI-themed discussion on the X platform, where he made an ominous prediction about the potential behavior of artificial intelligence systems in the future. Meanwhile, Elon Musk, on the contrary, has shared a bright prediction about what sort of future awaits humanity once AGI (artificial general intelligence) is invented and robots with AI are walking around the earth freely.
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Bitcoin is transforming from a digital gold role to a dynamic DeFi platform, with Layer 2 innovations, Smart Contracts, and surging native yield demand, challenging Ethereum's position.
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