<p>作者：Matt Hougan，Bitwise 首席投资官；翻译：金色财经爪</p>
<blockquote>
<p><em>新兴区块链项目正在以数十亿美元的估值筹集资金，背后有一些关键信号。</em></p>
</blockquote>
<p>一些新闻成群出现，当这种情况发生时，你必须关注——因为重要的变化正在发生。</p>
<p>就在本周一，稳定币发行商 Circle 宣布其新的区块链项目 Arc 已筹集 2.22 亿美元，估值为 30 亿美元，投资者包括黑石、阿波罗以及纽约证券交易所的母公司。前一天，另一家新兴区块链 Canton Network 的开发者 Digital Asset 正在寻求 3 亿美元的资金，估值为 20 亿美元，a16z 领投了这一轮。在此之前，Stripe 的 Tempo 区块链也非常活跃：去年底完成了一轮 5 亿美元的融资，估值为 50 亿美元，随后宣布与 DoorDash、Visa 等公司建立合作关系。Arc、Canton 和 Tempo——这三条公链都是为稳定币和资产代币化量身定制的。这一波活动让我再次看到了加密行业的三个核心真相。I. 资本追随监管立法 这些数亿美金的融资轮都是在美国国会于 2025 年 7 月通过专注于稳定币的 Genius Act 之后发生的。我相信，在 Genius Act 之前，加密监管立法的缓慢进展严重阻碍了市场投资热情；机构不愿在监管不确定性的基础上建立业务和公链。最近的发展表明，这种情况正在改变。如果没有 Genius Act，这些融资轮是否能以当前估值完成尚不确定，但这一监管进展显然发挥了积极作用。投资者应该更加关注：如果国会通过更全面的加密市场结构法案（Clarity Act），将会解锁哪些新的机会？Clarity Act 涉及的范围远比 Genius Act 更广，最终文本尚未最终确定，难以解决所有影响。然而，资产代币化项目和合规金融基础设施可能是最大的赢家。我也希望最终文本对去中心化金融（DeFi）和创新代币设计友好，但我们仍需等待最终草案。Clarity Act 值得密切关注。II. 隐私可能成为杀手级应用。Arc、Canton、Tempo 和以太坊、Solana 的核心区别在于它们原生支持隐私交易。这是合乎逻辑的，因为加密行业正朝着主流商业应用发展。虽然公共区块链的透明性带来了可信度，但这也可能是一个弱点。想象一下：一家公司在交易完成之前披露所有细节，或者员工的工资单被任何区块浏览器查看——这种透明性是一个缺陷，而不是优势。即使是最热衷于区块链透明性的倡导者也承认，商业世界需要一定程度的保密。这些新的公共区块链正在押注，从根本上原生嵌入隐私能力是现实世界中机构的真正需求。最近的大规模融资轮表明，这一方向是正确的。</p>
<h2>III. 传统企业将进入竞争</h2>
<p>Arc、Canton 和 Tempo 的一个显著特点是它们得到了顶级公司的支持：</p>
<ul>
<li><strong>Arc 由上市公司 Circle 开发</strong>；</li>
</ul>
<ul>
<li><strong>Canton 的支持者包括高盛、Citadel Investments、存托信托与清算公司（DTCC）、纳斯达克、纽约梅隆银行、标普全球、Virtu 等</strong>；</li>
</ul>
<ul>
<li><strong>Tempo 是 Stripe 和 Paradigm 的合作项目</strong>，设计方案还得到了 Anthropic、德意志银行、Revolut、Shopify、Visa、OpenAI 等的参与。相比之下，以太坊是由一位 19 岁的大学辍学生在比特币论坛上写的一篇文章发起的；而 Solana 则源于一位高通工程师的灵感闪现。这并不意味着传统公司一定会获胜——实际上，我对本土加密项目更有信心。然而，银行和大型企业将为行业带来全新的资本、执行力和专业性。我相信竞争将推动行业突破新的边界。毕竟，只有最强者才能变得更强。</li>
</ul>

RIOT

COIN

<p>新兴区块链项目如 Arc、Canton 和 Tempo 正在筹集大量资金，显示出加密行业的关键趋势。Arc 在 30 亿美元的估值下筹集了 2.22 亿美元，而 Canton 则希望在 20 亿美元的估值下筹集 3 亿美元。这些发展是在《天才法案》通过后出现的，该法案提升了投资者信心。关键见解包括监管透明度的重要性、区块链隐私功能的潜力，以及传统企业进入加密领域，这可能会增强竞争和创新</p>

<p>Author: Matt Hougan, Chief Investment Officer of Bitwise; Translated by: Jinse Finance Claw</p>
<div class="lb-trans"><p>作者：Matt Hougan，Bitwise 首席投资官；翻译：金色财经爪</p>
</div><blockquote>
<p><em>Emerging blockchain projects are raising funds at valuations of billions of dollars, and there are key signals behind this.</em></p>
</blockquote>
<div class="lb-trans"><blockquote>
<p><em>新兴区块链项目正在以数十亿美元的估值筹集资金，背后有一些关键信号。</em></p>
</blockquote>
</div><p>Some news comes in clusters, and you must pay attention when this happens—because important changes are taking place.</p>
<div class="lb-trans"><p>一些新闻成群出现，当这种情况发生时，你必须关注——因为重要的变化正在发生。</p>
</div><p>Just this Monday, stablecoin issuer Circle announced that its new blockchain project Arc has raised $222 million at a valuation of $3 billion, with investors including BlackRock, Apollo, and the parent company of the New York Stock Exchange. The day before, Digital Asset, the developer of another emerging blockchain, Canton Network, was seeking $300 million in funding at a $2 billion valuation, with a16z leading the round. Prior to this, Stripe's Tempo blockchain had also been very active: it completed a $500 million funding round at a $5 billion valuation at the end of last year, and subsequently announced partnerships with DoorDash, Visa, and others. Arc, Canton, and Tempo—these three public chains are all tailored for stablecoins and asset tokenization. This wave of activity has made me see three core truths about the crypto industry again. I. Capital Follows Regulatory Legislation These multi-hundred-million-dollar funding rounds all occurred after the US Congress passed the Genius Act, which focuses on stablecoins, in July 2025. I am convinced that prior to the Genius Act, slow progress in crypto regulatory legislation severely hampered market investment enthusiasm; institutions were unwilling to build businesses and public chains on a foundation of regulatory uncertainty. Recent developments indicate that this situation is changing. Without the Genius Act, it is uncertain whether these funding rounds could have been completed at current valuations, but this regulatory progress has clearly played a positive role. Investors should pay more attention to: What new opportunities will be unlocked if the more comprehensive crypto market structure bill (Clarity Act) is passed by Congress? The Clarity Act covers a much wider range than the Genius Act, and the final text is not yet finalized, making it difficult to address all impacts. However, asset tokenization projects and compliant financial infrastructure are likely to be the biggest winners. I also hope that the final text will be friendly to decentralized finance (DeFi) and innovative token design, but we still need to wait for the final draft. The Clarity Act is worth close monitoring. II. Privacy may become a killer application. The core difference between Arc, Canton, Tempo and Ethereum, Solana is that they natively support privacy transactions. This is logical as the crypto industry moves towards mainstream commercial applications. While the transparency of public blockchains brings trustworthiness, it can also be a weakness. Imagine: a company disclosing all details before a transaction is completed, or an employee's pay stubs being viewable by any block explorer—this transparency is a flaw, not an advantage. Even the most vocal proponents of blockchain transparency acknowledge that the business world needs a degree of confidentiality. These new public blockchains are betting that embedding privacy capabilities natively from the ground up is the real need of institutions in the real world. Recent large-scale funding rounds indicate that this direction is correct.</p>
<div class="lb-trans"><p>就在本周一，稳定币发行商 Circle 宣布其新的区块链项目 Arc 已筹集 2.22 亿美元，估值为 30 亿美元，投资者包括黑石、阿波罗以及纽约证券交易所的母公司。前一天，另一家新兴区块链 Canton Network 的开发者 Digital Asset 正在寻求 3 亿美元的资金，估值为 20 亿美元，a16z 领投了这一轮。在此之前，Stripe 的 Tempo 区块链也非常活跃：去年底完成了一轮 5 亿美元的融资，估值为 50 亿美元，随后宣布与 DoorDash、Visa 等公司建立合作关系。Arc、Canton 和 Tempo——这三条公链都是为稳定币和资产代币化量身定制的。这一波活动让我再次看到了加密行业的三个核心真相。I. 资本追随监管立法 这些数亿美金的融资轮都是在美国国会于 2025 年 7 月通过专注于稳定币的 Genius Act 之后发生的。我相信，在 Genius Act 之前，加密监管立法的缓慢进展严重阻碍了市场投资热情；机构不愿在监管不确定性的基础上建立业务和公链。最近的发展表明，这种情况正在改变。如果没有 Genius Act，这些融资轮是否能以当前估值完成尚不确定，但这一监管进展显然发挥了积极作用。投资者应该更加关注：如果国会通过更全面的加密市场结构法案（Clarity Act），将会解锁哪些新的机会？Clarity Act 涉及的范围远比 Genius Act 更广，最终文本尚未最终确定，难以解决所有影响。然而，资产代币化项目和合规金融基础设施可能是最大的赢家。我也希望最终文本对去中心化金融（DeFi）和创新代币设计友好，但我们仍需等待最终草案。Clarity Act 值得密切关注。II. 隐私可能成为杀手级应用。Arc、Canton、Tempo 和以太坊、Solana 的核心区别在于它们原生支持隐私交易。这是合乎逻辑的，因为加密行业正朝着主流商业应用发展。虽然公共区块链的透明性带来了可信度，但这也可能是一个弱点。想象一下：一家公司在交易完成之前披露所有细节，或者员工的工资单被任何区块浏览器查看——这种透明性是一个缺陷，而不是优势。即使是最热衷于区块链透明性的倡导者也承认，商业世界需要一定程度的保密。这些新的公共区块链正在押注，从根本上原生嵌入隐私能力是现实世界中机构的真正需求。最近的大规模融资轮表明，这一方向是正确的。</p>
</div><h2>III. Traditional Enterprises Will Enter the Competition</h2>
<div class="lb-trans"><h2>III. 传统企业将进入竞争</h2>
</div><p>A notable feature of Arc, Canton, and Tempo is that they are backed by top-tier companies:</p>
<div class="lb-trans"><p>Arc、Canton 和 Tempo 的一个显著特点是它们得到了顶级公司的支持：</p>
</div><ul>
<li><strong>Arc was developed by the publicly listed company Circle</strong>;</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>Arc 由上市公司 Circle 开发</strong>；</li>
</ul>
</div><ul>
<li><strong>Canton's backers include Goldman Sachs, Citadel Investments, Depository Trust &amp; Clearing Corporation (DTCC), Nasdaq, Bank of New York Mellon, S&amp;P Global, Virtu, etc.</strong>;</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>Canton 的支持者包括高盛、Citadel Investments、存托信托与清算公司（DTCC）、纳斯达克、纽约梅隆银行、标普全球、Virtu 等</strong>；</li>
</ul>
</div><ul>
<li><strong>Tempo is a collaborative project between Stripe and Paradigm</strong>, and the design scheme also received participation from Anthropic, Deutsche Bank, Revolut, Shopify, Visa, OpenAI, etc. In contrast, Ethereum was initiated by a 19-year-old college dropout who wrote an article on a Bitcoin forum; Solana, on the other hand, originated from a late-night flash of inspiration by a Qualcomm engineer. This doesn't mean traditional companies will necessarily win—in fact, I have more faith in native crypto projects. However, banks and giant corporations will bring a whole new level of capital, execution, and professionalism to the industry. I believe competition will drive the industry to break new boundaries. After all, only the strongest can become stronger.</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>Tempo 是 Stripe 和 Paradigm 的合作项目</strong>，设计方案还得到了 Anthropic、德意志银行、Revolut、Shopify、Visa、OpenAI 等的参与。相比之下，以太坊是由一位 19 岁的大学辍学生在比特币论坛上写的一篇文章发起的；而 Solana 则源于一位高通工程师的灵感闪现。这并不意味着传统公司一定会获胜——实际上，我对本土加密项目更有信心。然而，银行和大型企业将为行业带来全新的资本、执行力和专业性。我相信竞争将推动行业突破新的边界。毕竟，只有最强者才能变得更强。</li>
</ul>
</div>

Canton, Arc, and Tempo: Three Key Lessons for the Crypto Industry

- 新兴区块链项目如 Arc 和 Canton 正在以数十亿美元的估值募资。  
- 资金筹集与美国新法案通过相关，提升了市场投资信心。  
- 传统企业的加入将为行业带来更多资本和专业性。

Canton、Arc 和 Tempo：加密行业的三个重要教训