{"id":6463,"date":"2026-02-28T12:55:16","date_gmt":"2026-02-28T04:55:16","guid":{"rendered":"https:\/\/www.dm-yq.com\/?p=6463"},"modified":"2026-02-28T12:55:16","modified_gmt":"2026-02-28T04:55:16","slug":"grayscale-research%ef%bc%9a%e6%9c%ba%e6%9e%84%e6%b6%8c%e5%85%a5%e3%80%81%e7%9b%91%e7%ae%a1%e6%94%be%e8%a1%8c%ef%bc%8c%e4%bb%a5%e5%a4%aa%e5%b8%81%e5%bc%ba%e5%8a%bf%e5%b4%9b%e8%b5%b7%e8%83%8c%e5%90%8e","status":"publish","type":"post","link":"https:\/\/www.dm-yq.com\/?p=6463","title":{"rendered":"Grayscale Research\uff1a\u673a\u6784\u6d8c\u5165\u3001\u76d1\u7ba1\u653e\u884c\uff0c\u4ee5\u592a\u5e01\u5f3a\u52bf\u5d1b\u8d77\u80cc\u540e\u7684\u591a\u91cd\u5229\u597d"},"content":{"rendered":"

2025 \u5e747 \u6708\uff0c\u4ee5\u592a\u5e01\u4ef7\u683c\u98d9\u5347\u8fd1 50%\u3002\u6295\u8d44\u8005\u5c06\u76ee\u5149\u805a\u7126\u5728\u7a33\u5b9a\u5e01\u3001\u8d44\u4ea7\u4ee3\u5e01\u5316\u4ee5\u53ca\u673a\u6784\u91c7\u7528\u4e0a\u2014\u2014\u8fd9\u4e9b\u9886\u57df\u6b63\u662f\u4ee5\u592a\u574a\u4f5c\u4e3a\u6700\u53e4\u8001\u7684\u667a\u80fd\u5408\u7ea6\u5e73\u53f0\u533a\u522b\u4e8e\u5176\u4ed6\u7ade\u4e89\u8005\u7684\u6838\u5fc3\u4f18\u52bf\u3002
\n
<\/p>\n

\u4f5c\u8005\uff1aGrayscale Research<\/p>\n

\u7f16\u8bd1\uff1a\u767d\u8bdd\u533a\u5757\u94fe<\/p>\n

2025 \u5e74 7 \u6708\uff0c\u4ee5\u592a\u5e01\u4ef7\u683c\u98d9\u5347\u8fd1 50% \u3002\u6295\u8d44\u8005\u5c06\u76ee\u5149\u805a\u7126\u5728\u7a33\u5b9a\u5e01\u3001\u8d44\u4ea7\u4ee3\u5e01\u5316\u4ee5\u53ca\u673a\u6784\u91c7\u7528\u4e0a\u2014\u2014\u8fd9\u4e9b\u9886\u57df\u6b63\u662f\u4ee5\u592a\u574a\u4f5c\u4e3a\u6700\u53e4\u8001\u7684\u667a\u80fd\u5408\u7ea6\u5e73\u53f0\u533a\u522b\u4e8e\u5176\u4ed6\u7ade\u4e89\u8005\u7684\u6838\u5fc3\u4f18\u52bf\u3002<\/p>\n

\u300aGENIUS \u6cd5\u6848\u300b\u7684\u901a\u8fc7\u5bf9\u7a33\u5b9a\u5e01\u548c\u6574\u4e2a\u52a0\u5bc6\u8d44\u4ea7\u7c7b\u522b\u6765\u8bf4\u662f\u4e00\u4e2a\u91cc\u7a0b\u7891\u65f6\u523b\u3002\u867d\u7136\u5e02\u573a\u7ed3\u6784\u76f8\u5173\u7acb\u6cd5\u5728\u56fd\u4f1a\u901a\u8fc7\u53ef\u80fd\u8fd8\u9700\u65f6\u65e5\uff0c\u4f46\u7f8e\u56fd\u76d1\u7ba1\u673a\u6784\u53ef\u4ee5\u900f\u8fc7\u5176\u4ed6\u653f\u7b56\u8c03\u6574\u7ee7\u7eed\u652f\u6301\u6570\u4f4d\u8d44\u4ea7\u4ea7\u4e1a\u53d1\u5c55\uff0c\u4f8b\u5982\u6279\u51c6\u52a0\u5bc6\u6295\u8d44\u4ea7\u54c1\u4e2d\u7684\u8d28\u62bc\u529f\u80fd\u3002<\/p>\n

\u77ed\u671f\u5185\uff0c\u52a0\u5bc6\u8d44\u4ea7\u4f30\u503c\u53ef\u80fd\u4f1a\u51fa\u73b0\u76d8\u6574\uff0c\u4f46\u6211\u4eec\u5bf9\u672a\u6765\u51e0\u4e2a\u6708\u7684\u8d44\u4ea7\u7c7b\u522b\u524d\u666f\u4f9d\u7136\u975e\u5e38\u770b\u597d\u3002\u52a0\u5bc6\u8d44\u4ea7\u4e3a\u6295\u8d44\u8005\u63d0\u4f9b\u4e86\u63a5\u89e6\u533a\u5757\u94fe\u521b\u65b0\u7684\u673a\u4f1a\uff0c\u540c\u65f6\u53ef\u80fd\u5bf9\u4f20\u7edf\u8d44\u4ea7\u7684\u4e00\u4e9b\u98ce\u9669\uff08\u5982\u7f8e\u5143\u6301\u7eed\u75b2\u8f6f\uff09\u5177\u6709\u4e00\u5b9a\u7684\u514d\u75ab\u529b\u3002\u56e0\u6b64\uff0c\u6bd4\u7279\u5e01\u3001 ETH \u53ca\u5176\u4ed6\u8bb8\u591a\u6570\u4f4d\u8d44\u4ea7\u9884\u8ba1\u5c06\u7ee7\u7eed\u53d7\u5230\u6295\u8d44\u8005\u7684\u8ffd\u6367\u3002<\/p>\n

7 \u6708 18 \u65e5\uff0c\u5ddd\u666e\u603b\u7edf\u7b7e\u7f72\u4e86\u300aGENIUS \u6cd5\u6848\u300b\uff0c\u4e3a\u7f8e\u56fd\u7a33\u5b9a\u5e01\u63d0\u4f9b\u4e86\u4e00\u4e2a\u5168\u9762\u7684\u76d1\u7ba1\u6846\u67b6\u3002\u8fd9\u6807\u5fd7\u8457\u52a0\u5bc6\u8d44\u4ea7\u7c7b\u522b\u7684\u300c\u5f00\u7aef\u7ed3\u675f\u300d\uff1a\u516c\u5171\u533a\u5757\u94fe\u6280\u672f\u6b63\u4ece\u5b9e\u9a8c\u9636\u6bb5\u8fc8\u5411\u53d7\u76d1\u7ba1\u91d1\u878d\u7cfb\u7edf\u7684\u6838\u5fc3\u3002\u5173\u4e8e\u533a\u5757\u94fe\u6280\u672f\u80fd\u5426\u4e3a\u4e3b\u6d41\u7528\u6237\u5e26\u6765\u5b9e\u9645\u597d\u5904\u7684\u4e89\u8bba\u5df2\u7ecf\u7ed3\u675f\uff0c\u76d1\u7ba1\u673a\u6784\u73b0\u5df2\u8f6c\u5411\u786e\u4fdd\u4ea7\u4e1a\u5728\u6210\u957f\u7684\u540c\u65f6\uff0c\u52a0\u5165\u9002\u5f53\u7684\u6d88\u8d39\u8005\u4fdd\u62a4\u548c\u91d1\u878d\u7a33\u5b9a\u673a\u5236\u3002<\/p>\n

7 \u6708\uff0c\u52a0\u5bc6\u5e02\u573a\u56e0\u300aGENIUS \u6cd5\u6848\u300b\u7684\u901a\u8fc7\u800c\u6b22\u6b23\u9f13\u821e\uff0c\u540c\u65f6\u4e5f\u53d7\u5230\u6709\u5229\u5b8f\u89c2\u5e02\u573a\u6761\u4ef6\u7684\u652f\u6491\u3002\u5168\u7403\u5927\u90e8\u5206\u5730\u533a\u7684\u80a1\u5e02\u6307\u6570\u4e0a\u6da8\uff0c\u56fa\u5b9a\u6536\u76ca\u5e02\u573a\u7684\u62a5\u916c\u7387\u5219\u7531\u9ad8\u98ce\u9669\u677f\u5757\u5f15\u9886\uff0c\u5982\u7f8e\u56fd\u9ad8\u6536\u76ca\u516c\u53f8\u503a\u548c\u65b0\u5174\u5e02\u573a\u503a\u5238\uff08\u89c1\u56fe\u8868 1\uff09\u3002\u968f\u8457\u5e02\u573a\u6ce2\u52a8\u6027\u4e0b\u964d\uff0c\u76f8\u5173\u6295\u8d44\u7b56\u7565\u8868\u73b0\u4e5f\u76f8\u5f53\u4e0d\u9519\u3002<\/p>\n

\u5bcc\u65f6\/ \u7070\u5ea6\u52a0\u5bc6\u8d44\u4ea7\u5e02\u573a\u6307\u6570\uff08\u4e00\u4e2a\u6309\u5e02\u503c\u52a0\u6743\u7684\u53ef\u6295\u8d44\u6570\u4f4d\u8d44\u4ea7\u6307\u6570\uff09\u4e0a\u6da8\u4e86 15%\uff0c\u6bd4\u7279\u5e01\u4ef7\u683c\u589e\u52a0\u4e86 8% \u3002\u800c\u4ee5\u592a\u5e01\u7684 ETH \u6210\u4e3a\u5f53\u6708\u660e\u661f\uff0c\u4ef7\u683c\u66b4\u6da8 49%\uff0c\u81ea 4 \u6708\u521d\u4f4e\u70b9\u4ee5\u6765\u7d2f\u8ba1\u6da8\u5e45\u8d85\u8fc7 150% \u3002<\/p>\n

\"\"\u56fe\u8868 1\uff1a\u4ee5\u592a\u574a\u5728\u52a0\u5bc6\u8d44\u4ea7\u8868\u73b0\u5f3a\u52b2\u7684 7 \u6708\u4e2d\u5927\u653e\u5f02\u5f69
\n\u522b\u79f0\u8fd9\u662f\u300c\u738b\u8005\u5f52\u6765\u300d<\/p>\n

\u4ee5\u592a\u574a\u662f\u5e02\u503c\u6700\u5927\u7684\u667a\u6167\u5408\u7ea6\u5e73\u53f0\uff0c\u4e5f\u662f\u533a\u5757\u94fe\u91d1\u878d\u7684\u57fa\u7840\u8bbe\u65bd\u3002\u7136\u800c\uff0c\u76f4\u5230\u6700\u8fd1\uff0cETH \u7684\u4ef7\u683c\u8868\u73b0\u8fdc\u4e0d\u5982\u6bd4\u7279\u5e01\uff0c\u751a\u81f3\u843d\u540e\u4e8e Solana \u7b49\u5176\u4ed6\u667a\u80fd\u5408\u7ea6\u5e73\u53f0\u3002\u8fd9\u8ba9\u4e00\u4e9b\u4eba\u5f00\u59cb\u8d28\u7591\u4ee5\u592a\u574a\u7684\u53d1\u5c55\u7b56\u7565\u53ca\u5176\u5728\u4ea7\u4e1a\u4e2d\u7684\u7ade\u4e89\u5730\u4f4d\uff08\u89c1\u56fe\u8868 2\uff09\u3002<\/p>\n

\"\"\u56fe\u8868 2\uff1a\u81ea 5 \u6708\u4ee5\u6765\u4ee5\u592a\u5e01\u8868\u73b0\u4f18\u4e8e\u6bd4\u7279\u5e01<\/p>\n

\u5bf9\u4ee5\u592a\u574a\u548c ETH \u7684\u91cd\u65b0\u70ed\u60c5\uff0c\u53ef\u80fd\u53cd\u6620\u4e86\u5e02\u573a\u5bf9\u7a33\u5b9a\u5e01\u3001\u8d44\u4ea7\u4ee3\u5e01\u5316\u548c\u673a\u6784\u533a\u5757\u94fe\u91c7\u7528\u7684\u5173\u6ce8\u2014\u2014\u8fd9\u4e9b\u662f\u4ee5\u592a\u574a\u7684\u5f3a\u9879\uff08\u89c1\u56fe\u8868 3\uff09\u3002\u4f8b\u5982\uff0c\u5305\u542b\u5176 Layer 2 \u7f51\u8def\u5728\u5185\uff0c\u4ee5\u592a\u574a\u751f\u6001\u7cfb\u7edf\u627f\u8f7d\u4e86\u8d85\u8fc7 50% \u7684\u7a33\u5b9a\u5e01\u4f59\u989d\uff0c\u5e76\u5904\u7406\u7ea6 45% \u7684\u7a33\u5b9a\u5e01\u4ea4\u6613\uff08\u4ee5\u7f8e\u5143\u4ef7\u503c\u8ba1\u7b97\uff09\u3002<\/p>\n

\u4ee5\u592a\u574a\u4e5f\u662f\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\uff08DeFi\uff09\u534f\u8bae\u4e2d\u7ea6 65% \u9501\u4ed3\u4ef7\u503c\u7684\u6240\u5728\u5730\uff0c\u4ee5\u53ca\u8fd1 80% \u7684\u4ee3\u5e01\u5316\u7f8e\u56fd\u56fd\u503a\u4ea7\u54c1\u6240\u5728\u5730\u3002\u5bf9\u4e8e\u5305\u62ec Coinbase \u3001 Kraken \u3001 Robinhood \u548c\u7d22\u5c3c\u5728\u5185\u7684\u8bb8\u591a\u6784\u5efa\u52a0\u5bc6\u9879\u76ee\u7684\u4ee3\u7406\u5546\u6765\u8bf4\uff0c\u4ee5\u592a\u574a\u4e00\u76f4\u662f\u9996\u9009\u7f51\u8def\u3002<\/p>\n

\"\"\u56fe\u8868 3\uff1a\u4ee5\u592a\u574a\u662f\u7a33\u5b9a\u5e01\u548c\u4ee3\u5e01\u5316\u8d44\u4ea7\u7684\u9886\u5148\u533a\u5757\u94fe<\/p>\n

\u7a33\u5b9a\u5e01\u548c\u4ee3\u5e01\u5316\u8d44\u4ea7\u7684\u91c7\u7528\u589e\u52a0\uff0c\u5c06\u60e0\u53ca\u4ee5\u592a\u574a\u53ca\u5176\u4ed6\u667a\u80fd\u5408\u7ea6\u5e73\u53f0\u3002\u7070\u5ea6\u7814\u7a76\u8ba4\u4e3a\uff0c\u7a33\u5b9a\u5e01\u900f\u8fc7\u66f4\u4f4e\u7684\u6210\u672c\u3001\u66f4\u5feb\u7684\u7ed3\u7b97\u65f6\u95f4\u548c\u66f4\u9ad8\u7684\u900f\u660e\u5ea6\uff0c\u53ef\u671b\u98a0\u8986\u5168\u7403\u652f\u4ed8\u4ea7\u4e1a\u7684\u67d0\u4e9b\u9886\u57df\uff08\u66f4\u591a\u80cc\u666f\u8d44\u8baf\u8bf7\u89c1\u300a\u7a33\u5b9a\u5e01\u4e0e\u672a\u6765\u652f\u4ed8\u300b\uff09\u3002<\/p>\n

\u7a33\u5b9a\u5e01\u76f8\u5173\u6536\u5165\u6709\u4e24\u79cd\uff1a\u4e00\u662f\u7a33\u5b9a\u5e01\u53d1\u884c\u5546\uff08\u5982 Tether \u3001 Circle\uff09\u8d5a\u53d6\u7684\u51c0\u5229\u5dee\uff08NIM\uff09\uff0c\u4e8c\u662f\u5904\u7406\u4ea4\u6613\u7684\u533a\u5757\u94fe\u6240\u8d5a\u53d6\u7684\u4ea4\u6613\u8d39\u7528\u3002\u7531\u4e8e\u4ee5\u592a\u574a\u5728\u7a33\u5b9a\u5e01\u9886\u57df\u5df2\u5360\u636e\u9886\u5148\u5730\u4f4d\uff0c\u5176\u751f\u6001\u7cfb\u7edf\u4f3c\u4e4e\u5c06\u900f\u8fc7\u66f4\u9ad8\u7684\u4ea4\u6613\u8d39\u7528\u4ece\u7a33\u5b9a\u5e01\u91c7\u7528\u7684\u6210\u957f\u4e2d\u53d7\u76ca\u3002<\/p>\n

\u4ee3\u5e01\u5316\uff08\u5c06\u4f20\u7edf\u8d44\u4ea7\u4e0a\u94fe\u7684\u8fc7\u7a0b\uff09\u4e5f\u662f\u5982\u6b64\uff08\u66f4\u591a\u80cc\u666f\u8d44\u8baf\u8bf7\u89c1\u300a\u516c\u5171\u533a\u5757\u94fe\u4e0e\u4ee3\u5e01\u5316\u9769\u547d\u300b\uff09\u3002\u76ee\u524d\u4ee3\u5e01\u5316\u8d44\u4ea7\u5e02\u573a\u89c4\u6a21\u8f83\u5c0f\uff08\u7ea6 120 \u4ebf\u7f8e\u5143\uff09\uff0c\u4f46\u6210\u957f\u6f5c\u529b\u5de8\u5927\u3002\u4ee3\u5e01\u5316\u7684\u7f8e\u56fd\u56fd\u503a\u662f\u76ee\u524d\u6700\u5927\u7684\u4ee3\u5e01\u5316\u8d44\u4ea7\u7c7b\u522b\uff0c\u800c\u4ee5\u592a\u574a\u662f\u5e02\u573a\u9886\u5bfc\u8005\u3002\u5728\u53e6\u7c7b\u8d44\u4ea7\u9886\u57df\uff0cApollo Global \u6700\u8fd1\u4e0e Securitize \u5408\u4f5c\u63a8\u51fa\u4e86\u94fe\u4e0a\u4fe1\u8d37\u57fa\u91d1\u3002<\/p>\n

\u6b64\u5916\uff0c\u4ee3\u5e01\u5316\u80a1\u6743\u5e02\u573a\u867d\u5c0f\u4f46\u5728\u6210\u957f\uff1aRobinhood \u63a8\u51fa\u4e86 SpaceX \u548c OpenAI \u7b49\u79c1\u4eba\u516c\u53f8\u7684\u4ee3\u5e01\u5316\u80a1\u4efd\uff0ceToro \u4e5f\u8ba1\u5212\u5728\u4ee5\u592a\u574a\u4e0a\u4ee3\u5e01\u5316\u80a1\u7968\u3002 Apollo \u7684\u4ea7\u54c1\u5728\u591a\u4e2a\u533a\u5757\u94fe\u4e0a\u53ef\u7528\uff0c\u800c Robinhood \u548c eToro \u7684\u4ee3\u5e01\u5316\u80a1\u6743\u4ea7\u54c1\u5219\u5728\u4ee5\u592a\u574a\u751f\u6001\u7cfb\u7edf\u4e2d\u3002<\/p>\n

ETP \u70ed\u6f6e\u4e0e\u66f4\u591a\u8d8b\u52bf<\/p>\n

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\u76ee\u524d\uff0c\u4ee5\u592a\u5e01 ETP \u6301\u6709\u7ea6 215 \u4ebf\u7f8e\u5143\u7684\u8d44\u4ea7\uff0c\u76f8\u5f53\u4e8e\u8fd1,600 \u4e07\u679a ETH\uff0c\u7ea6\u5360\u603b\u6d41\u901a\u91cf\u7684 5% \u3002\u6839\u636e CFTC \u7684\u4ea4\u6613\u8005\u6301\u80a1\u62a5\u544a\u6570\u636e\uff0c\u6211\u4eec\u4f30\u8ba1\u53ea\u6709 10 \u4ebf\u81f3 20 \u4ebf\u7f8e\u5143\u7684 ETHETP \u51c0\u6d41\u5165\u6765\u81ea\u5bf9\u51b2\u57fa\u91d1\u7684\u300c\u57fa\u5dee\u4ea4\u6613\u300d\uff0c\u5176\u4f59\u4e3a\u957f\u671f\u8d44\u672c\u3002<\/p>\n

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2025 \u5e747 \u6708\uff0c\u4ee5\u592a\u5e01\u4ef7\u683c\u98d9\u5347\u8fd1 50%\u3002\u6295\u8d44\u8005\u5c06\u76ee\u5149\u805a\u7126\u5728\u7a33\u5b9a\u5e01\u3001\u8d44\u4ea7\u4ee3\u5e01\u5316\u4ee5\u53ca\u673a\u6784\u91c7\u7528\u4e0a\u2014\u2014\u8fd9\u4e9b\u9886\u57df\u6b63…<\/p>\n","protected":false},"author":3,"featured_media":5985,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-6463","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/www.dm-yq.com\/index.php?rest_route=\/wp\/v2\/posts\/6463","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.dm-yq.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.dm-yq.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.dm-yq.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.dm-yq.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6463"}],"version-history":[{"count":1,"href":"https:\/\/www.dm-yq.com\/index.php?rest_route=\/wp\/v2\/posts\/6463\/revisions"}],"predecessor-version":[{"id":9035,"href":"https:\/\/www.dm-yq.com\/index.php?rest_route=\/wp\/v2\/posts\/6463\/revisions\/9035"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.dm-yq.com\/index.php?rest_route=\/wp\/v2\/media\/5985"}],"wp:attachment":[{"href":"https:\/\/www.dm-yq.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6463"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.dm-yq.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6463"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.dm-yq.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6463"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}