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More →Arthur Hayes Plans to Build Derivatives Around AI Compute
Arthur Hayes published a new essay on October 27 outlining futures and perpetual swaps tied to Flop Network’s proposed compute market, where AI agents would pay for computing power using FLOP. The plan aims to establish a reference price for compute that traders could use to build financial contracts around the resources AI systems consume. In a post on X, Hayes called his essay “The Trifecta” and <a href="https://x.com/CryptoHayes/status/2114857087004201325?s=20" rel="nofollow" target="_blank">described</a> it as a blueprint for entrepreneurs seeking to build derivatives for the AI agent economy. His central idea is that a liquid spot market for computing power could <a href="https://cryptohayes.substack.com/p/the-trifecta" rel="nofollow" target="_blank">provide</a> the pricing benchmark needed for futures and perpetual swaps. The proposed Flop Reference Compute Rate (FRCR) would be calculated hourly using a volume-weighted FLOP price per GigaFLOP of computing capacity. Quarterly futures would settle on the last Friday of March, June, September, and December, with contracts using US dollars for margin and profits. Hayes explained that the dollar-based structure would require a quanto derivative, a contract whose payout uses a different currency from its underlying asset. Because the compute market would be priced in FLOP while traders could prefer dollar-denominated returns, pricing the contract would require an adjustment for the relationship between the FRCR and the FLOP-to-dollar exchange rate. The proposed perpetual swap would use an eight-hour time-weighted average of the difference between its trading price and the FRCR to calculate funding payments. As with crypto perpetuals, traders on the expensive side of the contract would pay those on the cheaper side, depending on the premium. Market makers could recreate futures exposure by buying or supplying Flop Compute Units (FCUs), which represent reserved inference capacity for a specified AI model and delivery time. Hayes’s design also requires suppliers to post FLOP bonds, which they risk losing if they fail to deliver the promised computing work. The derivatives proposal depends on Flop Network first establishing a functioning spot market. Hayes argues that existing indexes tracking chip rental prices and individual AI token prices provide incomplete information because both are derivatives of the underlying cost of computation. Under his design, network blocks would record inference tasks, the computing work completed, and the fees paid to miners. Those receipts would help calculate the exchange rate between FLOP and computing capacity, giving buyers and suppliers a common reference. Hayes <a href="https://cryptopotato.com/arthur-hayes-called-ai-a-bubble-now-hes-launching-an-ai-project/" rel="nofollow" target="_blank">introduced</a> Flop Labs in August 2026, describing its proposed native token FLOP as “food for your AI agent.” In an August 27 explanation, the project <a href="ht
Zcash Co-founder Sean Bowe Proposes Ending ZCG Funding Stream, Citing $125M Treasury
Zcash (ZEC) co-founder Sean Bowe proposed on Monday to end the 8% block reward share paid to Zcash Community Grants (ZCG), saying the program already holds over $125 million. Bowe filed the change as a draft Zcash Improvement Proposal (ZIP) that would send that reward share to the Network Sustainability Mechanism (NSM) until the stream’s scheduled end. That mechanism withholds the coins from issuance and starts paying them back out as block rewards in February 2031. Under the draft, ZCG would keep its existing treasury and could still approve grants from it. “The program was never designed to handle this amount of funding,” Bowe wrote on X. It’s time to turn off the ZCG funding stream. ZCG has over $125M in funding, and will receive millions more before the spigot is turned off. The program was never designed to handle this amount of funding. — Sean Bowe (@ebfull) <a href="https://x.com/ebfull/status/2114911107718742451?ref_src=twsrc%5Etfw" rel="nofollow" target="_blank">October 27, 2026</a> Bowe’s figure comes from a dashboard linked on ZCG’s website. It listed 91,453 ZEC and $8.8 million in cash at an October 21 block. Approved grants still unpaid came to $2.4 million. Bowe valued the coins at $1,300 each to reach $125.3 million. The same dashboard counts another 110,049 ZEC due to ZCG before the stream ends on November 24, 2028. According to the draft ZIP, at the dashboard’s price of $1,241.61, those coins are worth $136.6 million, more than the program holds now; and, according to a Financial Privacy Foundation report, ZCG spent $1.53 million in the first quarter of 2026 <span>against that intake</span>. The stream adds 144 ZEC a day, which Bowe put at $68.3 million a year at the same coin price. Bowe’s draft landed alongside other proposals on the Zcash forum. For instance, Maxime Desalle’s proposal would also send ZCG’s remaining treasury to the NSM. Desalle cited a February coinholder vote in which 98.6% opposed Zcash Shielded Assets. ZCG approved another $455,000 for Shielded Assets work in June, he said. Turnout was 7.25% of circulating ZEC, per the Zcash Foundation. In June, ZCG approved $455,000 for a QEDIT test network covering Shielded Assets and other deferred features, its minutes show. Josh Swihart, founder and CEO of Zcash Open Development Lab (ZODL), said: “It’d be a mistake to kill only one part of the dev fund.” He added the 12% Coinholder-Controlled Fund, which accrues about 216 ZEC a day, should end too. Swihart’s company is the one former Electric Coin Company staff <a href="https://cryptopotato.com/zcash-governance-crisis-forces-full-exit-of-electric-coin-company-staff/" rel="nofollow" target="_blank">formed</a> after a governance dispute. Responding to Swihart’s plan, Bowe wrote that he would also personally back a separate proposal to strip ZCG’s existing treasury. Ian Miers, one of Zcash’s founding scientists, objected to the NSM as the destination, stating that the reserve ultimately pays miners and could
124,300,000 USDT转入Tether Treasury
币界网数据：据Whale Alert监测，124,300,000枚USDT（约1.24亿美元）已转入Tether Treasury。
Brazilian stablecoin trading surges as businesses hedge against Lula election shock.
Coin World data: Brazilian companies turned to dollar-backed stablecoins to hedge against the shock of Lula's election victory after the October 25 presidential election runoff. According to data provided by Mercado Bitcoin, USDT trading volume surged nearly 800% compared with last Sunday, while Bitcoin trading volume rose 865%. Companies used the exchange to manage exposure to the Brazilian real, especially while traditional financial markets were closed. On October 26, Brazil's IBOVESPA index fell 14%, its worst performance since March 2020, while the USD/BRL exchange rate rose more than 8%. Market analyst Pedro Fontes said the election result reinforced the need for investors to diversify their assets, and stablecoins such as USDT and USDC allow investors to hold dollar-denominated assets while the foreign exchange market is closed.
CZ: Four data breach incidents occurred today; users should strengthen account security protection.
Binance founder CZ posted on X that four data breach incidents were reported today, involving Coinbase third-party service provider Amplitude, South Korean crypto exchange Bithumb, and South Korean financial institutions Mirae Asset and Daishin Securities. The Amplitude security incident affected the contact information of some Coinbase users, but funds were not affected. CZ noted that the leaked information could be used for phishing and SIM card hijacking, and advised users to set up separate email addresses and strong passwords for different platforms, prioritize the use of hardware security keys, avoid SMS two-factor authentication, and enable withdrawal address whitelists and anti-phishing codes. At the same time, users should regularly check account login sessions and API key permissions, and be alert to scams impersonating customer service. In the event of a data breach, users should promptly change passwords, revoke unnecessary API keys, and check withdrawal records, and be vigilant against phishing attacks that exploit leaked information.
Robinhood CEO: US tokenized market needs more durable regulatory rules
Coin World news: Robinhood CEO Vlad Tenev said on the company's third-quarter earnings call that the U.S. tokenized market needs more durable regulatory rules. He noted that the U.S. Securities and Exchange Commission's (SEC) innovation exemption is a positive step, but uncertainty over regulatory rules could deter investors from committing substantial assets to the tokenized market. He believes that establishing further rules or passing legislation would help provide long-term regulatory certainty. Robinhood plans to launch tokenized private company equity products overseas, while in the U.S. it is seeking a compliant path that fits within existing investor accreditation restrictions. Currently, Robinhood offers about 200 stock tokens backed by underlying shares, but these products are designed as tokenized debt securities and do not carry the same shareholder rights as traditional stocks, and therefore do not meet the SEC's innovation exemption requirements. In the third quarter, the company's cryptocurrency revenue fell 55% year-over-year to $120 million, while cryptocurrency notional trading volume dropped 38% to $50 billion.
U.S. stocks closed higher as the AI boom revived sentiment.
Wall Street closed higher as the AI boom revived market sentiment, Reuters reported, according to BiJie Network.
When asked whether there would be more attacks on Iran after the midterm elections, Trump said anything is possible and remains to be seen.
CoinWorld news, Cailian Press, October 28: When asked whether more attacks on Iran would be launched after the midterm elections, Trump said anything is possible.
Ukrainian drone strikes damaged industrial infrastructure in New Moscow, Russia.
According to CoinWorld news, local authorities stated that a Ukrainian drone attack damaged industrial infrastructure in Novomoskovsk, Russia.
Binance will enable the Last Price Protection mechanism for the BULLAUSDT perpetual contract.
According to BiJie Network, Binance will enable a last traded price protection mechanism for the BULLAUSDT perpetual contract at 14:00 on October 28. During the protection period, the mark price will be calculated based on the contract's recent average traded price, with a maximum change of approximately ±1% per second, and the funding rate cap will be adjusted to ±0.005%. This mechanism will remain in effect until the BULLA spot price converges and a stable index price is formed.