区块客

Since September 2025, the DeFi market has entered a "rate winter," with mainstream stablecoin deposit APYs falling to historic lows, and supply-demand imbalances leading to excess liquidity. As lending demand declines, stablecoin borrowing rates have correspondingly fallen, and risk appetite in the crypto market has diminished, with investors shifting toward more stable assets. Some protocols like Sky are providing stable yields through real-world assets, but the overall trend still points toward DeFi adjustment and structural reform.

作者：Frank，PANews
过去一段时间，科技圈和创业圈里最热闹的话题，不是某家大厂发布了新模型，而是全民「养龙虾」。
一方面，「养龙虾」的热潮带动了相关产业的业务成长，大模型企业和云端服务器商赚得盆满钵满。另一方面，Openclaw 究竟能为使用者带来多少实际的收益又成了谜题。社交媒体上虽然充斥着这类的神话故事，但细品之后会发现大多数都是为了博取流量的虚拟故事。
养龙虾，真的赚钱吗？如果能，这些钱到底被谁赚走了？
PANews 整理了 TrustMRR 数据平台、社交媒体公开案例、项目官网及多源交叉验证的报告。为了区分「已验证的真实收入」和​​「网络上的自述神话」，剔除了大量仅凭单方说辞

The text is already in Simplified Chinese and matches the target language requirement. Returning it unchanged:
兆豐銀行进行稳定币与传统银行跨境汇款的比较实测。结果显示，稳定币在小额汇款上速度快且成本较低，但当金额超过约7,000美元时，银行的成本优势明显。稳定币跨境汇款受到多国监管限制影响，实际应用场景仍需探讨。董瑞斌强调传统银行在资金清算与合规管理上具有不可取代的基础设施。

Hong Kong's first batch of "Stablecoin Issuer License" list will be announced next week, with three main applicants being HSBC, Standard Chartered Bank, and virtual asset platform OSL. This licensing may favor banks due to their capital strength and regulatory advantages, while OSL has rich practical experience. Although rumors suggest the main list has emerged, the actual situation may change.

以太坊的交易手續費近期顯著下降，目前平均 Gas 價格約為 0.045 Gwei，比起過去高峰期顯示出超過 90% 的跌幅。隨著 Layer2 方案的發展和未來升級，以太坊的主要功能逐漸轉為安全結算層，且鏈上活動量仍然活躍。相較於傳統銀行匯款，區塊鏈操作成本明顯較低，改變了市場對手續費的理解。

CryptoQuant 报告指出，以太坊面临「采用悖论」，虽然网络活跃度创新高，但币价却下滑。若熊市持续，到第三季末以太币可能跌至 1,500 美元。智能合约活跃度上升与以太币价格脱钩，交易所流入量更能反映价格动态。投资需求疲软，资金持续流失是主要隐忧。