Research library研究库
Research, in English and Chinese.研究，中英双语。
Independent research on technology and US equities: AI and compute, hyperscaler capex, data centers and power, robotics and software, plus institutional private credit and RWA. Byline: Greythorn.关于科技与美股的独立研究：AI 与算力、云厂商资本开支、数据中心与电力、机器人与软件，以及机构级私募信贷与 RWA。署名：Greythorn。
Current research当前研究
Our current programme: technology and US equities, from AI and semiconductors to hyperscaler capex, power, robotics and software, plus institutional private credit and RWA. Written in English first, with a Chinese edition.当前研究计划：科技与美股——从 AI 与半导体、云厂商资本开支、电力、机器人到软件，并涵盖机构级私募信贷与 RWA。先以英文撰写，同步发布中文版本。
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AI's First Real Ledger: The Growth Is Real — Who Pays for It?AI 第一份真实账本：增长是真的——谁来买单？
Anthropic's S-1 puts audited numbers on the frontier-lab story: H1'26 revenue of $16.3B, improving unit economics, and a multi-hundred-billion compute bill whose payor is still an open question.Anthropic 的 S-1 首次把前沿实验室的故事写成账本：H1'26 收入 $16.3B、单位经济改善，以及一张仍待明确买单方的数千亿美元算力账单。
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GPU-Backed Credit: How Compute Is Becoming a New RWA Asset ClassGPU 抵押信贷研报：算力如何成为新的 RWA 资产类别？
How data-center GPUs are being financed as collateral, from Wall Street structures to on-chain credit.数据中心 GPU 如何作为抵押品获得融资——从华尔街的结构化方案到链上信贷。
EN中文Coming soon即将发布 -
Hyperscaler Capex After Q3 2026 EarningsQ3 2026 财报后的超大规模云厂商资本开支
Microsoft, Alphabet, Amazon and Meta after Q3 results: capex, cash flow and how the AI build-out is being funded, read from company filings.Q3 财报后的微软、Alphabet、亚马逊与 Meta：资本开支、现金流以及 AI 基础设施建设的资金来源，依据公司一手披露。
EN中文Coming soon即将发布 - Nothing here yet for this filter. The theme is on our research agenda.该筛选条件下暂无内容，相关主题已列入研究计划。
Archive存档 2023–2025 · Chinese-language columns2023–2025 · 中文专栏
Earlier reports published under the Greythorn byline in our TechFlow (深潮) and PANews columns, much of it on crypto-native projects. Kept for reference; it does not represent our current focus. Chinese-language originals; English titles and summaries are our translations. Linked as originally published and not updated.此前以 Greythorn 署名发布于深潮 TechFlow 与 PANews 专栏的报告，多数涉及加密原生项目。保留以供参考，不代表当前研究重点。链接指向原始发布页面，内容不再更新。 TechFlow / 深潮 · PANews
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Pendle and the Fixed-Income Layer of DeFi深度解析：Pendle 如何重塑 DeFi 固定收益格局？
Pendle's 2025 plans: the V2 upgrade, expansion to Solana, Hyperliquid and TON, Citadel for TradFi and a move into perpetual yield markets, with tokenomics and key risks.Pendle 的 2025 规划：V2 升级，拓展至 Solana、Hyperliquid 与 TON，面向传统金融的 Citadel，进军永续收益市场，以及代币经济学与主要风险。
Chinese-language original · 深度解析：Pendle 如何重塑 DeFi 固定收益格局？中文原文
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Fetch.ai & ASI: An Alliance for Decentralised AIFetch.AI&ASI：去中心化AI的强强联盟
Fetch.ai's autonomous-agent platform and its role in the ASI Alliance merging $FET, $AGIX and $OCEAN into $ASI, with ecosystem components, challenges and outlook.Fetch.ai 的自主经济代理平台，及其在 ASI 联盟中将 $FET、$AGIX、$OCEAN 合并为 $ASI 的角色；涵盖生态组件、挑战与展望。
Chinese-language original · Fetch.AI&ASI：去中心化AI的强强联盟中文原文
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Bitcoin and the Politics of Power比特币政治权力博弈
Whether Trump is good or bad for crypto, set out from both sides, with lessons from recent elections in Spain, France and the UK.从正反两方面讨论特朗普对加密市场是利是弊，并参照西班牙、法国与英国近期选举。
Chinese-language original · 比特币政治权力博弈中文原文
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Ten Years of Data: How Macro Factors Shaped Bitcoin in Bull Markets复盘十年历史数据：分析宏观因素对BTC价格在牛市期间的影响
How global liquidity, interest rates, inflation and FOMC announcements have related to Bitcoin in bull markets since 2014, using FRED and BLS data.以 FRED、BLS 等数据，分析 2014 年以来全球流动性、利率、通胀与 FOMC 公告在牛市期间与比特币价格的关系。
Chinese-language original · 复盘十年历史数据：分析宏观因素对BTC价格在牛市期间的影响中文原文
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Ondo Finance: An RWA Protocol Bridging Traditional Finance and Web3Ondo Finance研报：与贝莱德合作，连接传统金融与Web3的RWA协议
Ondo's tokenised Treasury products (USDY, OUSG), its Flux Finance lending protocol and BlackRock links, with tokenomics, team, and bull and bear factors.Ondo 的代币化美债产品（USDY、OUSG）、Flux Finance 借贷协议及与贝莱德的关联，并分析代币经济学、团队及看涨看跌因素。
Chinese-language original · Ondo Finance研报：与贝莱德合作，连接传统金融与Web3的RWA协议中文原文
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Dusk Network: An RWA Blockchain Balancing Compliance and PrivacyDusk Network：兼顾合规与隐私的RWA公链
A privacy- and compliance-focused blockchain for tokenised securities: zero-knowledge design, competitors, tokenomics, and bull and bear factors.面向代币化证券、兼顾隐私与合规的公链：零知识技术、竞争对手、代币经济学及看涨看跌因素。
Chinese-language original · Dusk Network：兼顾合规与隐私的RWA公链中文原文
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US–China Trade Tensions and the Crypto Market中美贸易紧张局势与加密市场的影响
China's record sales of US Treasuries and agency bonds, new US tariffs on Chinese imports, and what they could mean for the dollar and Bitcoin.中国创纪录抛售美国国债与机构债、美国对华加征关税，以及这对美元与比特币可能意味着什么。
Chinese-language original · 中美贸易紧张局势与加密市场的影响中文原文
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Aethir: A Decentralised GPU Cloud for AI, Gaming and Machine LearningAethir：去中心化的GPU云服务平台，为AI、游戏与机器学习提供解决方案
A decentralised GPU cloud for AI and cloud gaming: its architecture on Arbitrum, funding and partners, token plans, competitive position and risks.面向 AI 与云游戏的去中心化 GPU 云：基于 Arbitrum 的架构、融资与合作伙伴、代币规划、竞争优势与风险。
Chinese-language original · Aethir：去中心化的GPU云服务平台，为AI、游戏与机器学习提供解决方案中文原文
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io.net: Can DePIN Solve the GPU Shortage?io.net研报：DePIN模式解决GPU资源困境，能否开启AI应用新时代？
Aggregating under-used GPUs into a decentralised compute cloud: architecture, dual-token design, competitors such as Akash, and risks.将闲置 GPU 整合为去中心化算力云：技术架构、双代币设计、Akash 等竞品及风险。
Chinese-language original · io.net研报：DePIN模式解决GPU资源困境，能否开启AI应用新时代？中文原文
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The DePIN Revolution: A Quietly Rising MovementDePIN革命：悄然崛起的加密新运动
A sector review of decentralised physical infrastructure networks, with case studies of Arweave, Render and Helium and the challenges facing the model.去中心化物理基础设施网络（DePIN）赛道综述，以 Arweave、Render、Helium 为案例，并讨论该模式面临的挑战。
Chinese-language original · DePIN革命：悄然崛起的加密新运动中文原文
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Bittensor ($TAO): A Decentralised AI NetworkBittensor ($TAO) 研究：极具潜力的去中心化AI网络
A decentralised AI network: layered architecture, Proof of Intelligence, mixture-of-experts design, tokenomics, competitors and risks.去中心化 AI 网络：分层架构、智能证明（PoI）、分布式专家模型、代币经济学、竞品与风险。
Chinese-language original · Bittensor ($TAO) 研究：极具潜力的去中心化AI网络中文原文
- Nothing here yet for this filter. The theme is on our research agenda.该筛选条件下暂无内容，相关主题已列入研究计划。
