Zero-knowledge proofs (ZK) are shifting from a scaling tool to a core pillar of verifiable blockchain computation. They now span three key areas: scalability (Rollup, zkEVM, zkVM), privacy (payments, governance, identity), and interoperability (cross-chain, data proofs). RISC Zero, built on the open RISC-V standard, offers zkVM, Steel coprocessor, Bonsai network, and Boundless proof marketplace, creating a full stack from execution to marketization. Boundless turns ZK computation into a tradable

Zero-knowledge proofs (ZK) are shifting from a scaling tool to a core pillar of verifiable blockchain computation. They now span three key areas: scalability (Rollup, zkEVM, zkVM), privacy (payments, governance, identity), and interoperability (cross-chain, data proofs). RISC Zero, built on the open RISC-V standard, offers zkVM, Steel coprocessor, Bonsai network, and Boundless proof marketplace, creating a full stack from execution to marketization. Boundless turns ZK computation into a tradable

零知识证明（ZK）正从扩容工具进化为区块链可信计算的核心基石，技术发展经历理论奠基、区块链应用到产业爆发，逐步形成扩容（Rollup、zkEVM、zkVM）、隐私（支付、治理、身份）和互操作（跨链、数据证明）三大应用方向。RISC Zero 以 RISC-V 开放指令集为核心，推出 zkVM、Steel 协处理器、Bonsai 高性能网络与 Boundless 去中心化证明市场，构建出覆盖执行、验证与市场化的完整矩阵。Boundless 通过去中心化 prover 竞价，推动 ZK 计算成为可交易商品，并以 The Signal 实现跨链安全结算。整体上，ZK 技术正沿着 zkVM → zkCoprocessor → zkMarketplace 演进，逐渐走向规模化与商品化。虽短期仍受限于证明开销与应用早期，但其在扩容、跨链与 AI 可信计算中蕴含长期战略价值。

零知识证明（ZK）正从扩容工具进化为区块链可信计算的核心基石，技术发展经历理论奠基、区块链应用到产业爆发，逐步形成扩容（Rollup、zkEVM、zkVM）、隐私（支付、治理、身份）和互操作（跨链、数据证明）三大应用方向。RISC Zero 以 RISC-V 开放指令集为核心，推出 zkVM、Steel 协处理器、Bonsai 高性能网络与 Boundless 去中心化证明市场，构建出覆盖执行、验证与市场化的完整矩阵。Boundless 通过去中心化 prover 竞价，推动 ZK 计算成为可交易商品，并以 The Signal 实现跨链安全结算。整体上，ZK 技术正沿着 zkVM → zkCoprocessor → zkMarketplace 演进，逐渐走向规模化与商品化。虽短期仍受限于证明开销与应用早期，但其在扩容、跨链与 AI 可信计算中蕴含长期战略价值。

随着 AI 崛起为全球最强技术浪潮，算力正成为新的“货币”，而 RWA 化正在为 GPU 等 AI 基建资产打开通往加密金融的新通道。GAIB 提出了“RWAiFi”（RWA + AI + DeFi）的创新路径：通过 SPC 结构将链下 GPU 与机器人融资协议上链，以 AID（AI Synthetic Dollar）和 sAID（收益凭证）构建经济层，实现链下现金流与链上流动性的映射与循环。AID 负责稳定计价，sAID 捕捉真实收益，从而形成“Compute × Robotics × RWA × DeFi”的飞轮闭环。本文将系统解析 GAIB 如何以结构化金融逻辑重塑 AI 基建的融资方式，为 AI Infra 产业与加密金融之间建立一条通向现实收益的可扩展之路。

随着 AI 崛起为全球最强技术浪潮，算力正成为新的“货币”，而 RWA 化正在为 GPU 等 AI 基建资产打开通往加密金融的新通道。GAIB 提出了“RWAiFi”（RWA + AI + DeFi）的创新路径：通过 SPC 结构将链下 GPU 与机器人融资协议上链，以 AID（AI Synthetic Dollar）和 sAID（收益凭证）构建经济层，实现链下现金流与链上流动性的映射与循环。AID 负责稳定计价，sAID 捕捉真实收益，从而形成“Compute × Robotics × RWA × DeFi”的飞轮闭环。本文将系统解析 GAIB 如何以结构化金融逻辑重塑 AI 基建的融资方式，为 AI Infra 产业与加密金融之间建立一条通向现实收益的可扩展之路。

As AI rises as the world’s most powerful technological wave, computing power is becoming the new “currency,” and RWAization is opening a bridge for GPU and other AI infrastructure assets to enter the crypto financial system. Against this backdrop, GAIB introduces the innovative concept of RWAiFi (RWA + AI + DeFi): by bringing off-chain GPU and robotics financing agreements on-chain through an SPC structure, GAIB establishes an economic layer built on AID (AI Synthetic Dollar) and sAID (yield-bea

As AI rises as the world’s most powerful technological wave, computing power is becoming the new “currency,” and RWAization is opening a bridge for GPU and other AI infrastructure assets to enter the crypto financial system. Against this backdrop, GAIB introduces the innovative concept of RWAiFi (RWA + AI + DeFi): by bringing off-chain GPU and robotics financing agreements on-chain through an SPC structure, GAIB establishes an economic layer built on AID (AI Synthetic Dollar) and sAID (yield-bea

This report outlines the evolution from FedML → TensorOpera → ChainOpera: from federated learning (“data stays local, contribution-based rewards”) to enterprise AI infrastructure, and finally to an on-chain decentralized agent network. ChainOpera uses the AI Terminal and Agent Social Network to shift users from consumers to co-creators, supported by a Developer Platform and Model & GPU Platform for multi-agent collaboration and privacy-preserving training. Its CoAI protocol and Proof-of-Intellig

This report outlines the evolution from FedML → TensorOpera → ChainOpera: from federated learning (“data stays local, contribution-based rewards”) to enterprise AI infrastructure, and finally to an on-chain decentralized agent network. ChainOpera uses the AI Terminal and Agent Social Network to shift users from consumers to co-creators, supported by a Developer Platform and Model & GPU Platform for multi-agent collaboration and privacy-preserving training. Its CoAI protocol and Proof-of-Intellig

《Almanak研报：链上量化金融的普惠之路》系统梳理了 DeFi 智能化演进、量化金融落地场景，以及 Almanak 在 AgentFi 赛道的定位。Almanak 以“无代码量化策略沙盒”为切入口，试图将传统量化逻辑迁移至链上，实现普惠化的量化金融。在量化策略方面，链上环境延续了传统金融的趋势跟随、均值回归、跨期套利、做市和杠杆循环等模型，但受限于流动性深度、Gas 成本与工具生态，不具备高频交易条件。当前可落地的主流策略集中于 Pendle 跨期套利、AMM 做市、借贷循环与技术指标信号交易。未来的增长点包括链上衍生品成熟化、多源数据接入及多智能体协作执行。Almanak 的技术栈覆盖完整闭环：策略开发与优化（Python SDK + 状态机架构）、自动化执行（Deployments）、资金与权限安全（Safe + Zodiac 模块）、以及策略金库化（ERC-7540 Vaults）。其独特之处在于引入 AI 多智能体协作（Agentic Swarm），通过策略师、程序员、审计员等 AI 角色分工，实现从策略构想到部署的全流程自动化，并保持用户的最终托管权与人机双重验证。投资逻

《Almanak研报：链上量化金融的普惠之路》系统梳理了 DeFi 智能化演进、量化金融落地场景，以及 Almanak 在 AgentFi 赛道的定位。Almanak 以“无代码量化策略沙盒”为切入口，试图将传统量化逻辑迁移至链上，实现普惠化的量化金融。在量化策略方面，链上环境延续了传统金融的趋势跟随、均值回归、跨期套利、做市和杠杆循环等模型，但受限于流动性深度、Gas 成本与工具生态，不具备高频交易条件。当前可落地的主流策略集中于 Pendle 跨期套利、AMM 做市、借贷循环与技术指标信号交易。未来的增长点包括链上衍生品成熟化、多源数据接入及多智能体协作执行。Almanak 的技术栈覆盖完整闭环：策略开发与优化（Python SDK + 状态机架构）、自动化执行（Deployments）、资金与权限安全（Safe + Zodiac 模块）、以及策略金库化（ERC-7540 Vaults）。其独特之处在于引入 AI 多智能体协作（Agentic Swarm），通过策略师、程序员、审计员等 AI 角色分工，实现从策略构想到部署的全流程自动化，并保持用户的最终托管权与人机双重验证。投资逻

毫无疑问，Pendle 是本轮加密周期中最成功的 DeFi 协议之一。凭借独特的收益率拆分与交易机制，Pendle 成功成为收益型资产的“价格发现平台”，并通过与稳定币、LST/LRT 等收益资产的深度融合，确立了其作为“DeFi 收益率基础设施”的核心地位。本文将从 机制、策略与周期 三个维度解构 Pendle，系统对比 PT/YT/稳定币池 的收益与风险，并解析 Boros 的对冲与套利路径。重点拆解 Giza Pulse 如何借助确定性算法与线性规划，实现跨链分配、自动续作与复利优化，并结合 Swarm Finance 激励路由，开启由 AgentFi 驱动的 DeFi 固收新范式。

毫无疑问，Pendle 是本轮加密周期中最成功的 DeFi 协议之一。凭借独特的收益率拆分与交易机制，Pendle 成功成为收益型资产的“价格发现平台”，并通过与稳定币、LST/LRT 等收益资产的深度融合，确立了其作为“DeFi 收益率基础设施”的核心地位。本文将从 机制、策略与周期 三个维度解构 Pendle，系统对比 PT/YT/稳定币池 的收益与风险，并解析 Boros 的对冲与套利路径。重点拆解 Giza Pulse 如何借助确定性算法与线性规划，实现跨链分配、自动续作与复利优化，并结合 Swarm Finance 激励路由，开启由 AgentFi 驱动的 DeFi 固收新范式。

本报告梳理了 FedML → TensorOpera → ChainOpera 的演进路径：从“数据不出域、按贡献激励”的联邦学习，到企业级全栈 AI Infra，再到上链的去中心化 Agent 网络。ChainOpera 的核心在于通过 AI Terminal 与 Agent Social Network 将用户从“消费者”转变为“共创者”，并依托 Developer 平台与 Model & GPU 平台 构建多智能体协作与隐私训练的基础设施。其 CoAI 协议与 Proof-of-Intelligence 提供透明激励与治理机制，路线图涵盖算力网络、Agent 应用、Crypto-Native AI，到自治子网经济。总体而言，ChainOpera 兼具学术积累、产业落地与加密叙事，是观察 去中心化 AgentFi 赛道的重要窗口。

本报告梳理了 FedML → TensorOpera → ChainOpera 的演进路径：从“数据不出域、按贡献激励”的联邦学习，到企业级全栈 AI Infra，再到上链的去中心化 Agent 网络。ChainOpera 的核心在于通过 AI Terminal 与 Agent Social Network 将用户从“消费者”转变为“共创者”，并依托 Developer 平台与 Model & GPU 平台 构建多智能体协作与隐私训练的基础设施。其 CoAI 协议与 Proof-of-Intelligence 提供透明激励与治理机制，路线图涵盖算力网络、Agent 应用、Crypto-Native AI，到自治子网经济。总体而言，ChainOpera 兼具学术积累、产业落地与加密叙事，是观察 去中心化 AgentFi 赛道的重要窗口。

Undoubtedly, Pendle is one of the most successful DeFi protocols in this crypto cycle. With its unique yield-splitting and trading mechanism, Pendle has established itself as the “price discovery platform” for yield-bearing assets, and through deep integration with stablecoins and LST/LRTs, it has secured its position as the core “yield infrastructure of DeFi.” This article deconstructs Pendle from three dimensions—mechanism, strategy, and market cycle—systematically comparing the returns and r

Undoubtedly, Pendle is one of the most successful DeFi protocols in this crypto cycle. With its unique yield-splitting and trading mechanism, Pendle has established itself as the “price discovery platform” for yield-bearing assets, and through deep integration with stablecoins and LST/LRTs, it has secured its position as the core “yield infrastructure of DeFi.” This article deconstructs Pendle from three dimensions—mechanism, strategy, and market cycle—systematically comparing the returns and r

“Almanak Research Report: The Inclusive Path of On-Chain Quantitative Finance” reviews DeFi’s intelligence evolution, the application of quant strategies, and Almanak’s role in AgentFi. Positioned as a no-code quant sandbox, Almanak seeks to bring traditional quant logic on-chain and make it accessible to all. On-chain quant inherits models like trend-following, mean reversion, arbitrage, and market-making, but faces limits in liquidity, gas costs, and tooling. Today’s feasible strategies inclu

“Almanak Research Report: The Inclusive Path of On-Chain Quantitative Finance” reviews DeFi’s intelligence evolution, the application of quant strategies, and Almanak’s role in AgentFi. Positioned as a no-code quant sandbox, Almanak seeks to bring traditional quant logic on-chain and make it accessible to all. On-chain quant inherits models like trend-following, mean reversion, arbitrage, and market-making, but faces limits in liquidity, gas costs, and tooling. Today’s feasible strategies inclu