IV. Crypto Asset Treasury (DAT): A Bridge for Traditional Investors

DAT lowers the entry barrier for traditional investors by wrapping crypto assets in a stock-like manner:

• U.S. crypto ETFs require local accounts, whereas listed companies (like Strategy) can directly hold digital currencies, providing more flexible financing channels.

• Market differences across regions (such as financing costs and investor structures) offer diverse pathways for DAT.

Zhao Changpeng emphasizes that DAT is an important channel for traditional capital to enter Web3, but its model must continue to innovate to adapt to regulatory and market changes.

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V. The Integration of AI and Web3: Disruptive Transformation of Trading Models

Zhao Changpeng believes AI will reshape crypto trading:

• Algorithm Optimization: AI-driven high-frequency trading and strategy optimization will enhance market efficiency.

• Risk Control: Machine learning can monitor abnormal trading in real time, reducing the risk of market manipulation.

• User Experience: The combination of smart contracts and AI may enable automated asset management, promoting the inclusivity of DeFi.