温馨提示：本站仅提供公开网络链接索引服务，不存储、不篡改任何第三方内容，所有内容版权归原作者所有
AI智能索引来源：http://www.bee.com/ja/62763.html
点击访问原文链接

Circle’s acquisition of Axelar sparks controversy: The giant only wants people, not the cryptocurrency. | Bee Network

进入原网站 导航首页
Circle’s acquisition of Axelar sparks controversy: The giant only wants people, not the cryptocurrency. | Bee Network Login トレンドニュース ミーム・ローンチパッド AIエージェント デサイ トップチェーンエクスプローラー 初心者向け 100x コイン ビーゲーム 重要なウェブサイト 必須のアプリ クリプトセレブリティ デピン ルーキーズ・エッセンシャル トラップディテクタ 基本的なツール 高度な Web サイト 交換 NFTツール こんにちは、 サインアウト Web3 ユニバース ゲーム ダップ ミツバチの巣 成長するプラットフォーム 広告 検索 英語 コインをリチャージする ログイン ダウンロード Web3 ユニ ゲーム ダップ ミツバチの巣 広告 ホーム-分析-Circle’s acquisition of Axelar sparks controversy: The giant only wants people, not the cryptocurrency. Circle’s acquisition of Axelar sparks controversy: The giant only wants people, not the cryptocurrency.分析3ヶ月前更新ワイアット 19,120 23 Author｜Azuma ( ゆーすけ )

In the early hours of December 16th, stablecoin giant Circle officially announced that it had completed the signing of an agreement to acquire the core talent and technology of Interop Labs, the initial development team of the cross-chain protocol Axelar Network. This acquisition aims to advance Circle’s cross-chain infrastructure strategy and help Circle achieve seamless and scalable interoperability on its core products such as Arc and CCTP.

This was just another typical case of an industry giant merging with a top-notch team, seemingly a win-win situation. However, the key issue lies in the fact that Circle explicitly stated in its acquisition announcement that the transaction only involved the Interop Labs team and its proprietary intellectual property, while Axelar Network, the Axelar Foundation, and the AXL token would continue to operate independently under community governance, and Common Prefix, another contributing team to the original project, would take over Interop Labs’ original activities.

要するに、 Circle acquired the original development team of Axelar Network, but openly abandoned the Axelar Network project itself and its token AXL.

Affected by this sudden news, AXL fell sharply in the short term, and as of about 10:00 a.m. today, it was temporarily trading at $0.115, a 24-hour drop of 15%.

At the same time, the special circumstances surrounding the acquisition itself, which “want people but not tokens” and the resulting “equity vs. token” issue, have also sparked much discussion in the community, with supporters and opponents of this acquisition model holding their own opinions and arguing endlessly.

Opposing viewpoint: This is a disguised form of exploitation; Circle’s reckless actions only hurt token holders… The core of the opposing side consists of some venture capitalists, which is not hard to understand—”I invested real money in the project’s token rights and got a lot of tokens. Now you’ve lured away the people who did the work. What use is this token to me?”

Simon Dedic, founder of Moonrock Capital, commented: ” Another acquisition, another RUG . Circle’s acquisition of Axelar, while explicitly excluding the foundation and the AXL token, is practically a crime. Even if it doesn’t break the law, it’s unethical. If you’re a founder who wants to issue tokens: either treat it like equity, or get out of here.”

Mike Dudas, co-founder of The Block and founder of 6MV, commented: “To everyone who thinks this is a token vs. equity issue, I can tell you デフィnitively that this is entirely Circle’s doing . Rumors have it that Circle’s VP of Corporate Development told one of Axelar’s co-founders, ‘I don’t care about your investors,’ and ‘bought’ the CEO and IP right under their noses without paying any consideration, and these IPs and teams were crucial to Arc’s launch.”

The founder of Lombard Finance posted a chart showing AXL’s price movement and predicted: “The core team of Axelar has been bought by Circle, and AXL may now be worthless. It’s been over three years since the token was issued, and the team’s equity has already been fully realized . But this outcome is very unsettling: the team and/or investors sold tokens to profit, while token holders can only cling to a distant dream. “

ChainLink community leader Zach Rynes stated, “This once again exposes the token vs. equity conflict of interest that plagues the 暗号 industry. The development team behind the protocol was successfully acquired, while the token holders who funded the team received nothing. The so-called continued independent operation under community governance is tantamount to the development team abandoning users in pursuit of a better future. This is the primary issue that the industry urgently needs to address if we hope to attract real capital.”

SOAR Ecosystem Director Nicholas Wenzel stated, “The Axelar token is heading towards zero. Thank you for your participation. This is yet another acquisition where token holders gained nothing, while equity holders profited handsomely. “

Supporters argue that this is normal market behavior, and tokens are inherently at the bottom of the capital structure. If the opposing side focuses more on the unfair treatment of token holders, the supporting side will focus more on the market rules for financing and mergers and acquisitions.

Arca’s Chief Investment Officer, Jeff Dorman, believes Circle’s approach is sound and provides a lengthy explanation of corporate financing capital structures and the inherent disadvantages of tokens.

Companies raise funds through different tiers of capital structure, and these tiers have a clear priority order, with some tiers naturally taking precedence over others—secured debt > unsecured senior debt > subordinated debt > preferred stock > common stock > tokens.

Countless historical cases have shown that the interests of one type of investor are achieved at the expense of another type of investor.

In bankruptcy liquidation, creditors win at the expense of equity investors; In leveraged buyouts (LBOs), equity holders often profit at the expense of creditors; In take-under transactions, creditors typically have priority over equity holders; In strategic acquisitions, creditors and shareholders typically benefit (but this is not always the case). トークンs are often at the very bottom of the capital structure… This does not mean that tokens have no value, nor does it mean that tokens necessarily need some kind of “protection mechanism.” However, the market needs to recognize a reality: when a company acquires a company that is not valuable to begin with, and the tokens issued by that company are almost worthless, token holders will not receive a “magical dividend” out of thin air. In this case, the gains from equity are often achieved at the cost of token losses.

Electric Capital co-founder Avichal Garg commented, “This is normal. If all future value is created by the team, no company will be willing to pay returns to investors.”

The core question: What exactly is a token? In the acquisition saga between Axelar and Circle, where the latter prioritized the developers over the cryptocurrency, both sides seem to have valid points.

The opposition’s anger is genuine : token holders took on the risks when the project faced its most difficult period, when it desperately needed liquidity and narrative support, only to be completely excluded at the crucial juncture of value realization. In the end, the core team and intellectual property achieved value realization, while the tokens remained trapped in the vacuum of “community governance” narratives. The market gave its most direct vote through price, which will undoubtedly severely undermine the value of any token that holds true value.

The arguments of the supporters also have a realistic basis : from a strict capital structure perspective, tokens are neither debt nor equity, and naturally do not have priority in the context of mergers and acquisitions and liquidations. Circle did not violate existing business rules; it simply made a rational choice regarding the assets most valuable to it.

The real core of the conflict is not whether Circle is ethical, but a question that the industry has long deliberately avoided: what exactly is a token in the legal and economic structure?

When the future looks bright, tokens are implicitly considered “quasi-equity,” imbued with the illusion of claiming future success; however, in real-world scenarios such as mergers, bankruptcies, and liquidations, they are quickly reduced to their original form as “certificates without rights.” This narrative of equity-like representation, and its underlying structural flaws, is the root cause of recurring conflicts.

The Axelar acquisition may not be the last such controversy, but hopefully it can serve as an opportunity for the industry to further consider the positioning and significance of tokens. Tokens do not inherently possess rights; only institutionalized and structured rights will be recognized at crucial moments. The specific implementation still requires all practitioners to explore and practice together.

この記事はインターネットから得たものです。 Circle’s acquisition of Axelar sparks controversy: The giant only wants people, not the cryptocurrency.

Related: Why Perp DEX airdrops are still important: Three projects you can’t miss In a rapidly changing market, one opportunity consistently delivers substantial returns: airdrops from decentralized derivatives platforms. While areas like DePIN and artificial intelligence attract significant funding and attention, on-chain trading infrastructure still offers some of the most reliable asymmetric returns. This is because derivatives protocols generate genuine on-chain activity, measurable data, and a continuous flow of users. Unlike consumer protocols, which often struggle to distinguish between genuine users and malicious traffic, malicious DEX ecosystems reward genuine participation—making them particularly attractive to users willing to demonstrate real trading activity rather than simply running automated wallets. That said, timing is crucial. Some platforms have already completed their early distribution cycles, while others are still in their early stages, with loyal users still having the opportunity to significantly boost their rankings. Ideally, a…

#分析#暗号# デフィ# マーケット#トークン© 版权声明配列 上一篇 Crypto Coming of Age: 2025, a Restructuring of Institutions, Assets, and Regulation 下一篇 Bitcoin miners are abandoning mining and moving to the cloud. 相关文章 Weekly Funding Update | 14 Projects Received Funding, Total Funding Reaching $689 Million (October 13-19) 6086cf14eb90bc67ca4fc62b 15,959 South Korea retail crypto trading hits $18B, beating local stock market ビーインターン 74,848 111 BC.GAME announces $BC airdrop event to reward loyal players and distribute 200 million $BC tokens 6086cf14eb90bc67ca4fc62b 49,964 3 SECの「2年間のオンチェーン導入」予測：DTCC清算システムのトークン化再編 6086cf14eb90bc67ca4fc62b 17,635 3 Why has this Bitcoin cycle been prolonged? 6086cf14eb90bc67ca4fc62b 17,679 a16z: Arcade Token, the most undervalued token type. 6086cf14eb90bc67ca4fc62b 17,585 1 最新記事 Did Jane Street “Manipulate” BTC? Decoding the AP System, Understanding the Power Struggle Behind ETF Creation and Redemption Pricing 18時間前 563 Stop Comparing Bitcoin to Gold—It’s Now a High-Volatility Software Stock 18時間前 659 Matrixport Research: $25 Billion Gamma Unwinding Imminent, Liquidity Yet to Return Behind the Rebound 18時間前 602 ERC-5564: Ethereum’s Stealth Era Has Arrived, Receiving Addresses No Longer ‘Exposed’ 18時間前 535 Hong Kong Regulatory Green Light: Asseto Enables DL Holdings to Achieve Compliance for Two RWA Business Implementations 18時間前 595 人気のウェブサイトTempoLighterGAIBグライダープランクレイリーズBCPoker（ビーシーポーカーヴーイ Bee.com 世界最大の Web3 ポータル パートナー コインカープ バイナンス コインマーケットキャップ CoinGecko コインライブ 鎧 Bee Network APP をダウンロードして、Web3 の旅を始めましょう 白書 役割 よくある質問 © 2021-2026.無断複写・転載を禁じます。. プライバシーポリシー | 利用規約 Bee Networkアプリをダウンロード そしてWeb3の旅を始めましょう 世界最大のWeb3ポータル パートナー CoinCarp Binance CoinMarketCap CoinGecko Coinlive Armors 白書 役割 よくある質問 © 2021-2026.無断複写・転載を禁じます。. プライバシーポリシー | 利用規約 検索 検索インサイトオンチェーン社交ニュース 热门推荐： エアドロップハンター データ分析 クリプトセレブリティ トラップディテクタ 日本語 English 繁體中文 简体中文 Tiếng Việt العربية 한국어 Bahasa Indonesia हिन्दी اردو Русский 日本語

智能索引记录