Ignas Criticizes KAST Token Plan: Massive Legal Compliance Investment, But Users' Actual Returns Remain Unclear

Odaily reports: Yi Lihua, founder of Liquid Capital, posted: "The short-term market has withstood this wave of black swans. Current midterm election expectations suggest Republicans will lose both chambers—if they win even one, that would be a positive. Meanwhile, US Treasury yields have already peaked, so there is significant divergence here. Many people are discussing an AI bubble, but AI demand is real—it's completely different from the internet bubble of the past. A short-term correction after overheating is very normal, and we are far from reaching major bubble territory."

Odaily Report: At 22:57, Tether Treasury burned 2 billion USDT on Ethereum.

Odaily Report: Tether CEO Paolo Ardoino stated that Tether has frozen over 4.5 million USDT related to the Mercado Bitcoin security incident.Mercado Bitcoin previously stated that a security incident occurred in one of its systems, with no customer losses and no data breach; as a precautionary measure, the platform temporarily suspended deposits and withdrawals.

Odaily report: Anthropic's third-quarter revenue, through September 30, approached $17 billion, a 12-fold increase year-over-year—a performance poised to further fuel market expectations for the AI company's IPO, which could set a record in listing scale.According to a filing Anthropic submitted to the U.S. Securities and Exchange Commission on Monday, the Claude platform developer posted a net loss of $23.3 billion for the three months ended September, compared with a net loss of $12.1 billion in the same period last year. Quarterly operating expenses rose to $17.5 billion, up 292% year-over-year.The filing shows Anthropic currently carries total contracted and other committed spending of $895 billion, most of which relates to compute and infrastructure. Approximately $448 billion is expected to be incurred by the end of 2030, with about $70 billion payable within the 12 months ending September 2027. Anthropic filed for its initial public offering (IPO) on October 26 and plans to list before the U.S. Thanksgiving holiday. People familiar with the matter previously said the company aims to raise an amount equal to or exceeding the $86.2 billion SpaceX raised at its listing.

Odaily reports: DeFi researcher Ignas has published a critique of the growing dominance of legal counsel in the crypto industry, citing Coinbase CEO Brian Armstrong's view that lawyer-led companies may avoid getting into trouble, but may also lose their ability to innovate as a result.Regarding KAST's recently announced points conversion plan, Ignas stated that even if the project team spends millions of dollars hiring lawyers, what users will ultimately receive remains unclear. Tokens often fail to align with community interests and may even become tools for the team or insiders to extract value, lacking ownership and other legal rights. However, tokens may still offer functionality that equity cannot provide. Ignas called on project teams to invest resources in designing tokens that truly align with community interests, and listed KAST alongside Pump, OpenSea, and MetaMask on what he called a "disappointment list," arguing that these projects' previous promises have not been fulfilled.

According to MSX.COM data, Marvell Technology (MRVL) fell 5.15% to $186.28, while Lumentum (LITE) dropped 9.45% to $761.285. The two companies had previously announced a merger agreement.