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It's been about 4 months since Artemis II 🌑 These images will never get old
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这个月,马斯克的公司接连有大动作。 xAI:推出Grok 4.5,开源Grok Build,上线自动化任务,并把Grok接入Excel和Outlook,产品开始从聊天框进入编程和办公软件。 特斯拉:用19.5亿美元股票和股权奖励,收购一家未公开名称的AI硬件公司。 Model S和Model X产线已经拆除,原来的位置正在安装Optimus产线。 SpaceX:Starship第13次试飞释放20颗V3 Starlink卫星,NASA也决定在Artemis III飞船上安装两台Starlink激光通信终端。 公司还被曝开始拒绝部分2028年后的Falcon 9订单,准备把客户转向Starship。 Neuralink:展示试验参与者用意念控制电动轮椅。脑机接口的应用开始从控制电脑光标,延伸到现实设备。 The Boring Company:准备融资约40亿美元,目标估值200亿美元。上一轮融资后的估值约57亿美元,这次目标接近原来的3.5倍。 特斯拉正在把传统汽车产线让给机器人,SpaceX准备让Starship逐步接替Falcon 9,xAI也在把Grok从聊天产品推入编程和办公软件。 公司之间的资金关系也在加深。 特斯拉持有不到1%的SpaceX股份,第二季度还向SpaceX确认3.18亿美元销售收入。马斯克没有否认两家公司合并。 这轮调整需要的钱不少。 特斯拉预计2026年资本开支超过250亿美元,The Boring Company准备融资40亿美元,SpaceX也要承担火箭换代的成本。
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Yesterday’s Starship launch was a big win for NASA’s Artemis Program: SpaceX successfully relit a Raptor 3 engine in space, clearing Starship for orbital missions. This allows SpaceX to conduct orbital propellant transfer tests to refuel Starship before heading to the Moon.
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5,000ºF of pure fire!🚀🔥Watch this massive Solid Rocket Booster static test fire by Northrop Grumman at Promontory, Utah!This is what helps push NASA's SLS rocket into space for the Artemis moon mission.
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Full steam ahead this week at @NASA 🚀 🧑‍🚀 @Astro_Anil arrives at the ISS 🪐 Dragonfly progress ✈️ Future of autonomous flight 🤝 70 Artemis Accords signatories Here's your NASA Minute!
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The Artemis Accords continue to bring the world together around a shared vision for the peaceful future of exploration. Welcome, Mauritius, as the 70th signatory! Together, we’re building the partnerships that will help return humanity to the Moon, establish a permanent lunar presence, and prepare for Mars.
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During next year’s Artemis III mission, teams will practice rendezvous, docking, and proximity operations in low-Earth orbit
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This week, @NASA celebrated America's aerospace legacy while building its future 🇺🇸 ✈️ @Freedom250 flyovers in DC 🧑‍🚀 New crew prepares for the ISS 🌕 Artemis III assembly hits new milestones 🌎 Supporting global disaster response Here's your NASA Minute!
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吴说获悉,Circle 联合创始人兼 CEO Jeremy Allaire 发推表示,稳定币网络具有平台和网络效应特征,规模取决于应用集成、流动性和监管覆盖。USDC 目前已接入多类服务,并通过 CCTP、Gateway 等协议支持互操作性。根据 Artemis 数据,2026 年第一季度 USDC 链上交易额接近 30 万亿美元,占美元稳定币链上交易的 80%,USDT 占 20%,其余美元稳定币合计低于 0.5%。针对 OUSD,Allaire 称,免费铸造和赎回、收益共享及联盟治理模式仍需面对市场现实;Circle 与 Coinbase 的稳定币合作仍保持稳固。
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We’ve had lots of questions from our investor community looking for thoughts on OUSD, and so I thought I’d share my direct views here for anyone. Stablecoin networks are platform and network effect businesses that are established over a long period of time, tend towards winner-take-most market structures, and resemble other internet platform utility markets. There are several layers that drive this. First, stablecoin networks effectively act as public protocols and software layers on the internet and their network strength is a matter of the number and range of applications and services that integrate to the network. Every time a developer or service provider integrates to the network, it brings more network effects. This attracts more developers and adds more utility and more network effects. This then drives demand for the digital currency itself, which then reinforces these network effects through liquidity network effects. We have realized this at a massive scale with the USDC network today — thousands upon thousands of services integrate with our network, which in turn provides immense utility not just to each application, but to users as a whole who benefit massively from the reach and interoperability that exists. This drives user and developer preference further. We’ve invested in building that ecosystem over nearly a decade, and now it’s accelerating as mainstream institutions come onto the network, connecting their customers and users. We add to that utility by building software stacks that further expand and strengthen the network — protocols like CCTP and Gateway, which promote interoperability, safety and liquidity around the world. This expands the target surface area for app builders and developers, making it easy for them to tap into the liquidity and network effects that already exist. We are now seeing that stack get pulled into all kinds of chains, permissioned L2s, networks being built by governments, and so much more. The second layer is that of liquidity network effects. This is fundamental. Liquidity begets liquidity. For a stablecoin to achieve scale and utility, it needs to be highly liquid, both on a primary basis (e.g., through all the major financial market centers in the world, with world class direct banking liquidity) and on a secondary basis both by being available and tradeable for retail and institutional clients in every geography and against every fiat instrument in the world. People who want to access and move value need to be able to easily get in and out of that digital currency. Here, we’ve invested nearly a decade in building out that liquidity, and it is now entrenched in exchanges, DeFI venues, and with PSPs, payments firms, regional exchanges, and so many others. Establishing these liquidity network effects also involves building global regulatory infrastructure and ensuring that the stablecoin is available under various regimes around the world. Today, USDC is in the top 3 most liquid digital assets in the world, and it falls off sharply after that. BTC, USDT and USDC have extraordinary liquidity. The closest other dollar stables are like 10x smaller and that liquidity tends to be concentrated in promotional books in a single exchange, whereas USDC liquidity is dispersed widely across dozens and dozens of surfaces. Building this liquidity has been a nearly decade-long task that we continue. A third layer of network strength comes from the deep integration with the policy and regulatory environment — in many cases, years of effort to build licensing (e.g., USDC is the only large global stablecoin currently available in all of Europe or Japan), and more regimes for stablecoins are coming online, with Circle leading the way in ensuring that USDC is officially recognized, registered, licensed and accepted in the most important markets in the world. On the back of this is the work of building global banking, reserve management and treasury and liquidity management that can operate this on a nearly 24/7 basis in markets and banking systems globally. This globalization effort is a massive investment that we have made over the years. All of these investments by Circle and our global ecosystem of thousands of partners have delivered the net result of providing the world’s most trusted and available digital dollar infrastructure—a utility that any user, developer, or business can freely and easily tap into. And we do not intend to slow down. All of this compounds and shows in the numbers. In Q1 2026, according to third-party analysts (Artemis) who track stablecoin adoption, USDC handled nearly $30T in onchain transactions, representing 80% of all dollar stablecoin transactions on blockchains. USDT handled the remaining 20% of transactions. All of the combined remaining dollar stablecoins handled a total of 0% of transactions (i.e., < 0.5%). While other stablecoins may have some circulation, most of that is through promotions and incentives, the actual usage is extremely limited—because of the extremely limited liquidity and network utility that exists for these coins. But my thoughts on the competitive landscape are not just about the strength of our network—there are also considerations around any new initiative. Several perspectives and positioning have been shared about how something like OUSD improves on something like USDC. 1) Free mint and burn. The argument suggests that existing stablecoins charge burn fees, and payments firms should not need to pay these (despite the fact that the entire payment industry is built on small bps fees on various ingress and egress points on their networks). There are structural market realities built around the fact that some stablecoins impose very large redemption fees and have limited redemption facilities – the impact of this is that stablecoins with strong redemption facilities, good liquidity and no fees become the offramp for their competitor stablecoins. It may seem easy to say one will offer unlimited and free redeems, however market reality likely forces other behavior. This can be addressed – and is addressed by Circle – through contractual mechanisms vs. a blanket fee exemption. 2) Everybody wins and shares. While this sounds good in principle, the reality of the market and market opportunity is quite different. Today, Circle shares the majority of its income with its distribution partners, and we continue to lean hard into expanding those partnerships with leading companies across every sector of the market. However, we also retain significant income that allows us to invest in the massive market infrastructure that makes this such a powerful and valuable utility for the world to build on. Giving away all the income is a recipe for starving an infrastructure, systematically underinvesting and ensuring that your platform will remain limited in scope. Furthermore, Circle believes that the future stablecoin market is likely several orders of magnitude larger than it is today. We’re actively bringing partners into the USDC ecosystem through a diverse and growing set of partnership models that span our work with exchanges, custodians, payments firms, asset issuers and more. We are excited to continue to build with a “big tent mentality” where the entire ecosystem can grow value together. 3) A consortium where everybody has a voice. Perhaps I have a cynical view, but the track record of consortium products achieving scale, P/M Fit or even basic product agility is absolutely dismal, and while there are examples of financial consortia that operate utilities, they are predictably slow moving. Large groups of large companies coordinate poorly, have misaligned incentives, slow things down and rarely create the space for real durable innovation and competitiveness. They also typically, out of their own self-interest, starve the consortium itself on an operating basis. We actually tried this in the early days of USDC, and even with a very small group, ran into endless challenges and complexity. Smaller, tighter strategic collaborations and commercial partnership arrangements with product and platform builders that can drive forward independently will almost always outcompete large consortiums. But oftentimes when these get formed, everyone feels like they should put their logo on the list, kiss the ring, and make noise about openness. But typically those same firms will turn to their operating units and make the best decisions for their customers, which often means partnering with the market leader and building durable win-win partnerships. There’s also been a bunch of commentary on Circle's partnership with Coinbase and what this all means. Our stablecoin partnership with Coinbase remains as strong as ever, and I think we both see that enormous opportunity ahead to expand the USDC network. A final comment: Circle remains committed to supporting a wide range of different products and infrastructures, even when we might compete with different aspects of those partners’ products in other areas of our business. With OUSD, we work closely with many of the founding members, and we expect that those same members will remain large USDC partners and customers. At the same time, as Circle has diversified our product and platform stack, expanding across Arc, CCTP, CPN, StableFX, Agent Stack and many other areas, we continue to expand the partnerships and collaboration with many other stablecoin issuers — dozens of them — to help them launch on Arc, leverage our interoperability infrastructure, get supported in our Wallets and become settlement and FX options on CPN and StableFX. We are huge believers in growth in the stablecoin ecosystem and welcome OUSD as a new member of the community!
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