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deBridge Monthly Report is out, and a few key signals are worth highlighting. 1/ First, look at revenue. In March, protocol revenue was $481k, cross-chain transaction volume reached 533 million, with 217k transactions across 23 chains. In the current market environment, protocols that can generate this level of cash flow are few and far between. 2/ Next, where did the money go? The Foundation has been using protocol revenue to continuously buy back DBR on the open market, with a total of 481k so far.

Regarding SpaceX & Starlink: The last piece. The Nasdaq just experienced its worst quarter of the year, and the war is still ongoing. In this environment, submitting an IPO, Musk's judgment is probably that the window won't get better, but it won't be so bad that it can't open. Besides whether you can buy in, there's one more thing worth noting. A $75 billion financing scale will draw a large amount of liquidity from the market.

Why is SpaceX's rocket business considered cool but not highly profitable? The real money-maker is Starlink. Now with over 10 million subscribers, last year's revenue surpassed $10 billion, and this year it is expected to reach $24 billion. There are few companies worldwide capable of providing satellite internet, and Starlink has captured the vast majority of the market. Rockets are responsible for launching satellites, while Starlink handles the monthly billing.

What does SpaceX have going for it? The timeline is all about SpaceX submitting an IPO application. It hasn't gone public yet, but its valuation is already three times the combined value of Boeing, Lockheed Martin, Airbus, and Northrop Grumman. However, its annual revenue is only 5% of theirs. If it happens, this will be the biggest IPO in human history. Saudi Aramco raised $29 billion in 2019, and SpaceX is 2.5 times that.

The experience from the Russia-Ukraine conflict in 2022 is that oil prices remained high for nearly half a year after the ceasefire expectations emerged. The inflation expectations that drove prices up, the lowered profit forecasts, and the disrupted supply chains all have lagging effects. From the start of the war on February 28th to now, oil prices have risen from $63 to $109, and US gasoline prices have broken $4. Yesterday, Bank of America raised its global inflation forecast for this year by 90 basis points and lowered GDP expectations by 40 basis points.

Crypto has never been short of threats. Mt.Gox, Luna, FTX—each time, someone says this time it's really over. And each time, it survives, and survives even stronger. The industry's ability to respond to these threats may be better than any traditional industry. Open-source communities, global developers, over a decade of upgrade experience. Segregated Witness in 2017, Taproot in 2021—each time, there was fierce debate, but in the end, they all got implemented. Google

Newcomers are asking if Bitcoin is still safe. Veteran investors are saying, "Here we go again, every year it's the same hype." Both sides have their reasons, but this time the paper is truly different from before. The previous industry consensus was that quantum computing would need millions of qubits to crack BTC, which is still far off. Google has designed two attack methods, each requiring only about 1200 to 1450 high-quality qubits.

Just after we finished talking about Zhang Xue, we saw industry movements. Lost her father at age 10, didn't graduate from middle school, rode a motorcycle in the rain for 3 hours at age 19 to chase a TV station—just for a chance to be seen. Founded her company in 2024, lost 22.78 million last year, and in January this year, her funding valuation reached 1.09 billion. The bike built last weekend crushed Ducati and Yamaha in WSBK, taking two championships. From being considered crazy by everyone to making everyone shut up, only two years have passed.

Zhang Xue arrived 20 years ago. How long have Saylor and Tom Lee been here? Zhang Xue's motorcycle went viral, and after looking into it, I couldn't hold back a bit. It also made me think of our crypto circle version of Zhang Xue. She didn't graduate from middle school, lost her father at age 10, and at 19, she rode a broken motorcycle in the rain chasing a TV station's car for three hours just to be filmed riding. In 2024, Zhang Xue Motorcycles will be established, and the first batch will be delivered in 2025.

Recently, I've been feeling it more and more when browsing social media. Exchanges, KOLs, retail investors—all discussions are converging on the same topic: tokenized US stocks, gold, and crude oil. In the past, these things had little to do with on-chain users; to buy Nvidia, you needed to open a US stock account, and to trade gold, you had to go to a bank or futures platform. Now, you can trade directly from your wallet. But the trend has shifted now—the U.S. SEC has approved Nasdaq's framework.

The hardest part of this bear market isn't losing money, it's opening Twitter and seeing that everyone you follow has stopped talking about crypto. 😂 Half of the timeline is about gender conflicts, and the other half is riding social hot topics... And they are all acquaintances. Plus, you know that just a few weeks ago, they were writing on-chain analysis and project research. No wonder. Elon Musk's creator incentives are based on engagement, and the crypto content ceiling is just like that—posting a casual gender topic easily hits over 100,000 views.

In 2022, the U.S. stock market also declined for several months in a row. The reason at the time was interest rate hikes. But what happened afterward? In 2023, the Nasdaq rose by 43%. Those who bought in that year are now reluctant to talk about how scared they were back then. It’s not to say that now is the bottom. Oil prices are still rising, interest rate expectations are still changing, and there are no signs that the war has ended. But one fact is worth remembering: in Q1 2026, the AI industry will accomplish more than it did throughout all of 2025.

So the current situation is like this: AI products are accelerating, Gemini users have increased fourfold. AI infrastructure is speeding up, Nvidia is in high demand. AI applications are advancing, Claude Cowork has wiped out 300 billion in SaaS market value in ten days. But AI stocks are plummeting—not because AI is failing. It's because Iran is blocking oil tankers from passing through the strait. The technological revolution and the oil war are fighting in the same month; for now, oil is winning. This mismatch won't last forever.

The AI industry is experiencing its fastest quarter ever, but AI stocks are going through the worst month since 2022. The Nasdaq officially entered correction yesterday, dropping over 10% from its October high. U.S. stocks have declined for five consecutive weeks, the longest since 2022. Yesterday alone, the Nasdaq fell 2.38%, and the tech sector dropped 2.74%. Meta declined 10% in one week. Storage chip stocks collectively plummeted. The S&P also experienced significant declines.

Opportunity or risk? Here's an expert opinion. Google's parent company Alphabet has a forward PE ratio of only 18, lower than the average of the S&P 500... Gemini's market share has increased from 5% to 21% in a year, Google Cloud's quarterly revenue exceeded $15 billion, a 34% growth, search revenue is accelerating again, Waymo autonomous driving is expanding into cities, and their self-developed AI chip TPU is beginning to compete for Nvidia's customers... Both Anthropic and Meta are using these self-developed AI chips.

A deeply genuine confession on the timeline, resonating deeply. An 8-year journey for a post-95 individual: experiencing the 2018 bear market, the 2021狂暴大牛, the 2024 inscription feast, and the 2025大清洗. From thinking I was invincible with hands in my pockets, to reaching an asset peak of 5 million, and finally left with only a Xiaomi SU7 Max and a mountain of debt. In the industry, earning 1 million may rely on luck and courage, but maintaining 5 million definitely depends on character and discipline.

Opportunity or risk? Here comes the expert
Google's parent company Alphabet has a forward P/E ratio of only 18, lower than the average of the S&P 500...
Gemini's market share has increased from 5% to 21% in one year,
Google Cloud's quarterly revenue exceeded $15 billion, up 34%,
Search revenue is accelerating again, with Waymo expanding in cities,
Their self-developed AI chip TPU is starting to take customers from Nvidia... Anthropic and Meta are both using it.
This company owns one of the world's best AI large models and one of the best AI chips globally—there's no second one on the planet.
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A counterintuitive data point: Buy gold in turbulent times???
Gold just set a record not seen in 106 years. Down for 10 consecutive days, the last time this happened was February 1920.
From the January high, gold has fallen 27%, dropping from $5600 to a low of $4090.
Last week alone saw an 11% decline, the worst week since 1983. CNN reports gold has fallen more than 14% since the war began.

# A Counter-Intuitive Data Point: Buy Gold in Chaotic Times???
Gold just set a record it hasn't seen in 106 years. Down 10 consecutive days—the last time this happened was February 1920.
From the January high, gold has fallen 27%, dropping from $5,600 to a low of $4,090.
Last week alone, it fell 11%—the worst week since 1983. CNN reports that since the war started, gold has dropped over 14%.
Faced with a real war, the world's oldest safe-haven asset collapsed.
But BTC didn't.
While gold was plummeting 11% in a single week last week, BTC ETFs saw consecutive four-week net inflows, with $95 mill

Most projects' buybacks are just for PR, but deBridge's buyback program is more like an obsessive-compulsive habit. Buying during bull markets, buying during dips, buying even during sideways movements—never missing a single day for nine consecutive months. Every penny earned is fully reinvested into buybacks, accumulating 478 million DBR, nearly 5% of the total supply. The treasury and reserve fund holdings amount to 30 million, with a circulating market cap of less than 80 million. The project's delivery capability is visibly strong and reliable.