BitHappy
@BitHappy
Builder | PM & Dev | On Binance Feed & BitHappy.xyz | X: @BitHaHa | Tip: Always read till the end 🌟
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Do cryptocurrencies need market makers?
Market makers provide both buy and sell quotes, creating a token trading service provider with liquidity and depth.
➬ There is no market maker, the trading depth is insufficient, users cannot sell tokens at the holding price, nor can they buy the required number of tokens, which increases transaction costs
For example, in an order book-based transaction, if you want to buy 10 tokens, if there is a market maker that provides sufficient liquidity and the price of each token is 4000U, you only need to spend 40000U to buy 10 tokens; on the contrary, if there is no market maker to guarantee sufficient liquidity, the possible situation is 5 sell orders of 4000U and 5 sell orders of 5000U, and your purchase of 10 tokens will cost 45000U, which is 5000U more than with a market maker.
➬ There is no market maker, the trading depth is insufficient, users cannot sell tokens at the holding price, nor can they buy the required number of tokens, which increases transaction costs
For example, in an order book-based transaction, if you want to buy 10 tokens, if there is a market maker that provides sufficient liquidity and the price of each token is 4000U, you only need to spend 40000U to buy 10 tokens; on the contrary, if there is no market maker to guarantee sufficient liquidity, the possible situation is 5 sell orders of 4000U and 5 sell orders of 5000U, and your purchase of 10 tokens will cost 45000U, which is 5000U more than with a market maker.
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Token Economics Decoded: From Circulation to Empowerment, a Must-Read Guide for Investors
Token economics sounds pretty intimidating. I remember when I first read the project white paper, I skipped this part directly. After all, I had never studied economics. 🤣
In fact, token economics mainly talks about two things. One is the information about the number of tokens, such as the total amount, circulation amount, unlocked amount, etc. The other is the role of tokens in a project or ecosystem, which is often called empowerment. For example, $ETH is used to pay for Gas.
Next, follow my thoughts on token economics!
➤ About the number of tokens:
The basic information of a token includes at least a few points: the total supply of tokens, the initial circulation of tokens, and the distribution of tokens (project owners/early investors/community airdrops). From these, we can deduce some indicators of whether it is worth buying:
In fact, token economics mainly talks about two things. One is the information about the number of tokens, such as the total amount, circulation amount, unlocked amount, etc. The other is the role of tokens in a project or ecosystem, which is often called empowerment. For example, $ETH is used to pay for Gas.
Next, follow my thoughts on token economics!
➤ About the number of tokens:
The basic information of a token includes at least a few points: the total supply of tokens, the initial circulation of tokens, and the distribution of tokens (project owners/early investors/community airdrops). From these, we can deduce some indicators of whether it is worth buying:
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🌅 Last week's top ten revenues in the "Decentralized Exchange/DEX" sector!
$RAY returns to first place! Revenue increased from $23.14M to $37.44M, a growth of 60%, thanks to AI Agent leading a host of MEME selections to continue launching on Solana!
$UNI ranks second, from $24.88M to $32.49M, a growth of 30%, hmm, not sure why. However, the day before yesterday, Uniswap launched an update for cross-chain functionality, but the OKX wallet has had it for a while and does it well.
$CAKE ranks third, dropping from $44.26M to $23.95M, a decline of 40%, likely due to issues with last week's statistics.
BNB Chain has been working hard, but always seems a bit slow; recently, they have been pulling projects to BNB Chain for development.
This includes but is not limited to daily airdrops of 33 BNB, gas-free stablecoin transfers, and attracting projects from other chains to BNB Chain, such as $ACT. Supporting their own chain's MEME, with good performers like $KOMA and $CHEEMS.
Now the trend has shifted to AI Agent; it seems BNB Chain doesn't have any good targets, which might be an opportunity worth paying attention to.
$HYPE ranks fourth, increasing from $7.43M to $8.19M, a slight increase of 10%. In the last issue, a friend mentioned that its revenue should include contract trading, but it will be used for buybacks. It's worth mentioning that in the AI Agent craze, I know of two tokens that chose to launch on Hyperliquid, such as $FRAM and $VAPOR.
$AERO ranks fifth, increasing from $5.91M to $6.96M, a growth of 15%, also benefiting from the popularity of AI Agent, but Base cannot compete with Solana, which indirectly proves that AI Agent leans towards MEME.
$ORCA ranks sixth, increasing from $2.41M to $3.19M, a growth of 60%, with last week's growth exceeding 100%, and this week another 60%, looking impressive; Solana's traffic overflow is quite good.
$CETUS ranks seventh, with a decline of around 12%, but $SUI has reached a new high, breaking through 5U. Is it going to lead the SUI ecosystem to take off?
The remaining positions eight and nine are $JOE and $CRV and $SUN, with no changes in ranking, but $CRV and $SUN are heading downhill.
$RAY returns to first place! Revenue increased from $23.14M to $37.44M, a growth of 60%, thanks to AI Agent leading a host of MEME selections to continue launching on Solana!
$UNI ranks second, from $24.88M to $32.49M, a growth of 30%, hmm, not sure why. However, the day before yesterday, Uniswap launched an update for cross-chain functionality, but the OKX wallet has had it for a while and does it well.
$CAKE ranks third, dropping from $44.26M to $23.95M, a decline of 40%, likely due to issues with last week's statistics.
BNB Chain has been working hard, but always seems a bit slow; recently, they have been pulling projects to BNB Chain for development.
This includes but is not limited to daily airdrops of 33 BNB, gas-free stablecoin transfers, and attracting projects from other chains to BNB Chain, such as $ACT. Supporting their own chain's MEME, with good performers like $KOMA and $CHEEMS.
Now the trend has shifted to AI Agent; it seems BNB Chain doesn't have any good targets, which might be an opportunity worth paying attention to.
$HYPE ranks fourth, increasing from $7.43M to $8.19M, a slight increase of 10%. In the last issue, a friend mentioned that its revenue should include contract trading, but it will be used for buybacks. It's worth mentioning that in the AI Agent craze, I know of two tokens that chose to launch on Hyperliquid, such as $FRAM and $VAPOR.
$AERO ranks fifth, increasing from $5.91M to $6.96M, a growth of 15%, also benefiting from the popularity of AI Agent, but Base cannot compete with Solana, which indirectly proves that AI Agent leans towards MEME.
$ORCA ranks sixth, increasing from $2.41M to $3.19M, a growth of 60%, with last week's growth exceeding 100%, and this week another 60%, looking impressive; Solana's traffic overflow is quite good.
$CETUS ranks seventh, with a decline of around 12%, but $SUI has reached a new high, breaking through 5U. Is it going to lead the SUI ecosystem to take off?
The remaining positions eight and nine are $JOE and $CRV and $SUN, with no changes in ranking, but $CRV and $SUN are heading downhill.
BitHappy
--
Bullish
🌅 Last week's top ten revenues in the "Decentralized Exchange/DEX" track!
$CAKE revenue reached $44.26M, an increase of over 100% compared to last week, ranking first. PiPi hopes this is true.
However, on one day last week, Pancake's revenue data suddenly surged, and when PiPi checked the statistics on Dune and Token Terminal, there was no such surge, so it's hard to say who is more accurate. Let's check the data statistics next week.
$UNI fell nearly 50% to only $24.88M, ranking second. Bold guess: Did last week's sideways DeFi not trigger liquidations?
$RAY dropped by 28% to only $23.14M, ranking third. Solana's MEME continues to lack popularity!
$HYPE has finally been included in the statistics, ranking fourth, with a revenue of $7.43M. Is this considered high or low? Did it account for income from contract trading?
$AERO's revenue didn't change much, ranking fifth. It seems the AI Agent's popularity on Base was maintained last week.
$ORCA has performed quite well, ranking sixth, with an increase of over 100%. So what's the reason? Did it attract traffic from $RAY?
The remaining ranks seven, eight, nine, and ten: $CETUS, $JOE, $CRV, $SUN, although there were changes in rankings, the revenue drop was around 50%. No more comments.
🔔 Revenue is the fees after deducting expenses, such as the share distributed to token holders, roughly like this.
$CAKE revenue reached $44.26M, an increase of over 100% compared to last week, ranking first. PiPi hopes this is true.
However, on one day last week, Pancake's revenue data suddenly surged, and when PiPi checked the statistics on Dune and Token Terminal, there was no such surge, so it's hard to say who is more accurate. Let's check the data statistics next week.
$UNI fell nearly 50% to only $24.88M, ranking second. Bold guess: Did last week's sideways DeFi not trigger liquidations?
$RAY dropped by 28% to only $23.14M, ranking third. Solana's MEME continues to lack popularity!
$HYPE has finally been included in the statistics, ranking fourth, with a revenue of $7.43M. Is this considered high or low? Did it account for income from contract trading?
$AERO's revenue didn't change much, ranking fifth. It seems the AI Agent's popularity on Base was maintained last week.
$ORCA has performed quite well, ranking sixth, with an increase of over 100%. So what's the reason? Did it attract traffic from $RAY?
The remaining ranks seven, eight, nine, and ten: $CETUS, $JOE, $CRV, $SUN, although there were changes in rankings, the revenue drop was around 50%. No more comments.
🔔 Revenue is the fees after deducting expenses, such as the share distributed to token holders, roughly like this.
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This AI Agent lost more than 30% in its first battle with Stoic!
The dev didn’t run away, why is it falling? I can’t stand it, I increased my position!!!
I can’t lose in the first battle, and then I lost again in the second one! 🥺
The dev didn’t run away, why is it falling? I can’t stand it, I increased my position!!!
I can’t lose in the first battle, and then I lost again in the second one! 🥺
BitHappy
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Already bought, $Stoic was recommended by a friend in the group!
Group member’s original words: The first AI Agent-related analysis + copy trading tool on Solana, the Dev is from the original ai16z team, live broadcasting 14 hours a day to write code, and the development is about to be completed.
The market value when I bought it was 22.93M, and I have already lost money! 🤣
Group member’s original words: The first AI Agent-related analysis + copy trading tool on Solana, the Dev is from the original ai16z team, live broadcasting 14 hours a day to write code, and the development is about to be completed.
The market value when I bought it was 22.93M, and I have already lost money! 🤣
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After I said I wanted to embrace AI Agent today, many friends recommended $VIRTUAL $AI16Z $AIXBT to Pipi.
Thank you friends, the reasons for the recommendation are all right, such as: be a family together, buy the leader, buy the platform, other AI Agents will fall in batches, etc.
I have considered them all, but the current criteria for selecting coins are that the story must be attractive to Pipi, and then the market value must be lower.
Low market value means buying a currency that looks better in terms of profit and loss ratio, and even if you lose money, you are paying for your own preferences.
Most importantly, if you buy a large currency or a leader, it is not much different from Pipi's current holdings. The low risk represented by stability also means low returns.
🔔 This is just a temporary idea, and it will definitely change with the accumulation of experience!
Thank you friends, the reasons for the recommendation are all right, such as: be a family together, buy the leader, buy the platform, other AI Agents will fall in batches, etc.
I have considered them all, but the current criteria for selecting coins are that the story must be attractive to Pipi, and then the market value must be lower.
Low market value means buying a currency that looks better in terms of profit and loss ratio, and even if you lose money, you are paying for your own preferences.
Most importantly, if you buy a large currency or a leader, it is not much different from Pipi's current holdings. The low risk represented by stability also means low returns.
🔔 This is just a temporary idea, and it will definitely change with the accumulation of experience!
BitHappy
--
Currently intensively studying AI Agent, officially starting to embrace the "bubble", hoping to find opportunities from it! 🫡
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As we all know, the core application scenarios in the cryptocurrency space are asset trading and asset issuance.
Every bull market can only generate a wealth effect by allowing users to participate in new models of asset issuance and asset trading, which in turn triggers the phenomenon of leveraging funds within the space and attracting outside funds into the market.
However, under the premise of high valuations for projects and a severe imbalance between supply and demand, Meme coins have become the first breakthrough track.
Meme, characterized by its lack of VC funding and fair launch, generates a wealth effect through a model of rapid price surges with low market capitalization, and has also spurred new tracks for asset issuance (pumpfun) and asset trading (GMGN, TG Bot).
One of the most important features of Meme is that it has no practical use; this financial nihilism can deconstruct the maneuvering of VCs and is suitable for a minority of crypto users with IQs of 50 and 150.
For most practitioners and institutions with an IQ of 100, the difficulty of participation is still too great. It is hard to imagine explaining to the LP of a fund that the reason for investing in Moodeng is that it is too cute, while the reason for selling Moodeng is that it has become fat and no longer cute.
But the AI Agent can consolidate the consensus of the majority: with fund LPs, one can tell the story of investing in AI infrastructure; with Degen users of IQ 50 and 150, one can explain the logic of on-chain Meme and golden dogs; with crypto practitioners and VCs of IQ 100, one can discuss the logic of investing in AI Agent track projects.
In short, the AI Agent is the greatest common divisor of the Web3 industry in this cycle.
This paragraph from the article by XinGPT really enlightened Pipi!
👉 Original text: https://www.panewslab.com/zh/articledetails/si4j6mow.html
Every bull market can only generate a wealth effect by allowing users to participate in new models of asset issuance and asset trading, which in turn triggers the phenomenon of leveraging funds within the space and attracting outside funds into the market.
However, under the premise of high valuations for projects and a severe imbalance between supply and demand, Meme coins have become the first breakthrough track.
Meme, characterized by its lack of VC funding and fair launch, generates a wealth effect through a model of rapid price surges with low market capitalization, and has also spurred new tracks for asset issuance (pumpfun) and asset trading (GMGN, TG Bot).
One of the most important features of Meme is that it has no practical use; this financial nihilism can deconstruct the maneuvering of VCs and is suitable for a minority of crypto users with IQs of 50 and 150.
For most practitioners and institutions with an IQ of 100, the difficulty of participation is still too great. It is hard to imagine explaining to the LP of a fund that the reason for investing in Moodeng is that it is too cute, while the reason for selling Moodeng is that it has become fat and no longer cute.
But the AI Agent can consolidate the consensus of the majority: with fund LPs, one can tell the story of investing in AI infrastructure; with Degen users of IQ 50 and 150, one can explain the logic of on-chain Meme and golden dogs; with crypto practitioners and VCs of IQ 100, one can discuss the logic of investing in AI Agent track projects.
In short, the AI Agent is the greatest common divisor of the Web3 industry in this cycle.
This paragraph from the article by XinGPT really enlightened Pipi!
👉 Original text: https://www.panewslab.com/zh/articledetails/si4j6mow.html
BitHappy
--
Currently intensively studying AI Agent, officially starting to embrace the "bubble", hoping to find opportunities from it! 🫡
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Found an AI Agent game called The Farm in the information flow.
According to the introduction, it resembles the minimalist simulation management game Stardew Valley, and also appears to be similar to the pet-raising game Pokémon, claiming that pets and duel scenes can evolve automatically through AI Agents.
Sounds good, but after a bit of research, it turns out that the pets are actually raised by the project team’s AI, and the pet-raising phase has nothing to do with the users.
The real interaction occurs during the duel phase after the pets have evolved, where the core gameplay involves betting on which pet will win the duel, which is somewhat cliché.
Although the gameplay is quite different from expectations, a game with AI automatic evolution is still worth looking forward to.
Looking at the token aspect, I found that the token has already been issued, on Hyperliquid, named $FARM, with a current market value of 65 million USD, and a market cap of 30 million on the first day of trading.
🔔 The appeal is not enough, so I have given up, but the gameplay information may be inaccurate, so please be gentle! If anyone is interested, further research can be conducted based on PiPi.
According to the introduction, it resembles the minimalist simulation management game Stardew Valley, and also appears to be similar to the pet-raising game Pokémon, claiming that pets and duel scenes can evolve automatically through AI Agents.
Sounds good, but after a bit of research, it turns out that the pets are actually raised by the project team’s AI, and the pet-raising phase has nothing to do with the users.
The real interaction occurs during the duel phase after the pets have evolved, where the core gameplay involves betting on which pet will win the duel, which is somewhat cliché.
Although the gameplay is quite different from expectations, a game with AI automatic evolution is still worth looking forward to.
Looking at the token aspect, I found that the token has already been issued, on Hyperliquid, named $FARM, with a current market value of 65 million USD, and a market cap of 30 million on the first day of trading.
🔔 The appeal is not enough, so I have given up, but the gameplay information may be inaccurate, so please be gentle! If anyone is interested, further research can be conducted based on PiPi.
BitHappy
--
Currently intensively studying AI Agent, officially starting to embrace the "bubble", hoping to find opportunities from it! 🫡
See original
Already bought, $Stoic was recommended by a friend in the group!
Group member’s original words: The first AI Agent-related analysis + copy trading tool on Solana, the Dev is from the original ai16z team, live broadcasting 14 hours a day to write code, and the development is about to be completed.
The market value when I bought it was 22.93M, and I have already lost money! 🤣
Group member’s original words: The first AI Agent-related analysis + copy trading tool on Solana, the Dev is from the original ai16z team, live broadcasting 14 hours a day to write code, and the development is about to be completed.
The market value when I bought it was 22.93M, and I have already lost money! 🤣
BitHappy
--
Currently intensively studying AI Agent, officially starting to embrace the "bubble", hoping to find opportunities from it! 🫡
See original
Currently intensively studying AI Agent, officially starting to embrace the "bubble", hoping to find opportunities from it! 🫡
See original
YBB Capital mentioned in a report analyzing AI Agents and DeSci:
Both DeSci and AI Agents are driven by memes, but their fundamental properties differ from typical meme logic.
AI Agents leverage technological iteration, emphasizing product features that are "usable", "fun", and "valuable", making it easier to break boundaries through innovation within the community;
On the other hand, DeSci places greater emphasis on the driving forces of researchers in the real world and external influences, such as CZ and Vitalik.
It also points out that there are currently no projects in the DeSci field with a market capitalization (circulating market cap) exceeding 1 billion USD, whereas the total market cap of AI meme tokens is about 100 billion USD, indicating that DeSci has a larger growth potential.
The overall tone of the article leans towards DeSci, but it provides a detailed analysis of the two tracks of AI Agents and DeSci, describing several projects such as $AIXBT, $Virtuals, $AI16Z, $BIO, $RIF, $Scihub.
Original link: https://ybbcapital.substack.com/p/an-overview-of-popular-memes-driven
Both DeSci and AI Agents are driven by memes, but their fundamental properties differ from typical meme logic.
AI Agents leverage technological iteration, emphasizing product features that are "usable", "fun", and "valuable", making it easier to break boundaries through innovation within the community;
On the other hand, DeSci places greater emphasis on the driving forces of researchers in the real world and external influences, such as CZ and Vitalik.
It also points out that there are currently no projects in the DeSci field with a market capitalization (circulating market cap) exceeding 1 billion USD, whereas the total market cap of AI meme tokens is about 100 billion USD, indicating that DeSci has a larger growth potential.
The overall tone of the article leans towards DeSci, but it provides a detailed analysis of the two tracks of AI Agents and DeSci, describing several projects such as $AIXBT, $Virtuals, $AI16Z, $BIO, $RIF, $Scihub.
Original link: https://ybbcapital.substack.com/p/an-overview-of-popular-memes-driven
See original
The issue of "fake TVL" needs further explanation!
The post (quoted article) that Pipi posted during the day has a wide impact, which may have caused some misunderstandings and unnecessary concerns. It needs to be explained.
Originally, it was written for some technically possible paths for the situation of "TVL that signs but does not transfer Bitcoin", but as Xiaoyu said, Bitcoin needs to be transferred in the way of counting TVL.
Speaking of the caliber of TVL statistics, Pipi checked the official data panels, DeFiLlama data dashboards and Dune data dashboards of several projects, and studied the code of the Dune panel. The statistical methods of several well-known projects are indeed the total amount of Bitcoin on the relevant chains. Although there are differences in the TVL data of several platforms, they are very small and can be ignored.
This can confirm Xiaoyu's statement, that is, the TVL that can be checked on the chain is the on-chain TVL.
After saying this, let's talk about the "TVL that signs but does not transfer Bitcoin" that everyone said, which should also be technically feasible.
The implementation logic is to verify whether the corresponding relationship between "Bitcoin account", "UTXO ownership signature" and "corresponding UTXO has not been consumed" exists. If it exists, it can be understood as valid.
The signature information of UTXO ownership can be generated multiple times. As long as these signatures are not broadcast on the chain, they cannot be falsified. If there is no secondary verification on the chain, and the bitcoins represented by this part of the UTXO ownership signature are included in the TVL or this part of the signature that is considered to have real bitcoins is used to generate secondary packaged bitcoins on other chains, there will be fake TVL.
This should be the "fake TVL" of "TVL of signing but not transferring bitcoins" that is most discussed today.
🔔 But as Pipi said, it is theoretically feasible, but it does not mean that there are really projects doing this, and the logic is not necessarily correct. The two posts are not aimed at any project, but only discuss the feasibility of the technology.
The post (quoted article) that Pipi posted during the day has a wide impact, which may have caused some misunderstandings and unnecessary concerns. It needs to be explained.
Originally, it was written for some technically possible paths for the situation of "TVL that signs but does not transfer Bitcoin", but as Xiaoyu said, Bitcoin needs to be transferred in the way of counting TVL.
Speaking of the caliber of TVL statistics, Pipi checked the official data panels, DeFiLlama data dashboards and Dune data dashboards of several projects, and studied the code of the Dune panel. The statistical methods of several well-known projects are indeed the total amount of Bitcoin on the relevant chains. Although there are differences in the TVL data of several platforms, they are very small and can be ignored.
This can confirm Xiaoyu's statement, that is, the TVL that can be checked on the chain is the on-chain TVL.
After saying this, let's talk about the "TVL that signs but does not transfer Bitcoin" that everyone said, which should also be technically feasible.
The implementation logic is to verify whether the corresponding relationship between "Bitcoin account", "UTXO ownership signature" and "corresponding UTXO has not been consumed" exists. If it exists, it can be understood as valid.
The signature information of UTXO ownership can be generated multiple times. As long as these signatures are not broadcast on the chain, they cannot be falsified. If there is no secondary verification on the chain, and the bitcoins represented by this part of the UTXO ownership signature are included in the TVL or this part of the signature that is considered to have real bitcoins is used to generate secondary packaged bitcoins on other chains, there will be fake TVL.
This should be the "fake TVL" of "TVL of signing but not transferring bitcoins" that is most discussed today.
🔔 But as Pipi said, it is theoretically feasible, but it does not mean that there are really projects doing this, and the logic is not necessarily correct. The two posts are not aimed at any project, but only discuss the feasibility of the technology.
BitHappy
--
The 1800 BTC incident has caused a lot of buzz. I was interested in the fake TVL of Bitcoin ecosystem projects, so I went to learn more about it.
It's roughly like this. Since Bitcoin uses the UTXO (Unspent Transaction Output) model, the same UTXO can be "approved for use" multiple times.
UTXO can be understood as a banknote of any Bitcoin amount, and a Bitcoin account consists of multiple such banknotes.
For more UTXO content, you can read the referenced article 🔻
The problem lies in this "approval for use", which means: I "plan" to give the Bitcoin represented by this part of UTXO to a certain project party as TVL, but I don't actually transfer the Bitcoin to it, nor will I lock the Bitcoin.
It's a bit like Ethereum and Ethereum compatible chains giving the authority of the tokens in the wallet to other contracts, and the contract can actively transfer the tokens;
However, after this "approval for use" of Bitcoin, the project party still needs the user's consent before using this asset.
Then, this "approval for use" can be multiple times, that is, the Bitcoin represented by the same UTXO can have multiple "plans", such as approving the use of project A, project B, and project C at the same time. Perhaps this is really killing two birds with one stone!
The problem caused by this is not only the false TVL of a single project, but even repeated TVL.
Originally, Pipi thought it was a technical problem, but in fact, it is possible to avoid counting such invalid TVL when counting, such as only counting BTC that has actually been transferred to the project's multi-signature wallet or only counting BTC that has been locked in the project's smart contract.
However, this matter is now a Rashomon, and it is hard to say whether there are any products that really do this.
I don't know if my understanding of this false TVL is correct. If there is any error, please point it out!
It's roughly like this. Since Bitcoin uses the UTXO (Unspent Transaction Output) model, the same UTXO can be "approved for use" multiple times.
UTXO can be understood as a banknote of any Bitcoin amount, and a Bitcoin account consists of multiple such banknotes.
For more UTXO content, you can read the referenced article 🔻
The problem lies in this "approval for use", which means: I "plan" to give the Bitcoin represented by this part of UTXO to a certain project party as TVL, but I don't actually transfer the Bitcoin to it, nor will I lock the Bitcoin.
It's a bit like Ethereum and Ethereum compatible chains giving the authority of the tokens in the wallet to other contracts, and the contract can actively transfer the tokens;
However, after this "approval for use" of Bitcoin, the project party still needs the user's consent before using this asset.
Then, this "approval for use" can be multiple times, that is, the Bitcoin represented by the same UTXO can have multiple "plans", such as approving the use of project A, project B, and project C at the same time. Perhaps this is really killing two birds with one stone!
The problem caused by this is not only the false TVL of a single project, but even repeated TVL.
Originally, Pipi thought it was a technical problem, but in fact, it is possible to avoid counting such invalid TVL when counting, such as only counting BTC that has actually been transferred to the project's multi-signature wallet or only counting BTC that has been locked in the project's smart contract.
However, this matter is now a Rashomon, and it is hard to say whether there are any products that really do this.
I don't know if my understanding of this false TVL is correct. If there is any error, please point it out!
See original
Pipi thought he was an insider, but Web3 is really a complicated world!
This 1800 $BTC may be written into the history of Web3.
A lose-lose situation has been reached, 😮💨
This 1800 $BTC may be written into the history of Web3.
A lose-lose situation has been reached, 😮💨
See original
The 1800 BTC incident has caused a lot of buzz. I was interested in the fake TVL of Bitcoin ecosystem projects, so I went to learn more about it.
It's roughly like this. Since Bitcoin uses the UTXO (Unspent Transaction Output) model, the same UTXO can be "approved for use" multiple times.
UTXO can be understood as a banknote of any Bitcoin amount, and a Bitcoin account consists of multiple such banknotes.
For more UTXO content, you can read the referenced article 🔻
The problem lies in this "approval for use", which means: I "plan" to give the Bitcoin represented by this part of UTXO to a certain project party as TVL, but I don't actually transfer the Bitcoin to it, nor will I lock the Bitcoin.
It's a bit like Ethereum and Ethereum compatible chains giving the authority of the tokens in the wallet to other contracts, and the contract can actively transfer the tokens;
However, after this "approval for use" of Bitcoin, the project party still needs the user's consent before using this asset.
Then, this "approval for use" can be multiple times, that is, the Bitcoin represented by the same UTXO can have multiple "plans", such as approving the use of project A, project B, and project C at the same time. Perhaps this is really killing two birds with one stone!
The problem caused by this is not only the false TVL of a single project, but even repeated TVL.
Originally, Pipi thought it was a technical problem, but in fact, it is possible to avoid counting such invalid TVL when counting, such as only counting BTC that has actually been transferred to the project's multi-signature wallet or only counting BTC that has been locked in the project's smart contract.
However, this matter is now a Rashomon, and it is hard to say whether there are any products that really do this.
I don't know if my understanding of this false TVL is correct. If there is any error, please point it out!
It's roughly like this. Since Bitcoin uses the UTXO (Unspent Transaction Output) model, the same UTXO can be "approved for use" multiple times.
UTXO can be understood as a banknote of any Bitcoin amount, and a Bitcoin account consists of multiple such banknotes.
For more UTXO content, you can read the referenced article 🔻
The problem lies in this "approval for use", which means: I "plan" to give the Bitcoin represented by this part of UTXO to a certain project party as TVL, but I don't actually transfer the Bitcoin to it, nor will I lock the Bitcoin.
It's a bit like Ethereum and Ethereum compatible chains giving the authority of the tokens in the wallet to other contracts, and the contract can actively transfer the tokens;
However, after this "approval for use" of Bitcoin, the project party still needs the user's consent before using this asset.
Then, this "approval for use" can be multiple times, that is, the Bitcoin represented by the same UTXO can have multiple "plans", such as approving the use of project A, project B, and project C at the same time. Perhaps this is really killing two birds with one stone!
The problem caused by this is not only the false TVL of a single project, but even repeated TVL.
Originally, Pipi thought it was a technical problem, but in fact, it is possible to avoid counting such invalid TVL when counting, such as only counting BTC that has actually been transferred to the project's multi-signature wallet or only counting BTC that has been locked in the project's smart contract.
However, this matter is now a Rashomon, and it is hard to say whether there are any products that really do this.
I don't know if my understanding of this false TVL is correct. If there is any error, please point it out!
BitHappy
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Concepts that must be understood in the Bitcoin ecosystem: Satoshi and UTXO
This is a #比特币生态 series of articles, aiming at systematic learning and building a more complete knowledge system.
This article is the first one, focusing on Satoshi and UTXO, which is important basic knowledge to start understanding the Bitcoin ecosystem.
➤ Satoshi
Satoshi is called "Satoshi" in Chinese. It is a cryptographic primitive named after Nakamoto Nakamoto and is the smallest unit of Bitcoin. Each Bitcoin is made up of 100 million Satoshi. Satoshi was not well known in the past. People always used Bitcoin as their unit of measurement, even if it was 0.00000001 BTC. The popularity of Satoshi is due to Ordinals. As the price of Bitcoin rises, Satoshi will be mentioned more often in the future.
This article is the first one, focusing on Satoshi and UTXO, which is important basic knowledge to start understanding the Bitcoin ecosystem.
➤ Satoshi
Satoshi is called "Satoshi" in Chinese. It is a cryptographic primitive named after Nakamoto Nakamoto and is the smallest unit of Bitcoin. Each Bitcoin is made up of 100 million Satoshi. Satoshi was not well known in the past. People always used Bitcoin as their unit of measurement, even if it was 0.00000001 BTC. The popularity of Satoshi is due to Ordinals. As the price of Bitcoin rises, Satoshi will be mentioned more often in the future.
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AI Agent has become the hottest trend, the chart shows the "Top 30 AI Agent Projects by Market Capitalization"!
Current main arguments:
1️⃣ This is a MEME of shell AI Agents!
2️⃣ Web3 will give birth to its own AI infrastructure!
3️⃣ Embrace opportunities in the bubble!
Should we choose to embrace opportunities in the bubble, or watch the bubble grow larger? 🤔
Data from RootData!
Current main arguments:
1️⃣ This is a MEME of shell AI Agents!
2️⃣ Web3 will give birth to its own AI infrastructure!
3️⃣ Embrace opportunities in the bubble!
Should we choose to embrace opportunities in the bubble, or watch the bubble grow larger? 🤔
Data from RootData!
BitHappy
--
Bullish
We all have to embrace the opportunities in the bubble!
According to past rules, the start of a bull market will be accompanied by an increase in "Bitcoin market share" because Bitcoin is the core asset of Web3.
When Bitcoin's market share reaches a high point, market liquidity and investment sentiment will approach a critical point, and investors will need to find new investment targets, and then the Shanzhai season will come.
But the Shanzhai season needs new narratives to attract overflows from Bitcoin funds, such as the Chinese "meme culture" and English MEME that Chinese culture cannot directly understand, as well as DeFi, GameFi, NFT, Metaverse, World Computer, etc.
According to this logic, the wealth-making stories in the currency circle have always been capital-first, not application-first. In other words, first the virtual and then the pragmatic!
This is also an important reason why everyone is chasing new narratives!
According to past rules, the start of a bull market will be accompanied by an increase in "Bitcoin market share" because Bitcoin is the core asset of Web3.
When Bitcoin's market share reaches a high point, market liquidity and investment sentiment will approach a critical point, and investors will need to find new investment targets, and then the Shanzhai season will come.
But the Shanzhai season needs new narratives to attract overflows from Bitcoin funds, such as the Chinese "meme culture" and English MEME that Chinese culture cannot directly understand, as well as DeFi, GameFi, NFT, Metaverse, World Computer, etc.
According to this logic, the wealth-making stories in the currency circle have always been capital-first, not application-first. In other words, first the virtual and then the pragmatic!
This is also an important reason why everyone is chasing new narratives!
See original
Why has the Gas on the Ethereum chain suddenly increased? Everyone must be doing something sneaky without me!
No way, I have to check it out, I can't miss any opportunities!
1. Open the Ethereum block explorer in the browser: Etherscan;
2. Click on Gas in the top left corner to view the Gas details interface;
3. Scroll down to find the contract address that consumes the most Gas;
4. Analyze the proportion of Gas consumed by small accounts, and click on the contract address ranked first;
5. It turns out that a project called XXX(BitmapPunks) is up to something!
6. Search the project name online/Twitter (if there's no name, directly search the contract address).
🔔 Did you learn it? No more worries about missing out on on-chain hot spots! You can lose money even faster now, yay!
No way, I have to check it out, I can't miss any opportunities!
1. Open the Ethereum block explorer in the browser: Etherscan;
2. Click on Gas in the top left corner to view the Gas details interface;
3. Scroll down to find the contract address that consumes the most Gas;
4. Analyze the proportion of Gas consumed by small accounts, and click on the contract address ranked first;
5. It turns out that a project called XXX(BitmapPunks) is up to something!
6. Search the project name online/Twitter (if there's no name, directly search the contract address).
🔔 Did you learn it? No more worries about missing out on on-chain hot spots! You can lose money even faster now, yay!
See original
The most favored phrase of 2024 is "Look inward," and I'm gradually putting it into practice!
Coincidentally, Teacher Wu recommended a book called "The Courage to Be Disliked" a few days ago, and I happened to encounter account limitations, so I had the time to read this book.
Upon flipping through it, I realized that the famous saying, "A person's life is always about compensating for the deficiencies of childhood," is a theory by Freud. Please don't mock, I haven't read much, 🤣
I also learned that Freud is associated with "causal theory," which means everything has a source.
In contrast, in "The Courage to Be Disliked," Adler represents "teleological theory," which states that the reason you cannot change is because you have made the decision to "not change."
It might be a bit convoluted, but the general idea is: you first decide not to change, and then you believe you cannot change. For instance, I used to go to KTV with friends and never sang, giving the reason that I can't sing, but in reality, I was afraid of singing poorly, providing myself with an excuse.
In life, when communicating with my close friends, I like to say that for everything, one should first find their own reasons, with the reasoning being, "You cannot change others, but you can change yourself." This aligns with Adler's "teleological theory."
Although many things in real life have reasons for happening, "teleological theory" often seems like a form of sophistry, but using "teleological theory" as a means of self-reflection can indeed help one improve!
I somewhat resent being too busy; this is the second time this year I've lamented that I should read more! 🥺
Coincidentally, Teacher Wu recommended a book called "The Courage to Be Disliked" a few days ago, and I happened to encounter account limitations, so I had the time to read this book.
Upon flipping through it, I realized that the famous saying, "A person's life is always about compensating for the deficiencies of childhood," is a theory by Freud. Please don't mock, I haven't read much, 🤣
I also learned that Freud is associated with "causal theory," which means everything has a source.
In contrast, in "The Courage to Be Disliked," Adler represents "teleological theory," which states that the reason you cannot change is because you have made the decision to "not change."
It might be a bit convoluted, but the general idea is: you first decide not to change, and then you believe you cannot change. For instance, I used to go to KTV with friends and never sang, giving the reason that I can't sing, but in reality, I was afraid of singing poorly, providing myself with an excuse.
In life, when communicating with my close friends, I like to say that for everything, one should first find their own reasons, with the reasoning being, "You cannot change others, but you can change yourself." This aligns with Adler's "teleological theory."
Although many things in real life have reasons for happening, "teleological theory" often seems like a form of sophistry, but using "teleological theory" as a means of self-reflection can indeed help one improve!
I somewhat resent being too busy; this is the second time this year I've lamented that I should read more! 🥺
See original
Following the Roam research article published a week ago, Roam's data continues to show a significant growth trend!
Number of nodes: increased from 1 million to 1.11 million.
Number of users: increased from 1.7 million to 1.8 million.
Roam continues to hold the top position in the DePINscan node rankings!
This achievement is attributed to Roam's launch of the Roam Discovery Ecosystem in collaboration with 20 partners on December 25.
Roam Discovery aims to build an ecosystem in partnership with collaborators, providing a range of software and hardware services to help partners accelerate and improve project development.
Specifically including: L1 network based on Router hardware, Proof of Presence protocol, WiFi node stack (Roam OS), global WiFi nodes, a large user base, and community resources, etc.
According to information disclosed by Roam, Roam will support innovative new projects to complete early development through community support.
Users can support various ecosystem innovation projects by staking $ROAM tokens. Roam Foundation will provide incentives for collaborative projects based on the amount of $ROAM staked by users, at a 1:1 ratio, thereby helping project parties build together in the Roam ecosystem and attract more new users to join the Roam network.
Currently, the first batch of 20 ecological partners covers multiple fields including Layer 1, PayFi, and AI. For example, in the infrastructure field, IoTeX; in the PayFi field, Huma Finance and PolyFlow; and decentralized data solutions like Mind Network, etc.
Number of nodes: increased from 1 million to 1.11 million.
Number of users: increased from 1.7 million to 1.8 million.
Roam continues to hold the top position in the DePINscan node rankings!
This achievement is attributed to Roam's launch of the Roam Discovery Ecosystem in collaboration with 20 partners on December 25.
Roam Discovery aims to build an ecosystem in partnership with collaborators, providing a range of software and hardware services to help partners accelerate and improve project development.
Specifically including: L1 network based on Router hardware, Proof of Presence protocol, WiFi node stack (Roam OS), global WiFi nodes, a large user base, and community resources, etc.
According to information disclosed by Roam, Roam will support innovative new projects to complete early development through community support.
Users can support various ecosystem innovation projects by staking $ROAM tokens. Roam Foundation will provide incentives for collaborative projects based on the amount of $ROAM staked by users, at a 1:1 ratio, thereby helping project parties build together in the Roam ecosystem and attract more new users to join the Roam network.
Currently, the first batch of 20 ecological partners covers multiple fields including Layer 1, PayFi, and AI. For example, in the infrastructure field, IoTeX; in the PayFi field, Huma Finance and PolyFlow; and decentralized data solutions like Mind Network, etc.
BitHappy
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Tracking the project with the highest DePIN node count: Roam
Recently researching the DePIN project Roam, which ranks first in node count on DePINscan!
First, I can clearly tell everyone that the project team is up to something!
The project is not far from TGE, and PiPi is currently looking for ways to obtain low-cost chips while researching Roam's business and development roadmap, which should become one of the long-term projects to track.
This post is divided into three parts: 1. Basic information about the project; 2. How to earn chips; 3. Field expansion!
ℹ️ DePIN (Decentralized Physical Infrastructure Networks) is a decentralized physical infrastructure network that combines blockchain technology with real-world infrastructure, using a token incentive mechanism to build and operate distributed physical networks.
First, I can clearly tell everyone that the project team is up to something!
The project is not far from TGE, and PiPi is currently looking for ways to obtain low-cost chips while researching Roam's business and development roadmap, which should become one of the long-term projects to track.
This post is divided into three parts: 1. Basic information about the project; 2. How to earn chips; 3. Field expansion!
ℹ️ DePIN (Decentralized Physical Infrastructure Networks) is a decentralized physical infrastructure network that combines blockchain technology with real-world infrastructure, using a token incentive mechanism to build and operate distributed physical networks.
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🎉 Happy New Year, the invitation for 2025 has been received!
Let's set off together and add zeros to our assets with Binance in the new year!
Let's set off together and add zeros to our assets with Binance in the new year!
See original
It should be said that #Bluefin 's operation rhythm is really to Pipi's taste!
At 4 pm today, $BLUE was launched on a certain spot exchange, and it was also a strong period for a certain exchange. The core of Pipi's first article on Bluefin is strength, that is, go with the trend!
According to the announcement of a certain exchange, Bluefin is already the protocol with the largest total transaction volume on Sui. Since its launch in September 2023, the transaction volume has exceeded $40B, with 131,754 users and $90M TVL.
Bluefin has controlled the operation rhythm step by step very well!
Early transfer from Arbitrum to Sui ushered in the strong period of Sui ecology;
Hyperliquid happened to be popular at the time of TGE, driving everyone's attention to the on-chain contract track;
It was launched on a second-tier exchange half a month ago, and today it was launched on a strong exchange.
These rhythms bring Bluefin an increase in users and transaction volume, which will eventually be reflected in the coin price.
🔔 Pipi plans to buy back some of the $BLUE chips that were sold at 0.8U, and make a move in the afternoon, hahahaha!
At 4 pm today, $BLUE was launched on a certain spot exchange, and it was also a strong period for a certain exchange. The core of Pipi's first article on Bluefin is strength, that is, go with the trend!
According to the announcement of a certain exchange, Bluefin is already the protocol with the largest total transaction volume on Sui. Since its launch in September 2023, the transaction volume has exceeded $40B, with 131,754 users and $90M TVL.
Bluefin has controlled the operation rhythm step by step very well!
Early transfer from Arbitrum to Sui ushered in the strong period of Sui ecology;
Hyperliquid happened to be popular at the time of TGE, driving everyone's attention to the on-chain contract track;
It was launched on a second-tier exchange half a month ago, and today it was launched on a strong exchange.
These rhythms bring Bluefin an increase in users and transaction volume, which will eventually be reflected in the coin price.
🔔 Pipi plans to buy back some of the $BLUE chips that were sold at 0.8U, and make a move in the afternoon, hahahaha!
BitHappy
--
Still, one must go with the flow. Recently, community members chose MOVE in $MOVE and $BLUE.
He said he really likes chain abstraction, which is fair. The narrative of chain abstraction is indeed more grandiose, able to solve many existing underlying problems, such as liquidity fragmentation and high barriers to entry.
But what is the hottest trend right now? It's the 'on-chain contract exchanges' driven by Hyperliquid and the new highs brought about by Sui's 'Sui ecosystem'!
The 'momentum' brings not only the heat of discussion but also the influx of funds.
Everyone knows that when PiPi was at 0.16U, he did not manage to increase his position in BLUE, and we also know that PiPi exchanged part of his BLUE chips for stablecoins at 0.8U and deposited them in Bluefin for stablecoin mining.
However, PiPi's funds did not flee the Sui chain; he is still looking for opportunities to buy back BLUE!
After all, Bluefin is already the absolute leader in the Sui chain derivatives track, and according to DeFillama's 24-hour income data, Bluefin ranks fourth in the derivatives track and eighth in the decentralized exchanges track, when previously it was not even in the top ten.
Just like PiPi wrote in his first tweet #Bluefin , strong! Strong! Still strong!
🔔 Go with the flow, friends! #DEX #Derivatives
He said he really likes chain abstraction, which is fair. The narrative of chain abstraction is indeed more grandiose, able to solve many existing underlying problems, such as liquidity fragmentation and high barriers to entry.
But what is the hottest trend right now? It's the 'on-chain contract exchanges' driven by Hyperliquid and the new highs brought about by Sui's 'Sui ecosystem'!
The 'momentum' brings not only the heat of discussion but also the influx of funds.
Everyone knows that when PiPi was at 0.16U, he did not manage to increase his position in BLUE, and we also know that PiPi exchanged part of his BLUE chips for stablecoins at 0.8U and deposited them in Bluefin for stablecoin mining.
However, PiPi's funds did not flee the Sui chain; he is still looking for opportunities to buy back BLUE!
After all, Bluefin is already the absolute leader in the Sui chain derivatives track, and according to DeFillama's 24-hour income data, Bluefin ranks fourth in the derivatives track and eighth in the decentralized exchanges track, when previously it was not even in the top ten.
Just like PiPi wrote in his first tweet #Bluefin , strong! Strong! Still strong!
🔔 Go with the flow, friends! #DEX #Derivatives
See original
Let's talk about the cryptocurrency part in "Squid Game 2", spoiler alert!
Basically, a YouTube KOL recommended a coin to their fans, the coin surged and then went to zero, trapping a bunch of people in leveraged trading, and at the same time, this KOL also lost a ton of money trading with borrowed funds.
In the end, they encountered the fans they scammed in the Squid Game, were threatened and beaten by the fans, and even met a girl who got pregnant by him.
With this KOL's image, Pi Pi wants to give this show a score of 0, as it severely damages the reputation of KOLs. However, thankfully, Pi Pi is a blogger, not a KOL. 🐶
That said, it does serve as a warning: don't borrow money to trade cryptocurrencies; only invest money you can afford to lose!
Basically, a YouTube KOL recommended a coin to their fans, the coin surged and then went to zero, trapping a bunch of people in leveraged trading, and at the same time, this KOL also lost a ton of money trading with borrowed funds.
In the end, they encountered the fans they scammed in the Squid Game, were threatened and beaten by the fans, and even met a girl who got pregnant by him.
With this KOL's image, Pi Pi wants to give this show a score of 0, as it severely damages the reputation of KOLs. However, thankfully, Pi Pi is a blogger, not a KOL. 🐶
That said, it does serve as a warning: don't borrow money to trade cryptocurrencies; only invest money you can afford to lose!
BitHappy
--
Finished watching "Squid Game 2," this unfinished Korean drama.
It's lamentable that South Korea's film and television industry seems to have truly been swallowed by American capital, ending up with that kind of unsatisfactory finish typical of American dramas.
Although I haven't watched many shows, most of the highly-rated American dramas revolve around the theme of "human selfishness."
Both seasons of "Squid Game" share this theme, leading to aesthetic fatigue, aesthetic fatigue!
Alas, the best Korean drama remains "Reply 1988"!
It's lamentable that South Korea's film and television industry seems to have truly been swallowed by American capital, ending up with that kind of unsatisfactory finish typical of American dramas.
Although I haven't watched many shows, most of the highly-rated American dramas revolve around the theme of "human selfishness."
Both seasons of "Squid Game" share this theme, leading to aesthetic fatigue, aesthetic fatigue!
Alas, the best Korean drama remains "Reply 1988"!