Eigenpie, a new member of the Restaking track, briefly talks about the rules:

1. Currently accepted LSTs: stETH, rETH, mETH, sfrxETH.

2. Earn 1 Eigenpie point for every 1 ETH worth of LST. A 2x bonus will be provided for the first 15 days.

3. Income structure: Eigenpie points + Eigenlayer points + LST basic income.

4. Benefits: $EGP IDO quota, 3M FDV valuation

$RUNE Thorchain’s native BTC trading volume reached $200 million yesterday.
The full-chain native asset Swap is still one of the sexiest narratives in this round of DeFi.

I took a look at Riema Labs - Nubit, which is indeed a real BTC ecological application. It is developing BRC-1310, which is a specialized, Bitcoin-native data availability standard:

1. Native DA layer:
BRC-1310 does not require relying on or trusting any third party other than the Bitcoin network itself, if compared to Celestia which provides a third party DA layer.

2. Increase data throughput:
BRC-1310 can significantly increase the speed at which the Bitcoin network processes transaction data without increasing pressure on the Bitcoin main chain. (The official statement is about a 100-fold increase in data throughput)

3. Reduce costs:
Reduce storage costs on the Bitcoin network by 99%.

4. Improve data accessibility
Not limited to transactional data, supporting a wider range of data types and applications.

----
1-4 These points are sexy enough, it just depends on how it goes on the ground.
😄

If ETFs don't pass in January, it may really be your last chance to get on board. #Bitcoin

以太坊叙事基本回归了，回顾一下经典DeFi资产

dex - $UNI $CRV
lending - $AAVE $COMP
Stablecoin / RWA - $MKR $FXS
Layer2 - $ARB $OP
LSD - $LDO $RPL
LSDFi - $LBR $PRISMA
Derivatives - $SNX $PENDLE

Today’s return to Ethereum is finally reflected in the price.

Laye2 rises
Old DeFi rises
LSDFi rises

- The LSDFi space is still huge, because there are only two assets you can buy. When this track rolls up, the overall market value will reach a new high.

- $ARB, which was once completely beaten by fud, doubled from a low of 0.8->1.6

- $OP will never look back

- LSDFi $LBR $PRISMA, which was knocked out of the pit by digging and selling, also returned in value

- $AAVE $MKR These two behemoths also have an increase of about 20%

- Some of the widows of DeFi 2.0 have also begun to show signs of recovery $BTRFLY $ALCX $TOKE

The biggest feature of this place is that if you are trapped, you can keep holding it until the day you get your money back. The speed of value return this time was indeed faster than expected, and most of it was lost.

With $ZERO reaching a new high, its forks are also springing up. Today I took a look at this "improved version" of $ZERO on Avalanche - Nullity $NULL

Core idea:

1. Random numbers calculated purely on the chain
2. Block "Crit"
3. Better common standards

First of all, how is the random number implemented on this chain?

The $ZERO random number publishes a relatively fair algorithm, but is actually calculated off-chain. The random number for $NULL lottery uses the data of future blocks, but the random number is not calculated in the current block to calculate the lottery.

It uses an algorithm called FutureHash Lottery, which uses the hash of the 3rd block and the difficulty data of the 4th block to calculate a random number, and then draws the lottery in the 5th block. Because no one can predict the block data that has not yet been generated in the future, the purity of the random numbers on this pure chain is still quite high.

To put it simply, you buy a lottery ticket on Monday and the lottery is drawn on Friday.

What is a block "crit"

Another interesting mechanism is Lucky Ticket. The difference from $ZERO is that the number of lottery tickets in each block is not fixed at 1, but the number of lottery tickets is randomly issued from 1 to 6. A maximum of 6 tickets can be issued in a block.

Then assume that the number of lottery tickets in the current block is the maximum 6:

If only one person participates in the current block, he will take over the entire prize pool and spend 1 mint to buy 6 lottery tickets. The winning rate is 600%. If 2 people participate, then each person’s winning rate is about 300 %.... This means that the smaller the number of participants in a block, the easier it is for a "crit" to occur.
💥

This setting is more friendly to retail investors. During the initial period of the test network, some people often achieved winning rates of more than 100%. In other words, if you have no script and little funds in your hand, you may just click a few times. excess returns.

In addition, in terms of protocol scalability, this completely on-chain computing method is more versatile and more suitable for standardization and unreliable use.

Mingwen is educating new and old leeks to become familiar with and understand each chain. Since DeFi Summer, and even since the birth of blockchain, there has been no better and more successful case of educating users than this.

It is expected that many tracks will start to counterattack the Inscription track in the future, and #DePIN has already started.

Many people ask which DePIN leaders are. In theory, $RNDR $HNT can be called the leaders in terms of market value and popularity. The most popular ones recently are $HONEY $MOBILE and there are more for you to discover.

Bull markets are all bubbles, embrace the bubble. DYOR

Coingecko already has a list: https://www.coingecko.com/zh/categories/depin

Thorchain $RUNE is one of the few DeFi narratives in this round that can keep up with the times. For DeFi veterans, in addition to mining and arbitrage every day, the sexy narrative is the full-chain native asset Swap.

1. The rise of Swap, the native asset of the whole chain, also indirectly benefits from the grand narrative of #BTCETF . Thorchain is almost the only way besides CEX to conduct native BTC transactions on the chain in a decentralized manner.

2. On the other hand, the popularity of the BTC ecosystem has also increased the transaction demand for native BTC.

3. In Thorchain’s flywheel effect, transaction volume is the engine that starts the flywheel. In Multicoin Capital’s research report, the operation of the flywheel:

(1) Higher trading volume -> Higher returns for LPs -> Attract more LPs -> TVL rises -> Better depth supports more trading volume
(2) Higher transaction volume -> Node incentives increase, TVL increases -> More RUNE pledges need to be purchased -> Network security improvements support more transaction volume

In the corner of the bull market, the Cosmos battlefield is also quietly igniting:

1. Neutron integrates Astroport and Mars Protocol

2. Osmosis merges with UX Chain and is known as the strongest dex+lending combination

3. Mint Cash Ignite $LUNC $USTC

4. TFL is providing liquidity to Terra 2.0 like crazy

5. Injective develops crazily with the help of Jump

6. Kujira is taking things steadily.

7. $ATOM emission reduction proposal passed

In 2014, I sold 30 BTC and started my crypto adventure. In the same year, I learned for the first time how crazy ICOs can be. Two years later, I experienced 94, went overseas with exchanges, witnessed the rise of Binance, Fcoin trading and mining, and in a blink of an eye, 2019-early 2020 I got to know DeFi and Compound liquidity mining, and then entered DeFi Summer, NFT Summer, the Metaverse, and the door to the new world opened, with gold everywhere, and finally found that it was not easy to buy back the 30 BTC that year.

The "formal" and "correct" understanding of $USTC :

---- #USTC

1. The information gap behind the surge

It is not a community proposal circulated by the outside world. That proposal has not yet entered the voting stage and is just a discussion on a forum. The core reason is more likely to be the new project Mint Cash and the new version of Anchor Protocol that Anchor team members will soon participate in.

2. What is Mint Cash?

A BTC-collateralized stablecoin system based on the original Terra Classic codebase.

3. What is the connection between Celestia+Nomic+Anchor and Celestia+Nomic+Anchor?

Mint Cash is an IBC chain derived from Terra Classic, so the DA layer should use Celestia. The issuance of stable coins will use Nomic’s nBTC. A new version of the Anchor Protocol named Anchor Sail will be released in Mint Cash.

The new version of Anchor Sail plays a very important role in Mint Cash, playing a key role in the growth and anchoring of stablecoins.

4. Who are the team members?

The core developers come from the former Anchor team, as well as Aleph Research, and its developers are also planning to build Polaris EVM support based on the Cosmos SDK with CosmWasm and Berachain.

5. Mint Cash will be cold launched via $USTC in 2 ways.

(i) Hold $UST or $LUNA before the crash on May 10, 2022
(ii) Lock and destroy the specified amount of $USTC through the airdrop of Mint Cash

The airdrop algorithm here does not disclose the detailed calculation method, but the current statement is that USTC will be calculated at a valuation of US$1, which is also one of the market's fomo points.

6. What are the rewards?

This issue should be what the market is most concerned about. The current circulation of USTC is 9 billion. Many people use this number to directly push the valuation of new projects to nearly 10 billion. However, it is obvious that some of these circulating USTCs have entered new projects, which is reasonable. The status may be 1/3 or 1/2, that is, calculated based on 1 US dollar, the valuation of the new project is between 3 billion and 4.5 billion. The FDV of LUNA 2.0 is currently 800 million US dollars. How much does it cost based on 1 US dollar? You can calculate it yourself.

If calculated based on 0.014 before the market was opened, it would be about 40M-60M. According to current market feedback, the market believes that this valuation is low and the odds are high.

Of course, another question here is your expectations for the new team. After all, this is a project that currently only has one white paper. If you are a rational thinking investor, then you should get to know the team more deeply and read the white paper.But if you are an old degen, you will probably like it very much.

7. Market reaction.

From the concept of Celestia+Nomic+Anchor to the USTC market, it took 3-4 days or even a week. The currency price did not even have any fluctuations in the past few days. In addition, USTC's liquidity is very good, not hundreds of thousands or hundreds of millions. With the kind of depth that everything can pull away, the trading volume of Binance alone exceeded 100 million last night, and it continues to grow today.

The real reason for $USTC ’s rise comes from the former Anchor team’s plan to restart a stablecoin project, Mint Cash, which will be cold-started through $USTC . The current public information is:

1. The collateral for this stablecoin project is $BTC
2. USTC holders will be able to deposit into a contract in the future and will receive tokens for new projects.
3. The goal of this project is not to return USTC to US$1, but it will greatly increase the current value of USTC.

Possible income levels and fee switches for CoW Swap:

$COW has risen 350% in the past month

1. CoW Swap currently only has a 13% share of the DEX aggregator market, but has grown at a rate of 70% over the past 12 months.

2. CoW Protocol is famous for its product called CoWSwap, but less well-known is its product called MEV Blocker.

3. MEV Blocker was just launched in May 2023 and its transaction volume is already 72% higher than existing Flashbots.

4. Conservatively, CoW Protocol’s annual revenue could reach $8.4 million.
Profit is taken from positive quote deviation1, which generated over $3.1 million in revenue in the last 12 months.

5. $COW has been underperforming over the past 18 months. One of the reasons for this is the inflation reward paid to the solver. When the protocol is able to use profits to pay for this part, COW's inflation emissions will be reduced.

Many people don’t know the difference between the recently airdropped oracle project Pyth and Chainlink? How much is it worth?

⚔️

Chainlink - Push Oracle $LINK
Pyth Network - Low latency/pull oracle $PYTH

1. Data update

Push oracles employ a simple mechanism where they periodically "push" price data onto the chain at specific intervals or at different deviation thresholds.

Unlike "push" oracles that actively update data to the chain, pull oracles require users or so-called keepers to first actively request (or pull) price data. When the user or guardian gets the price, they will send the price data to the decentralized application (dAPP) while executing a transaction.

2. Application cases

Chainlink @chainlink is a famous example of a push oracle. At predetermined intervals, or if an asset’s price deviates by more than 0.5% since its last update, Chainlink “pushes” the latest market price data onto the blockchain.

Pyth Network @PythNetwork Low-latency oracles can update data almost instantly. For those DeFi products that require real-time data, such as in highly volatile markets or for specific financial instruments (such as derivatives, margin trading, etc.), low-latency oracles is very useful.

3. Market comparison

Users’ recognition of Chainlink is relatively high, largely because the current DeFi market products are still mainly lending, Swap, RWA, etc. These products are naturally more suitable for push oracles, and of course Chainlink’s excellent strategic layout , making it the current leader in the oracle market.

But if you have high expectations for the DeFi derivatives market, then low-latency oracles such as Pyth will have an increasing market share.

Paradigm invests in Blast: Ethereum Layer 2 with native yields on ETH and stablecoins

1. Blast natively participates in ETH staking, and the staking proceeds will be returned to L2 users and dapps.

2. It’s not just ETH on Blast that makes money. The same goes for stablecoins. When you bridge stablecoins like USDC, USDT, and DAI to Blast, it's deposited into an on-chain treasury protocol like MakerDAO, and the proceeds are passed back to Blast users via Blast's automated underlying stablecoin, USDB.

3. Paradigm led the investment with $20M, with participation from Andrew Kang, Hasu, foobar, Larry Cermak, egirl_capital and others.

#Paradigm #Layer2

LayerZero releases “ColorTrace” technology

1. In 2013, Vitalik Buterin (and others) wrote and published the “Colored Coins” white paper.

2. What are colored coins? It can be roughly understood as the unique serial number of the US dollar, so as to know the source of every US dollar in circulation.

3. Colored coins bring transparency - how each coin is minted and where it is used.

4. Colored coins bring data diversification of homogeneous tokens.

5. This technology is likely to play a prominent role in the field of off-chain mortgages or RWA stablecoins, making the off-chain source of each US dollar stablecoin more transparent and traceable.

#LayerZero

Nocturne - the privacy account protocol mainnet of Buterin Investment is online. Learn a few key points in the shortest time: (1-5)

1. Nocturne is a privacy account abstraction protocol.

2. Essentially it is a traditional Ethereum account, but with built-in asset privacy features.

3. Nocturne allows users to deposit or receive funds to private and hidden addresses in the Nocturne contract. Then, in the future, users can prove asset ownership with zero knowledge for arbitrary transactions or confidential transfers.

4. In order to minimize the inflow of illegal funds, initial deposits into Nocturne will first enter a contract called Deposit Manager. An off-chain participant called a "screener" will sign after determining that the deposit meets a certain compliance risk threshold. Verify and complete the deposit.

5. The preservation and execution of assets are separated. The deposited assets are held by the Teller contract, and the Handler contract will only request those assets that have been authorized to be operated, and then execute the contract call. Once the contract call is completed, the Handler will send any remaining or new funds back to the Teller.

#Nocturne

The Solana ecosystem has shown amazing explosive power. Neon EVM is the EVM on Solana. Its testnet now allows users to use tokens such as SOL, USDC and USDT to pay transaction fees instead of using the platform’s native tokens. It is expected to be deployed on the mainnet in Q1 of 2024. (💎It is said that NEON token has increased by 80% in 7 days)

$SOL #solana