In the recent activities on Binance, the most frequently asked question was "Which coins and narratives do you favor?" Happy's answer was based on the order of his positions.
They are $CAKE $BNB $CRV $UNI $IOTX $GMX, with CAKE being the largest position, and the others having similar proportions, together accounting for 80% of his total capital.
The underlying logic of the holdings:
1. Most of the holdings are in the "decentralized exchange" sector, with the core reason being that no business is more profitable than an exchange. In any ecosystem that prospers, the first to benefit is the Gas token, followed by the leading decentralized exchanges.
2. Holding $BNB serves two purposes: first, in asset allocation, BNB is relatively stable; second, it supports $CAKE. The underlying logic is that after the energy spillover from Binance behind BNB, the first beneficiary is the BNB Chain ecosystem, which allows CAKE to benefit directly.
3. $CRV currently has three concepts: "decentralized exchange," "stablecoin," and "RWA," and Happy is very fond of the veToken tokenomics model.
4. $UNI is mainly a bet on Ethereum; Happy's original largest positions were Bitcoin and Ethereum, with $ETH's cost around 1500 and $BTC's cost around 16,000. However, on August 5th, a liquidation was triggered, and he almost lost everything.
5. $IOTX is favored by Happy for its DePIN narrative. Although there are voices claiming DePIN is just a scheme, its vision is very promising and has already been proven feasible since Web2. However, in its Web2 version, its biggest problem was capital circulation, which happens to be solved by Web3. The reason for choosing IOTX is that it belongs to the infrastructure of DePIN, while application-layer projects are hard to emerge and are waiting for some phenomenal applications to be born.
6. $GMX is in the on-chain perpetual contract sector, which is also part of decentralized exchanges. The underlying logic for choosing this sector is simple: many people trade contracts, and on-chain contracts have almost no KYC issues, which helps avoid some regulatory problems. Participating in Hyperliquid is also for this reason.
Happy has shared these coins many times, and some thoughts have not been fully developed yet; updates will be provided when time permits.
In the upcoming "bull market," Happy's focus will be on the BNB ecosystem!
