The 91st issue of Uweb’s famous teacher’s cutting-edge class: The three-pan theory helps you understand the underlying logic of the bull market. The following is the essence of the interaction between Uweb principal Yu Jianing and the author of the three-pan theory Encrypted Wei Tuo. Enjoy:
1. The Ponzi scheme is an inevitable product of human economic development and has promoted the expansion of credit. It becomes a scam only when it is used to make illegal profits and deceive investors.
The Ponzi scheme is often considered a scam, but in fact it is an inevitable product of human economic development. The Ponzi mechanism becomes a scam only when it is used for malicious purposes. First of all, it is necessary to clarify what a Ponzi scheme is: a Ponzi scheme is an economic system in which there is a mismatch between the demand for funds and the expected return, and this mismatch requires increasing funds to fill and resolve. To illustrate with a simple metaphor: in ancient times, people had no concept of currency, and transactions could only be exchanged for money and goods. Such an exchange is extremely inefficient because it is necessary to match the needs of the other party and it is impossible to form idle resources. With the emergence of credit currency, people can use a unified medium for transactions, reducing the difficulty and time of exchange. The introduction of credit currency can form an idle resource or idle currency state globally. In this case, the liquidity of currency is improved, resulting in a mismatch in expected returns. For example, people with idle currency can choose not to rush to consume, but use it for other investments, thus changing the local supply and demand relationship and price.

Uweb famous teacher's frontier course 90th issue: interest rate cuts are coming, will the market take off? The following is the highlights of the interaction between Uweb President Yu Jianing and EMC Labs Co-Founder Shang Silin, Enjoy:
1. The market generally expects the Federal Reserve to cut interest rates in September, and the focus is on the extent of the rate cut; the decline in Bitcoin reflects the market's concerns about the US economic recession
The September rate cut is almost a done deal. As early as the July Fed meeting, some members were inclined to cut rates, but they finally made a trade-off. At present, the market generally believes that the probability of a rate cut in September is very high. The focus of discussion is mainly on whether the rate cut will be 25 basis points or 50 basis points. Although there are very few voices that believe that the rate cut may be 75 basis points, this possibility is low. Since the last rate hike in July last year, the United States has experienced the highest interest rate environment in the past 25 years, which has lasted for more than a year. As to whether the US economy is on the eve of a recession, the market is also seeing more and more clear signs. Recent news also shows that major US institutions have revised non-farm payrolls data, with a downward adjustment of between 500,000 and 1 million. This revision further supports the expectation of a rate cut in September. The recent sharp drop in Bitcoin is related to the market's concerns about the US recession. Although there have been some adjustments since then, the impact of hurricanes in Texas in June has also made the employment data look slightly more optimistic.

Uweb famous teacher's cutting-edge course 89th Sol's next hot spot, the following is the interactive highlights of Uweb President Yu Jianing @Uwebdryu and Solana developer Xuan Rui @lvxuan147, Enjoy:
1. Solana is user-centric and focuses on ecological compatibility and scalability, which contrasts with ETH's academic infrastructure construction.
There are many "ETH killer" projects that have emerged, such as Polygon and Avalanche, but only Solana has really stood out in the current cycle, and the reason behind this is inseparable from its public chain ecology and founders. The best way to evaluate a chain is to pay attention to the dynamics of its founders, especially their speeches on social media: ETH founder Vitalik Buterin and Solana founder Anatoly Yakovenko often express their views on social media. By directly reading the content of these founders, you can gain an in-depth understanding of their vision and strategy for the public chain.

Previous article review:
模块化区块链七大主导叙事（一）
模块化区块链七大主导叙事（二）
模块化区块链七大主导叙事（三）
模块化区块链七大主导叙事（四）

Narrative 2: Data Availability Layer
2.1 Celestia: From modularization advocate to DA layer
Celestia first came into people's attention when Ethereum Rollup emerged. On the one hand, it advocates modular blockchain narrative, that is, a single chain can be split into several functional modules. On the other hand, it provides a new idea for Rollup, that is, data and consensus can be stored outside Ethereum (*Celestia's two pictures were widely circulated at the time. One is to split the single chain into: execution, liquidation, consensus + data, and the other is a picture called "Modular Stack" cited by Messari and Delphi Digital, which is actually a Rollup classification. Link: https://members.delphidigital.io/reports/the-complete-guide-to-rollups).