#美联储连续第七次维持基准利率不变 #1. **Overview of the incident**: Recently, OKX officially announced that some customer accounts had security incidents, but all affected users' problems have been or will be resolved satisfactorily. The incident has nothing to do with the user's choice of using Google Authenticator or SMS verification, but OKX recommends that users who have the conditions give priority to using Google Authenticator to enhance account security.

2. **Cause analysis**: It has been verified that someone forged judicial evidence documents and illegally obtained the information of a very small number of customers. The incident has been filed for investigation by the judicial authorities. This indicates that the leak may be related to insufficient internal security measures or the forgery of judicial documents.

3. **Safety measures**: In order to prevent similar incidents from happening again, OKX has optimized the judicial cooperation process, introduced a verification mechanism, improved the security level of AI face recognition, and plans to introduce an expiration mechanism for the certified addresses in the address book.

4. **Official response**: OKX apologizes for the community attention and time waste caused by the incident, and promises to continuously improve the security and service level of each product line. OKX COO Star said the company will redouble its efforts to promote product and technology advancements to ensure it remains at the forefront of the crypto industry.

5. **Other events**: In addition to the above events, there have been reports of stolen OKX user assets, but the platform said it is investigating and will take the initiative if it is determined to be the platform's responsibility. In addition, there are analyses that OKX DEX was attacked and the attackers made a profit of about $2.7 million.

6. **Industry impact**: Such incidents have raised warnings about the security of digital currency exchanges and emphasized the importance of strengthening security measures.

7. **User feedback**: A user reported that during the Dragon Boat Festival holiday, his account was hacked within 15 minutes, resulting in the theft of all tokens stored in the account, worth nearly 5 million yuan.

8. **Latest statement**: OKX finally emphasized that there have been no new cases of user account theft or information leakage, and said that it has resolved the problems of all relevant users.

In summary, OKX is basically at the mercy of anyone in China in terms of judicial evidence collection and investigation. A fake judicial evidence collection can obtain all the information and account permissions of a user from OKX. Think about it for yourself.

我的之前的分析 I don’t want to say much. Referring to my previous post, ENA and PENDLE dare not say that they are the leaders of this bull market, but they are definitely the main force of this bull market. The advanced gameplay of spiraling upwards and the perfect protocol complementarity allow ordinary stablecoin holders to enjoy the dividends of Cefi hedging + ETH staking.

The next target for investigation is GMX. To be honest, this one should not be as strong as the previous two, but high-quality projects will always enjoy excess dividends in this industry, and GMX is definitely a representative of both tokens and projects. Spot can be pledged, waiting for the next wave of Defi to come.

ENA and pendle are two perfectly complementary products. Arthur Hayes may have really hit the right spot this time. He is optimistic about the long-term Cefi perpetual contract funding rate income + full capital utilization calculation + interest rate swap lock-in gameplay. In this bull market cycle, the TVL of the two protocols is expected to exceed 100 billion. Just hold the spot for a long time, and leverage is recommended to buy on dips.

The only uncertain factor at present is that it is unknown whether ENA will have new gameplay in the future with so many BTC and ETH. After the depth of liquidity in the bull market is established, the energy that this protocol can explode is unimaginable. Second, the business model in the bear market is unknown. The funding rate in the bear market is not so considerable. ENA needs to pay fees for the hedged positions in hand, and this fee needs to be recovered. At present, there are many ways to play, which should be no problem, but any risks may occur in the bear market.

As for now, you just need to believe in the advanced nature of this wave of calculation and innovation. Those who should use USDe to get income will get income, and those who should hoard coins will hoard coins. Just hold it steady.

Pendle is an interest rate derivatives protocol built on Ethereum and Avalanche. It allows users to deposit their income certificates into the Pendle protocol, mint ownership tokens OT and income tokens YT, and trade YT tokens in the AMM pool provided by Pendle to lock in future income in advance.

The main features of Pendle include:

1. **Income tokenization**: Pendle innovatively tokenizes income assets into SY tokens, tokenizes according to the ERC-5115 standard, and divides SY into principal tokens PT and income tokens YT.

2. **Pendle AMM**: Both PT and YT can be traded through Pendle's AMM, which is Pendle's core engine. On Layer2, the oracle used by the project is Redstone.

3. **VePendle**: Pendle also introduced VePendle governance tokens, holders can participate in protocol governance and receive rewards based on locked PENDLE tokens.

4. **Investment background**: The Pendle team has raised funds twice, with a total amount of US$15.53 million. In April 2021, Pendle announced the completion of a $3.7 million institutional round of financing, led by Mechanism Capital. In April of the same year, a round of crowdfunding was completed through Balancer, raising a total of 433,787 ETH, with the currency price at the time equivalent to approximately $11.83 million.

5. **Product and business situation**: Pendle's products and business situation include official website data, social media data, and community data. Pendle's V3 version is scheduled to be launched in 2024 and will include interest rate derivatives of traditional finance.

6. **Market space**: Interest rate derivatives account for 80% of the market share of the derivatives track. As a pioneer in the on-chain interest rate derivatives track, Pendle has huge market space.

7. **Liquidity providers**: Liquidity providers can earn investment income and PENDLE token incentives by injecting funds into Pendle's liquidity pool.

8. **User roles**: Users of the Pendle platform can be interest rate derivatives investors, liquidity providers, and VePENDLE governance participants.

9. **Token Economic Model**: Pendle's token economic model supports the price of coins by reducing the supply of circulating tokens, attracting LPs to increase the scale of the platform, and improving user loyalty and protocol stability.

On-chain interest rate swaps are a new concept that emerged in this cycle. There are so many things that can be done through Pendle. Locking in stable returns is the most typical way, so ENA and Pendle are new protocols that can work together perfectly, and they are optimistic in the long run.

#美众议院通过FIT21法案 #美联储货币纪要
ENA and USDe may become the most successful algorithmic stablecoins in the future

Algorithmic stablecoins are cryptocurrencies that attempt to maintain the stability of their value through algorithms and smart contracts. Unlike traditional stablecoins (such as USDT or USDC), algorithmic stablecoins do not rely on collateral of fiat currencies or other assets. Instead, they use various mechanisms to adjust supply in response to market demand and price fluctuations.

1. **Overview of Ethena (ENA)**:
- Ethena is a synthetic dollars protocol built on Ethereum.
- It aims to provide a crypto-native solution for currencies that do not rely on the infrastructure of the traditional banking system.

2. **Operation mechanism**:
- Ethena converts value assets (such as BTC and its mapped assets, Ethereum and its LSD assets, USDT, etc.) into BTC or ETH short positions through futures contracts.
- Stablecoin USDe equivalent to 1:1 with the US dollar is issued according to the position value.

3. **Mint and Redeem Process**:
- Ethena adopts a whitelist system, and ordinary users mint and redeem USDe through intermediaries.
- The user sends a minting application to the intermediary. After the intermediary receives the user's valuable assets, it sends a minting application to the protocol. The Ethena protocol opens an ETH or BTC short position of equal value based on the value of the received assets, and then sends the USDe of the short position to the intermediary, and the intermediary sends it to the user to complete the minting process.
- The redemption process is the opposite of the minting process. The user sends a redemption application to the intermediary. After the intermediary receives the user's USDe, it sends a redemption application to the protocol. The Ethena protocol closes the short position of the corresponding value based on the amount of USDe received, and then sends the corresponding collateral assets to the intermediary, and the intermediary sends it to the user.

4. **Risk Considerations**:
- The design and implementation of algorithmic stablecoins require a high degree of precision and a deep understanding of market dynamics.
- They may face a variety of risks, including smart contract vulnerabilities, extreme market volatility, and defects in algorithm design.

The growth of Pepecoin is partly due to its record of rapid growth in the history of cryptocurrency and its association with the pop culture symbol Pepe the Frog. In addition, strategic promotional activities, such as Binance's Simple Earn platform, have also provided momentum for the rise in the value of Pepecoin. At the same time, the overall revival of Memecoin is also related to the market's desire for new user-friendly products.

In other words, at a time when there is a lack of innovation in current projects or there are few high-quality projects, memecoins have played a strong role in attracting new users. In this bull market, there should be two new memes in the top ten. Let us wait and see which two they will be.

#meme板块关注热点 #meme板块关注热点 The reasons why Meme coins, including Pepe coins, are so popular can be analyzed from the following aspects:

1. **Cultural resonance**: Meme coins are often closely related to Internet culture or specific community culture. For example, Pepe coins are associated with the popular Pepe the Frog emoticon package, and this cultural resonance makes Meme coins highly recognized and attractive in specific communities.

2. **Viral spread**: The value of Meme coins depends largely on the breadth and speed of their spread. Like Internet memes, they can spread quickly and attract more people's attention and interest.

3. **Market speculation**: The price volatility of Meme coins is large, which provides speculators with opportunities to make quick profits. Many investors are attracted by their potential high returns and are willing to take corresponding risks.

4. **Community interaction**: The promotion and dissemination of Meme coins depends largely on the interaction and support of the community. An active and loyal community can drive the value growth of Meme coins.

5. **Low threshold**: The threshold for creating Meme coins is relatively low, which allows anyone to try to issue their own Meme coins, increasing the diversity of the market.

6. **Innovation**: Some Meme coins may introduce new technologies or concepts, such as the extension of the BRC-20 standard to Bitcoin, and this innovation attracts technology enthusiasts and early adopters.

7. **Celebrity effect**: Sometimes celebrities or influential figures will support or promote specific Meme coins, which can quickly increase the popularity and appeal of Meme coins.

8. **Market sentiment**: The price and popularity of Meme coins are largely affected by market sentiment. Meme coins may be more sought after in a bull market or when market sentiment is positive.

9. **Influence of media and social platforms**: Media coverage and discussions on social platforms can greatly promote the popularity of Meme coins, especially when driven by KOLs and influencers.

10. **Market trends**: Trends and dynamics in the cryptocurrency market can also affect the performance of Meme coins. For example, when the market is interested in a certain type of cryptocurrency or blockchain technology, the related Meme coins may benefit.

At this time, we should pay attention to whether the ETH-based altcoins will explode or not. The Alt/ETH and ETH/BTC exchange rate pairs are important targets.

The hype effect of ETH's ETF should gradually cool down and return to a normal exchange rate range with BTC. Because there are really no other hot spots at the moment, the ETF effect of ETH should be weaker than that of BTC. To judge whether there is still a market, we first need to see whether there are high-quality projects that can be launched on the altcoins on ETH, and secondly, we need to see when the interest rate cut will be implemented.

Another thing to pay attention to is the macro indicators and the election in the United States. At present, the market is back to the market dominated by news, which is very different from the market dominated by funds. Leveraged positions should not be held for a long time, and spot positions should be held all the time.

Finally, let's talk about the outlook for other token ETFs. I personally think that the sales performance of ETH's ETF will be a watershed, and large institutions will be more cautious in applying for ETFs of other tokens in the future, because other token ETFs have no cost-effectiveness in maintenance and operation and submission of application materials compared to BTC ETFs. Let's see what will happen then.

The older you are in the world, the less courage you have.

The U.S. Securities and Exchange Commission’s (SEC) approval of an exchange-traded fund (ETF) for Ethereum (ETH) has had a significant impact on the market. The decision is seen as an important milestone for the cryptocurrency market as it marks crypto-assets gaining greater regulatory recognition and acceptance by traditional financial institutions in the United States.

The approval of the ETF may attract more institutional investors to participate in the Ethereum market, increasing market liquidity and stability.

However, investors should remain cautious while considering these new opportunities. Although the market's awareness and acceptance of cryptocurrencies has increased, the environment of high interest rates has not changed, and the expectations of a soft landing or mild recession in the U.S. economy have not changed. Most importantly, BTC has not yet found a major trend to break through the $70,000 mark. The entire market must be driven by shocks. It should be noted that BTC is the favorite of American institutions, and it is also the biggest consensus among institutional funds. How many big guys will really advocate ETH? To put it bluntly, ETH may not be as high as NVIDIA's consensus.

Leverage should be appropriate to stop profit, hold the spot and wait for opportunities. A real bull market must be a bull market that rises so high that it makes you doubt your life.

#现货以太坊ETF获美SEC批准