Meme Season：是否是CZ的新衣。 Meme Season: Is It CZ's New Clothes? 在 Solana cable 被曝光的进程下，过往两周里，从 TST 到 Broccoli ，大家的注意力被CZ的推文所牵引，我不知道为什么每次CZ回归总是有似有神助，但这次的挑战恐怕并不是神助可以解决的。 社区有怒斥MEV体验差的；也有一如既往谄媚让CZ和heyi让其陷入信息茧房的。而现实是在Binance体系的改革就等着有人给出方案，但利益相关方太多，无人发声。 Under the spotlight of the Solana cable revelations, over the past two weeks, from TST to $Broccoli ,everyone's attention has been captivated by CZ's tweets. I don't know why every time CZ makes a comeback, it feels like he has divine assistance, but this time, the challenge might be beyond even divine intervention. The community is divided—some are furious about the poor MEV experience, while others continue to flatter, trapping CZ and Heyi in an information bubble. The reality is that the Binance system's reform is waiting for someone to propose a solution, but with so many stakeholders involved, no one is speaking up. 领导人CZ停留在CEX的版本里并没有玩过Memecoin（这让我们大为震惊），heyi 则让生态非技术小伙伴解决夹子问题（也让我们大为震惊）。 如果我们讨论问题，首先理清楚我们的问题是什么，那么BNB Chain的问题抽象来看是这样的： 1）短期Memecoin：MEV的体验问题（背后的节点利益） 2）中期BNB Chain的定位：BNB的价值锚点只能落回BNB Chain，迫切需求找到链发展的方向而不是“xx有，我也有”。 CZ, the leader, remains in the CEX version and has never dabbled in Memecoins (which shocked us), while Heyi is asking non-technical team members to solve the sandwich attack issues (also shocking). If we want to discuss the problem, we first need to clarify what the problem is. Abstractly, the issues with BNB Chain are as follows: -Short-term Memecoin: The MEV experience issue (and the underlying node interests). -Mid-term BNB Chain positioning: BNB's value anchor must return to BNB Chain, urgently needing to find a direction for the chain's development rather than just copying others. 短期Memecoin：MEV的体验问题（背后的节点利益） Memecoin是注意力经济这话没错，但是为什么ETH Meme无法形成SOL的势态？底层都是链本身的【基建】和【性能】问题，SOL已经证明了追求性能是拿到市场的，Meme也需要一个亚秒出块的高效赌场。 都只看到SOL的繁荣，但是繁荣背后是服务器、RPC、BOT这些产业链上的基建。此刻的BNB Chain 是否能回答清楚上述的基建问题十分迫切。 BNB Chain因为历史原因，目前一共45个节点（21个验证者为Cabinet，其余24个为Candidate）。换句话说就是21个大节点掌握了出块，具备排序权，可以MEV，剩下24个替补队员绝大部分时候都是坐在板凳上的。在MEV领域，这21个节点的上千万USD的盈利能力一直是被垂涎的对象。 Short-term Memecoin: The MEV Experience Issue It's true that Memecoin is an attention economy, but why can't ETH Memes replicate SOL's momentum? The underlying reasons are the infrastructure and performance of the chain itself. SOL has proven that pursuing performance wins markets, and Memes also need a highly efficient, sub-second block production casino. Everyone sees SOL's prosperity, but behind that prosperity lies the infrastructure of servers, RPCs, and bots. It's urgent for BNB Chain to address these infrastructure questions. Due to historical reasons, BNB Chain currently has 45 nodes (21 validators in the Cabinet, and 24 candidates). In other words, 21 major nodes control block production, have sequencing rights, and can engage in MEV, while the remaining 24 substitutes mostly sit on the bench. In the MEV space, the multi-million USD profitability of these 21 nodes has always been a coveted prize. MEV是个中性词汇，只要EVM存在，就存在排序，它就解决不了。MEV只是一个共生的现象，应该让市场自我调节到一个可接受的范畴，今天大家也并没有说SOL的MEV体验很差。 然而，问题的重点是“让市场自我调节”。换言之，市场化会解决一切的问题，像极了自由主义宣导的那样。 但BNB Chain是市场化的吗？ emmm…..或许以前是。 从节点上第21名（最后一名）来看，也是数亿USD账面价值的BNB，对于新人来说，这几乎是一个无法进入的门槛。我们也曾打听过都是什么人在控制这些节点，这其中有BSC的OG们，类似48Club，也有一些在BSC的Infra直接由Binance Delegate过去的BNB。 所以我们一度认为这些排序收入都是实控人CZ自己收走了，直到最近我才得知并没有。之前由于BNB Chain过于垄断，所以我们注意力并未在此。 出于好奇，我们去Dune上看了BNB Chain的MEV数据： dune.com/bnbchain/bnb-smart-… 其中2024年5月后，BEP 322（即提议者-构建者分离机制 PBS）实施，Blockrazor、48Club-pussaint这些基建类Saas化贩卖给套利者后，迅速让整个BSC MEV 区块的渗透率直线拉升，所以应当是体感逐渐变差的过程？ 我们搜到了以下的相关报导： panewslab.com/zh/articledeta… 如何解决这件事的方案非常多，比如扩容提高出块速度，一定程度使得竞价不充分，可以缓解部分；也可以重新设计一个更中心化的架构（等于重做一条链）。 MEV is a neutral term; as long as EVM exists, sequencing rights exist, and it can't be eliminated. MEV is just a phenomenon that coexists with EVM, and the market should self-regulate to an acceptable range. Today, no one is complaining about SOL's MEV experience. However, the key issue is "letting the market self-regulate." In other words, marketization will solve all problems, much like what liberalism advocates. But is BNB Chain truly marketized? Hmm... maybe it used to be. Looking at the 21st node (the last one), it holds billions of USD in BNB, making it nearly impossible for newcomers to enter. We’ve also inquired about who controls these nodes—some are BSC OGs like 48Club, and others are BNB delegated directly by Binance for BSC infrastructure. So, we once thought that all sequencing revenue was pocketed by CZ himself, but we recently learned that’s not the case. Previously, due to BNB Chain's monopolistic nature, we didn’t pay much attention to this. We checked BNB Chain's MEV data on Dune: dune.com/bnbchain/bnb-smart-… After May 2024, with the implementation of BEP 322 (Proposer-Builder Separation, PBS), infrastructure like Blockrazor and 48Club-pussaint, sold as SaaS to arbitrageurs, rapidly increased BSC MEV block penetration. So, shouldn’t the user experience be gradually worsening? We found related reports: panewslab.com/zh/articledeta… There are many solutions to this issue, such as scaling to increase block production speed, which could reduce bidding intensity and alleviate some problems. Alternatively, redesigning a more centralized architecture (essentially rebuilding a chain). 但上述都是表象问题，技术方案可以很多种，相信Binance体系内并不缺这样的人才，起码我知道是有的（只是他们能不能识别且重用的问题，以及未必这些人想去做）。 而核心问题，都不在此，而是这21个掌控出块的节点，和大量躺在功劳簿上并不参与生态的BNB Holder。 利益分配的问题才是问题根本，无人愿意去带头改革前方的利益集团，新人玩家和有能力的玩家由于BNB的价格原因极难参与到出块节点的游戏当中，形成了垄断。 加之PBS的实行，某种程度也让前排垄断集团更集中。 这事我并不知道Binance内部讨论过还是没讨论过，但我认为如果正常上班领薪资的状态，动已有利益蛋糕，且在没有尚方宝剑的情况下，无异于自杀。 我也并不知晓这二位领导人是否还有什么其他原因的顾虑，起码目前看起来，他们的信息茧房非常严重。 我们愿意免费提供Twitter的监测工具给这二位，知道市场真的在发生什么。看起来他们迫切需要从内部外部都找到愿意持续说真话的人，来促进一场改革。 历史上如何杯酒释兵权重新分配筹码和利益的故事数不胜数，相信点到为止，有历史为鉴。 But these are surface-level issues. There are many technical solutions, and I believe Binance isn’t short of such talent—I know they exist. The core issue might not lie here but with the 21 nodes controlling block production and the large number of BNB holders resting on their laurels, not participating in the ecosystem. The root problem is the distribution of benefits. No one is willing to lead a reform against the vested interest groups, and new or capable players find it extremely difficult to join the block production game due to BNB's price. This creates a monopoly, and with PBS in place, it further centralizes power among the top players. I don’t know if Binance has internally discussed this, but I believe that in a normal salaried job, challenging existing interests without a clear mandate is akin to suicide. I also don’t know if the two leaders have other concerns, but it seems their information bubble is severe. We’re willing to offer them free Twitter monitoring tools to understand what’s really happening in the market. It seems they urgently need people, both internally and externally, who are willing to speak the truth to drive a reform. History is full of stories about redistributing power and interests over a cup of wine. I believe there’s a lesson to be learned here. 中期BNB Chain的定位问题 我一直很疑惑究竟这CZ到底是否知晓现在公链的发展格局，我猜测他自从FTX事件后应该疲于应付监管问题。 我在汉阳的采访中看到CZ轻松的状态和两年前截然不同。 看起来似乎他并没有准备好回答这座“城市”定位的问题。 外面能拼性能希望在新的速度下找到新的应用场景dapp（Megaeth/Monad/Sonic）；放弃性能的为了安全的在像RWA靠拢（ETH）；当然还有下场厮杀的Consume Chain希望赛马出大规模应用（所以都去竞争支付。） 而BNB Chain此刻的答案还是xx有，BNB Chain也有。这是一个典型经理人们向上管理的答卷，不是Founder应该给出的答卷。创新才能卓越，Fork只是死的慢。 I’ve always wondered if CZ truly understands the current landscape of public chains. I suspect that since the FTX incident, he’s been busy dealing with regulatory issues. At least from the Hanyang interview, CZ’s relaxed demeanor is starkly different from two years ago. It seems he isn’t ready to answer the question of this "city’s" positioning. Outside, some are pushing for performance to find new dapp scenarios (Megaeth/Monad/Sonic); others are sacrificing performance for security, leaning towards RWA (ETH); and then there are the consumer chains hoping to race towards mass adoption (hence the competition in payments). Meanwhile, BNB Chain’s answer remains: "If others have it, BNB Chain must have it too." This is a typical managerial response, not what a founder should offer. Innovation leads to excellence; fork only delays the deadth. BNB 1000似乎已经是大家在ama里面的惯用喊单，而BNB此刻的价值有多少落在了Launchpool上已经是一个被诟病很久的问题。 随着BNB持续的价格上涨需求，对Launchpool的高FDV变成了先有鸡还是先有蛋的问题。 想改变这一点，又要回到了让BNB的价值回到 BNB Chain上，所以我们看到了Lista、Astherus这些同样具有Binance气质，远离真正市场的BNB系列项目。 BNB的养老现象几乎是个无解的问题，如何平稳的过渡BNB的割据势力换手到新鲜血液如同上述的节点杯酒释兵权，无非是谁有勇气革命，想个方案过度或者暴力接受被dump，焕发新生。 BNB 1000 seems to be the usual rallying cry in AMAs, but how much of BNB’s value is tied to Launchpool has been a long-standing criticism. As BNB’s price continues to rise, the high FDV of Launchpool becomes a chicken-and-egg problem. To change this, BNB’s value must return to BNB Chain, which is why we see projects like Lista and Astherus, which carry Binance’s DNA but are distant from the real market. BNB’s "retirement phenomenon" is almost an unsolvable problem. How to smoothly transition BNB’s entrenched interests to fresh blood, much like the historical redistribution of power, comes down to who has the courage to revolutionize, propose a transition plan, or accept a violent dump to rejuvenate. 如何吸引新的、好的创业者进来不是口号，是一个需要领导人反思的定位问题，战略不偷懒远比战术勤奋重要。 它不是像上下级汇报给社区里的人打半小时电话，它需要回到那个生活状态，回到一无所有的时刻，了解你的用户，了解他们的生活，了解他家的狗。 希望有一天，CZ回到人民群众中去，回到创业的开始去，回到乡村，回到区块链和自由主义吸引我们的那个时刻。 都说Code is Law，可越看越发现，代码里何尝写的不都是人情世故。 Attracting new, talented entrepreneurs isn’t just a slogan—it’s a positioning issue that requires leadership reflection. Strategic diligence far outweighs tactical effort. It’s not about making half-hour calls to the community like a manager reporting to superiors; it’s about returning to that initial state of life, to the moment of having nothing, understanding your users, their lives, and even their dogs. I hope one day, CZ returns to the people, to the beginning of entrepreneurship, to the countryside, to the moment when blockchain and liberalism first captivated us. They say "code is law," but the more I look, the more I realize that what’s written in the code is nothing but human relationships.

年轻的时候经历过绝望之谷都是有必要的，太顺的人好像都控制不了理智。 最好多被亲近的人背叛几次，数落几次，意识到人性的运行规律，是一笔巨大的财富。 小时候以为是干中学，最后发现只有被干中才能学，学的随时起心动念，随时心如止水。学的最后都是人性。

The Story About Alexon&Ferryboat 关于我和我们 Preface Hey there, It's Alexon here, and please feel free to call me Alex. I‘m happily married, living a loving family with our cutest Selkirk Rex cat recently(and she probably knows it). Unfortunately being the only social self-driven person from a team made up of few super social phobia geeks, I surely became the one to take the task, leveraging social networks and gaining industry influence over the past year. Quick facts about our team: Ferryboat Research is a crypto investment institutute founded by me and my childhood friend Majic. We were roomies back in the middle school, we read tons of online gaming novels like other school kids, had lots of debates about whether techniques like brain-computer interface would allow us to live inside of  virtual games forever after lights out. A dozen years later, a term called "Metaverse" emerged, and we are now partners in the Crypto world.  前言 我是 Alexon ，叫我 Alex 就好。已婚，有只可爱的塞尔凯特卷毛猫。一直以来，无论是社交暴露还是自我认同，都很难有多巴胺分泌，而不得不承认，为了这种沉浸的私人空间，我们错失了很多活跃在社交网络下可获得的资源。 所以过去的一年多时间里，我和合伙人商量之后，我成为了 Ferryboat Research 里去社交网络里获取一些影响力的人。 Ferryboat Research 是我和小时候玩伴 Majic 共同成立的加密机构，中学时代我们住在同一个宿舍里，我们看网游小说，讨论着有了脑机接口是不是就可以一直活在虚拟游戏里了。十几年后，有了一个词叫 Metaverse ，而我们在 Crypto 里变成了搭档。 Fortunately, after persistently sharing perspectives that only professionals would accesse for over a hundred times, and without any referrals or sponsored, our audience now covers almost every VCs that contained Chinese GPs or Partners; also a large number of core Chinese professionals (Founders & Co-founders; Devs; Traders; Researchers; Product; Marketing) and KOLs. In short, although the audience amount is still limited, this could be one of the channels with the highest density of core professionals among Chinese channels. 幸运的是，在我执着的发了上百次只有从业者才会看的视角和内容后，在仅靠内容并没有任何Refer的情况下，我们观众覆盖了几乎所有有华人的VC的GP和Partner、大批量华人核心从业者（Founder&Co-founder；Devs；Traders;Researchers;Product;Marketing）、部分KOLs。 简而言之，虽然受众非常少，但这可能是中文频道里核心从业者密度最高的频道之一。 Before Crypto Thanks to algorithms for bringing us together, our upcoming endeavors may involve massive direct interactions with western founders. To save those western founders from unfamiliar questions about us, please allow me to introduce myself and where Ferryboat Research is headed. Before embarking on the crypto journey, I care pretty much about and only about what’s cool and how to be cool. As a mattter of fact,I am an ethnic minority of Chinese, and if it weren't for the Chinese government's need for "ethnic minority representatives" to receive higher education and demonstrate unity among ethnic groups, I might have dropped out to become a novelist or musician. By the way, thanks to Mises, Friedman, and Hayek, I would have turned into a hipster who only skiped classes and listened to rock music if I haven’t read them. 感谢算法让我们相遇，我们接下来要做的事情，会大量接触西方Founder，为了节省西方Founder对我们陌生的问题，允许我介绍一下我自己，和Ferryboat Research将去的地方。 在开启加密旅途之前，我几乎只关心什么是酷的。我是少数民族（这在美国应该算少数族裔？），如果不是因为中国政府需要“少数族裔代表”接受高等教育，以此来体现民族之间的团结，或许我早就辍学当个小说家或者音乐人去了。 顺便感谢米塞斯、弗里德曼、哈耶克，他们让我没有变成一个只会逃课听摇滚乐的文艺青年。 In 2014, while crypto OGs were heavily buying BTC, I was still debating in a WeChat group for Austrian School enthusiasts about the legalization of prostitution due to the the  shut down issue of Dongguan city, known as the "sex capital" in Guangdong province by Chinese government that year. As an outlier, I have always had a natural affinity for breaking rules. Coincidentally, I was preparing for the IELTS while I stumbled upon the fact that the Asia-Pacific region used the same set of questions, and with 'time differences' between countries, a loopholes of this system suddenly became apprarent, and I passionately embraced this challenge to authority. So I began sending questions in advance to Chinese test-takers from South Korea and Australia and having them take exams in Thailand to gain a greater time difference and profit. By a twist of fate, I became the largest ‘time difference dealer’ in Asia. In 2015, due to our presence and that of another group, the Thai IELTS postponed all four exams throughout March, affecting the scores of everyone in the country. 2014年，那时候加密OG们都开始大量购买BTC了，而我还停留在奥地利学派爱好者的微信群里争论“嫖娼是否应该合法化？”，因为那年中国政府查封了被誉为情色之都的东莞（DONGGUAN）。 作为一个异常值，我总对打破规则的事情有天然的好感。恰逢当时在考雅思，也厌倦只能在纸面讨论问题。偶然间发现了亚太区使用了同一套题目，而各个国家之间有"时差"，我对这种挑战权威的事情充满了热情。于是开始从韩国、澳洲提前输送题目给中国考生，并让他们去泰国考试以求获得更大时差和利润。 阴差阳错下，我成为了亚洲最大的时差贩卖者。2015年，泰国雅思因为我们和另一个团体的存在，连续整个3月的4场考试无限延期了整个国家的所有人的分数。 Interestingly, due to the unregulated state of the law that time, this acting was not illegal. It wasn't until November 1, 2015, when the Chinese government revised the Criminal Law to set up a new policy called ‘Exam Malpractice Policy’, that we ceased this action and soon compensated for our ‘clients’(which was a huge sum for me at the time). If you have seen the Thai movie: "Bad Genius," we were the Chinese version of that movie. During my young, artsy days,a friend of mine who’s a non-fiction writer friend once record the entire story, however, it is in Chinese, and I have attached it here: mp.weixin.qq.com/s/XjvFhAtXF… 有趣的是，当时由于法律的无监管状态，这在当时并不违法。这是我第一次意识到理解法律为何物的重要性。 直到2015年11月1日，中国政府修订了刑法加入了考试舞弊罪，在此之前我们停止了这项行为并进行了赔付（这对当时的我来说是巨款）。 如果你看过泰国电影：天才枪手（Bad Genius），我们就是那个电影的中国版。我文艺青年时期写非虚构的朋友来记录过整个故事，很精彩，不过它是中文的，我附在这里： mp.weixin.qq.com/s/XjvFhAtXF… After this, it made me reflect on many things: the boundaries of the law; deadweight loss in economics; speculation; and gave me a deeper sense of business. Subsequently, in 2016-2017, after experiencing the ICO craze, which briefly shattered my idealistic colors, I started re-engaging in cultural and artistic commercialization. During the period from 2018 to 2020, the long-haired version of Alex visited many talented Asia artists and musicians, commercialized their works, some of which were even plagiarized by Maison Margiela. And some collaborated artists has collaborated with LV on bags and Vans on annual designs after being marketed by us. Oh, and I even wrote emails to Vitalik for half a year asking if he was interested in collaborating with a rapper named YiTai（same nick name with Eth in Chinese） on a song and releasing it on the blockchain. Unfortunately, he did not reply. 这件事结束之后，让我反思了很多，对法律的边界；经济学中的deadweight loss；投机；以及对商业有了更多深层次的体感。 随后2016-2017年在经历ICO风潮后，更短暂的让我理想主义色彩破灭，开始回到了在文化艺术商业化上的投入。 2018-2020年这个时期，还是长发版本的Alex拜访了很多优秀的华裔艺术家和音乐人，将他们的作品消费品化，有趣的是，其中的概念还被 Maison Margiela抄袭过，也有合作的艺术家在被我们推向市场后和LV联名出了包袋、与Vans合作了年度款。 对了，甚至我还给Vitalik写过半年邮件问他有没有兴趣和 Rapper王以太 做首歌，并发上链。可惜他并没有回复我。 All of this was quite fascinating, I managed dozens of colleagues but it was challenging to make a profit, and we often resulting in losses. Later, I became interested in the commercialization of traditional Chinese culture and invested a bit of money to bring some of my good friends into this field (who were my competitors at the time). Currently, they have an annual GMV of several hundred millions RMB, with not much net profit, yet becoming the top player in the field. This might be the only thing during this period where I genuinely made a profitable move. 这一切都有意思极了，管理了数十个与加密行业无关的同事，但很难盈利，经常亏损。后来，我对中国传统文化商业化产生了兴趣，并投资了一点我的好朋友进入这个领域（是我当时的竞争对手），目前他们有数亿RMB/年的GMV，净利润也并不算多，成为了领域的 top1。这可能是这个时期我唯一做过能真正盈利的事情。 Almost all in Crypto My real involvement in Crypto began in 2016 when I was staying in countryside of the U.K (Probably the last UK city where Uber was introduced). I used to look forward to weekends where I could go to London's Jazz Cafe to play jazz with friends. My neighbor's husband happened to be an early member of Wanxiang Blockchain (the predecessor of Hashkey) and had been involved in discussions about whether to invest in @VitalikButerin. He sent me a lot of crypto-related content, which got me hooked on this new species with a high Austrian School content. 接触Crypto是2016年，我在英国的乡下呆着，（可能是Uber最后一个开设的英国城市？），期盼到了周末就去伦敦的Jazz cafe找朋友学爵士乐。 我邻居的丈夫恰好曾是万向区块链（Hashkey的前身）的早期成员，参与讨论过是否投资给 @VitalikButerin ， 他给我发了许多和Crypto相关的内容导致我迷上了这个奥地利学派含量很高的新物种。 他两年前因为一些原因负债，至今没有重新回到市场，祝福他早日回到行业。 In 2017, during the ICO era, I was excited and made some money, which spurred me to enter the industry. My partner, Majic, had already started arbitrage trading across exchanges while studying in US during the same time. By the end of the year, both of us were back, ready to enter the industry. That year, @DujunX established the earliest token fund, and Majic entered the Token Fund but left shortly after, as the market turned bearish within a couple of months, damaging his confidence and witnessed his left. Most of our altcoins were on the verge of hitting zero. 2017年，ICO的年代我为此感到很兴奋，并因此赚了些钱，兴致勃勃的打算进入这个行业。而我的搭档 Majic 2017年已经在美国上学期间开始跨交易所套利，同年底，我们都回来打算进入这个行业。 那年 @DujunX 建立了最早的token fund，Dylan早一步进入了Token Fund呆了没两个月市场走熊，信心受损就离开了，我们的altcoin多数都面临归零的状态。 It was not until 2020, after the DeFi summer, that we re-entered the industry. This resurgence allowed us to see new possibilities in finance, which excited us greatly. In 2021, @AndreCronjeTech was a kingpin in our hearts. Under his influence, we also became one of the earliest Chinese organizations to conduct CEX/DEX arbitrage on the Fantom network, at one point occupying over 50% of on-chain transactions on Fantom. We also received support from Chinese OGs and friends, established and managed a crypto liquidity fund of nearly $30 million. In 2022, with the frequent occurrence of black swan events, the collapse of FTX and Luna plunged the entire market into a quagmire. Due to black swan events, we too were on the brink of bankruptcy. After weighing our previous profits and savings against the losses caused by the black swan event, we chose to use our own funds to cover the losses and decided to shut off the fund. We preserved a basic sense of dignity in the process. 直到2020年，Defi summer之后，我们开始重新回到这个行业。这重新让我们看到了金融的新可能，并为此十分兴奋。 2021年，@AndreCronjeTech 是我们心中的王者，在受他的影响下，我们也成为了中国人里最早在Fantom网络中进行CEX/DEX套利的组织，并一度占据了Fantom超过50%的链上交易。同时我们收到了来自华人OG和朋友的资助，成立并管理了一支近3000万美元的加密流动性基金。 2022年，黑天鹅频发，FTX和Luna的崩塌让整个市场陷入泥潭。同样因为黑天鹅濒临破产的也有我们，在盘算过我们自己的先前的盈利和积蓄还能还得上LP本金时，我们选择用自己的钱补齐了黑天 鹅带来的亏损，并选择关闭基金。保留了一个经营者基本的尊严。 Since then, we took nearly a year off to contemplate new investment models and strategies. During this period, we also developed a product similar to @_kaitoai , allowing AI to provide investment decisions for us, and that we still apply nowadays. Operating without LPs has allowed us with more flexibility in our investment activities. More importantly, we began to doubt the fundamental nature of funds. During this time, I reread the history of venture capital and the failures of investment masters. From the formation history of Silicon Valley venture capital funds to Munger's bankruptcy in 1972 and subsequent questioning of the fund model's correctness, all point to the fact that perhaps Berkshire's structure is more suitable for the crypto industry. Issues with traditional funds: -Misalignment of funds: During a bear market, more funds are needed but are hard to get fundraise, while during a bull market, it is easy getfundraised but challenging to maintain high -Misalignment of domains: Crypto itself is an early industry, and most listed assets are still considered early projects. Therefore, separating VC and Liquid Fund creates a significant imbalance in the supply and demand of funds. -Lack of cash flow: Most funds are in a state of no cash flow, which is not commercially logical for a perennial organization. -Misalignment with community interests: As fund size grows, the requirements for allocation increase,which will indirectly raising prices for the actual community. 自此以后，我们休息了接近一年，在思考新的投资模式和策略，期间还做了一个和Kaito很像的产品，让AI为我们提供投资决策，并沿用至今。无LP的方式让我们更灵活的进行投资活动。 但更重要的是，我们对基金这种形式产生了本质性的怀疑。这个时期内，我们重读了风险投资历史和投资大师的失败案例。从硅谷的风投基金的形成历史到芒格1972年破产后质疑基金模式的正确性，都在指向或许伯克希尔的结构更适合加密行业。 传统基金的问题： -资金的错配：熊市更需要钱但极难募资，牛市高潮极易募资但极难维持业绩。 -场域的错配：Crypto本身是个早期行业，多数listing的标的本身依然属于早期项目。所以当分开VC和Liquid Fund之后，造成了极大资金供需的不平衡。 -现金流匮乏：多数基金处于没有现金流的状态，这对一家常青的组织来说是不符合商业逻辑的。 -和社区利益不一致：随着基金规模的扩大，对allocation的要求提高，变相推高了定价给实际的社区。 of course, there are many institutions breaking these boundaries, whether it's @tangent_xyz or @primitivecrypto; these are excellent examples, but they still do not represent the organizational structure we aim to form. If we were to start a new venture again, honestly, up to this day, we are still holding a vague idea (feel free to discuss). But that doesn't hinder us from hitting the road. Hence, we plan to establish, in a more ’CRYPTO-WORLD’ manner, an investment-oriented community for practitioners using a more encrypted approach. The specific sales plan will be announced within the next two weeks. All funds raised within these plans will be used for investments in various aspects of the ecosystem we are currently researching. 当然也有很多在突破这些边界的机构，无论是 @tangent_xyz 还是 @primitivecrypto ，这些都是非常好的案例，但依然不是我们想形成的组织结构。 我们再一次创业的话，老实说，到今天为止我们也是一个模糊的想法（欢迎你找我讨论），尚未完整的形态，但不妨碍我们先上路。 于是我们打算用更加密的方式先组建一个从业者的投资型社区，具体的发售方案在接下来的两周内我会公布出来。所有方案内筹集的资金，我们将会用于各种角度的投资在当期所研究的生态。 After discussions with @hotpot_dao, we have decided to use @megaeth as the first content for this community. We will delve into the ecosystem for community members, review their documents, engage in discussions with @megamafia's founders, gain in-depth insights into their business ideas, provide clear viewpoints, and match the necessary individuals within the community. It is important to note that we have currently reached a verbal agreement to invest in @megaeth, so there is a relevance of interest. However, compared to the investment share I proposed to @hotpot_dao, the actual allocation to me is less than one-tenth. In other words, if we find that the ecosystem project does not meet expectations, we will change our research ecosystem without hesitation since the share does not distract us. On a side note, @hotpot_dao, wished for me to refrain from making this investment to maintain my neutrality.hhhh Therefore, the logic is that we first believe in its worth, as we would have delved into the research regardless of whether Ferryboat participated in the investment. This matter has always been under planning, just a matter of public or private disclosure. 在和 @hotpot_dao 的讨论中，我们确定了用 @megaeth 作为这个社区的第一期内容。我们将替各位社区成员深入生态，阅读他们的Doc。 我们将与@megamafia 的各位founder交谈，了解他们的商业想法并公开给出明确的观点，同时将该项目匹配给社区中所需要的人。 这里有必要说明的是，我们目前达成了口头协定的投资 @megaeth ，所以利益相关。 但比起我向 @hotpot_dao 提出希望投资的份额，实际分配给我的投资份额不到十分之一。换句话说，如果发现生态项目不及预期，下一分钟我们就会更换本期研究生态，也不会心疼，含泪喊单。 顺便提一句， @hotpot_dao 为了让我保持中立，一度希望我别进行这笔投资。 所以逻辑是：我们首先认为它好，本就会深入研究，无论Ferryboat是否有参与投资，这件事一直在规划上，只是公开或者私密罢了。 Epilogue This is our detailed introduction to help you understand me better. As you can see, we have failed numerous times and may continue to fail so, but the music never stops, and neither will us. Even in the darkest hours, Ferryboat has never doubted its destination. What initially drew us to crypto world as its bottom-up power, making us believe in people, data, vision, and heroes, regardless of their origins. Alas, there are no heroes in sight at this moment. R U Welcome to Asia bro. 尾声 这是我们详细的介绍方便你了解我。如你所见，我们失败过非常多次，可能还将继续失败，但音乐从未停止。 在最惨淡的境遇里，Ferryboat也没有任何一刻质疑过要去的终点。加密最早吸引我们的是自下而上的力量，让我们相信人相信数据相信愿景，相信英雄不问出处背景。 可好一个时无英雄啊。 欢迎来到亚洲，哥们。

区块链的最后一公里，Megaeth的第一公里 The Last Mile of Blockchain, Megaeth's First Mile 几个月没写东西了，写在Megaeth要Public sale的这一天随个份子。加密朋克的浓度在过往一年肉眼可见的流失。难以想象在多数Google Meeting中都在讨论如何获得白宫和特朗普家族的支持。和大部分抱怨的文艺青年不同，我们找到新的火种并建设它。 It's been a few months since I wrote anything, and the concentration of crypto punks has visibly dissipated over the past year. It's hard to imagine that most Google Meetings are discussing how to gain support from the White House and Trump's family. Unlike most complaining literary youth, we have found a new spark and are building it. 不难理解，在没有到达物理极限之前，任何基础设施都具备后发优势。这在移动互联网的发展过程中屡见不鲜，我们有了4G 5G网络的后发优势（在没有收回基础建设成本时，在美国投入一张完整的5G网络，ROI是非常低的），这让中文移动互联网App的创新出各种优于美国移动互联网的范式。 这是因为创新能力吗，有这个成分，但更多的原因还是底层的架构变了，性能提升了，应用可以探索的边界也就扩大了。 让我们更大白话一点，网络速度的提升让我们从打座机电话，进化到移动电话，后来可以短信与你爱的人实时沟通，再到后来你可以用Whatsapp；Wechat发送各种多媒体、emoji和语音。 It's not difficult to understand that before reaching physical limits, any infrastructure has the advantage of being a latecomer. This has been frequently seen in the development of mobile internet, where we had the latecomers' advantage with 4G and 5G networks (with a very low ROI for investing in a complete 5G network in the US before recovering infrastructure costs). This allowed Chinese mobile internet apps to innovate in ways superior to American mobile internet paradigms. Is this due to innovative capabilities? Partly, but more importantly, the underlying architecture changed, performance improved, and the boundaries of possible applications expanded. Let's put it more simply: network speed improvements have evolved us from landline telephones to mobile phones, then to real-time messaging with loved ones via SMS, and later being able to send various multimedia, emojis, and voice messages through WhatsApp and WeChat. 这和区块链的发展如出一辙，之前走了万里长征，出现了很多优秀的形态。AMM是天才的设计，极大的解决了性能不足的情况下如何交易的问题，以及链上用户较少时候，冷启动的问题。特别指出，我并不认为AMM是落后的交易形态，它的可组合性非常好，甚至在清算上会比订单簿在某些情况下更顺畅。 但这并不是终局，在高性能场景下，我们看到了链上订单簿的兴起，这是某位已经身陷囹圄的爆炸头最想做的事情，多提一句，我在过往几个月关于高性能的想法，发现他都想过。越来越觉得，慧极必伤。 This follows the trajectory of blockchain development, which has gone through a long march and emerged with many excellent forms. AMM is a genius design that greatly solved the problem of how to trade under performance constraints and addressed the cold start issue when there were few on-chain users. I particularly want to emphasize that I do not believe AMM is a backward trading form; its composability is excellent, and in some cases, it may even be smoother in clearing than order books. However, this is not the end. In high-performance scenarios, we have seen the rise of on-chain order books, which is something a certain imprisoned spiky-haired person most wanted to do. To add a point, I discovered in the past few months that he had thought about all my ideas about high performance. I'm increasingly feeling that extreme intelligence often leads to harm. 如果讨论高性能场景很抽象，那么我们再大白话一些，Memecoin其实就是第一个高性能交易场景。Pumpfun的利润来源真的是大量的散户吗？ 并不是的，是链上做MEV的这些区块链原生的“HFT”。 过往高并发、高速这些需求都在CEX完成了，HFT的军备竞赛也都是聚焦在网络专线、以及如何保住Binance的VIP9。第一次在memecoin的交易上大家开始卷起了硬件。 If high-performance scenarios seem abstract, let's put it more plainly: Memecoin is actually the first high-performance trading scenario. Is Pumpfun's profit really from a large number of retail investors? No, it's from these blockchain-native "HFTs" doing MEV on-chain. In the past, high concurrency and high-speed requirements were all completed on CEX, and the HFT arms race was focused on network dedicated lines and how to maintain Binance's VIP9 Account. For the first time in memecoin trading, everyone started competing on hardware. 我承认memecoin是个特殊的文化金融产品，过往文化金融产品一直只能依托一个实物，比如Labubu，用实物进行定价，从而变现。 但Memecoin给我们的启示是什么呢？是无尽的PVP吗，不是的，是人们已经开始使用高速的区块链的场景。 你尝试回忆看看，在Gmgn和Axiom上买过Memecoin之后你还会回以太坊主网交易memecoin吗？我很爱以太坊，但以太坊确实不适合高速交易。 那么，我们作为从业者，思考的是，那么下一个高速交易场景是什么呢？ 股票？大宗商品？外汇？ I acknowledge that memecoin is a unique cultural financial product, where past cultural financial products were always dependent on a physical object, such as Labubu, using the physical object for pricing and monetization. But what insight does Memecoin offer us? Is it endless PVP? No, it's that people have begun to use high-speed blockchain scenarios. Try to recall: after buying Memecoin on Gmgn and Axiom, would you still return to the Ethereum mainnet to trade memecoin? I love Ethereum, but Ethereum is indeed not suitable for high-speed trading. So, as practitioners, we are thinking: what is the next high-speed trading scenario? Stocks? Commodities? Forex? 谁能承载下一批链上的高速交易场景，谁就或许就能大放异彩。如果区块链有最后一公里，那接管世界资产，就是最后一公里。 它可以是TVL的形态，足够多的钱也放在足够安全的地方；也可以是周转率的形态，足够多的钱高频次的周转。 这不是邪教，这是科学。 Who can carry the next batch of high-speed on-chain trading scenarios will perhaps shine brightly. If blockchain has a last mile, then taking over world assets would be that last mile. It can be in the form of TVL, with enough money placed in a sufficiently secure location; or in the form of turnover rate, with enough money circulating at high frequency. This is not a cult, this is science. -Solana为了实现ICM做了很多优化降低延迟，比如Doublezero。我非常喜欢doublezero，尽管它token表现非常糟糕。如何做好Token并不在今天我们的讨论范围。 -BNBChain上半年我曾经吐槽的问题（附上链接），被CZ回归后强有力的用一纸行政命令解决了，让这个月BNBChain的Memecoin szn在基建层面变得可能。没准高性能链的探索留给了Aster作为政治任务。 nitter.app/0xAlexon/status/189325… -Hyperliquid也开始重走Binance的路，用中心化优势所带给生态流量。这里其实我非常尊敬hyperliquid，因为如果放在两年前，用创业的视角看，hyperliquid这个不那么去中心化的方案基本是唯一路径。 这个周期成功的例子无一例外大家都选择牺牲了去中心化来换取极致的性能，但是需要有个底线，它还得是个区块链。当然，我非常理解，因为做一个高性能链得工程难度是显著高于应用得。 -Solana has done many optimizations to reduce latency for ICM, such as Doublezero. I really like Doublezero, despite its terrible token performance. How to do a good token is not within the scope of our discussion today. -The problems I previously criticized on BNB Chain (with the link attached) were forcefully solved by CZ's return with an administrative order, making the Memecoin season on BNB Chain possible at the infrastructure level this month. Perhaps the exploration of high-performance chains was left to Aster as a political task. nitter.app/0xAlexon/status/189325… -Hyperliquid is also starting to follow Binance's path, using its centralized advantages to bring traffic to the ecosystem. I actually deeply respect Hyperliquid, because if this were two years ago, from a startup perspective, Hyperliquid's less decentralized solution would have been virtually the only path. Without exception, the successful examples of this cycle have chosen to sacrifice decentralization for extreme performance, but there needs to be a bottom line - it still needs to be a blockchain. Of course, I completely understand, because developing a high-performance chain is significantly more engineering-intensive than developing an application. 但是架构决定上限，后发优势在高性能链上如开头所说，即使再有钱有资源，也需要海量的工程时间。Megaeth的这条牺牲去中心化换取性能的路，几乎是目前保留区块链特性前提下，唯一解法。 如果有兴趣看科普的，也可以看下面这个链接： nitter.app/0xAlexon/status/183095… 我碰到过几个朋友跟我说L1和L2的争论，这是没意义的。我们讨论的问题是，当需要高性能交易的场景上链，我们怎么才能使万亿的交易量在链上高频发生。至于L1还是L2，对解决这个实际问题并没有任何意义。 让我想起了一位优秀的中国政治家的话：黑猫白猫，抓到老鼠的就是好猫。 But architecture determines the ceiling. As mentioned at the beginning, even with money and resources, massive engineering time is needed for high-performance chains. Megaeth's path of sacrificing decentralization for performance is almost the only solution under the premise of retaining blockchain characteristics. If you're interested in popular science, you can check the link below: nitter.app/0xAlexon/status/183095… I've encountered several friends discussing the debate between L1 and L2, which is meaningless. The problem we're discussing is how to enable trillion-volume transactions to occur frequently on-chain when high-performance trading scenarios are needed. Whether it's L1 or L2 is irrelevant to solving this practical problem. It reminds me of a quote from an excellent Chinese politician: A black cat or a white cat, the one that catches mice is a good cat. 我问过yilong和lei，Megaeth的北极星是什么，他们一直告诉我的都是：如何做一条世界上最快的链，找到一切能实现它的方法。注意，它的重点是：最快。 让我们抛出几个问题： -全球外汇交易市场上每天是数万亿美元的交易量，未来这里面有多少会上链呢？ -如何保证华尔街的交易机构能不懂区块链的情况下，快速在链上部署出策略呢？ -Gas为什么不能设计给机构和零售用户两套账户呢？ 这些问题都是要面对，这些问题都要解决。 I asked Yilong and Lei about Megaeth's North Star, and they consistently told me: how to create the world's fastest chain, finding every possible method to achieve it. Note, the focus is: the fastest. Let's throw out a few questions: - With global forex trading markets having trillions of dollars in daily transaction volume, how much of this might be on-chain in the future? - How can we ensure that trading institutions on Wall Street can quickly deploy strategies on-chain without necessarily understanding blockchain? -Why can't gas be designed with two different account sets for institutional and retail users? These issues must be confronted and resolved. Megaeth的出生肯定和其他巨头出生之初一样，遇见各类问题，甚至宕机。但出身的架构不同，长大的物种也不同，让我们看看这个通过技术赢来的时间窗口内，会诞生什么样的新物种。 Megaeth's birth will certainly encounter various challenges like other giants at their inception, possibly even experiencing downtime. However, with a different foundational architecture, the resulting species will be unique. Let's see what new species will emerge within this technology-driven time window. 有时候大家都没意识到，这样稀松平常的一天，就是这一天。 这一天，Megaeth的开始了旅途的第一公里： 接管世界资产。 Sometimes, people don't realize that this seemingly ordinary day is actually THE day. Welcome to Megaeth's First Mile Seizing the world's assets.

前几年第一次见国际恋爱盘的我大为震撼。 当时他们用第三方做了个独立站，上面全是茶叶、瓷器这类不好定价的高价产品和一些奢侈品单品。 然后，跑粉进来后谈恋爱。先在网站上送给诈骗对象一个广州的A货奢侈品，成本不高，如果对方收到礼物后不回送一个就结束。但回送率高达90%，roi 1：20 同时，随着感情升温会送更贵的东西，行规是送三次，每次升高客单价。三次过后分手。 当然让我震撼的点是，如果对方发现自己被骗要求退回礼物，他们就按照第三方电商的客诉原路退回。 全程无受害者。即使出现受害者由于跨国起诉，电商平台和钓鱼的主体并无联系也追不回钱，多数情况执法部门没有动力，且缺乏证据链。

Infini：支付的皮囊，资管的心 Infini: A payments shell, An asset management core. 最近找我问支付的人多了起来，实在不想反复讲同一套的东西，还有新的事情等着我们做。又恰逢infini 被盗50m usd，看到他们全额赔付（虽然是应该的），想聊表心意支持，于是借花献佛，把聊支付的事情用infini举例来聊。 恰巧23年底24年年中的那阵子一直在琢磨支付这事，想做产品，因此有点观察的心得。如今支付和火热基本原因都是一样的： 1）收入上，Crypto领域能产生收入的东西有限 。 2）宏观上，美国确立了Crypto进入合规资产的宏观面改善。 Coincidentally, towards the end of 2023 and into mid-2024, I had been pondering the payment space and considering building a product in this area, which gave me some insights. The reasons behind the current buzz around payments are largely the same: -The crypto space has limited avenues for generating revenue. -The U.S. has established a macro-level improvement in crypto’s status as a compliant asset. 首先在我们聊支付这个事情的时候，我们首先明确我们聊的是什么。目前大部分我们讨论的加密支付都处于【收款产品】，看起来似乎【收单产品】在加密世界里目前并不受待见，我记得Sphere貌似是做收单的。 也非常好理解，收单产品确实是一门拼流量拼渠道的生意，门槛不高，传统支付里面能玩出花来也就是在多级分销，比如POS机信用卡的各种花活；美团通过小餐馆渗入收单转移成本给广告费等等。加密收单目前前端收费一般也就是0.02%-0.05%，扩张起来目前不是特别标准。 收款产品自然而然就变成了加密支付创业者的第一站，也是我们今天聊的重点。需要分成To B & To C。 First, when we talk about payments, we need to clarify what exactly we’re discussing. Currently, most of the crypto payment discussions revolve around ‘Receiving products’. It seems that ‘Acquiring products ’(merchant-side payment solutions) are not particularly favored in the crypto world. I recall Sphere is one of the few working on acquiring products. This is quite understandable. Acquiring products are essentially a business that relies heavily on traffic and channels, with relatively low barriers to entry. In traditional payments, the only real innovation lies in multi-level distribution, such as the various tricks with POS machines and credit cards, or how platforms like Meituan penetrate small restaurants to shift costs to advertising fees, etc. In crypto, the front-end fees for acquiring products are generally around 0.02%-0.05%, and the expansion process isn’t particularly standardized yet. As a result, Receiving products naturally become the first stop for crypto payment entrepreneurs and the focus of our discussion today. These can be divided into To B and To C segments. To B端： 多数目前在盈利的公司都集中在to b的领域，他们更像是web2.5的版本。以Epay为代表的To B结算换汇，水上部分的客户多来自云服务、全球化的MCN等等，水下部分你就自己琢磨什么业务需要全球收款支付呗。 这个部分略有擦边，但是经营主体隔绝的好，实际KYC过程里只要合规，真有点什么事能够提交完整全套资料，合规方面压力还是可以接受的。 最近被拉出来讨论的 @Sidekick_Labs 这种商业模式也是非常典型的 To B收款公司会对接的客户。 总体大白话的翻译，就是收各种货币最后同意给你结算成USD，这是传统支付。这些Web2.5产品不过加了一道 USD-USDT，实际的业务场景就发生了非常大的转换。 基本的利润来源也都是USD-USDT的交易对。（毕竟传统法币的转换已经卷的毛利低的像第一产业） 估计infini后期也得做这块业务，毕竟这是目前唯数不多在盈利的板块，且切中垂直赛道就能具备盈利能力。比如有抢占广告投放代理业务的（大量的擦边、色情、当地合规的博彩牌照是收入端是USDT，但是投放费用是USD）。 调研过程中更有意思的是，发现了非常多Facebook Google的广告代理商手上有大量的USDT储备（因为通常他们还会垫款，垫资能力和返点都是一个大广告代理商的核心竞争力）。这些广告代理商手上的USDT很多都可以做小基金了。 有关 To B的问题推特上可以去找 @peach123as ，很多加密项目的OTC发工资是他做的，之前是某跨境支付的销冠。 Most companies currently turning a profit are concentrated in the To B space, operating more like a Web2.5 version. Take Epay, for example, which specializes in To B settlement and currency exchange. Their above-board clients often come from cloud services, global MCNs (Multi-Channel Networks), and the like. As for the "underwater" clients—well, you can probably guess what kinds of businesses need global payment collection. This segment skirts the edges a bit, but as long as the operating entities are well-insulated and the KYC process is compliant, with all necessary documentation ready in case of scrutiny, the compliance pressure remains manageable. A recent example that’s been brought up for discussion is Sidekick, a business model that’s very typical of the clients To B payment collection companies would serve. In plain terms, these companies collect various currencies and eventually settle them into USD—that’s traditional payments. These Web2.5 products add an extra layer: USD to USDT. This shift fundamentally changes the business dynamics, with the primary profit source being the USD-USDT trading pair. (After all, traditional fiat currency conversion is already so competitive that profit margins are as thin as those in primary industries.) It’s likely that Infini will eventually venture into this space, as it’s one of the few profitable sectors right now. By targeting a vertical niche, profitability becomes achievable. For instance, some companies have seized opportunities in ad placement agency businesses (think large-scale gray-area operations, adult content, or locally compliant gambling licenses where revenue comes in USDT but ad spending is in USD). What’s particularly interesting from my research is the discovery that many Facebook and Google ad agencies hold significant USDT reserves (since they often provide upfront funding—advance payment capabilities and rebates are core competitive advantages for large ad agencies). Some of these agencies hold enough USDT to start small funds. For more on To B-related questions, you can reach out to @peach123as on Twitter. He’s handled OTC payrolls for many projects and was previously a top sales performer at a cross-border payment company. 合规上，成本最低的结构就是香港主体+加拿大主体分别取得 MSO牌照和MSB牌照。 MSO目前处于略微通缩的状态，每个月发放10张左右，每个月销毁的比发放的略多个一两张。申请费用不高，但是流程复杂，对于加密公司来说不如直接找中介。 当时我们咨询的中介如今在给Infini办理MSO，现在也时常找我们聊一下加密支付，毕竟还是有点差异。虽然买卖没成，但是交了个朋友，这事让我觉着世界是真小，当时他们还非常拒绝接触加密的客户。 当然也可以直接买，价格非标，但是海关的年审比较麻烦，尽量能申请就申请把。MSB牌照由于比较便宜和简单，如果这个都搞不定，就不用做这个业务了。 Infini这个项目不是不想做To B业务，而是MSO申请下来的时间一般顺利也需要10个月。如果下半年OTC牌照颁布，估计 Infini 还需要继续投入香港OTC牌照。 To B业务的合规成本是硬成本，无法下降。 如果希望提高毛利做的更精细化，去长尾小国家做该项业务目前看起来是个这一两年的趋势，但是对全球化运营的能力要求更高，好处是账很好算清楚。土耳其、埃及、越南都是非常好的在增长的市场。 From a compliance perspective, the most cost-effective structure is to establish entities in Hong Kong and Canada, obtaining an MSO (Money Service Operator) license and an MSB (Money Services Business) license, respectively. The MSO license market is currently in a slight deflationary state, with around 10 licenses issued each month, and slightly more being revoked. The application fees aren’t high, but the process is complex. For crypto companies, it’s often more practical to go through an intermediary. The intermediary we consulted back then is now handling MSO applications for Infini and occasionally reaches out to discuss crypto payments, as there are still some nuances. Although we didn’t end up doing business together, we became friends, which made me realize how small the world really is. At the time, they were quite hesitant to engage with crypto clients. Alternatively, you can buy an existing license, but prices are non-standard, and the annual customs review can be quite cumbersome. If possible, it’s better to apply for one. As for the MSB license, it’s relatively cheap and straightforward. If you can’t manage to secure this one, you probably shouldn’t be in this business. So, it’s not that Infini doesn’t want to pursue To B business—it’s just that the MSO application process typically takes around 10 months even under smooth circumstances. If the OTC license regulations are rolled out in the second half of the year, Infini will likely need to invest further in securing a Hong Kong OTC license. Compliance costs for To B businesses are fixed and unavoidable. If the goal is to improve gross margins and operate more efficiently, expanding into smaller, long-tail countries seems to be a trend for the next year or two. However, this requires stronger global operational capabilities. The upside is that the financials are easier to calculate, and markets like Turkey, Egypt, and Vietnam are showing promising growth. To C部分： 目前都集中在信用卡这个领域，也是目前门槛相对较低的领域。此处我形容的门槛相对低指的是找一级发卡商合作，Infini目前应该也是用这个方式找了Mastercard的某一级发卡商。 卡组织的一级发卡商门槛是非常高的，如果我没记错Visa的一级应当只有十几家？ 这个领域被诟病利润低的核心原因是卡组织吃掉了绝大部分利润，去看看Visa股票走势把，点击月线，您会回来评论。 这中间用户支付的大约2%的手续费需要分给卡组织、一级（通道）、二级（实际发卡），一年多以前的成本大概是1.8%左右，卡组织吃掉大部分。如今开始普及之后看到了大量1%左右手续费的信用卡，我听说是降低下来了，Visa也批了很多金融创新的新发卡商收了较低的费用。 我一直觉得加密支付是应该去掀卡组织的桌子，而不是寄人篱下。（但是这个阶段冷启动用这个手段获取客户是没有问题的） 也有很多其他创业者在绕开卡组织高额费用，例如 @_MapoTofu_ 在巴西和泰国直接和银行合作发的卡是不需要过卡组织的，本质都是找一个背书承兑方，适合地域性扩张，在当地有成本优势。 这个领域里面本质是抢占公域流量转化到私域流量，用谁都一样的情况下，不是选bybit有返现，就是选社区更亲近的infini。 To C : Currently, the focus in the To C space is primarily on the credit card sector, which also happens to be the area with relatively low barriers to entry. When I say "low barriers," I’m referring to partnering with primary card issuers. Infini, for instance, seems to have taken this route by collaborating with a primary issuer for Mastercard. The threshold to become a primary issuer for card networks is extremely high. If I recall correctly, Visa has only around a dozen primary issuers globally. The core reason this sector is criticized for low profitability is that card networks take the lion’s share of the profits. Just take a look at Visa’s stock performance—click on the monthly chart, and you’ll come back to comment on this. Out of the roughly 2% transaction fee paid by users, the card network, primary issuer (gateway), and secondary issuer (actual card issuer) each take a cut. A little over a year ago, the total cost was around 1.8%, with the card network swallowing the majority. Now, with wider adoption, we’re seeing credit cards with fees as low as 1%. I’ve heard that costs have come down, and Visa has approved many new fintech issuers at lower rates. I’ve always believed that crypto payments should aim to disrupt the card networks rather than rely on them. However, at this stage, using this method to acquire customers during the cold-start phase is perfectly reasonable. There are also other entrepreneurs finding ways to bypass the high fees charged by card networks. For example, @MapoTofu has partnered directly with banks in Brazil and Thailand to issue cards that don’t go through card networks. The essence here is finding a trusted endorser or acceptor, which is suitable for regional expansion and offers cost advantages locally. At its core, this field is about capturing public traffic and converting it into private traffic. When it comes to choosing a service, it often boils down to whether users prefer Bybit for cashback or Infini for its closer community ties. 单一业务来说，确实这个业务属于风险高于收益的项目。（比如 infini 不赚钱交朋友，莫名其妙亏了本金；或者让热心网友 @ohyishi 来说一下 onekey 的卡为啥停了的二三故事） 但显然infini的思考原点不是我要做信用卡，他们的思考原点跟我们当时是接近的，在我们一直觉得基金这个模式有问题的时候，我们一直琢磨什么东西能： 1）用户会用 2）能吸储做资管。 思考过后确实认为支付具备这个可能，只是我们在思考我们优势在做资管而不是直接竞争支付，前期的牌照过程太长，OTC牌照在当时还是个影子。 当然，也怕前端有 @Christianeth 这种选手杀出来（确实也发生了），技术门槛不高又需要网络效应的事情最怕有钱的铁子过来直接平推。 所以，从他们的招聘上来看，应当思考也是一样的，最后都要走向做资管的路线，但是由于没有MSO，开不了VA账户目前，所以妥协的从社区开始做起，做个基础增长再来聊以后。所以，你如果把infini当作一个支付发卡的公司，我认为它几乎没有资产价值，毕竟是二级卡商。 From a single-business perspective, this venture indeed falls into the category of high-risk, low-reward projects. For instance, Infini might not be making money but is building community, or it could inexplicably lose its money. Or, as the enthusiastic netizen @ohyishi might share, there are a couple of stories about why OneKey’s card service was discontinued. However, it’s clear that Infini’s starting point wasn’t simply to issue credit cards. Their initial thinking was likely similar to ours back then. While we were questioning the sustainability of the fund model, we were also pondering what could ： 1) be widely adopted by users 2) serve as a vehicle for attracting deposits and managing assets. After some thought, we concluded that payments could indeed fulfill this role. However, we recognized that our strength lay in asset management rather than directly competing in the payment space. The licensing process was too lengthy, and the OTC license was still a distant possibility at the time. We were also wary of competitors like Chris emerging (which indeed happened). In areas with low technical barriers but high network effects, the biggest threat is a well-funded player coming in and dominating the market. Judging from their hiring strategy, it seems Infini is thinking along the same lines—ultimately aiming to move into asset management. However, without an MSO license, they currently can’t open VA accounts, so they’ve had to compromise by starting with the community, building a foundation for growth before discussing future plans. If you view Infini purely as a card-issuing company, I’d argue it holds little asset value, given that it’s essentially a secondary card issuer. 但是如果你的视角是资管公司包了个支付的壳，那思考的角度是要变化的。关键的问题就是变成了以下三个： 1）作为支付的流量入口怎么在尽可能低的成本下跑增长 2）作为资管的实际收入口径如何稳定、安全、持续的赚钱 3）管理规模能有多大 写了那么多，这三个问题才是正确infini的发问方式。 3）最吸引人，目前稳定币市场持续扩张是显学，我看有人说这是个千亿美金容量，也没错，毕竟整个香港OTC都这么说，包括Hashkey和OSL。 题外话，Hashkey和OSL目前最大的营收也是来自于OTC，属于拿了VASP牌照但由于政策原因做成了USD-USDT OTC的生意，维护成本比MSO+MSB贵数个数量级。 1）问题怕是需要他们另一位合伙人 @0xsexybanana 来回答 2）问题看起来是需要招聘或者合作 所以别再讨论信用卡业务了，不过是明修栈道，暗度陈仓。但是2可能是最难回答的问题，所以我推测的思考路径是infini想和BSC站在一起，原因是Defi管理大量资金的黑天鹅是有概率的，希望Cedefi把钱合作到Binance的机构账户里去一部分。 However, if you view it as an asset management company wrapped in a payments shell, the perspective shifts entirely. The key questions then become the following three: As a payment traffic gateway, how can growth be achieved at the lowest possible cost? As an asset management entity, how can revenue streams be stable, secure, and sustainable? What scale of assets under management (AUM) can be achieved? After all that’s been written, these three questions are the right way to frame Infini’s strategy. Point 3) is the most intriguing. The stablecoin market is undeniably expanding, and some estimate its capacity to be in the hundreds of billions of dollars. This isn’t far off, given that even Hong Kong’s OTC market, including Hashkey and OSL, echoes this sentiment. As an aside, Hashkey and OSL’s largest revenue stream currently comes from OTC trading. Despite holding VASP licenses, regulatory constraints have turned their business into a USD-USDT OTC operation, with maintenance costs several orders of magnitude higher than those of MSO + MSB licenses. Point 1) is likely a question best answered by Infini’s leadership. Point 2) seems to hinge on either hiring the right talent or forming strategic partnerships. So, let’s stop fixating on the credit card business—it’s merely a diversion, a feint to mask the real strategy. However, Point 2) might be the toughest to address. My speculation is that Infini aims to align closely with BSC (Binance Smart Chain). The reasoning is that while DeFi managing large sums of money carries inherent black swan risks, the hope is that CeDeFi could channel a portion of funds into Binance’s institutional accounts for added security. Cheems，部分原因应当也是买的Binance示好的可能性。 在BSC需要一个社区Meme的时候先交朋友后做生意，这是一个聪明的做法，往往喜欢上来算的很清楚谈判方式多数都是存量的生意或者小生意，需要增长的赛道更聪明的就是先付出，多发心，少问回报，相信对方是聪明人。 我和对方团队完全不熟，只有我加过郡主问Megaeth的NFT，想要一点。还有个叫Nathan的哥们加过我来交了个朋友，利益无关。 单纯觉着，被盗钱的影响肯定很大，希望他们渡过过去，重新审视业务安全，全额赔付这么大笔钱可能会丢了钱，但是赢了尊重。我们也赔付过，虽然不是这么大额。 坦率的说，赔付只是一时的，但后续长时间都要因为赔付会难免动作变形。个中苦楚，都是表面看不到的。 Cheems, part of the reason might also be to signal goodwill toward Binance. When BSC needed a community meme, they chose to build friendships first and do business later. This is a smart approach. Often, those who prefer to negotiate with everything calculated upfront are dealing with存量生意 (static markets) or small-scale ventures. In growth-driven sectors, the wiser move is to give first, invest more heart, ask less about returns, and trust that the other party is equally intelligent. I’m not at all familiar with their team. The only interaction I’ve had was adding @0xsexybanana to ask if there were any MegaETH NFTs left, as I wanted a few. There was also a guy named Nathan who added me to connect and become friends—no vested interests involved. I simply feel that the impact of the hack must be significant, and I hope they can get through this, re-examine their security measures, and move forward. While reimbursing such a large sum might mean losing money, it wins respect. We’ve also reimbursed before, though not on such a large scale. Frankly, reimbursement is just the immediate step, but the long-term aftermath often leads to operational distortions. The hidden struggles are never visible on the surface. 支付战争里面描绘了Musk和Peter Thiel的故事，可谁说这支付战争2.0里面就不会出日后书里的人物呢，是不过是谁来当乱世英雄罢了。 The Payments War depicted the stories of Musk and Peter Thiel, but who’s to say that in Payments War 2.0, future figures won’t emerge? It’s just a matter of who will rise as the hero in these turbulent times.

Jump和Monad的伊利诺伊往事 （Once Upon a Time in Jump&Monad） 事到如今，Jump的局面是以下三个方面： -Jump Crypto CEO @KanavKariya 离职，二级市场收缩 -Pyth、Wormhole $w $pyth 切割 -Monad co-founder @_jhunsaker 主动像SEC检举了jump In the current landscape, the situation for Jump can be summarized in three key points: -The departure of Jump Crypto's CEO @KanavKariya has led to a contraction in the secondary market. -The relationship between Pyth and Wormhole, represented by $w and $pyth, is becoming increasingly strained. -Monad co-founder @_jhunsaker has proactively reported Jump to the SEC. 那么如下便是两个版本的猜想： 以22年5月 Terra崩塌为时间节点 猜想1：Monad团队跟Jump在 $luna 事发之前就已经交恶。于是22年10月宣布创业，23年hunsaker检举了 @KanavKariya 猜想2：Monad团队在 $luna 事发后切割出体外，当时Monad项目并未公开。于是22年10月宣布体外创业。23年通过妥协检举了jump crypto，尺度合理，无人入狱。其目的主要为了解决 $luna 的赔付问题。 目前看下来【猜想2】的可能性更高。 With this context in mind, we can propose two versions of speculation, using the collapse of Terra in May 2022 as a pivotal timeline: Speculation 1: The Monad team had already fostered animosity with Jump prior to the $LUNA incident. Consequently, they announced their startup in October 2022, and in 2023, Hunsaker reported @KanavKariya. Speculation 2: The Monad team extricated themselves after the $LUNA incident when the Monad project had not yet been publicly announced. They declared their external startup in October 2022 and, through a compromise, reported Jump Crypto in 2023, with reasonable parameters leading to no criminal charges, primarily to address the compensation issues surrounding $LUNA. At present, Speculation 2 appears more plausible. 猜想2成立的条件： - @_jhunsaker 是pyth的核心开发。当时的老板应该就是Monad此刻的CEO @keoneHD 。而当时的Jump内部孵化的 pyth wormhole的开发工作室一直并未曝光，我猜测应该就是这个团队。 -@jump_firedancer Firedancer是jump在SOL生态内拿到话语权的重要一步。如果推出将获得极大的关注量和SOL走向的话语权。因此，我推测 @keoneHD @_jhunsaker 两人在jump时就参与了firedancer的项目，因此得到某种灵感采用了EVM来解决的方案，才有的Monad。 - @Backpack @Backpack_CN Backpack的两期空投分别是 $pyth 和 $w （Jump体系）。而最近又和Monad共同宣布发布测试网。我认为逻辑上如果双方交恶，这样的合作并不会如此发生。 Conditions Supporting Speculation 2: @_jhunsaker is a key developer for Pyth, and the head at that time was likely Monad’s current CEO, @keoneHD. The internal development studio for Pyth Wormhole within Jump had remained undisclosed, leading me to presume it is this team. @jump_firedancer represents a critical step for Jump to gain influence within the SOL ecosystem. If launched, it would attract significant attention and authority in SOL’s trajectory. Hence, I speculate that both @keoneHD and @_jhunsaker participated in the Firedancer project while at Jump, gaining inspiration from it, which led to the creation of Monad. @Backpack and @Backpack_CN's two rounds of airdrops are associated with $pyth and $w (Jump's ecosystem) respectively. Recently, they announced a collaboration with Monad to launch a testnet. Logically, if there were animosities between the two, such cooperation would not have materialized. 那么为什么要切割Monad？ 如果用OKR的逻辑来看待Jump为什么要进入Crypto市场， 那么O就是让高频交易进入链上。本质Jump过往的辉煌成绩都是来自于线下交易-互联网交易（外汇）。构建一个’加密外汇市场‘，才是Disomma愿意投入这一切的核心原因。 那么在监管环境并未明朗（Uniswap深陷官司）和 $luna 暴雷的时间点下，切割去体外实现高频交易DEX或许是个不错的选择。 So, why separate Monad? Viewing Jump’s foray into the crypto market through the lens of OKRs, the objective is to introduce high-frequency trading onto the blockchain. Essentially, Jump's past achievements stem from offline and internet trading, particularly in forex. Establishing a “cryptocurrency forex market” is undoubtedly the core reason for Disomma's willingness to invest. However, given the lack of clarity in the regulatory environment (with Uniswap embroiled in legal troubles) and the fallout from the $LUNA crisis, spinning out to establish a high-frequency trading DEX might be a prudent choice. 说句题外话， @HyperliquidX 最近很火热， @chameleon_jeff 也宣称用dex实现高频交易。我兴致勃勃的研究了一番，实则是个CEX方案，交易量我们保持怀疑，如果 hyperliquidX的项目方看到有异议，也希望你们能发给我一些能证明的资料，我协助澄清，并愿意加入进来提供流动性。 说回正题，如果猜想1成立，那么Monad本质上是Jump弃子。如果猜想2成立，那么这是一个Jump为了实现高频DEX进入弱监管范围的弃车保帅。 On a side note, @HyperliquidX has recently gained considerable traction, and @chameleon_jeff has also claimed to enable high-frequency trading through DEX. After an enthusiastic investigation, it seems more like a CEX solution, and I maintain skepticism regarding its trading volume. If the team behind HyperliquidX has objections, I welcome them to provide information to clarify the matter, and I would be willing to participate in providing liquidity. Returning to the main topic, if Speculation 1 holds true, then Monad is essentially a pawn sacrificed by Jump. If Speculation 2 proves accurate, this would indicate Jump's strategic move to transition towards establishing a high-frequency DEX in a loosely regulated space. 希望Monad可以更早的开源，也希望你们 @0x_eunice @intern 能提供给我一个api测试（我们曾在Fantom上是最活跃的交易团队）， 我可以全程更新Monad的交易基础设施情况，甚至愿意加入建设APAC。 目前我看到了很多 pre jump的加入Monad生态，比如 @sing_me_a 。 apriori看起来是一个交易领域Flashbot+Lido的组合版本，对比ray来说，我比较喜欢读 @0xolivia_ 的Twitter。 我对在链上实现高频交易这件事充满了兴趣，希望Monad不用让我失望。如果看到这个Tweet的朋友们有更好的见解和认知，欢迎我们一起聊聊。我在结尾放上了我做过的相关youtube I hope Monad can open-source sooner, and I also hope that you, @0x_eunice and @intern, can provide me with API testing access (we were the most active trading team on Fantom), allowing me to continually update the status of Monad’s trading infrastructure, and I would also be willing to contribute to building in the APAC region. Currently, I see many pre-Jump members joining the Monad ecosystem, such as @sing_me_a. At first glance, it appears to be a combination of Flashbots and Lido in the trading space. Compared to Ray, I prefer the insights shared by @0xolivia_ on Twitter. I am deeply interested in the prospect of implementing high-frequency trading on-chain, and I sincerely hope Monad will not disappoint me. If any friends reading this Tweet have better insights and perspectives, I welcome the opportunity for discussion." I will include the related YouTube videos I have made at the end."

Kaito veers left, while the Ferryboat turns right. Kaito往左，Ferryboat往右 说起来有渊源，@_kaitoai 创业的时候正好我们已经做了一个很类似的产品，只不过最后走向了不同的方向。2年前，我们的结论是：当时只有我们和Kaito当时数据是准的。 There is a history between us when @_kaitoai started his venture, coinciding with a similar product we had developed at the time, albeit taking divergent paths eventually. Two years ago, our consensus was: only we and Kaito had accurate data back then. 很多人DM我很多关于Kaito的问题，我算了一下定价，NFT的赔率已经不足够让我们下单（前段时间再次Covid，错过。）所以这是一个与利益无关的post，那既然回复别人也是回复，不如我统一写了发在Twitter上，省的重复碎片的聊好几次，顺便试试Kaito的Yap算法到底权重如何。 由于Kaito最近的付费版我没有用过，也确实利益无关，我主要沿着Kaito和Ferryboat自己做的产品思路上聊起，其中能解决一些： -【Kaito为什么这么贵，到底跟API有没有关系】 -【Kaito为什么转型】 -【Kaito到底的想象力是什么】 yap噪音里，没有实际传播的问题。 Many have DM’d me with various questions about Kaito. After calculating the pricing, the odds in NFTs were insufficient for us to place an order (missed out due to recent Covid ). Hence, this is a post unrelated to interests. Since responding directly to each individual would be repetitive, I decided to consolidate my thoughts and share them on Twitter, avoiding fragmented discussions multiple times. This also serves as an opportunity to test the weight of Kaito's Yap algorithm. Having not utilized Kaito's recent paid version, and with no vested interests, my focus lies on discussing the product trajectories of Kaito and Ferryboat. This dialogue can address certain queries within the noise of yap, such as -"Why is Kaito so expensive, and does it relate to APIs?" -"What spurred Kaito's transformation?" - "What is the essence of Kaito's imagination?" issues that haven't been effectively communicated amid the yap. 🤖Origin: Why Twitter? 原点：为什么是Twitter？ 2022年，正值低谷期，不善社交的情况下，在思考怎么把Twitter的数据量化，找到世界上关于Crypto真实的信息波动，获取”上帝视角“。因为当时基于对流量的认知，我们认为Crypto世界下，流量结构非常单一： -Twitter&Youtube对应【公域流量】 -Discord&Telegram对应【私域流量】。 In 2022, amidst a downturn and a lack of social skills, the focus shifted to quantifying Twitter data, aiming to capture the true fluctuations of crypto information worldwide and attain a "God's eye view." At that time, based on our understanding of traffic, we perceived the traffic structure in the crypto world to be remarkably simple: Twitter and YouTube corresponded to "public domain traffic" Discord and Telegram corresponded to "private domain traffic." 在过往创业的世界观下，公域通常解决曝光和线索，大白话来说通常解决种草问题，对应的是CPM（千次曝光）、CTR（点击率）、CPA（线索）这类数据作为广告投放的衡量指标；私域通常解决信任问题，完成最后的转化率。 当然，这个概念是混合的，比如你Follow了Alexon，在你把我加入了list后，timeline你定期刷这个list，也处于私域的信任状态。这里就不展开了，这是增长和营销的小伙伴们的工作。 在这个结构下，私域流量是无法加权重来量化的，标准化过程也很难，毕竟在第一步要获取所有Discord&Telegram群组进入，就已经宣布死亡。所以，正常智商下都不会优先选择去采集这个部分。 Within the perspective of previous entrepreneurial experiences, the public domain typically addresses exposure and leads - in simple terms, it usually tackles seeding issues. This corresponds to metrics such as -CPM (Cost Per Mille) -CTR (Click-Through Rate) -CPA (Cost Per Action) which serve as key indicators for advertising placements. On the other hand, the private domain typically addresses trust issues and final conversion rates. Of course, this concept is nuanced. For instance, if you follow Alexon and subsequently add me to a list, regularly checking that list on your timeline, you are operating in a state of trust within the private domain. I won't delve further into this as it falls within the realm of growth and marketing professionals. In this framework, weighting private domain traffic for quantification is challenging, and standardizing the process is equally difficult. After all, the process of accessing all Discord and Telegram groups is already a daunting task, signaling a challenging journey even before the first step. Hence, under normal circumstances, it is unlikely that one would prioritize harvesting this segment. 公域流量下 Youtube：长视频形态制作时间长，更新频次慢，长尾效应强，长期来看是更优质的具备信任基础的流量，但时效性慢。简单来说，Meme这种高周转的内容天生就不可能在Youtube的场域下形成，它更适合：视频版Podcast、Defi、教程类比如Airdrop、Depin矿机这类需要长展示的内容。 Kaito的逻辑同样适用于Youtube，我们也做了，它在适合观察一些类似Kaspa、Helium类型的标的上更加显著。 Twitter：无疑是时效性最快和集中度最高的平台，这在任何一个行业里都是少见的集中度高。所以它非常适合监测品牌的心智，情绪的波动（没错，我们一直也沿用了”心智“这个消费品的词汇，非常震惊Kaito用的也是mindshare，毕竟我们完全不认识。） Twitter监测Meme和事件型驱动的Altcoin上更加显著。 所以，我看到 @Punk9277 的交易背景时候，也一点都不奇怪，应当大家做这个事情的原点都是一样的。 Within public domain traffic, YouTube stands out for its lengthy video content production, slow update frequency, strong long-tail effects, and the establishment of a trust-based, high-quality flow over time, albeit with slow timeliness. Simply put, content with high turnover rates like memes inherently struggle to thrive within the realm of YouTube. It is better suited for video-based podcasts, DeFi, tutorial content such as airdrops, or demonstrations of products like mining rigs. Kaito's logic similarly applies to YouTube; we have also ventured into this territory, where it notably excels in observing targets similar to @KaspaCurrency and @helium_mobile . Twitter, on the other hand, undoubtedly boasts the fastest timeliness and highest concentration of information, a rarity across industries. Therefore, it is exceptionally well-suited for monitoring brand sentiment and emotional fluctuations. We have consistently adopted the term "mindshare" for consumer goods, which aligns surprisingly well with Kaito's use of the term, despite our lack of prior acquaintance. Twitter is particularly effective in monitoring memes and event-driven altcoins. Thus, when I encountered @Punk9277's trading background, it came as no surprise to me. It appears that the origins for all of us engaged in this activity share common roots. 🤖Why expensive？ 为什么Kaito这么贵？ 这其中有两个原因：API和Twitter法规问题。 1）API：由于要商用，Kaito应该也是demo时期用了一些和我们一样省钱的奇技淫巧。后续Musk收购Twitter后，调整了API的使用规则，堵了很多擦边调用API的方法。后续融资后，应当就是直接调用的Twitter API，确实很贵。 2）Twitter的法规问题：即使是商用，我们记得也是每个月有一个调用次数的上限，我就没去确认数字了，有心的yapper可以去看看API文档。 结论：如果大规模便宜的给to c用户，理论上是扛不住的。 所以，在这个限制条件下贩卖一个调用次数的容量，只能to b是经济效益最大的选择。且按照Kaito履历，to b冷启动要比to c简单。应当也是最先卖给了交易机构和基金（因为当时的产品形态下，主要还是以cashtag和hashtag为主，捕捉事件和趋势。） There are two primary reasons for this: API constraints and Twitter's regulatory issues. -API Constraints: During the demo phase, Kaito likely employed some cost-saving tricks similar to ours due to commercial usage requirements. Following Musk's acquisition of Twitter, there were adjustments made to the API usage regulations, closing off many workarounds for borderline API calls. Subsequently, post-funding, they probably switched to direct use of the Twitter API, which indeed comes at a high cost. -Twitter's Regulatory Issues: Even for commercial purposes, there used to be a monthly limit on the number of API calls - I did not verify the exact figure, but interested yappers can refer to the API documentation. Conclusion: It would theoretically be unsustainable to provide large-scale, inexpensive services to "to C" users. Therefore, under these constraints, selling a volume of API call capacity is most economically advantageous for "to B" users. Considering Kaito's background, launching to B clients is likely simpler than to C. It is probable that they initially targeted trading firms and funds (as at that time, the product primarily revolved around cashtags and hashtags, capturing events and trends). 🤖Kaito的产品方向可能 Kaito's product direction might entail 教人创业的事情我干不来，我只能分享一下我们做的尝试。 -关键词为主：alpha工具、交易策略 我们目前自用的版本就是这个，难点在于洗数据，每家洗数据的思路也不尽相同。由于整个Twitter的垃圾数据非常多，如果单纯采集Crypto的数据，会发现无意义的新闻号和政治号特别多，如果单纯用Engagement来评判，一定是最后食用垃圾食品。故而，只能不停迭代出一个【准确】的趋势，多数情况下大家都给与不同规则的账号赋予不同权重，或者用某个自己设立的list作为原点扩散。 这应该也是前几天中文yap没分的原因之一，的确我们也调低了中文的权重，因为当时我们实测的结果是英文CT的传播需要24-48h才能传导到中文区。如果以信息链来看，大部分时间下确实是英文内容主导叙事，所以相应的，铭文这个东西我们就不会有什么参与感，因为监测不到。 我们也尝试过用量化的指标做策略去测试，时测下来如果以Binance已经list过的top100来看，不足够显著，而小市值和meme则需要强人工的干预，有效但不足够标准。 这个我认为也是@Punk9277 在@mablejiang 的Podcast上说的想做一个通用产品的潜台词。我相信Kaito早期应该也试过这个方向，得出了一个类似的结论后，发现继续往这个方向走的话，越走越不可能通用。毕竟如果能直接赚钱，谁还去研究产品化呢。 Kaito's product direction might entail Teaching entrepreneurship is not my forte; I can only share some of our attempts. -Primarily Keyword-Oriented: alpha tools, trading strategies Our current in-house version revolves around this. The challenge lies in data cleansing, with each entity having unique approaches. Given the abundance of spam data on Twitter, focusing solely on crypto data reveals a plethora of irrelevant news and political accounts. Relying solely on engagement metrics often leads to consuming junk information. Therefore, we continuously iterate to discern an accurate trend. In most cases, different rules are applied to assign varied weights to accounts, or a self-curated list serves as the starting point for dissemination. This might be one of the reasons why the recent Chinese discussions were not segmented correctly. Indeed, we reduced the weighting for Chinese content since our tests indicated that it takes 24-48 hours for English content to disseminate into the Chinese sphere. From an information flow perspective, English content predominantly shapes narratives, rendering us less involved in Chinese discussions due to our inability to monitor them. We've also experimented with using quantitative metrics for testing strategies. Results show that focusing on the top 100 assets listed on Binance lacks significant impact. Small-cap assets and memes necessitate strong manual intervention, effective but lacking standardization. I believe this aligns with @Punk9277 's implied desire to create a universal product on @mablejiang 's podcast. Early on, Kaito likely explored this avenue and arrived at a similar conclusion - further progression in this direction leads to decreasing universality. After all, if profitability is readily achievable, who would delve into product development? 🤖垂直GPT类、新闻类： 由于商用原因，Kaito的付费版理论上是采集了推特原文但是不能公开的。 我们由于不商用所以是自己查看原文上会方便一些。这些原文的语料显然是可以给ChatGPT再喂一遍的，毕竟实时数据OpenAI是不开放的，所以我们会看到在这条路的探索上， @Galxe 做了@AlvaApp， 但是alva的数据基本都是点对点合作了类似rootdata这类之后，写了prompt后展示出来，他们的小伙伴@LHuang19342 送了我一年的VIP，最近我用它查询一些Crypto百科问题还是比较方便的。 但alva也有自己的问题，应该是洗数据的问题，但依旧提高了效率。这个东西我们2年前也做过，我身边的朋友还体验过，但是到了付费环节测试下来意愿不强，毛利算下来一般，我们就停止了。 查询一些社区新闻，比如“ eliza和Eliza之争到底是什么？”这类问题上，拥有Twitter数据的人总能更快让AI来告诉你。Kaito应该也做了类似的产品。 这个类型的产品的问题是底层都调了GPT的接口去读一遍语料，所以收费的部分基本都贡献给了OpenAI，如果能自己建个模型的话才有盈利的空间，但是投入比较大。 其实这个方向上，我们一直认为 @masknetwork 是更适合的。多说一句， Mask我们没有交流过，但是他们的Github显示非常努力，每次有新玩意都加班加点开发。比如半年前的Solana的Blink刚推出，我们全网在看谁是最快能拿出来能用的版本，Mask是公开资料里我们能找到里最快的，当时我们都准备建仓了，但是不知道为什么好像没发？看起来并没有给我一个shill mask的机会。@suji_yan 🤖Vertical GPT and News Categories: Due to commercial constraints, Kaito's premium version theoretically gathers original Twitter content that cannot be publicly disclosed. As we do not operate commercially, it is more convenient for us to view the original content. Clearly, this corpus of original text can be fed back into ChatGPT, given that real-time OpenAI data is not accessible. Thus, in exploring this path, @Galxe developed @AlvaApp. Alva's data primarily involves peer-to-peer collaborations akin to rootdata, where prompts are written and displayed. Their associate @LHuang19342 graciously granted me a year of VIP access, which I recently used to conveniently explore some crypto-related encyclopedia queries. However, Alva also faces its own challenges, likely related to data cleansing, yet it has undoubtedly enhanced efficiency. We ventured into a similar endeavor two years ago; friends in my circle even experimented with it. However, during testing at the premium stage, enthusiasm waned, and profit margins seemed average, prompting us to halt operations. For sourcing community news, such as inquiries like -"What is the dispute between @elizawakesup and @elizaCommunity all about?" individuals with access to Twitter data can promptly employ AI to provide answers. Kaito likely delved into developing a similar product. The challenge with this type of product lies in utilizing GPT interfaces to read through the corpus. Consequently, the revenue generated essentially contributes to OpenAI. Profit potential exists if one can establish their own model, albeit requiring significant investment. In this regard, we have always believed that @masknetwork is better suited. It is worth mentioning that we have not directly communicated with Mask, but their GitHub activity demonstrates remarkable diligence, with overtime work put into each new development. For instance, when Solana's Blink was introduced six months ago, the entire community was eager to see who could swiftly present a usable version. Mask, as per publicly available information, was among the fastest. We were on the brink of establishing positions at that time, yet for some reason, it seems like it didn't materialize? It appears they didn't provide me with an opportunity to promote Mask. @suji_yan 🤖KOL的广告产品 KOL advertising products 起因都是因为本身就给过了权重，所以做这个方向是相对比较顺畅的。无论是分时数据还是读关注list都可以给KOL本身的【正确性】和是否属于【核心圈层】（Kaito我看是取了个Smart Follower的名字） -正确性： kaito目前应该还没投入人力做，否则fud的kaito的应该不会给分。由于拥有分时数据其实可以用时间戳反复加权提升事件正确的KOL的权重，也可以相应阅读正向和负向的情绪。所以这个部分可以反复筛选KOL。 -核心圈层： 这个我想替发中文内容的KOL说句话，这个其实不是中文KOL的错。底层原因是因为中文区看得懂英文区，英文区看不懂中文区。叠加这两年中心确实英文主导叙事，所以确实容易被降权。但是上帝视角来看，英文区的垃圾话KOL同样很多，无论什么语言，垃圾信息一定是大于有效信息的。 所以建议Kaito考虑一下，找几个你们认为有价值的KOL，比如 @hotpot_dao ，重新读一遍中文list，给中文重新打个权重，在TGE这个时候团结一下更多的人。 🤖KOL advertising products The root cause lies in the inherent weighting given initially, making this direction relatively smooth to pursue. Whether it's real-time data or reading through follower lists, both can assess the KOL's own "accuracy" and whether they belong to the "core circle" (Kaito appears to have adopted the name "Smart Follower"). Accuracy: Kaito likely hasn't allocated resources to this yet; otherwise, they wouldn't receive negative ratings. Leveraging real-time data allows for repeated timestamp weighting to enhance the accuracy of events associated with KOLs, enabling the interpretation of positive and negative sentiments. This iterative process aids in filtering out KOLs effectively. Core Circle: Speaking on behalf of Chinese content creators, this isn't solely the fault of Chinese KOLs. Fundamentally, the issue arises because the Chinese community understands English content, while the reverse isn't always true. Coupled with the prevailing English narrative dominance in recent years, it's easier for Chinese voices to be marginalized. However, from a macro perspective, there are also numerous subpar English-speaking KOLs; regardless of language, junk information tends to outweigh valuable insights. Hence, I recommend Kaito to consider selecting a few KOLs deemed valuable, such as @hotpot_dao, revisiting Chinese lists, reassessing their importance, and fostering unity among more individuals during this TGE phase. 为什么Kaito要转KOL数据？以及为什么我认为是对的？ Kaito已经产品化做的很好了，目前这个yap策略也是很聪明的。主要聪明的点有以下两个： -战术上： 免费利用KOL的杠杆抢注意力宣发 从我们的视角下，Crypto的流量不存在【信息流投放】逻辑，只存在【分销】和【裂变】逻辑。 过往两年，所有在Twitter上拿到流量的基本都是这两个形式，今天的yap其实就是升级版的Friendtech和tips，只不过当年这些项目不具备筛选有效KOL的手段，所以误打误撞造成了色情博主也能获取空投。 而Kaito识别出了好内容+好KOL，利用Airdrop节省了大笔营销费用，也给了大部分Smart账号一个理由去shill。等于是直接分销到了所有KOL而不需要Agency去投放，加上个landingpage去做社交炫耀。 （这个裂变的部分我认为还可以再改进，我认为Kaito的裂变率不足够高。） Why did Kaito pivot towards KOL data? And why do I believe it's the right move? Kaito has already excelled in productization, and the current yap strategy is quite clever. The main points of cleverness are as follows: -Tactically: Leveraging KOL influence for attention-grabbing promotions. From our perspective, the flow of traffic in the crypto space doesn't adhere to the logic of "information flow advertising" but rather operates on the principles of "distribution" and "viral propagation." Over the past two years, those gaining traction on Twitter have largely followed these two patterns. Today's yap is essentially an upgraded version of Friendtech and tips, except that these projects in the past lacked the means to filter out effective KOLs, inadvertently leading to instances where even adult content creators could receive airdrops. Kaito has identified quality content and influential KOLs, utilizing airdrops to save significant marketing costs and providing most Smart accounts with a reason to promote. This approach essentially distributes to all KOLs without the need for agencies to advertise, complemented by a landing page for social showcasing. (I believe there is room for further improvement in the viral propagation aspect; Kaito's viral rate, in my opinion, is not yet high enough.) 2）战略上： 通过KOL的绑定账号，脱离Twitter API的限制 实际上，这个才是重点。 我相信Kaito往下走要面临的终极问题是：如果Twitter修改规则，那么如果保障产品的运行。 朝令夕改在如今Musk主政的Twitter面前并不是危言耸听，那么接下来到二级市场要接受所有用户的的”市梦率“考核，这个问题是绕不过的。 利用TGE的最大热度绑定最多的KOL形成SBT，因为是主动授权，调用起来就以后不再有障碍。这个举动目前看起来是挺成功的，形成一个网络效应，汇聚越来越多的KOL和to B的客户。这样可以保证核心资产是Supply和Demand两端的数据实际上主动权从Twitter转移到了Kaito。 -Strategically: By linking accounts with KOLs, breaking free from Twitter API limitations In reality, this is the crux of the matter. I believe the ultimate challenge that Kaito will face moving forward is: How to ensure the product's operation if Twitter changes its rules？ Given the unpredictable nature of Twitter under Musk's leadership, sudden rule changes are not unfounded. Consequently, transitioning to the secondary market will entail assessing the "market dream rate" of all users, a challenge that cannot be circumvented. Leveraging the peak hype of TGE to bind the maximum number of KOLs to form a Strategic Binding Team (SBT) is crucial. Because this is done through proactive authorization, future utilization should encounter no barriers. This move appears to be quite successful at present, creating a network effect that attracts more and more KOLs and B2B clients. This approach ensures that the core assets, which are the data at both the Supply and Demand ends, effectively shift the decision-making power from Twitter to Kaito. 结束之前，说个有意思的八卦 作为一个普通的创业者也是苦笑不得。两年多前，我们第一次尝试用这个东西去做产品，完成度还不错，朋友甚至还介绍了四家VC看这个产品，具体是哪几家我就不@了。因为不是典型精英背景，除了一家愿意跟投，剩下三家跟我打concall的人都没当回事。我至今不知道他们boss知不知道有过这个concall，后来认识之后也没问过。这就是为啥我们最后也没产品化，走向了不用和人打交道的纯自用alpha工具的道路，也是为什么每次我们关注一个东西都比较早的原因。 更有趣的是，其中有个打过concall的员工，我昨天在timeline上刷到目前在吹Kaito牛逼赚Yap。希望如果看到的话，以后你多看产品少问Connection。 Before we conclude, here's an interesting anecdote: As an ordinary entrepreneur, it's often a bitter amusement. Over two years ago, we made our first attempt to develop a product using this technology, and it was fairly well-received. Friends even introduced the product to four venture capitalists for consideration—though I won't mention which ones. Due to not having a typical elite background, aside from one firm willing to co-invest, the other three VCs I had conference calls with seemed indifferent. To this day, I'm unsure if their bosses were even aware of these calls, and after we eventually met in person, I never inquired. This is why we ultimately didn't commercialize the product, instead opting for a path that doesn't involve engaging with others—a route focused on developing alpha tools solely for personal use. It's also the reason why we tend to be early adopters when it comes to new interests. What's even more intriguing is that one of the employees who participated in those conference calls was seen boasting about Kaito's success with yap on their timeline yesterday. If you happen to come across this, remember to focus more on the product and less on connections in the future. 这可能就是被迫i人只能出来扯淡的原因，Yap一下获取点行业影响力，给下一次创业做点准备。这一年多来，只要产品做的好，无论有没有知名VC支持，找过我们的，我们都在有限范围内给予了最大的善意。做个好人，行业就善意一点。 正好昨晚睡前 @Atlantropaz来找我聊Kaito，说他们和kaito也有合作，我看了一下 @noise_xyz 好像是利用了kaito的数据预测什么？我老婆说学弟的项目要好好看，但是我什么都看不到。最近在思考和一个生态深度合作 ，目前Taste最接近的也是Kaito的客户 @megaeth。 感谢大家这一年多来的支持。 祝福 @_kaitoai 成功，但无论你是不是Smart Follower，我都乐意互动（有效信息的情况下）。 This may be why introverted individuals are sometimes compelled to engage in casual conversation—just to gain a bit of industry influence with a yap, preparing for the next entrepreneurial venture. Over the past year, as long as the product is well-executed, regardless of whether it has the backing of prominent VCs, those who have approached us have been met with the utmost goodwill within our limited scope. Be a good person, and the industry tends to reciprocate with kindness. Coincidentally, last night before bed, @Atlantropaz reached out to discuss Kaito, mentioning their collaboration with Kaito. Upon looking into @noise_xyz, it seems they are utilizing Kaito's data for predictions. My wife mentioned that we should closely examine the project of a younger colleague, yet I am unable to focus on anything. Lately, I have been contemplating a deep collaboration within an ecosystem, and currently, Taste's closest client is also a customer of Kaito, @megaeth. Thank you all for your support over this past year. Wishing success to @_kaitoai, I am open to interacting with you, whether you are a Smart Follower or not, as long as there is valuable information to share.

坦率的说，总统家真是把所有这行业赚钱的活都干完了，Sui&Aptos这种好出身的项目，干了这么几年，Stablecoin MarketCap 也就1Billion。 人家光Binance接受投资就2Billion。时代变了，Crypto已经是自上而下的打法了，以后不懂传统金融的可以再见了，未来这个周期，美股的M&A是一个非常大的机会，各个Foundation DAT只是个热身而已。

Meme这么持续玩下去，我估计Binance Listing的人都快被逼疯了。 上了Meme要被骂，持续上就真变纯赌场了，自降势能。二线所和dex开心（本来就靠altcoin和meme），但tier1的交易所很难受，战略上给了DEX抢地盘一个窗口机会。 不上Meme吧，这用户就被抢没了。只能防御性的上， @heyibinance 的面临的问题是倒腾组织结构的时候陷入了空降各种精英后的业务真空期。（任何一个大型企业founder都会经历的组织问题，何况还是分布式。） 现在想找健康、有现金收入的标的又没有，投资远水解不了近渴，再叠加前两年投资机构们都太注重Narratives和组局，谁关心过投的公司怎么赚钱，怎么一直赚钱，怎么持续的一直赚钱？ 现在大家都没好的库存list。那么问题来了，谁受益？ 如果从这个角度来看，二线CEX不会是受益者，哪怕今天Bybit看上去量起来了，结构上也是角色球员。 @HyperliquidX 看起来是个受益者，虽然中心化的问题暂时无法解决，但依旧不妨碍承接这个结构性窗口期。

至今我也不懂这玩意咋挣钱，但是每次看到有人在做这样的事情，就觉着世界还是真实的。 坦率的说，曾经对megaeth的好印象有一半是因为看到了有Funes存在，区块链的同质化太无趣了。 respect文中所有的投资人，说不上来，跟我一点关系没有，但单纯想表达respect。

关于华语市场 About China&Chinese 前几天跟 @GTE_XYZ的的朋友们打过concall，他们对华语市场和中国用户表示非常感兴趣，并且由于信息的不准确以至于大家对中国管辖范围内的法规和加密目前在华语地区的状况并不是很了解。 基于这个背景下，我整理了一下目前我的认知范围，并且将它脱敏之后公开出来。Megaeth生态的 @megamafia founder们会获得一些不方便公开的实例情况。 A few days ago, I had a concall with friends from @GTE_XYZ who expressed significant interest in the Chinese market andusers. Due to inaccurate information, there is a lack of understanding among many regarding the regulations within China's jurisdiction and the current state of cryptocurrencies in the Chinese-speaking region. Given this background, I have organized my current knowledge and will release it . The founders of the Megaeth ecosystem @megamafia will receive some specific instances later that are inconvenient to disclose. 首先我们我们先区分一下”违规“和“违法”的区别： 违法：通常情况下就是指违反刑法，需要判刑。 违规：违反行政规定，通常情况下只需要整改和罚款。 明确违法的举动： -向公众募资（发行代币or筹集资金） -开设交易所以及交易带单 违规： - 境内POW挖矿 Let's first distinguish between "violations" and "illegal activities": Illegal Activities: Typically refers to violations of criminal law that result in criminal penalties. Violations: Breaches of administrative regulations that usually require rectification and fines. Clear illegal actions: -Fundraising from the public (issuing tokens or raising funds) -Operating exchanges and trading desks Clear violations: -POW mining within the country 现在我们一个一个来看： -向公众募资（发行代币or筹集资金）： 这个通常被当作“非法经营罪”“诈骗罪”“非法集资”其中之一，在Crypto这类新事物逐渐壮大之前，P2P金融；传销Ponzi是这类罪名的高发区，但由于法律存在一定的模糊地带，所以解释权实际上还是在政府本身，并不是大家简单的一句illegal来解释。更哲学一点的理解中国法律的边界，在于“向上管理”和“维持稳定”。 所以更潜规则的标准是： -有没有受害人报案（维持稳定） -有没有资金留存（增加财政收入） Now let's talk one by one: -Raising funds from the public (issuing tokens or raising funds from individuals): This is usually considered as "illegal operation," "fraud," or "illegal fundraising." Before the Crypto industry expanded, P2P finance and MLM were common occurrences under these charges. However, due to legal ambiguities, the interpretation ultimately lies with the government and is not simply explained as illegal. Philosophically understanding the boundaries of Chinese law revolves around "top-down management" and "maintaining stability." Therefore, the more implicit standards are: -Any victims who have reported？ (maintaining stability) -Any retained funds？ (increasing fiscal revenue) 如果一定要坐实illegal，更准确的描述是一个持有中国护照的公民在境内管辖范围内发行了token，且发生了中国公民受害者报案，且立案后大概率能收缴不菲的现金。 但有趣的是，这事在中国有很多有意思的案例，例如合规的私募基金当出现大规模亏损，所有LP开始起诉诈骗，为了维护稳定经常也能看到私募基金管理人被定义为非法经营罪的情况。所以我个人认为这基本和Crypto的属性无关。 If one must be proven illegal, a more accurate description would be a Chinese citizen holding a Chinese passport issuing tokens within the jurisdiction, with Chinese citizens reporting harm, and a high probability of seizing substantial amounts of cash after filing a case. However, there are many interesting cases in China. For example, compliant private equity funds facing significant losses might prompt all LPs to sue for fraud. To maintain stability, private equity fund managers are often defined as operating illegally. Thus, I personally believe this is largely unrelated to the nature of Crypto. -开设交易所以及交易带单 这个通常被定义为“开设赌场罪”，基本被当作非法博彩来处理。但是有趣的是，实际上多数情况下交易所本身业务是并不会直接引来政府直接的监管，通常被清查的案例都是由于有其他受害者的资金流入了交易所，把交易所当作了一个洗钱场所，从而引发监管的定义成违法。 Operating exchanges : This is typically defined as "running a gambling establishment" and is usually handled as illegal gambling. However, in practice, exchange operations themselves do not usually directly trigger government regulations. Cases where exchanges are investigated are often due to other victims' funds entering the exchange, turning it into a money laundering facility, which then triggers regulatory action. 明确违规的举动：境内POW挖矿 这个领域目前在中国境内不归属公安系统管理，一般都放在“发改委”。 用一个例子来说明，如果此时你有100台比特币矿机放在自己的工厂里挖矿，发改委发现用电异常后会来检查，如果发现是矿机会立刻要求关停矿机并且贴上封条，但是并不会罚没，因为这是属于你的私有财产。 随后，他们会定期来检查保证你一直关停，间接逼迫你转移矿机至海外。 Clear violations: POW mining within the country This field is currently not under the jurisdiction of the public security system in mainland China but is generally overseen by the National Development and Reform Commission. For example, if you have 100 Bitcoin mining machines in your factory, the NDRC will inspect if there is abnormal electricity usage. If they find mining machines, they will immediately request the shutdown and seal them, but there will be no confiscation since these are your private property. Subsequently, they will periodically inspect to ensure you keep them shut down, indirectly forcing you to transfer the machines overseas. 但为什么Crypto会留下一个刻板的illegal印象呢？ 1.诈骗犯和博彩业的首选 确实有非常多诈骗行为在境内用“高科技”和“数字货币”作为一项噱头进行非法集资，但这个事情本质是诈骗。十年前用P2P，十年后用Crypto罢了，但民众留下了并不正面的形象。 其次，随着线上博彩业的兴起（中国只有澳门能够合法经营博彩业），底层结算多数目前都使用TRC20的USDT，当这些由中国公民无证经营的线上赌场被清查，这就导致收缴回来的违法款项是USDT，而民众对crypto的理解并不深入，所以留下了usdt=crypto的印象 But why does Crypto leave an illegal impression? Choice of fraudsters and gambling industry: Indeed, many fraudulent activities in the country use "high-tech" and "Crypto" as gimmicks for illegal fundraising. However, fundamentally, these are cases of fraud not crypto. Ten years ago, P2P was used; now it's Crypto. its nothing different except new word, but it has left a negative impression on the public. Furthermore, with the rise of online gambling (only Macau is allowed to operate gambling legally in China), most underlying settlements currently use TRC20 USDT. When these online casinos, operated by Chinese citizens without licenses, are investigated, the illegal funds confiscated are often in USDT. Due to the public's limited understanding of Crypto, it creates an impression that USDT = Crypto. 2.钓鱼执法 而且中国政府由于历史原因，中央政府和地方政府的财政是分开的。这个原因导致了地方政府的经济侦察警察（公安的一种分类）会钓鱼执法，伙同一些insider扮演受害者，对在大陆运营的加密项目进行清查，目的多数为了收缴留存资金，这中间有非常大的寻租空间。 寻租空间包括： -定罪后缴获的资金 -otc进行 usdt-rmb的汇率（通常会低价处理） 通常这样的执法行为也同样适用与线上博彩业，例如曾经有不同地方警方联系过我或者其他朋友问询过我们是否有可以立案的线索，许诺了收缴金额 11-30% 不等的报酬。 这部分收缴资金通常也需要提供线索的线人或者组织进行otc换成rmb打入财政账户，其中的汇率由于并没有明确的法律规定，导致经常会低价处理，例如1usdt=0.92usd。我们熟知的multichain其实就是类似的情况。 Entrapment enforcement: Due to historical reasons, the central government and local governments in China have separate finances. This has led to economic investigation police officers at the local level (a classification of the public security bureau) engaging in entrapment enforcement to enhance financial revenue. They collude with insiders to act as victims, conducting investigations into Crypto projects operating on the mainland, often aiming to confiscate retained funds, which leaves significant room for rent-seeking. Rent-seeking opportunities include: -Confiscated funds post-conviction -OTC transactions for USDT-RMB exchange rates (usually handled at lower prices) Such enforcement actions also apply to online gambling. For instance, different regional police departments have contacted me or other friends inquiring about actionable leads, promising rewards ranging from 11-30% of the confiscated amount. These confiscated funds usually need to be converted into RMB and deposited into a financial account by the informants or organizations providing leads, with exchange rates often handled at lower prices due to the lack of clear legal regulations, such as 1 USDT = 0.92 USD. The well-known multichain is a similar case. 关于华语用户： 中国用户规模： Binance的数据是有560万中国kyc注册在Binance，其中还并不包括非常多的中国人在telegram上购买外国kyc而生成的账户。 离岸交易所的暧昧态度： Binance、Bybit、OKEX、Bitget、HTX都是非常典型的华人领导者创立的离岸交易所，这些交易所在监管严格时期会禁止中国ID的KYC，在监管抽查过后又开放中国ID的KYC。同时，他们多数也会给中国警方开设API调取中国公民的交易记录，以换取一个可以扩张的灰色地带。 如何购买加密货币： 各个交易所内都有大量的C2C商户来进行RMB-USDT的交易对。这个交易对在双方的资金都是干净的情况下并没有明确法律表示违法，但它依然被认为的高风险的原因是，你永远不知道你的交易对手方是否资金是安全的（例如是黑钱）。 通常监管部门会经常问这些C2C商户调取信息，所以也有一个灰色的空间，只要资金相对干净和主观不涉及洗钱的情况下，都是被默许的。 中国用户的分布在什么App： -核心用户：Twitter、youtube、wechat -普通散户：Twitter、youtube、wechat、Weibo、Rednotes、Douyin（境内app经常随着内容监管会被清理内容） 大妈散户：wechat group About Chinese users: Scale of Chinese users: Binance data shows that there are 5.6 million Chinese KYC registrations on Binance, not including many Chinese individuals who create accounts on foreign KYC platforms through Telegram. Ambiguous stance of offshore exchanges: Binance, Bybit, OKEX, Bitget, HTX are all typical offshore exchanges founded by Chinese leaders. These exchanges may suspend KYC for Chinese IDs during strict regulatory periods and re-enable them after regulatory checks. They often provide Chinese law enforcement with API access to retrieve trading records of Chinese citizens in exchange for operating in a gray area that allows for expansion. How to purchase cryptocurrencies: Numerous C2C merchants within exchanges conduct RMB-USDT transactions. In cases where both parties' funds are clean, there is no clear indication of illegality. However, it is still considered high risk because you never know if your counterparty's funds are secure (e.g., if they are illicit funds). Regulatory authorities frequently ask these C2C merchants for information, creating a gray area. As long as the funds are relatively clean and do not subjectively involve money laundering, they are generally tolerated. Distribution of Chinese users across apps: Core users: Twitter, YouTube, WeChat Retail investors: Twitter, YouTube, WeChat, Weibo, Rednotes, Douyin (domestic apps are often subject to content purges due to content regulation) Grandma retail users（Rats guy）: WeChat groups ----------------------------- 本来这个信息应该是在Telegram私下发给 @enzo_gte 的，由于这个哥们中国新年第一时间祝我们恭喜发财，我决定更认真的帮助他了解一下这些事情。 但是由于刚才 @_kaitoai 的活动里 @megaeth 被 @0G_labs 超过了，我希望再赚一点yap来给megaeth投票，我就选择把它公开了。正好可以给其他 Maifia的朋友们阅读。 This information was originally intended to be sent privately to @enzo_gte on Telegram. However, since this friend congratulated us promptly on the Chinese New Year, I have decided to assist him more seriously in understanding these matters. Nevertheless, due to the recent activity in @_kaitoai where @megaeth was surpassed by @0G_labs, I hope to earn some more YAP to vote for Megaeth. Therefore, I have chosen to make it public. This also provides an opportunity for other Mafia friends to read it.

Ourbit这个传播做的，国产项目是可以学一下的。 1）塑造不讨厌的氛围：抽象也好，meme也罢，当然也可以是精英派（但不适用大多数人）。物料太差不够酷，传播节点不会陪你玩的，想清楚自己是广告还是内容。 2）广告费Token化：直接无要求的分发“广告费”，谈钱伤感情，不如直接给Token，好点的传播节点大多面子薄，直接给钱，大概率无所谓那点广告费，跑过来免费直接塞了token这类人大概率真心实意记个好，与金额无关。可以计算一下Ourbit单个传播节点的Twitter条数。 3）筛选核心节点+制造惊喜：让大家去质押，质押12个月的大概率最后就是会点对点深度合作（后台都看得到），反向确认了是短择还是长择。而实际发放的时候全解锁，制造一些惊喜感，逼单最后传播节点自发感叹。 手法成熟，但这个对Mkt团队的要求比较高，要识别出来谁是有心智影响力的人。我啥也没干，被塞了个徽章，然后由于不好意思，也交流过meme，随手质押了12个月。我在这个所里也没钱，转了个测试的钱，没API就也没怎么搞。 但是莫名其妙被塞了几千刀，自觉人情世故该做要做的。换成传统大白话来说，这叫做如何科学的送礼。 哪位做的这个方案啊。

刚才得知一个老朋友F今天走了。两年前发现癌症，在上海劝过他要不享受余生，他坚持治疗。今天走了。 Fred早年跟邵亦波一起创过业，后自己创业，再后来加入一条合伙，我认识他的时候他从一条正准备出来，去我一个老哥的公司一起创业，这些年一直在创业的赌桌上，盈亏同源，和大多数创业的人一样，并没留下足够后半辈子的积蓄。 这两年也找过一些共友想变卖一些股份给家人留些现金，可形势比人强，估值皆是泡沫，共友也问过我，我建议共友没接，在商言商。 几年前我对传统互联网VC看消费的状态，充满恶意，他宽厚的很，有次逮着我聊到深夜，劝别这么深的执念。人生漫长，过手登山，继续向前走就好。 我向前走了，到了新的山，他体面地想尽一切给家人留点什么。 好好爱惜身体，提早爱家人。

今天起来看到 @megaeth 的Fud也很有意思，英文区正面大于负面，中文区负面大于正面（似乎在持续改进中？）。 我也收到私信问我是不是被坑了，我和所有人一样也并不知道NFT计划是今天公布，所以刚才还和 @hotpot_dao 开了个meeting问了一下情况。 在缺乏上下文的情况下，这确实容易造成误解。于是我把我的疑问都问了，并结合了我的理解，整理了以下（不代表megaeth，同只是社区一员）： 关于NFT融资和FDV 我认为规避法规的情况下，本质是社区轮。从去年到今年ICO复兴的言论看了又看，其实我内心也认为ICO是最符合区块链形态的方式，这大概也是Echo这类平台能成长起来的原因。 最早 Megaeth 吸引我们的点其实很简单： -结构上： 这条路没准真能行（当然条条大路通罗马，Monad/Sonic/Hyperliquid/Sui/Apt/Fogo都在给自己的答案）。这里我没有分L1还是L2，是因为本质到了这个阶段，L1和L2都是手段，终局都落在生态dapp上到底有没有真东西，或者和 Bera一样走一条更奇门遁甲的Defi复兴之路（我同样个人很喜欢Bera)。 关于结构的问题，其实很早就聊过了： nitter.app/0xAlexon/status/183095… 有兴趣的可以回看，全程直男Vlog公开过程均有记录。 -筹码上：Megaeth的融资历史基本是新闻都能查到，除了在Echo让社区用和第一轮价格开放融资以外（当然，因为kyc的原因，确实有很多中文区用户是没参与成功）。 我认为还有一个有意思的事情是大家其实可以了解，就是这部分份额里面，有很大比例来自该团队说服VC退了份额，大白话是拿到手里的钱还给了VC，用同样的价格让社区投了。这点当时打动了我。我 其实这个问题我忘记是谁也讨论过，关于VC和社区的钱。社区的钱的确容易反噬，先易后难。VC的钱募资成本比社区小，但先难后易。如果今天Megaeth按照1B的FDV去融了大家认为牛逼的阵容（事实上他们拒绝了），结局只能是更高的Infra FDV上一个大所（对股东负责也没错），接下来的剧情就是这两天大家的热议话题：你接盘吗？ 客观的来看，Megaeth起码是在VC端募资无论从效率和估值都是显著优于向社区募钱，现在再去创业的人，智商没问题的情况下，都知道 没社区没生态=没流量=没有一切 的简易道理。 所以为啥要降低身价给社区融钱的本质答案，是VC决定不了成败，但每一个参与的你和我可以。在Terms上开盘解锁一半，6个月线性其实不差，喜欢算数的就是 1B FDV回本，属于一个互道傻逼的时刻。至于FDV的问题，写在了明面上，明码标价好还是黑箱好，这个见仁见智。 关于SBT的问题 除了上述的见仁见智和不同团队对于法规不同解读外，NFT可交易的常见做法是：NFT也可以私下控制一批，不公布具体代币数量，不公布规则，也让社区算不出价格，炒作NFT最后根据市场热度来决定给的比例，最后开盘如果低于预期就骂，高于预期就拍手叫好，但本质都是项目方最后来定。但要不仔细想想，高于预期是什么代表的意思是什么？ 这中间insider囤积的可能是显著更容易的，所以如果我是insider，我的确从获利的角度来说，更愿意参与黑盒类而不是SBT。 这没有对错，两个Marketing风格的角度，只要初心没啥问题，两种都能做的很好。世界没有对错，演唱会的票需要KYC同样也会阻拦部分可以愿意支付溢价购买的人，而黄牛也一样还会有其他办法，但总体还是更公平一些。所以这个发售方式我们关心的问题是：是否透明 是否公开。 在这个点上我认为Megaeth今天的失误是在没有第一时间公布到底哪些人会获得白名单，只公布了价格。 所以我同样带着这个疑问去问了，给我的答复是这篇规则的文案此刻正在写成文案，原计划是明天发布（所以我确实不理解为啥不是同步发）。于是我问追问了这个问题并要了他们的草稿（不代表最终）： 有以下四类人会获得： Kernal ： -Early contributors to the MegaETH community -Outstanding supporters full of big sequencer energy -Chubby bunnies who keep us grounded -MegaMind Quiz participants who subscribed to our educate+entertain philosophy -Regional Bunny leads pushing our message across the globe -Participants in activities who made our community wholesome and fun -People who came to our in -person events -Hotpot DAO -MEGA Rave Brussels -OMEGA SG -World Computer Day BKK 看了一眼总体是，参与过/互动过/线下见过blabla MegaMinds: Blockchain clubs -big brain collective, -blockchain clubs -jessy's hacker house -reth -buidlguidl -curta cup -analyst -zackxbt -space hosts -Spearbit/Cantina leaderboard 基本就是各种行业俱乐部和从业人士 DiamondHands: Apps that we are grateful for include; Pendle/Ethena/Farcaster/Sofamon/Friendtech/Fantasy top/Virtual/Unlonely/Eigen/People who cultivate in ecosystem ETH Solana trenches Farcasters 用过各种链上的玩意符合标准的degen，如果你本身是个Onchain玩家，WL的概率会更高。 Architect: alliancedao/seedclub founders/megazu/Creators / Artists, SheFi, Devcon POAPs 这部分我也不知道标准是啥，感觉是个感谢名单。 反正把筹码分配到能帮忙的人手里是个艺术活，上一次的ICO失败了，这个周期看起来大家还是怀念ICO，这次我也不知道能不能文艺复兴。 这两天跌的心情很差，如果你有白名单，麻烦帮我打一下，毕竟是先到先得，如果你在推特上我们有共同认识的人，也可以直接卖给我。（不能转让，我也怕你rug），不是洗地，也没收钱，下次希望能收到300刀天团稿费。是因为我确实也拿不到什么WL，想要点货。 此外，这是第一批5000个，还有第二批是另外的用途，估计过阵子也就说了，这也是我想去做个社区的原因。 说错了别喷我，我今天心情不好可能也会发疯。 可以直接留电话我们对骂，打字太累了。 爱您。

Sonic的升级，是换皮还是换骨髓。 Sonic's upgrade: a change of skin or a change of core? 作为亚洲视线范围内，有一定发言权的团队（我们21-22年近一年占据了 @0xSonicLabs 链上超过50%的交易量。），我们对这次sonic的升级进行了一次全方位的审视。有趣的是，似乎每一个从业者都知道Sonic的升级，但是没有从业者认真研究过到底升级了什么，甚至英文资料都很少。关于Full node之争其实Sonic也有自己的答卷，它非常有讨论意义，我们不应该忽视房间里的大象。 As a team with a notable presence within the Asian perspective (we have accounted for over 50% of on-chain transactions on @0xSonicLabs in the past year, 21-22), we have conducted a comprehensive review of Sonic's recent upgrade. Interestingly, it seems that every practitioner is aware of Sonic's upgrade, yet few have delved deep into what exactly has been upgraded. There is even a scarcity of English resources on the matter. Concerning the Full Node debate, Sonic has its own response, which is highly debatable. The elephant in the room should not be overlooked. 到底升级了什么？为什么它称自己是L1？ 我们翻阅了Fantom Foundation的所有Doc，替他们总结了升级中值得列出来的创新。包括： -内部（Fantom Virtual machine & Storage)和 -外部（Bridge）两个部分。 Sonic的新命名： -Fantom virtual machine（FVM） -Storage（DB） -Bridge（Fantom Gateway）&Validator What has been upgraded exactly? Why does it refer to itself as L1? After going through all of Fantom Foundation's documentation, we have compiled a list of notable innovations from their upgrade. These include: Internals (Fantom Virtual Machine & Storage) and Externals (Bridge). Sonic's new nomenclature: Fantom Virtual Machine (FVM) Storage (DB) Bridge (Fantom Gateway) & Validator 内部升级： -Fantom virtual machine（FVM）&Storage（DB） 在Fantom Foundation的doc中先提出了DB和EVM分别占据了84%和13%的消耗时长。而其中重点解决DB的效率显然会更高 详情参考Doc： blog.fantom.foundation/fanto… 而新升级的这两个部分互相成就，FVM合并和预设了多个指令，建立了很多index，希望用这样的方式来提高效率。某种程度上来说更像是树状结构让用户更快能通过路径执行。这个类型的优化在其他公链也能看得到。 Internal Upgrade: Fantom Virtual Machine (FVM) & Storage (DB) In the documentation provided by Fantom Foundation, it was initially highlighted that the DB and EVM respectively accounted for 84% and 13% of the consumed runtime. However, focusing on enhancing the efficiency of the DB appears to be more advantageous. For more details, refer to the documentation: blog.fantom.foundation/fanto… The new upgrades in these two components complement each other, with the FVM consolidating and predefining multiple instructions, establishing numerous indexes in an effort to boost efficiency. To some extent, it resembles a tree-like structure enabling users to execute tasks more swiftly along paths. Such optimizations can also be observed in other public blockchains. 重头戏是DB的部分，Sonic直接拆分了传统DB成为了LiveDB和ArchiveDB，见配图。大白话来形容就是LiveDB只管当下此刻的数据，文档中的描述是‘Current Blockchain Only’；而ArchiveDB更像是一个记录历史数据的数据库，所以本质是通过拆分DB功能来提升只有一个DB的运行效率。 详情参考Doc： blog.fantom.foundation/fanto… 这也是23年1月Doc文档中描述Storage处理时间下降98%这句话的来源（毕竟只用处理Current Blockchain Only）。 这拆分之后，马上就要面临的问题是dispute问题，换句话说，如果产生了争议的交易如何处理呢？ The highlight is the part about the database (DB). Sonic directly splits the traditional DB into LiveDB and ArchiveDB, as shown in the diagram. In simple terms, LiveDB only deals with current moment data, described in the document as 'Current Blockchain Only'; whereas ArchiveDB is more like a database that records historical data, so essentially, it enhances the operational efficiency of having just one DB by splitting the DB functionality. For more details, refer to the document: blog.fantom.foundation/fanto… This is also the source of the statement from the January 23 document that describes a 98% decrease in storage processing time (after all, it only deals with Current Blockchain Only). Following this split, the imminent issue to be faced is the dispute problem. In other words, how are disputed transactions handled if they arise? 传统EVM和DB下，比如有 @VitalikButerin 拍脑门定的7天挑战期（是的，我指的是乐观挑战），通过二分法的方式，大家统一称为默克尔树的解决方案，来溯源定位到精准的那一笔争议交易，而毫无疑问的是，这个做法听起来就极大的消耗了DB的处理时间，实际上也是如此。 而Sonic的解决方案看起来是放弃默克尔树这一套，并且将传统的Full node拆分成Validator和Archive node。大白话翻译一下就是Validator负责EVM（即FVM）和LiveDB（即当下数据），所以Validator的要求也大幅度降低了，很好理解，因为处理的命令量和数据量都降低了。（这个地方需要格外留意，因为关联到后面的Bridge的创新）。 而Archive node就承担了查询调用ArchiveDB（即历史数据）等复杂一些的功能，基本应该都是项目方和类似我们这样做链上生意的人需要准备的，但目前并没有看到有对Archive node的激励措施，这十分的原教旨主义。（因为Vitalik当时提出类似观点的时候也没解释） In the traditional EVM and DB setup, for example, the 7-day challenge period set by @VitalikButerin (yes, I'm referring to optimistic challenges) is resolved through a binary method commonly known as the Merkle tree solution. This method traces back to pinpoint the exact disputed transaction. Undoubtedly, this approach appears to significantly consume the processing time of the database, which is indeed the case. Sonic's solution seems to abandon the Merkle tree approach and instead divides the traditional full node into Validator and Archive node. In simpler terms, Validators are responsible for the EVM (i.e., FVM) and LiveDB (i.e., current data), thus reducing the requirements for Validators significantly, which is easily understood as the workload and data volume decrease. (This point requires special attention as it relates to the innovative Bridge later on). The Archive node takes on more complex tasks such as querying ArchiveDB (i.e., historical data), which are likely requirements for projects and businesses conducting transactions on the chain, like us. However, there currently seems to be no incentive measures for Archive nodes, which is quite purist in nature. (This lack of incentives is reminiscent of Vitalik's earlier views on a similar topic, which were left unexplained at the time.) 外部升级-Bridge（Fantom Gateway）&Validator： 外部升级和内部升级高度关联，甚至我们认为很可能是外部升级（Bridge）倒推出了如今内部升级的结构。否则我们的确很难解释 @AndreCronjeTech 回归之后为什么主要负责的就是Bridge（Fantom Gateway） 如果了解Fantom的历史，就好理解Bridge对Fantom生态的重要性。早几年 @MultichainOrg 官宣成为了Fantom指定合作的跨链桥，因此有了Print的稳定币。而后的事情就是Multichain突发被中国警方控制，而跨链桥的倒塌让Fantom的TVL一蹶不振。八卦一句，当年我们追踪过Multichain关联地址在Fantom上印钱然后转去其他链的举动，我不清楚 Foundation 到底有没有参与，但是这个举动当年获得了巨量的利润。 External Upgrade - Bridge (Fantom Gateway) & Validator: External upgrades are closely intertwined with internal upgrades, to the extent that we consider it highly probable that the external upgrade (Bridge) retroactively influenced the current structure of internal upgrades. Otherwise, it would be quite challenging to explain why @AndreCronjeTech, upon his return, primarily focuses on the Bridge (Fantom Gateway). Understanding the history of Fantom makes the importance of the Bridge to the Fantom ecosystem clear. A few years ago, @MultichainOrg was announced as Fantom's designated cross-chain bridge partner, leading to the creation of the stablecoin Print. Subsequently, Multichain faced unexpected control by Chinese authorities, causing the collapse of the cross-chain bridge and a significant decline in Fantom's Total Value Locked (TVL). On a side note, back then, we tracked Multichain's associated addresses minting money on Fantom and then transferring it to other chains. Although I am unsure if the Foundation was involved in this activity, it did generate substantial profits at the time. 所以摆在Fantom升级面前的问题是：1）跨链桥是否安全 2）有没有稳定币。 2）可以通过运营获取，目前USDC已经要发行在Fantom上，不知道代价如何，传言当年 @opensea 来Fantom的话开了一个天价，最后没谈拢。1）的问题是技术问题，也是这次升级的重心，而且它必须是原生的，否则无法向市场解释如何避免Multichain的事故。 但我们说是桥，不如我们说是另一种的node创新，为了拿到一个原生的桥， @AndreCronjeTech 进行了一个非常精妙的举动，即让运行一个Sonic节点的人，同时再运行一个节点在ETH上，通过这两个节点的同步来加快原生桥的跨链速度。这也是为什么Sonic十分骄傲的说他们的Bridge是Fast&Decentralized。 详情可以参考Doc： blog.soniclabs.com/sonic-gat… The issues facing Fantom's upgrade are: 1) the security of cross-chain bridges and 2) the availability of stablecoins. Stablecoins can be acquired through operations, with USDC already in the process of being issued on Fantom. The cost implications remain uncertain; it is rumored that when @opensea considered moving to Fantom, negotiations broke down over exorbitant fees. The first issue is a technical one and a focal point of this upgrade. It must be native to the platform to effectively explain how it prevents incidents like those seen with Multichain. Referring to it as a bridge might not be entirely accurate; rather, it's an innovative form of node. To achieve a native bridge, @AndreCronjeTech made a clever move: requiring individuals running a Sonic node to also operate a node on Ethereum. Synchronizing these two nodes accelerates the cross-chain speed of the native bridge. This is why Sonic proudly declares that their Bridge is Fast & Decentralized. For more details, please refer to the documentation: blog.soniclabs.com/sonic-gat… 要实现这个逻辑，有个现实问题就是同时运行2个Validator实际运行成本是翻倍的，这也是为什么内部创新时，那么强调要降低validator的成本，因为本质是两个node。这也是为什么Sonic一直强调自己是L1，不是L2。但是目前我们对这个有趣的方案定义为L1.5。 至于为什么是ETH？大概是因为如果对其他的链也用这个方案，同时运行Validator的数量还需要继续增加，而显然ETH上的TVL迁移过来性价比最高。我们猜测Sonic一直就觊觎ETH上的合成资产并未得到比较大的激活。希望通过这个举动来盘活类似stETH和wBTC这类资产。在 @michaelfkong 和 @AndreCronjeTech 的只言片语中也能略知一二。 To implement this logic, a practical issue arises: the actual operating cost doubles when running two Validators simultaneously. This is why emphasizing the need to reduce validator costs is crucial during internal innovations, as essentially, it involves managing two nodes. This is also why Sonic consistently stresses that it is L1, not L2. However, currently, we label this intriguing solution as L1.5. As for why Ethereum is chosen, it is likely because if this approach were applied to other chains, the need to increase the number of validators running simultaneously would persist. Clearly, migrating TVL from Ethereum offers the best cost-effectiveness. We speculate that Sonic has long coveted synthetic assets on Ethereum but has yet to see significant activation in this regard. It is hoped that this move will revitalize assets like stETH and wBTC. Insights from @michaelfkong and @AndreCronjeTech provide some clues in this regard. Sonic到底想做什么？ 对于一个尚未list的项目，通常情况下都会按照list的要求去反推运营和增长的路径，这才诞生了Airdrop目前的阶段性业态（交互&贿赂TVL）。这种以果为因的做法对一个已经list在各大交易所的标的，显然是不需要的。这个部分我已经放在关于Sonic如何发钱的视频里面进行了讨论。梗概来说，#SonicArcade 为了DAU；#SonicBOOM 为了ECO；#MemeSeason 为了拉新。 从FDV的角度看，从L2到L1的定义无疑会潜在推高估值水平，但是现在除了技术创新外，共识都会倾向Killer dapp是什么的问题，或者说差异化在哪里。这里就涉及了AC第二个工作重点， @TheBlockBureau 。 @TheBlockBureau 目前还看不到产品，但是从几个月前我们关注开始，它似乎就是一个关于【信用贷款】相关的基建。看上去像是基于地址活动抽象出了一个模型来进行评估和授信，像是Alipay的信用分。 这个产品是符合Defi基因创新的，也符合整个市场对Fantom升级的理解和估值水平。配合上Bridge的创新，我们很容易有一个较大的想象空间，比如 信贷+合成资产；或者信贷+合成资产+稳定币or算法稳定币。 What does Sonic really aim to achieve? For a project that has yet to be listed, the typical approach involves deducing operational and growth paths based on listing requirements, leading to the current phase of Airdrops (interaction & incentivizing TVL). Such a practice, which starts with outcomes rather than causes, is evidently unnecessary for assets already listed on major exchanges. I have discussed this aspect in a video on how Sonic distributes funds. In essence, #SonicArcade for DAU; #SonicBOOM for ECO; #MemeSeason for user acquisition. From the perspective of FDV, the shift from L2 to L1 undoubtedly has the potential to elevate valuation levels. However, beyond technical innovation, current consensus leans towards questions about what constitutes a Killer dapp or where the differentiation lies. This is where the second focus of AC, @TheBlockBureau, comes into play. @TheBlockBureau has yet to unveil a product, but since our attention was drawn to it a few months ago, it appears to be infrastructure related to "credit loans." It seems to have abstracted a model based on address activity for evaluation and credit granting, akin to Alipay's credit scoring. This product aligns with DeFi's genetic innovation and fits the market's understanding and valuation levels regarding Fantom's upgrade. Coupled with the Bridge's innovation, there is ample room for imagination, such as credit + synthetic assets; or credit + synthetic assets + stablecoins or algorithmic stablecoins. 我们对Defi 2.0的时代充满热情，无论是高性能公链还是链上的高频交易、信贷都是符合下一个Defi版本的故事。非常欢迎 Fantom Foundation联系我们，每次讨论Fantom，华人用户似乎都不太关心，这让我们对此感到失落，它应该被关注。我们很乐意在这次升级中参与让链上更繁荣。 回到开头的那句话，不要忽视房间里的大象。 We are enthusiastic about the era of Defi 2.0, where high-performance public chains and on-chain high-frequency trading, as well as credit, all contribute to the narrative of the next version of Defi. We would be thrilled for the Fantom Foundation to reach out to us. Whenever Fantom is discussed, it seems that Chinese users are not particularly interested, which leaves us feeling somewhat disheartened; it deserves attention. We are more than willing to participate in making the blockchain more prosperous through this upgrade. Returning to the initial statement, let's not overlook the elephant in the room.

当我们聊Megaeth和Monad的争论，我们聊的是什么 What Are We Really Talking About When We Discuss the Debate Between Megaeth and Monad? @bankless 视频里面40分40秒左右开始，有了后来无数媒体讨论的full node之争： piped.video/watch?v=1qZbLyHP… Around the 40:40 mark in the @bankless video, the now widely-discussed debate on full nodes started: piped.video/watch?v=1qZbLyHP… 先给结论，后论项目。 -full node分歧: 实际上 @megaeth 的 @yangl1996 所说的fullnode，潜台词是表达自己做了node功能上的拆分，也就是他们说的node specialization。 @keoneHD 不知道这个定义，实际上应该是在场的几个人，都没看过 @yilongl_megaeth 的研究。所以很多上下文是没对上的。 -keone质疑的问题:其实并不是质疑full node，而是centralized sequencer。这个质疑只能说质疑的一半对，因为他并不知道用了prover去监督执行，大白话说就是用prover来实现去中心化。但是他质疑的根源也没问题，因为one active sequencer确实是要面对centralized sequencer的质疑，加上显然keone没看过megaeth的doc，以他的视角提出这个质疑。 那么，当讨论Megaeth时说Vitalik投了之外，我们究竟认真看了多少？ First, the conclusion; later, the project details. -Full Node Dispute: What @yangl1996 from @megaeth meant by "full node" actually implied that they have decomposed node functionalities—what they call "node specialization." @keoneHD was not aware of this definition. In fact, it's likely that none of the participants had read @yilongl_megaeth's research, leading to mismatched contexts. -Keone's Doubt: Keone's question wasn't really about full nodes, but rather about the centralized sequencer. His skepticism is only partially correct because he didn't know that they were using a prover to supervise execution—in plain terms, using a prover to achieve decentralization. However, his doubts are understandable because having just one active sequencer indeed raises questions about centralization. It is evident that Keone hadn't read the Megaeth documentation, so his skepticism came from his perspective. So, when discussing Megaeth, beyond mentioning that Vitalik invested, how much have we seriously examined? 有关 @megaeth ，我们该知道的一切 Everything You Need to Know About @megaeth 最早是 @BMANLead 约在香港碰了一面，他推荐了 @megaeth 。（除了讨论他可爱的女儿和megaeth时候他自豪的侃侃而谈，其余时候是我们两个i人在尬聊，有趣的经历） 他们是最早找到 @yilongl_megaeth 的机构，我很好奇，是谁找到的yilong？可能是 @cyodyssey ？BMAN当时兴奋的说了real time blockchain这个词，我下意识得当作了vc造得一个概念，于是延迟了几天看doc（这是我肤浅了）。 几天后，刷到 @_Digital_J_ 从哈佛phd休学加入megaeth的推特，我天生对退学创业的人充满了敬畏，如果我带着现在的认知重返18岁，一定直接退学，多几次容错空间。当然，也可能对曾经有同款发型有好感。 在他那，看了yilong这个doc之后，我们对megaeth产生了很大的兴趣。 doc的链接： docs.google.com/presentation… It all started when @BMANLead met up in Hong Kong and recommended @megaeth. (Besides talking proudly about his adorable daughter and Megaeth, the rest of our chat was mostly awkward small talk—an interesting experience.) They were the earliest organization to discover @yilongl_megaeth. I was curious—who exactly found Yilong? Maybe it was @cyodyssey? BMAN enthusiastically mentioned "real-time blockchain," which I initially dismissed as a VC buzzword and delayed reading the documentation by a few days (that was a shallow judgment). A few days later, I came across @Digital_J’s tweet announcing his leave from Harvard’s PhD program to join Megaeth. I have a natural admiration for those who drop out to start a venture; if I could go back to being 18 with my current understanding, I would drop out immediately to have more room for trial and error. Also, perhaps there was a sense of affinity due to having the same hairstyle back then. From his tweet, I found the document by Yilong, and that piqued our interest in Megaeth. Document Link: docs.google.com/presentation… @yilongl_megaeth 做了一些非常solid的实验，论证了L1几乎不可能达到100k TPS的结论。当RAM扩展到一定程度，边际效应是极其明显的。 大白话翻译就是L1达到100k tps几乎需要无穷大的RAM。论证过程可以看上述的文档。那么，怎么才可能突破tps的瓶颈呢。 这也是这场争论的真正原点，megaeth选择了直接改结构，而monad选择直接优化各个环节。各有利弊。 @yilongl_megaeth conducted some solid experiments that demonstrated it is practically impossible for L1 to reach 100k TPS. When RAM is expanded to a certain extent, the marginal effects become extremely pronounced. To put it simply, reaching 100k TPS on L1 would require an infinite amount of RAM. The reasoning can be found in the document above. So, how can the TPS bottleneck be broken? This is the core of the debate. Megaeth chose to change the structure directly, while Monad opted to optimize each stage. Both have their pros and cons. @megaeth 的解决方案：拆分。 将一个节点的功能拆分成三个角色： 1）sequencer（排序）：决定顺序交易的排序（only one active sequencer） 2）prover（验证）：决定交易是不是合法 3）node（执行）：只负责按照顺序执行 这是个非常学术逻辑的延展，比如prover是能从vitalik的论文里找到原型的，我们看论文的小伙伴直接发给了我这篇文章。 论文原文： cs.ucl.ac.uk/staff/m.albassa… Solution from @megaeth: Decomposition. Breaking down the functionalities of a node into three roles: Sequencer: Decides the order of transactions (only one active sequencer) Prover: Validates whether transactions are legitimate Node: Executes transactions in the given order This approach extends academic logic—such as the role of the prover, which can be traced back to a paper by Vitalik. A friend who read the paper shared it with me. Original Paper: cs.ucl.ac.uk/staff/m.albassa… 那么，这个结构还真不能算是无源之水，但可能算非传统门派武功（比如乾坤大挪移）。 优劣都十分明显： -优点：是三个方向都可以精进。通过分拆功能，实现了速度的提升从‘线性’变成了‘指数’，100k tps的终局是各个维度的相乘。2+2+2显然不如2*2*2效率高 -劣势：即使有prover，one active sequencer也确实容易被挑战。 So, this structure isn't without precedent, but it could be considered unorthodox (like a unique martial art technique). Advantages and Disadvantages: Pros: All three aspects can be improved. By decomposing functions, the speed improvement changes from linear to exponential. The endpoint of 100k TPS is a multiplication across dimensions. Clearly, 2+2+2 is less efficient than 222. Cons: Even with a prover, one active sequencer is still vulnerable to challenge. monad 解决方案：优化 优化数据库 MonadDB 优化效率：Parallel Execution 优化执行：Asynchronous execution 优化算法：Monad BFT 优劣点也很明显： -优点：保留了去中心化（虽然节点也要物理上靠近） -劣势：无法回答yilong的结论，L1如何突破瓶颈 Solution from monad: Optimization. Optimizing Database: MonadDB Enhancing Efficiency: Parallel Execution Improving Execution: Asynchronous Execution Algorithm Optimization: Monad BFT Advantages and Disadvantages: Pros: Retains decentralization (although nodes also need to be physically close). Cons: Cannot address Yilong's conclusion—how to break the L1 bottleneck. Firedancer的很多影子能看到，目前从keone的推特表述里面看来是围绕优化状态问题，原本我以为是优化读写，后来发现是既然状态改变比较麻烦，那我尽量也少读写。以及通过节点物理范围集中等方式来优化，总体是传统武术，无限优化。总体比较去中心化原教旨，有道德优势。看起来像一个大号的sonic。 然而，monad也有自己要回答的终极问题，就是tps如何突破瓶颈？当然，或许kone认为不需要回答，只要比对手强就好，毕竟链的成功显然不单是技术问题。目前公布的tps10k看起来水分应当是不高，较为真实。 You can see the influence of Firedancer here. From Keone's tweets, it seems their focus is on optimizing state management. Initially, I thought it was about optimizing read/write operations, but it turns out the goal is to minimize read/write operations as much as possible due to the complexity of state changes, and optimizing by concentrating nodes within a certain physical range. It's a more traditional approach of endless optimization. It’s quite decentralized at its core, offering a moral advantage—like a larger version of Sonic. However, Monad also has its own ultimate question to answer: how to break the TPS bottleneck? Of course, Keone might think that as long as it’s better than the competitors, there's no need to answer it. After all, the success of a blockchain is clearly not just a technical matter. The announced 10k TPS seems reasonably authentic. 除了技术门派的不同，隐藏在背后需要讨论的是视角问题。Monad更商业视角，Megaeth更技术视角。@VitalikButerin 的加入讨论更加深了一层，比如防欺诈窗口这个问题，其实从商业上来说无论多久10钟还是7天都是不合理的。（我看到 @paradigm 的人在评论区表达了同样的观点） @keoneHD 看的出来是比较丰富的实际视角下的考虑，甚至在讲创新的时候讲了社区运营上的创新。这个很多人忽略。 yang 、 yilong 都属于更技术视角，严谨论证，谨慎创新。（多说一句， eigenlayer 的DA就是yang写的） Beyond the technical differences, there’s a hidden issue of perspective. Monad takes a more commercial perspective, while Megaeth has a more technical focus. @VitalikButerin's involvement adds another layer, such as the fraud-proof window discussion, which is commercially unreasonable whether it's 10 minutes or 7 days (I noticed someone from @paradigm expressed a similar view in the comments). @keoneHD clearly considers things from a practical perspective, even mentioning community management innovations when discussing innovation—something many overlook. yangl and yilong both approach things from a more technical perspective, favoring rigorous validation and cautious innovation. (As a side note, @eigencloud’s DA was written by Yang.) 希望 @hotpot_dao 的加入能够补齐商业上的视角，毕竟这两年hbs mba已经不怎么招Crypto背景的人了，华人就更少了。去年也只有一个 carv ，中途还退学了。 目前看到megaeth在社区和商业上发力较少，不知道是不是因为交割问题。但是从pitch融资的思考上，shuyao @hotpot_dao 显然是成熟的，无论是大的节点商 @FigmentCapital @heliuslabs 还是老东家 @Consensys @eigencloud ，都是团结了该团结的人。商业能力的本质是团结一切可以让自己强的力量，战略上显然是没有偷懒的。 We hope that @hotpot_dao can fill in the commercial perspective gap. After all, in the past two years, Harvard Business School's MBA program has not been recruiting many people with crypto backgrounds, especially Chinese. Last year, there was only one from carv, who also dropped out midway. Currently, it seems Megaeth is not focusing much on community and business, possibly due to delivery issues. However, from the perspective of pitching and fundraising, Shuyao from @hotpot_dao is clearly very experienced. They have rallied the right people, whether from major node operators like @FigmentCapital and @heliuslabs or from former employers like @Consensys and @eigencloud. The essence of commercial ability is to unite all forces that can strengthen oneself, and strategically, there has been no slacking. 在从日本回来的路上写了这个推特，我们也在最近持续讨论高性能EVM链的过程里思考，未来什么环节是有产业优势的，非常感谢 monad 和 megaeth_labs 给我们的启发，如果有上游的云服务商碰巧看到了这条内容，非常希望能够交流验证一下我们的猜想。 I wrote this tweet on my way back from Japan. In our ongoing discussions about high-performance EVM chains, we are contemplating which areas have industrial advantages in the future. We are very grateful to monad and megaeth_labs for the inspiration. If any upstream cloud service providers happen to see this content, we would love to exchange ideas and validate our assumptions. 好产品不论皮肤，创新会带来增长。 世界是简单的道理和常识组成的，祝这两个产品好，由衷的。 A good product is not defined by appearances; innovation brings growth. The world is built on simple truths and common sense. Wishing the best for these two products, sincerely.

Berachain的世界，Olympus的复仇者联盟 The World of Berachain: The Avengers of Olympus 进入 @berachain 的生态后，我惊讶于社区的热情与茁壮，也从机制和战略动作上看到了很多昔日Defi时代的算法稳定币的反思，Berachain是cult。但在我们眼中，它更像是一场未完成心愿的社会实验。 原本我们是想去争取一个Validator，但目前看起来，数百万美金显然不够，这引起了我们极大的重视。 After entering the Berachain ecosystem, I was amazed by the community's enthusiasm and rapid growth. From the mechanisms and strategic moves, I saw reflections on the algorithmic stablecoins of the old DeFi era. Berachain is a cult, but in our eyes, it’s more like a social experiment with unfinished ambitions. Initially, we aimed to secure a validator, but it now seems that several million dollars clearly aren’t enough, which has caught our attention. 我们从三个部分来聊聊 Berachain 这个物种，重点放在生态战略和 @OlympusDAO 遗志的部分。 -Berachain的机制 -Berachain的生态以及战略动作 -Berachain与Olympus的遗志 Let’s discuss Berachain in three parts, focusing on the ecosystem's strategy and the legacy of OlympusDAO: -The Mechanism of Berachain -Berachain's Ecosystem and Strategic Moves -The Legacy of OlympusDAO in Berachain Berachain的机制 -The Mechanism of Berachain Berachain的PoL（Proof of Liquidity） -拆分单币种质押（主流Defi资产支持） -拆分治理分配（$BGT)和实际流通代币（$Bera) -BGT单向兑换BERA，不可逆。 能看到一些（3，3）的影子，把这Defi时代的宝贵经验升级到了链上而不是单个应用或者算稳。机制上在链的层面是有创新的。传言他们也把并行化的一些优化做完了，像是一个上课总打瞌睡并且自嘲自己成绩差，但是GPA3.8的学生。 The Mechanism of Berachain Berachain's PoL (Proof of Liquidity) -Divides single-asset staking (supports mainstream DeFi assets) -Separates governance allocation ( $BGT ) from the circulating token ( $Bera ) - $BGT can only be exchanged for $Bera one-way, and this is irreversible. You can see hints of the (3,3) model, upgrading valuable lessons from the DeFi era to a blockchain level rather than an application or algorithmic stablecoin. The mechanism is innovative on the chain level. Rumor has it they’ve also completed some parallelization optimizations, like a student who often sleeps in class but still boasts a GPA of 3.8 while joking about their poor performance. Berachain的生态以及战略动作 -Berachain's Ecosystem and Strategic Moves Berachain目前在社区上，当是一骑绝尘，原本我们把它当作了一个 Base ，而在参加过他们APAC组织 @leslienomad 的Shenzhen和Hongkong的活动之后，我修改了我的看法，这是最活跃的社区，也是美女最多的社区，没有之一。她们称自己为Baddies？ 我们极少参加这类meetup，也不善于社交，但通常这类活动就是20-30人左右，而Berachain，大概在150-200人，甚至我只能坐在地上。绝大部分这类活动参加的都是Stakeholders，而Berachain我看到了大比例的纯散户。 多说一句，Berachain有很多诡异的生态项目，比如Depin的一些新奇玩意（飞机杯、宣扬戒烟的电子烟、）；酷似生殖器崇拜的 @deek_network 的Socialfi项目，这一切放在任何除了Berachain的地方都显得非常不入流，唯独在Berachain显得挺有趣的。 于是，我回去看了一下Ecosystem的经营动作，并给出了一个总结。 Berachain's Ecosystem and Strategic Moves Currently, Berachain stands out as a community leader. Initially, we saw it as something like @base, but after attending their APAC events in Shenzhen and Hong Kong organized by @leslienomad, I changed my view. This is the most vibrant community, and unquestionably, the one with the most women. They call themselves “Baddies?” We rarely attend such meetups and aren’t good at socializing, but these kinds of events typically have 20-30 attendees. However, at Berachain events, there were about 150-200 people, and I could only find a spot on the floor. Most participants at these events are usually stakeholders, but at Berachain, I saw a significant proportion of ordinary retail investors. Speaking of which, Berachain has some bizarre ecosystem projects, such as DePin innovations like sex toys and vaping devices promoting quitting smoking, or the social-fi project by @deek_network, which resembles a fertility cult. Anywhere else, these would seem out of place, but at Berachain, they feel oddly interesting. So, I took another look at their ecosystem strategy and came to this conclusion: 生态项目采用自营+社区扶持 -inhouse：Build a Bera，官方自营孵化器由 @0xSami_ 负责。看起来也是Olympus的早期参与者，做过一个Fork Olympus的项目 @dinero_xyz 。 Build a Bera直接支持的原生项目，几个都融资的推进的不错。有点像自营的壳和用来贿赂投资人的退出通道。 @GummiFi -杠杆挖矿 @InfraredFinance -Lsd（Binance labs；shima；Dao5) @KodiakFi -Dex&pumpfun（Amber；Dao5；Shima） @shogunfi -订单流聚合器（Polychain；Dao5；Binancelab） 大部分投资人都和Berachain的投资人重合，比如 @daofive ; @polychain ; Shima，我猜想是由于PoL的机制导致了生态项目的壳让跟投机构更容易完成退出。还有一部分是Berachain融资过程没派发成功的筹码，类似 @BinanceLabs Ecosystem Projects: Self-run and Community Support In-house: "Build a Bera," the official incubator led by @0xSami_, who appears to have been an early participant in Olympus and was involved in a fork of Olympus called @dinero_xyz. Projects supported directly by "Build a Bera" are progressing well with fundraising. It's somewhat like a self-run shell and an exit path to reward investors. - @GummiFi : Leverage mining - @InfraredFinance : LSD (Binance Labs; Shima; Dao5) - @KodiakFi : Dex & pumpfun (Amber; Dao5; Shima) - @shogunfi : Order flow aggregator (Polychain; Dao5; Binance Labs) Many of the investors overlap with Berachain’s backers, like @daofive, @polychain, and Shima. I suspect this is due to the PoL mechanism, which makes it easier for ecosystem projects to provide exits for participating institutions. There’s also a part of the Berachain funding that didn’t distribute tokens, such as with @BinanceLabs. 向 @KodiakFi 道歉， @BeraRodman 在Twitter上Bm我，但是当时我对生态项目还不熟悉，我错误的把他当作了和每天收到骚扰信息，直到从Hongkong活动回来我才发现我们线下见过面。（我们是当时Ferryboat Research跟你聊Validator和MEV的那两个中国人）。 为了表示道歉我在视频中专门增加了时间介绍Kodiak。Kodiak的阵容很好， Dao5的核心人物是Polychain的合伙人，shima的yida gao是接替 Gary Gensler在MIT上区块链课程的华人（不过最近好像深陷丑闻）。 Apologies to @KodiakFi and @BeraRodman on Twitter for misunderstanding your ecosystem project until after I returned from the Hong Kong event. To make amends, I dedicated extra time in my video to introduce Kodiak. The Kodiak team is strong, with Dao5's core members including partners from Polychain, and Yida Gao from Shima, who took over Gary Gensler’s blockchain course at MIT (though recently, he’s been caught in a scandal). Berachain招聘： Berachain是我看到job这一栏里面，唯一直接在每个国家招Growth Head的。事实上，这样接地气的方式搭配容易理解的文化很容易形成小据点。而其他公链大部分拓展国家都是用ambassador这种松散且廉价劳动力在推进社区建设，高下立判。 Berachain Hiring: Berachain is the only blockchain I’ve seen that directly recruits a Growth Head for each country. This grassroots approach, combined with an easily understandable culture, makes it easy to establish small hubs. In contrast, other blockchains usually expand into countries using loosely organized and low-cost ambassadors for community building—an obvious difference in strategy. On Market：社区自发的组织。 类似 @0xhoneyjar 和 @0xBeraHome ，碰巧因为Validator的原因，Honeyjar的工作人员有联系过我并跟我描述了他们的业务模式。当时我一直不理解为什么Honeyjar作为非官方的社区入口要帮一些在野的项目方做很多类似poster和开发工作，这看起来并不盈利。 所以这部分除了 @deepname99 对社区的热爱之外，我认为这是Berachain有意的引导，毕竟 @deepname99 是早期Berachain的投资人和Olympus的老朋友。 On Market：Community-initiated organizations like @0xhoneyjar and @0xBeraHome. Coincidentally, due to the validator project, I had contact with Honeyjar’s staff, who explained their business model. I didn’t initially understand why Honeyjar, as an unofficial community hub, helped rogue projects with tasks like poster creation and development work, which didn’t seem profitable. Apart from @deepname99’s love for the community, I believe this is a deliberate guiding hand from Berachain, considering that @deepname99 is an early investor in Berachain and an old friend of OlympusDAO. 基础设施让Build a Bera孵化器来，那些meme文化和degen项目就让第三方社区来扶持和帮助。这样既保证了核心筹码的派发能形成财富效应也能保障生态文化看起来足够有趣，心智足够统一，甚至能赛马出几个好的社区项目。其中绝大部分degen项目注定是要死亡的，但这形成了极好的degen vibe，吸引了大量的注意力。 这样避免了 Sui 和 Aptos 的老路，他们的生态项目只能卖壳，整个生态全是半inhouse的stakeholders，很难形成一个健康的筹码派发和社区参与感。在思考如何发动人民群众的力量上，Berachain显然领先了上一代公链好几个身位。 Let "Build a Bera" incubator handle infrastructure, while third-party communities support meme culture and degen projects. This ensures that core token distribution creates a wealth effect and keeps the ecosystem culture fun and unified. Even though most degen projects are doomed to fail, they generate an excellent degen vibe, attracting a lot of attention. This avoids the pitfalls of Sui and Aptos, whose ecosystems are mostly stakeholders, making it hard to create an organic token distribution and community engagement. Berachain has outpaced the last generation of blockchains in harnessing grassroots participation. Berachain与Olympus的遗志 The Legacy of OlympusDAO in Berachain 我整理了Berachain与Olympus之间的联系： Berachain最早的Seed round来自2022年3月的Olympus DAO里面的OIP87，其中 @itsdevbear 是当时的发起人，以FDV 50million的价格融资10million usd，其中500k usd来自Olympus。在当时是Olympus对外最大的一笔投资。 Dao当中有话语权的Tex似乎有一些质疑，但是还是受到了很多人的支持。‘Berachain will fix it’成为了Olympus DAO当中的支持DevBear的接头暗号。 Proposal链接： forum.olympusdao.finance/d/1… I have mapped out the connections between Berachain and Olympus: Berachain's initial seed round originated from Olympus DAO’s OIP87 in March 2022. @itsdevbear was the initiator at the time, raising $10 million at a $50 million FDV, with $500k of that coming from Olympus. At that point, this was the largest external investment made by Olympus. There were some doubts raised by Tex, who had influence within the DAO, but many people supported the move. “Berachain will fix it” became a rallying cry within the Olympus DAO in support of DevBear. Proposal link: forum.olympusdao.finance/d/1… Devbear 和 Smokey 都是在Proposal提出之前的几天注册的账号，并且已经换上了Bear的头像，并在Proposal通过后再也没登录过账号。 在社区对Berachain团队的质疑中, Smokey 表达了他们是来自FAANGs，经营过公司也成功售出过公司，并且表达了已经筹集到了资金。值得一提的是，Olympus是唯一实现了soft vest的投资人，分了五个阶段付款。 Devbear and Smokey both created their accounts just days before submitting the proposal, donning bear avatars. After the proposal passed, they never logged into their accounts again. In response to community skepticism about the Berachain team, Smokey stated that they came from FAANG companies, had successfully run and sold businesses, and had already raised funds. Notably, Olympus was the only investor with a soft vesting schedule, divided into five payments. 所以，至此我们已知的是： - @itsdevbear 和 @SmokeyTheBera 从Olympus上收获了一笔500k的资金 -从参与Olympus过程中招募了 0xSami_ 在Berachain做Build a Bera -吸引了Olympus早期参与者 jani 投资了Berachain，并成了 @0xhoneyjar 帮助发展社区生态 I’ve outlined the connections between Berachain and OlympusDAO: Berachain's earliest seed round came from Olympus DAO’s OIP87 in March 2022, initiated by @itsdevbear, raising $10 million at an FDV of $50 million, of which $500k came from Olympus—the largest external investment by Olympus at that time. Berachain recruited Sami to run "Build a Bera" and attracted early Olympus participant jani, who invested in Berachain and helped foster the community via @0xhoneyjar. 我们未知的是，seed round是谁投资了剩余的950k usd？似乎大家也没有关心过这个问题，但这绝对是一个很重要的信息。 在我和其他朋友的聊天过程中听到了一些八卦，一些机构由于早期无法DD Berachain，传言 Smokey 早期一直戴着头套和投资机构Concall，也拒绝提供Passport等身份证明，导致错过了一些头部机构。我当时觉得这太酷了，Degen匿名到底！ 可当我深入Berachain，我也在思考，或许也有另一种可能，即Smokey和创始团队当年因为某些原因并不想公开自己身份，或许是和OlympusDAO 走的太近？亦或者是中东的那位不愿意公开？当然，如果单纯只是为了匿名，那我表示无比佩服。 One mystery remains: who invested the remaining $950k in the seed round? This question seems to have gone unnoticed but is undoubtedly crucial information. Through conversations, I’ve heard rumors that Smokey wore a mask during early investor calls, refusing to provide identification, which caused some top-tier firms to pass on the opportunity. At the time, I thought it was cool—Degen anonymity at its peak! But as I’ve delved deeper into Berachain, I wonder if there might have been other reasons they didn’t want to reveal their identities, perhaps due to close ties with OlympusDAO, or maybe someone in the Middle East didn’t want to go public? Of course, if it was just for anonymity’s sake, I’m impressed. Defi永不证伪 DeFi is Never Falsified @BasisCash 发展到 @terra_money ， @stablekwon 也是早期的参与者，吸取了Basis Cash的错误而建立。后来因为没有生态，而把整个链变成了和算稳生死相关的部分，历史也告诉了我们这是错误的。至今我不认为DK的想法是完全不成立的，这像是贾跃亭的疯狂想法其实现在看来也很高级。用失败来把他们直接定义成诈骗犯是不具备独立思考能力的。 而另一流派的Olympus，当年并未完全证伪。 DeFi is Never Falsified From @BasisCash to @terra_money, @stablekwon was an early participant and built Terra, learning from the mistakes of Basis Cash. However, Terra's downfall was linking the entire chain's survival to algorithmic stablecoins. History has shown this was a mistake. I still don’t think DK’s ideas were entirely wrong—it was like Jia Yueting’s wild ideas, which now seem rather ahead of their time. Labeling them as scammers due to failure lacks independent thinking. OlympusDAO, on the other hand, was never fully falsified. 如果，我是说如果，Berachain的聪明大脑们吸取了以下历史错误： -链：Sui&Aptos ，证明了技术显然不是公链hype的第一指标，而陷入卖壳之后，会形成一个势能在通缩的机制，能买壳的团队运营水平也是不高的。机制上很难再创造出生态，全是stakeholders没有散户的生态 -Defi：Terra的错误，显示了如果高度把链关联在算法稳定币上，等于是孤注一掷的机会，社会实验一次就成功的概率从历史上看并不高，需要给算法稳定币多几次实验的土壤，并且需要早期分散注意力，以免加速度过快导致的夭折。 上面两个错误都指向了生态问题，这也是我们看到一级市场里大家都在讨论没有生态就不投的论调。但是怎么做生态，好像各大项目的CMO和COO们都还只学了Berachain的表象。 If—just if—the brilliant minds behind Berachain have learned from the following historical mistakes: Chains like Sui & Aptos showed that technology isn’t the top priority for blockchain hype. Once it devolves into a shell-selling game, it's hard to rebuild the ecosystem, as there are no retail participants, only stakeholders. Terra's error was tying the chain too closely to algorithmic stablecoins, betting everything on a single experiment. A successful social experiment rarely happens on the first try; algorithmic stablecoins need multiple chances to evolve. Both errors point to ecosystem problems, and it’s now common in the primary market to hear that projects without an ecosystem won’t attract investments. However, most project CMOs and COOs seem to have only scratched the surface of Berachain's approach to ecosystem-building. 最后，我们在拿Validator的过程中，发现这是个天文数字，起码我们投入几百万美金是不够的。那么大概率这是一条TVL开盘在1billion usd的链。欢迎取得了Validator的项目来找我们聊聊开放API，给我们一个交易通道，我们能让Onchain的交易繁荣。 如果你是一个普通散户，大概率这是今年年底你唯一只能去参与的生态，因为开启的那一刻，所有人都没有BGT。 Lastly, during our validator attempt, we realized it’s a monumental cost—our multimillion-dollar investment isn’t enough. This suggests that Berachain could launch with a TVL of at least $1 billion. We welcome validator projects to discuss API access with us; we can help make on-chain trading flourish. If you're an ordinary retail investor, this will likely be the only ecosystem you can join by the end of this year because once it opens, nobody will have $BGT. Bullish. Ooga Booga

Jump回来Crypto做市商重点盯着链上，从行动上看，我相信他们非常希望在链上离岸市场形成一个巨型的Token、Forex、Stock场所。 可以称之为有规矩的野蛮。明年是分歧年。 Lets bet. Hyperliquid Monad Megaeth,三家选一家。 当然，成年人可以三家都选。

坦率的说，Surf这个产品做的真的还不错。特别适合我现在没啥时间，随口需要问一些交易信息和投研信息，胖友推荐了Pro版本买了个试试，300usd解放双手。垂类做成这样基本我就愿意用了。 硬广无收费。 Surf是谁做的啊，对产品最大的敬意就是硬广。

刚看到Aster的公告，这个策略非常聪明，在Token2049后发，注意力洗完，反撸，很优雅。Aster的核心不是造链上binance，是狙击Hyperliquid，不是一定要涨才能狙击，只要注意力吸引过来，就赢了。 怎么成本低就怎么来，我是Aster我也大概率这么做，发额外的空投的ROI已经不高了。要么展期，要么返回个手续费，Aster缺手续费么？肯定不缺，是缺你我这种流量。 田忌赛马，这局，Aster赢Hype。

Megaeth的第二期，主要聊了生态这件事，Crypto这么多年好像怎么做生态的话题一直没什么物料，大部分都是给了Grants，搭台唱戏，接着卖币，曲终人散，偶尔诈尸。 邀请了da-bing来聊聊自己的NFT十倍的黑料，没有Grants的情况下如何做生态，引导VC给他们的孵化器MegaMafia融钱，而自己不融，其中内心的纠结。不知道对错，向未知前进是常态。 可能是目前最真实的创业连续剧。 挺下饭的。 有趣的周末闲聊。

听了一个 @0G_labs 的AMA给了我一个灵感，我好像找到一个重新入网的生意模型，有没有投资机构和mm打算做空自己投资和mm项目的。 鉴于我们经常研究一些项目，看十个里面基本5个以上有瑕疵，1-2个我评估过如果我们把调研结果放出来，基本是可以追着Fud到死亡。 还担心Shill不动？把脑子倒过来，海阔天空。 加密浑水。

Megaeth实在中文资料是不多，开了个养成记，记录这一下创业过程中真实的情感，定期来扯扯淡。来瞅瞅真实的一线founder的日常struggle。 和da-bing聊了公链创业的问题，为啥加入了Megaeth；layer1和layer2的问题；婉拒了VC高定价接了社区融资后遭到非议的讨论；回忆了Consensys期间可以做的更好的事情；做生态同吃同住还被投资人飞来柏林投资的故事。 可能是目前最真实的创业连续剧。挺下饭的。 有趣的周末闲聊。

我非常认真的说一句， @berachain 这次的boyco是我唯一一个TVL活动，在全网竟然找不到人讨论apy的问题，我真的很想知道，有谁是真的算明白的了？ Bera这次的TVL活动看了过规则后，本质是终极欢乐豆聚合器，不知道为啥没人讨论这个？这属于给其他TVL战争只会开存款证明的选手一个响亮的耳光，这也没人讨论？ 但是，我真的算不明白Boyco的APY，更别说中间还有意疑似老鼠仓的rUSD？。我现在粗浅的理解为Bera和参与了这次Boyco的项目都必须低开？ 爹爹们能不能别yap了，解答一下这个问题，算明白比yap值钱多了。

中午和认识十几年的朋友来找我玩，她现在伦敦某大学教暗房设备的使用。非常标准的文艺青年的路径，想到啥干啥，对生活毫无规划的散漫。 我认识她的时候是我把一个乐队的经纪给她了，然后就是和另外几个共友在鼓楼东大街逃票盲测各种乐队。后来一直关系很好，前几年还帮她出过专辑，最后三年版税总共赚了30磅...（还好只是借钱） 过程中因为发现自己没啥音乐天赋就开始玩摄影，转行去搞摄影，读了个摄影的master，期间还和一个西班牙摄影师结了婚又离婚，谈了个女朋友又重回谈男朋友，最后搞了个艺术家签证兜兜转转回了英国（回去的时候也没工作）。 现在合同签到2099年，她说感觉能在暗房里工作到103岁（大概率早挂了），太幸福了。 问了问一些青少年时代的朋友们，有的成了顶级的fashion摄影师；有的进去又出来还在嗑药，也还在做世界音乐；有的成了知名乐队的主唱还在适应成名后的状态。当然也有郁郁不得志的社会闲散人员。 最后发现，只要心纯，都能在自己的领域小范围的惊世骇俗。最近两周打社区电话聊了很多陌生人的人生，思考了啥是自由，思来想去，Crypto可能依然是现在所有行业里最接近自由的商业行业。 本质今天看的项目，调研的事儿，想创业，想看更大的世界，都和那时候听音乐，了解创作背景和动机，想动手组个乐队做个音乐生意如出一辙。对世界的好奇是第一生产力，都是时代的沙子，风往哪吹就往哪去呗，有浪冲浪，没浪就晒太阳。做个简单的人，保持低情商、高真实。 至于功成嘛，不必在我。 浪在哪我在哪，不必我在哪浪在哪。

当年我去健身房比较沉迷得时候大概硬拉100kg得训练组6-8组，以为练好了是不是搭讪女生就更有自信，后来我在健身房交到了很多朋友，无一例外都是男性。 后来来了加密开了个频道，发着发着 有人开始留言老公，我十分感叹，难不成小时候不招女生喜欢，现在结婚了反而招人待见了，直到我今天打开了后台。 委屈像是海浪一样，一浪接一浪。 三浪打完，EOS终究没到500。

和Huma Finance的Richard聊了一下我疑惑的地方，从Arf的业务到Huma为啥要并购，怎么并购的，用的Equity还是Token；再到这玩意为啥要发Token？ 问了个Token如何定价的问题，是否要用资金周转率和管理规模来定价？建议看看老法师的高情商回答。 有意思的周末闲聊。

基于人本位来看，匿名小作文里面部分信息是不实在的，利益部分我不懂发生了什么，起码这人不是创业者。 里面提及的人大部分接触过，dovey给我们讲tee的时候，我们像个麻瓜，回来补的课tee是啥。几个月后tee被摘出来炒了一顿。 聊半小时让我觉得自己啥都没听过，这样的人会掌握话语权是很合理的，且这人还很强社交能力。本质我们的尊重都是智力投票。（如果你也讲很多我们不懂的东西，非常欢迎你联系我们） hook产品非常垃圾，但not之后我思考过这个问题，交易listing视角下就像商场里面星巴克用来招揽新客和留存，零售店铺来收租金。hook在当时的角度是拉新，和not cati同出一辙，花钱买用户，至于能不能拉到新，如果你是交易所负责人，这个举动你只能上，如今的binance只要不增长横竖都是错，这个事情已经聊过好几次。去上有收入的东西没问题，可没那么多啊，最近投了sign也是在转向。 dana在交流里如果有她关注的问题她会问到非常具体的业务数字记下来，以至于有个领域，我不太希望他们过早关注假意说公司名字忘了。 她好意专门建议过我去找megaeth，认为没人把他们讲明白，megaeth他们并未投资，利益无关。 坦率的说，曾经有个项目我也琢磨过中间是否有利益问题，后来她恰好联系我问了，我实际理解了敏感位置导致很多时候捕风捉影的事情被放大。 确实是有项目打着labs的名义招摇撞骗，说被投了然后发新闻。和他们的聊天记录也可以截图用来pua其他机构投资。这都是实际发生，我全程目睹，在此之前，我也以为有利益输送。所以眼见未必是真，当然也未必全假，就看怎么说。 文中利益部分我不知道，但是说他们高傲不理创业者这件事，我亲身经历认为不合理。他们都在很早的时候，没有任何人refer的情况下，主动联系过我（someone from no where），且给过我们很好的尊重。 过去的时间里面，我尽量避免提及，多数觉得是交朋友避嫌，怕我问了啥对方不好回答的。 反正尽量关注自己的事情，好好面对2025。 有啥新项目吗，讨论点有意思的。

前两天去了趟北京，青春期在北京度过，这次回北京突然觉得经济真萧条，连文化都不如从前。 去东岸Jazz的时，听闻刘元病重，希望元爷挺过去，要不然北京的爵士乐也没法听了。（北京的Blue notes就很一般） 青少年时代真好，那时候北京一周7天能找出10场不一样的live，摇滚乐/世界音乐/爵士乐/嘻哈/电子，应有尽有。有阵子69离开江湖开了DDC（黄昏黎明俱乐部），还在山老胡同。每个月都有一天芥末日，全北京喝醉的乐手大半夜一起jam，我不喝酒就爱看jam。 那应当是国内Jam水准最高的时候（树村的年代，创作热情大于创作才能，不能算），地方很小，奇怪的人和事儿很多，比如跟喝醉的崔健在二楼背再别康桥。 一个城市都是由有意思的人和场所组成的，DDC也好，灯笼/DADA/九霄也罢，都是容纳了文化多样性的容器。早几年，Vice中国拍中国的电子乐纪录片，找我凑热闹，没钱请演员，找我和几个朋友跑龙套帮他们蹦个 techno，虽然他们已经发不上工资了，但是还是把这个东西做完了。 看到这些场地阿，人阿陆续都散了，最后发现有趣的乌托邦越来越小。后来在Crypto，我又找到类似的有趣，这是为什么来这个行业的原因之一。 可现在的Crypto，就像是理想主义逐步稀释的过程，有时候也夜里总思考，当有趣慢慢褪去，这行业里我们这些参与者的位置到底是啥。 行情也很无语，就不吐槽也不当睿智的人点评了，反正我们近期没什么像样的盈利。 送你们一张十几前拍的Jam吧，崔健喝多了，大卫跑去freestyle现代诗。拍这张照片大概也是凌晨三点。 那时候的我，在想：怎么做一个好的音乐商业。

1/ 详情在原文 Part 1. Factory构架改变（单例（singleton）合约） 在V4中，模式进行了更改。V4将在主合约（Manager singleton）中进行swap的具体活动，同时将持有各种token如USDT、WETH等，而不是由Pair持有各种token。 mirror.xyz/0xb4C497eF112d0CA…

onekey招人了，终于等到机会了。 我主攻保洁这块，不但产品洁癖，我整个人就洁癖。

今天其实内心还是很感慨，记录一下心情。 今日临时载我一个哥们D去另一个老朋友F的公司，同龄人，上学的时候因为常一起玩（D和F是发小，我和D是基友），一起放假去巴黎为了省钱还一起住airbnb。下个月上NASDAQ了，500人左右的规模在跨境物流领域，利润健康，人效一般。大概率是第二年轻的上市founder，第一被何猷君赶着30岁之前的kpi，强行抢跑了。 非常替他高兴，也对又一个相逢于微时的朋友崛起而对我‘人本位’的思考越发坚定。不过，也很难内心没有波澜，我开车回家的路上思考了一路，到底我们跟他们的差距在哪。 2016年，这F哥们因为学校并不太好，在英国也不好好上学，就卖中国烟给留学生，后来毕业后就开始琢磨做物流生意，基本盘就成了给英国留学生做快递和物流生意，估计在uk的留学生都用过。头三年，基本和其他创业者一样，学费一样没落下，合伙人分崩离析，持续亏损。疫情后，业务增长指数级增长，每年300%的增长。 F跟我说大部分归结于命，人生像是按了快进键，32x。 但其实我一路在车上在思考，F的笨拙（坦言我只会搞这个）和乐观（负债时候对milestone的持续进击）都是创业非常稀缺的品质。我粗略的梳理了一下我的脑子。 -识人：这样的朋友典型不属于能活跃在融资市场的人，我常交到很多不是典型精英的朋友，我从小就觉得他们好。后来我总结这是‘人本位’。 Web2的一切创业历程我回头看都觉得特别宝贵，如何辨别一个能成事的人，也在很长一段时间我没意识到这是一项技能，而且是可以适用终生的技能。也是一项几乎只能靠自己真金白银的亏损中加强的技能。 -聪明人的困境：我认识同期很多比F优秀的创业者，他们或许陷入了精英的选择陷阱，在创业路上过度消耗了注意力做认为‘这么做能赚钱’的事情。包括我自己。 -相信常识：如果小范围的惊世骇俗并不是终点，那么忽略所有的奇技淫巧，用最简单的动作对着正确方向进行一万次攻击，就是达到结果的最优路径。 -好好做板凳：没有结构机会的时候少出手，80%时间看，20%时间冲锋。 重新出发后，天天在折磨我们的问题是适合我们在Crypto里面的产业优势到底在哪里？哪里才有100million usd/per year 稳定单业务营收的机会？哪里才有可以规模化营收的可能？ Crypto基金到底是不是对的？甚至我大概率觉得这个形式可能是错的，如果是伯克希尔的逻辑，那么替代伯克希尔结构中消费品的存在到底在哪里？ 我们都是普通人，形势比人强。做好务实、真诚、勤奋这些常识的基础品质，在追逐范式改变浪潮里‘我’不重要，功成不必在我，但功成必须发生。 今天还会感慨，还是因为有所求。什么时候‘心中不动’可能才有下个阶段。好好做饭，好好剪视频，好好修心。 一路上想起了很多创业路上倒下的老朋友，都曾经小范围的惊世骇俗，可终究ipo的就那几人，ipo之后健康的更少，但总有更年轻的人，纵火青春，用生命力敲两下钟。

有时候越看越觉得Sam和AC真厉害，超越版本。天道轮回，慧极必伤。 有时候看了一圈方案，发现Sam和AC都先想到过，做过。但不是聪明就能走到最后的。AC还有Sonic可以再卷土重来新的应用，Sam只能等特赦了。 形势比人强，新时代有新王。

其实我们看Payment创业机会看了一年多，实地走访调研了数十位行业从业者。有大厂国际部做收款和收单产品的产品和全栈，也有像各类跨境支付产品的各个岗位和founders，发卡行的上下游，公安厅的经侦负责新型犯罪的哥们，以及to b的用户侧。包括但不限于：直播、云服务、贸易客户、黑灰产。 迪拜用Crypto买房，是销售基本都具备的渠道；有人用MBS MSO做出入金监管套利；有人用泰国做中转把拉美资金回流；Onlyfans只支持Credit card，但KOL自发的三方Crypto支付大行其道。游戏/广告/物流的资金都有暗地里用Crypto周转。 因为回答不了Why me的问题，我们放弃了在这个领域进行创业。Stripe在加密领域接触 @sphere_labs 的时候我们就一直关注。 目前基本决定了新项目的赛道，那么支付这些都能说了，回头录个视频聊聊这一年关注支付的一些趣事。 其实Twitter上的投资人BAI的 @willwangtf 投支付投的好（纯个人看法），在此之前我完全不知道BAI也来投Crypto。 我们不认识，互相关注后私信了will约上海有机会聊天，虽然咱决定了不碰支付，但不妨碍好奇心呀。 华人里面新创业的 Anna（我没见过产品） 和老兵 @humafinance 我都很关注。

出门看没看过的世界之见了一个十七岁的小伙子，情商低，偏执，不想上学。像是小时候的我。他凌晨睡不着dm了我，莽撞的真诚，和我一样没文化。 不同的是，他灰黑实操懂的比从业者多。 我那会只懂四个和弦。像是时光机，我劝他退学，别走向黑产，lets see，一两年后。

Astherus这么邪门的玩意，为啥我们存了钱？ 在研究 @BNBCHAIN 25年的想法过程里面，我们顺道看了Astherus，有些有意思的insight如下： @AstherusHub 11月28日公布了Binance Lab融资信息，我们两天后往这个里面存了20w刀。并不是因为这个产品做的多好，坦率的说，又是一个缝合怪。Ethena/Perp DEX缝合，但战略上BSC确实需要，而且非常需要。 但是这玩意的筹码结构非常有趣，如果我的记忆没有出错，当时有三个方式可以获取Points： -SolvBtc -BNB from lista -USDF（1：1稳定币，只能存不能取） 其中BNB和USDF的分别是5x和10x的points。获取points最多的USDF，由于是单向通道，只能存不能取，且并未有任何信息关于锁定时间，所以当时整个池子里面在我们接收到公开信息后也只有10m，诡异的是我也几乎没有看到任何对这个事情的抱怨，所以，是谁在存钱呢？ （后来某朋友跟我说，几个月前他们就参与Farm这个项目了。） 那么已知USDF反向操作存款意愿后，排名第二Points的BNB可以获取5x points，我不清楚这个会不会影响Megadrop。但放弃BNB养老收益来这stake，确实也是需要一些勇气不是么。 所以，在筹码分布上，只需要一定的BNB（Free Token）+少量的稳定币（没有正常人会大额存）就可以控制整期的场筹码产出，形成一个强庄盘。（前提是他们真有钱的话） 更有意思的是，当我去DD这个团队，我找不到Founder也找不到BD，比如我找到了一个 @JJAstherus59944 ，但是这一看就是假号，谁的BD会只Follow20人？对了，我私信过给她，显示是 sent 而不是 seen。 所以我表达的意思并不是 @AstherusHub 虚假，而是我认为这个项目在有意的拒绝存款。直到 @APX_Finance 公布和 @AstherusHub 合并，我有理由猜测，这两个项目是一个团队。 这玩意让我想起了 @ionet 最后空投时候给2月前的那期更多的筹码分配（那期并未公布融资信息，所以Retail用户非常少）。 而且这个设计一看就非常老炮，代表着非常懂Binance listing的成本。 所以当下无非是两个选择： 1）购买 $APX 2）Farm @AstherusHub 1）的选择我们认为并不合适，因为apx一直不是一个炒作的好标的，原因应该我也不用多解释了/ 2）的选择无非是bet一个Binance的预期，让流动性造成一个溢价的Defi矿，拿点Farm的筹码验证是不是“强庄”。 至于我为什么写这个： 新的一期已经开放了，USDF也可以赎回了。相对比较自由，硬顶也从30m上升到了100m。 截至到现在，应该还有30m的份额。 如果可以的话，大户们用用我们的邀请码，一起Farm一下。放在下面。 Altcoin深套了，无聊来扯淡了，这玩意应该没啥英文用户，我就随手发了。

之前我看的书 vs 最近我看的书 第一本是我最近两年看过最有意思的书，科学讲解如何屠龙，引经据典的告诉你如何找龙，如何穿越被诅咒的沼泽，如何应付吟游诗人，甚至如何正确的与旅馆女侍调情。 第二本是我在Kay Capital书单上找到对我启发很大的书，正确认识世界。会销八大门派哥们也打算学习拜访一遍，理解人性，保持真诚。

如果 particle是平开测试能不能拉财富效应，stakestone就是看到前人栽树未成直接放弃抵抗，大家都想水下洗。等待流动性反转那一刻。 bsc上大概会连续出现多个这类吭哧吭哧干了两年也出不去货只能build的项目，我总感觉用户到了共识拐点会接受更长时间的持有（持续)有收入模型的东西，但不一定是去中心化和跑在完全链上的。 这批错杀的标的里面只要有一两个能长大，或者捕获到下一轮一两个叙事发动机，bsc这闭环就完成了，那么，是谁呢。 bsc最近的操作非常艺术，youtube扯淡的时候聊过，不知道谁的点子这么绑定所有人变成bnb买盘，meme，保证金，池子，价值发现一套传销三连。散户和项目以及上游vc都成为了bnb过渡买盘的一环。 如果有知情的人麻烦介绍一下，很想学习一下，如何在这么大的组织里推动这个方案。我一直以为涉及利益的事情没那么好推动，我从来没在大组织里工作过，十分好奇，有限的围观经历里都是屁股决定脑袋。 公链的治理最后都是走向政治。如何保经济又保政治是个治理课题啊，招商引资和激励政策在公链治理里面大家叫做生态，如今到了一个大家抢占产业高地的阶段，各国资委水平有高低，懂产业，深入产业带头创新的不多。 敢离岸尝试深水区的不多，应该去改造大宗商品，外汇市场以及周边产业，小一点也可以是广告 演艺（国际艺人最近为了省税，私下开始用稳定币支付)，这些实际更符合实际用途，未必需要完全去中心化的例子最近常常思考，前几天还跟megaeth的各位讨论服务器的事情时浅聊过。 bsc的各个基建像是国企央企，统一度高，但市场化略弱，考虑一些体外的市场化并购和体外孵化产业创新是个不错的路子，最后激励产业的都是人，吸引好的人才落户是个艺术活。之前被诟病的中心化的链也确实有它的优点（效率高:)。 毕竟，共产主义的传销阶段和如今的共产主义也不太一样，有点像如今去中心化dex和实际去中心化dex。没有对错啊，咱这行业迫切需要抓到老鼠，猫是黑白，此刻真不重要了。 覆巢之下无完卵

这个一般是第26天才问的，你缺乏了很多环节，外公也还没病危。

友情提醒: 可能要大反弹了

Ferryboat Research & Friends（Vol.1 Megaeth） 小A和他的朋友们（Vol.1 Megaeth） 第一期社区拖了很久，权益我放在后面，这个时间下愿意被咱割的，应当都是真有缘了。 为了有诚意一点，我记录一下我的思考，可能不对，但真诚。 如今的Crypto氛围下，怎么参与生态变成了个技术活。估值被重塑下，首先被放弃的交互参与者（撸毛）成为了估值改革下第一批倒下的人；TVL战争下签订大户保底APY（都是用Token发放）也是各类吸储项目传男不传女的增长法门。 这个过程里让我想起新消费时期，因为品牌和投放做的还行，朋友拉我一起接了某品牌的增长，他们为了融下一轮梭哈了账上的接近3000万RMB。 于是，我和当时的几个朋友，每个月帮他们消耗了数千万RMB的广告费给巨量引擎，保底ROI1.2。大白话说，每卖出一单要亏损7RMB。 后来这套策略确实让他们销量起来了，他们拿到字节跳动几亿的融资，有意思的是，这几亿融资的条件是用几乎等额巨量引擎的年框完成的。 后来蒙眼狂奔下，在GMV过了十亿之后非常凶险的进行了供应链和流量的买人和降本增效，如今他们靠着卡位了电商的高层级活了下来，但因为融资的钱又还给广告年框，所以始终现金较少，利润较少，但是幸存。 看上去是不是这个策略是奏效的？如果吹牛逼的情况下，我可能也愿意说到这里就打住了。 但是大家不知道的是，其他品牌看到这个做法奏效，马上跟进用同样的打品策略，最后做流量的公司赚了上游VC的现金，消费公司亏钱卖出去了货，唯一的区别就是能不能续上命融到后一轮钱，事实上就是我和朋友经手过的加上了解实际情况的公司，总共也就活了这一家。 后来大家发现好的消费公司几乎不要钱或者只融一轮钱，而消费估值也就是20倍PE，从资本效率上来说不够。因为卖货和互联网需要网络效应还不太一样，找到人群度过之后，能赚钱的大概率就是能赚钱。 关注流量能短期赚钱，关注供应链大概率短期不赚钱但长期赚钱。最后新消费回归是不是好生意，赚不赚钱；投资回归到能不能帮上忙，能不能给Founder提供情绪价值。 回到今天的Crypto也是一样，上下游之前的共识是需要TVL，需要DAU，需要交互。所以发现一切都围绕着关键指标，为了要势能，项目们用撸毛工作室、TVL大户给自己加了杠杆。 而Crypto的高估值天生很脆弱（高FDV低流通的打法是双刃剑），而由于都给社区留出了份额，所以实际上团队的份额占比是不高的。今天加密行业的高估值本身可能就要除以一个系数，本身就不能用和传统互联网的标准（就像当年科技行业和实业天生PE不同）。 但毋庸置疑的是，Crypto是不如传统互联网和实业估值扎实的。所以如果你对10亿美金市值有执着，那确实加密行业更容易达到。 那尽头是什么呢，传统互联网的尽头是网络效应起来之后有正向现金流，Crypto目前的尽头目前是上所卖币或者上所轧空，拿到收益后来琢磨如何build或躺平。 如今的撸毛工作室，提供TVL的大户，各个雕琢繁荣数据的组成者，应了那句话，此时此刻恰如彼时彼刻。 但生态参与方到底需不需要呢？ 显然是需要的，Crypto天生的优势是团结早期的stakeholders，咱今天叫社区也行叫xx也行，本质都是一个利益和共识的团体。只有早期种子用户上找一些相对价值观接近，确实长期关注这个领域的stakeholder，这个社区才能长期。 说到这里你肯定疑惑：那不就是买了不卖的xx吗？ 不瞒你说我还真想过这个问题。 我认为他们的区别是繁荣数据制造者是流水线，这个项目做完下一个，发了筹码之后就Dump，且完全不会再接回来，对项目本身也没兴趣，有兴趣的只是这个项目的TGE前的卖相。 而社区的stakeholder同样你可以参与完下一个，发了筹码之后有的拿住有的就dump，但核心区别是你真觉着这方向上有戏，在持续关注这个领域，在找这个领域的持有机会。买卖是市场行为。跌的足够低的情况下才有买盘。 这个对供需方的要求都很高，对项目来说得让holder相信你还愿意创新；愿意bd；愿意做业务；利益还跟我在一起。对Holder来说得确实关注这个领域，这个赛道，可以在这个赛道里选潜力的、低估的，而不是认为整个赛道价值归零。（这个部分是Crypto缺乏的，也没有太多机构支撑足够的买盘） 在这种互相信任收到极大破坏下，供方选择倾销是最优策略，需方选择倾销也是最优策略。囚徒困境，看谁跑得快。只有重新构建这样的信任，在下个周期里面大家才能PVE。 所以，我们琢磨做这个事情本质也是想试试，如果把生态参与者都拉拢的跟项目更近一些，让参与的人都进入生态里面，我们来做个桥梁，没有xx Maxi，允许大家讨论竞品（讨论竞品的情况下，说明还是在看同一个领域）看看会不会缓解信任崩塌的情况，换句话说，我们一起来筛选一下供需方。 市场这么熊我也不知道会有几个人参与。大概率做完第一期，没什么话题聊的话也可能解散社区。 为了筛选生态参与者，我做了有门槛，不建议非Pro用户参与；为了避免纯割群友，我们提供了等价的工具，附在评论区视频可以查看。 关键信息： 有门槛：1 ETH 主题：Megaeth 我们的工作：MegaMafia（官方孵化器）中的项目我会都看一遍，给出非常鲜明的看法，这部分我们也会脱敏公开，对社区部分不脱敏。所有社区收费都直接投入生态的各类角度。 人数限制：上限100人（不认识的我都像打个电话聊聊，人多整不了） 你的权益： 1）直接获得我们研究Megaeth的结果 2）获得一个我们自用查询Twitter热度的工具，准确度可以做策略水平。使用时间保证到Megaeth TGE之后（预览附在评论区） 3）不会明牌获得任何回报承诺 举例说明可能存在的alpha用例： 1）Noise是Megaeth的生态项目，目前利用Kaito的Mindshare在做二元期权的交易，有点像Polymarket的结构。目前我们用的这个工具可能能辅助该项目的交易。 2）社区更容易获得Megaeth NFT的白名单 如果看完了这么长，你竟然还没走，那麻烦你填一下list，有缘我会联系你： docs.google.com/forms/d/1hkn…

新年的最后一天有人找我来做广告，我一看这项目我看过，产品不错，以为我终于有人找我做广告了，还是能接的。 内心小鹿乱撞，满脸绯红。 由于不了解市场价格就问了一下对方我值多少，焦急的等待了一晚睡不着，结果睡到了中午。 刚对方回复我300刀，发完视频之后转发到推特。看着我交易所里亏损的金额，我心里一阵失落，像极了大学时期算3500一个月，需要多少年工资才能买房的我。 失落过后想了想，浪费了几分钟看这个项目能不能接，还是做个视频吧，不收钱那种。 @_kaitoai 最后解决的问题可能就是体面的给ct一点pow奖励。 这次，我们能走到对岸吗。 @Punk9277

Sonic应该是目前已存的综合体验最好的区块链。能不能互联网乞讨一下各位大户用一下邀请码。 最近还存了Ethereal，既然行情不好。各位大户们一起吃点低保我们也算是共患难了。 Sonic邀请码：4MWDGU Etheral邀请链接：deposit.ethereal.trade/point… piped.video/ohx2dRKGe2w?si=mMu8… 来自 @YouTube

Megaeth选择发了自己的稳定币USDM，Hyperliquid也开始招商自己的稳定币USDH。越来越多的公链会意识到Gas和Sequence fee的局限，需要转移支付。 原来链上不存在足够多的高性能场景，最主流的高性能场景是Memecoin，随着新的链上交互形式（CLOB），新的交易资产（商品、股票、外汇）被搬到链上来，传统的收费模型是落后的。 越来越多的Volume集中在链上，但做市商和交易机构的定价会逐渐迁移部分到链上。那么，高周转的场景下，要把Gas和Sequence fee打下来，势必要转移支付成本，稳定币就成了大家为数不多的选项。 当有能力的链自己诞生，大概率会拒绝出让免费筹码给CEX，变成了私域生意，那既然是私域生意，不如干脆彻底点，筹码也自己造把。 Binance曾经的路会在链上Permissionless的再走一遍，不一样的是，在链上，BUSD不会死亡。

非交易的领域里面，只有稳定币支付和现在我们看的这个玩意里面，我认为是不可逆+天花板够高。 找时间写一下稳定币支付，调研这玩意请了数十顿饭，当时都吃胖了。

今天不是提名了，这回真拿奖了。事实证明，果决的前行，时间会告诉你答案。 世界上大部分人轮不到拼天赋，都不是科班出身，今天正好和一个新认识基金的铁铁午饭，聊起人的问题，我刚想了想，我想找会为了赢愿意付出代价的人，无论伙伴/员工/老板。去找真想赢的人，用坚定的信念对抗未知，然后去tmd下场做饭，而不是精打细算，站在岸边，仿佛看透行业的不愿犯错的庸才。

我刚准备抱怨说，因为好奇一些业务问题，找huma聊了天，然后自从他们上了kaito之后，我每天要被@十几二十次，每次都想拉黑垃圾贴子。 但刚刚听说给做过内容的发空投挺大方，行，我忍了。但是我真的觉着，中间的水贴太多了，怎么才能过滤kaito筛选一下啊。 发钱牛逼。huma懂的。但我总共就发了一条，为啥能在前面啊（刚看了一下） 感谢 dov好心拉群，感谢 Richard。（没做广告也被塞钱，自觉发送感谢信）

我其实比较好奇huma为啥没人fud。看盘没回调过，自己做空都看起来不好看啊。我还以为爆套保，看起来是mm自己套保。

给 @perena 存了10w刀，目前TVL不到7M。TVL上升再加，确实我们没啥其他参与角度，浅参与一下。摆着不管了，鉴于目前TVL还不高，先存着观察一下。你们能不能跟一下我的车，这样，我就不用没事还去看一眼，发动群众跟进研究。最近生病没好，就不记录生活这么频繁了。 存钱了告诉我一下，我们可以定期交流一下，好人一生平安。 Perena Referral Codes： zkproof_leverage_validator zkvm_dapp_tether rebase_mainnet_lightning paradigm_protocol_pos

一直在反思这轮哪错了，我想明白了。 从今天开始，学习新视角，然后带带小a，长挂嘴边。

最近陆续见了一些网友，大部分时候都提不起兴趣，唯独 @leslienomad 我们聊完后决定认真在 @berachain 看看做点什么。约了再见，我特意翻了个礼物送给他。 大部分聊的人从赚钱角度来说都比leslie‘段位’更高，但是从【闻味道】来说，大部分都是没有自下而上叛逆的那个味道，多是被金钱腐蚀了的中青年。 赚钱很好，但是欲望会腐蚀人，会让你发胖，会让你双眼充满贪婪的秽浊。管理好身体，管理好欲望。 怎么说呢，就像当年张楚在台上转头跟吉他手说：“这个音不对，离社会远一点。”

好奇问问做VC得各位，你们一天看5个项目得话，真的看的动吗？为啥我最近两天给list打电话，打5个，每个平均60-90min，我已经感觉脑子不太好用了。 电销一天几百个电话是怎么做到的啊。

周末闲聊Bidclub，问了一下Jason关于二级市场的问题，最早是J告诉我说这个频道很适合中文有人做，成了有时候我睡觉前的催眠物料。 聊了一下关于基金的看法、币股的看法，以及二级市场中如果要定价现在大家最关注什么类型的问题。对了，还聊了一下前几个月关于Binance listing小作文涉及利益输送提到的Folius的问题。 最近确实看的东西我都不太想说，涉及到我想找人做的问题，所以转行扯淡了，凑合看一下吧。

基友入围了金曲奖好几项，特高兴。开心程度的和十来年前迷笛给了我们三万块人民币演出费一样。 那年头巡演最惨的时候台下就加上我7个人，巡演和场地37开之后能剩下几百块，够买去下一站的车票。 穷困的年轻人各自误入歧途，分道扬镳。他违了法，我擦了边。他进去又出来，如同一枝矫健的红杏。伦敦再见，他在国家美术馆演，我是观众。再聚半月，追各类音乐在柏林和东伦敦的各类underground（柏林的电子乐太狠了）。 相聚再别离，他巡演，我出差，都过上了青少年时代渴望的，逃犯般的生活。 刚听闻这个消息的时候，想起来才认识的时候，我们骑他的二手摩托在百子湾各个地下排练室看人排练，突然他严肃的跟我说： “瓷，哥们天生是音乐家。” 我：“拿个金曲奖我就信。” 他：“哥们是金子，为啥要镀铁？” 十多年了，可算镀了层铁。 硬广这张专辑。 piped.video/9vDONqcXS70?si=Urw7… 来自 @YouTube

最近两天好几个新朋友问类似问题，一起和您聊一下： 1）顺序误会了：我们自己具备自负盈亏的能力，一开始原点就是为了alpha自用和试试这套能不能做成量化策略，是做的过程发现好像可以产品化，才做的产品，于是有了“融资”这段。 2）融资原因：一是为了抵消做产品的成本，二是希望试试VC和其他机构愿不愿意采买这种产品，顺便帮我们卖机构。当时的我，认为如果VC听不懂，那可能to b的转化率不高。 3）人的原因：任何行业都是2/8分，聪明人是少数。当时聊完几家恰好没遇到对的人，对方关注的和我想聊的点并不一致，这种看项目的时间短，我只能靠单向输出认知来换取对方注意力，这对我来说很消耗且并未得到交流的认知提升or人文上的共鸣。 我们人数很少，自己也是投研的生产力，所以在时间投入上我止损了。 4）性格问题：我们少出门少社交，一次“大会”都没去过，不爱麻烦人，合作从不白嫖。叠加体感不好，所以并没有让朋友介绍更多的人。 5）最后，我并不是没有寻找更多VC，而是总结了3和4的问题后，我选择更立体的去找，做了Youtube和在Twitter记录思考和工作，全程刻意没有麻烦任何行业的朋友关注和转发。 这是老派人文气节的做法，用最朴素的方式，脱离Connection，纯冷启动，当我发一百次我的思考，算法让我们遇见谁，就说明我们是什么水准。 您姑且认为是偏执的自证把。 一年多过去了，就像是一场代表普通人的行为艺术不是嘛。（总得给自己得生活找乐子不是？） 对了，顺便告诉您，我们最后遇见的，几乎是我认为最好的一些人。

我们花时间看完了某知名机构最近投的一个项目，感觉如果发出来肯定会被当作Fud，不发出来我工作时间已经消耗了，只能不记录直男工作Vlog。 所以当你们遇见这样的情况的时候，是选择闭嘴还是客观的输出完。

看到大家在发豆瓣20年。想起很多老朋友，时至今日我也认为这是我赛博生命里最珍惜的社区，虽然现在app都删了，但是我认识过很多有意思的人和事。 很多古早的ID和事对我开眼看世界是很大作用的，秦汧和chopsticks可能是当年我认识的为数不多的酷人。当时我还小，Let it be这个私密组给我世界观的冲击非常大，十分羡慕长大后的生活，这可能是我见过最有意思的小组。 月亮组里面一起八卦的朋友最后在吃喝玩乐在北京遇见，兴致勃勃的说哥们贝斯弹的出神入化了（实际就是30天速通把妹水平），要组乐队，那个小哥帅极了，到今天我都忘不掉。后来他组了个叫丢火车的乐队，让我意识到原来帅真的可以当饭吃。 李志那会还在月亮组写他的20多个姑娘，我当时觉得做音乐人太幸福了，如果长得这么丑也可以的话，我也想做音乐，特别是摇滚乐。 各类直播组里面有各种奇怪的事件，那年头也没啥亚文化阵地，奇人轶事最终都在豆瓣上相遇。后来我认为很有文化的某位网友收藏了某本米塞斯的书籍，这在一个只懂讨论pink floyd和led zeppelin的人群里无异于是换了赛道竞争，于是不甘落后的看了第一本经济学书籍。 坦率的说，当年基本是当作维特根斯坦的老乡著作对待，并未意识到这事对认识世界有多重要。 对产品的第一次认知也是在豆瓣，那年唐岩出来创业，在豆瓣小组里拉人内测（我是唐岩和黄章晋的很古早的粉丝，那年也没有大象公会。），我成为了陌陌第一批的群组用户，唐岩的群组有趣极了，当时叫恶人谷。 他当时也没这么有钱，陌陌甚至不是个直接的dating app，里面基本都是在聊电影过度到dating。王力当时还没有加入陌陌，在豆瓣小组还是陌陌群组上讨论应该做个LBS漫游的功能，可以赛博飞到纽约，跟纽约的网友聊天，时至今日我也没去过纽约。 当时的我激动坏了，内测的时候漫游到了纽约，跟一个nyu的电影系男生搭讪，真诚的写了一段跟他讨论电影的东西，我以为他会真诚的回我。 但是他跟我说： 我不是gay。 你看，20年了，它影响了多少人。 每一个像我一样的乡下男孩，都应该感谢阿北。

周末闲聊Sidekick，聊了陪玩为啥要转行，到底这玩意靠啥赚钱，打算赚什么钱。我身边质疑这个项目的很多，但找角度想Farm的也很多，衣不如新，人不如旧。有新的东西还是得瞅。Jonny也没有任何避讳，基本没删减。 当然，也聊了海边单，1V1直播。让我想起了三个姑娘陪你玩PUBG的好时光，聊Dota的部分我删掉了，但还是想多说一句，陪了我十六七年的Dota，到头来也不过是博彩的Farm方式，后来在推特上碰到2009，结果没多久他还进去了。 如果走向金融虚无，没准直播也是个方式呢，一起坠落吧。

技术上的事情我们没看，主要没参与solv。利益无关。 但是我调研商业部分的一个大课题中出现了solv的身影，所以当时内部给的结论是binance有非常大的概率会把btc放solv。我不知道如今的争论是不是因为这个剧本中的利益原因。 此外，这个剧本里首发hype的剧情被binance改写了，背后的利益关系和筹码派发我并未调研，不发表意见。 但是我听过 @myanTokenGeek 老师的播客，我相信一个人说话的语气和情感。我这两天收到了几个朋友说solv得罪很多大lp给了极低年化，和tvl很假的信息。 我认为关心的人应该去关心上述的两个问题，这涉及了筹码的结构。如果insider可以找我聊一下，我学习一下，感谢。

Hyperliquid的今天，高频DEX/链们的明天。 Hyperliquid Today, High-Frequency DEX/Chain of Tomorrow 我们讨论问题，不是Fud。毫无疑问，我们是最希望链上交易繁荣的簇拥。 We are here to discuss issues, not to spread FUD. Undoubtedly, we are ardent supporters of the prosperity of on-chain transactions. 一.@HyperliquidX 是什么 -赛道：Perp DEX/高性能EVM链 -部署： @arbitrum -TVL：700M ，包含500M USDC 浏览器查验： arbiscan.io/address/0x2df1c5… 1. What is @HyperliquidX? Sector: Perp DEX/High-performance EVM Chain Deployment: @arbitrum TVL: 700M, including 500M USDC Browser Verification: arbiscan.io/address/0x2df1c5… 争议：中心化 1）节点和资金安全： -Deposit动作：本质是Bridge到自己的L1。已经完成审计，可目前没开源； -节点中心化：2/3的验证者节点可以控制整条链 ，而节点没有外来人员。 节点文档：github.com/hyperliquid-dex/n… -仲裁问题：仲裁问题一直是链当中非常被大家关注的问题，文档中定义的仲裁者为‘Finalizer’，用来最后解决dispute，可并未公开Finializer是谁，我们暂定这是中心化的。 猜想：如果我是hl team，我也会前期这么设置以防bug被偷钱走。但确实存在如果作恶，故意引起dispute，用Finalizer挪走钱，是可以实现的。 Controversies: Centralization Node and Fund Security: Deposit Action: Essentially bridges to its own L1. It has undergone audits, but the code is not yet open source. Node Centralization: 2/3 of the validator nodes can control the entire chain, and there are no external participants in the nodes.Node Documentation: github.com/hyperliquid-dex/n… Arbitration Issues: Arbitration is a highly scrutinized issue within chains. The arbitrator defined in the documentation is referred to as the 'Finalizer,' meant to resolve disputes, but the identity of the Finalizer is not disclosed, leading us to assume it's centralized.Hypothesis: If I were part of the Hyperliquid team, I might set it up this way initially to prevent bugs from being exploited. However, if there were malicious intent, disputes could be intentionally triggered to move funds using the Finalizer. 2）交易量真假： -资金费率上（图1）： 大部分时间下，大部分token资金费率并未偏移，都是默认费率0.01%，通常情况下我们认为这是没有仓位的表现，无对冲压力。 -订单簿上（图2）： 大部分交易是间歇性有交易量且小金额。通常情况下，我们认为这样的盘口不是由真实散户自发组成。2023年冬， @HashKeyExchange 冷启动阶段，我们也看到了同样的盘口。当时我们制造了Hashkey HK约50%左右(大约600M/month)的交易量为了获取低价 $hsk 。 结局是Hashkey第二个月就修改了规则，ban掉了我们。后研究发现，我们的对手盘就是Hashkey自己。 如果有兴趣的可以回看当时的吐槽： nitter.app/0xAlexon/status/174983… Genuine Trading Volume: Funding Rates (Figure 1): For most of the time, the funding rates for most tokens do not deviate and remain at the default rate of 0.01%. Generally, we interpret this as a lack of positions, indicating no hedging pressure. Order Book (Figure 2): Most trades occur intermittently and involve small amounts. Typically, we believe such an order book is not organically formed by retail traders. During the cold start of @HashKeyExchange in the winter of 2023, we observed similar order book behavior. At that time, we generated about 50% (approximately 600M/month) of Hashkey HK’s trading volume to acquire low-cost $hsk. The outcome was that Hashkey modified its rules in the second month and banned us. Further research revealed that our counterparty was Hashkey itself. If interested, you can revisit the complaints from that time: nitter.app/0xAlexon/status/174983… -用户反馈上（图3）： Follewers反馈在Hyperliquid运行策略的止损单平不掉，基本符合它目前订单簿上的情况。另外，其公开的盈利30M 盈利口径上应是5-6M。 其中，根据曲线猜想存在Delta并不等于0的盈利部分。 User Feedback (Figure 3): Followers reported that stop-loss orders in Hyperliquid's strategies could not be executed, which aligns with the current state of its order book. Moreover, the publicly stated profit of 30M is estimated to be between 5-6M in actual terms. Based on the curve, there is speculation that there exists a non-zero Delta in the profit calculation. -------------------------------- 二.高频DEX的一些思考 -Pool形态（以Uniswap为代表） 天然适合冷启动，用户的边际体验和网络效应关联度不大，只和Pool的深度以及链当下的使用人次有关。甚至100人并发使用和1人单独使用还体验更差。 -Orderbook形态 天然不适合冷启动，依赖网络效应，更像Web2的平台级产品，用户的边际体验和网络效应关联度指数上升。人用的越多体验越好，交易深度越深。 Some Thoughts on High-Frequency DEX Pool Model (e.g., Uniswap): Inherently suitable for cold starts, with marginal user experience and network effects being less correlated, depending mainly on pool depth and current user activity on the chain. Interestingly, the experience might be worse with 100 concurrent users than with one user alone. Orderbook Model: Inherently unsuitable for cold starts, relying heavily on network effects, resembling a Web2 platform product where marginal user experience and network effects increase exponentially. The more users, the better the experience and the deeper the trading depth. 说到这里，其实应该讨论一下 @ChainUpOfficial ，这也是为什么它可以获取数百家CEX客户。如果今天Hyperliquid可以像Cefi一样搬运Binance流动性，也就没有了今天的讨论。 每次革命都需要更新一代的人来完成。今天Hyperliquid面临的问题，也是 @monad_xyz @megaeth @0xSonicLabs 发布后即将面临的问题。infra迫切需要证实而不是延缓证伪，继续融资。 我并没有任何Fud hyperliquid的意思，相反，我非常尊敬他们的勇气和执行力，创业过程里面少画饼，小步快跑才是创业者的姿态。我很惭愧现在指手画脚，也帮不上什么，但希望你们看到的话，我是善意的。 比起并未发产品的几个决赛圈选手，hyperliquid不停迭代是一条非常正确和值得尊敬的路径。（前提是他们是心怀理想的） This brings us to discuss @ChainUpOfficial, which explains why it can secure hundreds of CEX clients. If Hyperliquid today could leverage Binance's liquidity like CeFi, there would be no need for today's discussion. Every revolution needs a new generation to complete it. The issues Hyperliquid faces today will soon confront @monad_xyz, @megaeth, and @0xSonicLabs after their release. The infrastructure urgently needs to prove itself rather than delay disproving itself, continuing to raise funds. I mean no FUD towards Hyperliquid; on the contrary, I greatly respect their courage and execution. In the startup process, minimizing grandiose promises and making quick, iterative progress is the true stance of an entrepreneur. I am embarrassed to be offering critiques and can do little to help, but if you see this, my intentions are sincere. -希望回归 $ftm 的 @AndreCronjeTech 能够带来一些这个领域新的范式 -希望 @hotpot_dao 的加入mega eth 和 @VitalikButerin 的投资背书 能让华人在链上有一席之地。 I hope the return of @AndreCronjeTech to $ftm can bring new paradigms to this field. I hope the involvement of @hotpot_dao in megaeth and @VitalikButerin's endorsement can help the Chinese community find its place on the chain.

想找人聊天系列： 到底哪位大哥做的Binance alpha+BSC IDO这套打法阿。能不能来上节目聊聊复盘一下阿，化解了BNB被Dump的潜在威胁。 很佩服这个人，谁做的统筹啊。

我一个铁铁因为去做境外艺人巡演的生意（也是Crypto支付目前适用的场景），我介绍了一个忘年交好友L给他去取经，L现在经营了一个非常棒的Livehouse，做过十年的诗歌节，曾经是南方周末的老编辑。一手cx起来过，万能青年旅店、瓦伊那、生祥、野草寮等本土色彩比较浓重的各种乐队。 半年前，这位铁铁头一次接触L，因为极度不习惯老文青那一套略有坚持的交往方式，回来跟我一顿吐槽说这老哥这么做很难交到朋友的，他想做的音乐节没人基本不可能实现。半年过去了，突然跟我说挺服的。 我一直挺佩服这种人，我底层就不愿意起冲突。啥人都不认识的情况下随便说，一旦都认识了很多只能点到为止，做不到他这种直接。 想做生意，要朋友要统战，要看上去没有分别心，要接受泡沫，在泡沫其中，接受灰色接受利益。比如Kaito发的是什么呢，发的是纸媒时期的媒体老师的车马费，人人都有。 来跳舞吧，我的朋友。造一个巨大的、虚构的梦浇给市场吧，只要追梦的心是真的。 希望南丹音乐节明年还能办，这是这两年最好的音乐节。 你看，这是一条广告。

看了一下参与 @_kaitoai 是不是我只能靠输出智力了，这玩意跟我们挺有渊源，我们几乎是同期做了这套东西。 kaito和我们内部用的trending工具基本产品方向是一套，我们调低了中文CT的权重（因为实测下来中文噪音确实大，engagement不准），因此铭文我们是整体错过。 目前他们应该保留了早期的权重，转型之后，没改。要不我写个又长又臭但可能有点价值的东西试试给点建议，kaito会不会因此选择几个人的list来提高一下中文权重？

他们说一般做账号都需要要转发一下自己十次里面唯一对的那一次？

这年头拨打售后热线待遇这么高？ megaeth的nft mint出问题， @jinfizzbuzz 帮我联系了 @0xHeisenbruh ，这哥们火速给我拉了外包的那个团队，服务态度让人想起早期的海底捞火锅。love heisenbruh! 充当了四十分钟测试组， @0xBreadguy @NamikMuduroglu 也跑来看修bug，祝福他们能平安度过FCFS阶段。 like old Chinese saying goes： 亡羊补牢

希望这次再上创业路的话，能走的顺利些。 祝福kaito，yap这个产品我确实想不出来。

还去中心化吗各位。

i'm looking to pick up some #200tezos and #bullish23 pieces! pls shill me your ⬇️ #tezos artworks 🐽

Tether最近收购了一些农业公司，阿根廷的白糖稳定币一直搞得没啥动静，基本和Scam一样。最近聊了一些做农业投资的朋友，让他们接受稳定币这一套感觉要花非常多时间。 感觉很有意思，他们宁愿在传统上卷用AI去给各种鸡、牛、羊做监测配比饲料好像也不太有动力去解决一下现在最痛苦的撮合问题。打算去缅甸学习一下胖友是如何卖木薯的。

Particle最后一轮是什么估值啊，有没有insider来给我科普一下。 UniversalX 这个产品完成度蛮高的啊，但是Shogun貌似估值并不高哎。

Jump走了，但同水平线量化祖师爷来调研Crypto。

sold out. nice so,let me say some real talk plz fuck front end ur mom dead

有没有和汇旺比较熟朋友，伤心中年男孩想出门实地学习一圈，柬埔寨啊 金三角啊这些地方。 如果有和水房很熟悉的也可以带我去聊聊。想实地交流一下，十分干净，不是线人。跟megaeth整不明白服务器的话，希望有机构可以收留我。 让我去墨西哥调研毒资如何用加密支付，伐木资金到底如何流入市场，直布罗陀 立陶宛调研离岸金融，拉美调研合规博彩，拜师会销八大门派。 近期卸杠杆了，心死。 我想去看世界到底发生了什么，不想天天坐在电脑前看doc，感受不到真实。明天出门了，近期每天中午起床的日子受够了。

说真的，我研究过韩国套利，为了套利送人韩国移民我都研究过，唯独没研究过韩国政治。 这年头对综合素质是不是要求过高。有没有真懂的胖友能大概教育一下我。当然，我其实只想知道upbit还能不能listing。

刚讨论了一下这个被mev的空投，到底是这个ai项目xx，还是sign xx。 目前看起来似乎是sign xx 无意fud，我还有nft。仅讨论今晚谁是xx。

不太懂他们要干嘛，我请教过他们关于哈利波特的抽象文化。感觉Meme很专业的样子。看了一下，分筹码也很专业，像是学校里白天睡觉晚上赶工的学婊子。 I just claimed 30,000 $BITCH in Ourbit’s official memecoin airdrop! Join the airdrop now ourbit.com/activity/airdrop

一两天没上网，看起来dwf这事已经都结束了？当晚就有朋友打电话找我转发，现在看起来也没必要了。 现在看来讨论专业内容前，是不是先聊一下如何尊重女性的问题？（特别是行业女BD整体画像被打tag的情况下），以及客观的讨论一下男性女性在行业里的优劣势。 其实，这是一直我们不太社交的原因之一。

Fantom官方给出了一个MemeMonitor： memeseason2024.com/ 目前榜上的六家： 1）@theFantomgoat nitter.app/theFantomgoat 这大哥非常任性，上一波BOME打钱的那轮发的，池子撤了三四次（估计不是职业发Token的，证实是FTM领域比较大的节点商，简称FTM大户。有钱，做法很任性，一直保持在10M的FDV。两个月前我打过一点，基本和现在的FDV持平。 2）@TinHat_Cat tinhatcat.com/网站最有创意，AC关注了。 3）@fantomsonicinu fsonic.pro/标准土狗，名字比较好。去年就有了。个人感觉是纯属撞上了。 4）@speedyonftm speedy.vip/上过我们的预警，聪明钱很多，属于炒土狗比较喜欢的标的。 5）@MuttskiFTM muttski.io/Bot项目方，个人感觉一般 6）@HOOPS_is_Sonic @blakehooper85 nitter.app/HOOPS_is_SonicEqualize…项目方的meme，目前看下来最像壳的一个。Equalizer最近在Fantom上面的势头不错。 视频：piped.video/watch?v=Deu7DaEM… $FTM $sGoat $Hoops $speedy

我最近在研究 @echodotxyz 怎么能多弄点额度，于是和一个好胖友聊起了KYC的问题，他是塞拉利昂（电影血钻的那个国家，极落后）某跨国通信大企业的代表。 前不久我还打电话问过他是否听过 @sign ，在他们那做ID生意，后来得知这事是个公开生意，还问我要不要弄本外交护照。 在他的安排下，KYC的问题承诺能给我弄几车人。我非常高兴的答应了他狠狠请他吃顿好的，他则友好的邀请我坐26个小时的飞机去打50块rmb一场的高尔夫。 昨天，他告诉我几车人咱有了，但是这个国家没有ID系统，压根没有任何证件证明。 我2025年的第一场梦，碎的悄无声息，仿佛从没来过。

这个长得特别像Pacman的小哥上周问我宁德时代怎么才能上链卖给美国人。抛开很抽象的情况来看，挺野的。

听说BSC的节点老板们劝人设置0.01%的滑点，然后关闭MEV保护，再大额交易？ 我理解了一下这个逻辑，话其实还真不能说说错了，但实测的话，0.01%大概率交易不成功，打开MEV保护依然交易不成功，换成小额交易又意义不大（本质是偷懒建议） 所以唯一能干的就是调整滑点？ 那这个劝人关闭MEV保护再大额交易，让我想起了电诈行业发短信需要故意发错别字，用来筛选掉正常智商的人。 不过确实cz关注之后，隐私池是没人敢夹了，无论是Sui的冻结转账还是BSC的MEV禁令，更中心化得区块链为版本正解。

OKEX 给发了一个视频邀请链接，由于我没弄懂怎么一键转发那个邀请函到推文，我就直接手打广告了。 面子薄，上次吃了OK一张Pizza，其实我也没吃上，我哥们吃了，也不知道好不好吃，但是看图片挺好吃的。虽然我没懂OKEX这个邀请Token2049是为了干什么的，但是既然邀请了肯定是说明Alexon很厉害，抱着这样的想法，不发出来显得我有点刻意谦虚了。 不知道这样的广告，比起Kaito的各种角度，你，会更爱吗？

有在做暗池dex的开发者或者创业的小伙伴吗，能不能联系我，想学习一下。传统金融有过相关背景的也行呀！

昨天研究了一下 @BagsApp ，围观了半年终于上线了Beta版本。总结了一下： Yesterday, I studied @BagsApp, which I had been observing for six months. It finally launched its Beta version. Here's a summary: 【派系】：@finnbags Degods的联创的项目。 【Gang】: @finnbags, co-founded of Degods. 【叙事】：疑似Sol手机中的应用叙事补充模块。 "【Narrative】: Suspected to be a supplementary module for the narrative in the Sol phone application." 【有意思的Feature】： 1）用社交切入浏览器和dex 2）聊天cashtag可以自动弹出token相关信息 3）未来应该会接入Bot或者自有dex 【Interesting Features】: 1）Integrates social aspects with the browser and DEX. 2）Chat cashtags can automatically display related token information. 3）Likely to integrate with Bots or its own DEX in the future. 新一代的Profile类型产品，但是是社交项的，我个人看法是移动端的社交和交易体验是割裂的，体验目前非常差， @TeamUnibot @PepeBoost888 这类Bot产品是目前链接社交-交易最短的链路，大白话说就是: 手机场景下，我兴致勃勃推销一个Token给你，你的交易体验必须是切换到钱包里下单or复制合约后给Bot。 这样的体验在传统互联网流量里面叫做“跳失率”，尽可能减少跳失率的情况才可能提高转化率和用户的ARUP值。 A new generation of profile-type products, but it’s a social project. My personal view is that the social and trading experience on mobile is fragmented and currently very poor. Products like @TeamUnibot and @PepeBoost888 are currently the shortest link connecting social and trading. In plain terms, it's: In a mobile scenario, if I enthusiastically promote a token to you, your trading experience involves switching to a wallet to place an order or copying the contract to give to a bot. In traditional internet traffic terms, this kind of experience is called 'bounce rate.' Reducing the bounce rate as much as possible is necessary to improve conversion rates and the ARPU (Average Revenue Per User) value." 【争论】：他认为这个Telegram+Bot的模式已经解决。所以Bags是重复造轮子。而我认为，体验的创新才是mass adoption的核心。 【Debate】: He believes that the Telegram+Bot model has already solved this issue, making Bags redundant. However, I think that innovation in user experience is the key to mass adoption." 我认为Bags的创新： 1）社交的切口 大量的广泛用户缺乏社交-交易产品，类似NFT用户并不具备传统Defi和对Bot这类偏硬核产品的接受能力，就像是NFT当时的广泛传播导致NFT领域的盈利者往往不是Defi用户。 2）体验的创新 Nokia的年代，Iphone第一次实现用两个手指pintch完成图片放大和缩小，Nokia的工程师嗤之以鼻，认为音量+ -也可以完成调整图片大小，因此认为这个体验创新是没意义的，但是我们思考一下，用过Pintch之后，你还会回到Nokia嘛？ My view on Bags' innovations: 1）Social integration: A large number of broad users lack social-trading products. Similar to how NFT users often do not have the acceptance capacity for traditional DeFi and hardcore products like Bots. Just like the widespread popularity of NFTs led to NFT field profiteers often not being DeFi users. 2）Experience innovation: In the era of Nokia, the iPhone was the first to implement image zooming with two-finger pinch gestures. Nokia engineers scoffed at this, thinking that volume buttons could also achieve image resizing, thus considering this experience innovation meaningless. But let's think about it: after using pinch gestures, would you ever go back to Nokia?" 我的Bags邀请链接： bags.fm/$0xalexon?/ 欢迎去DM： @finnbags @StuuBags 获取链接测试 不是广告，单纯觉得有点意思。我要收拾东西去越南了。就写到这。 "My Bags invitation link: bags.fm/$0xalexon?/Feel DM: @finnbags @StuuBags to get the link for testing. This is not an advertisement, just something I found interesting. I have to pack up and go to Vietnam now. That's all for now."

这一轮创业做项目的是真不赚钱啊，最近好像除了Sign之外，就没人卖token卖超过1kw usd以上把，好多货没出还自己找了一堆买盘。感谢Binance alpha这套逻辑极致压榨。 Liquid fund做买盘送上主站，之间也是互相猜忌，存量互割。是携手走向Binance主站还是在alpha上就浇个朋友，全在一念之间，像极了古老的拜占庭问题。 道德是什么呐，只要拉盘之后卡在alpha上足够久还不上主站，无间道的概率就指数上升。比如这几天的Lorenzo，放一个月上不去主站，猜猜看有没有人跳狼。不过比起Binance主站，包上Upbit更刺激，算季后赛把。 谁是狼人呢？怪不得都那么喜欢玩狼人杀。

昨天我搭档和megaeth的某founder铁子开会说：改成百万TPS吧。 对方说：之所以我们没宣传百万TPS的限制是xxxxx。 我方：？？如果xxxx，那么xxxxx，不就有可能百万TPS了吗？

有没有 @berachain 大使还没睡的，有点关于 @roycoprotocol 的问题需要咨询一下，感谢！

Kaito是最近TGE项目里面唯一一个过了5000的（超过了Bera），不管是黑红还是真红，做空Kaito都是一件不合理的选项。 在1.9挂单卖完了空投。 这一次，是我们互道傻逼了吗。

....emmm its my bag now. i care product more than raising fund. Euphoria definitely worth it.

我有个灵魂拷问，为什么同样是做空solayer，盈利了大家会骂binance然后夸hyperliquid。 从逻辑上，似乎这两个起到的作用都是list了这个token？但为什么第一眼看上起会觉得他们说的是对的，到底哪里错了呢？

看到现在 @_kaitoai 的做法逐渐希望形成 AttentionFi 的逻辑，最近两天我收到了两个项目方DM我贿赂选票，要知道Alex只是一个Yap200+分的账号。（没有刻意刷过Yap）。 以下是我的几点看法： -产品方向：如果往竞选上靠拢，那么Yapper对项目的【忠诚度】大概率会变成另一个隐性指标，所以对于目前直接DM送钱的方式基本代表了 Marketing 部分不是 Founder&Co-Founder 亲自下场比赛。 忠诚度=心智健康。 建议Founder不要被向上管理，长期的工作经验告诉我数据的繁荣下还有个真实的世界。Kaito是个非常好的工具用于观察社交热度，但是作为Crypto行业这类早期行业，应当尽可能的延缓被数据的虚假繁荣所俘虏。 用Kaito筛选出和自己有关的KOL，Founder&Cofounder自己看一遍谁是真正影响心智的人，过多的噪音会造成心智的模糊逐渐Meme化。 更好的做法是加入一个精选list适当加权，并分开超级CT和中腰部CT的评分池。 -短期&长期：Kaito通过这个方式既获得了现金收入也杠杆到所有项目TGE的热度来给自己增加社交热度，短期来看属于Attention Max。 但是我认为Kaito更大的故事是在于是否要自己构建大模型来提炼这些社交数据。 Learn some chinese and read this one.

今日做饭思考： 如果摘掉Cex里面的交易量水分来看，Dex的份额理论上是要大于20%官方统计口径的。 但Dex也暂时还没动量化这些实际Volume大户。 所以AltCex（除了Binance和垄断式合规所）要么走向Dex+Cex一站式。要么走向新型Cex，比如单开一个能算估值的版块（但是这不是好生意） Dex目前还是因为Chain本身不足够快，如果足够高性能，Cex的Pro 量化用户理论上是应该会迁移过来的，这个才是Dex的分水岭？但是要实现这个形态，中间要定制的Infra其实是不少的。 网络/服务器/钱包。 现在的高性能公链确定性最高的方向依然是交易，剩下的场景基本都是在高速之后摸索出来的，标准化赛马是最优选择。 但这三件事如果一件没做或者没琢磨做的公链，想要交易量留在链上的，基本可以下牌桌了。看了一下符合这个事情的太少了，Solana做了网络，Sui做了半个服务器，Megmaeth做了钱包。

图1是 $IP 图2是 $PI 目前PI属于 IP 2x的热度讨论量。 Standford always ur grandma

听说sonic上了三个生态项目在alpha。谁说binance审美差啊，这可以啊。 我在山上等你们。快半步领先市场，快几步的话，你们是顶峰相见，而我，从顶峰补到半山腰。

$ena 最近有个事情挺引发我思考，我发的时候一点热度没有，在明牌喊单我质押了30w刀的情况下，就一个人通过我链接去质押了小几w刀。现在这玩意上涨了，一堆人喊单说赚钱了。 问：你们的筹码究竟是从哪里来的？ 思考：究竟你在信息链的什么端？一个名词看到6次能形成品牌记忆，那么你真的看到6次的时候，会不会你就是食物链底端？

U guys know nothing about $S, there is only one sonic kid

最近的工作不方便post，聊一个昨天的流水账。周末，母亲和我妻子聊起了我们相识的缘由，起因都是一个很酷的共友，共友叫liyi。她有个公众号叫【李奕在哪儿】。那年她组织了一个活动，我去看望我一个基友，恰好他要去这个聚会就拉上了我，这么认识了我老婆。 liyi是少见的只见一面也会给人留下极大能量场的女性，并且你一定会相信这个人能成事（现在回看，这属于典型的如果创业就应该给她塞钱的founder）。当年她还在国内麦肯锡工作，特别喜欢组织聚会，甚至一度影响了95-00年的年轻人希望进咨询行业。比起赤裸裸的企图心，她是一个没什么分别心的热情姑娘，以至于也经常有人打着她朋友的旗号去混些所谓的资源。 那年她说要去非洲，没多久，就把自己申请去了肯尼亚的麦肯锡。后来在肯尼亚出来创业，做农业买菜，四五年过去了，成了肯尼亚最大的蔬菜出口商。 好的创业者，在没创业的时候底色就好，有时候跟着直觉走，不用跟着履历和成绩走，以陌生人的视角闻闻味道，但凡味道不对或者记不住的人，都不对。节奏、心力、直觉这些务虚的事情只能跟着直觉感受。 那群人里，我只记住了我老婆和liyi。

🐽漫谈：Binance被SEC起诉，来龙去脉和对未来的影响。去中心化需要团结！piped.video/CCqNY3DYRTY via @YouTube @heyibinance @cz_binance 定期扯扯淡度过一下漫长的熊市，有其他创作者欢迎来找我要数据工具。

（被迫）拥抱泡沫，脚踏实地。 就是现在Crypto实际从业者唯一的选择，包括我们自己。