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Some boss asked who Tom Lee is, he is the one who proposed the ETH treasury plan, and BMNR firmly executed it, becoming the number one boss. His recent price target is 16,000 [旺柴]
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BTC/ETH 充当底层资产与基础设施,Aave 提供借贷杠杆,Pendle 拆分收益流,Ethena 发行稳定币 USDe,HyperEVM 借助 Hyperliquid 把外部流动性引入 EVM 体系。循环贷飞轮使资本在六协议间迅速流转,驱动链上资产幂律式膨胀,但高协同也意味着潜在的系统性风险。
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Pendle 子协议 Boros 上线 24 小时即录得 1,500 万美元开仓量、3,600 万美元名义交易量;BTC/USDT 市场已满仓,ETH/USDT 使用 52%。Boros 首创以永续合约资金费率为标的,将其拆分为可交易的 Yield Unit,用户可做多或做空以对冲或套利,尤其利于 Delta 中性策略项目(如 Ethena)避免负费率风险。收益分配不增发新币:80% 归 vePENDLE 持有者,10% 入协议金库,10% 用于运营;预计首年年化收入 200 万美元,或推高 vePENDLE APY(去年约 40%)。
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新一轮牛市的 Alpha/Beta 获取方法已彻底变革,核心在于合规化与链上-链下融合。要点: ① 稳定币基础设施化,成为 TradFi 与 DeFi 的“血液”;上市公司把 BTC/ETH 计入资产负债表,“币股”效应崛起;面向机构的合规 DeFi 协议与链上资管将获巨资青睐。 ② 纯原生叙事加速优胜劣汰:ETH 价突破或引发以 ZK 为中心的新技术浪潮;高性能 L1 比拼真实经济活动而非 TPS;普遍山寨季动能不足,仅少数筹码集中、能搭 AI/RWA 概念的代币或现“死猫跳”。 ③ MEME 币从投机工具升级为市场标配:其公平发射与高换手率提高资金效率,注意力经济决定流动性;公链活跃 MEME 市场将成综合实力新指标。
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Espresso 希望通过去中心化 Sequencer 为多条 rollup 提供共享“指挥塔”,实现秒级确认、流动性互通与跨链通信。然而舆情监测显示,仅 17% 看多、83% 看空,信心明显不足,直接反映在 Kaito 预售:启动一小时仅筹得 1.3 万美元(目标 400 万),而竞争项目 Theoriq 已完成 60 万(目标 200 万)。作者指出,基础设施项目早期常因技术抽象、竞争噪音与情绪投票而遭遇质疑。几天后 Espresso 宣布该轮“超额认购”,取消 FCFS 并追加空投,市场呈现两种迥异叙事。总体来看,Espresso 技术路线得到认可,但仍需在信任与叙事上补课。
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