币圈踩坑记

Counterfeit is counterfeit. The final value of counterfeits is: 0;
Never try to talk feelings with counterfeit products!
$0G —luckily, the position I bought back then wasn’t too big! Hahahahahaha……

Damn, my sub-account still has open positions!
What are they up to?

What the hell is this?
@Binance Margin

#baby lon test feedback five：
The redemption speed from the vault is also slow, slow, slow……

I tested it. Redemption requires a second signature, then it displays “done” (see screenshot), and then nothing happens……

The dashboard has no records, and no coins have come back to the wallet. I don’t know if any other operations are needed?

@BabylonLabs_io
$BABY

#baby lon test feedback 4:
The speed of depositing into the vault is still as slow as ever—slow, slow, slow...
Register deposit needs to wait for BTC to produce a block, about 10 minutes;
Setup claim actually has to wait for ten blocks, about 2 hours?
Add Sign payout and Activate BTC Vault, and it’s basically gone in about 3 hours!

Is there any way to speed it up?
It’s hard to imagine someone topping up margin—storing BTC in the vault and then staking to borrow USDT or USDC—using #baby would have to wait such a long time. Has it already been liquidated?

#baby lon test feedback 3:
There are two BTC vaults: Babylon Labs VP 0 and Kiln. What’s the difference between the two vaults? Can the official please label/annotate them? Don’t be lazy.
I mean, I really went through the webpage content page by page, but I couldn’t find any difference between the two vaults, nor the point/meaning of setting up two vaults! $BABY
@BabylonLabs_io

#baby lon test net feedback 2: Faucet website: https://tbv-faucet.testnet.babylonlabs.io/. After claiming BTC, the deposit speed was really too slow. I waited about 25 minutes before the wallet received it.

The screenshot shows the time difference in receiving WBTC and BTC after claiming them at roughly the same time (WBTC is on the EVM chain).

@BabylonLabs_io During the test period, can this speed be adjusted to be faster?$BABY

#baby lon test feedback 1:
Yesterday, after using a HongKong IP and finding that the faucet website and the testnet webpages could be opened, I decided to tinker with the testnet process again. I found the following issues:

On the faucet website, the amount of ETH given out each time is too small, while the gas fees are too expensive. On day one, I received 0.05 ETH. I deposited it into BTC in two transactions. After two borrowings and three repayments, when I tested depositing again, it showed: “Transaction failed: Your wallet doesn't have enough ETH to cover the network fee. Add more ETH and retry the transaction.” The ETH was not enough. Also, each EVM wallet can only claim 2 items per time, and the number of times is too limited, which means I couldn’t keep tinkering today either.

@BabylonLabs_io, can your testnet still let users properly test and tinker? $BABY

Wow, is this U.S. stock market even more of a copycat than a shoddy counterfeit? With price fluctuations this wild, if you add leverage for trading options contracts, I really can’t imagine it!

Today I tried again to open the #baby lon testnet website and found these faucet and testnet URLs: https://tbv-faucet.testnet.babylonlabs.io/ and https://btc-vaults.testnet.babylonlabs.io/. With a Hong Kong IP, I can open the websites and they no longer show: “This page is unavailable in this region.”. Did you change the restrictions because the official from the previous post I shared saw it? @BabylonLabs_io $BABY

Slow, extremely slow, super slow—this was my first impression of the Babylon testnet experience. I’ve never encountered a speed this slow!

There are 4 steps: the first step takes 10 minutes, the second takes 120 minutes, the third takes another ten-odd minutes, and then the last step—surprisingly—turns out to be downloading a recovery file of about 1 GB?

It’s hard to imagine that, in a time when “Martial arts under heaven, only speed is undefeated,” when all chains are working to speed things up, increase block production speed, and reduce gas fees, #baby lon can be so slow it’s hard to accept!

@BabylonLabs_io Have you tested the speed of your own testnet?

$BABY

Can you believe it?
To mess around and test the #baby testnet experience, it actually wasted half a day！（前面帖子点这里直达）
I have to complain about this（@BabylonLabs_io ）：
1、In projects published as tasks on the Chinese-language creators platform, the testnet doesn’t support Chinese IP or Hong Kong IP. In the end, I had to use a Singapore IP just to be able to test—this little ordeal took me 2 hours;
2、It doesn’t support the Binance web3 wallet, so I had to install the OKX wallet browser extension just to proceed. Half an hour gone
2、The faucet site https://tbv-faucet.testnet.babylonlabs.io/ gives “Rate limit exceeded. 2 drips per day. Try again in 24 hours.” I wanted to test all the tokens at once—no way. After claiming 2 tokens, I can only claim other tokens at least 24 hours later. Another half an hour went by.
Now it’s still being tested—I'll continue complaining after the testing is finished!
$BABY

Babylon’s testnet is already up and running for you to tinker with. The website is: https://btc-vaults.testnet.babylonlabs.io/. You can check out Trustless Bitcoin Vault—an untrusted Bitcoin vault (TBV for short). @BabylonLabs_io
Today I planned to test this project on the testnet, but the webpage shows: “This page is unavailable in this region.” A project that posts missions for Chinese-speaking creators—can’t use Chinese IP & Hong Kong IP?
Well then, I’ll try with a different IP another day!

#baby $BABY

At the end of a bear market, for Bitcoin believers who buy the dip, it’s an excellent opportunity to buy and build positions!

But in a bear market, many exchanges also can’t make it. In July, BitMax, BitMEX, and BitMart announced closures one after another.

As a result, many people who buy spot at the dip are buying Bitcoin on an exchange, and then transferring it into hot and cold wallets.

However, this creates a problem: 1) Bitcoin stored in a wallet doesn’t generate any additional returns; 2) if you need to use funds temporarily, the Bitcoin network doesn’t support smart contracts, so you can’t borrow against it.

Now, with @BabylonLabs_io , you can natively stake your Bitcoin on the Bitcoin network, or use it as collateral for borrowing, without needing to convert Bitcoin into a token from a centralized institution or exchange.
#baby
$BABY

上篇帖子 said that when it comes to $BABY coins, it mentions the middle coordination chain Babylon Genesis that #baby has. Today, I’ll explain this in plain language:

@BabylonLabs_io ’s middle coordination link Babylon Genesis—in plain terms, is like a head that connects to the Bitcoin chain on one side and the Ethereum chain on the other:

The purpose of connecting to the Bitcoin chain is: when you directly lock BTC on the Bitcoin chain, the Genesis chain will be the first to pop up and loudly announce, “Attention! Detected that user A has locked 1 BTC on the mainnet. The time lock is 3 months. All data is verified and correct!” Once you default on the loan, Genesis will broadcast on the Bitcoin mainnet, thereby executing the “forfeiture” of your BTC.

The purpose of connecting to the Ethereum chain is: to tell the amount of Bitcoin locked by Aave V4, so you can provide the corresponding borrowing amount; and to use the locked BTC as collateral for node assets.

Yesterday I did a preliminary look at @BabylonLabs_io and 点此直达！.

Today I specifically checked what this thing, $BABY , does in Babylon:

For the whole native BTC staking and lending business, Babylon launched an intermediate coordinating chain called Babylon Genesis, and $BABY is its native token.
1. It serves as the gas fuel for Babylon Genesis;
2. This token is set with an initial inflation rate of 8% per year: 4% is awarded to people who stake BTC on the Bitcoin mainnet, and the other 4% goes to—;
3. Staking $BABY gives the staker exclusive governance rights (staking BTC instead doesn’t give governance rights)—this is also a unique setup for token #baby !

Next time we’ll keep exploring Babylon Genesis, this intermediate coordinating chain, and see exactly what it is!

@BabylonLabs_io Perfectly solves the staking and lending problems of decentralized BTC!

Yesterday I mentioned that I received #baby 创作者任务的缴约, so today I took a careful look at this protocol. The preliminary information I found is as follows:

Because the Bitcoin network does not support smart contracts, before, if BTC holders wanted to earn yield from staking or borrow other tokens using BTC, they had to transfer their BTC to centralized organizations/institutions’ treasuries, convert it into so-called wrapped assets—such as WBTC on the Ethereum chain, BTCB on the BSC chain, TRC20-BTC on the TRON chain, cbBTC on the Solana chain, etc.—and then stake or lend.

There are always blockchain enthusiasts who worry that even if a centralized institution is huge, compliant, and trustworthy, if it collapses or refuses to redeem (for example, due to regulation) or acts maliciously, your BTC on other chains can instantly become “air.”

Now #baby perfectly solves this issue through a trustless Bitcoin vault (TBV). In plain terms:
1. You deposit BTC on the Bitcoin mainnet into a vault whose private keys are controlled by you, and lock it in. After locking, an equivalent voucher asset, vaultBTC, will be generated for you on the Ethereum chain;
2. With vaultBTC in hand, you can go to Aave V4 to have fun—either stake to earn yield or borrow other virtual coins;
3. The BTC vault unlock conditions are hard-coded on-chain:
a. After redeeming to earn yield or repaying a loan normally, your wallet will still have the Ethereum voucher asset vaultBTC;
b. If your loan goes into default, liquidation is triggered and ownership of the BTC is transferred to arbitrageurs.

From beginning to end—every step occurs on-chain. You always retain control of the BTC, so BabylonLabs is absolutely a favorite of blockchain believers!

Next, let’s look at what role the $BABY token plays in this project—more to come……

Actually, ever since those posts about many headless payouts and drain mechanics started appearing in the square, I haven’t participated in creator tasks for a long time. Today I checked the information and found that I received an invitation from @BabylonLabs_io . When I clicked in, I also learned a bit about #baby . I found that in this guy’s introduction it said: “Users can use Bitcoin as collateral to borrow and lend, while also not giving up custody of their assets, and without any wrapping or cross-chain.”
So, is DeFi being carried out natively on the Bitcoin chain? On the Bitcoin chain itself?
It’s getting too late—I'll verify it again tomorrow!
This is kind of interesting, this thing!

$BABY

$RTX trading competition is over! I made it onto the leaderboard!
I earned 34U from trading. I transferred 200U at the time, and now my balance is 234U.
Today’s trading volume was wild—went from 0 to 37,000 in volume. I only hit 42,000 in 4 days. The overachievers are really amazing!

Honestly, I’m just confused: if you use high-priced limit orders, with 1000U, open and close it, you lose about 1U—so when everyone is doing all this volume, do the overachievers actually make money?
#ALPHA🔥
#Alpha交易大赛

$LAB The banker gives up the bid—any time is not too late to go short…