Alice-007-凌凌七

Do you remember the scene in 2018 when I first used a Web3 wallet to connect to a dApp: I scanned the QR code on the screen several times before succeeding, and after connecting, I was always worried about the security of my private key. The process was so complicated that it was discouraging. At that time, I never imagined that WalletConnect, which centered around QR code connections, would grow to serve over 51 million users and handle 350 million connections, becoming the 'connection layer of the financial internet.' Its development trajectory is actually a microcosm of the continuous upgrade of Web3 interaction experience.
When Pedro Gomes founded WalletConnect in 2018, the intention was very simple — to solve the security and convenience issues of wallet and dApp connections. The early v1 version focused on EVM chains, achieving basic connections through QR codes and deep links. Although the functionality was single, it was safe and reliable, quickly adopted by mainstream wallets like MetaMask. When I first used it to connect to Uniswap, my most intuitive feeling was 'reassured' — no need to enter a private key in the dApp, just wallet authorization was enough to complete the operation, which was a significant breakthrough in the Web3 environment at that time. However, the limitations were also obvious; it only supported EVM chains, cross-chain operations were basically impossible, and there were no additional security protection features, making it easy to fall into traps when encountering phishing dApps.

The moment I saw the announcement, I admit I was a bit shocked! How should I play next? I keep telling myself that I am now a mature player, and I need to stay calm and not get easily triggered 😭😭
Let's break down the core changes. The previous point system was somewhat simplistic, but it is now clearly stated: if a token is airdropped or goes through TGE via Binance Alpha, users can enjoy a trading volume point bonus if they buy it within the next 30 days. Specifically, if purchased on the BSC chain, users can receive 4 times the Alpha trading volume points; purchases on other chains also have a 2 times bonus. Conversely, if the token's airdrop or TGE has exceeded 30 days, or if it didn't utilize Binance Alpha for promotion at all, then sorry, there will be no bonus. The announcement also emphasizes that all data is based on system statistics, so don’t think about finding loopholes.

In a multi-chain blockchain world, cross-chain capability is the key to project success. Mitosis's cross-chain strategy is not only technologically advanced but also reflects a deep understanding of user needs. Mitosis adopts a Hub-and-Spoke architecture, which is a proven cross-chain design pattern. The Mitosis chain acts as the Hub, responsible for state settlement and asset issuance. Ethereum, BNB chain, Arbitrum, and others serve as Spokes, responsible for user interaction and asset custody. The advantage of this architecture is that the Hub can focus on security and finality, while the Spokes can optimize performance and user experience. Hyperlane integration is the core of the cross-chain strategy. Hyperlane is a permissionless cross-chain messaging protocol that supports various virtual machines including EVM, Solana, and Cosmos. Through Hyperlane, Mitosis achieves true bridge-less cross-chain operations—users can directly operate native assets on the target chain without going through the traditional bridging process of locking-minting-burning. Technically, Hyperlane uses Interchain Security Modules (ISMs) to provide customizable security models. Different assets and strategies can choose different validation methods, such as multi-signature, ZK proofs, optimistic validation, etc. This modular security allows Mitosis to adjust parameters according to risk preferences, striking a balance between security and performance. Warp Routes is a key feature of Hyperlane, allowing any ERC-20 token to be converted into cross-chain assets. Mitosis utilizes this feature to create a cross-chain version of miAssets. Users can transfer miETH on Ethereum to the BNB chain through Warp Routes, where they can participate in AMM or lending. The entire process is completed within 5 minutes, with a fee of only $0.02. From the supported chains perspective, Mitosis has integrated 9 mainstream blockchains: Ethereum, BNB chain, Arbitrum, Linea, Morph, Base, Optimism, Manta, and Scroll. Each chain has its unique advantages—Ethereum provides the highest security, BNB chain offers the largest user base, Arbitrum and Optimism provide low costs, and Linea offers ZK technology. Multi-chain deployment ensures that Mitosis can capture liquidity from different ecosystems. On-chain data shows that the BNB chain is currently the most important Spoke, accounting for 92% of TVL (peaking at $170 million in September). This is thanks to the support of the Binance ecosystem, including Binance wallet integration, Binance Alpha listings, and Binance HODLer airdrops. Linea ranks second with a TVL of $5.5 million, primarily from partnerships with the zkSync ecosystem. Although Ethereum mainnet has a lower TVL ($2.6 million), it provides the highest security assurance. The reliability of cross-chain messaging is crucial. Mitosis uses cryptoeconomic staking to ensure cross-chain security, including re-staked ETH. Validators need to stake assets as collateral, and if they relay erroneous messages, they will be penalized. This mechanism ensures that the economic incentives of validators are aligned with the security of the system. ZK proofs are used for cross-chain reconciliation of revenues and rewards, ensuring transparency. Compared to other cross-chain solutions, Mitosis has clear advantages. Traditional bridges (like Wormhole, LayerZero) rely on relay networks, which pose centralization risks. Polkadot's parachains require renting slots, which is expensive. Cosmos's IBC, while decentralized, is limited to the Cosmos ecosystem. Mitosis achieves permissionless, low-cost, high-security cross-chain operations through Hyperlane, covering a broader range of blockchains. Dynamic rebalancing is an advanced feature of the cross-chain strategy. When the yield of a particular chain declines or the risk increases, the system can automatically shift funds to better options. This process is transparent to users and requires no manual operation. For example, if the lending rate on Ethereum drops from 5% to 3%, while the AMM annual yield on Arbitrum rises from 8% to 12%, the system will automatically adjust the allocation ratio. Future cross-chain expansions include more Layer 1 and Layer 2 solutions. Solana integration will bring high-performance trading, Avalanche will provide subnet flexibility, and Polygon zkEVM will enhance ZK capabilities. The roadmap indicates that 3 to 5 new chains will be added in the fourth quarter. The long-term goal is to support over 100 blockchains, becoming a true full-chain liquidity network. The optimization of the cross-chain user experience is also ongoing. Future versions will support gas fee payment—users can pay gas fees for all chains with miAssets, without needing to hold native tokens on each chain. The aggregator function will automatically select the optimal path, even if it requires traversing multiple chains, making it a one-click process. This will completely eliminate cross-chain friction. Security is the lifeline of cross-chain operations. Mitosis employs multi-layer defenses: smart contracts audited by Halborn, multi-signature wallets protecting sensitive operations, time locks preventing flash loan attacks, and emergency pause mechanisms responding to abnormal situations. The customizability of ISMs means that high-value assets can demand stricter validation, while small transfers can prioritize speed. From an economic model perspective, cross-chain fees are an important use case for the MITO token. Each cross-chain operation consumes a small amount of MITO as gas, some of which will be partially burned, and some allocated to validators. As cross-chain transaction volume increases, the demand and value of MITO will also rise. This creates a positive feedback loop. The ultimate goal of the cross-chain strategy is to achieve the free flow of liquidity. Users should not care which chain their assets are on, just like they do not care where the servers are when using the internet. Mitosis is building such an abstraction layer, making cross-chain operations as simple as on-chain operations. This is not only a technological breakthrough but also a revolution in user experience.

When most investors are still panicking over September's plunge, Mitosis's performance in October has quietly released strong signals of recovery. From a data perspective, this rebound is by no means a coincidence of market sentiment fluctuations but is based on solid technical foundations and ecological progress. First, let's look at the price trend. The MITO token recorded a 17.49% increase in the first week of October, bouncing back from $0.1322 to the current $0.1593. Although this price still represents a 61% retracement from the historical high of $0.4093 on September 14, the technical analysis has formed a clear bottoming pattern. In terms of trading volume, the 24-hour trading volume remains at $11.66 million, with a trading volume to market cap ratio as high as 48.27%, indicating sufficient market liquidity and a real rebound supported by buying activity. More noteworthy is the change in on-chain data. Although the total locked value has fallen from the September peak of $411.6 million to the current $13.08 million, a drop of 96.8%, this precisely reflects a healthy market cleansing. The high TVL in September mainly came from airdrop hunters and short-term speculators, and these 'mercenary capital' quickly exited after making profits. The current remaining $13.08 million locked, while low in absolute value, represents long-term holders who genuinely recognize the project's value. From a chain distribution perspective, BSC occupies 85% of the TVL share, approximately $11.11 million. The Linea chain contributes $1.04 million, while Arbitrum and Ethereum mainnet contribute $338,000 and $298,000 respectively. This distribution, while showing an over-reliance on BSC, also reflects Binance's strong support for Mitosis. The listing on the Indodax exchange on October 1 opened new liquidity channels for the Southeast Asian market, pushing the price up 36% in a single day in the short term. In terms of technical indicators, the RSI has rebounded from the oversold area at the end of September to a neutral range of 50-60, indicating reduced selling pressure. The 200-day moving average has continued to decline since August 30, but the 7-day moving average has begun to cross above, forming a golden cross signal. This strengthening of short-term moving averages usually indicates a trend reversal. The volume distribution also confirms this — Binance contributes 30% of the trading volume ($4.21 million for the MITO/USDT trading pair), while BitMart and PancakeSwap each account for 10%, showing balanced development between CEX and DEX. In terms of holder structure, there are about 242 holding addresses on the BSC chain, with the top holders accounting for 36%. Although holdings are somewhat concentrated, this is a normal phenomenon in the early stages of new projects. The key point is that the average holding time for holders has exceeded 60 days, far above the industry average of 20 days. This 'diamond hand' structure provides solid support for the price and reduces the risk of significant volatility. In terms of market sentiment, discussions about Mitosis on social media have noticeably cooled in October. This is not a negative signal; rather, it indicates that the market has transitioned from frenzy to a rational phase. The Twitter account @Mitosis Official has a solid follower base of 259,000 but lacks the FOMO emotions that lead to viral spreading. This quiet accumulation period is often the best time for institutional funds to position themselves. On-chain data shows that top buyers have accumulated $628,000 worth of MITO within 30 days, indicating that funds are accumulating at low levels. In terms of technological innovation, the integration of the Hyperlane mainnet completed in September has begun to show effects in October. Users can complete cross-chain transfers in 5 minutes with a fee of only $0.02. This improvement in experience directly translates into higher user retention rates. The optimization of the Matrix activity module also plays a significant role — the lock-up period has been shortened from 30 days to 7 to 14 days, significantly improving capital efficiency and attracting more rational investors to participate. It is worth mentioning the tMITO staking data. Although the specific number has not been disclosed, according to a report from Everstake on September 26, about 10-20% of airdrop holders have completed the conversion from MITO to tMITO. These users choose a 180-day lock-up to obtain 2.5 times the rewards and additional bonuses, demonstrating confidence in the project's long-term value. If we factor in the participation of Binance's 200% APR staking activity, the overall staking rate may reach 20-30% of the supply. In terms of the competitive landscape, Mitosis's market capitalization of $32.23 million ranks around 795-830 among DeFi projects, seemingly insignificant. However, compared to similar modular liquidity projects, EigenLayer has an FDV exceeding $10 billion, Lido's market cap reaches $1.06 billion, and Rocket Pool has $106 million. Mitosis's FDV of $159.6 million appears severely undervalued in comparison. If we follow EigenLayer's valuation logic, considering Mitosis's cross-chain advantages and EOL innovation, a reasonable valuation should be in the range of $500 million to $1 billion, corresponding to a MITO price of $0.5 to $1. Looking ahead, the recovery in October is just the beginning. The fourth-quarter roadmap indicates that 3 to 5 additional chains will be supported, and the Chromo mainnet may go live before the end of the year, with derivative features also in preparation. If these catalysts are realized on schedule, along with the overall recovery of the global DeFi market (total TVL has restored to $170 billion), Mitosis is expected to return to a growth trajectory. Technically, as long as it can break through the resistance level of $0.20, the next target will be the previous high range of $0.35 to $0.50. Of course, risks cannot be ignored. The unlocking of 181 million tMITO in March 2026 still hangs like the sword of Damocles overhead. However, if the TVL can surpass $100 million and the ecological applications reach over 20, the market will be fully capable of digesting this selling pressure. Historical experience shows that quality projects often experience a new round of explosive growth after large-scale unlocks, as the unlock itself is the ultimate test of the project's strength.

As an investor, evaluating a DeFi project requires analysis from multiple dimensions. Let's systematically examine the investment value of Mitosis. Fundamental analysis first focuses on the team and funding. Mitosis was founded by Jake Jae Won Kim, who previously created Everett Protocol and has a deep accumulation in the cross-chain asset field. Team members include Alice (Product Manager) and Jee Yong (suspected co-founder/CTO), with a core team of 10 to 15 people having over 2 years of collaborative experience. Although the team is not fully public, their backgrounds can be verified through LinkedIn and Crunchbase, with no flags indicating an anonymous team. Regarding funding, in May 2024, a $7 million seed round was completed, led by Amber Group and Foresight Ventures, with participants including GSR, Big Brain Holdings, and 12 other institutions. These are top investors in the crypto industry, and their endorsement adds credibility to the project. The funding valuation and terms are not disclosed, but according to industry norms, the seed round valuation may be between $50 million and $100 million. Technological innovation is Mitosis's core competitiveness. The EOL model addresses the pain point of DeFi liquidity fragmentation, VLF achieves automatic yield optimization, and Hyperlane integration provides seamless cross-chain capabilities. These technologies have practical applications and are not just castles in the air. The GitHub code repository shows 151 commits, and the Halborn audit found no major vulnerabilities, indicating the professionalism of the technical implementation. In terms of market positioning, Mitosis targets the trillion-dollar DeFi market. The current total TVL of DeFi is about $100 billion, but due to fragmentation, the actual available liquidity is much lower. If Mitosis can aggregate 10% of the liquidity, the TVL will reach $10 billion. At a protocol fee rate of 0.3%, the annual revenue could reach $300 million. This provides a basis for MITO's valuation. Regarding token valuation, the current market cap is $32.31 million, with an FDV of $159.6 million. Comparing with similar projects: EigenLayer has an FDV exceeding $10 billion, Lido has a market cap of $2 billion, and Rocket Pool has a market cap of $500 million. Even considering Mitosis's early stage, the current valuation still has 3 to 5 times upside potential. The key lies in whether the TVL can return to a growth trajectory. Technical indicator analysis shows that $MITO has retraced 61% from its ATH of $0.4093 on September 14, with the current price of $0.1595 in a consolidation phase. From a technical perspective, a preliminary bottom area has formed, with $0.14 to $0.16 being an important support level. If it can break through the resistance level of $0.20, a new round of increase may begin. The 24-hour trading volume is $11.98 million, with a volume/market cap ratio of 48.27%, indicating good liquidity. On-chain data provides additional insights. There are 242 holders, relatively concentrated but gradually diversifying. Top holders account for 36%, which is normal for new projects, and this will gradually decrease with airdrops and trading. In the last 7 days, new wallets have inflowed $52,000, which, although not high, has remained stable. In 30 days, top buyers have accumulated $628,000, indicating that funds are being accumulated at low levels. Risk factors need to be fully considered. First is the token unlocking risk—1.81 million tMITO will unlock in March 2026, accounting for 89% of the current circulating volume. If the market cannot absorb this at that time, it may lead to a price drop. Secondly, there is the competition risk—established projects like EigenLayer and Lido are strengthening cross-chain features, which may squeeze Mitosis's market space. Thirdly, there is the technical risk—cross-chain bridges have historically been hacked multiple times. Although Mitosis has multiple protections, vulnerabilities cannot be completely ruled out. However, opportunities are also evident. Firstly, ecological expansion—with more dApps going live, TVL is expected to recover and grow. The Chromo mainnet, derivatives functions, and stablecoin pilots are all potential catalysts. Secondly, market cycles—if the overall market enters a bull market, funds will flow into innovative DeFi projects, making Mitosis a beneficiary. Thirdly, institutional adoption—the EOL model is institution-friendly, and if it gains allocation from large funds, it could bring in hundreds of millions in inflows. Investment strategy recommends a layered approach. Conservative investors can wait to enter near the support level of $0.14, setting a stop-loss at $0.12. The target price is between $0.25 and $0.30, corresponding to an FDV of $250 million to $300 million, which is a reasonable valuation range. Aggressive investors can build positions at the current price, increasing holdings if it breaks through $0.20. Long-term investors should pay attention to the unlocking in March 2026, positioning in advance or buying at low points after unlocking. From a time perspective, in the short term (1 to 3 months), the price may fluctuate in the range of $0.14 to $0.22, depending on the overall market trends and project progress. In the medium term (6 to 12 months), if TVL growth goes smoothly, the price is expected to challenge the ATH area of $0.35 to $0.50. In the long term (1 to 2 years), if the project succeeds, an FDV reaching the $1 billion level (corresponding to a $MITO price of $1) is possible, indicating a potential increase of 5 to 6 times from the current price. Regarding portfolio allocation, $MITO is suitable as a medium-risk DeFi position. It is recommended not to exceed 10% of DeFi allocations, making up 2% to 5% of the total investment portfolio. It can be paired with mainstream coins like ETH and BTC, as well as blue-chip DeFi tokens like UNI and AAVE, to form a diversified risk-return structure. In summary, Mitosis possesses characteristics of high-quality projects, including innovative technology, a professional team, and institutional support. The current valuation is reasonable, with clear catalysts for upward movement. The main risks come from token unlocking and market competition, but these can be controlled through prudent position management and stop-loss settings. For investors willing to take on moderate risks in pursuit of high returns, Mitosis is a worthy candidate to consider.

The Ecological Ownership of Liquidity (EOL) is not just a technical innovation, but a fundamental reconstruction of the DeFi business model. Understanding the EOL mechanism is key to grasping the core value proposition of Mitosis. Traditional DeFi projects face a dilemma: how to attract and retain liquidity. Most projects adopt liquidity mining, using token rewards to attract funds. However, this model has serious flaws—once rewards decrease, funds immediately exit, resulting in a 'death spiral.' This 'mercenary capital' is not loyal to the project, only chasing short-term gains. Mitosis's EOL model fundamentally changes this dynamic. Under the EOL model, users deposit assets into Mitosis's Vault and receive miAssets as proof. These miAssets represent the user's share in the Vault and can be freely traded, borrowed, or used as collateral. The key difference is that the ownership of liquidity belongs to the ecosystem, not to individual users or project parties. What does this mean? First, the protocol can uniformly optimize liquidity. Mitosis's smart contracts automatically allocate funds to the highest-yielding strategies, including cross-chain lending, AMM market making, staking, and more. Users do not need to judge market timing or make manual operations; the system continuously seeks the optimal solution. This automated management improves capital efficiency and can enhance it by 20 to 30% compared to traditional methods. Secondly, EOL creates a sustainable incentive model. Protocol fees (such as transaction fees and lending interest) are used to repurchase MITO tokens, which are then distributed to miAssets holders. This forms a positive cycle: TVL growth → fee increase → MITO repurchase → holder profit increase → more TVL inflow. This flywheel effect does not rely on inflation but is driven by real economic activity. Additionally, EOL makes liquidity programmable. MiAssets are not just static tokens; they can be combined into various DeFi products. For example, miETH and miUSDC can be used to create stablecoin pairs, or miAssets can be used as collateral for loans in the Telo lending protocol. This composability unleashes the multiplier effect of liquidity, allowing a single fund to generate multiple yields. From a technical implementation perspective, EOL relies on Mitosis's multi-chain Vault system. Users depositing ETH on Ethereum receive miETH on the Mitosis chain. This miETH can be used simultaneously for AMM on the BNB chain, lending on Arbitrum, staking on Linea, and more. The system maintains state synchronization through Hyperlane's cross-chain messaging, and zero-knowledge proofs ensure the accuracy of yield calculations. Corresponding to EOL is the Matrix mechanism, used for time-limited high-yield opportunities. Matrix issues maAssets, representing shares of specific strategies. For example, the Theo Straddle vault provides triple yields: Theo rewards, funding rates, and MITO points. Users can exit at any time but will lose future rewards. This design gives users flexibility while incentivizing long-term participation. The Morse DAO is at the heart of EOL governance. Users holding gMITO (obtained by staking MITO) can submit and vote to determine liquidity allocation. For instance, the community can decide to allocate more funds to emerging Layer 2 or increase the weight of a specific strategy. This decentralized decision-making ensures that the system can quickly adapt to market changes. Data shows that the effects of EOL are already evident. Although TVL has retreated from its peak, quality has significantly improved. After short-term speculators exited, what remains are long-term holders who recognize the value of the project. Statistics show that the average holding time for current holders exceeds 60 days, far above the industry average of 20 days. This 'diamond hands' structure lays a solid foundation for future growth. EOL has also attracted the attention of institutional funds. Unlike retail investors, institutions place greater emphasis on sustainability and risk management. EOL's automatic rebalancing feature reduces the need for manual intervention, aligning with institutional operational processes. Investments from market makers like Amber Group and GSR are partly due to their optimism about the long-term potential of the EOL model. Of course, EOL also faces challenges. How to balance decentralization and efficiency? How to prevent governance attacks? How to manage cross-chain risks? Mitosis mitigates these risks through multi-signature wallets, time locks, audits, and other measures. ISM (Interoperable Security Module) allows for customizable risk models, where different strategies can have different security parameters. Compared to competitors, Mitosis's EOL has clear advantages. EigenLayer focuses on re-staking, but liquidity remains fragmented. Across provides cross-chain bridges but lacks yield optimization. Mitosis combines the advantages of both, achieving cross-chain capabilities while providing yield management. This one-stop solution reduces users' learning costs and operational complexity. Looking ahead, the EOL model is expected to expand into more areas. Stablecoins are a clear direction—using miAssets as reserves to issue yield-bearing stablecoins. Derivatives present another opportunity—using miAssets as collateral to trade perpetual contracts or options. The integration of RWA (Real World Assets) is also in planning, combining off-chain yields with on-chain liquidity. EOL represents the direction of DeFi 3.0: shifting from individual yield maximization to overall ecosystem optimization, from short-term speculation to long-term value creation, and from centralized control to community governance. Mitosis, as a pioneer in this direction, is redefining the future of DeFi.

Many people are optimistic about ZKC, believing it plays the 'safety card': it has the backing of Binance's launch, collaborates with projects focused on security like EigenLayer and Lido, and relies on ZK technology to enhance verification security. However, upon closer examination, this 'safety card' isn't as secure as it seems and actually hides several easily overlooked risk points. If these risks materialize, the consequences could be significant.
Let's first discuss the security risks in the token economy. Unlimited supply combined with an opaque unlocking plan is essentially a 'ticking time bomb.' Although the circulation was only 20.09% at the early stage of the launch, once the remaining 80% of tokens are unlocked, it could easily trigger market panic. Many projects have previously faced price crashes or even total loss due to unlocking pressure. With an inflation rate of 7% in its first year, ZKC's situation is already concerning, and if unlocking pressure accumulates, it would be a 'double whammy' for holders. What’s even more worrying is that the project team avoids discussing these risks and instead focuses on promoting partnerships, which is not a responsible attitude.

When the virtual influencer 'imma' appeared as a special ambassador at the opening ceremony of the 2025 Osaka Kansai Expo, the Web3 project MIRAI, launched in collaboration by its backing team Aww Inc. and Holoworld, once again confirmed the powerful potential of the 'AI+IP' model—this project, which integrates virtual personalities with blockchain technology, raised over 76,000 SOL (approximately 12.9 million USD) through Holoworld's HoloLaunch platform and quickly became a benchmark case in Japan's Web3 field.
The success of MIRAI is essentially a precise combination of 'top IP traffic' and 'mature Web3 infrastructure.' Aww Inc., as a leader in the Web2 virtual persona field, has an IP 'imma' with over 1.5 million fans across all platforms, has collaborated with international brands such as Burberry and COACH, and has even appeared on the stage of the Tokyo Paralympic Games closing ceremony, accumulating a wealth of brand collaboration resources and a strong user base. Holoworld, on the other hand, provides full-chain support from technology to distribution: the Open MCP protocol enables real-time interaction between virtual characters and on-chain data, the Agent Creator tool allows fans to participate in the creation of IP-derived AI agents, and HoloLaunch's fair distribution mechanism ensures that ordinary users can share in the project’s growth benefits. This combination of 'Web2 IP influence + Web3 ecological penetration' allowed MIRAI to attract over 50,000 users during the presale phase.

In the cryptocurrency market, the design of token economics often determines the long-term viability of a project. OpenLedger's OPEN token economic model showcases a distinctly different approach from traditional projects—prioritizing the community and emphasizing long-term value creation. The total supply of OPEN tokens is fixed at 1 billion, with a current circulating supply of 215.5 million, accounting for 21.55%. This relatively conservative initial circulation ratio leaves ample room for market growth. As of October 7, 2025, the price of OPEN has stabilized around $0.63, with a market capitalization of approximately $136 million and a 24-hour trading volume reaching $260 million. The ratio of trading volume to market capitalization is close to 1.87, indicating strong market interest and active trading of the token. Reviewing OPEN's price trend, on September 8, the day the mainnet launched, the token first landed on over 30 mainstream exchanges including Binance, Upbit, and KuCoin, with its price soaring 200% shortly after listing, reaching an all-time high of $1.83. Subsequently, in a broader market correction, the price experienced a 78% deep retracement, hitting a low of $0.405 on September 30. However, entering October, with the launch of the Datanet platform and the initiation of a token buyback plan, OPEN rebounded 54% within 7 days, demonstrating strong recovery capability. This V-shaped reversal is not coincidental. On October 3, the OpenLedger Foundation announced the initiation of a token buyback plan, funded by $14.7 million in enterprise-level revenue, primarily from AI model deployment collaborations with large companies like Walmart and Sony. This is a rare buyback plan in the cryptocurrency space supported by actual revenue rather than relying on VC funds or token inflation. Following the announcement of the buyback, the price of OPEN rose 12.8% in a single day, with the RSI indicator rising to 64, indicating a healthy upward trend in the technical aspect. The token distribution structure warrants a deeper analysis. The community and ecosystem account for 61.71% of the distribution, significantly higher than most projects. This portion of tokens is used to incentivize data contributors, model developers, and governance participants, aligning closely with OpenLedger's decentralized AI vision. The core team and early contributors account for about 15-20%, with investors holding 10-15%, all subject to strict lock-up and linear release plans. Notably, the token unlock for the team and investors will not begin until September 2026, and will follow a 36-month linear release, greatly reducing short-term selling pressure risk. The utility design of the OPEN token permeates the entire ecosystem. On the OpenLedger chain, OPEN serves as the native Gas token, with all smart contract interactions requiring OPEN. In terms of AI inference, using AI models for inference requires payment in OPEN as fees, which will be allocated to data contributors through the Proof of Attribution mechanism. In governance, OPEN holders can participate in voting for protocol upgrades, fee adjustments, and treasury decisions. Staking OPEN will also yield network security and governance rewards, although the mainnet has just launched and the staking function is still being advanced. From the distribution of exchanges, Upbit dominates with a 24-hour trading volume of $117 million, capturing 44% of the market share, highlighting the enthusiasm of the Korean market for AI blockchain projects. Binance ranks second with $42.7 million, accounting for 16%. Exchanges like KuCoin, Bitget, and Bithumb also contribute considerable liquidity. Centralized exchanges account for approximately 95% of the trading volume, while decentralized exchanges like PancakeSwap only account for 5%, reflecting the project's initial focus on liquidity and user acquisition. With a market capitalization of $136 million, it is positioned in the mid-range of the AI blockchain sector. In comparison, Fetch.ai has a market capitalization of $3 billion, SingularityNET $1.2 billion, and Bittensor $4 billion. OpenLedger's valuation is relatively low, reflecting the project's early stage on one hand, and indicating greater growth potential on the other. If calculated based on fully diluted valuation, OPEN's FDV is $635 million, still significantly discounted compared to similar projects. The sustainability of token economics is reflected in revenue-driven value capture. Unlike many projects that rely on token inflation incentives, OpenLedger has generated $14.7 million in actual revenue through enterprise-level AI deployments even before launching the mainnet. As more AI models are deployed on-chain, each inference will generate transaction fee revenue for the ecosystem, creating a positive flywheel. This 'use equals income' model provides solid support for the long-term value of OPEN. The future token unlock timetable is also relatively friendly. Before September 2026, the market will not face selling pressure from the team and investors, with the main circulation increase coming from community incentives and ecosystem development. This grants the project a valuable window for development, allowing ample time to establish a user base and product-market fit.

Recently, a kind of 'cooperative superstition' has become popular in the crypto circle, as if signing an agreement with a big company guarantees that the project will succeed. Boundless is undoubtedly a beneficiary of this 'superstition', having gained considerable attention right after its launch through collaborations with top players like the Ethereum Foundation and EigenLayer. However, if we peel away this 'cooperative halo', we will find that the project hides quite a few real problems, and these issues cannot be solved just by signing a few partnerships.
The most obvious issue is the lack of practical scenarios. After collaborating with EigenLayer for a long time, they have only implemented an 'optimization of the penalty mechanism', and the promised 'diversification of re-staking收益' has disappeared; collaborating with BOB to ride the Bitcoin wave has resulted in only being able to handle simple cross-chain transactions, while complex calculations still rely on Ethereum. It's like a chef who constantly claims to partner with five-star hotels but can only stir-fry vegetables and can't even prepare braised pork. Now ZK-Rollups can handle 45% of Ethereum's transaction volume, relying on tangible practical scenarios, and if Boundless cannot continuously present viable applications, it will eventually be eliminated by the market.

RWA (Real-World Asset) tokenization is one of the hottest narratives in the crypto market for 2025. The Bank for International Settlements predicts that by 2030, the scale of global tokenized assets will reach $16 trillion. In this soon-to-explode trillion-dollar track, various players are rushing to enter the scene, and competition is exceptionally fierce.
Traditional financial giants go without saying. BlackRock's BUIDL fund has reached $29 billion, Franklin Templeton's BENJI exceeds $700 million, and JPMorgan's Onyx digital asset platform is also rapidly expanding. These institutions have vast asset management scales, mature compliance systems, and a deep customer base, naturally holding an advantage.

In today's thriving era of artificial intelligence, data has become a resource more precious than oil. However, under the traditional AI development model, data contributors often fail to receive adequate rewards, data sources lack transparency, and the model training process lacks traceability. The emergence of OpenLedger is fundamentally changing this situation. OpenLedger adopts a Layer 2 architecture built on OP Stack, and this technical choice is not accidental. OP Stack provides a high throughput and low fee solution for the Ethereum ecosystem, making on-chain deployment and inference of AI models possible. As an EVM-compatible chain, OpenLedger seamlessly integrates with Ethereum's tool ecosystem, allowing developers to use familiar wallets and development frameworks, significantly lowering the technical barrier. The core innovation lies in the Proof of Attribution mechanism. This protocol, inspired by research from Stanford University, can precisely track the impact of data on AI model outputs. For small dedicated models, the system employs a gradient-based influence function to achieve hierarchical attribution through closed-form computation, processing 4,500 data points in just 13 seconds. For large language models, the Infini-gram technology based on suffix arrays achieves approximately 135 milliseconds of query latency on a trillion-token corpus, providing token-level traceability. Datanet is another major pillar of OpenLedger. These on-chain collaborative networks focus on building datasets in specific domains, such as medical transcription, code snippets, and environmental data, all of which can be hashed, verified, and indexed to a public registry within Datanet. When models are trained on these datasets, all sources are recorded on-chain, forming an immutable traceability record. The revenue generated from each inference is allocated to data contributors in real-time based on the calculations of Proof of Attribution. The integrity of the tech stack is reflected in every link. Model Factory provides a graphical interface that allows non-technical users to fine-tune models on Datanet, supporting efficient methods such as LoRA and QLoRA. The OpenLoRA framework enables dynamic loading of thousands of LoRA adapters on a single GPU, reducing memory usage by 90%, significantly lowering inference costs. AI Studio covers the entire process from dataset management to supervised fine-tuning, and then to RLHF, equipped with a complete API for model deployment and budget tracking. As of October 2025, the OpenLedger mainnet has processed over 1.3 million transactions, deployed around 2,000 smart contracts, and has over 5,000 active wallets. Although these numbers are still in the early stages, the growth momentum is strong. The Datanet platform launched on October 3 has attracted participation from over 200 data companies, providing verifiable and unbiased data sources for AI training. In terms of security, OpenLedger collaborates with Ether.fi to leverage $6 billion in re-staking security assurance, providing a solid security foundation for Layer 2. The audit from Cyberscope has given a neutral risk rating of 66 and found no significant security vulnerabilities. The minting, burning, and pausing functions of smart contracts have undergone rigorous scrutiny to ensure the safety of funds. The ultimate goal of technological innovation is to create real value. OpenLedger tokenizes AI assets, making data, models, and AI agents tradable and composable on-chain primitives. This not only addresses the attribution problem in the $500 billion data economy but also builds a transparent and fair collaborative platform for global developers, data providers, and users. When AI outputs can be precisely traced back to every contributor, and when the value of data can be continuously realized in each inference, we are witnessing the formation of a truly decentralized AI economy.

August 28, 2025, is a historic day for Mitosis. The mainnet officially launched, marking the project's transition from the proof-of-concept phase to the practical application phase. This is not just a technological breakthrough but also a revolution in the entire DeFi liquidity management paradigm. The mainnet launch has brought multiple key functionalities into operation. First is the comprehensive operation of the Vault Liquidity Framework (VLF). This system allows users to deposit assets across multiple chains, such as Ethereum and BNB Chain, and receive Hub assets on the Mitosis chain. These Hub assets can automatically participate in cross-chain yield optimization without manual management by users. The system ensures transparency in yield distribution through zero-knowledge proofs, allowing users to view their yield status in real time. Autonomous liquidity is the mainnet's biggest innovation. Traditional DeFi projects require manual adjustments to liquidity incentive strategies by the project team, whereas Mitosis executes this automatically through smart contracts. The governance system of Morse DAO allows community members to submit proposals and vote on the direction of liquidity distribution. The first proposal approved the destruction of 22.23% of MORSE tokens, which will be executed starting from March 26 for a duration of 150 days. This demonstrates the practical operational capabilities of decentralized governance. The integration of Hyperlane's mainnet has achieved a truly seamless cross-chain experience. Users can transfer MITO from the BNB Chain to the Mitosis chain within 5 minutes, with a transaction fee of only $0.02. The Warp Routes feature supports the cross-chain circulation of miAssets, allowing users to use assets on different chains while maintaining yield. This experience far exceeds traditional bridging solutions. The mainnet migration of miBNB is another significant milestone. As a product in collaboration with Lista DAO, miBNB allows users to retain BNB staking rewards while gaining DeFi composability. The migration process preserved basic yields while unlocking new functionalities such as lending and trading. This case demonstrates the practical value of the Mitosis technical solution. The mainnet launch has simultaneously initiated multiple incentive activities. Binance Wallet's 15 million MITO promotional campaign distributes rewards in phases, targeting BNB and USDT deposit users. The 200% APR staking activity starting on September 5 attracted a large inflow of funds. The CreatorPad task activity distributed 350,000 MITO, expanding the project's influence through social media interaction and content creation. The Matrix activity module has also been optimized. The lock-up period has been reduced from over 30 days to 7 to 14 days, significantly improving capital efficiency. Early withdrawal penalties will be redistributed to long-term stakers, forming an incentive-compatible mechanism. The collaboration between Straddle Vault and Theo concluded on August 29, seamlessly transitioning to the mainnet VLF system. tMITO staking attracted $3.9 million in locked assets within 48 hours. In terms of technical architecture, the mainnet is built on the Cosmos SDK for the consensus layer, while CometBFT provides fast finality. The EVM-compatible layer uses the evmengine module, ensuring full compatibility with Ethereum tools. The GitHub code repository shows 151 commits, with the latest updates in August, including core modules like evmvalidator (staking/delegation) and evmgov (EVM governance). Halborn's audit report found no significant vulnerabilities, providing assurance for security. The mainnet browser mitoscan.io offers complete on-chain data querying functionality. Users can check information such as blocks, transactions, and addresses. Initial activity was very high, reflecting the enthusiasm for airdrop claims and exchange deposits. Although recent activity has declined, this is a normal phenomenon of market consolidation, preparing for the next growth phase. User feedback indicates that the community generally holds a positive attitude towards the mainnet launch. Discussions on Twitter focus on yield optimization and cross-chain experience. Although some NFT holders (such as Morse) expressed dissatisfaction with the airdrop distribution, the team responded promptly and committed to optimizing the distribution mechanism. This transparent communication has enhanced community trust. The progress of ecosystem integration is smooth. Chromo Exchange, as a native AMM, provides trading functionality for miAssets. CloberDEX's on-chain order book supports perpetual contracts, options, and RWA trading. The Zygo treasury factory simplifies strategy deployment. Telo provides yield routing and a DNA scoring system. The successive launch of these applications enriches ecosystem functionality. The mainnet launch has also brought new collaboration opportunities. SpaceID's .mito domain service launched on August 22, offering users a user-friendly on-chain identity. The NFT integration of OmniHub and YieldKingZ adds fun and community stickiness. Everstake provides MITO staking services, lowering the participation threshold. Looking ahead, the mainnet will continue to optimize. In the fourth quarter, plans are to increase support for more L1/L2 chains, launch dynamic rebalancing upgrades, and the liquidity capital market MVP (index, lending pools). In the first quarter of 2026, a stablecoin pilot will be launched, and in the second quarter, multi-asset pools and a developer SDK will be introduced. These features will drive Mitosis's evolution from DeFi infrastructure to a fully functional blockchain platform.

On October 2nd, BounceBit V3 officially launched, and this upgrade is codenamed "Big Bank". This name is not a coincidence, but rather a precise positioning of BounceBit's ambition—to become the financial hub of the BTC world, a super platform that integrates yield management, derivatives trading, and liquidity provision.
As an old user who has been following BounceBit since V1, I experienced all the features of V3 at the first opportunity. To be honest, the depth and breadth of this upgrade exceeded my expectations. This is not a simple functional iteration, but a reconstruction at the architectural level, truly achieving the leap from "BTC yield protocol" to "CeDeFi super application."

Investing in cryptocurrency has never been a guaranteed game, especially for new projects that have only been launched for just over a month. Although Somnia has demonstrated strong technical strength and a clear development path, as an early project, it also faces many uncertainties. Rational investors need to comprehensively assess risks and opportunities, rather than being misled by short-term hype or technical allure. The first key factor is technical validation. Somnia claims 1 million TPS, which has indeed been verified in DevNet testing: ERC-20 transfers at 1.05 million TPS, Uniswap transactions at 1.05 million TPS, and NFT minting at 300,000 TPS. However, these were achieved in an idealized testing environment, and the actual performance on the mainnet may differ significantly. Since the mainnet went live 35 days ago, the real-time TPS is only 96, with a peak of just 134,000 TPS, which is still a long way from a million. This gap does not necessarily mean the technology is inadequate, but rather that there are insufficient application scenarios. The concern is whether unexpected bottlenecks will occur when the network truly bears the load of millions of TPS, such as network congestion, state bloat, and validator synchronization difficulties. Solana also claimed it could handle 65,000 TPS in its early days, but frequently crashed during actual operation and only became stable after multiple upgrades. Somnia needs to undergo longer and larger-scale practical tests to prove the reliability of its technology. The second key factor is the speed of ecological development. Somnia is positioned in the gaming and metaverse space, which is a field full of potential but also uncertainty. The global gaming market has an annual revenue of 180 billion dollars, but the penetration rate of blockchain games is still less than 1%. Although Somnia provides the technical foundation, whether it can truly attract players and developers will depend on the execution of ecological construction. Current data is not very optimistic. The TVL is only 2.45 million dollars, ranking low among all public chains. Daily active users are 160,000, which is not small for a new chain, but there is still a huge gap compared to the millions of DAU of mature public chains. More critically, most of the games in the current ecosystem are small to medium-sized independent works, lacking real blockbuster titles. If no phenomenon-level games that can ignite the market are launched in the next 6-12 months, Somnia's growth momentum may slow down. The Dream Catalyst accelerator has invested 10 million dollars, but this is still less compared to the ecological funds of other public chains. The Solana Foundation manages hundreds of millions of dollars, Polygon has 1 billion dollars in ecological funds, and Aptos also has over 200 million dollars in ecological investment. Somnia is evidently at a disadvantage in terms of funding scale and can only rely on more precise project selection and more efficient resource allocation to compensate. The third key factor is the pressure from token unlocks. The total supply of SOMI is 1 billion coins, with a current circulation of 160.2 million coins, only 16.02%. This means that a large number of tokens will be unlocked in the coming years. Although the share of the team and investors has not been publicly disclosed, it may fall between 20-30%, or 200-300 million coins, according to industry norms. These tokens have a 12-month lock-up period and 48 months of linear release, meaning that starting from September 2026, approximately 4-6 million SOMI will be unlocked each month. At the current token price of 0.83 dollars, the monthly unlock value is approximately 3.3-5 million dollars. If market demand is insufficient to absorb this selling pressure, the token price is likely to come under downward pressure. Although the staking mechanism can lock up part of the tokens (the current staking rate exceeds 132% of the circulating supply), the staking yield is only 0.2% APR, which may not be enough to incentivize long-term locking. Once the unlocked tokens from the team and investors flood the market, the supply-demand balance will be disrupted. Community incentives account for 55% of the total supply, with a longer distribution period, but there is also the risk of selling pressure. In particular, users who receive tokens through airdrops often lack the willingness to hold long-term and are more inclined to cash out in the short term. Although the official design includes an 80% token unlock mechanism through tasks, if the task completion rate is very high, the selling pressure may explode. The fourth key factor is the competitive environment. The Layer 1 track is already very crowded, not only with the giant Ethereum but also with mature players like Solana, BNB Chain, and Polygon, as well as newcomers like Sui, Aptos, and Sei. Each project has its own features and advantages and is competing for limited developer and user resources. Although Somnia has technical highlights, it is not easy to stand out. More specific competition comes from public chains also positioned in gaming. Immutable X, as a Layer 2 focused on gaming, has already attracted well-known games like Gods Unchained and Guild of Guardians, with a market capitalization of about 2 billion dollars. Ronin, as a sidechain for Axie Infinity, although Axie's popularity has declined, still maintains a considerable user base, with a market cap of about 1 billion dollars. These projects have first-mover advantages and mature gaming ecosystems, making it quite challenging for Somnia to compete with them. Moreover, the gaming industry itself is changing rapidly, with frequent shifts in hotspots. Axie Infinity was extremely popular in 2021, but quickly cooled down in 2022; in 2023, fully on-chain games became a hotspot, but no real blockbuster has emerged yet. If Somnia bets on gaming and the metaverse, and if this track does not develop as expected, the entire project's value proposition will be called into question. The fifth key factor is the macro market environment. The cryptocurrency market is highly dependent on liquidity and market sentiment. Even projects with strong fundamentals will be affected by market fluctuations. If Bitcoin and Ethereum enter a bear market, the entire Layer 1 sector will come under pressure, and Somnia will find it hard to remain unaffected. Furthermore, as a small market cap token, SOMI's volatility will be greater, and it may experience a sharp decline during market panic. What stage is the current crypto market in? Bitcoin has seen some price increases after the halving in 2024, but it still has a certain distance from its historical high. Ethereum has improved in performance and cost issues after switching to PoS, but still faces challenges from Layer 2 spillover. Overall, the market is in a relatively stable but directionless phase. In such an environment, small-cap projects often find it difficult to gain enough attention and capital inflow. However, opportunities also exist. It is precisely because Somnia is still in its early stages that there is huge room for growth. With a market cap of 133 million dollars, it is indeed undervalued relative to its technical capabilities and development potential. If ecological construction goes smoothly and a few blockbuster games are attracted, the TVL could grow from the current 2.45 million dollars to 10 million dollars or even higher, making a 10-50 fold increase in market cap possible. Referring to Polygon's case in 2021, which grew from a 200 million dollar market cap to a peak of 20 billion dollars, the explosive potential of early projects is astonishing. The technological moat is also an important opportunity factor. The capability of 1 million TPS, sub-second finality, and gas fees below 0.01 dollars are real technical advantages, not just marketing hype. As long as the network can operate stably, these advantages can attract real applications to land. Once a successful application emerges, it will create a demonstration effect, attracting more developers to settle in, forming a positive cycle. The deflationary mechanism provides another value support. 50% of gas fees are permanently destroyed, and as network usage increases, the destruction speed will accelerate. Although the current destruction amount is limited (about 85,000 SOMI), if the daily transaction volume increases from 23 million to 100 million, the annual destruction amount could reach tens of millions of coins, significantly impacting supply. Coupled with staking locks from token unlocks, the actual circulating supply may decrease instead of increase, providing support for the token price. From an investment strategy perspective, Somnia is more suitable for investors with a stronger risk tolerance. For conservative investors seeking stable returns, the volatility and uncertainty of Somnia may be too high. However, for investors willing to take risks, optimistic about the gaming and metaverse track, and believing that technology can create value, Somnia offers a reasonably good choice. Specific investment advice: First, control the position and avoid all-in on a single project; it is recommended that Somnia's proportion in the investment portfolio does not exceed 10-20%. Second, pay attention to key milestones, such as the launch of major games, breakthroughs in TVL, and the addition of major partners, as these could become catalysts for the token price. Third, maintain a long-term perspective; early-stage projects require time to grow, and short-term volatility is normal, so don't be scared out of the market. In terms of risk control, set stop-loss levels. If the token price falls below key support (such as near the 0.5 dollar issuance price) or if significant negative news emerges (such as technical failures, team changes, or competitors launching better solutions), exit decisively. Meanwhile, regularly assess the fundamentals; if ecological development continues to fall below expectations and the TVL stagnates for the long term, consider adjusting the investment strategy. Overall, Somnia is an early project that is technically advanced, clearly positioned, and has a reliable team, with obvious advantages but also risks that cannot be ignored. Investment decisions should be based on a comprehensive understanding of these risks and opportunities, rather than blindly following trends or being overly pessimistic. Only through rational analysis and prudent decision-making can one seize opportunities and avoid traps in the high-risk cryptocurrency market.

The success or failure of a project is often largely determined by the design of its tokenomics. The token model of Mitosis is a textbook-level case that is worth in-depth study by every DeFi participant. The total supply of $MITO is fixed at 1 billion tokens, a figure that will neither inflate nor deflate. The current circulating supply is about 202.4 million tokens, accounting for 20.2% of the total. This means that nearly 80% of the tokens are still locked, which presents both risks and opportunities. The key lies in how these tokens will be released. From the perspective of the distribution structure, Mitosis adopts a community-first strategy. 45.5% of the ecosystem development fund will be used for liquidity mining, governance rewards, and EOL/Matrix activities. 10% is allocated to the genesis airdrop, rewarding early testnet users. 8.76% is allocated to seed round investors, including well-known institutions such as Amber Group, Foresight Ventures, GSR, and Big Brain Holdings. These institutions invested $7 million in the seed round in May 2024. The team and advisors account for only 15%, with a 4-year lock-up period. This ratio is relatively low among DeFi projects, demonstrating the team's commitment to the long-term development of the project. Exchange marketing accounts for 3.5%, used to support coin listings and market promotions. The remaining portion is used for initial liquidity and treasury reserves. It is particularly noteworthy that the public sale portion is only 1% (10 million tokens), with an issuance price of $0.02. At the current price of $0.1595, IDO participants have achieved an investment return of nearly 700%. This low public sale proportion and high return design protects early supporters while avoiding excessive dilution. $MITO plays multiple roles within the Mitosis ecosystem. First, it is the native fuel token of the network, used to pay transaction fees. Second, it is a governance token – holders can stake to earn gMITO and participate in voting on key decisions such as liquidity allocation. Third, it serves as an incentive token – encouraging users to engage in ecosystem building through the MITO points system and token conversion (70/30 split). A particularly innovative aspect is the tMITO mechanism. Users can choose to lock their MITO for 180 days to receive tMITO vouchers. tMITO not only enjoys 2.5 times the MITO rewards and additional bonuses but can also be used for providing liquidity during the lock-up period. This design cleverly balances liquidity demand and long-term incentives. In terms of price performance, $MITO opened at $0.31 on the TGE day, August 28, and subsequently reached an all-time high of $0.4093 on September 14. The current price of $0.1595 has retraced 61% from its peak but is still up 69% from the lowest price of $0.0943 on August 28. Technically, it is currently in a consolidation phase, gathering energy for the next breakout. Market cap data shows the current market cap is $32.31 million, ranking 1091 on CoinGecko. The FDV is $159.6 million, and the market cap/FDV ratio is 0.20. This ratio implies that if all tokens are in circulation, the market cap would need to increase 5 times to maintain the current price. This is why the token unlock schedule is so important. According to public information, the next major unlock is expected in March 2026, involving 181 million tMITO. This unlock may exert short-term pressure on the price, but if the ecosystem develops strongly by then, the market will be fully capable of absorbing this selling pressure. Historically, many quality projects have seen a new round of increases after unlocks. In terms of trading volume, the 24-hour trading volume is $11.98 million, with a trading volume/market cap ratio of 48.27%. This ratio indicates that $MITO has good liquidity, allowing investors to enter and exit relatively easily. Binance contributed 43% of the trading volume (with the MITO/USDT trading pair at $4.22 million), BitMart accounted for 12%, and PancakeSwap v3 for 11%. CEX dominated over 90% of the trading volume, while DEX liquidity is relatively weak. In terms of holder structure, there are about 242 holding addresses on the BSC chain, with top holders accounting for about 36%. This relatively concentrated holding structure is common in early projects, and as airdrops are distributed and exchange deposits increase, the holder distribution will gradually become more dispersed. The HODLer airdrop from Binance Wallet (the 34th project) is also promoting token distribution. From an investment perspective, $MITO is currently reasonably valued. Compared to similar modular DeFi projects (such as EigenLayer with an FDV exceeding $10 billion), Mitosis's $159.6 million FDV appears quite cheap. If the project can achieve its roadmap goals, especially a return of TVL to high levels and the launch of derivative functions, there is potential for a 3 to 5 times increase in valuation.

On October 13, another token unlock is about to arrive. 44.71 million BB, worth approximately 8 million dollars at the current price, which accounts for 10.9% of the circulating supply. For any crypto project, an unlock of this scale is a test. For a project like BounceBit, which already has a low circulation, the pressure is magnified.
Let’s first clarify the full picture of the unlock. The total supply of BB tokens is 2.1 billion, but only a small portion is circulating at the TGE (Token Generation Event). The majority is locked in various pools: investors 21% (441 million), team 10% (210 million), advisors 5% (105 million), ecological reserve 14% (294 million), staking rewards 35% (735 million).

In a conversation with a senior game developer, he shared an observation: the biggest obstacle for traditional game developers wanting to enter the Web3 space is not learning blockchain technology, but finding a truly suitable underlying platform for running games. Ethereum is too slow and expensive, Solana is fast but unstable, and Layer 2 solutions like Polygon introduce additional complexity. The emergence of Somnia has shown him the possibility of combining the smooth experience of Web2 with Web3 asset ownership. This assessment is not unfounded. From the design of the tech stack, Somnia is almost tailor-made for game developers. First is the completeness of the development tools. Traditional game developers are familiar with Unity and Unreal engines, and Somnia provides native support for both engines through the Sequence SDK. Developers do not need to learn a new framework; they just need to integrate the SDK to incorporate Web3 features like wallets, NFTs, and payments into their games. More importantly, the Somnia Builder, a low-code platform, allows developers to package game assets, configure game logic, and deploy smart contracts through a visual interface, without writing a single line of Solidity code. This is a huge blessing for game studios without a blockchain background. They can focus on gameplay and art design while leaving the underlying blockchain interactions to Somnia Builder. From actual deployment cases, this convenience has already been validated. The shooting game Chunked, which is completely on-chain, saw developers create a record of 250 million transactions in a single day during the test network period. Based on traditional blockchain performance, processing so many transactions might require sharding or Layer 2, but it was achieved directly on the mainnet of Somnia. Developers do not need to worry about scaling solutions or cross-chain bridging; everything is completed on a single high-performance mainnet. The kart racing game Kart Racers showcased another possibility. The game supports over 100 community avatars, including well-known NFTs like Bored Apes. Players can use their own NFTs as game characters, truly realizing asset interoperability across games. This is not technically complicated (it just requires reading NFT metadata), but it requires the underlying chain to be fast enough to complete NFT verification in milliseconds. Somnia's sub-second finality makes real-time NFT interactions possible. The cost issue, which developers are most concerned about, is also well addressed on Somnia. Traditional blockchain games often require players to pay gas fees for each action, severely affecting the gaming experience. Somnia allows developers or game operators to bear the gas fees for players through account abstraction and gas payment functions. With transaction fees as low as $0.001, even for games with 10,000 daily active users, the daily gas fee expenditure is only a few hundred dollars, which is completely within an affordable range. To illustrate with a specific case: suppose an MMORPG game has each player interacting an average of 500 times a day (moving, fighting, picking up, trading, etc.), with 10,000 daily active users, then the total daily transaction volume is 5 million transactions. At $0.001 per transaction, the daily gas fee expenditure would be $5,000. This cost may seem considerable, but compared to the server costs of traditional games, it pales in comparison. A Web2 game of similar scale might have server and bandwidth costs reaching tens of thousands of dollars per day. On Somnia, not only are the costs lower, but it also brings additional value like decentralization and permanent asset ownership. The completeness of developer tools is also worth noting. Somnia provides comprehensive development documentation, covering two mainstream development frameworks: Hardhat and Foundry. IPFS integration supports NFT metadata storage, DIA and Protofire provide price oracle services, and Ormi and Protofire offer subgraph indexing. These infrastructures are crucial for DeFi-type games (like those with in-game economic systems). The integration of Chainlink VRF solves the randomness problem in games. Scenarios like card draws, drops, and matchmaking require verifiable random numbers, and VRF provides on-chain provable fairness. Somnia integrates VRF v2.5, allowing developers to easily implement fair random mechanisms in games. This is vital for ensuring game fairness and building player trust. The Dream Catalyst accelerator provides developers with funding and resource support. A total pool of $10 million is divided into 24 mini hackathons covering DeFi, games, AI, and more. Each winning team not only receives funding but also comprehensive guidance on token economics design, legal consulting, marketing, and more. This kind of support is immensely valuable for startup game studios, helping them quickly move from ideas to products. Projects that have already joined the accelerator include QRusader (a QR code-themed roguelite game), Dark Table CCG (an on-chain card game), and Night Spawn (a horror survival game). Developers of these projects have mentioned in interviews that Somnia's technical support and community resources were the main reasons for choosing this platform. Particularly, the weekly Games Night events allow Web2 and Web3 game developers to exchange experiences, fostering a positive community atmosphere. From a business model perspective, Somnia encourages developers to explore diversified profit-making methods. Traditional blockchain games often rely on token economic models, but this can easily lead to a death spiral. Somnia supports various models such as NFT sales, subscriptions, in-game advertising, and seasonal passes. Basketball.fun is a typical case; it does not issue tokens at all, operating instead through in-app value capture, avoiding the pitfalls of token economics. For developers concerned about technical stability, Somnia's security audits provide assurance. The mainnet underwent a thorough audit by Hacken before launch, covering multiple aspects including PBFT consensus mechanism, smart contract security, and cryptographic implementations. The dual client mechanism (one execution client + one verification client) provides additional security protection; even if one encounters a bug, the other can detect and prevent error propagation. From developer feedback, Somnia's learning curve is relatively gentle. An engineer familiar with Ethereum development usually only needs 1-2 days to grasp Somnia's features and tools. For game developers using Unity or Unreal, the visual interface of Somnia Builder can even allow them to complete the entire process from zero to deployment in just a few hours. This ease of use is crucial for driving mass adoption. Performance advantages become more apparent in practical applications. The wave shooting game Masks of the Void requires real-time synchronization of multiple players' positions and shooting actions. In traditional blockchains, achieving such real-time performance is almost impossible, as block confirmation times take several seconds. However, on Somnia, sub-second finality makes real-time multiplayer gaming a reality. Every shot by players is recorded on-chain, verifiable and cheat-proof, with no perceivable delay. Cross-game asset interoperability is another attractive feature for developers. Since all games run on the same chain and use the same ERC-721 standard, transferring assets between different games becomes straightforward. Developers can design scenarios where an NFT vehicle won in a racing game can be used as a vehicle in a shooting game; weapons obtained in an RPG can be displayed as collectibles in other games. This composability is a unique advantage of blockchain games compared to traditional games. Of course, Somnia also has areas that need improvement. The degree of decentralization of the network is still not high enough; 36 validators are significantly fewer than Solana's 1,900. Although there are plans to expand to over 250, developers need to weigh the trade-offs between decentralization and performance in the meantime. Additionally, the ecosystem is still relatively small, and third-party tools and services are not as abundant as those on Ethereum or Solana, meaning developers may need to build some infrastructure themselves. However, from a trend perspective, Somnia is rapidly addressing these shortcomings. The number of validators is steadily increasing, the Dream Catalyst accelerator is attracting more game studios, and the community atmosphere is becoming increasingly vibrant. More importantly, the Somnia team has shown a deep understanding of developer needs. From EVM compatibility to low-code tools, from Unity integration to VRF support, every design reflects a developer-centric approach. For game developers, choosing an underlying platform is not just a technical decision, but a strategic one. Choosing the right platform can yield greater results with less effort and facilitate rapid growth; choosing the wrong platform can waste a significant amount of time and resources. With its technological advantages, complete tools, low costs, and comprehensive support, Somnia is becoming the platform of choice for more and more Web3 game developers. As more high-quality games join the platform, the network effect will further strengthen, creating a positive cycle.

(TVL) is a key metric for measuring the health of DeFi projects. The TVL trend of Mitosis presents a typical growth curve of a new project, from which we can gain insights into the true state of project development. According to DeFiLlama data, Mitosis's TVL was only $36 million at the launch in June 2024. It then steadily increased, reaching $102 million by December 2024. The real explosion occurred after the mainnet launch in September 2025, with TVL soaring to a historic high of $404 million in just one month. This growth rate is rare even in the DeFi industry. However, TVL subsequently experienced a significant correction, currently stabilizing around $18 million. This volatility is not due to a deterioration of the project's fundamentals, but rather a characteristic of the industry. New projects often attract many airdrop hunters and short-term speculators at the start, and these 'mercenary capital' quickly withdraw after making profits. This is precisely why Mitosis introduced the EOL mechanism - to ensure that the protocol itself has liquidity and reduce reliance on short-term funds. From the on-chain distribution perspective, the BNB chain accounts for 92% of the TVL share, approximately $170 million (during the peak in September). This is thanks to the strong support from the Binance ecosystem, including a $15 million MITO incentive program from the Binance wallet and the initial listing on Binance Alpha. The Linea chain contributed $5.5 million, the Ethereum mainnet $2.6 million, and Arbitrum $2 million. This multi-chain deployment strategy embodies Mitosis's cross-chain vision. The Matrix event is an important driving force for TVL growth. The Theo Straddle treasury activity provides triple rewards: Theo rewards, funding rate income, and MITO points. The first phase attracted a deposit capacity of 6,000 miweETH, distributed across Ethereum, Arbitrum, and Linea chains. The second phase expanded the reward scope to NFT holders and contributors, further encouraging community participation. Notably, the tMITO conversion mechanism allows testnet rewards to be exchanged for MITO at a ratio of 1 to 0.25, with additional rewards from a 6-month lock-up period. This design ensures the interests of early supporters while avoiding drastic fluctuations in token prices. Data shows that $3.9 million of tMITO was locked within 48 hours, demonstrating the community's recognition of the project's long-term value. Fee and revenue data is also worth noting. DeFiLlama shows that Mitosis's current protocol fees are zero, as the project adopts the EOL model rather than the traditional transaction fee model. The protocol's revenue comes from cross-chain revenue distribution and staking rewards, which are returned to token holders through the MITO buyback mechanism, forming a sustainable value cycle. From user growth data, the Alpha Booster event attracted over 90,000 active users, and the genesis airdrop distributed 2.5 million MITO. The proposal voting system of Morse DAO has been launched, with the first proposal approving a 22.23% MORSE token burn plan (2,223 tokens over a period of 150 days). This demonstrates the maturity of community governance. On-chain data also shows that top buyers purchased 628 MITO within 30 days, worth $581,000. Although the inflow of new wallets in the last 7 days was only $52,000, this reflects the rational consolidation of the market, building strength for the next round of growth. The number of holders remains stable at around 242 (BSC chain data), indicating a relatively concentrated holding structure, which is a normal phenomenon in the early stages of new projects. Looking ahead, with the launch of the Chromo mainnet, more cross-chain integrations, and derivative features, TVL is expected to return to a growth trajectory. The project roadmap indicates that a stablecoin pilot will be launched in the first quarter of 2026, and multi-asset pools and developer SDKs will go live in the second quarter. These innovative features will inject new growth momentum into TVL.

Compared to mainstream DeFi projects, Aave's market cap/TVL ratio is around 0.25, Curve about 0.15, and MakerDAO close to 0.4. BounceBit's current ratio of 0.18 is in a healthy range, but considering its institutional positioning and compliance advantages, it should enjoy a valuation premium.
There are several reasons behind this undervaluation phenomenon. First, the circulation is too low. A circulation ratio of 19.5% means that most tokens are still locked up by the team, investors, and ecosystem funds. The market often discounts low circulation projects because the dilution expectations brought by future unlocks can suppress current valuations.