0xNing0x

Happy Pizza Day🎉

Today the proposal for the GENIUS stablecoin bill has been passed + a double celebration with the White House presidential crypto-themed dinner.

Looking forward to this wave of altcoin market recovery lasting until mid-June, hoping everyone has a Happy Ending in 25H1.

#ComeHTX_CelebratePizzaDay_andPresidentialDinner_WitnessHistory

@justinsuntron @HTX_Molly @qingyang007 @Ceee333_ @xiaojiucai_andy

Post-Pectra Era - Status Summary of Leading Projects in the Chain Abstraction Track👀

Mr. Market is always right. From the results of the crypto market trends following the Pectra upgrade, the most beneficial asset remains Ethereum's native token ETH, similar to the outcomes from the previous Shanghai and Cancun upgrades in the secondary market.

Previously, the market expected that the EIP-7702 upgrade of Pectra would be favorable for the robust development of chain abstraction, but the dismal adoption data (19,206 authorizations and 11,145 transactions as of now) has proven otherwise.

However, the long view should be taken; if we do not limit ourselves to the adoption of EIP-7702 and the price performance in the secondary market, the replacement rate of smart contract wallets is continuously rising, iterative optimizations of the chain abstraction paradigm are ongoing, and the chain abstraction track maintains a vibrant and high-energy state of competition.

The following is a status summary of leading projects in the chain abstraction track:

1⃣ According to Dune's report on "Crypto Wallets 2025," key pass + gas-free + chain abstraction is becoming the standard system configuration for new L1/L2. @safe smart contract accounts have deployed over 43M, with a total value locked of over $50B. The number of embedded wallet signatures has reached over 183M since the beginning of the year. In May, the number of Swap activities for smart contract accounts reached 32M, surpassing the 30M for EOA accounts.

2⃣ CowSwap, the designated DEX for the Emperor of Sichuan, has expanded to Base, but its contribution to protocol revenue is decreasing month by month. Recently, CowSwap adjusted the auction Batch rules for Solvers from "winner takes all" to "stronger share," which is beneficial for optimizing prices and transaction efficiency while enhancing Solver income predictability. However, as a non-complete chain abstraction DEX, it has not formed a significant synergy with its sister project Safe. This can only be left to the next major version update for Safe and CowSwap to realize.

3⃣ Backed by Peter Thiel and the first to declare the post-DEX era, the chain abstraction trading platform @infinex has long dominated the attention list of Kaito's Pre-TGE Arena market. Infinex has recently integrated CowSwap's intent trading processing engine into its chain abstraction trading module Swidge.

Compared to traditional CEX, infinex replaces CEX's "pseudo wallets" with account abstract wallets + vaults, replaces CEX's market makers + CLOB order books with a cross-chain trading intent processing engine + Swap UX, and replaces CEX's BD girls + deep relationship networks of whales with Yaprun's KOL-Trader mental propagation model.

However, this new paradigm of chain abstraction trading platforms is still in its early stages, with infinex's TVL only at $162 million and account scale at

4⃣ @ParticleNtwrk, as the first truly productized complete chain abstraction trading platform for TGE, achieved good results during last year's Memecoin super cycle.

The technical framework of Particle Network is consistent with infinex, but in the choice of Relayer layer, Particle Network chose to build its own L1 based on Cosmos SDK.

5⃣ @NEARProtocol is tackling both the previously hottest narratives of chain abstraction and AI Agents but has encountered difficulties in the productization process, with its instantiated product data 📊 being quite disappointing. However, the market has shown a lot of tolerance towards this, much like with ADA and XRP. Perhaps the market implicitly recognizes that their core value is simply their existence.

The Near community is currently discussing gas abstraction governance proposals to address cross-chain transaction fee management issues.

Additionally, the chain signature feature will be deployed on the Near mainnet, allowing a single NEAR account to operate across chains, supporting multi-chain dApps, such as cross-chain Swap and lending.

6⃣ @EverclearOrg has been integrated with multiple chain abstraction protocols including Particle Network, Hyperlane, https://t.co/EcPnczNgth, Across, Polymer, Gelato, Anoma, EigenLayer for liquidity rebalancing.

Everclear's liquidation layer has officially integrated with Unichain, helping Unichain reduce settlement costs and optimize the efficiency of chain abstraction.

Everclear has officially launched its complete mainnet, supporting chain abstraction through intent. The mainnet launch also includes expansion to Solana, allowing for low-cost rebalancing between Solana and EVM chains.

That's all.

Momentum: The Ve(3,3) Liquidity Engine of the Sui Ecosystem

Momentum is a native Ve(3,3) DEX on the Sui chain, built using the Move language. Although it has only been online for 7 weeks, it has attracted over $57M in TVL and over $2.0B in cumulative trading volume, steadily moving towards becoming the "Aerodrome on Sui".

First, let's review the origin of the Ve(3,3) mechanism. There have been two major innovations in the DEX space:

-- The first was Curve introducing veToken, which locks tokens to gain voting rights that influence liquidity incentive distribution;

-- The second was OlympusDAO introducing (3,3) game theory, realigning the risks and benefits of LPers, Traders, and protocol token holders.

Ve(3,3) is a combination of these two mechanisms and is currently the most powerful DEX token economic model. The core idea of Ve(3,3) can be summarized as: deep liquidity drives value discovery, precise incentives maximize capital efficiency, and long-term collaboration achieves win-win outcomes for multiple parties. It addresses the biggest drawback of veTokens: insufficient binding of liquidity providers and protocol interests, leading to persistent "mine, withdraw, and sell" behaviors.

Momentum adopts a dual-token design: $MMT as the protocol token and $veMMT as the governance voting token. Its Ve(3,3) mechanism forms a closed-loop system driven by four core elements: locking, governance voting, bribery, and revenue sharing.
Locking is the foundation of the entire system, where users can lock $MMT for different periods to obtain different ratios of $veMMT: locking for 4 years yields an equal amount of $veMMT, locking for 1 year yields one-quarter, and locking for 1 week yields only 1/208. These $veMMT tokens linearly decay over time, and users can extend the locking period at any time to maintain or increase their voting power.

After holding $veMMT, users can participate in governance voting every 7 days to decide how liquidity incentives are distributed. At this time, liquidity deployers (usually project parties) can attract votes to the liquidity pools they care about by providing additional incentives (commonly known as "bribery"). The best part is that all transaction fees generated are allocated entirely to participating $veMMT holders instead of liquidity providers, which forces liquidity providers to deeply engage in collaboration to share protocol revenues.

The brilliance of this mechanism lies in creating a positive feedback loop. From the perspective of liquidity providers, deep liquidity results in low slippage, attracting more trading volume and transaction fees, which in turn attracts more votes and incentives; from the project party's perspective, providing bribery incentives can attract votes to receive more liquidity incentives, enhance pool yield, attract more LP participation, and ultimately drive demand for token purchases; from the perspective of $veMMT holders, voting for high-yield pools leads to those pools receiving more incentives and liquidity, capturing more trading volume, increasing yields, and boosting $MMT demand, forming a perfect closed loop.

You may ask, why did Momentum choose to launch on Sui? This is a strategic choice of positioning.

As a next-generation high-performance public chain, Sui has many advantages: high concurrency and high TPS surpassing EVM while being more stable than Solana, no global authorization mechanism effectively avoids asset theft risks, Gas fees remain predictable even under high load, and Circle has deployed native USDC for direct integration with mainstream exchanges. More importantly, the Sui ecosystem is already taking shape, with DeFi and RWA completed, Meme triggering a wealth effect, and new sectors like BTCFi, Game, and AI rapidly entering.

However, Sui currently lacks a deeply integrated liquidity engine, and this shortcoming directly restricts user experience and ecosystem development. For example, large transaction slippage on the Base chain through Aerodrome is only 0.05%, while on the Sui chain it currently reaches 0.25%.

Momentum precisely fills this crucial gap. It will bring deeper liquidity, lower slippage, and a better trading experience to Sui, thereby capturing more trading volume and forming a positive cycle. If we were to summarize it in an equation: Sui × Momentum = Base × Aerodrome. This is not an unfounded comparison; the trading volume market share of Aerodrome on the Base chain is as high as ~60%, proving that the ve(3,3) model is a validated successful formula.

Finally, let's take a look at the team and support behind Momentum: its founder is one of the original engineers of Meta Libra (now Diem) and has previous relationships with both the Sui and Aptos core teams; in terms of financing, it has completed $10M, with leading investor Varys Capital backed by the Qatari royal family, and important investors including Sui Foundation, co-founders of Mysten Labs, as well as top U.S. institutions such as Coinbase Ventures and Circle Ventures. This dual endorsement from the Sui ecosystem (Sui Foundation + Mysten Labs) demonstrates the strategic value of Momentum.

In summary, Momentum is not just another DEX, but the liquidity engine of Sui, and its ve(3,3) mechanism is expected to bring deep liquidity enhancement to the Sui chain, rediscover ecosystem value, increase activity and prosperity, and attract significant inflows of capital and users. If you believe in the prospects of Sui as a next-generation high-performance public chain, then Momentum, as its "liquidity heart," deserves close attention. Just as Aerodrome is to Base, Momentum is expected to become an important infrastructure and value engine of the Sui ecosystem.

That's all.

Let's review my investment performance in funds on Alipay for the first half of the year, with a year-to-date return of 11.51%, outperforming the CSI 300 Index by 11.30%🤑

Previously, I configured an AI Agent investment portfolio, and after experiencing a major setback in on-chain activities in Q1 of 2025, I personally stopped participating in the on-chain PVP, which is a game with a negative expected value, and instead invested more time and resources into PVE-type investment activities.

Specifically, I wanted to verify whether the trading system and investment framework developed over the past two years based on training in the cryptocurrency market has generalization capability and can continue to be effective in off-chain environments.

The result of outperforming the CSI 300 Index by 11.30% has provisionally demonstrated the generalization capability of my trading system.

The principles of my trading system are simple and clear: based on data insights regarding macroeconomic cycles, seasonal cycles, asset characteristics, and assessments of major financial market events (which are actually the least important), I adhere to using anti-fragile strategies to allocate different risk-return profiles of uncorrelated assets, supplemented by observations of market sentiment to determine the timing for profit-taking.

This trading system cannot achieve high leveraged returns like single-coin A7, but it can yield positive returns that outperform market beta in the highly uncertain and volatile market of H1 2025.

This is the confidence and foundation for my refusal to participate ❌ in meme coin PVP this year.

Let's review my fund investment performance in Alipay for the first half of the year, with a year-to-date return of 11.51%, outperforming the CSI 300 index by 11.30%🤑

Previously, after configuring the AI Agent investment portfolio and facing a significant setback in Q1 2025, I personally stopped participating in the on-chain PVP, a game with inherently negative expected value, and instead invested more time and resources into PVE-type investment activities.

Specifically, I want to verify whether the trading system and investment framework developed over the past two years based on cryptocurrency market trading training have generalization ability and can continue to be effective in the OTC market.

The result of outperforming the CSI 300 index by 11.30% has tentatively proven the generalization ability of my trading system.

The principles of my trading system are simple and clear: based on judgments of macroeconomic cycles and major financial markets, consistently use an anti-fragile strategy to allocate assets with different risk-return ratios that are uncorrelated, supplemented by market sentiment observations to determine timing for profit-taking.

This trading system cannot achieve high-leverage returns for a single asset A7, but it can realize positive returns that outperform market beta in the highly uncertain and volatile market of H1 2025.

This is also the confidence and backing behind my decision to refuse ❌ participation in meme coin PVP this year.

Let's take a look at the data performance after the Ethereum Pectra upgrade was deployed to the mainnet👀

The core EIP upgrades of the Ethereum Pectra upgrade deployed to the mainnet on May 7 include: Account Abstraction EIP-7702, Blob Quantity and Pricing Mechanism Adjustment EIP-7691, CallData and Maximum Block Size EIP-7623.

1⃣ EIP-7702 currently has a total of 5549 authorizations, 73 delegated contracts (accepting EOA address authorizations), and 2362 transactions, being in a very early adoption phase.

The top 3 delegated contracts are WhiteBit, OKX Wallet, and MetaMask Fox Wallet, with WhiteBit accounting for 54.7%.

It is surprising that @safe, a multi-signature smart wallet service provider, is not listed among the delegated contracts.

EIP-7702 lowers the operational threshold and Gas costs for EOAs creating smart contract wallets, benefiting advanced DeFi protocols like @0xfluid that rely on smart contract wallets.

🚨 Beware of the authorization🎣 risks of EIP-7702, which are as high-risk as Permit2!

2⃣ After the deployment of EIP-7691, the target number of Blobs increased to 6, with the maximum number raised to 9. Before the Pectra upgrade, the average peak usage of Blobs often exceeded the original target number of 3. After the upgrade, the average peak usage of Blobs jumped to 4.5 over these 4 days.

Correspondingly, while the target number of Blobs doubled, the usage ratio only decreased from an average of 50% to an average of 40%.

EIP-7691 also enhanced the timeliness of the Blob pricing mechanism, where the pricing of Blobs is dynamically adjusted through an independent gas fee market, similar to the EIP-1559 mechanism.

The independent fee market for Blobs ensures that its price is not affected by congestion from non-Blob transactions. This provides cost prediction stability for L2 Rollups, encouraging the use of Blobs.

Dynamic Blob pricing ensures that when demand is high, validating nodes are motivated to include Blob transactions.

3⃣ EIP-7623 increases the gas fees for CallData from 16 to 42 per byte.

CallData has traditionally been a costly and inefficient way to store transaction data. Higher CallData fees encourage L2 Rollups to shift towards using cheaper blobs.

This reduces dependence on CallData permanently stored on the Ethereum state and increases the use of temporary storage (about 18 days) for Blobs. It also guides the decline of the maximum block size on Ethereum, controlling the speed of Ethereum's ledger state inflation, allowing sufficient time for future mainnet upgrades.

Before the Pectra upgrade, the maximum block size was 2.25M; after the upgrade, the maximum block size is 0.9M.

Summary

The Pectra upgrade is consistent with Vitalik's expressed philosophy in "Simplifying L1": returning to the Bitcoin development community's principle of "verification over computation".

Structure determines characteristics. The evolution of the underlying design architecture will affect the characteristics of blockchain protocols. The tendency in the Pectra upgrade to "encourage Blob adoption while limiting CallData calls" reflects that Ethereum's positioning as a "global computer" is already a thing of the past, as Ethereum is emerging as the "global financial ledger Infra".

Double Kill!! Obol has unlocked two achievements, Binance Alpha and Binance Contracts, at the same time as its TGE, delivering a 90-point performance to the VC and community that has accompanied it for three years.

Currently, the entire crypto market is in an apocalyptic atmosphere, with Trump's new crypto policies reshaping the supply-side order of crypto projects externally and Binance Alpha intercepting on-chain players' airdrops internally, with chaos and uncertainty dominating the first half of 2025. The crypto market lacks effective pricing for new assets, and the project valuation system is in disarray. The classic valuation models of old crypto VCs' TVL and narrative power have become ineffective, and the market attention and risk sentiment models of the new crypto nihilism Cable are also failing.

In this situation, it is difficult to give a reliable valuation range for Obol. But considering the market's enthusiasm, we can reluctantly provide a reasonable valuation perspective for Obol.

First of all, we need to understand what Obol's DVT technology and its product middleware Charon actually are. I believe most people are confused about Obol; for instance, I initially paid attention to Obol more because of its high financing and the backing of top-tier VC institutions.

Although Obol's official documentation accurately describes itself, for example: DVT (Distributed Validator Technology) shatters a validator's private key and distributes it across multiple nodes controlled by operators, managing the validator collectively through signature sharing and consensus mechanisms, it essentially represents "the sharding of validators," but this technical language is too abstract; we cannot discern what it specifically is and what it is useful for.

So, let's take a step back. Before discussing what Obol specifically is and what it can do, let's first talk about the specific and realistic block production process of the Ethereum mainnet.

The Ethereum mainnet currently employs the PBS (Proposer-Builder Separation) mechanism for block production. Block builders select and sort transactions from the memory pool to construct optimized blocks that maximize MEV extraction. They submit these blocks to block proposers, who select the most profitable blocks through MEV-Boost auctions and propose them to the network.

In reality, block proposers are validator nodes, which mainly consist of the validator node set of the Lido protocol, Coinbase, Binance, and other centralized institutions; block builders are MEV Searchers, mainly Beaverbuild and Titan Builder, which monopolize 88.7% of the market share.

The emergence of PBS was originally intended to solve issues of block production centralization, MEV value leakage, and to enhance censorship resistance, but it has created new problems while solving old ones.

For example, the issue of Lido's staking rights ratio being extremely close to 33% multiple times and the monopolization of the block building market by Beaver and Titan. For the decentralization of blockchain maintenance, validation is more important than computation. The threat level of Beaver and Titan to Ethereum's decentralization is lower than that of Lido. This is why the Ethereum Foundation has frequently challenged the Lido protocol in 2024, pressuring Lido to limit its market share and abandon its governance mechanism.

Due to the inherent scale effect of Ethereum's PoS consensus mechanism (validator nodes banding together can lower staking capital thresholds and reduce the chances of receiving Slash penalties), there is a tendency for centralization in validator node sets. Before achieving ZK and modularization (with lightweight nodes responsible for validation) on the Ethereum mainnet, the Ethereum Foundation hopes to introduce more small and individual validator nodes into the network to enhance its decentralization.

DVT is a technical solution that helps small and individual validator nodes smoothly enter the Ethereum network. Obol takes this a step further by packaging DVT components into a pluggable middleware module called Charon, which can seamlessly integrate into existing validator node infrastructures (like Lido, EtherFi). It does not require operators to reconstruct existing systems but enhances their functionality through a distributed validator node architecture, allowing staking operators and institutions to improve security, decentralization, and fault tolerance without having to reconstruct their existing systems.

This "plug-and-play" design concept makes Charon the industry-standard DV coordination layer, increasingly adopted by staking platforms and institutions. For example, Lido is decentralizing itself by integrating Charon into its Simple DVT module, and Obol has partnered with EtherFi to launch the "Operation Solo Staker" program aimed at bringing home-level stakers into EtherFi's validator node set, which protects over $1 billion worth of staked ETH on EtherFi.

As of April 2025, data shows that Obol has over $1 billion in TVL, $2 billion in committed ETH staking, over 800 independent node operators, over 14,000 active validator nodes, and more than 500,000 registered users in the test network.

However, Obol is essentially a public good of Ethereum like ENS, rather than a DeFi protocol. In my opinion, the impressive business data above is not as important as the testing data from the collaboration between Obol and Lido's Simple DVT module. However, I do admit that having over $1 billion in TVL is quite impressive and is still growing rapidly.

For the valuation of Obol, factors such as TVL, narrative power, market attention, and risk sentiment do not weigh heavily. What truly determines Obol's valuation is the price that the crypto market is willing to pay for Ethereum public goods. Given that SSV is currently in a state of stagnation, we should benchmark against ENS, the leader in Ethereum public goods.

End.

A New Framework for Observing Macroeconomic Trends in the Crypto Market👀

For institutions, the greatest allocation value of Bitcoin lies in its decoupling from US stock indices. Those who use methods analyzing US stocks to analyze Bitcoin trends will naturally find their approach inconsistent as the correlation between Bitcoin and US stock indices changes.

We need to find a new effective framework to analyze macro trends in the crypto market beyond just monitoring Trump's Twitter, Federal Reserve meetings, FedWatch interest rate options market pricing, and Powell's expectation management rhetoric.

Here, we primarily draw insights from the macro trend analysis article of the crypto market by @CryptoHayes and summarize a new observation and analysis framework.

1⃣ A hypothesis we must believe: Bitcoin is a hedge against the entire US dollar system, and its price reflects the entropy of the dollar system. The more chaotic the internal dollar system is, the better Bitcoin's price performance.

2⃣ How to calculate the entropy of the dollar system?

-- Main factors for the entropy of the dollar system

10-year Treasury yield = the actual market interest rate of the dollar, changes in the Federal Reserve's balance sheet = outcome curve of US quantitative easing/tightening, 10-year Treasury yield + changes in the Federal Reserve's balance sheet = quantitative indicator of US monetary policy;

US Treasury TGA account balance = quantitative indicator of US fiscal policy;

The rate of change of the 10-year Treasury yield + changes in the Federal Reserve's balance sheet + changes in the US Treasury TGA account balance are the three main factors for calculating the entropy of the dollar system.

-- Specific calculation of the entropy of the dollar system

1. Standardization; 2. Use PCA method to determine the weights of the three main factors; 3. Calculate the distribution entropy based on information theory;

3⃣ Establish a quantitative relationship between Bitcoin and the calculated entropy of the dollar system

The price of Bitcoin is positively correlated with the entropy of the dollar system. In other words, the higher the entropy of the dollar system (S), the higher the price of Bitcoin (P).

Mathematical expression: We can assume that the price of Bitcoin is a function of entropy, for example:
where (k) is a proportional constant.

Simple linear relationship: P = k⋅S, where k is the proportional constant reflecting Bitcoin's price sensitivity to changes in entropy.

A more realistic nonlinear relationship: P = k⋅S^a, where a is an exponent reflecting Bitcoin's price sensitivity to changes in entropy.

That's all.

yo @beeponboop, make me a token called TurtleMan with ticker GuiNan right meow ฅ≽(ㅇㅅㅇ)≼
GuiNan is the best[or worst] TurtleMan!