blockTVBee

The market is finally starting to rise, and the cross-chain sector may be worth watching

➤ Why are we optimistic about the cross-chain sector?

The logic is simple. There are over 100 Layer1 and Layer2 projects in the market, can you believe that? However, there may be fewer than 10 cross-chain interoperability projects connecting these ecosystems.

At least the commonly used cross-chain interoperability projects like ChainLink, LayerZero, Wormhole, Axelar, Debridge, Celer, etc., add up to less than 10.

In 2021, there were almost only Ethereum and BSC ecosystems that were relatively active. By 2025, there are more Layer1 projects like Solana, SUI, Sonic, and Bear Chain, as well as Layer2 projects like Base and Arbitrum.

The more intense the competition between ecosystems, the stronger the demand for cross-chain will be.

Perhaps, the cross-chain sector may not be as crazy as MEME, but it will definitely be a stable and growth-oriented sector.

With the market recovery, various on-chain ecosystems will gradually begin to compete, and funds are about to start flowing back and forth within these cross-chain protocols...

➤ Which cross-chain project are you more optimistic about?

In fact, ChainLink, LayerZero, Wormhole, Axelar, Debridge, and Celer are all good projects. However, as investors, we need to consider which project has more investment space.

Therefore, Brother Bee has compiled the FDV of these 5 projects: LayerZero, Wormhole, Axelar, Debridge, and Celer, along with the ratio of cross-chain trading volume and number of trades, in order to find undervalued projects.

Trading volume and number of trades can reflect the market size of cross-chain products; FDV/cross-chain trading volume is similar to the price-to-earnings ratio, as cross-chain trading and the income of cross-chain protocols are positively correlated.

The comparison clearly shows that DeBridge ($DBR) is the most undervalued cross-chain project. Whether on a monthly, weekly, or daily basis, the ratio of $DBR's FDV to trading volume and number of trades is the lowest.

Apart from $DBR, LayerZero ($ZRO) also has relatively low ratios.

In fact, DeBridge's cross-chain scale is only slightly lower than Wormhole's. In February, DeBridge's cross-chain scale once surpassed Wormhole's. However, the exchanges where $DBR is listed are also the fewest, so the potential of $DBR may be the greatest.

SUI Ecological Leading DEX - Bluefin Lottery Event

5 * 300 $Blue (approximately 5 * $35)

Participation method at the end of the article, let's first understand Bluefin:

➤ Ecological data shows that Bluefin may have growth potential

As the leading DEX in the SUI ecosystem, Bluefin has a total trading volume of $53 billion, with a daily trading volume of $38 million and a total of 24,000 transactions.

Some compare Bluefin to Solana's Jupiter, and Brother Bee made a comparison:

✦ Comparison of FDV Market Cap Ratio

$Blue's FDV / $SUI's FDV = 0.26%
$JUP's FDV / $SOL's FDV = 5.15%.

✦ Comparison of FDV/TVL Ratio

$Blue's FDV / Bluefin Ecological TVL = 0.77
$JUP's FDV / Jupiter Ecological TVL = 2.07

✦ Comparison of TVL Ecological Ratio

Bluefin's TVL / SUI's TVL = 6.98%
Jupiter's TVL / Solana's TVL = 24.59%

Comparing the DEX's own value/ecological ratio, Bluefin is undervalued.

Comparing with the value ratio of the public chain's ecosystem, Bluefin may also have growth potential.

➤ Bluefin's Product Advantages Determine Its Potential

❚ RFQ Product Provides Users with Optimal Trading Solutions

Bluefin supports spot trading and perpetual futures, being the first RFQ product in the SUI ecosystem. RFQ, Request for Quote.

The system selects the optimal trading solution from available options (including other traders, LPs, and aggregators) based on the user's trading request (including price and trade amount) to provide to the user, who then confirms and executes the trade.

✦ Spot Trading

For spot trading, Bluefin uses the CLMM model, Concentrated Liquidity Market Maker, where LP liquidity is concentrated in a specific price range, resulting in lower price slippage for spot trading.

Additionally, Bluefin supports aggregators, allowing it to select the optimal trading solution from other users, LPs, and aggregators, achieving extremely low slippage.

Of course, it supports anti-MEV.

✦ Perpetual Futures

For perpetual futures, the system matches users with multiple liquidity market makers to find the optimal trading solution. Users can trade after depositing into Bluefin's perpetual futures account. Perpetual futures trading has 0 Gas and 0 slippage.

The maximum leverage for BTC, ETH, SUI, and SOL is 20 times, for mainstream coins like APT it is 10 times, for SUI ecosystem coins like BLUE it is 5 times, and for $TRUMP it is 3 times.

Interestingly, when entering the mainstream coin trading interface, the default is 10 times leverage, 5 times for BLUE, while some coins have a default of 1 time.

❚ Trading Interface and Experience Close to CEX

After entering advanced mode for spot trading, users can view the market cap, liquidity, trading volume, on-chain distribution concentration, holders, and audit status of tokens, along with recent trading volume and order information. This is more suitable for trading meme coins and spot trading.

The perpetual futures trading interface has a relatively complete order book trading interface, with market maker order information available, creating a more open and transparent environment.

Bluefin's technical framework uses SUI+TEE+Walrus framework.

User funds are on SUI, while the platform's frontend exists on decentralized storage Walrus. Users send trading requests through the frontend, which are sent to the TEE (Trusted Execution Environment), where trades are matched, and then settled on the SUI chain.

The entire process is decentralized, and this SUI ecological framework can achieve extremely high performance, with trade matching typically not exceeding 1 millisecond.

➤ SUI Ecosystem Still Has Potential

#SUI is considered the next Solana, but actually, the development language for SUI applications, Move, is known for being developer-friendly, making it potentially easier to develop or innovate applications on SUI than on Solana.

The SUI ecosystem still has room for imagination in the next 0 to 4 years.

➤ To Summarize

As the leading DEX in the SUI ecosystem, comparable to Solana's Jupiter, Bluefin may have horizontal expansion potential. The reason is that its RFQ can provide users with better trading solutions, while the trading interface design and SUI+TEE+Walrus framework offer a better trading experience. Furthermore, the SUI ecosystem itself may have vertical growth potential.

Finally, the participation method for the anticipated lottery:
1. Follow @bluefinapp @oooh_aria @zabimx
2. Retweet and comment on the highlights of Bluefin, and tag @giverep at the end.

Brothers, forgive me for carving a boat!

On August 5, 2021, after the first wave of the bull market ended and the negative situation of 519 subsided, ETH welcomed the London upgrade and entered the second wave of the bull market.

On May 8, 2025, after the first wave of the bull market ended and the negative situation of tariffs subsided, ETH welcomed the Pectra upgrade.

These two bullish candles make people believe that the institutions have not given up on ETH 😂

This is purely carving a boat and does not constitute a long or short judgment. After all, there is still some uncertainty regarding Trump's policies and the recession of the U.S. economy.

Three Misunderstandings About Binance Alpha Points

➤ Misunderstanding 1: Points Can Never Catch Up

Binance Alpha points are calculated based on the holdings and trading volume over the past 15 days. Therefore, if a user previously had a high score but does not trade or hold any assets in the following 15 days, the total points over those 15 days will gradually decrease, and the points will reset to zero after 15 days.

If a user has low points but starts working hard to increase their points from today, for example, if others gain 11 points daily and the user gains 12 points daily, they will surely catch up after 15 days. (If the gap is small, it may not even take 15 days to catch up).

➤ Misunderstanding 2: Friendly to Big Players

In fact, Binance Alpha points are not friendly to big players. In terms of static points, i.e., points for holding assets, holding assets under $100 and having holdings of $100,000 only accumulates 4 points.

In terms of dynamic points, i.e., points based on trading volume, every additional point requires doubling the trading volume. For a trading volume of $1024, you gain 10 points, and to gain one more point, you need to trade another $1024.

We treat points as the dependent variable and trading volume as the independent variable, forming a function.

It is essentially a logarithmic function with a base of 2, then rounded, represented by the red line in the chart. The blue line represents the logarithmic function without rounding. (It is speculated that the design is for integer points, partly for ease of calculation and partly to distinguish between legitimate point accumulation and point manipulation).

It is evident that with the increase in trading volume, points hardly increase. Especially after rounding, further increasing trading volume results in almost no increase in points.

Whether it is static points or dynamic points, they do not follow a linear model; the increase in points due to an increase in capital holdings or trading volume slows down increasingly. Thus, Binance Alpha points are not friendly to big players.

Of course, Binance Alpha points are also not very beneficial for small players, as trading incurs costs. For small players with just a few hundred dollars, it is easy to find that the more they trade, the less capital they have, making it harder to accumulate points.

Therefore, Binance Alpha points are actually more friendly to medium-sized players.

➤ Misunderstanding 3: Points Will Keep Increasing

First, the current point threshold is rising because we are at the early stage of the points system.

The points system started on April 25, and everyone began with relatively low points that will continue to increase.

Starting from May 10, on the 16th day of the points system, unless the airdrop rewards are particularly enticing, the growth of points will begin to slow.

Second, the marginal cost of accumulating points increases.

As mentioned earlier, points are not linearly related to holdings or trading volume. As trading volume increases, the increase in points becomes slower.

This time, we use points as the independent variable and trading volume as the dependent variable. Trading volume is generally positively correlated with trading costs; the larger the trading volume, the higher the cost of accumulating points.

It essentially follows the equation y = 2^x. Here, x is the trading volume points, and y is the trading volume needed to correspond to the points. As points increase, the required trading volume rises exponentially, meaning the marginal cost increases rapidly. On the upper part of the curve, only by significantly increasing trading volume can one gain a small amount of points. Therefore, points will not keep increasing infinitely.

Third, consider the balance between benefits and costs.

Unless the frequency of airdrops increases and their value grows, players will balance the benefits and costs rather than simply increasing points.

Fourth, the time cost of accumulating points.

In addition to trading costs, accumulating points also requires time, and not all users are interested in this. For example, big players with hundreds of thousands or millions of dollars may not be interested in airdrops; they can easily make substantial profits with small amounts of money.

As the accumulation of points becomes more intense, some people will gradually withdraw from accumulating points.

➤ Final Note

The reason Binance did not use a linear point model but opted for a logarithmic/exponential model is to prevent everyone from excessively competing for points.

In the future, unless the frequency of airdrops increases and their value becomes larger, points will tend to stabilize. On this basis, there will be some fluctuations based on the value and frequency of airdrops.

How DeGate Achieves: Almost Zero 'Bid-Ask Spread',
And Trading Activity Close to 'Binance OKX'

In the article from the day before yesterday, DeGate was introduced as a DEX, which mentioned the bid-ask spread. Some friends privately asked Brother Bee why DeGate, as an order book DEX, can achieve such a small bid-ask spread?

➤ Starting from Order Book DEX

DeGate's mainstream cryptocurrency trading adopts an order book model, rather than an AMM model like Uniswap. Its advantages are obvious, as traders trade at the posted order or market price without trading slippage.

For example, if a sell order is posted at 0.5, it will not be executed at a price lower than 0.5. If a buy order is posted at 0.6, it will not be executed at a price higher than 0.6.

However, the premise for transactions to occur in an order book DEX is that there are trading counterparts. If there are no trading counterparts after an order is posted, then the order is difficult to execute.

It is important to know that order book DEXs differ from CEXs. In CEXs, there are market makers who fill the bid-ask spread and trading depth. However, there are no market makers in order book DEXs, so the bid-ask spread and trading depth become pain points.

➤ Comparison of Bid-Ask Spread: DeGate vs dYdX

Comparing DeGate and dYdX, taking JASMY as an example, the bid-ask spread for JASMY on dYdX is 0.00028, while on DeGate, it is only 0.00001.

Friends can check on DeGate; as long as a token is listed and there are users trading it, the bid-ask spread is almost this small.

You might not know how magical this bid-ask spread on DeGate is. DeGate has less than half the number of users compared to dYdX and a TVL of about one-sixth that of dYdX. Under such circumstances, DeGate's order book DEX can achieve an extremely small bid-ask spread.

➤ Comparison of Trading Activity: DeGate vs CEX

Brother Bee proposed a simple metric to assess trading activity.

24-hour Trading Activity = (24-hour Spot Trading Volume + 24-hour Futures Trading Volume / 10) / Capital Stock Data

Where the capital stock data for DEXs is calculated based on TVL, and for CEXs, it is based on publicly available capital reserve data.

The 24-hour futures trading volume / 10 assumes that futures trading uses an average of 10x leverage to roughly estimate the scale of futures trading.

DeGate's 24-hour trading activity = 0.155
Binance's 24-hour trading activity = 0.138
OKX's 24-hour trading activity = 0.222

The trading volume here for DeGate only includes the order book trading data for mainstream coins, excluding Swap trading volume. Comparisons show that DeGate's trading activity is comparable to that of large CEXs.

➤ How DeGate Achieves: Low 'Bid-Ask Spread' and High 'Trading Activity'

❚ Zero Fee for Posting Orders

Since there are no fees for posting orders, traders who wish to buy or sell tend to place orders within the price range of the bid-ask spread so that any slight price fluctuation can lead to a transaction, while also avoiding trading fees.

❚ Grid Traders Acting as Market Makers

Grid trading implements market-making functions, allowing grid traders to act as market makers, which is a clever design by DeGate. This design was proposed back in 2021, before DeGate was launched, and it was strategically planned and implemented to become an extremely unique and attractive trading product.

The grid strategy essentially divides assets into several parts to place orders, acting as a counterparty in spot trading, thus achieving market-making functionality.

Based on DeGate's zero-fee posting mechanism, grid traders can save a significant amount on fees. Due to the high frequency of grid trading, they are more sensitive to fees.

According to DeGate's statistical data, grid players can earn 55% more on DeGate compared to CEXs. Because of this, many grid players prefer DeGate.

The total grid assets of DeGate's top grid players are nearly $500,000, with the highest annualized return on grid strategies reaching 300%.

It is for this reason that DeGate's order book trading can achieve almost zero 'Bid-Ask Spread' and trading activity close to Binance OKX.

❚ Dollar-Cost Averaging

DeGate has also launched a dollar-cost averaging model, which also supports zero fees. The principle is similar to grid trading, where users place dollar-cost averaging orders in the form of Maker orders to enjoy zero fees.

➤ Security

Finally, since it’s a DEX, security must be addressed. Firstly, DeGate's code is open-sourced on Github. Secondly, DeGate has operated securely for 20 months,

Thirdly, it has undergone five code audits by three institutions.

Fourthly, it has launched a bug bounty program worth $1.1 million on a Web3 bug bounty platform, paying $408,000 to a white-hat hacker for a bug found and fixing it within two days.

➤ In Conclusion

With 'zero fee for posting orders', grid trading achieving market-making functionality, and the dollar-cost averaging model also offering zero fees, DeGate has achieved an almost zero 'Bid-Ask Spread' and trading activity close to Binance OKX. This is DeGate's innovation and is very friendly for traders.

On this basis, DeGate has also combined chain abstraction technology to launch seamless cross-chain trading. Using USDC, users can purchase assets on Solana, BSC, or Base chains with one click.

Support for ETH, USDC, or USDT to pay for GAS. When selling tokens, GAS can be directly deducted, making GAS also seamless on DeGate.

This means that on DeGate, when there are no meme coin trends, you can trade mainstream coins, dollar-cost average, and engage in mainstream coin grid trading. When meme coin trends are discovered, you can switch to them with one click.

No need for cross-chain, no need to prepare GAS, providing a CEX-like experience, available on both PC web and mobile app: