cmdefi

A new round of Uniswap mining, the $UNI output has been halved, and the adjustment period has changed from every 14 days to every 7 days. This means

1. It is believed that the excess output has not brought more TVL
2. The output adjustment will be more frequent

Gauntlet is quite sensitive to yield adjustments. As the price of $UNI has risen and the market has warmed up, mining TVL has seen withdrawals, and attempts to save money have started immediately. Let's observe the inflow and outflow of funds after the yield is halved.

The whole internet is guessing where Trump's new coin Truth Social will be launched.

Speaking of stablecoins, the stablecoin market has grown very rapidly this year. Ripple, PayPal, and Stripe have all started issuing stablecoins. In the last bull market cycle, there were also a large number of stablecoin projects emerging. The difference is that the last cycle was dominated by protocol layers, while this cycle is dominated by institutions. In the last cycle, the protocol layer was more willing to attract liquidity through accumulating CRV or CVX bribery, while this cycle sees institutions directly providing subsidies on Aave and deploying funds on Curve.

Many people are discussing that this wave is the explosive period for the Ethereum ecosystem and DeFi. My personal view:

1. The recent rise of ETH is not due to fundamental changes brought by the upgrade.
2. It is more a price correction from the previously excessive FUD sentiment.
3. A part of it comes from the expectation that ETF staking may pass.
4. The ETH/BTC exchange rate from 0.18-0.24 is still at a historical low.

Regarding DeFi, blue chips are all rising, but new projects still lack attention, and enthusiasm has not yet arrived.

The valuation system of the project is always chaotic. The best approach is to find a reference point. For instance, if you are looking at a lending platform, then compare it with Aave, Morpho, or something as similar as possible. Rather than comparing it to some irrelevant chain or useless infrastructure, whose valuations are higher than that of a good application. From my perspective, this issue currently has no solution.

Personally, I prefer to invest in applications.