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『Is Tabi Worth Participating In?』
1️⃣ Project Positioning
Tabi's core positioning is as an EVM-compatible Layer 1 targeting consumer applications.
2️⃣ Project Background
Currently, three rounds of financing have been completed, with the main core investor being Youbi Capital. Angel investors include Mask Protocol founder Suji Yan and Dragonfly partner Feng Bo.
3️⃣ Financing Background
A total of three financing rounds, with the first round raising millions of dollars, the second round raising 10 million dollars, and the third round raising 16.08 million dollars. Among them, Youbi Capital invested twice.
From the perspective of the investment lineup, Tabi's investors are primarily VCs from the Asia-Pacific region. Notably, Yzi Labs also invested in this project.
Tabi's core positioning is as an EVM-compatible Layer 1 targeting consumer applications.
2️⃣ Project Background
Currently, three rounds of financing have been completed, with the main core investor being Youbi Capital. Angel investors include Mask Protocol founder Suji Yan and Dragonfly partner Feng Bo.
3️⃣ Financing Background
A total of three financing rounds, with the first round raising millions of dollars, the second round raising 10 million dollars, and the third round raising 16.08 million dollars. Among them, Youbi Capital invested twice.
From the perspective of the investment lineup, Tabi's investors are primarily VCs from the Asia-Pacific region. Notably, Yzi Labs also invested in this project.
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Is Zama Worth Participating In?
Statement: This article is not broad; it is purely a research into the potential and development expectations of the project. Those who do not want to see the analysis can go directly to the summary at the end.
1️⃣ Project Positioning
A privacy protocol layer constructed from the combination of FHE + MPC + ZK. It allows for transaction verification without fully disclosing all transaction information. Essentially, it is an FHE infrastructure.
2️⃣ Project Background
Currently, there have been two rounds of fundraising, with core investors mainly being lead investors Multicoin Capital, Protocol Labs, Pantera Capital, and Blockchange. Angel investors include the founder of Polkadot, former Ethereum CTO Gavin Wood, and Solana co-founder and CEO Anatoly Yakovenko, among others.
1️⃣ Project Positioning
A privacy protocol layer constructed from the combination of FHE + MPC + ZK. It allows for transaction verification without fully disclosing all transaction information. Essentially, it is an FHE infrastructure.
2️⃣ Project Background
Currently, there have been two rounds of fundraising, with core investors mainly being lead investors Multicoin Capital, Protocol Labs, Pantera Capital, and Blockchange. Angel investors include the founder of Polkadot, former Ethereum CTO Gavin Wood, and Solana co-founder and CEO Anatoly Yakovenko, among others.
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The Fourteen Theories of Demystification: The Credibility of Audit Reports
Audit reports are often regarded by retail investors as one of the important references for assessing the quality of a project, including some VCs.
But is the credibility of audit reports really high?
The answer is not credible at all.
First, there is a delay; the report that users see may pertain to project code from several months ago. During those months, has the project team made any updates, and have those updates been applied to the current version of the project?
Second, in the dark forest of Crypto, no project can guarantee absolute safety, except for one possibility (the project is too poor).
Third, there is a large amount of capital flowing in and out (cross-chain bridges, DEX, lending, etc.); as long as there's enough money, hackers will definitely target it. If it hasn't been targeted, it just means you aren't rich enough yet. Such projects are bound to be hacked sooner or later.
Fourth, real audits may uncover a lot of problems. Is it possible for the project team to make adjustments beforehand and then erase the issues from the report?
In summary, no amount of audit reports can save your wallet from being hacked.
In the end, who is left disoriented in the wind? Audit, after all, is a business.
Audit reports are often regarded by retail investors as one of the important references for assessing the quality of a project, including some VCs.
But is the credibility of audit reports really high?
The answer is not credible at all.
First, there is a delay; the report that users see may pertain to project code from several months ago. During those months, has the project team made any updates, and have those updates been applied to the current version of the project?
Second, in the dark forest of Crypto, no project can guarantee absolute safety, except for one possibility (the project is too poor).
Third, there is a large amount of capital flowing in and out (cross-chain bridges, DEX, lending, etc.); as long as there's enough money, hackers will definitely target it. If it hasn't been targeted, it just means you aren't rich enough yet. Such projects are bound to be hacked sooner or later.
Fourth, real audits may uncover a lot of problems. Is it possible for the project team to make adjustments beforehand and then erase the issues from the report?
In summary, no amount of audit reports can save your wallet from being hacked.
In the end, who is left disoriented in the wind? Audit, after all, is a business.
See original
『Disenchantment Theory 13: The “Welcome to Chat” Fraudulent Idea』
Most of the project owners in the Crypto industry have very poor skills, so where do their “awesome” ideas come from?
The answer is very interesting. After they get the ideas through various means, they immediately copy them.
For example, they hold a community creative competition, and the theme is the problem that the project owner wants to solve.
Also, they can get valuable information from the project owner’s peers or VC investors by talking about cooperation and investment.
Of course, if they can copy clearly, it is worth praising.
The only thing to worry about is that the project owner can’t even copy clearly, and they can’t eat even if the food is fed to their mouths.
Most of the project owners in the Crypto industry have very poor skills, so where do their “awesome” ideas come from?
The answer is very interesting. After they get the ideas through various means, they immediately copy them.
For example, they hold a community creative competition, and the theme is the problem that the project owner wants to solve.
Also, they can get valuable information from the project owner’s peers or VC investors by talking about cooperation and investment.
Of course, if they can copy clearly, it is worth praising.
The only thing to worry about is that the project owner can’t even copy clearly, and they can’t eat even if the food is fed to their mouths.
See original
『Yala Project Analysis』
1️⃣ Project Positioning
Yala @yalaorg's core positioning is as a liquidity protocol on the Bitcoin ecosystem, with the main goal of unlocking the real yield potential of BTC in DeFi and RWA scenarios. Its underlying mechanism revolves around the over-collateralized generation of the stablecoin $YU and cross-chain liquidity, creating a low-risk, strongly anchored, and diversified yield BTC stablecoin system for users.
In simple terms, Yala can be understood as a 'fund circulation bus' built for Bitcoin:
Construct a stablecoin issuance mechanism through CDP (over-collateralized borrowing) and PSM (Peg Stability Module).
Yala @yalaorg's core positioning is as a liquidity protocol on the Bitcoin ecosystem, with the main goal of unlocking the real yield potential of BTC in DeFi and RWA scenarios. Its underlying mechanism revolves around the over-collateralized generation of the stablecoin $YU and cross-chain liquidity, creating a low-risk, strongly anchored, and diversified yield BTC stablecoin system for users.
In simple terms, Yala can be understood as a 'fund circulation bus' built for Bitcoin:
Construct a stablecoin issuance mechanism through CDP (over-collateralized borrowing) and PSM (Peg Stability Module).
See original
Theory of Disillusionment Twelve: You Will Never Know the Underlying Weakness of a 'Star' Project That Hasn't Addressed Real Needs
I believe everyone has experienced this to some extent, and the most classic example is Movement @movementlabsxyz263
Extremely wealthy but utterly unproductive, a bunch of developers wanted to dive in and make a big splash, only to find that the leadership was preoccupied with cashing out, and even unequal profit-sharing led to internal strife, which made everyone aware of this situation
In addition, there are tactics such as outsourcing product technology, packaging or hiding team backgrounds, old white male endorsements, and 180-degree project pivots
If you want to see actual case studies, feel free to check out the project analysis articles I wrote a couple of days ago on Allora and Openledger
The former even got a like from the Allora team, perhaps they themselves also feel their project is quite underwhelming 🤣
I believe everyone has experienced this to some extent, and the most classic example is Movement @movementlabsxyz263
Extremely wealthy but utterly unproductive, a bunch of developers wanted to dive in and make a big splash, only to find that the leadership was preoccupied with cashing out, and even unequal profit-sharing led to internal strife, which made everyone aware of this situation
In addition, there are tactics such as outsourcing product technology, packaging or hiding team backgrounds, old white male endorsements, and 180-degree project pivots
If you want to see actual case studies, feel free to check out the project analysis articles I wrote a couple of days ago on Allora and Openledger
The former even got a like from the Allora team, perhaps they themselves also feel their project is quite underwhelming 🤣
See original
Let me add some information about Humanity
Currently, if the opening price is close to the current pre-market price, one might consider going long.
However, I believe the upper limit of this project's valuation is extremely difficult to exceed 1.5B; reaching the last round valuation would be quite good.
Compared to NEWT, the only difference is that Humanity has raised a lot of financing, which is a debt that the project team needs to repay; on the other hand, NEWT has not raised funds, and almost all of the tokens are held by the project team.
Also, in the days leading up to TGE, there was a conflict between the founder and a certain KOL. It's highly likely a scripted event; reflecting on a similar script from Huma before, you might know which agency is behind it.
#Project Share #Humanity
The image below is sourced from Twitter @xxk_hl
Currently, if the opening price is close to the current pre-market price, one might consider going long.
However, I believe the upper limit of this project's valuation is extremely difficult to exceed 1.5B; reaching the last round valuation would be quite good.
Compared to NEWT, the only difference is that Humanity has raised a lot of financing, which is a debt that the project team needs to repay; on the other hand, NEWT has not raised funds, and almost all of the tokens are held by the project team.
Also, in the days leading up to TGE, there was a conflict between the founder and a certain KOL. It's highly likely a scripted event; reflecting on a similar script from Huma before, you might know which agency is behind it.
#Project Share #Humanity
The image below is sourced from Twitter @xxk_hl
『Humanity Short Selling Strategy』
Humanity has already launched the airdrop query, just on the usual sign-in interface. But those who didn't complete the palm print verification in time are likely out of luck 😂
As expected, a bunch of people have been dropped by the witch, and those who received something got very little. Kaito Yap, ranked first, only got 15,377
Truly a high-controlled market, and it has currently been confirmed to launch on BN Alpha and contracts, Bybit, and Mexc
———
According to recent information, Humanity's last round valuation was 1B (too high). The benchmark project is WorldCoin, currently with an FDV of 8B+
Adding to that, the average valuation for Alpha at launch is around 100-200m, which is far below the last round valuation. Therefore, it will be hard for the launch valuation to exceed 500-600m
It is unlikely that the peak valuation will exceed 1.5B, and I even think it will be difficult to double if it launches at a high valuation
Moreover, the palm print verification is actually outsourced to a company in Shanghai. Yes, the world is indeed this makeshift
———
The only thing to watch for is whether there will be an official announcement for BN spot/Korean exchange in the next few days
Based on this, I’m writing down a few possible scenarios for the upcoming events (but still all about short selling):
1️⃣ TGE does not launch on BN spot and Korean exchange
2️⃣ TGE does not launch on BN spot, but does launch on Korean exchange (lower possibility)
3️⃣ TGE launches on BN spot, but not on Korean exchange
4️⃣ TGE launches on both BN spot and Korean exchange
The occurrence probability of scenario 1️⃣3️⃣ is relatively high
The strategies for 1️⃣2️⃣3️⃣ are basically the same in my opinion: the project side retains some positive news to facilitate future price increases. So, one can wait for the price to drop after the launch and stabilize before going long, and then switch to short selling after both positive news announcements are completed
If it is 4️⃣, then it can basically be a brief price increase at launch followed by a short
Of course, a lazier method would be to short at a low leverage right at the launch, which I also think is feasible. The previous strategies mainly fear that the project side will execute a high controlled price surge, but it can also be an opportunity to add to positions at high prices
The only thing to watch out for is the funding rate; if everyone agrees to short, and the negative rate is extremely high, then switching to long will be better
In summary: Short, and that's it
#ProjectShare #Humanity
Humanity has already launched the airdrop query, just on the usual sign-in interface. But those who didn't complete the palm print verification in time are likely out of luck 😂
As expected, a bunch of people have been dropped by the witch, and those who received something got very little. Kaito Yap, ranked first, only got 15,377
Truly a high-controlled market, and it has currently been confirmed to launch on BN Alpha and contracts, Bybit, and Mexc
———
According to recent information, Humanity's last round valuation was 1B (too high). The benchmark project is WorldCoin, currently with an FDV of 8B+
Adding to that, the average valuation for Alpha at launch is around 100-200m, which is far below the last round valuation. Therefore, it will be hard for the launch valuation to exceed 500-600m
It is unlikely that the peak valuation will exceed 1.5B, and I even think it will be difficult to double if it launches at a high valuation
Moreover, the palm print verification is actually outsourced to a company in Shanghai. Yes, the world is indeed this makeshift
———
The only thing to watch for is whether there will be an official announcement for BN spot/Korean exchange in the next few days
Based on this, I’m writing down a few possible scenarios for the upcoming events (but still all about short selling):
1️⃣ TGE does not launch on BN spot and Korean exchange
2️⃣ TGE does not launch on BN spot, but does launch on Korean exchange (lower possibility)
3️⃣ TGE launches on BN spot, but not on Korean exchange
4️⃣ TGE launches on both BN spot and Korean exchange
The occurrence probability of scenario 1️⃣3️⃣ is relatively high
The strategies for 1️⃣2️⃣3️⃣ are basically the same in my opinion: the project side retains some positive news to facilitate future price increases. So, one can wait for the price to drop after the launch and stabilize before going long, and then switch to short selling after both positive news announcements are completed
If it is 4️⃣, then it can basically be a brief price increase at launch followed by a short
Of course, a lazier method would be to short at a low leverage right at the launch, which I also think is feasible. The previous strategies mainly fear that the project side will execute a high controlled price surge, but it can also be an opportunity to add to positions at high prices
The only thing to watch out for is the funding rate; if everyone agrees to short, and the negative rate is extremely high, then switching to long will be better
In summary: Short, and that's it
#ProjectShare #Humanity
See original
『Humanity Short Selling Strategy』
Humanity has already launched the airdrop query, just on the usual sign-in interface. But those who didn't complete the palm print verification in time are likely out of luck 😂
As expected, a bunch of people have been dropped by the witch, and those who received something got very little. Kaito Yap, ranked first, only got 15,377
Truly a high-controlled market, and it has currently been confirmed to launch on BN Alpha and contracts, Bybit, and Mexc
———
According to recent information, Humanity's last round valuation was 1B (too high). The benchmark project is WorldCoin, currently with an FDV of 8B+
Adding to that, the average valuation for Alpha at launch is around 100-200m, which is far below the last round valuation. Therefore, it will be hard for the launch valuation to exceed 500-600m
It is unlikely that the peak valuation will exceed 1.5B, and I even think it will be difficult to double if it launches at a high valuation
Moreover, the palm print verification is actually outsourced to a company in Shanghai. Yes, the world is indeed this makeshift
———
The only thing to watch for is whether there will be an official announcement for BN spot/Korean exchange in the next few days
Based on this, I’m writing down a few possible scenarios for the upcoming events (but still all about short selling):
1️⃣ TGE does not launch on BN spot and Korean exchange
2️⃣ TGE does not launch on BN spot, but does launch on Korean exchange (lower possibility)
3️⃣ TGE launches on BN spot, but not on Korean exchange
4️⃣ TGE launches on both BN spot and Korean exchange
The occurrence probability of scenario 1️⃣3️⃣ is relatively high
The strategies for 1️⃣2️⃣3️⃣ are basically the same in my opinion: the project side retains some positive news to facilitate future price increases. So, one can wait for the price to drop after the launch and stabilize before going long, and then switch to short selling after both positive news announcements are completed
If it is 4️⃣, then it can basically be a brief price increase at launch followed by a short
Of course, a lazier method would be to short at a low leverage right at the launch, which I also think is feasible. The previous strategies mainly fear that the project side will execute a high controlled price surge, but it can also be an opportunity to add to positions at high prices
The only thing to watch out for is the funding rate; if everyone agrees to short, and the negative rate is extremely high, then switching to long will be better
In summary: Short, and that's it
#ProjectShare #Humanity
Humanity has already launched the airdrop query, just on the usual sign-in interface. But those who didn't complete the palm print verification in time are likely out of luck 😂
As expected, a bunch of people have been dropped by the witch, and those who received something got very little. Kaito Yap, ranked first, only got 15,377
Truly a high-controlled market, and it has currently been confirmed to launch on BN Alpha and contracts, Bybit, and Mexc
———
According to recent information, Humanity's last round valuation was 1B (too high). The benchmark project is WorldCoin, currently with an FDV of 8B+
Adding to that, the average valuation for Alpha at launch is around 100-200m, which is far below the last round valuation. Therefore, it will be hard for the launch valuation to exceed 500-600m
It is unlikely that the peak valuation will exceed 1.5B, and I even think it will be difficult to double if it launches at a high valuation
Moreover, the palm print verification is actually outsourced to a company in Shanghai. Yes, the world is indeed this makeshift
———
The only thing to watch for is whether there will be an official announcement for BN spot/Korean exchange in the next few days
Based on this, I’m writing down a few possible scenarios for the upcoming events (but still all about short selling):
1️⃣ TGE does not launch on BN spot and Korean exchange
2️⃣ TGE does not launch on BN spot, but does launch on Korean exchange (lower possibility)
3️⃣ TGE launches on BN spot, but not on Korean exchange
4️⃣ TGE launches on both BN spot and Korean exchange
The occurrence probability of scenario 1️⃣3️⃣ is relatively high
The strategies for 1️⃣2️⃣3️⃣ are basically the same in my opinion: the project side retains some positive news to facilitate future price increases. So, one can wait for the price to drop after the launch and stabilize before going long, and then switch to short selling after both positive news announcements are completed
If it is 4️⃣, then it can basically be a brief price increase at launch followed by a short
Of course, a lazier method would be to short at a low leverage right at the launch, which I also think is feasible. The previous strategies mainly fear that the project side will execute a high controlled price surge, but it can also be an opportunity to add to positions at high prices
The only thing to watch out for is the funding rate; if everyone agrees to short, and the negative rate is extremely high, then switching to long will be better
In summary: Short, and that's it
#ProjectShare #Humanity
See original
『Boundless Project Analysis』
Statement: This article is not promotional, purely a research on the potential and development expectations of this project.
1️⃣ Project Positioning
The positioning is a zero-knowledge proof protocol, with the core being its verifiable computation capability, meaning that public chain nodes can verify the correctness of computations without re-executing the proofs.
I scanned through their documentation and felt it resembles the underlying chain abstraction somewhat. Everyone can generate and verify ZK Proofs through Boundless without having to build the related infrastructure themselves and can use it across chains.
Relatively speaking, Boundless's technology is quite hardcore, and I won't elaborate further. For those interested, you can check out this tweet from 3y哥.
1️⃣ Project Positioning
The positioning is a zero-knowledge proof protocol, with the core being its verifiable computation capability, meaning that public chain nodes can verify the correctness of computations without re-executing the proofs.
I scanned through their documentation and felt it resembles the underlying chain abstraction somewhat. Everyone can generate and verify ZK Proofs through Boundless without having to build the related infrastructure themselves and can use it across chains.
Relatively speaking, Boundless's technology is quite hardcore, and I won't elaborate further. For those interested, you can check out this tweet from 3y哥.
See original
『Beware of Openledger!!!』
Statement: This article is not an advertisement; it is purely research on the potential and development expectations of this project. Another reason is that I will participate in the Chengdu event on the 21st, so I am researching in advance. Friends attending are welcome to DM for a meet-up!
1️⃣ Project Positioning
AI infrastructure for SLM (Specialized Language Models) built on OP Stack and Eigen DA Layer2, providing relevant data to assist in building paid models or Agents.
2️⃣ Project Background
Only one round of funding, led by Polychain and Borderless Capital. Angel investors include the founder of Eigenlayer, the founder of Polygon, co-founder of Manta, former CTO of Coinbase, etc.
1️⃣ Project Positioning
AI infrastructure for SLM (Specialized Language Models) built on OP Stack and Eigen DA Layer2, providing relevant data to assist in building paid models or Agents.
2️⃣ Project Background
Only one round of funding, led by Polychain and Borderless Capital. Angel investors include the founder of Eigenlayer, the founder of Polygon, co-founder of Manta, former CTO of Coinbase, etc.
See original
The Eleventh Theory of Disenchantment: A Corrupted Ecology Grant
In previous tweets, I mentioned that a core indicator for an ecology to develop is the developers (Dev).
Therefore, many ecologies in their early stages choose to hold ecological hackathons, various developer activities, and a certain amount of grants to attract Devs to participate.
However, nowadays, such activities have projects that are already prepared, judges that are from the same organization, rankings that are predetermined, and grants that go into their own pockets.
The so-called 'We want to attract and incentivize more idealistic and innovative projects/Dev to our ecology' is just deceiving us small players; this is the effect they desire.
When even the last piece of pure land in crypto is starting to be eroded by corruption, what are you still fantasizing about?
In previous tweets, I mentioned that a core indicator for an ecology to develop is the developers (Dev).
Therefore, many ecologies in their early stages choose to hold ecological hackathons, various developer activities, and a certain amount of grants to attract Devs to participate.
However, nowadays, such activities have projects that are already prepared, judges that are from the same organization, rankings that are predetermined, and grants that go into their own pockets.
The so-called 'We want to attract and incentivize more idealistic and innovative projects/Dev to our ecology' is just deceiving us small players; this is the effect they desire.
When even the last piece of pure land in crypto is starting to be eroded by corruption, what are you still fantasizing about?
See original
『What exactly does InfoFi solve?』
The mainstream saying is that it captures the attention of market users and helps improve the treatment of mid-tier KOLs, etc.
These are actually just superficial aspects; discussing altruism in a financial market without talking about interests is purely nonsense.
A very obvious phenomenon is that the products emerging this round revolve around the following three major aspects:
➣ Trading (various Perp DEXs led by Hyperliquid)
➣ Asset creation and distribution (meme platforms led by Pump fun)
➣ Stablecoin-related (USD1, USDe, etc.)
Personally, I believe the essence of InfoFi is optimizing the last link in the asset distribution path (finding suitable buyers).
Before InfoFi appeared, project parties generally found it difficult to achieve ideal results in marketing and could not effectively track and trace data changes at each stage.
After InfoFi appeared, it not only solved the above problems but also achieved the effect of getting more done with less money, significantly increasing the profit-loss ratio of fund expenditure.
However, you will find that InfoFi relies heavily on market liquidity: good market liquidity -> everyone enjoying high returns -> attracting more natural traffic -> spreading more buying interest.
If market liquidity is poor and everyone finds the return ratio very bad, it will evolve into two extremes:
➣ One is that the wealth effect of the entire market is very poor; although the returns are not high, they are stable, leading to more people participating in the industry than now.
➣ The other is that the costs outweigh the benefits significantly, resulting in fewer and fewer participants.
Whether it is the former or the latter, it indicates that InfoFi's current narrative (capturing attention, solving content distribution incentives) is falsified. Is it capturing attention? It's merely capturing the remaining liquidity buyers in the market.
Moreover, think about it—if market liquidity is poor, where does the funding come from to incentivize users to engage?
There is a saying, "If you don’t know where the other party’s profits come from, then you are the other party’s profits."
The mainstream saying is that it captures the attention of market users and helps improve the treatment of mid-tier KOLs, etc.
These are actually just superficial aspects; discussing altruism in a financial market without talking about interests is purely nonsense.
A very obvious phenomenon is that the products emerging this round revolve around the following three major aspects:
➣ Trading (various Perp DEXs led by Hyperliquid)
➣ Asset creation and distribution (meme platforms led by Pump fun)
➣ Stablecoin-related (USD1, USDe, etc.)
Personally, I believe the essence of InfoFi is optimizing the last link in the asset distribution path (finding suitable buyers).
Before InfoFi appeared, project parties generally found it difficult to achieve ideal results in marketing and could not effectively track and trace data changes at each stage.
After InfoFi appeared, it not only solved the above problems but also achieved the effect of getting more done with less money, significantly increasing the profit-loss ratio of fund expenditure.
However, you will find that InfoFi relies heavily on market liquidity: good market liquidity -> everyone enjoying high returns -> attracting more natural traffic -> spreading more buying interest.
If market liquidity is poor and everyone finds the return ratio very bad, it will evolve into two extremes:
➣ One is that the wealth effect of the entire market is very poor; although the returns are not high, they are stable, leading to more people participating in the industry than now.
➣ The other is that the costs outweigh the benefits significantly, resulting in fewer and fewer participants.
Whether it is the former or the latter, it indicates that InfoFi's current narrative (capturing attention, solving content distribution incentives) is falsified. Is it capturing attention? It's merely capturing the remaining liquidity buyers in the market.
Moreover, think about it—if market liquidity is poor, where does the funding come from to incentivize users to engage?
There is a saying, "If you don’t know where the other party’s profits come from, then you are the other party’s profits."
See original
『Analysis and Strategy Recommendations for MegaETH and Monad Projects』
Interestingly, Ethos has also launched a sentiment trend section for project parties, currently featuring a total of 7 projects.
Both MegaETH and Monad are high-performance public chains, yet their evaluations in Ethos form two completely opposite extremes (perhaps another usage of Ethos?).
Today, I also want to share my views on these two projects and their participation strategy tendencies.
If you aren’t very familiar with the fundamentals of these two projects, you can check out this tweet I wrote earlier https://x.com/0xcryptoHowe/status/1832336535066210622.
Both MegaETH and Monad are high-performance public chains, yet their evaluations in Ethos form two completely opposite extremes (perhaps another usage of Ethos?).
Today, I also want to share my views on these two projects and their participation strategy tendencies.
If you aren’t very familiar with the fundamentals of these two projects, you can check out this tweet I wrote earlier https://x.com/0xcryptoHowe/status/1832336535066210622.
See original
Theory Ten: Don't Fall in Love with the Project Team
This is a mistake that most people have made in their youth. You treat the project team as a treasure, but they see you as a Japanese to toy with.
The following is an interesting event I heard from someone else, specifically A asking B for their opinion on a half-dead public chain token C.
"B: Why are you still holding C?
A: Because I made my first pot of gold from C, its xxx technology is amazing, there are xxx innovations, and the team is xxx solid.
B: What do you think are C's advantages now?
A: Because C's xxx technology is amazing, there are xxx innovations, and the team is xxx solid.
B: You are currently stuck holding C, you should have sold during xxx.
A: Why? I think C's xxx technology is amazing, there are xxx innovations, and the team is xxx solid. The future is bright!"
When the bystanders around him are reminding him to sell in time, he is deeply trapped in love for the project and cannot extricate himself.
The final result is obvious; the money earned will eventually return to where it came from.
The changes in the crypto market occur extremely rapidly, and the shifts in hotspots/fields come at a dizzying pace, containing numerous good wealth opportunities.
When we seize the opportunity and achieve certain results, we must not become attached or develop a dependency on the path taken.
What we need to consider is when the current hotspot effect will collapse, where the next windfall will be, what situations will represent a peak, and when to sell.
You never know what kind of poor elements are behind some projects.
The so-called xxx technology, xxx innovations, xxx team. They are merely bait to lure you in, unaware that once you are hooked, the project team's scythe will follow.
This is a mistake that most people have made in their youth. You treat the project team as a treasure, but they see you as a Japanese to toy with.
The following is an interesting event I heard from someone else, specifically A asking B for their opinion on a half-dead public chain token C.
"B: Why are you still holding C?
A: Because I made my first pot of gold from C, its xxx technology is amazing, there are xxx innovations, and the team is xxx solid.
B: What do you think are C's advantages now?
A: Because C's xxx technology is amazing, there are xxx innovations, and the team is xxx solid.
B: You are currently stuck holding C, you should have sold during xxx.
A: Why? I think C's xxx technology is amazing, there are xxx innovations, and the team is xxx solid. The future is bright!"
When the bystanders around him are reminding him to sell in time, he is deeply trapped in love for the project and cannot extricate himself.
The final result is obvious; the money earned will eventually return to where it came from.
The changes in the crypto market occur extremely rapidly, and the shifts in hotspots/fields come at a dizzying pace, containing numerous good wealth opportunities.
When we seize the opportunity and achieve certain results, we must not become attached or develop a dependency on the path taken.
What we need to consider is when the current hotspot effect will collapse, where the next windfall will be, what situations will represent a peak, and when to sell.
You never know what kind of poor elements are behind some projects.
The so-called xxx technology, xxx innovations, xxx team. They are merely bait to lure you in, unaware that once you are hooked, the project team's scythe will follow.
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Solayer: The 'Computing Power Engine' and 'Financial Carrier' of the SVM World
Solayer is a typical project that 'doesn't just rely on narrative but builds protocols'.
At the time when the Solana ecosystem is on the eve of application-side explosion, most people are still telling stories around MEV, DEX, and memes, while Solayer has already built its own solution path around a hard indicator — performance bottlenecks. And the InfiniSVM it is building may very well be the core starting point for the entire VM system of Solana to move towards 'infinite expansion'.
From the latest Devnet information, InfiniSVM is not just some 'compatible computing layer', but starts from two paths: protocol structure rewriting + hardware acceleration, with the goal of achieving a performance limit of over 1 million TPS, while supporting larger-scale on-chain financial activities without sacrificing security and decentralization. The premise for this is that Solayer itself possesses a high degree of autonomous system development capability — which also explains their decision to acquire the Web3 security company Fuzzland at the beginning of the year: rebuilding the VM cannot be done without mastering the security stack.
At the time when the Solana ecosystem is on the eve of application-side explosion, most people are still telling stories around MEV, DEX, and memes, while Solayer has already built its own solution path around a hard indicator — performance bottlenecks. And the InfiniSVM it is building may very well be the core starting point for the entire VM system of Solana to move towards 'infinite expansion'.
From the latest Devnet information, InfiniSVM is not just some 'compatible computing layer', but starts from two paths: protocol structure rewriting + hardware acceleration, with the goal of achieving a performance limit of over 1 million TPS, while supporting larger-scale on-chain financial activities without sacrificing security and decentralization. The premise for this is that Solayer itself possesses a high degree of autonomous system development capability — which also explains their decision to acquire the Web3 security company Fuzzland at the beginning of the year: rebuilding the VM cannot be done without mastering the security stack.
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『Huma Staking Proposal Interpretation and Participation Strategies』
Following the priority staking benefits for stakers from the past few days, the Huma Staking proposal has now been released.
I was lazy and didn't write it immediately, so today I'll quickly go over the core data changes of the proposal and the relevant participation strategies for different roles.
————
➣ Relevant core data changes in the proposal.
This proposal mainly introduces incentives and related calculation formulas for $Huma stakers as well as OG identity and Vanguard identity.
From the design, we can see that the team has achieved a reasonable balance between long-term incentives and short-term benefits, avoiding excessive abnormal income for long-termists while reasonably providing good incentives to some short-term participants.
I was lazy and didn't write it immediately, so today I'll quickly go over the core data changes of the proposal and the relevant participation strategies for different roles.
————
➣ Relevant core data changes in the proposal.
This proposal mainly introduces incentives and related calculation formulas for $Huma stakers as well as OG identity and Vanguard identity.
From the design, we can see that the team has achieved a reasonable balance between long-term incentives and short-term benefits, avoiding excessive abnormal income for long-termists while reasonably providing good incentives to some short-term participants.
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'Plasma Project Analysis'
This article was published on my TG channel on May 30. With the end of the second phase of deposits this morning, I am synchronizing it to Twitter, but there will be some opinion updates.
Statement: This article is not for broad publication, but aims to explore the participation value of Plasma from multiple dimensions. For those who do not want to read the analysis, you can directly view the opinions at the end of the article.
1️⃣ Project Positioning
A Bitcoin sidechain focused on the stablecoin market is set to appear in the second half of 2024, which is EVM compatible.
2️⃣ Project Background
Currently, three rounds of financing have been completed, with the core investors mainly being the leading Framework Ventures, Bitfinex, and strategic investor Founders Fund. They are basically all top overseas VCs.
Statement: This article is not for broad publication, but aims to explore the participation value of Plasma from multiple dimensions. For those who do not want to read the analysis, you can directly view the opinions at the end of the article.
1️⃣ Project Positioning
A Bitcoin sidechain focused on the stablecoin market is set to appear in the second half of 2024, which is EVM compatible.
2️⃣ Project Background
Currently, three rounds of financing have been completed, with the core investors mainly being the leading Framework Ventures, Bitfinex, and strategic investor Founders Fund. They are basically all top overseas VCs.
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Theory of Disenchantment Nine: Taking Photos/Knowing xxx ≠ Strong Ability
Recently, I saw that some other bloggers also mentioned this topic, and everyone knows a little bit about it. Today, I will explain it in more detail.
Taking photos generally means you are face-to-face with someone, and under normal circumstances, these photos mainly serve as a memento or provide a preliminary impression of the other person. This is a common practice during meetings (group photos shared in TG chats for future memory and collaboration).
However, a small number of people mistakenly think that taking photos and getting to know each other is part of their strength; there is also a small group of people who use this method to create a facade for their business.
In simple terms, it goes like this: Taking photos → Posting for marketing → Screening target users → Driving traffic to related communities/services/collaboration, forming a closed loop.
Every time I see someone posting a group photo with a very touching caption, and later learn about the actual situation on-site, this extreme contrast is often the most interesting joke.
So how can we identify this? You can follow these steps:
➣ Check if the group photo was taken in a public place or a private setting. A public setting likely means it was an interactive segment arranged by the organizer or a coincidence, but that doesn't mean a private setting is necessarily good; they might just be xxx's little brother/front. Therefore, it can only serve as an initial screening.
➣ Whether it's a donkey or a horse, just take it out for a walk, and you'll know. If you really have the strength, when you introduce business/collaboration to xxx, the other party will definitely not refuse; if you can't even call it out, how good can that relationship be?
No more talking, I have to go eat with Lao Ma and Lao Tou, and see if they have made up. See you next time.
Recently, I saw that some other bloggers also mentioned this topic, and everyone knows a little bit about it. Today, I will explain it in more detail.
Taking photos generally means you are face-to-face with someone, and under normal circumstances, these photos mainly serve as a memento or provide a preliminary impression of the other person. This is a common practice during meetings (group photos shared in TG chats for future memory and collaboration).
However, a small number of people mistakenly think that taking photos and getting to know each other is part of their strength; there is also a small group of people who use this method to create a facade for their business.
In simple terms, it goes like this: Taking photos → Posting for marketing → Screening target users → Driving traffic to related communities/services/collaboration, forming a closed loop.
Every time I see someone posting a group photo with a very touching caption, and later learn about the actual situation on-site, this extreme contrast is often the most interesting joke.
So how can we identify this? You can follow these steps:
➣ Check if the group photo was taken in a public place or a private setting. A public setting likely means it was an interactive segment arranged by the organizer or a coincidence, but that doesn't mean a private setting is necessarily good; they might just be xxx's little brother/front. Therefore, it can only serve as an initial screening.
➣ Whether it's a donkey or a horse, just take it out for a walk, and you'll know. If you really have the strength, when you introduce business/collaboration to xxx, the other party will definitely not refuse; if you can't even call it out, how good can that relationship be?
No more talking, I have to go eat with Lao Ma and Lao Tou, and see if they have made up. See you next time.
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The Eighth Theory of Demystification: The Project Party's Mouth, The Deceiver
Originally, this was a topic that would come up much later, but given the recent market conditions, we are elevating its priority
As we all know, the success of a project heavily relies on timing, location, and people, while the failure of a project largely depends on the project party itself
Among them, the project party's words are one of the biggest potential hazards. They can
In the early stages, rely on words to secure financing, in the mid-stage, rely on words to depict the project blueprint, and in the later stage, rely on words to deceive retail investors. In the end, everything comes together: "Sorry, we failed," and they walk away with profits
This is not just a joke; it has been a reality that once happened, but now it is no longer so blatant
At this point, we mainly discuss the later stages of the project
Generally speaking, most project parties tend to give community users a series of expectations and 'promises' in the later stages of the project, such as we will have xx TGE; we will provide xx shares; our protocol income will distribute dividends to token holders
The goal is to manage expectations properly, on one hand attracting new users to participate, and on the other hand ensuring the retention of old users, which is understandable
However, the reality is: the words were spoken last year, and the tokens are being rushed to be released this year; share distribution needs to be adjusted/reduced because we went on xx; as for dividends, it's just a nice thought
Therefore, rather than listening to what the project party says, it's better to look at what the project party does
Actions are always more important than words. Are there relevant actions at the agreed time? If unable to meet deadlines, do they communicate with the community in advance? Are they actually providing users with the promised shares/dividend conditions?
Here, it is especially important to note that do not fantasize and add to things that the project party has not said themselves. "If only it were xxx," in the end, only you will suffer
A classic case is Uniswap and $Uni; the former maintains an income of tens of millions of dollars per month, while the latter has not received any profit dividends. A dividend proposal has never been truly implemented, yet discussions about it are still frequent
So, what are you still fantasizing about?
Originally, this was a topic that would come up much later, but given the recent market conditions, we are elevating its priority
As we all know, the success of a project heavily relies on timing, location, and people, while the failure of a project largely depends on the project party itself
Among them, the project party's words are one of the biggest potential hazards. They can
In the early stages, rely on words to secure financing, in the mid-stage, rely on words to depict the project blueprint, and in the later stage, rely on words to deceive retail investors. In the end, everything comes together: "Sorry, we failed," and they walk away with profits
This is not just a joke; it has been a reality that once happened, but now it is no longer so blatant
At this point, we mainly discuss the later stages of the project
Generally speaking, most project parties tend to give community users a series of expectations and 'promises' in the later stages of the project, such as we will have xx TGE; we will provide xx shares; our protocol income will distribute dividends to token holders
The goal is to manage expectations properly, on one hand attracting new users to participate, and on the other hand ensuring the retention of old users, which is understandable
However, the reality is: the words were spoken last year, and the tokens are being rushed to be released this year; share distribution needs to be adjusted/reduced because we went on xx; as for dividends, it's just a nice thought
Therefore, rather than listening to what the project party says, it's better to look at what the project party does
Actions are always more important than words. Are there relevant actions at the agreed time? If unable to meet deadlines, do they communicate with the community in advance? Are they actually providing users with the promised shares/dividend conditions?
Here, it is especially important to note that do not fantasize and add to things that the project party has not said themselves. "If only it were xxx," in the end, only you will suffer
A classic case is Uniswap and $Uni; the former maintains an income of tens of millions of dollars per month, while the latter has not received any profit dividends. A dividend proposal has never been truly implemented, yet discussions about it are still frequent
So, what are you still fantasizing about?
See original
The Seventh Theory of Demystification: The Potential Manipulations of TVL
The emergence of the DeFi track has given rise to the term TVL (Total Value Locked). Even now, it remains one of the important reference factors for evaluating DeFi projects.
Previously, Huma mentioned that looking at TVL is not as valuable as looking at the actual amount of funds being put to use, and I agree with this.
Because the current TVL is completely ‘full of potential.’
The initial TVL can indicate how much real money market users are willing to spend to support the project, and the growth rate of TVL can reflect user participation and market enthusiasm for the project.
Currently, the TVL is directly obtained by signing agreements with various institutions/big players/whales to ‘borrow’ funds, and sometimes the money doesn’t even have to be taken out, just a signature will suffice.
As the TVL data ‘grows,’ coupled with a series of positive news, it creates a ‘prosperous’ image that attracts retail investors to rush in. Ultimately, everyone realizes that the entire ecosystem is filled with data manipulators, and no one knows where the real users have gone.
Therefore, be wary of the false prosperity phenomenon of TVL. It can be one of the criteria for project evaluation, but do not overly focus on or only look at TVL-related data; it is necessary to combine it with a comprehensive assessment of the project’s fundamentals, team situation, financing background, and more.
Of course, besides TVL, other on-chain data can also be easily manipulated, which I believe those who are familiar with the market should have ample experience with.
The most absurd case I have seen is a certain luxurious lineup of BTC Layer2 public chain, which had less than 50 accounts holding 0.1 BTC while the BTC ecosystem was thriving.
The emergence of the DeFi track has given rise to the term TVL (Total Value Locked). Even now, it remains one of the important reference factors for evaluating DeFi projects.
Previously, Huma mentioned that looking at TVL is not as valuable as looking at the actual amount of funds being put to use, and I agree with this.
Because the current TVL is completely ‘full of potential.’
The initial TVL can indicate how much real money market users are willing to spend to support the project, and the growth rate of TVL can reflect user participation and market enthusiasm for the project.
Currently, the TVL is directly obtained by signing agreements with various institutions/big players/whales to ‘borrow’ funds, and sometimes the money doesn’t even have to be taken out, just a signature will suffice.
As the TVL data ‘grows,’ coupled with a series of positive news, it creates a ‘prosperous’ image that attracts retail investors to rush in. Ultimately, everyone realizes that the entire ecosystem is filled with data manipulators, and no one knows where the real users have gone.
Therefore, be wary of the false prosperity phenomenon of TVL. It can be one of the criteria for project evaluation, but do not overly focus on or only look at TVL-related data; it is necessary to combine it with a comprehensive assessment of the project’s fundamentals, team situation, financing background, and more.
Of course, besides TVL, other on-chain data can also be easily manipulated, which I believe those who are familiar with the market should have ample experience with.
The most absurd case I have seen is a certain luxurious lineup of BTC Layer2 public chain, which had less than 50 accounts holding 0.1 BTC while the BTC ecosystem was thriving.
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