Ice_Frog666666
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In the future, there will definitely be more and more Hong Kong securities firms offering crypto trading services.
However, institutionalized and compliant financial capital will not bring about much; it will only lead to more shell companies and narrative packaging emerging.
Essentially, it's still a lack of clients; ultimately, traffic and attention are fundamental, and Web3 just happens to be a relatively easy incremental story to tell.
The anxiety of attracting new clients is the explicit problem in Hong Kong's financial sector; the more financialized a place is, the further it moves away from value reconstruction.
However, institutionalized and compliant financial capital will not bring about much; it will only lead to more shell companies and narrative packaging emerging.
Essentially, it's still a lack of clients; ultimately, traffic and attention are fundamental, and Web3 just happens to be a relatively easy incremental story to tell.
The anxiety of attracting new clients is the explicit problem in Hong Kong's financial sector; the more financialized a place is, the further it moves away from value reconstruction.
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Sahara has launched spot trading on Upbit!
I previously wrote a post analyzing that for Sahara to unlock its full valuation space, it needs to seamlessly integrate data, models, agents, and profit-sharing systems.
In terms of actual project progress, the launch of the SIWA public testnet means that the entire unified infrastructure framework has also been completed. It appears that the project is indeed advancing according to its roadmap.
Stabilizing the token price is crucial. A strong control over the market combined with powerful AI narratives and long-term construction is key. This combination essentially relies on protecting and controlling the token price. If the price cannot be stabilized, it will pose greater challenges for reputation and operations moving forward.
Currently, the market is quite dull, and I still believe that the AI narrative will be the main theme of this round. As long as the project does not engage in malicious activities and continues to follow the current pace to promote the upcoming AI developer platform and mainnet launch, I believe Sahara still has long-term potential.
This round is actually a period with a short-lived narrative. There have been significant changes in the external environment, so a project like Sahara that operates steadily according to its roadmap is inherently rare. In the long run, I believe this reflects the project's core competitiveness.
I previously wrote a post analyzing that for Sahara to unlock its full valuation space, it needs to seamlessly integrate data, models, agents, and profit-sharing systems.
In terms of actual project progress, the launch of the SIWA public testnet means that the entire unified infrastructure framework has also been completed. It appears that the project is indeed advancing according to its roadmap.
Stabilizing the token price is crucial. A strong control over the market combined with powerful AI narratives and long-term construction is key. This combination essentially relies on protecting and controlling the token price. If the price cannot be stabilized, it will pose greater challenges for reputation and operations moving forward.
Currently, the market is quite dull, and I still believe that the AI narrative will be the main theme of this round. As long as the project does not engage in malicious activities and continues to follow the current pace to promote the upcoming AI developer platform and mainnet launch, I believe Sahara still has long-term potential.
This round is actually a period with a short-lived narrative. There have been significant changes in the external environment, so a project like Sahara that operates steadily according to its roadmap is inherently rare. In the long run, I believe this reflects the project's core competitiveness.
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《Humanity: The Founder Who Loses Control and Starts Cursing When Questioned, the Truth Behind the Community's Retribution》
The founder of the Humanity project, Terence Kwok, has predictably lost his cool, publicly launching personal attacks in response to a tweet from AB. It's hard to believe that this is a CEO claiming a valuation of $1 billion.
Ironically, while community users are crying out in pain from being reaped, Kwok feels 'wronged.' However, if you understand the tactics this project has employed throughout its journey, you'll realize that people only become enraged when they are exposed; this reaction is entirely reasonable. Next, let's outline the situation:
_________
1. Top Contributors Turned into Beggars: The So-Called 'Community Co-Building' is Just a Carefully Designed PUA Scenario
After announcing the completion of a $30 million funding round and a valuation of $1 billion, Humanity proudly launched the 'Fairdrop' airdrop, claiming to uphold community co-building and autonomy. The token economics clearly stated that 12% of tokens would be allocated to the community.
But when the airdrop was actually distributed, the reality of the harvest was revealed:
1⃣ After working hard for a year on sign-in tasks, the airdrop was worth 1u, which is already considered good; many received various '0 airdrops' due to lack of qualifications.
2⃣ Official mods who diligently maintained the community and created content were dismissed with '0 airdrops.'
3⃣ Meanwhile, multiple ghost addresses appeared on-chain, receiving up to 40,000 $H tokens with no interactions or contribution records.
Clearly, this cannot be explained by 'technical errors'; it only indicates that:
1⃣ The project probably never intended to fulfill the 12% community allocation promise; the so-called co-building was just empty rhetoric.
2⃣ Ghost addresses are the real 'preordained winners,' while users who genuinely contribute are merely sacrificed as cheap beggars.
3⃣ The initially claimed Fairdrop was nothing more than a PUA strategy slogan.
However, mistreating the community is not a first. Let's turn our gaze back to Terence Kwok's historical resume.
_________
2. Burning $200 Million in Startup Failure, A New Narrative to Make a Comeback?
This isn't Terence Kwok's first 'unicorn' project.
Related media report: https://t.co/Yig5NPvAqS
In summary, the reasons for failure are unremarkable, but in response to a series of catastrophic failures, Kwok's reaction is surprising; he stated, 'At most, I'll go back to school; failing in business is just like getting an MBA.'
These words reveal his true mindset: fundraising is like a scholarship, the entrepreneurial game is a testing ground, and investor money is merely 'tuition.'
This time, he changed lanes, donned the Web3 cloak, and returned with an old script. The $200 million disaster is now being replicated on Humanity, but this time, the 'investors' are the time, data, and trust of thousands of ordinary Web3 retail investors.
_________
3. Witch Screening Becomes a Farce, PUA User Contributions, Huge Privacy Data Risks
Humanity claims to employ a 'zero-knowledge + palm print recognition' dual insurance mechanism to defend against witch attacks; what has actually happened? According to community feedback:
1⃣ The actual technology is a patchwork of inferior products from a Shenzhen access control company;
2⃣ A single person can repeatedly verify multiple accounts, with a script pass rate of 99%! The so-called 'anti-witch' measure is completely ineffective;
In addition, over the past year, Humanity frequently conducted 'limited-time form filling' activities under the pretext of 'anti-witch'; in reality, these forms are just tools for the project to maintain a false sense of prosperity, while airdrop distribution does not reference these records at all.
Even more concerning is that Humanity explicitly benchmarks against Worldcoin, yet its risk control regarding privacy supervision is almost in a 'naked running' state.
Worldcoin has been investigated by multiple governments due to privacy risks; the domestic palm print technology used by Humanity is not only substandard, but its data storage and transmission paths have yet to be disclosed for compliance.
From treating the community as non-entities to using 'co-building' as a shield, and then being disposable, lying and engaging in PUA tactics, Humanity has thoroughly trampled on the trust mechanism of Web3.
The so-called palm print system does not recognize real humans but identifies those who are 'willing to give freely.'
In the face of facts and community voices, if Humanity does not want to become a rat crossing the street, it should publicly and rationally respond to community doubts instead of resorting to cursing and personal attacks.
Lacking both quality and accountability.
The founder of the Humanity project, Terence Kwok, has predictably lost his cool, publicly launching personal attacks in response to a tweet from AB. It's hard to believe that this is a CEO claiming a valuation of $1 billion.
Ironically, while community users are crying out in pain from being reaped, Kwok feels 'wronged.' However, if you understand the tactics this project has employed throughout its journey, you'll realize that people only become enraged when they are exposed; this reaction is entirely reasonable. Next, let's outline the situation:
_________
1. Top Contributors Turned into Beggars: The So-Called 'Community Co-Building' is Just a Carefully Designed PUA Scenario
After announcing the completion of a $30 million funding round and a valuation of $1 billion, Humanity proudly launched the 'Fairdrop' airdrop, claiming to uphold community co-building and autonomy. The token economics clearly stated that 12% of tokens would be allocated to the community.
But when the airdrop was actually distributed, the reality of the harvest was revealed:
1⃣ After working hard for a year on sign-in tasks, the airdrop was worth 1u, which is already considered good; many received various '0 airdrops' due to lack of qualifications.
2⃣ Official mods who diligently maintained the community and created content were dismissed with '0 airdrops.'
3⃣ Meanwhile, multiple ghost addresses appeared on-chain, receiving up to 40,000 $H tokens with no interactions or contribution records.
Clearly, this cannot be explained by 'technical errors'; it only indicates that:
1⃣ The project probably never intended to fulfill the 12% community allocation promise; the so-called co-building was just empty rhetoric.
2⃣ Ghost addresses are the real 'preordained winners,' while users who genuinely contribute are merely sacrificed as cheap beggars.
3⃣ The initially claimed Fairdrop was nothing more than a PUA strategy slogan.
However, mistreating the community is not a first. Let's turn our gaze back to Terence Kwok's historical resume.
_________
2. Burning $200 Million in Startup Failure, A New Narrative to Make a Comeback?
This isn't Terence Kwok's first 'unicorn' project.
Related media report: https://t.co/Yig5NPvAqS
In summary, the reasons for failure are unremarkable, but in response to a series of catastrophic failures, Kwok's reaction is surprising; he stated, 'At most, I'll go back to school; failing in business is just like getting an MBA.'
These words reveal his true mindset: fundraising is like a scholarship, the entrepreneurial game is a testing ground, and investor money is merely 'tuition.'
This time, he changed lanes, donned the Web3 cloak, and returned with an old script. The $200 million disaster is now being replicated on Humanity, but this time, the 'investors' are the time, data, and trust of thousands of ordinary Web3 retail investors.
_________
3. Witch Screening Becomes a Farce, PUA User Contributions, Huge Privacy Data Risks
Humanity claims to employ a 'zero-knowledge + palm print recognition' dual insurance mechanism to defend against witch attacks; what has actually happened? According to community feedback:
1⃣ The actual technology is a patchwork of inferior products from a Shenzhen access control company;
2⃣ A single person can repeatedly verify multiple accounts, with a script pass rate of 99%! The so-called 'anti-witch' measure is completely ineffective;
In addition, over the past year, Humanity frequently conducted 'limited-time form filling' activities under the pretext of 'anti-witch'; in reality, these forms are just tools for the project to maintain a false sense of prosperity, while airdrop distribution does not reference these records at all.
Even more concerning is that Humanity explicitly benchmarks against Worldcoin, yet its risk control regarding privacy supervision is almost in a 'naked running' state.
Worldcoin has been investigated by multiple governments due to privacy risks; the domestic palm print technology used by Humanity is not only substandard, but its data storage and transmission paths have yet to be disclosed for compliance.
From treating the community as non-entities to using 'co-building' as a shield, and then being disposable, lying and engaging in PUA tactics, Humanity has thoroughly trampled on the trust mechanism of Web3.
The so-called palm print system does not recognize real humans but identifies those who are 'willing to give freely.'
In the face of facts and community voices, if Humanity does not want to become a rat crossing the street, it should publicly and rationally respond to community doubts instead of resorting to cursing and personal attacks.
Lacking both quality and accountability.
See original
Today marks my thirtieth birthday, and the little frog has officially become an old frog.
Time flies so fast.
When I entered the crypto world 17 years ago, I was just an innocent and naive college student.
Because of my youth, I was very arrogant back then.
After being scammed three times and going bankrupt three times, I gradually became more honest after being beaten by society.
The price of growth may be paying a lot of tuition to gain true cognitive upgrades.
By guarding my ability circle, I can guard my wealth and myself.
Now that I am 30, my biggest realization is: while making money is certainly important, it should not be everything in life.
It’s time to allocate a bit more energy and time to family and life.
I am very grateful for my parents' upbringing and support.
Thank you to Web3 for giving me one opportunity after another.
I also want to thank the brothers and friends who have walked alongside me over the years; meeting you in this industry is my luck and wealth.
Life is still long, and I'm glad you are always here.
As an old frog standing at thirty, I will not stop.
May the next decade see us still side by side, setting out together!!!
Time flies so fast.
When I entered the crypto world 17 years ago, I was just an innocent and naive college student.
Because of my youth, I was very arrogant back then.
After being scammed three times and going bankrupt three times, I gradually became more honest after being beaten by society.
The price of growth may be paying a lot of tuition to gain true cognitive upgrades.
By guarding my ability circle, I can guard my wealth and myself.
Now that I am 30, my biggest realization is: while making money is certainly important, it should not be everything in life.
It’s time to allocate a bit more energy and time to family and life.
I am very grateful for my parents' upbringing and support.
Thank you to Web3 for giving me one opportunity after another.
I also want to thank the brothers and friends who have walked alongside me over the years; meeting you in this industry is my luck and wealth.
Life is still long, and I'm glad you are always here.
As an old frog standing at thirty, I will not stop.
May the next decade see us still side by side, setting out together!!!
See original
A Brief Discussion on the Surge of Circle ($CRCL):
There are many logical reasons behind the surge of $CRCL. I am not a professional U.S. stock researcher; the following analysis of Circle's surge logic is merely from the perspective of arbitrage.
In my opinion, a stablecoin is essentially you providing a company like Circle with a free dollar financing using your fiat currency, and in return, they give you a tokenized debt certificate.
This debt certificate can be circulated, traded, staked, arbitraged, or even consumed.
You provide cash, sacrificing interest, in exchange for higher capital efficiency, while the issuer enjoys the interest through a stable mechanism.
From the arbitrage perspective, this is based on the opportunity cost of capital.
Thus, from this angle, the greatest value of stablecoins, apart from stability, is their significant role in enhancing the efficiency of the entire financial system.
Or, to put it more simply, it is like an efficiency booster for the dollar, akin to equipping the dollar with a nitrous oxide tank.
Therefore, the most essential future scenarios will undoubtedly emerge in places that pursue capital efficiency to the extreme, such as payments, settlements, and, further down the line, the tokenization of everything.
That is why I believe this is where the imagination lies for the stablecoin and the sky-high stock price of Circle.
There are many logical reasons behind the surge of $CRCL. I am not a professional U.S. stock researcher; the following analysis of Circle's surge logic is merely from the perspective of arbitrage.
In my opinion, a stablecoin is essentially you providing a company like Circle with a free dollar financing using your fiat currency, and in return, they give you a tokenized debt certificate.
This debt certificate can be circulated, traded, staked, arbitraged, or even consumed.
You provide cash, sacrificing interest, in exchange for higher capital efficiency, while the issuer enjoys the interest through a stable mechanism.
From the arbitrage perspective, this is based on the opportunity cost of capital.
Thus, from this angle, the greatest value of stablecoins, apart from stability, is their significant role in enhancing the efficiency of the entire financial system.
Or, to put it more simply, it is like an efficiency booster for the dollar, akin to equipping the dollar with a nitrous oxide tank.
Therefore, the most essential future scenarios will undoubtedly emerge in places that pursue capital efficiency to the extreme, such as payments, settlements, and, further down the line, the tokenization of everything.
That is why I believe this is where the imagination lies for the stablecoin and the sky-high stock price of Circle.
See original
Sahara is now on OKX spot.
Currently, the pre-market valuation has surged to 1 billion. After taking a look around, many people think this project is a data labeling platform, but that is not the case.
I believe the real underlying narrative of Sahara is to build an "on-chain property rights system" for the AI era.
From data, models, computation, agents, to profit sharing, it aims to connect the entire chain and use blockchain to achieve rights confirmation, profit sharing, and collaboration mechanisms.
Currently, the main focus is on data labeling, as high-quality data is the starting point and fuel for AI large models.
From a narrative perspective, only when this entire process is running smoothly can the valuation space be thoroughly opened.
Sam Altman announced a couple of days ago that GPT-5 will be launching this summer. As for AI itself, it currently has strong capabilities but lacks resources.
Thus, this may also be the reason for GPT-5's delayed release—data is becoming increasingly scarce, and computational power is tightening.
The core logic of Sahara lies in building the foundational resource system and economic structure necessary for model construction.
Therefore, it must be acknowledged that although Sahara is currently doing the most solid work in "data labeling," what truly impresses capital and opens up valuation space may still be the progressively realized AI value chain system behind it.
After all, in Web3, new mechanisms have always been the most valuable; they are often linked to paradigm revolutions. If capital is willing to pay, the narrative can continue, and users can continuously come in. This is the remarkable aspect of Sahara.
Currently, the pre-market valuation has surged to 1 billion. After taking a look around, many people think this project is a data labeling platform, but that is not the case.
I believe the real underlying narrative of Sahara is to build an "on-chain property rights system" for the AI era.
From data, models, computation, agents, to profit sharing, it aims to connect the entire chain and use blockchain to achieve rights confirmation, profit sharing, and collaboration mechanisms.
Currently, the main focus is on data labeling, as high-quality data is the starting point and fuel for AI large models.
From a narrative perspective, only when this entire process is running smoothly can the valuation space be thoroughly opened.
Sam Altman announced a couple of days ago that GPT-5 will be launching this summer. As for AI itself, it currently has strong capabilities but lacks resources.
Thus, this may also be the reason for GPT-5's delayed release—data is becoming increasingly scarce, and computational power is tightening.
The core logic of Sahara lies in building the foundational resource system and economic structure necessary for model construction.
Therefore, it must be acknowledged that although Sahara is currently doing the most solid work in "data labeling," what truly impresses capital and opens up valuation space may still be the progressively realized AI value chain system behind it.
After all, in Web3, new mechanisms have always been the most valuable; they are often linked to paradigm revolutions. If capital is willing to pay, the narrative can continue, and users can continuously come in. This is the remarkable aspect of Sahara.
See original
I mentioned a long time ago that Alpha's blood draw mechanism would inevitably lower the project's selection threshold.
However, when I saw the President of Serbia becoming a community administrator for the AB public chain, I couldn't hold back anymore 😂
However, when I saw the President of Serbia becoming a community administrator for the AB public chain, I couldn't hold back anymore 😂
See original
The thing that Alpha grinders are most worried about has happened, I hope no one has passed away...
In addition, if you are an Alpha grinder and can't help but buy the dip in this situation, I think you should just quit your job and trade cryptocurrency, as this isn't suitable for you.
In addition, if you are an Alpha grinder and can't help but buy the dip in this situation, I think you should just quit your job and trade cryptocurrency, as this isn't suitable for you.
See original
Make a bold inference:
If Aster does not have a TGE within a month, regardless of how good the current data looks, it is highly likely to end up in a mess.
Recently, the Aster team may be immersed in the joy of soaring trading volumes, even getting excited about "soon catching up with Hyperliquid."
On the surface, the data indeed looks impressive, but it is worth noting that: these trading volumes are likely not driven by a surge in real user demand, but rather built on unregulated airdrop expectations.
To put it bluntly: this is not data growth, but debt growth.
Up to now, Aster has not done any management of airdrop expectations, nor has it released a clear TGE schedule. Market enthusiasm continues to rise, and sentiment is approaching an overdrawn critical point; if the duration continues to be drawn out, the sense of disparity can easily transform into collective FUD.
I am not pessimistic about Aster, but past industry patterns have long proven: any short-term prosperity supported by airdrop expectations, without accompanying guidance in rhythm, sentiment management, and expectation anchoring, will ultimately backfire on the project itself, without exception.
We have seen too many projects take off due to "airdrop expectations" and then fall due to "fulfillment"; the root cause of all this has never been insufficient enthusiasm, but rather the project side's blindness to that enthusiasm, failing to realize the increasingly high user expectations behind it.
Without airdrop expectation management, it is highly likely to backfire, allowing the bubble to expand, which is almost equivalent to a chronic collapse.
If Aster does not have a TGE within a month, regardless of how good the current data looks, it is highly likely to end up in a mess.
Recently, the Aster team may be immersed in the joy of soaring trading volumes, even getting excited about "soon catching up with Hyperliquid."
On the surface, the data indeed looks impressive, but it is worth noting that: these trading volumes are likely not driven by a surge in real user demand, but rather built on unregulated airdrop expectations.
To put it bluntly: this is not data growth, but debt growth.
Up to now, Aster has not done any management of airdrop expectations, nor has it released a clear TGE schedule. Market enthusiasm continues to rise, and sentiment is approaching an overdrawn critical point; if the duration continues to be drawn out, the sense of disparity can easily transform into collective FUD.
I am not pessimistic about Aster, but past industry patterns have long proven: any short-term prosperity supported by airdrop expectations, without accompanying guidance in rhythm, sentiment management, and expectation anchoring, will ultimately backfire on the project itself, without exception.
We have seen too many projects take off due to "airdrop expectations" and then fall due to "fulfillment"; the root cause of all this has never been insufficient enthusiasm, but rather the project side's blindness to that enthusiasm, failing to realize the increasingly high user expectations behind it.
Without airdrop expectation management, it is highly likely to backfire, allowing the bubble to expand, which is almost equivalent to a chronic collapse.
See original
The disappearance of the Alpha bonus period is inevitable.
The inclusive bonus period of Alpha has completely vanished, and the high threshold of 247 points is nearing the break-even point for many retail investors.
Whether it's the consumption mechanism, reduced fees, or incorporating points into wealth management, all indicate that Alpha's inclusive period has been declared over. It can be basically confirmed that:
Alpha is no longer a stage where 'everyone gets a share,' but has entered the phase of 'a few.'
Initially, it was about the number of users, then the quality of users, and finally, it must be a few controllable players.
In fact, none of this has ever been a fair competition. Any incentive mechanism based on internal competition is essentially not about 'encouraging participation' but rather 'accelerating elimination.'
Just like working a job, it’s not because you are valuable, but because you are cheap.
So, when a system starts to raise the threshold continuously, forcing you to overdraw and strive for some qualifications, you should understand that fairness has always been a luxury.
You are rushing towards the bonus, while the platform is accelerating its metabolism. There is no such thing as false prosperity or failure; everything is destined.
Alpha TG Group:
The inclusive bonus period of Alpha has completely vanished, and the high threshold of 247 points is nearing the break-even point for many retail investors.
Whether it's the consumption mechanism, reduced fees, or incorporating points into wealth management, all indicate that Alpha's inclusive period has been declared over. It can be basically confirmed that:
Alpha is no longer a stage where 'everyone gets a share,' but has entered the phase of 'a few.'
Initially, it was about the number of users, then the quality of users, and finally, it must be a few controllable players.
In fact, none of this has ever been a fair competition. Any incentive mechanism based on internal competition is essentially not about 'encouraging participation' but rather 'accelerating elimination.'
Just like working a job, it’s not because you are valuable, but because you are cheap.
So, when a system starts to raise the threshold continuously, forcing you to overdraw and strive for some qualifications, you should understand that fairness has always been a luxury.
You are rushing towards the bonus, while the platform is accelerating its metabolism. There is no such thing as false prosperity or failure; everything is destined.
Alpha TG Group:
See original
《Popular Interpretation of Resolv: The On-Chain Version of ENA? Why It’s Worth Attention》
Resolv has unexpectedly appeared on OKX and Binance Alpha as well as Binance Futures. As the stablecoin sector heats up, especially with the rise of 'yield-bearing stablecoins', what exactly is Resolv doing? Let’s break it down.
_________
I. Basic Overview: Backed by Top VCs + ETH Collateralized Stablecoin
Resolv was established in 2023, aiming to create a 100% ETH over-collateralized stablecoin USR, pegged to the US dollar, and to achieve a delta-neutral strategy through perpetual positions. In April 2024, it secured $10 million in funding led by Maven11, marking its first public project this year.
_________
II. Mechanism Highlights: Stable Pegging, Risk Isolation, Self-Driven Returns
The structure of Resolv can be summarized as “three layers of assets + three mechanisms”:
1. USR: Core Stablecoin
- Over-collateralized by ETH, pegged to the US dollar
- Can be staked as stUSR to earn protocol returns
- The liquidity anchoring mechanism is supported by lower layers
2. RLP: Risk-Bearing LP
- Provides ETH minting, earning perp positive funding fees + staking rewards
- System losses are initially borne by RLP
3. Collateral Pool: Constructing Delta Neutrality
- ETH spot + perpetual contracts create a hedging structure
- Combining on-chain and custodial assets ensures transparency and safety
Furthermore, in terms of returns, daily distributions allow USR users to earn steadily, RLP users to earn risk premiums, and a portion of the protocol treasury is allocated for the ecosystem.
_________
III. Comparison with ENA: Three Major Upgrade Highlights
Although the core idea comes from ENA, Resolv is clearly more “on-chain native” and has progressed further in the following three aspects:
1. More Genuine Sources of Returns
- Primarily relies on on-chain perp markets and ETH staking, providing more stable and transparent sources of returns.
2. Clearer Risk Layering
- All losses are absorbed by RLP, ensuring that USR users' principal is always safe, with stable pegging and clear risk isolation.
3. Richer Token Mechanism
- USR (stablecoin) + RLP (risk LP) + RESOLV (governance), clearly distinguished structurally, providing clearer participation paths.
_________
IV. Conclusion: It’s More Radical and Pure Than You Imagine
Resolv and Ethena started almost simultaneously, yet it still lags behind the latter. However, Resolv has chosen a more on-chain, structured, and censorship-resistant path. Although it starts slowly and has higher barriers to entry, it represents a purer DeFi spirit.
In today’s evolving yield stablecoin model, Resolv may not be the first project to break out, but it is more on-chain, purer, and more surprising; once it takes off, it may have a higher ceiling.
Resolv has unexpectedly appeared on OKX and Binance Alpha as well as Binance Futures. As the stablecoin sector heats up, especially with the rise of 'yield-bearing stablecoins', what exactly is Resolv doing? Let’s break it down.
_________
I. Basic Overview: Backed by Top VCs + ETH Collateralized Stablecoin
Resolv was established in 2023, aiming to create a 100% ETH over-collateralized stablecoin USR, pegged to the US dollar, and to achieve a delta-neutral strategy through perpetual positions. In April 2024, it secured $10 million in funding led by Maven11, marking its first public project this year.
_________
II. Mechanism Highlights: Stable Pegging, Risk Isolation, Self-Driven Returns
The structure of Resolv can be summarized as “three layers of assets + three mechanisms”:
1. USR: Core Stablecoin
- Over-collateralized by ETH, pegged to the US dollar
- Can be staked as stUSR to earn protocol returns
- The liquidity anchoring mechanism is supported by lower layers
2. RLP: Risk-Bearing LP
- Provides ETH minting, earning perp positive funding fees + staking rewards
- System losses are initially borne by RLP
3. Collateral Pool: Constructing Delta Neutrality
- ETH spot + perpetual contracts create a hedging structure
- Combining on-chain and custodial assets ensures transparency and safety
Furthermore, in terms of returns, daily distributions allow USR users to earn steadily, RLP users to earn risk premiums, and a portion of the protocol treasury is allocated for the ecosystem.
_________
III. Comparison with ENA: Three Major Upgrade Highlights
Although the core idea comes from ENA, Resolv is clearly more “on-chain native” and has progressed further in the following three aspects:
1. More Genuine Sources of Returns
- Primarily relies on on-chain perp markets and ETH staking, providing more stable and transparent sources of returns.
2. Clearer Risk Layering
- All losses are absorbed by RLP, ensuring that USR users' principal is always safe, with stable pegging and clear risk isolation.
3. Richer Token Mechanism
- USR (stablecoin) + RLP (risk LP) + RESOLV (governance), clearly distinguished structurally, providing clearer participation paths.
_________
IV. Conclusion: It’s More Radical and Pure Than You Imagine
Resolv and Ethena started almost simultaneously, yet it still lags behind the latter. However, Resolv has chosen a more on-chain, structured, and censorship-resistant path. Although it starts slowly and has higher barriers to entry, it represents a purer DeFi spirit.
In today’s evolving yield stablecoin model, Resolv may not be the first project to break out, but it is more on-chain, purer, and more surprising; once it takes off, it may have a higher ceiling.
See original
The Cryptocurrency Version of "College Entrance Exam Essay":
Read the materials below and write an article according to the requirements (60 points)
1. He wanted to explain something to Linea, but tears were welling up, unable to flow down.
——Community Member Er Gou "Rights Protection Notes"
2. If I were a bird, I should also step on Xterio with my lame claws.
——KOL Little Frog "I Love This Fur Rubbing"
3. I want to embrace the project party one by one with my withered wallet because a fur rub person has already gone bankrupt.
——Fur Rub Person Please Call Me to Fur Rub "Counter Fur Rub"
What rights protection associations and thoughts have the above materials inspired in you? Please write an article.
Requirements: Choose the right project, determine the intention, clarify the writing style, come up with your own title; no profanity, no personal attacks, no real-name disputes, not less than 20,000 words.
Read the materials below and write an article according to the requirements (60 points)
1. He wanted to explain something to Linea, but tears were welling up, unable to flow down.
——Community Member Er Gou "Rights Protection Notes"
2. If I were a bird, I should also step on Xterio with my lame claws.
——KOL Little Frog "I Love This Fur Rubbing"
3. I want to embrace the project party one by one with my withered wallet because a fur rub person has already gone bankrupt.
——Fur Rub Person Please Call Me to Fur Rub "Counter Fur Rub"
What rights protection associations and thoughts have the above materials inspired in you? Please write an article.
Requirements: Choose the right project, determine the intention, clarify the writing style, come up with your own title; no profanity, no personal attacks, no real-name disputes, not less than 20,000 words.
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《Easy Interpretation of Mezo: A New Solution to Break the BtcFi Dilemma》
BtcFi is one of the most controversial tracks in this crypto cycle. After various anti-rug incidents, BtcFi has been criticized as a pseudo-proposition, but capital dares to continue investing.
Why? Because it is worth betting on as long as there is a possibility of leveraging BTC's trillion-dollar stock pool.
The high valuation brought about by capital's bet is very subtle in the current market. If it is not controlled well, it will be an anti-rug. This may also be inevitable due to the industry cycle transition. Below is an easy interpretation of Mezo, focusing on answering three questions:
1) What is Mezo?
2) What are the highlights of the project?
3) Can it reverse the decline of BTCfi?
_________
I. What is Mezo?
In a simple sentence: Mezo is a financial infrastructure platform built around Bitcoin, compatible with EVM, and can use BTC as Gas. Its core assets are BTC and MUSD (Bitcoin-backed stablecoin), and it deploys a full set of BTCFi financial tools such as lending, payment, stablecoins, and staking.
In layman's terms: It allows you to complete lending, wealth management, and consumption through BTC without selling BTC, creating a financial system with BTC as the sovereign asset.
The founder is the former founder of Thesis. The project has raised over $28 million in total, and investors include the founder of Curve, the founder of Taproot, and other industry leaders.
_________
II. What are the highlights of the project?
1. Mainnet two-layer architecture: Cathedra + Bazaar
1) The cathedral is the core of the underlying project, mainly including:
MUSD stablecoin (BTC over-collateralization)
Fixed-rate lending system with BTC as the core
tBTC cross-chain bridge (avoiding centralized custody)
The entire design seamlessly integrates swap, lending, bridging, and staking functions designed specifically for Bitcoin. By integrating core functions into a Bitcoin-centric architecture, friction is eliminated.
2) Bazaar is the innovation layer, encouraging developers to freely build Bitcoin native applications, such as SocialFi, GameFi, and experimental dApps. All functions are hosted on Mezo and supported by Bitcoin, and can directly call Cathedral capabilities.
Underlying security and innovation decoupling is the biggest feature of the entire architecture. The mainnet has already been launched.
2. MUSD stablecoin mechanism
This is a core feature of the project. The MUSD bottom layer is 100% collateralized by BTC. In order to ensure the failure of anchoring caused by market fluctuations, the project sets a minimum collateralization rate of 110%, a maximum loan-to-value ratio of 90%, an annualized interest rate of 1%-5%, and no fixed repayment period. All BTC reserves are visible on the chain and are completely transparent.
The highlight is that it has achieved extreme optimization on key parameters: on the one hand, borrowers can obtain up to 90% of the value of their Bitcoin holdings, greatly releasing the liquidity of BTC; on the other hand, the lending rate is maintained in a fixed range of 1%-5%, which is far lower than most Bitcoin lending protocols on the market, and the project currently does not set a fixed repayment plan.
3. Incentive points Mats
Main source: Locking up BTC/stablecoin, inviting, participating in the community
Main functions: Lottery, governance, airdrop reference, etc.
All points systems are actually linked to behavior. In other words, this may be an important reference for future incentives, airdrops, and governance.
Note that the official website has different point coefficients for locking up Bitcoin and stablecoins. For details, please refer to the official website: https://t.co/hdtvZeTUJy
_________
III. Can Mezo's solution reverse the decline of BTCFi?
Mezo's strategy is based on BTC, with MUSD stablecoin as the main medium, to open up BTC's lending, trading, payment, and other financial functions.
This design logic is more friendly to institutions and conservative users, and lays the foundation for building BTC-based credit cards, payment networks, RWA asset transactions, etc. in the future.
However, it must be admitted that the BTCFi track where the project is located does not have high community trust, and coupled with the high financing behind it, it also faces extremely high expectations. Whether it can effectively balance community expectations and capital demands and user experience is uncertain.
_________
IV. Summary
BTCFi projects are almost universally caught in the awkward situation of "good reputation but not popular." Whether Mezo can break through and open up incremental space remains to be tested by time.
But one thing is certain: the project is one of the most systematically integrated Btcfi architectures that integrates multiple core modules such as stablecoins, lending, Gas, bridging, and points.
This model is more likely to attract institutional funds, miner groups, etc., especially its low-volatility, high-certainty financing costs, which are extremely attractive to large funds, and the interest rate spread can naturally provide a stable source of funds for arbitrage and leveraged traders.
Of course, whether Mezo can survive and run out in such a market can only be said to be a very promising candidate project. The rest still needs time to test and the industry narrative to recover.
Statement: Based on publicly available project information, does not constitute investment advice, DYOR!
BtcFi is one of the most controversial tracks in this crypto cycle. After various anti-rug incidents, BtcFi has been criticized as a pseudo-proposition, but capital dares to continue investing.
Why? Because it is worth betting on as long as there is a possibility of leveraging BTC's trillion-dollar stock pool.
The high valuation brought about by capital's bet is very subtle in the current market. If it is not controlled well, it will be an anti-rug. This may also be inevitable due to the industry cycle transition. Below is an easy interpretation of Mezo, focusing on answering three questions:
1) What is Mezo?
2) What are the highlights of the project?
3) Can it reverse the decline of BTCfi?
_________
I. What is Mezo?
In a simple sentence: Mezo is a financial infrastructure platform built around Bitcoin, compatible with EVM, and can use BTC as Gas. Its core assets are BTC and MUSD (Bitcoin-backed stablecoin), and it deploys a full set of BTCFi financial tools such as lending, payment, stablecoins, and staking.
In layman's terms: It allows you to complete lending, wealth management, and consumption through BTC without selling BTC, creating a financial system with BTC as the sovereign asset.
The founder is the former founder of Thesis. The project has raised over $28 million in total, and investors include the founder of Curve, the founder of Taproot, and other industry leaders.
_________
II. What are the highlights of the project?
1. Mainnet two-layer architecture: Cathedra + Bazaar
1) The cathedral is the core of the underlying project, mainly including:
MUSD stablecoin (BTC over-collateralization)
Fixed-rate lending system with BTC as the core
tBTC cross-chain bridge (avoiding centralized custody)
The entire design seamlessly integrates swap, lending, bridging, and staking functions designed specifically for Bitcoin. By integrating core functions into a Bitcoin-centric architecture, friction is eliminated.
2) Bazaar is the innovation layer, encouraging developers to freely build Bitcoin native applications, such as SocialFi, GameFi, and experimental dApps. All functions are hosted on Mezo and supported by Bitcoin, and can directly call Cathedral capabilities.
Underlying security and innovation decoupling is the biggest feature of the entire architecture. The mainnet has already been launched.
2. MUSD stablecoin mechanism
This is a core feature of the project. The MUSD bottom layer is 100% collateralized by BTC. In order to ensure the failure of anchoring caused by market fluctuations, the project sets a minimum collateralization rate of 110%, a maximum loan-to-value ratio of 90%, an annualized interest rate of 1%-5%, and no fixed repayment period. All BTC reserves are visible on the chain and are completely transparent.
The highlight is that it has achieved extreme optimization on key parameters: on the one hand, borrowers can obtain up to 90% of the value of their Bitcoin holdings, greatly releasing the liquidity of BTC; on the other hand, the lending rate is maintained in a fixed range of 1%-5%, which is far lower than most Bitcoin lending protocols on the market, and the project currently does not set a fixed repayment plan.
3. Incentive points Mats
Main source: Locking up BTC/stablecoin, inviting, participating in the community
Main functions: Lottery, governance, airdrop reference, etc.
All points systems are actually linked to behavior. In other words, this may be an important reference for future incentives, airdrops, and governance.
Note that the official website has different point coefficients for locking up Bitcoin and stablecoins. For details, please refer to the official website: https://t.co/hdtvZeTUJy
_________
III. Can Mezo's solution reverse the decline of BTCFi?
Mezo's strategy is based on BTC, with MUSD stablecoin as the main medium, to open up BTC's lending, trading, payment, and other financial functions.
This design logic is more friendly to institutions and conservative users, and lays the foundation for building BTC-based credit cards, payment networks, RWA asset transactions, etc. in the future.
However, it must be admitted that the BTCFi track where the project is located does not have high community trust, and coupled with the high financing behind it, it also faces extremely high expectations. Whether it can effectively balance community expectations and capital demands and user experience is uncertain.
_________
IV. Summary
BTCFi projects are almost universally caught in the awkward situation of "good reputation but not popular." Whether Mezo can break through and open up incremental space remains to be tested by time.
But one thing is certain: the project is one of the most systematically integrated Btcfi architectures that integrates multiple core modules such as stablecoins, lending, Gas, bridging, and points.
This model is more likely to attract institutional funds, miner groups, etc., especially its low-volatility, high-certainty financing costs, which are extremely attractive to large funds, and the interest rate spread can naturally provide a stable source of funds for arbitrage and leveraged traders.
Of course, whether Mezo can survive and run out in such a market can only be said to be a very promising candidate project. The rest still needs time to test and the industry narrative to recover.
Statement: Based on publicly available project information, does not constitute investment advice, DYOR!
See original
The Binance alpha threshold has officially entered above 200, and it seems that it will only get higher in the future.
Whether to take action or not will come at a cost; to grind is to be dominated by anxiety over scores, while not grinding is the panic of missed opportunities.
The pain of the present and the regret of the future, most people will definitely choose the former. In this sense, people are not driven by greed, but by panic.
Whether to take action or not will come at a cost; to grind is to be dominated by anxiety over scores, while not grinding is the panic of missed opportunities.
The pain of the present and the regret of the future, most people will definitely choose the former. In this sense, people are not driven by greed, but by panic.
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Done, is the era of building Web3 with our mouths finally here? The frog can only croak~ What should we do?
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It's time to return to the front lines of毛撸.
I haven't been on the front lines of毛撸 for nearly 2 years. I started building the studio in 2021, and industrialized毛撸 has been around for 4 years now.
In the first two years, I was still on the front lines. Later, I set up the team framework and gradually handed over various tasks to my team members. Due to industrial cooperation and the still unexploited systematic dividends in this industry, even though I'm not on the front lines, the team managed to achieve multiple single project earnings at the million-dollar level each year.
In the past two years, no matter how bad the market was or how severe the反撸 situation became, I never felt the need to rush back to the front lines because the fundamentals of the track hadn't changed, the logic hadn't collapsed, and the system could still run.
But now, the situation has changed.
The emergence of Binance Alpha made me realize that this is not just an ordinary update in gameplay, but a deep restructuring of power dynamics. It is reshaping user behavior paths, rewriting project distribution mechanisms, and beginning to challenge the original profit distribution order on-chain.
Moreover, the underlying logic of the entire airdrop ecosystem is also undergoing a structural transformation. Opportunities on-chain are rapidly shrinking, the pie is getting smaller, the rules are becoming more complex, and the margin for error is decreasing. This phase requires that every opportunity must be seized with precision, executed fully and effectively.
So, it's time to return. This is not nostalgia; it is just a necessary, perhaps the last, charge.
I haven't been on the front lines of毛撸 for nearly 2 years. I started building the studio in 2021, and industrialized毛撸 has been around for 4 years now.
In the first two years, I was still on the front lines. Later, I set up the team framework and gradually handed over various tasks to my team members. Due to industrial cooperation and the still unexploited systematic dividends in this industry, even though I'm not on the front lines, the team managed to achieve multiple single project earnings at the million-dollar level each year.
In the past two years, no matter how bad the market was or how severe the反撸 situation became, I never felt the need to rush back to the front lines because the fundamentals of the track hadn't changed, the logic hadn't collapsed, and the system could still run.
But now, the situation has changed.
The emergence of Binance Alpha made me realize that this is not just an ordinary update in gameplay, but a deep restructuring of power dynamics. It is reshaping user behavior paths, rewriting project distribution mechanisms, and beginning to challenge the original profit distribution order on-chain.
Moreover, the underlying logic of the entire airdrop ecosystem is also undergoing a structural transformation. Opportunities on-chain are rapidly shrinking, the pie is getting smaller, the rules are becoming more complex, and the margin for error is decreasing. This phase requires that every opportunity must be seized with precision, executed fully and effectively.
So, it's time to return. This is not nostalgia; it is just a necessary, perhaps the last, charge.
See original
It's time to return to the front lines of fur pulling.
I haven't been on the front lines of fur pulling for almost 2 years. I started building the studio in 2021, and industrialized fur pulling has been going on for 4 years now. In the first two years, I was still on the front lines, but later I set up the team framework and gradually handed over various tasks to team members. Due to industrial collaboration and the systemic dividends in this industry that have not yet been fully squeezed out, even though I am not on the front lines, the team can still achieve multiple single project earnings at the M million USD level each year.
In the past two years, no matter how bad the market was or how severe the counter-trend situation was, I did not have the intention to rush back to the front lines because the fundamentals of the track had not changed, the logic had not collapsed, and the system could still run.
But now, the situation has changed.
The emergence of Binance Alpha made me realize that this is not just an ordinary update of the gameplay, but a deep restructuring of the power structure. It is reshaping user behavior paths, rewriting project distribution mechanisms, and beginning to challenge the original order of interest distribution on-chain.
Moreover, the underlying logic of the entire airdrop ecosystem is also undergoing a structural transformation, opportunities on-chain are rapidly shrinking, the pie is getting smaller, the rules are getting tougher, and the margin for error is decreasing. This stage requires that every opportunity must be accurately seized, executed thoroughly and well.
So, it's time to return. This is not nostalgia; it is just a necessary, perhaps the last charge.
I haven't been on the front lines of fur pulling for almost 2 years. I started building the studio in 2021, and industrialized fur pulling has been going on for 4 years now. In the first two years, I was still on the front lines, but later I set up the team framework and gradually handed over various tasks to team members. Due to industrial collaboration and the systemic dividends in this industry that have not yet been fully squeezed out, even though I am not on the front lines, the team can still achieve multiple single project earnings at the M million USD level each year.
In the past two years, no matter how bad the market was or how severe the counter-trend situation was, I did not have the intention to rush back to the front lines because the fundamentals of the track had not changed, the logic had not collapsed, and the system could still run.
But now, the situation has changed.
The emergence of Binance Alpha made me realize that this is not just an ordinary update of the gameplay, but a deep restructuring of the power structure. It is reshaping user behavior paths, rewriting project distribution mechanisms, and beginning to challenge the original order of interest distribution on-chain.
Moreover, the underlying logic of the entire airdrop ecosystem is also undergoing a structural transformation, opportunities on-chain are rapidly shrinking, the pie is getting smaller, the rules are getting tougher, and the margin for error is decreasing. This stage requires that every opportunity must be accurately seized, executed thoroughly and well.
So, it's time to return. This is not nostalgia; it is just a necessary, perhaps the last charge.
See original
Binance Alpha seems to have caught the attention of the Pangu ground promotion forces, are the elderly ready to enter the market?
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Wow, soon going to Upbit, the other day I said the alpha single number 50U is probably going to backfire. 😂
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Before Marriage: The big one is coming
After Marriage: The big one is coming
It has been proven that getting married and having a family does not make people more honest.
In a few weeks, this should become Linea's catchphrase, but this time Fox mentioned that token economics is far from classic structures. Does that mean that most people are not qualified?
If that's the case, I can only curse as a sign of respect, CNM! Linea!
After Marriage: The big one is coming
It has been proven that getting married and having a family does not make people more honest.
In a few weeks, this should become Linea's catchphrase, but this time Fox mentioned that token economics is far from classic structures. Does that mean that most people are not qualified?
If that's the case, I can only curse as a sign of respect, CNM! Linea!
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