YuanMan 🧑‍💼

New Balance
The start of a new entanglement for brushing Binance Alpha:
Should we wait to eat the first batch of 4 stages, or eat the leftovers from 6? Recently, the leftover profits are around 20-60u, while the first batch is between 30-200, with considerable fluctuations.

Overall, in terms of cost-effectiveness, it's best to try to eat the first batch, especially focusing on participating in trending coins that are launching contracts or spot trading simultaneously. After collecting the leftover points, if good leftovers come up, we can eat them; if not, just continue to accumulate points.

Yesterday, the overall returns for SAHARA exceeded expectations. If H and NEWT run at good timing, they can also perform well. The threshold points have decreased, and it seems that the alpha resigning personnel are getting restless again.
Additionally, the $BR pool was nearly 67m yesterday, and today it has decreased a bit to nearly 62m, with about 50m in USDT alone. How many people are competing with the project party for the transaction fees?
Aren't they afraid that the project party will set a new price level and change the range?
More seriously, they might directly collect this tempting liquidity from the pool. However, looking at the recent operations of suspected project party addresses, there don't seem to be signs of a market dump for now; they probably still want to earn fees for a while:
Yesterday, a suspected project party address withdrew over 2 million in liquidity and converted it all to BR. Last night, they continued to adjust the liquidity balance.

Yesterday I was chatting with a friend. He is deeply trapped this round, basically all in altcoins. He asked if there is still hope for the altcoin season? Today I will briefly discuss some fundamental investment exit principles.

Everyone understands the current market condition, and most altcoins are still heading towards zero. The market doesn't need this many assets. Even if the altcoin season arrives, it doesn't mean your coin will rise significantly.

My friend made quite a bit of money in the last round with small coins and regrets not selling at last year's peak. Many people are in a similar situation. Even with spot trading, one should think about the exit when buying; this is basic investment knowledge, but many people fall into this trap. They think they have it figured out, planning to sell once they make 10 times their investment, but this is only one of the reference conditions for exiting.

The essence of investing is the game between risk and return, and exit strategies are an important means of risk management. One should consider upon entry:
What is the purpose of this investment? Is it for short-term speculation or long-term holding? What is the target return? Only then can one develop an exit strategy suitable for this investment. As Peter Lynch's classic quote states, "If you don't know why you're buying a stock, you'll never know when to sell."

Thus, exit and entry are intertwined. I see many people holding large amounts of altcoins, even as they approach zero, still waiting for 5x, 10x, or even 100x returns. Human behavior also has inertia; in the past, when market liquidity was good and the number of assets was limited, one might have stumbled upon high-multiplier coins by luck and thought they were good at investing. Therefore, they try to apply the same approach now. But at this stage, the difficulty level has increased, and luck may not be on your side, so it's time to return to basic investment principles. The path to success is simple: good assets, good strategies, and good discipline.

Research the assets, give yourself sufficient reasons to buy, and determine the entry position; set stop-loss, take-profit, or fundamental conditions for exit triggers; rely on time and discipline to survive and strive for gains. Accomplishing any one of these points is not easy. I am also improving, and I encourage everyone to do the same, hoping that you all can achieve results in the market.

The King of Crypto has finally been vindicated
CZ can rightfully return to Binance now

Congratulations🎉

@binancezh @cz_binance

Be careful when brushing BR, Binance will likely intervene; otherwise, it will just get fattened up and become the next ZKJ or KOGE.

I took a look at the $BR pool, it's really crazy, with only a very narrow 0.0478 having liquidity. I can't imagine what would happen if someone just casually pulls or dumps it.

Recently, brushing alpha feels a bit like playing with fire, the AB pool is similar. It's better to brush with small amounts; I'd rather incur a bit of wear and tear, just in case it turns out to be the next ZKJ or KOGE. If you really want to add to the pool, be cautious about hedging!

Due to the passage of the bill, recently in the primary market, stablecoin-related projects have become quite popular among investors.

Here are a few recent financings:

In cross-border payments:
Conduit @ConduitPay announced a $36 million Series A financing on May 28, led by Dragonfly Capital, with participation from Sound Ventures, Altos Ventures, DCG, and Commerce Ventures. Combined with the previous $17 million seed round led by Portage Ventures, Conduit's total financing has reached $53 million. Conduit primarily focuses on cross-border payments in regions such as Latin America and Africa.

Additionally, OpenFX @openfx_ completed a $23 million financing led by Accel, with plans to expand into the Southeast Asian cross-border payment market.

BVNK @BVNKFinance also announced strategic investment from Visa's venture capital department on the 7th of last month, collaborating with Visa and Worldpay to integrate stablecoin payments into existing financial infrastructure.

Limited @limitedgrouphq announced a $7 million seed round financing, led by North Island Ventures, and Limited is also integrated with traditional banking payment networks (such as ACH and Visa).

Moreover, there are several on-chain stablecoin projects:
The hottest one is Plasma @PlasmaFDN, which saw its $500 million quota sold out in seconds during a new offering on Echo, and it increased to $1 billion, which was also filled in just 30 minutes. Previously, it secured over $24 million in financing, led by Framework Ventures and BitfinexL. It is a BTC sidechain designed specifically for stablecoins, with highlights including zero-fee transfers and a delayed priority system that allows for zero-fee transfers as long as there are no time constraints.

Avalon @avalonfinance_ announced strategic investment from YZi Labs on May 26, having previously secured $10 million in Series A financing led by Framework, focusing on BTC-collateralized lending protocols. Its stablecoin is USDa, notable for providing fixed-rate lending, offering good predictability.

Hyperdrive @hyperdrivedefi completed a $6 million Series A financing on May 23, led by Hack VC and Arrington Capital, a project in the Hyperliquid ecosystem, providing yield markets for mainstream stablecoins. Currently, the primary source of yield is the lending market.

Opportunities for retail participation in payment-related stablecoin projects are limited, so it’s worth paying attention to on-chain projects.

Currently, the stablecoin landscape is still difficult to shake up; ETH continues to be the chain that supports the most stablecoins, followed by Tron, with large investors still preferring ETH for security. However, even if the TVL of stablecoins on ETH hits a new high, it does not necessarily mean that the price of ETH will rise, as its correlation with ETH's market value is low. However, the market value ratio of stablecoins to ETH can serve as a buy-sell indicator.

In fact, apart from payments, there is another potential application direction for stablecoins, which is on-chain foreign exchange trading. If the on-chain scale of stablecoins from mainstream countries increases and can provide a trading market with lower spreads, it would be very attractive, but it depends on specific compliance costs.

So amusing, it’s also nice to listen to different voices:

Bitcoin: The Greatest Scam Never Told https://mail.whalewire.org/p/bitcoin-the-greatest-scam-never-told-7039

How did you first come into contact with ETH?
□ Introduced by a friend
□ Learned about it online
□ Informed by an examination institution
✓ Yi Lihua's call

Binance doesn't solve the problem, Alpha is likely to fail
It's all the studio's fault
And right now it's just $zkj and $koge that are trading
There is basically no trading volume for others

Web3 practitioners are most concerned about legal security. The clown who attracted traffic yesterday and their project has already been blacklisted and blocked.

I have整理了 the official policies to objectively understand and not panic:

Although it is unrealistic to open up, legislation on cryptocurrencies in mainland China is actually on the way, especially with the passage of the US GENIUS stablecoin regulatory bill and Hong Kong's stablecoin regulatory bill, along with the potential passage of the future CLARITY bill, which is likely to accelerate this process.

This year, the Central Political and Legal Work Conference clearly proposed to conduct legislative research on multiple emerging fields, including virtual currencies. The research coincides with the 14th Five-Year Plan period.

If you pay attention to the major judicial research topics from the Supreme Court over the past two years, you will find that every year there is content related to 'virtual currency':

The topic for 2024 is 'Research on the Disposal Issues of Virtual Currencies Involved in Cases'. The participating research groups are located in Chongqing, Beijing, and Shenzhen. The 2023 topic is 'Research on the Legal Nature and Judicial Protection Path of Virtual Property'. The participating research groups are located in Guangzhou, Yancheng in Jiangsu, and Chengdu, all key areas in the cryptocurrency space. Generally, research support is often conducted in the form of related topics before legislation.

The 2024 topic will only conclude in the fourth quarter of this year, but the 2023 topic has already concluded in December last year.

The Guangzhou Internet Court held a press conference in April this year titled 'Analysis of Civil Judicial Protection Paths for Internet Virtual Property and Typical Case News Release', and released the 'Research and Analysis Report on the Legal Nature and Civil Judicial Protection Paths of Internet Virtual Property' and 'Top Ten Typical Cases of Internet Virtual Property Disputes', which are essentially the results of the research.

The report categorizes NFTs and cryptocurrencies as network construction-type virtual properties, qualifying them as a type of creation, which includes both data creation and value creation. The value is virtual, possessing characteristics of both property rights and creditor rights, allowing rights holders to exercise exclusive possession, use, profit, or disposition of virtual property.

The acknowledgment of cryptocurrency as property rights is beneficial for holders, providing a greater sense of security. However, do not be overly optimistic; the report still mentions that disputes over the value recognition of virtual property related to cryptocurrencies are likely to generate financial risks. It calls for cooperation among regulatory departments to strengthen risk prevention in key areas such as NFT digital collections and digital currencies, and to crack down on speculation and illegal activities.

Moreover, there is a typical case released simultaneously that concerns the lack of legal protection for cryptocurrency investment and trading activities. In other words, while holding cryptocurrencies is acknowledged, if there are disputes due to investment transactions, the courts will not accept the case.

This has also been the consistent attitude of judicial rulings in recent years. Legislation is likely heading in this direction: acknowledging property rights allows for the legal disposal of confiscated coins while imposing restrictions on investment and trading activities.

Web3 practitioners are most concerned about legal security. The traffic-seeking clown and his project from yesterday have already been blacklisted and blocked.

I have整理了 the official policies and hope everyone gains an objective understanding:

Although it is unrealistic to fully open up, legislation on cryptocurrencies in mainland China is indeed on the way, especially with the passage of the US GENIUS stablecoin regulatory bill and Hong Kong's stablecoin regulatory bill, coupled with the future passage of the CLARITY bill, which is likely to accelerate this process.

This year, the Central Political and Legal Work Conference clearly proposed to conduct legislative research on multiple emerging fields, including virtual currencies. The timeline from research to implementation coincides perfectly with the 14th Five-Year Plan period.

If you pay attention to the major judicial research topics of the Supreme Court in the past two years, you will find that there are related contents on "virtual currency" every year:

The topic for 2024 is "Research on the Disposal of Virtual Currencies Involved in Cases", with participating research groups located in Chongqing, Beijing, and Shenzhen. The 2023 topic is "Research on the Legal Nature and Judicial Protection Path of Virtual Property", with participating research groups located in Guangzhou, Yancheng in Jiangsu, and Chengdu, all key areas in the cryptocurrency sector. Generally, research support is often conducted in the form of related topics before legislation.

The topic for 2024 will only be finalized in the fourth quarter of this year, but the topic for 2023 has already been concluded in December last year.

The Guangzhou Internet Court held a press conference in April this year on "Analysis of Civil Judicial Protection Paths for Network Virtual Property and Typical Cases", releasing the "Research and Analysis Report on the Legal Nature and Civil Judicial Protection Paths of Network Virtual Property" and the "Top Ten Typical Cases of Network Virtual Property Disputes", which basically represent the results of the research.

The report classifies NFTs and cryptocurrencies as network construction-type virtual property, defining it as a type of created object, which includes both data creation and value creation. The value is virtual, possessing characteristics of both property rights and creditor rights, allowing the rights holder to exclusively possess, use, benefit from, or dispose of the virtual property.

The recognition of property rights for cryptocurrencies is a positive development for holders, as it increases their sense of security. However, one should not be overly optimistic; the report still mentions that disputes over the valuation of virtual property in cryptocurrencies can easily lead to financial risks, and it emphasizes the need for collaboration with regulatory authorities to strengthen risk prevention in key areas such as NFT digital collectibles and digital currencies, and to severely crack down on speculative trading and illegal activities.

Additionally, among the typical cases released simultaneously, there is one case concerning the lack of legal protection for cryptocurrency investment and trading activities. This means that while holding cryptocurrencies is allowed and their value is recognized, if there are disputes arising from investment and trading, sorry, the court will not accept it.

This has been the consistent attitude of judicial rulings in recent years. It is highly likely that legislation is moving in this direction: recognizing property rights allows for the legal disposal of confiscated coins while imposing restrictions on investment and trading activities.

Web3 practitioners are most worried about legal security. The clown who was gaining traffic yesterday and his project have already been blacklisted and blocked.

I have整理了下 official policies:

Although it is unrealistic to completely open up, legislation regarding cryptocurrencies in mainland China is actually on the way, especially with the passing of the U.S. GENIUS stablecoin regulatory bill and Hong Kong's stablecoin regulatory bill, along with the future passage of the CLARITY bill, which will likely accelerate this process.

This year, the Central Political and Legal Work Conference clearly proposed to conduct legislative research on several emerging fields, including virtual currencies. The timing from research to implementation coincides with the 14th Five-Year Plan period.

If you pay attention to the major research topics of the Supreme Court in the past two years, you will find that there are relevant contents on "virtual currencies" every year:

The topic for 2024 is "Research on the Disposition of Involved Virtual Currencies," with participating research teams located in Chongqing, Beijing, and Shenzhen. The 2023 topic is "Research on the Legal Nature and Judicial Protection Path of Virtual Property," with participating teams located in Guangzhou, Yancheng in Jiangsu, and Chengdu, all key areas in the cryptocurrency space. Generally, research support is often conducted in the form of related topics before legislation.

The topic for 2024 will not conclude until the fourth quarter of this year, but the topic for 2023 has already concluded last December.

The Guangzhou Internet Court held a press conference in April this year on "Analysis of Civil Judicial Protection Paths for Network Virtual Property and Typical Case Reporting," releasing the "Research and Analysis Report on the Legal Nature and Civil Judicial Protection Paths of Network Virtual Property" and the "Top Ten Typical Cases of Network Virtual Property Disputes," which are basically the results of the topic.

The report classified NFTs and cryptocurrencies as network construction-type virtual properties, qualifying them as a type of creation that includes both data creation and value creation. The value is virtual in nature and has characteristics of both property rights and creditor rights, allowing the rights holder to have exclusive possession, use, benefit, or disposal of the virtual property.

The recognition of property rights for cryptocurrencies is a positive development for holders, providing a greater sense of security. However, one should not be overly optimistic, as the report still mentions that the value recognition disputes of virtual property related to cryptocurrencies can easily lead to financial risks. It emphasizes the need for collaborative regulatory departments to strengthen risk prevention in key areas such as NFT digital collectibles and digital currencies, and to crack down on speculative operations and illegal activities.

Additionally, among the typical cases released simultaneously, there is one case indicating that cryptocurrency investment and trading activities are not protected by law. In other words, holding cryptocurrencies is allowed and their value is recognized, but if there are any disputes arising from investment trading, then sorry, the court will not accept it.

This has been the consistent attitude of judicial rulings in recent years. Legislation is likely moving in this direction: recognizing property rights allows for the legal channels to handle confiscated coins while placing restrictions on investment trading activities.

The wave of ETFs and corporate reserves has increased the BTC holdings of traditional institutions and companies. So what's next?

Those holding BTC assets should consider the issue of staking and financing.

Considering compliance, the first choice is still Cefi platforms, and various crypto banks should start to grow stronger. Just a few days ago, JPMorgan announced that starting in June 2025, customers will be allowed to use assets like BlackRock's iShares Bitcoin Trust (IBIT) as loan collateral.

However, after the FTX incident, it is expected that there will be strict restrictions on revolving loans. Speaking of this, if BlockFi hadn't gone bankrupt back then, it might have been thriving again.

In the past two days, the trading volume of the Binance wallet jumped from 8.9b on the 6th to 12.5b on the 8th, setting a new historical high. Looking specifically at the trading volume of individual coins, it is clear that it is related to the koge pool. After the koge pool was withdrawn yesterday, the daily trading volume of the Binance wallet fell back to 9.37b. Calculating the average trading volume per address is over 37,000, returning to the 15-16 point range. Small investors can continue to enjoy their activities happily.

However, the number of trading addresses in the Binance wallet continues to grow by several thousand daily, and with many users, the only way to maintain this is to increase the volume of transactions.
Recently, the low-fee koge pool issue combined with retail investors' dissatisfaction with studios has made it urgent to adjust the Alpha rules.

The upcoming new rules for Binance Alpha are uncertain in terms of improvements, but from last night’s zero points to receive SERAPH, it is clear that Binance definitely hopes to protect the interests of ordinary retail investors, as continually attracting new users has always been their goal.

I hope they can increase the value of holding BNB and set a limit on point accumulation to avoid disruptions to the rules from low-fee pools. Let's wait and see how things develop~

Is Koge being questioned by Binance?

The low fee pool has been removed.
The V4 pool with the largest TVL is also at a rate of one hundred thousandth.
It may not even be routed to.

After being busy for another half month, let's talk about the certain and potential changes in the market for the second half of the year. I'll share my thoughts on the market trends, Alpha, MEME, and the altcoin season.

First, let's discuss the high-certainty events. Currently, the market's expectation for interest rate cuts is mostly after September, so the third quarter may continue to see range-bound fluctuations, and major market movements will likely have to wait until the fourth quarter, unless an unexpectedly early interest rate cut occurs.

In addition to interest rate cuts, the implementation of tariffs and the passing of the CLARITY Act may also stimulate some small market movements.

Now, regarding potential changes, there may be many small opportunities in the third quarter. When the market is boring, there are always those who can't sit still; where there is demand, there is a market, making it easier to gain exposure during such times.

Binance's Alpha activities are likely to continue, as queuing for token listings is still a good option for projects, although the threshold will be raised and the rules will be adjusted.

MEME has recently shown some signs of activity, especially on the BNB chain. On Solana, in addition to memes, some application-based projects, such as games, can be monitored. InfoFI projects represented by Kaito may come up with more ways to engage, and within this sector, projects with excellent recommendation algorithms can be focused on.

As for the altcoin season, I still believe it will happen because the demand for liquidity overflow remains, but it's not the same as before; it won't be the exaggerated market conditions of 2021.

#MEME #BNBChain #SOL

Thank you crypto!

Binance Alpha took the $LA selling flight, raise your hand 🙋

Upon realizing, I see that large funds are entering the contract market. The initial circulation is low, basically just airdrop portions, and they are concentrated sell-offs, making it easy to collect chips. Coupled with the favorable news from CB and Bithumb, and with the contract short positions being so saturated, it really feels like a profitable bite here～

As for the funding rate, those wanting to short should observe first. Even if it doesn’t rise, it can still be supported to earn the funding rate. Although large funds have seen a slight withdrawal, there are no signs of a massive exit yet.

Yesterday, the brothers left Binance Alpha again, and as expected, the threshold for Alpha points has increased (223 EDGEN and 210 SQD last night). Data doesn't lie.

There's a bad news and a good news, which one do you want to hear first?

The bad news is that the number of active addresses in the Binance wallet has reached a new high again today, at 201,539, and the trading volume has also hit a new high of 9.54 billion;

The good news is that the average trading volume per person hasn't increased much, with an average daily transaction of 47,355 USD per address (it’s still about the 15-16 range), and even considering the threshold of 223 points, an average airdrop profit of 70 USD suggests that the 16 range still looks the most suitable.

Just be prepared for a decrease in future returns.

For Alpha to last, it just needs the airdrop frequency to keep up with user growth. With Binance's current influence and Alpha's popularity, there shouldn't be a lack of projects, so it should still be able to sustain for a while.

SQD is stable at 90 USD, which meets expectations, but $EDGEN is significantly below expectations. LayerEdge is a ZK-based Bitcoin L2 project with a total supply of 1 billion. The amount of Pre-Seed round financing has not been disclosed, but the community round started with a valuation of 20 million. The current price is only 0.023 USD (FDV 23 million), and there's little room to drop further. Although 1,111 units only amount to 25 USD, and it's still on the ETH chain, the number of claimants is very few. The potential value for reissuance has currently exceeded 100 USD. It seems everyone has become smarter and wants to observe for a while before deciding whether to claim.

#BinanceAlpha @binancezh

Want to see the data of RWA projects, whether it's Defillama or https://t.co/h7vBa2oPoc, the largest TVL is BlackRock's BUILD.

In fact, there are many RWA projects in the market that have not been included, why?

Most likely due to the review process, the proof of off-chain assets and the liquidity issues of off-chain assets are both challenges, regulatory lag, and there are no compliance standards, leading to higher counterparty risks.

Relatively easier to implement are financial assets with better liquidity such as deposits, government bonds, equities, and options.

However, RWA also has positive aspects:
It addresses the issue of asset accessibility for those who hold stablecoins but want to conveniently obtain risk-free returns, those who want to buy US stocks but find it inconvenient to open accounts on platforms like Robinhood, those who want to invest in real estate in a certain location but lack convenient channels or enough capital... it solves the pain points for these individuals, or is more cost-effective on-chain after considering transaction costs.

This demand truly exists, but the total amount may be overestimated. Many RWA projects directly consider the entire scale of offline assets as the potential market size, which is indeed somewhat exaggerated. A cautious and prudent approach is better.

I just looked at the data. The number of people trading on the BNB chain using the Binance wallet has increased from over 60,000 on the 15th to over 170,000 now, an increase of more than 100,000 in 15 days.

The overall number of active users on BNB's DEX has grown from 250,000 on the 15th to over 380,000 now. However, the overall trading volume on Alpha is slowing down and has hit a bottleneck.

If we look at the curve of trading volume per user, we can see a downward trend. This indicates that the newly added users in recent days are not generating as much volume overall as the older users. In the future, if the pie doesn't get bigger (increasing airdrop and TGE frequency), then these new users with small trading volumes might face the awkward situation of being kept at the threshold, or they might just be playing with small funds, focusing on participation.