小黄人大眼萌

The new L1 blockchain has become popular, Hyperliquid and Sui.

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As of June 3, Hyperliquid's fully diluted valuation (FDV) shot up to $36 billion, surpassing Sui's $33.1 billion, ranking 11th and 12th respectively.

Today, let's look back at how these two 'heroes' stepped onto the peak step by step:

1. Market Entry Strategy: One 'Big Bang', One 'Slow Burn'

Hyperliquid: A stunning 'Big Bang'. Hyperliquid aimed to create a big splash from the very beginning. It targeted the establishment of a decentralized exchange (DEX) with an on-chain order book as fast as a centralized exchange (CEX), capable of clearing 100,000 orders per second, a speed that is simply lightning-fast. However, they didn't take the usual route; they didn't seek venture capital and didn't rush to mainstream exchanges, but quietly developed a great product, followed by a massive airdrop: 30% of HYPE tokens (valued at about $1.2 billion) were given directly to early users at TGE, with the remaining 70% used to continuously incentivize users.

Babylon @babylonlabs_io is a Layer 1 blockchain project that aims to bring the security of Bitcoin to the PoS blockchain world. The goal is to make Bitcoin a trusted security assurance on PoS chains.

Babylon was founded in 2022 by Stanford University professors David Tse and Dr. Fisher Yu. The team includes experts in consensus protocols and engineers specializing in Layer-1, as well as industry leaders like Sunny Aggarwal, co-founder of Osmosis, and Sreeram Kannan, founder of EigenLayer, serving as advisors. They aim to solve the problems of Bitcoin's inability to support smart contracts and its poor scalability, while also protecting PoS chains from long-range attacks.

This month, the world's largest cryptocurrency exchange, Binance @binance, announced a $2 billion investment from the Middle Eastern Abu Dhabi investment firm MGX @mgx_ai, marking a significant investment.

For Binance, this is the first time it has accepted institutional investment since its inception, and it is also the largest single investment in the history of the cryptocurrency industry, fully paid in stablecoins, setting a new industry record. This investment has far-reaching implications for both Binance and the Middle Eastern parties involved, resembling a meticulously planned power game that hides enormous wealth codes.

In the past five or six years, the DeFi ecosystem has experienced rapid development.

From the initial decentralized exchanges and lending agreements to today's complex businesses covering liquidity pledge, leveraged products, derivatives, etc., DeFi has become an important part of the blockchain field.
Behind this, the role of oracles is becoming increasingly prominent.

1. The rise of DeFi and the importance of oracles

The early DeFi ecosystem was mainly centered around decentralized exchanges and lending protocols, such as MakerDAO @SkyEcosystem, Uniswap @Uniswap, Compound @compoundfinance, and Aave.

Against the backdrop of global economic instability and tightening monetary policy, Bitcoin's safe-haven properties have become increasingly prominent.

Whether it is the inflow of institutional funds or the change in the government's attitude towards cryptocurrencies, it suggests that Bitcoin is gradually moving from a fringe asset to the mainstream investment field.

The current market turmoil may be the best time to enter Bitcoin, the digital gold. Bitcoin is standing at a crossroads. Crisis, crisis, but there are opportunities in crisis.

It is like institutions and retail investors, who seem to live in different worlds, and their perceptions of the current market are completely opposite. Why is there such a big contrast between institutions and retail investors? Institutional investors are very optimistic about cryptocurrencies, and they have been buying them since the beginning of this year.

Sometimes when we publish works on the Internet, we often face several dilemmas. Valuable content may be used by platforms, spread secondarily, or even taken by AI companies for model training, but the original authors either know very little or find it difficult to receive fair compensation.

The transaction threshold is particularly high. If one wants to authorize or sell IP, it often requires negotiating through intermediaries or platform parties and signing cumbersome contracts, which is time-consuming and labor-intensive. Modern creation often requires a large amount of external resources and multi-party collaboration. The existing system's transaction process is inefficient and lacks flexible management of multi-party rights.

Historically, the development of financial markets has been closely linked to the creation of credit. In the past, financial activities were limited to small communities, but this changed dramatically during the colonial era with the advent of fractional reserve systems and joint-stock companies.

In the 17th century, institutions such as the Swedish central bank and the Bank of England adopted fractional reserve systems. By holding only a small fraction of deposits as reserves while using the rest for loans and investments, they facilitated credit creation and stimulated economic growth. This innovation played a crucial role in establishing Britain as a global financial power at that time.

Recently, the Chinese AI startup DeepSeek @deepseek_ai has garnered significant attention, from its launch to its performance rivaling GPT, showcasing the strength of the Chinese team in the AI world.

The journey of DeepSeek began with the release of DeepSeek Coder in November 2023, an open-source model designed specifically for coding tasks. This was followed by DeepSeek LLM, a 67B parameter model aimed at competing with other large language models. DeepSeek-V2, launched in May 2024, drew attention for its strong performance and low cost, triggering a price war in the Chinese AI model market. This disruptive pricing strategy forced other major Chinese tech giants like ByteDance, Tencent, Baidu, and Alibaba to lower their AI model prices to remain competitive.

In 2025, we want to be the "Emperor of the Chain". Recently, the traffic on the chain has exploded, and the Trump narrative has emerged. Meme coins have become the biggest dark horse in this round of bull market! However, the operation on the chain is difficult. Today, I will make a tutorial on how to use GMGN to play meme coins (no Guangzi)

GMGN is a website that combines Meme coin data dashboard and trading tools. On-chain transactions are activities and transactions conducted directly on the blockchain, independent of centralized exchanges such as Binance and OKX. Usually, only the token address (CA) is needed to buy. Paste a string of letters like "FUAfBo2j·······NucisEHqnNebaRxM1P" in the GMGN search box to find this token.

The development of narratives is similar to that of novels, with plots having lows and highs, certainly accompanied by various controversies, just like there are some who question whether the AI x Crypto trend is just riding the coattails of the rapidly growing AI industry without substantial use cases.

However, in terms of data and popularity, this trend is surpassing memes and is also creating tangible applications. Infrastructure like TAO, which promotes decentralized AI, is on the rise, along with decentralized GPU markets that are crucial for AI computation.

Currently, AI agents are excelling in market analysis, trade execution, and social media user interactions. However, to achieve greater scalability, agents need access to a broader range of information. For instance, to act on behalf of individuals by understanding their preferences, hobbies, and values, agents must handle data related to personal privacy. Even for non-personalized applications, agents need access to sensitive data that is typically difficult to obtain, in order to permeate various aspects of life.

"Humanity is what it is because it uses tools."

From an evolutionary perspective, the development of living organisms is mainly achieved through two methods: unit enhancement and organizational enhancement. These two enhancement methods complement each other, enabling life to possess more diverse and complex forms of expression. Just like an Agent—we hope it is an intelligent entity capable of independent thought and interaction with its environment in any system.

The success or failure of Agents will be key in determining whether this GPT revolution is a new generation of industrial revolution.

The term Agent originates from the Latin word Agere, meaning 'to do.' In the context of LLM, an Agent can be understood as a type of entity capable of autonomous understanding, planning decisions, and executing complex tasks.

Written on December 30, 2024.

Three million years ago, at the beginning of the Paleolithic period, Homo sapiens made the earliest stone tools, which they then used to hunt animals and cut meat for burning.
Twenty thousand years ago, at the beginning of the Middle Stone Age, in addition to the more diverse stone tools made by humans to capture prey, stone carvings and stone ornaments began to appear to meet the spiritual needs of users.
Fourteen thousand years ago, in the Neolithic Age, represented by polished stone tools, humans learned to sow plant fruits and raise wild animals in captivity, thus giving rise to farming and animal husbandry, which is known as the "first agricultural revolution."

随着人工智能的发展，未来的人工智能不仅能力强大、无处不在，而且从本质上说应该是公平、公正，人人都能使用并且简单使用。不用说未来，当下，人工智能已经成为改善生活和提高效率的通用工具。

Sahara AI @SaharaLabsAI ——一个支持开放、透明、安全和包容的人工智能生态系统的去中心化人工智能区块链平台。Sahara AI的核心是“人工智能资产”的概念，这是一个新颖的框架，它定义了私人人工智能资源的所有权和管理协议。

Sahara AI利用区块链技术和隐私保护方法为AI资产开发了强大的来源基础设施。该基础设施保护数据隐私并确保公平补偿，同时强调用户控制其AI资产的重要性。通过使人工智能开发过程民主化并降低现有系统的进入门槛，Sahara AI为个人、企业和社区提供了平等的机会，共同建设人工智能的未来。

平台鼓励去中心化管理和社区驱动的创新。这种方法确保Sahara AI不仅能适应AI社区不断变化的需求，还能引领制定道德和公平的AI实践新标准。通过提供开发AI的协作环境，Sahara AI让个人、中小型企业和企业能够共同合作、分享想法，并从全球社区的集体智慧和创造力中受益。

Sahara AI平台建立在三大基础支柱之上：主权和出处、AI实用性和协作经济。这些组件共同构成了一个有凝聚力的平台，每个参与者都可以贡献、协作和受益。

在不断发展的AI领域，Sahara AI强调主权和来源是关键原则，应定义AI资产及其开发流程的所有权、管理和治理方式。这些概念确保AI开发周期的所有阶段都以去中心化、透明和包容的方式进行。

Sahara区块链采用权益证明共识机制，专注于提供一套AI原生功能来支持应用层并与执行层无缝协作以实现强大的AI效用。利用Tendermint算法实现拜占庭容错共识。这确保了高度的容错能力，并使网络即使在存在恶意节点的情况下也能达成共识。此外，Sahara区块链采用模块化设计，在管理领域提供灵活性并支持可扩展的解决方案。

模块化设计支持水平可扩展性和链下扩展解决方案，比如第2层解决方案。计划支持汇总解决方案，以减轻主链上的负载，进而确保在需求增长时实现高效的可扩展性。旨在保持高水平的安全性和去中心化，同时提供强大的解决方案以增加未来的使用率。

Sahara区块链采用高效的费用结构，以最大限度地降低交易成本。通过优化交易批处理和利用动态费用机制，我们的目标是即使网络需求增长，Gas费也能保持经济可行性。

Sahara AI的经济体系旨在创造一个协作、公平和有回报的环境，让所有参与者都能从自己的贡献中受益。无论是运营节点、贡献知识和数据、微调模型还是构建自主代理，Sahara AI都能确保公平的报酬、透明的交易和包容性的参与。

AI资产投资模式Sahara AI通过采用创新的投资模式进一步增强了协作经济。允许用户投资资本、数据、计算和AI技术专业知识等资源，以换取AI模型、代理和应用程序的股份。微软和亚马逊等主要GPU/云巨头的策略，他们投资于OpenAI和Anthropic等基础模型公司。这些巨头提供GPU资源以换取股份，这在未来确保了他们在AI进步中的既得利益。这种方法不仅为AI 开发人员提供了必要的计算能力，还将硬件供应商的利益与基础模型公司的成功结合起来。

因此，它创造了一个互惠互利的生态系统，加速了AI创新，同时有可能重塑行业动态。通过将这种模式扩展到整个AI生命周期，Sahara AI丰富了协作经济，使其更具活力和包容性。

Sahara AI采用双重增长飞轮模型来推动Web3生态系统和AI生态系统的可持续和可扩展增长。这种双重方法确保Web3生态系统和AI生态系统在自我维持循环下无缝协同工作。

AI生态系统的增长飞轮始于发布和参与AI相关任务的开发人员。这些AI相关任务吸引知识提供者与生态系统内创建AI资产的开发人员合作。创建的AI资产随后吸引消费者，消费者为AI资产的收入增加做出贡献。收入的增加引起了投资者的兴趣，从而导致股价升值。这种升值引发了开发人员净利润的上升，进而吸引更多开发人员加入生态系统。开发人员的不断涌入带来了更多创新，进一步推动了有价值的AI资产的创造，并延续了AI生态系统的增长周期。

Web3生态系统的增长飞轮始于开发人员，他们通过在 Sahara区块链上构建应用程序来推动产品创新。这种创新加速了用户参与度，吸引了更多用户加入该平台。用户参与度的提高有助于促进生态系统的繁荣，从而增加交易数量。随着交易的增长，基础服务的收入也会提高。收入的提高吸引了更多运营商和验证者加入生态系统，从而进一步增强了基础设施的稳定性。反过来，稳定的基础设施会吸引更多的开发人员，推动进一步的产品创新并延续增长周期。

协同作用AI和Web3生态系统紧密相连，开发者是两者的核心。在AI生态系统中，开发者参与AI相关任务，创造AI资产，推动创新和吸引投资，推动开发者进一步成长。更多拥有这些AI进步的开发者随后在Web3生态系统中得到利用，从而增强产品创新和用户参与度。参与度的提高促进了Web3生态系统的交易和收入，进而为更多AI开发提供了稳定的平台，吸引了更多开发者。这种协同作用确保随着每个生态系统的发展，它会支持和加速另一个生态系统的发展，形成一个相互强化的强大循环。

未来，AI爱好者可以登录Sahara AI探索各种AI模块，使用专有数据集微调这些模型，并与社区分享他们的改进。可以完全控制自己的AI资产，确保他们的贡献受到保护，同时仍能获得回报。

数据科学家曾经受到中心化壁垒的束缚，现在可以利用Sahara AI庞大的数据和模型池来推进他们的研究。借助该平台强大的隐私功能，他们可以完善模型并部署解决方案，同时保持对数据和知识产权的控制。

对于企业领导者来说，Sahara AI提供符合其公司特定需求的定制AI解决方案，为他们带来战略优势。他们可以推动组织内部的创新，同时确保数据受到保护，AI资产仍处于他们的控制之下。

随着Sahara AI生态系统的发展，每个人都能在塑造AI的未来中发挥重要作用。这不仅仅是构建一个平台，而是要创建一个去中心化的开放环境，让AI的好处得到公平分享，隐私和对AI资产的控制至关重要。将AI变为一种赋能个人和社区的力量，引导我们走向一个更加互联、安全和公平的世界。

Stablecoins are a stable store of value and a key entry point for various on-chain activities. Today, stablecoins have entered the real world, demonstrating financial efficiency that surpasses traditional banking systems in retail payments, B2B transactions, international remittances, and more.

In emerging markets such as Africa, Asia, and Latin America, the application value of stablecoins is gradually becoming apparent. Their high financial inclusivity enables residents of third-world countries to effectively offset high inflation caused by government instability. Moreover, stablecoins can also participate in global financial activities, gaining access to cutting-edge virtual services such as online education, entertainment, cloud computing, and AI products.

I must admit, when I first came across Hyperliquid @HyperliquidX, I was skeptical. I thought of projects like dYdX, which rapidly expanded their user base through airdrops, but lost momentum over time. I started to think Hyperliquid would be the same, with users leaving after receiving their rewards. But Hyperliquid taught me a hard lesson. Even after the incentive program ended, Hyperliquid's popularity continued to soar. Its community transitioned from being incentive-driven to genuinely supporting the product. The moniker 'on-chain Binance'—it is becoming a reality.

This year, there has been a growing interest in tokenized real-world assets (RWA), especially from institutional investors. Well-known financial institutions such as Citigroup, Boston Consulting Group and Standard Chartered Bank have all released predictions that the tokenized RWA market could reach trillions of dollars in the near future. BlackRock has launched a tokenized treasury fund in partnership with Securitize. PayPal successfully introduced the stablecoin issued in cooperation with Paxos to the Solana network at the end of May. Recently, Stripe acquired the stablecoin infrastructure company Bridge for $1.1 billion.

Tokenized risk assets are not a new concept in the blockchain industry. Risk assets cover a wide range of tangible assets (real estate, etc.) and financial assets (stocks and bonds). Tokenization brings many benefits, such as improved capital efficiency and accessibility, agile infrastructure, automation through smart contracts, and enhanced regulatory compliance and transparency.

Reform is the greatest productivity, from Musk "switching" to Trump in the general election to proposing a team structure with an IQ of 200 working 80 hours a week with no pay.

In the end, the knife of cost reduction and efficiency improvement will be slashed at those institutions that have united to fleece the American people. Last week, when the Starship was launched, Trump went to the scene to support it, which also had a connotation. Since Musk supported Trump's election, Musk has frequently received investigations from various California governments and environmental organizations.

For example, will the recovery of the Starship have any impact on sharks in the sea? If not, then check the whales. If the launch is OK, then check whether the recovery will affect the hearing of seals. Musk's response is also extremely straight. He asked SpaceX employees to tie a seal with headphones when the Starship was launched, and finally used data to prove that the launch would not have a fatal impact on the seal.