Web3共识

Common Risks When Launching Projects
MEV Sandwich Attack: Attackers can monitor the public chain mempool and insert their buy and sell orders before and after user transactions, 'sandwiching' your transaction. For example, an MEV bot can buy before you and then sell after you, causing your transaction slippage to skyrocket while they achieve risk-free arbitrage.

Bot Front-Running: Some automated bots pay higher fees to seize the order of block packaging, thus completing transactions first. For example, when a user places a low-price order, a front-runner jumps the queue to place their transaction ahead, buying or selling first, causing the original transaction to fail or forcing it to endure poor pricing.

1. How does PumpSwap restructure the Solana MemeCoin launch landscape?

1.1 From 'Dual-phase Fracture' to 'Seamless Closed Loop'

Old Model Pain Points: Once the token's market cap in Pump.fun reaches 400 SOL (≈60,000 USD), it must be manually migrated to Raydium, paying a 6 SOL migration fee and averaging 15 minutes, leading to a drop in interest.
New Protocol Upgrade: PumpSwap launched in March 2025 enables automatic instantaneous migration, eliminates migration fees, and directly creates liquidity pools, compressing the token lifecycle into a single process of 'launch-trade-distribute'.
1.2 Disruptive Innovation in Economic Model

2. Sniper Dilemma: Why is controlling 95% of chips a survival necessity?

Based on 1723 Collapsed Projects Retrospective: Developers Who Chose the Wrong Track Average a Loss of 37.5 SOL,
While Successful Ones Rely Not on Technical Advantages — But on Clear Role Recognition

1. Issuance Mechanism and Permission Control
| Dimension | Internal Trading (Pump.fun) | External Trading (CiaoTool, etc.) |
| Token Attributes | Fixed Supply of 1 Billion, Precision Cannot Be Modified | Custom Quantity, Precision, Name |
| Initial Distribution | Tokens All Enter Joint Curve Pool, Developers Need to Buy to Obtain Holdings | 100% Tokens Directly Transferred to Creator's Wallet |
| Permission Management | No Issuance/Blacklist Function, Contract Permissions Belong to Pump Platform | Developers Have Full Permissions (Can Issue More, Freeze Addresses) |

“在这里，一个特朗普推特能让代币三分钟暴涨100倍，而一条鲸鱼卖出可让市值归零 — — 欢迎来到加密世界最疯狂的流动性赌场。”

 一、Pump内盘：MEME币的“流水线工厂” 

核心机制
-零门槛造币：用户支付0.02–0.05 SOL即可创建固定10亿供应量的代币，初始价格锁定0.000000028 SOL（约$0.00004）。 

双阶段发射：
内盘阶段：通过联合曲线模型构建虚拟资金池，当代币市值达$69,000时自动触发发射； 
外盘阶段：流动性迁移至Raydium，LP代币永久销毁防跑路。 
庄家困局：开发者（DEV）初始无代币，必须公开市场购买，但90%项目在内盘市值达80%时抛售离场。

| 指标 | 数值/现象 | 风险提示 | 
| 平均代币寿命 | 外盘阶段<48小时 | 70%项目“发射即巅峰” | 
| 头部项目市值占比 | 前1%占据85%流动性 | 长尾代币流动性接近枯竭 | 
| 单日新增代币 | 峰值超20,000个 | 同质化竞争白热化 |

 二、实战指南：GMGN数据驱动的狙击策略 

核心指标解读
1. DEV动向监测
 — 通过GMGN追踪部署者钱包：若DEV持仓成本低于市价30%且未离场，存在拉盘可能； 
 — 警惕“三件套齐全但DEV隐身”项目（推特+电报+网站完备却无互动）。

2. 换手率与价格象限
markdown
 | 价格位置 | 换手率 | 信号意义 | 操作建议 | 
 — — — — — — — — — — — — — — — — — — -— — — — — — — — -
 | 低位 | <2% | 主力未进场 | 观望 | 
 | 低位 | 5%-8% | 主力吸筹 | 分批建仓 | 
 | 高位 | <4% | 锁仓拉升 | 持有至换手>15% | 
 | 高位 | >25% | 主力出货 | 立即清仓 | 

案例：TRUMPWIF代币因特朗普政策利好+换手率骤增至12%，1小时内暴涨100倍

3. 上车/下车黄金法则

三不碰原则：
国人主导盘（易现集体抛售） 
老鼠仓持仓>50%项目（控盘风险极高） 
热度消退但换手率畸高盘（接盘信号） 
三必跟信号： 
 欧美KOL超前喊单+低老鼠仓占比（<10%） 
  突发社会热点（如总统选举、科技突破） 
 回调中DEV钱包仍持续买入

三、黑暗森林：庄家收割的六重陷阱 
1. 虚假繁荣工厂 
机器人刷量：DEV用PandaTool等工具伪造交易量，吸引跟风盘后抛售。 
 网站克隆术：同一IP批量生成“精良官网”，查重工具显示超百个雷同站点。

2. 内盘即死诅咒
 当内盘进度达85%时，DEV平均收益达5倍，超60%项目选择此时rug（跑路），散户需用PlonkBot机器人抢跑离场。
3. 鲸鱼围猎场
巨鲸通过GMGN监控散户密集止损位，联合砸盘触发连环清算； 
反制策略：设置阶梯止盈（每涨20%卖出10%），避免全仓挂单。

四、生存进化：顶级玩家的武器库 
战术级工具
GMGN雷达：实时监测DEV持仓变化、老鼠仓分布、链上大单动向。 
PandaTool套件： 
防夹刷量模块：维持首页曝光（每笔交易间隔15–30秒模拟真人）； 
自动拉盘机器人：市值达$30,000时触发买入推升至“山丘之王”位。 
土狗网站查重：检测站点IP关联性，过滤流水线仿盘。

认知升级
叙事＞技术：成功MEME需叠加三重叙事 — — 名人背书（如特朗普）、社会情绪（如反建制）、病毒符号（如狗头表情）。 
社区接管（CTO）：当DEV消失时，若社区自发组织宣传（如DJCAT项目），仍有逆袭可能。

终极警示：Solana生态十字路口的生存法则
> “Pump.fun已为Raydium贡献3460亿美元交易量，但当特朗普概念币泛滥，超$10亿资金逃离Solana — — 狂欢正在变成葬礼。”
两条出路
1. 跟紧ETF叙事：Solana ETF若通过（当前概率34%），或引数十亿美元对冲基金入场； 
2. 刮骨疗毒：遵循Solana联创Toly主张，抛弃短期投机，重建开发者生态。

幸存者宣言
> “在这里，你要么学会用GMGN预判DEV的预判，要么沦为K线里的一粒尘埃。记住：低换手率+高社会情绪=机会，高换手率+低社区共识=坟墓。”

数据来源：Defillama、GMGN、Dune Analytics 
风险提示：MEME币属高风险投机品，本文策略仅作技术探讨，不构成投资建议。

Binance founder Zhao Changpeng (CZ) recently stated that it is a key time to develop a decentralized perpetual contract exchange (DEX) that supports dark pool models. This perspective directly addresses the market efficiency issues caused by the exposure of large orders in the existing DEX architecture, and points out that cryptographic technologies such as zero-knowledge proofs can achieve better transaction privacy protection.

I. The Transparency Dilemma of Existing DEX
CZ points out two core issues in the analysis:
1. Order pre-knowledge risk
— Public mempool completely exposes large buy and sell intentions, leading to front-running
— Instance: A trader's $100 million BTC perpetual contract position on Hyperliquid was targeted for liquidation price leakage, facing specific attacks from counterparties

> A collision between presidential power and the judicial system is tearing open the undercurrents of global capital flow.
▍Judicial Hammer: Presidential Tariff Authority Faces Historic Restrictions
On May 29, 2025, three judges of the U.S. International Trade Court unanimously ruled that the global tariffs imposed by Trump under the International Emergency Economic Powers Act (IEEPA) were an overreach of power, issuing a permanent injunction. The ruling pointed to the core: 'IEEPA does not authorize the president to issue global, retaliatory tariff orders'—this heavy blow not only denied the legality of 'reciprocal tariffs' but also severed the president's path to unilateral taxation bypassing Congress.

The altcoin season of institutional capital, from undercurrents to front-stage revelry
I. Major Players Entering: 'Crypto Asset Allocation' by Listed Companies Becomes a New Necessity
In May 2025, DWF Labs managing partner Andrei Grachev continuously released key signals: the company has initiated a 'strategic reserve plan', with public wallet addresses densely transferring into various altcoins, and claimed 'now is the golden window for institutions to build long-term positions.' What further shook the market is its latest prophecy: 'Nasdaq-listed companies will ignite a fundraising wave targeting altcoins.'
This judgment is not unfounded. On-chain data shows that DWF Labs itself has been aggressively buying in the secondary market, aiming to create the world's largest publicly available altcoin investment portfolio. On the traditional capital side, institutions like BlackRock and VanEck have already paved the way through Solana ETF applications, and the Chicago Board Options Exchange (Cboe) pushed for four SOL ETFs to enter the SEC review process in May. The 'marriage' between listed companies and altcoins is moving from the fringe to becoming a mainstream strategy.

Now the whole network is following the trend of speculating various animal coins, as if not hoarding a few 'Shiba Inu' or 'Dogecoin' will lead to being abandoned by the times. Of course, what more people are calculating in their hearts is probably 'what if I get rich?' But the meme coins you risk your savings on could just be a harvesting machine casually created by some anonymous player during breakfast — and you are just the fuel for that machine.
At this point, someone might ask: since blockchain claims that 'everyone can create a coin', can I, a complete novice who doesn't even understand what code is, casually create a new concept in the crypto world?
Not only can it be done, but it's faster than you can imagine!

On May 21, 2025, the news of the Hong Kong Legislative Council passing the (Stablecoin Regulation Draft) caused a stir in the trading floors of Wall Street in New York and the City of London. Almost simultaneously, the US Senate passed the first federal stablecoin regulatory bill, the GENIUS Act, while the EU accelerated the compliance process for euro stablecoins under the MiCA framework. This 'stablecoin arms race' spanning China, the US, and Europe is pushing Hong Kong to the core battlefield of the global digital finance map.

1. Regulatory innovation: Hong Kong's ambition of 'multi-currency stablecoins'
Hong Kong Legislative Council member Wu Jiezhuang pointed out that Hong Kong's stablecoin strategy should not be limited to the Hong Kong dollar but should expand to diversified pegged assets like offshore RMB and euros, to build a 'multi-currency stablecoin hub'. This idea is directly reflected in the design of the (Stablecoin Regulation):

In the DEX world, everything is transparent, and everything speaks through data.
Behind the data, there is one most intuitive and decisive indicator of 'first impression' — trading volume (Volume).
With the rapid development of the Solana ecosystem, more and more projects choose to create initial trading pairs with a USD1 base, enjoying the advantages of low slippage and high compatibility. However, at the same time, they encounter a common cold start dilemma:
The pool is built, but no one is trading. The data looks bad, and the heat can't be generated.
Volume ≠ Trading? Actually, you can guide it.
In centralized exchanges, trading volume is often closely tied to 'market makers'; in DEX, although there is no order book and matching system, it doesn’t mean you are powerless.

The community token issuance event of the famous Japanese artist Yua Mikami has recently stirred up a storm due to rumors of "team arrests." This controversy surrounding "regulatory arbitrage between China and Japan" not only reflects the compliance dilemmas of celebrity tokens but also exposes the gray areas in cross-border operations of Web3 projects. This article analyzes the deeper logic behind this storm from three aspects: event context, legal boundaries, and industry impact.
1. Event Source: From Token Crash to 'Cross-Border Arrest' Rumors
In May 2025, the team of Yua Mikami issued the token $MIKAMI on the Solana chain, raising approximately 3 million USD. The project claimed that the funds would be used for its metaverse content development and fan economy ecosystem, but after the token's launch, its price plummeted by 90%, triggering investors to seek rights protection. Subsequently, the Twitter account @cryptobraveHQ revealed that: "The Chinese token issuance team has been arrested in Japan," accusing the team of illegally raising funds by exploiting legal loopholes in Japan.

On May 19, 2025, Binance Alpha announced the launch of the modular blockchain project SOON's token $SOON, which is seen as a landmark event for the Solana ecosystem's expansion into Layer2. SOON aims to achieve breakthroughs in performance and cross-chain interoperability with its narrative of 'decoupling SVM + modular architecture,' but the hidden risks of its $22 million financing and market competition pressure have raised doubts about its valuation bubble.
1. Technical Breakthrough: The Ambition and Bottlenecks of Modular Architecture
SOON's technical architecture is built around three core components:
SVM Rollup Execution Layer: By decoupling the Solana Virtual Machine (SVM) from native consensus, SOON's mainnet achieves a block time of 50 milliseconds and a throughput of 30,000 TPS on Ethereum, more than five times the improvement over Optimism and other OP Rollups. Key technologies include Merkle root compression verification, distributed node horizontal scaling, and low-cost settlement solutions compatible with multiple DA layers.

Believe is a Web3-based SocialFi platform aimed at revolutionizing project financing and social interaction through blockchain technology, allowing users to create and launch crypto tokens via social media (mainly on the X platform) and build decentralized community-driven ecosystems. Below, we quickly introduce Believe through five aspects: platform overview, core functions, features and advantages, application scenarios, and challenges.

1. Platform Overview
Believe, originally named Clout, was renamed Believe by founder Ben Pasternak in early 2025, fully transforming into a Web3 SocialFi platform. The platform operates on the principle that 'attention is an asset, and retail investors are the talent scouts,' aiming to disrupt traditional venture capital (VC) models by enabling ordinary users and developers to directly participate in project creation and financing through social interaction and tokenization. Believe's native token, LAUNCHCOIN (with a market value of approximately $257 million in May 2025), is central to its ecosystem and widely used for incentives and trading.

In 2023, the TRUMP coin (MAGA), related to Trump, once surged over 2000%, becoming a phenomenal 'political Meme' asset. The issuance of the Truth Social token is seen as a key step for Trump's camp to deeply bind with the crypto community.
Traffic Explosion: Truth Social boasts millions of conservative users, and the token can be directly used for tipping, content incentives, and election fundraising on the platform, with a user base far exceeding ordinary Meme projects.
Political Narrative: As the U.S. elections reach a fever pitch, the token may become a new tool for Trump's 'grassroots fundraising', echoing his campaign declaration of 'supporting cryptocurrency'.

Summary
In 2025, the Trump administration's renewed emphasis on tariffs is reshaping the global economic landscape, with particularly evident impacts on the digital asset market. Tariffs, initially intended to protect domestic industries, have second and third order effects that ripple through financial markets, monetary policy, global capital flows, and technology supply chains, all of which are closely related to the crypto economy. This report will delve into how tariffs impact the crypto market, focusing on liquidity, the mining economy, capital flows, monetary fragmentation, and Bitcoin's new role in the global financial order.
1. Background: 'America's Ponzi' and Global Capital Flows