Cavil Zevran

面對現實——今天的加密內容要麼是誇大的噪音，要麼是回收的推文，或者是那些從未真正交易過的人複製粘貼的信號。
那不是我。
這不是這個動態。
💡 如果你跟隨我，你將獲得：

🔹 未經過濾的加密市場洞察——真正重要的是什麼
🔹 全球事件解碼——它們如何影響比特幣、山寨幣和你的投資組合
🔹 幣安代幣上市——第一時間、快速且全面解析
🔹 實時交易信號——帶策略和透明度

想象一下。在2020年，一羣菲律賓遊戲玩家發現，玩區塊鏈遊戲可能比從事傳統職業的收入更高。到現在爲止，Yield Guild Games是加密貨幣遊戲行業中最重要的DAO之一。這不僅僅是另一個加密項目。它完全重新思考了遊戲社區合作創造財富的理念。

故事開始於一個簡單的觀察。儘管傳統遊戲公會已經存在了幾十年，但它們從未真正擁有過太多的財力。在經過幾個小時的努力後，玩家會積累有價值的角色和裝備，卻發現它們的價值僅限於封閉的生態系統。通過強調玩家真正擁有其資產的遊戲，YGG徹底改變了遊戲行業。

@Injective $INJ #Injective

Last month, something out of the ordinary occurred in traditional finance. A New York Stock Exchange-listed business surreptitiously said that it was seeking $100 million to purchase a single cryptocurrency. Not Bitcoin. Ethereum, no. They are purchasing INJ, the Injective Protocol's native coin.

Let me explain why this is more important than most people think.

Since I've been reporting on cryptocurrency markets for years, I've seen several initiatives that claim to be able to connect decentralized systems and traditional banking. Most have stunning failures. Those that don't typically find themselves in regulatory limbo or are unable to grow when real demand arises. Injective is unique, and institutional players are now seeing what I saw two years ago, as seen by Pineapple Financial's enormous treasury allocation.

This is a very remarkable technological basis. Injective, a Layer 1 blockchain designed specifically for financial applications, was introduced back in 2018. Take note of what I mentioned about purpose-built. This is not just another all-purpose smart contract platform. The architecture was created from the ground up to meet the unique needs of decentralized finance, including sub-second finality, fast throughput, and transaction fees that are low enough to not reduce trading profits.

Those three elements aren't desirable when you're managing positions or making trades. They are essential prerequisites. Thousands of orders are processed per second by traditional exchanges. A blockchain just cannot compete with centralized alternatives if it is unable to match that speed while keeping costs reasonable. This equation is solved using injective in a method that is practical.

Attention should also be paid to the interoperability aspect. Injective easily integrates with Solana, Ethereum, and the larger Cosmos ecosystem. In actuality, this implies that assets can move across these networks without the cumbersome bridges that have been subjected to several hacks over DeFi. Development is much easier with the modular design than with building on chains, where each component requires unique integration effort.

However, this is when the intriguing part begins. Injective's native EVM layer was just released. The Ethereum Virtual Machine, or EVM for short, is essentially the computational environment in which Ethereum smart contracts operate. Through the addition of native EVM functionality, Injective now facilitates a MultiVM vision in which developers may leverage Injective's superior performance and cost structure while building using well-known Ethereum tools.

This new development layer has already attracted more than 40 decentralized infrastructure and application vendors. That isn't marketing jargon or vapourware. In the upcoming months, these genuine teams will launch their actual goods. This has a significant network impact.

Let's now discuss Pineapple Financial's real operations. This NYSE-listed business is not only making a speculative investment in INJ. They are creating a treasury of digital assets and will use business capital to buy them on the open market. There are several reasons why this is important.

First, it introduces criteria for compliance and regulatory scrutiny that are never encountered by most crypto initiatives. Shareholders, securities regulators, and auditors are the people to whom public corporations report. The management team of Pineapple Financial had to defend this allocation in front of the board and investors. It is obvious that they think the position is justified by the risk-adjusted returns.

Second, there is constant purchasing pressure brought on by open market purchases. This is a continuous transaction. Typically, treasury methods entail accumulation over time, which lowers volatility and provide price support. This institutional support gives INJ investors a level of security that is absent from coins that are only driven by retail.

Third, and maybe most significantly, it shows that conventional financial institutions are prepared to go beyond Ethereum and Bitcoin alone. For many years, institutional adoption required purchasing ETH as the leader in smart contracts or Bitcoin as digital gold. Pineapple Financial's thesis-driven wager on DeFi infrastructure is an example of how conventional participants' perceptions of this market have evolved.

This trend is exacerbated by the impending launch of an ETF. Soon, Injective will provide an exchange-traded fund in the US, giving institutions and individual investors the opportunity to purchase INJ exposure through conventional brokerage accounts. ETFs provide access to a whole new pool of capital, including retirement accounts, wealth management portfolios, and investors seeking exposure without having to handle private keys or navigate cryptocurrency exchanges. You can currently trade cryptocurrency on sites like Binance.

ETFs also provide liquidity and price discovery. INJ will trade alongside equities and bonds when traditional markets open, with market makers offering constant liquidity. Bidirectional flows are created by this connection with legacy finance, allowing traditional investors and cryptocurrency native users to engage inside the same ecosystem.

Real-world assets are the true alpha at this point. Traditional financial assets are being tokenized by Injective in previously unattainable ways. We're discussing foreign currency pairings, equities, commodities like gold, and even more exotic items. Recently, the platform became the first chain to tokenize particular stocks, such as Nvidia stock, and Digital Asset Treasuries.

In actuality, the majority of "RWA" programs discuss tokenization but never implement it. Few teams are able to get over obstacles caused by technological constraints, custody requirements, and regulatory complexity. By bringing these assets onchain with actual liquidity, Injective is surpassing the talking stage.

Consider the ramifications. You currently need a brokerage account with access to US equity markets if you want to invest in Nvidia stock. It takes two days to settle. On weekends, markets are closed. There are further challenges for foreign investors. Tokenized versions are accessible to everybody with an internet connection, trade around-the-clock, and settle promptly. Binance and other platforms that offer these tokenized assets let you to trade them, generating global liquidity pools that aren't present in conventional markets.

The possibilities for foreign exchange is also enormous. With a daily turnover of nearly $7 trillion, the foreign exchange market is the biggest financial market globally. Infrastructure capable of managing institutional size trading would be in high demand if even a small portion of that activity were moved onchain. The technological characteristics of Injective make it ideal for this use case.

Within this ecosystem, the INJ token itself fulfills a number of purposes. Transaction fees, governance choices, and network security concerns are all done using it. Demand is generated naturally as a result, and it is closely linked to platform utilization. More INJ is burnt through fee mechanisms or trapped in staking when trade volume rises. The tokenomics balance the interests of long-term holders, validators, and users.

We are seeing the confluence of several phenomena, including real-world asset tokenization, institutional acceptance, regulatory clarity, and technological development. Injectable is situated where all four converge. The $100 million pledge from Pineapple Financial is more than simply a show of support. It indicates that significant investment in the infrastructure is required.

The upcoming months will reveal a lot. We'll see if Injective can fulfill this ambitious aim once the EVM layer goes live, the ETF debuts, and more RWAs are tokenized. Everything is in its proper place. The difficult thing now is keeping the pledge.

@Plasma $XPL #Plasma

Last year, I recall sitting in a café in Tokyo and witnessing a foreigner struggle to pay for coffee with cash. A QR code was indicated by the merchant. We all waited when the visitor took out their phone and started a stablecoin payment. and bided their time. The cost of the transaction? Almost as expensive as the coffee itself.

This very moment encapsulates the purpose of Plasma.

I'll tell you what sets this Layer 1 blockchain apart from the hundreds of others that make claims to be able to solve payments. Plasma isn't attempting to please everyone. Its sole goal is to enable stablecoin payments on a vast scale, worldwide, and at little cost.

The Architecture That Transforms Everything

Payment processing is viewed as a secondary feature by the majority of blockchains. They emphasize NFTs, DeFi protocols, or smart contracts, and they also assert that payments are functional. Plasma completely reversed this strategy.

Each component was specially designed for payment efficiency by the engineering team. Consider what occurs on the majority of networks nowadays when you transmit a stablecoin. NFT mints, DeFi swaps, and intricate smart contract executions are competitors of your transaction. It's like attempting to send an email across a network while juggling file transfers, gaming, and video streaming.

Payment traffic is segregated into a dedicated, optimized lane by Plasma. Payment finality is given precedence over intricate computation by the consensus method. Every validator is aware that verifying transactions, not carrying out complex smart contracts, is their main responsibility.

In the numbers, this specialization is evident. Plasma handles payment transactions at speeds that make existing networks seem outdated, all the while retaining EVM compatibility for developers. We are referring to confirmation times that are expressed in seconds rather than minutes.

The Reasons EVM Compatibility Is Important

This is when the exciting part begins. Plasma has the option of creating an entirely unique architecture. That's what many payment-focused chains do. Rather, they maintained compatibility with EVM.

This choice demonstrates a thorough comprehension of market dynamics. EVM chains have already been built upon by thousands of developers. Infrastructure, wallets, and tools are already in place. Plasma eliminates adoption barriers by preserving compatibility.

Projects that required everyone to learn new programming languages or tools have caused me to see them fail. Plasma offers payment improvements while allowing developers to utilize well-known frameworks. Your current MetaMask configuration is functional. Your Solidity expertise is applicable. The learning curve almost vanishes.

Under the hood is where the true innovation takes place. Although developers work with well-known interfaces, the underlying architecture manages payments in a unique way. Payment throughput is optimized in block production, mempool management, and transaction routing.

No One Foresaw the Stablecoin Revolution

Stablecoins appeared to be a niche commodity five years ago. They are worth more than $130 billion now. More significantly, in many areas, they are now the standard method of cross-border payments.

Businesses in Southeast Asia that have fully given up on traditional banking channels for foreign transfers are those I frequently talk to. They only utilize stablecoins. The issue? The infrastructure in place was not designed with this use case in mind.

About 15 transactions are processed by Ethereum per second. Congestion erupts when millions of users wish to transmit stablecoins at once. Peak hours saw fees rise to $50 or more. Digital payments' core value proposition is broken by this.

Stablecoin transfers are treated as first-class citizens by Plasma in order to remedy this. The majority of transactions are assumed by the network design to be straightforward value transfers rather than intricate smart contract interactions. Optimizations that are not feasible on general-purpose chains are made possible by this assumption.

Think about the process of a normal stablecoin transfer. Tokens are being transferred between addresses A and B. No intricate reasoning is needed. No complex state modifications are required. Just an update on balancing. This procedure is streamlined to the bare minimum using plasma.

Implementation Challenges in the Real World

Theoretically, building specialized infrastructure seems easy. Numerous difficulties are revealed by the exercise. How can speed optimization be done without sacrificing security? How can centralization be avoided while maintaining low costs?

Plasma takes a straightforward approach to these trade-offs. Although the requirements center on payment processing capacity rather than computing power, the validator set is still permissionless. As a result, the focus of economics is shifted from who has the best technology to who can process payments consistently.

Particular consideration should be given to the fee schedule. The majority of chains employ fee marketplaces based on auctions. Users compete with one another for block space. For DeFi, where transactions might total thousands of dollars, this works. This strategy utterly fails when it comes to payments, particularly in emerging economies.

Plasma uses a cost system that is more predictable. Users are well aware of the cost of transfers. Not a surprise. No unexpected increases. Real business planning around payment infrastructure is made possible by this predictability.

The Impact of Payment Networks on Networks

Strong network effects can be seen in payment networks. The value of transmitting increases with the number of recipients. Users are more inclined to engage when there are more vendors taking money.

These dynamics are recognized by plasma. It gives stablecoin ecosystems the infrastructure they need to grow rather than competing with them. With very few adjustments, major stablecoins like USDC and USDT can function on Plasma.

Similar to how Binance Smart Chain gained traction by supporting pre-existing Ethereum assets, our interoperability approach does the same. Ecosystems are not a choice for users. They can keep their jobs elsewhere and use Plasma to make payments.

Anticipating

Every year, the global payments sector handles more than $150 trillion. In affluent countries, digital payments are growing by 15% annually, while in emerging nations, they are growing by over 25%. This expansion necessitates infrastructure designed for payments, not adapted from general-purpose blockchains.

In certain verticals, Plasma is a wager that specialized chains will perform better than generalist strategies. Plasma optimizes for payments in the same way as DeFi and Binance Smart Chain do for trading.

Think about the infrastructure behind the next stablecoin you transfer. Is the network you're utilizing designed specifically for your use case? Or are you vying for block space with yield farmers and NFT traders?

Eventually, the Tokyo visitor finished paying. Technically, it did. However, what if it had been instantaneous and almost free? What if all small businesses were able to take digital payments without having to worry about fees eating into their profits?

Plasma sees it as the future. by the deliberate optimization of current tools for a particular purpose rather than through the development of ground-breaking new technology. Rather than doing everything well, often the greatest breakthroughs emerge from doing one thing really well.

@Linea.eth $LINEA #Linea
我在第一次瞭解到Linea時感到懷疑。是否還有其他Layer 2選項承諾解決以太坊的問題？這個故事對我們來說並不新鮮。然而，在幾周研究zkEVM技術並看到Linea的進展後，我有了一個重要的領悟。這種方法超越了簡單的可擴展性。我們與以太坊的互動方式在根本上被重新思考。

讓我提醒你爲什麼這很重要。

每個人都知道但沒有解決的問題

你上次嘗試在一個受歡迎的發行中鑄造NFT是什麼時候？或者你是否試圖在市場繁榮時交易代幣？你很可能在一次簡單交易中花費了50到100美元的汽油費。在我的經驗中，人們爲了一次小的空投支付了200美元。即使在那時，計算也是不合邏輯的，如今依然如此。

你還記得DeFi借貸的初始爆炸嗎？收益讓每個人都感到震驚。這項發明似乎是開創性的。然而，我一直對典型的借貸池有問題。

上週我在研究我的投資組合的借貸指南時發現了Morpho。我對DeFi借貸有效性的整個觀點被我所學到的內容改變了。這個協議解決了一個基本的低效問題，導致用戶每天損失數百萬的收益。

傳統的DeFi借貸遵循一個簡單的概念。借貸者將資金存入一個池中。借款者使用同一個貸款池。利率由協議根據使用情況算法設定。聽起來理想，不是嗎？並不完全。

大多數傳統玩家對遊戲行業發生的某些非凡事件完全不知情。一場無聲的革命爲全新的遊戲經濟奠定了基礎，因爲關於NFT和比特幣在遊戲中的討論如火如荼。我們稱這種基礎設施爲收益公會遊戲。

我們必須放眼更廣闊的圖景，以便理解YGG爲何重要。玩家將能夠完全控制他們的數字資產，得益於區塊鏈遊戲。利用他們的時間和專長來賺取實際的金錢。圍繞虛擬世界創造職業。美好的願景。糟糕的執行。至少在最初是這樣的。

每一次技術革命都有一個轉折點，當時現有體制從抵制轉向參與。我相信，通過Injective，我們正目睹那個時刻。

讓我來解釋一下原因。
關於基礎設施的無人提問

每個人都在討論機構在加密貨幣行業的採用。很少有人詢問機構參與的具體要求。

他們需要對法規有清晰的理解。他們需要能夠管理大量交易的基礎設施。他們需要熟悉的資產類別。他們需要能夠以不必重寫整個技術棧的方式訪問加密貨幣的方法。

讓我講述一個上個月的事件，這個事件從根本上改變了我對區塊鏈技術的看法。許多重要的穩定幣發行者代表與我同在一個房間裏。我們沒有討論DeFi整合和收益率。它涉及一個根本卻重要的問題，如果解決了，可能會徹底改變數字支付市場。

這個問題？在當前網絡上，用USDT購買咖啡的費用超過了咖啡本身的成本。

這種情況無法持續。穩定幣的發行者們對此心知肚明。儘管他們開發了這些驚人的數字美元產品，得到了廣泛的接受，並創造了數十億美元的價值，但由於基礎設施並未考慮到這種應用，他們的消費者無法將這些代幣用於常規的日常支付。介紹一下Plasma，一個具有新理念的Layer 1區塊鏈。如果我們讓每一種產品都儘可能支持穩定幣支付呢？

五年前，當零知識證明在區塊鏈討論中被提及時，每個人的眼睛都會變得呆滯。數學看起來是不可破解的。應用程序在理論上顯得很有趣。大多數人將其視爲“可能在某天有意義的有趣研究”，然後繼續前行。

那一天來了。

與其他第2層網絡不同，Linea是獨一無二的。它是之前看似過於複雜而無法大規模實施的密碼學研究的結果。我們到達這裏的旅程告訴我們一些關於區塊鏈技術未來的重要信息。

六個月前，我目睹一頭鯨魚因無知於貸款技術的有效性而損失了50,000美元的潛在利潤。由於不知道DeFi借貸環境在他們身下發生變化，他們有數百萬美元閒置在一個普通的貸款池中，獲得標準利率。今天我將討論爲什麼Morpho是這種變化的象徵，以及這對DeFi投資者意味着什麼。

Morpho的核心設計偏離了公認的去中心化借貸觀念。Morpho開發了一個系統，根據用戶在任何給定時間的最佳需求動態交替進行點對點匹配和池化借貸，而不是傳統協議強迫用戶在效率和流動性之間選擇。

想象一下。你在凌晨兩點瀏覽Twitter上的加密貨幣時，看到了一條關於某人通過玩區塊鏈遊戲賺取數百萬美元的推文。你最初的想法是什麼？又是一個騙局。但如果我告訴你，這個想法是一個整體生態系統的基礎，正在悄然改變我們對投資和遊戲的看法呢？

這是收益公會遊戲（YGG）社區。歡迎來到YGG的世界。這不僅僅是另一個聲稱要帶回月球的加密貨幣倡議。今天面臨區塊鏈遊戲的主要問題之一正通過這個去中心化自治組織得到解決。

我在加密貨幣領域待的時間夠久，能夠辨識出當傳統金融開始觀察並逐漸參與時的情況。目前Injective發生了什麼？機構大門轟然打開的聲音就是這樣。

讓我和你分享一個故事，講述當華爾街開始注意時會發生什麼。

當一家NYSE公司出現時，Pineapple Financial並不僅僅是一個小型的車庫企業。這家公司在紐約證券交易所上市。這類型的組織需要對季度利潤報告、股東和監管機構負責。這種不會隨意選擇數字資產的公司。

想象一下這個情況。你正在嘗試將USDT傳輸給馬尼拉的一位供應商，而你正坐在拉各斯的一家咖啡館裏。交易費用？$8。等待的時間？不可預測。你的供應商將不得不焦急地等待，每隔幾分鐘就拿出他們的錢包，因爲你的五十美元付款突然變成了五十八美元。

在全世界，這種情況每天發生數百萬次。支持這個價值超過1700億美元的驚人穩定幣經濟的基礎設施，以與處理百萬美元DeFi交易的方式相同的方式處理1美元的轉賬。這就像在一輛一級方程式賽車裏送披薩。是的，它確實有效，但這要花多少錢？

@Linea.eth $LINEA #Linea
我記得當時一次基本的以太坊交易成本爲200美元的燃氣費用。在那一刻，我內心深處發生了某種崩潰。網絡基本上是在告訴我，除非我有很多錢，否則就要等着完成一筆標準交易。去別的地方，或者更糟。

每天，有成千上萬的人經歷這種折磨。儘管以太坊具有強大的安全性和創新的智能合約功能，但它仍然存在一個弱點。可擴展性。網絡每秒只能處理大約15筆交易。在需求高峯期，費用飆升，確認時間似乎永無止境。

你上一次嘗試從傳統銀行獲得貸款是什麼時候？文件。等待。在每一個轉折處，中介都在拿走他們的那一部分。我們曾以爲當去中心化金融借貸出現時，所有這些問題都已得到解決。但我們錯了。有一件事我們誤解了。我們所做的只是將一組低效的東西換成了另一組。

讓我來解釋一下 Morphо，以及它爲何比你想象的更重要。

傳統的去中心化金融融資系統的運作方式類似於在線停車場。你的錢在那裏等待借款人。他們可能會習慣這種情況。但他們並不總是如此。無論如何，你會得到利息，但大多數人並沒有意識到你所獲得的利率並不理想。根本不接近。