yuhan

unknown#crypto #web3

[yuhan @0xhan_uu]

@mscryptojiayi 好美😍

[Yiannis Zourmpanos @yianisz]

The market is treating $MU earnings like a normal beat-or-miss event.

The most important number on June 24 isn't Q3 revenue. It's the implied supply/demand balance for 2027.

Last quarter Micron said some customers were receiving only 50-66% of requested memory. At the same time, DRAM contract prices surged 55-60% QoQ and gross margins were headed toward ~81%.

If that allocation constraint is still in place, it tells you the shortage hasn't been solved despite every memory company spending aggressively.

Management disclosed conventional DRAM margins are actually higher than HBM margins today. Every wafer converted to HBM tightens the non-HBM market further, pushing pricing higher across the entire memory ecosystem.

That's why I keep saying investors are looking at the wrong metric.

The question isn't "How much HBM will Micron sell?"

The question is "How much memory capacity has permanently migrated toward AI?"

If the answer keeps rising, $MU and $SNDK are benefiting from the same force: AI is absorbing supply faster than the industry can build it.

that's not a quarterly story.

[美股OK哥 @artinmemes]

今天听到一个暴论：特朗普折腾时不时跌一次，间接消泡沫，美股才有长牛

[yuhan @0xhan_uu]

@ohyishi 大实话。

[加密韋馱｜Skanda 🔶 @thecryptoskanda]

https://t.co/mSLiOsDati

[yuhan @0xhan_uu]

@thecryptoskanda @bitcool1234 关键不在生产力，在权利的夺取与阶层的划分，在分配。

[yuhan @0xhan_uu]

@cyrilxuq 哈哈哈哈

[jiayi 加一 @mscryptojiayi]

https://t.co/ZfbJ1t9Kyw

[Shawn Pang @0xshawnpang]

1小时前A16Z刚刚发布的 2025 State of Crypto报告，我总结出了54页PPT中最重要的18个趋势。这里是第一份中文导读和一些我的思考：

1. Crypto市场依旧遵循着每一个周期的规律增长：牛市带来更高的价格，更高的价格带来更多的开发者和产品，更多的产品又继续带来更多用户。尤其是2025年的稳定币监管和规划会带来巨量开发者和用户

2. 比特币依旧是代表了加密市场过半的体量。全球金融资产中黄金第1名，是比特币的11倍。英伟达、微软、苹果、谷歌四者为2-5名，第6名为白银，第7名为亚马逊，第8名为比特币。@TDTCGlobal 等快速崛起的比特币矿场也在快速发展。

3. 移动端加密货币钱包主要使用量来自于欠发达国家，但是网页端的加密相关交易、咨询等工具平台流量则更多来自于发达国家。某种程度代表了发达国家研发投资和炒币，欠发达地区注重链上使用。全球人工81亿人，加密资产拥有者是7亿人，月活地址数1.8亿，月活用户四千万到七千万。

4. 2025年是机构进入加密极为重要的一年，支付、资管、电商、炒股等平台都拥抱加密货币。传统机构也间接通过ETF持有1500亿美元比特币资产和280亿美元以太坊资产。

5. 上市公司也都在蹭加密概念：DAT（Digital Asset Treasury)持有加密资产的上市壳公司持有约为总量3.5%的BTC和ETH，2.3%左右的SOL。2025年的上市公司SEC提交文件中提到稳定币的次数迅速从每个月几十次上升到每个月200-300次

6. 稳定币的支付总量达到了46万亿（但是如果去掉非支付场景则为9万亿），已经超过了PayPal的1.7万亿和Visa的16万亿。而美国银行所依赖的ACH则为87万亿。

7. 稳定币发行方已经是持有美国国债总额最高的第17名了，超过了沙特和韩国，仅次于巴西和挪威。其中泰达持有1270亿美元国债，Circle持有250亿美元国债。其发行的USDT和USDC也占据了市面上绝大部分的流通稳定币数量（近90%），而大部分的稳定币交易则发生在以太坊和Tron上。99.8%的稳定币锚定美元。

8. 最重要的一个趋势，稳定币的交易量和炒币的交易量两者的相关性在持续下降，很好体现出了稳定币在实际生活和生产中使用的比例扩大，@allscaleio 等稳定币支付项会让稳定币真正做到mass adoption。

9. DEX的交易量占比持续上升，从20年的不足5%到24年的10%到25年的15-20%，中心化交易所CEX的依赖性被减少。永续合约（Perpetual Futures）这一个创新交易模式也在大规模被接受。其中Hyperliquid的年化营收甚至预估超过10亿美元。

10. RWA共计带来了300亿美元资产上链，主要为私募信贷和美国国债，但是也包含大宗商品、股票等。其中近三分之一的RWA资产选择在以太坊上发行。

11. Depin类项目持续增长，以Helium为例，其通过11万去中心化分布的个人热点为141万用户提供网络服务，每天传输48TB数据。前六大DEPIN项目的总计每周费用收入也从24年的10万美元增长到超过50万美元。

12. NFT的投机炒作属性降低，但是在低成本的新链上的收藏属性提升，导致NFT交易总量持续下降不足22年顶峰的10分之一，但是购买者数量甚至超过当时。炒meme币则成为投机者的选择，各个meme发布平台上共计有1300万种meme币被创建，缺乏监管和市场规则。

13. 区块链的基础设施接近成熟，很快就可以满足很多大众市场的支付与交易需求。黑五（类似国内双十一）等购物节时Stripe平均每秒处理2300笔交易，纳斯达克开市时间平均每秒处理2400笔交易，2025年的区块链平均每秒在处理3400笔交易。

14. Solana的每秒交易处理笔数达到1200笔，而交易费用降低至0.4美分，以太坊的L2也将单笔费用降低到1美分以下。各类跨链桥也更为安全和稳定。

15. 加密货币进入主流市场过程中，遇到的最大用户需求已经从更快更偏移的交易和支付，演变成更好的隐私保护性，以太坊基金会成立新的隐私团队，Paxos也和Aleo合作发布了USAD，自带隐私保护的稳定币。

16. 绝大多数的主流区块链依靠ECDSA（椭圆曲线数字签名算法）来进行签字和SHA-256来做哈希计算，但是量子计算可能会让private key到public key的单向计算变为双向，从而影响用户的资产安全。但是比特币社区的提议BIP-360和以太坊Vitalik的Quantum-resistant signatures提议都会增强区块链对于量子计算的安全性。

17. Crypto和AI的融合在加强：Crypto可以帮助AI进行真人验证，帮助AI Agent进行支付，在AI时代保护版权，以及减少AI时代big tech对于大模型与AI应用的垄断。但是坦白来说ChatGPT后AI行业从加密行业虹吸走了大量人才，尽管A16Z认为更多新的人才进入了crypto，我不认同。

18. 美国正在变得更加加密友好，其已经正式立法的GENIUS法案给了稳定币发行方更清晰的监管要求，还在参议院讨论的CLARITY法案对加密资产制定了一系列综合监管框架。大量的政府机关也在筹备相应的加密货币相关政策。

[yuhan @0xhan_uu]

@LeotheHorseman 笑麻了，哈哈哈哈

[yuhan @0xhan_uu]

这对吗？🎤🐈

[CJ (晨杰) @cjhtech]

老板发财

[yuhan @0xhan_uu]

@Yangquan2020 @OfcbellamourBDG yang哥，眼光牛逼，性价比极高。

[yuhan @0xhan_uu]

@cryptopainter 有猫有狗，有自由，有远方。好羡慕

[yuhan @0xhan_uu]

@Yangquan2020 @Xiny38394x 牛🐮，太强了。请哥多多分享，菜鸟学习学习。

[Based Money Lich King 💀 @BasedMoneyLich]

I knew Ping was an obvious fade this week because what happened on Binance was going to have repercussions in the following days to weeks.

If you had paid attention, Wintermute was openly stating that Binance fucked them with aggressive ADL at prices that didn’t make sense & WM couldn’t have been the only MM that was screwed over.

Market makers hold spot long & go short perps so no matter what way a coin moves they do not lose or make money. Instead they make money by routing trades, arbitraging across CEXs, & taking a small cut every time you buy or sell, similar to MEV.

If an exchange starts aggressively closing short positions at much higher prices, like what WM claimed, while prices rapidly nuke & they can’t re-short fast enough than they are sitting on huge losses. They then have a tough decision to make…sit on the loss & hope prices go back up or dump your bags ASAP, stop providing liquidity, & gtfo until people figure out what the hell is happening. No matter what decision the MM makes, it’s going to result in thin ass books.

WM said in the interview they did that they were still waiting to find out if they’d be compensated for the losses they took. Likely means other MM’s are waiting too because a client as big as WM would be your priority as a business. And Binance, like any business would have to sort through how much they’d be willing to compensate MM’s, ensure claims are legit, & route things through legal. It’s gonna take a while to sort out the mess, WM isn’t the only MM that operates on Binance. There are a lot of them.

People who thought last week wasn’t a big deal, you’re wrong. It was a huge deal. Some assets went to literal zero. We don’t know how much MM’s lost. MM’s taking on big losses means thinner books & thinner books in a market that already struggles with liquidity while the President of the United States is in a trade war with China is not a recipe for Wonderful Wednesdays. And to that fact that the crypto participants who are left are down and & poor now. Many got liquidated in the chaos. There are less buyers now than there were. The wealth effect is now gone. Crypto natives have been reduced to Haitians.

I agree with WM that what happened impacts shitcoins far worse than it does BTC & majors. Binance has lost a ton of trust and deserves your scorn. I don’t know if it was on purpose or just a big mistake, but the point remains they cannot be trusted.

Sorry Ping. At least you put your nuts on the table.

[yuhan @0xhan_uu]

@vonzz6 和玩儿一样。

[yuhan @0xhan_uu]

上币安alpha ，list，本来就是一种营销了，算极大的项目曝光。。。现在搞得好尴尬。

[Limitless @trylimitless]

After all of the exposure and support we received from the @BNBCHAIN community over the last week, and considering all prediction markets on BNB Chain are actually pre-product, we decided to make our first multi-chain deployment

Stay tuned for more information

[yuhan @0xhan_uu]

@leslieloser_ @limitless @BNBCHAIN @cjhtech 哥 @错了 @trylimitless 👀 这个

[yuhan @0xhan_uu]

@Mina19971224 @y_cryptoanalyst 爱你😘，不要下海。再不济打工，稳定现金流。

[yuhan @0xhan_uu]

@lljjff2023 @love_doge123 女王，我也卡住了，已私。❤️