花月夜.Crypto

Hold BTC ETH BNB XMR DOGE MOODENGETH, ｜
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[花月夜.Crypto @BTCBitcoin_ETH]

又要到了遍地黄金的时候，您抄底了吗？您准备好抄底了吗？至少 $BTC 16000 $ETH 1200您得抄吧，在这之前根据自己资金分批抄。别忘了 $ATOM $XMR ，山寨 $ARB $OP $GMX $DYDX $RNDT $MAGIC $CRV ,meme币，选谁呢 $DOGE 实在很高了，倍数有限。大家有好的meme，可以留言下，我准备2万刀，挑2个meme，看看能否100倍到千倍。

[Aya Miyaguchi @AyaMiyagotchi]

Vitalik shared his perspective on where @ethereumfndn is heading. Here is mine, another part of the same story.

The EF Mandate from the board was something I proposed late last year. Two main things prompted me. First, debates that were meant to be technical had started to become political and personal, and at times shaped by quieter incentives. Second, as EF grew, more and more versions of "what EF should be" began pulling at the core of the organization from every direction at once. I became convinced that trying to satisfy all of them would leave us achieving nothing at all. It was time for us to restate our role and underlying principles clearly, both the parts that have been clear from the start and those that have been informed by over a decade of experience.

We have said it many times: EF is one of many nodes in Ethereum. I know that is hard to hear for some, because EF was the first group, and in the early years it was essential for making things happen. But it was never meant to stay that way.

I have been in crypto since 2012, before it became an "industry." I joined Kraken in 2013, shortly before the implosion of Mt. Gox, which I helped to clean up. I am very aware of how real growth works, and also aware of the real risks of centralization. So when I became ED in 2018, I understood that Ethereum growing beyond EF would be essential to fulfill its real promise as a public blockchain. The goal I set for myself was to ensure that this happens.

The opposite path has always been untenable: Ethereum's future is too big for any single organization to bring about. So EF made deliberate choices to distribute power. We did incubate and release, like Uniswap and ENS. Support to seed a new norm, like ETHGlobal and the hackathons that are now everywhere. Funding the funders, like Gitcoin and Moloch. We always asked the same question: how does this stand on its own, without us?

Those experiments, alongside the work of countless others, contributed to where we are today. Ethereum is now far bigger than anything EF could coordinate alone. EF now holds less than 0.2% of all ETH, and the return on all of that shared work, together with extraordinary people across the ecosystem, has been beyond anything we could have built by ourselves.

That is exactly why a focused EF is possible now. The Mandate states simply the one thing EF must keep carrying: preserving and accelerating the properties and goals that keep Ethereum uniquely valuable, competitive, and worth building on. That is: CROPS - for the sake of inalienable user self-sovereignty and self-sovereign coordination. We cannot do it alone, and we do not intend to. But defining this as the north star for the mission, and coordinating with the allies who share it, is the responsibility we are keeping.

None of this means EF stops caring about adoption, for everyday users or for institutions. The opposite is true: everything we do is ultimately for the people who use Ethereum. Supporting adoption, including institutional adoption, remains part of our work, pursued in the ways that fit our mission. The value proposition of Ethereum for both everyday users and institutions rests heavily on this.

As EF becomes more focused and more opinionated, the team naturally becomes smaller and more concentrated. That is part of the choice. New leaders are already stepping into this mission and growing within it, and you will hear more from our management in the coming weeks, about what they are doing, and about the new structure and strategy taking shape.

The mission we carry is not a smaller one, but a clearer one. Special thanks to those who have stepped in to support, defend and advance it.

[Khamoo.andthegang @and_khamoo]

คลิปเดิมตัดตอนอาบน้ำออก เอาตอนเล่นบอลเลย 🤣 #hippo #PygmyHippo #ขาหมูแอนด์เดอะแก๊ง #หมูเด้งเด้งกี่โมง #Moodeng #พี่ขาหมู #สวนสัตว์เปิดเขาเขียว

[Jackie.l @Jackie_9158]

$MOODENGETH的成长之路！

[花月夜.Crypto @BTCBitcoin_ETH]

@krakenfx_ZH 海妖，好棒👍

[花月夜.Crypto @BTCBitcoin_ETH]

我始终认为，USDC USDT不是加密，他们其实本质上是美元。

[花月夜.Crypto @BTCBitcoin_ETH]

加密货币想干掉银行，

结果却快被银行干掉了，

祸从哪出？

自从用USDC USDT作为交易对以后，

加密货币的钢需就变成了USDC USDT

不再是 $BTC $ETH ，

而以前，支付、交易，都是用BTC ETH，这两个币是币圈的流量入口。

公链只是个通道，并且银行可以自建公链。

币圈自废武功，引狼入室，而且无知无觉。

[DiscusFish @bitfish]

参考@hazenlee 的思路加入VWAP 指标,今年618打折力度有点大😭

[花月夜.Crypto @BTCBitcoin_ETH]

@TrustlessState 老哥，你应该买回 ETH，或者买BTC也行。

[花月夜.Crypto @BTCBitcoin_ETH]

@TrustlessState @leolanza @RyanSAdams Yes,ethereum is bigger than nation states.

[RYAN SΞAN ADAMS - rsa.eth 🦄 @RyanSAdams]

@TrustlessState The mechanism is ETH getting used as a SoV, medium of exchange, or unit of account. ETH as money.

We did like 100 podcasts on this?

You can believe it’s not happening or will never happen or can’t happen. But the mechanism is clear and has always has been clear.

[RYAN SΞAN ADAMS - rsa.eth 🦄 @RyanSAdams]

The Ethereum not ETH stuff is the mental fallacy that triggered me into writing and podcasting in the first place.

There is no strong Ethereum without an ETH worth trillions. Without ETH as a global store of value, Ethereum is a failed project. Full stop.

ETH is economic bandwidth for DeFi. It is the only asset maximized for CROPs, fail at high value ETH, fail at CROPs, fail at Ethereum.

Saying you’re bullish Ethereum not ETH is like saying you’re bullish America not the American economy. They are one and the same - economic engines.

Better to admit Ethereum is a failed project than “Ethereum not ETH”.

So spew that weak blockchain not crypto stuff out of your mouth, it doesn’t make sense for BTC, ZEC, ETH, or any truly crypto native project.

[花月夜.Crypto @BTCBitcoin_ETH]

#ZEC 漏洞，价格大跌

AI 对加密货币的影响是深刻的，
价值挑战、技术挑战，

价值挑战：
AI本质上是让渡隐私、中心化、默认审查、数据主权在计算中心
Crypto本质上是隐私、去中心化、抗审查、数据主权在个人。

技术挑战：
AI：本身是工具，不是价值载体，不断迭代，允许偏差，AI从原理上就是只要求大体正确，求的大概率，允许小概率不准确，不要求100 ％精确性，然后不断迭代。
Crypto：本身是价值载体，要求100 ％确定性。
然后AI变成了矛，Crypto变成了盾。
可以允许AI的矛99.9999 ％失败，只要求成功一次。
但Crypto要求100 ％成功，不允许失败一次。
关键是，根据基本常识，矛盾双方成功的概率都是50%，

以前盾能防住是因为建造盾的人是全球最顶尖的密码学+代码专家，黑客在这些专家面前只是小弟弟，但就是这样，小弟弟还是经常成功破解专密项目，因为他只需成功一次。

但现在，黑客变成了AI，这是全球最顶尖的密码学+代码专家。

加密的困境，需要新的方式去解决。

[Fei_ETH🖖 @Iinjay_yyds]

Check out internet-famous pygmy hippo Moodeng enjoying its exclusive bathtub moment✨
The tiny basin turns into a private pool. Its plump body soaks half in water, glossy skin glistening with splashes, little head resting lazily on the tub edge.
Chilling and splashing at ease with an adorably clumsy look. No wonder Moodeng went viral online with such an adorable face

Ca:
0x28561b8a2360f463011c16b6cc0b0cbef8dbbcad

#MOODENGETH

[북극성 @PolarisLog]

내가 이더리움을 포기 못하는 이유

- 미국이 2025년 7월 GENIUS Act에 서명하면서 스테이블코인 발행사가 발행량만큼 미국 국채나 현금을 의무 보유하도록 법으로 못 박음

- 스테이블코인이 팔릴수록 미국 국채도 팔리는 구조라 미국 입장에서 스테이블코인을 키울 이유가 분명함

- 스테이블코인 대부분이 달러 기반이라 전 세계가 쓸수록 달러 패권도 같이 강해지니 미국이 굳이 막을 이유가 없음

- 스테이블코인으로 시작된 흐름이 이제는 주식, 국채, 부동산 같은 실물 자산을 블록체인에 올리는 토큰화로 번지고 있음

- 토큰화란 쉽게 말해 현실 세계의 자산에 블록체인 주소를 붙이는 것임

- 블랙록, 피델리티 같은 전통 금융 대형 기관들이 이미 토큰화 상품을 굴리기 시작했다는 게 핵심임

- 이 기관들이 움직인다는 건 단순한 실험이 아니라 실제 돈이 이 구조 안으로 들어오고 있다는 신호임

- 자산이 토큰화되면 지금까지 불가능했던 일들이 가능해짐

- 예를 들어 삼성전자 주식 토큰을 담보로 대출을 받거나 그 토큰으로 음식점 결제까지 할 수 있게 됨

- 기존 금융에서는 주식은 주식이고 현금은 현금이었지만 토큰화되는 순간 자산과 화폐의 경계가 사라짐

- 경계가 사라지면 그 위에서 만들어질 수 있는 서비스의 종류가 폭발적으로 늘어남

- 24시간 거래, 자동화된 수익 분배 등 기존 금융 인프라로는 구현하기 어려웠던 것들이 기본 기능이 됨

- 이런 서비스가 가장 많이 만들어지는 블록체인이 어딘가 하면 바로?

- 이더리움임

- 피델리티는이더리움 위에 머니마켓 펀드 토큰을 출시했고 블랙록의 BUIDL도 이더리움 기반으로 운용 중임

- 기관이 수조 원짜리 자산을 올리려면 절대 멈추지 않는 인프라가 필요함

- 그런데 이더리움과 비슷한 코인들이 여러 차례 다운된 적이 있음

- 가장 강력한 경쟁자인 솔라나는 2021년부터 2024년 사이 여러 차례 다운된 적이 있음

- 반면 이더리움은 2015년 출시 이후 단 한 번도 멈춘 적이 없음

- 이런 면들이 많은 기관들이 이더리움을 선택한 이유임

- 며칠 전 비탈릭은 이더리움 재단을 더 작게 줄이고 속도 경쟁 대신 탈중앙화, 검열 저항, 프라이버시, 보안에 집중하겠다고 밝힘

- 이런 점들에 많은 기관들이 이더리움에 대한 신뢰성을 가지게 됨

- 이러다 보니 이더리움 안에서 발생하는 트랜잭션은 폭발적으로 늘어나는 중임

- 하지만 아직은 이 트랜잭션이 늘어나도 이더리움 가격을 끌어올리는 힘이 충분하지 않은 상태임

- 현재 이더리움은 트랜잭션 수수료가 레이어2로 대거 이동하면서 메인넷 수익이 급감한 상태임

- 즉 네트워크는 활발하게 쓰이는데 정작 ETH 가격을 밀어올리는 수요는 따라오지 못하는 구조적 괴리가 생김

- 그러나 이 괴리는 결국 메워질 가능성이 높음

- 토큰화 자산이 본격적으로 확산되면 고가치 정산 트랜잭션이 메인넷에 집중되면서 ETH 소각량이 늘어날 가능성이 높음

- 일반 거래는 레이어2에서 처리되더라도 최종 정산은 반드시 메인넷을 거쳐야 하는 구조이기 때문임

- 트랜잭션이 늘면 가스비로 소각되는 ETH 물량이 증가하고 공급이 줄면서 희소성이 올라가는 구조임

- 여기에 스테이킹 수요까지 겹치면 시장에 유통되는 ETH 물량은 더 빠르게 줄어들게 됨

- 결국 이더리움의 상승 논리는 단순한 투기가 아니라 실제로 쓰이는 인프라가 가치를 만들어내는 흐름임

- 강남 땅값이 오른 건 강남이 인기여서가 아니라 그 위에 건물과 상권이 들어섰기 때문임

- 이더리움도 마찬가지로 그 위에 금융 서비스가 쌓일수록 땅값처럼 가치가 올라가는 구조임

- 쓰임새가 가격을 따라잡는 시점이 오면 지금의 저평가가 오히려 기회였다는 평가를 받을 가능성이 높음

- 2030년이면 우리 엄마도 블록체인을 사용하는 세상이 올 것 같음

ethereum:native

[蓝狐 @lanhubiji]

如果通过这个思路，搞出新的去中心化稳定币赛道，这对于eth来说意义非常重大，值得所有加密创业者关注。

[Haotian | CryptoInsight @tmel0211]

想继续吃Crypto这碗饭，你一定要懂得的道理：

1）回看过往几轮周期，加密行业几乎每轮都要濒死一次才能重生，暴跌90%、80%、70%后再V转起飞是常态，高波动性是行业的基本盘没错，但别忘了，极强的生命韧性也是，死不掉的；

2）CEX交易所从来都不是加密行业的救世主，某种程度上他们甚至都不属于加密行业。做交易平台“抽水”是永恒的，至于平台上交易的是主流加密货币，MEME币，还是美股期货、原油、贵金属都不重要；

3）链上叙事创新本轮确实存在大量的VC项目“骗局”，但最终能把加密行业带出颓靡的仍会是一次次磅礴的大叙事。就像20年的DeFi、22年的NFT、23年的铭文、24年的Agent等一样，叙事的持续性和高度决定了牛市的厚度以及泡沫后灾后重建的难度，但没有“创新叙事”的加密行业真的不行；

4）推特CT上汹涌着大量或Fomo上头、或尖锐锋芒、或对立冲突的声音，到底来都是二级行情不好显性化的表现，看一看，消遣消遣就好了。若真到了加密行业跨踏式衰亡的那一天，没有一个人能够独善其身，还是那句话，各位伟大的“美股交易员”，请务必敬畏下自己的来时路；

5）既得利益者或早期得利OG，他们有的人修仙隐退了，有的人退居幕后作恶，有的人还在死磕坚守布道，这并不可怕，更可怕的是大部分人都选择了“沉默”。沉默的代价绝对会是“劣币驱逐良币”的持续发酵，这对行业带来的“共识”摧残才是最致命的。

[vitalik.eth @VitalikButerin]

Re-posting the idea from the second half of this post a few months ago https://t.co/5yHyRCsvVV:

(This is very relevant to the options ideas from yesterday)

Question: if we're making a synthetic stable, what should it really be stable WITH RESPECT TO? USD is actually far from the best choice.

---

What do people who want stablecoins ultimately want? They want price stability. They have some future expenses in mind, and they want a guarantee that will be able to pay those expenses. But if crypto grows on top of USD-backed stablecoins, crypto is ultimately not truly decentralized. Furthermore, different people have different types of expenses. There has been lots of thinking about making an "ideal stablecoin" that is based on some decentralized global price index, but what if the real solution is to go a step further, and get rid of the concept of currency altogether?

Here's the idea. You have price indices on all major categories of goods and services that people buy (treating physical goods/services in different regions as different categories), and prediction markets on each category. Each user (individual or business) has a local LLM that understands that user's expenses, and offers the user a personalized basket of prediction market shares, representing "N days of that user's expected future expenses".

Now, we do not need fiat currency at all! People can hold stocks, ETH, or whatever else to grow wealth, and personalized prediction market shares when they want stability.

[vitalik.eth @VitalikButerin]

Building index-tracking assets on top of options instead of debt

https://t.co/gFNEvCbHct

What if the use options as the base of defi, instead of CDPs and liquidations? So instead of extreme price movements creating a sharp and global "you get liquidated" effect, instead your exposure to the index diverges quadratically from your preferred exposure in a smoother way?

A key benefit is getting rid of the need for instant oracles, and instead making everything work on top of "slow oracles" (ie. the type that prediction markets use)

This design has a significant downside - the need to do regular rebalancing - and an open question of whether and how this rebalancing can be made slippage-resistant enough. But it's worth considering and trying IMO. I would feel much safer holding algostables inside something like this, than in something that depends on an oracle that has to give real-time answers (and therefore could be tricked into giving wrong real-time answers with no time for human recourse).

[蓝狐 @lanhubiji]

从视频看，Tom Lee回应了vitalik之前关于以太坊基金会专注于核心CROPS的帖子，他表示：

“以太坊DAT财库公司，包括 Bitmine 和 Sharplink 在内的财库——现在拥有 7% 的以太坊供应量……财库股票本质上是永久从生态系统中移除的供应量，但我们也拥有收益。收益大约为 3%，因此如今这些公共财库正在产生约 5 亿美元的奖励，这就是我们可以用来资助和资助加密生态系统的东西。”

简单来说，以太坊生态以后不用只靠基金会发钱了，现在这些DAT财库公司，可以拿出钱来支持项目、开发者、基础设施。

主要几点：

1. DAT财库公司已经囤了很多 ETH
像 Bitmine（Tom Lee ）和 SharpLink 等上市公司，现在合计持有全网约 7% 的以太坊。这些公司把 ETH 当成“公司财库”长期持有。

2. 他们靠 staking 每年赚不少。把 ETH 质押到以太坊网络上帮忙维护安全，每年能赚约 3% 的收益。目前这些公司加起来，一年能拿到 约 5 亿美元 的以太坊奖励。

3. Tom Lee 认为，这些钱不要全留着，可以拿出一部分来资助以太坊生态（发 grant、支持项目、开发者、L2 等）。
以前主要靠 以太坊基金会（EF） 出钱，现在这些“DAT财库”也可以自己出钱了。

4. Tom Lee 认为以太坊基金会把重点缩小到最核心的事（CROPS：抗审查、开放、隐私、安全）是正确的决定。

因为以太坊现在已经很大了：
• 市值约 2400 亿美元
• 运行 11 年零宕机
• 全球 89 个国家、11500 个节点
• 15000 个开发者

一个基金会管不过来，未来更多事情要靠私营公司去做。

因为这代表以太坊生态的资金模式在进化：从“靠基金会财库”转向“靠市场化的大持有者自己赚钱反哺”。

这才是实现正向循环该做的事情。

[花月夜.Crypto @BTCBitcoin_ETH]

@KateriSeraphina 👍👍👍