Tiu

[danny @topblastart]

https://t.co/QUmw6MfJKM

[Tiu @Severin0624]

@0xdannyh LFG

[Tiu @Severin0624]

Registration completed @infecteddotfun
sig:0xc8f8a689fab0a97a36066d9d3bd461592236aac7985aaa5d8151406f1589e53b6ce9ab31bb89211e4481c853efc6084a30bce99ffb8124

[加密韋馱｜Skanda 🔶 @thecryptoskanda]

https://t.co/YAFjv60KfK

[CM @chenmo]

最近 1 周
稳定币Season、Superchain叙事
奉上对 DeFi 世界的思考

( - /11)🧵

[Killjoy @EuSiir]

Token Mill: Solana Bonding Curve End Game

【纯技术分享， NFA】

AVAX老牌顶级DeFi项目LFJ（原名TraderJoe）的新型Dex Token Mill刚刚上线Solana，标志着Solana Defi的新标的和有力竞争者出现。

Token Mill原生支持Meme代币质押，自定义选择无穷种Bonding Curve，碾弃了LP的概念，在Solana OHM Fork @RetardedAPR 大为成功，Solana Defi token $DRIFT $CLOUD $KMNO 爆拉的背景下，Solana + 社区+Meme+Defi质押飞轮的力量值得期待。

本文将对TokenMill的原理进行详细介绍：

TokenMill 构建了一个协议，允许用户从头开始创建和交易代币：

- 无需许可即可创建新代币。
- 不可变的最大供应量，18 位小数，无铸币功能（代币在创建时完全铸币）。
- 代币锁仓有助于代币分发、锁定和归属（稍后会详细介绍）。
- 代币可以按照Bonding Curve进行交易，包括创建者在内的每个人都可以通过此曲线购买代币（创建者可以在创建阶段购买，以避免被机器人抢先交易）。

TokenMill可以视为一篮子Launchpad解决方案，不止针对类https://t.co/dCWn2JG8sx的Bonding Curve, https://t.co/dCWn2JG8sx可以被视为TokenMill的一个子集，本文建立在读者充分理解https://t.co/dCWn2JG8sx的基础之上，我们先回顾一下https://t.co/dCWn2JG8sx的主要特征。

A. 内盘利用Bonding Curve进行交易，实现Solana的原始流动性积累
B. 在内盘积累的流动性达到一定市值（69K）之后，会迁移到Raydium上创建流动性池并燃烧流动性通证开始交易。

而TokenMill则在https://t.co/dCWn2JG8sx基础上，修改并增加了以上几点功能：

A. 创建者可以通过在创建过程中调整参数来自定义曲线的形状。
B. 曲线是永久性的：即使市场部署在 DEX 上，如
@MeteoraAG @RaydiumProtocol
，代币也将始终遵循其联合曲线确定的价格行为。
C. 平台不会迁移流动性到Raydium
D. 原生支持创建代币的质押，锁定，费用奖励分发，催动Defi飞轮。

这时候大家可能会好奇的一点是，如何实现原生的代币质押和奖励分发，这就涉及到TokenMill设计中最创新的一点，购买和出售代币遵循不同的Bonding Curve称为Bid Curve和Ask Curve。
上图中绿色为Bid Curve，红色为Ask Curve。当用户在购买时，遵循绿色Bid Curve的价格，但在卖出时，需要去遵循红色Ask Curve的价格卖出，中间存在微小的自定义价差（由代币创建时确定），价差带来了买卖的费用，其中价差的存在就带来了费用和利润的空间。

价差带来的费用分配方式20%分配给TokenMill协议，剩余80%由代币创建者（Dev）自由决定，可以分配给质押者鼓励社区参与质押，可以选择由自己全部获得。

综上所述，我们可以看到，TokenMill可以被称之为Bonding Curve的Minecraft，给了Dev极大的自由去自定义Bonding Curve曲线，自定义Token细节，自定义利润分配方式，支持原生质押，锁定，奖励，分润，鼓励Dev与社区共同创建培养代币文化。

现在我们可以说，TokenMill的出现，以及后续@Lfj_gg 完整迁移到Solana（创始人已经官宣曾经领先于时代的Dex标准LB已经完全由Rust重新编码）。Solana Defi生态的真正挑战者和破局者才出现了。而这也是决定Solana能否顺利彻底击溃ETH，在ETH最引以为傲的Defi腹地争夺市场的时刻。

Solana Maxi. LFJ Maxi.

以下是项目的官方信息：

官方推特为@LFJ_gg ，创始人为@blue_clarity
平台链接: https://t.co/rge6WZgdvU
（我的邀请链接，欢迎大家使用）
官方文档：https://t.co/U92g6mZWE0

非常感谢
@LFJ_gg
团队及其新产品。

Solana DeFi Revolution is Coming.

欢迎大家指正👏

#TokenMill #Solana #DeFi #LFJ

[Tiu @Severin0624]

Puffpaw + Sidekick = Consumer Apps in this cycle🚀

[Jason Kam @MapleLeafCap]

- 尼古丁成瘾性 = 持续长久的纯消费场景，不求回报。资产投资的背后回报逻辑完整。
- 戒烟赚钱 = 叙事正统性 + 对潜在亏损的合理化 ("虽然亏了钱，至少尝试了戒烟，更健康了")降低了参与者厌恶感。
- “可以免费抽烟并戒烟" + 利润分成 的打法 = 有可能大幅度提高推广效率及付费 / 投资意愿

很期待PuffPaw在这个领域与Web3价值网络的商业结合。

[Will Wang @willwangtf]

我在基金团队内部一直强调一个原则，绝不鼓励甚至反对被投项目过度融资。以太坊从成立到公售一共就是两三千万美元的融资，做出了一个3000-5000亿美元的网络，这是除了比特币之外资本效率最高的网络，核心不是靠VC，是靠社区一起共建，最终社区一起有所得的结果。现在如果一个项目方融太多钱，就会忘了带着社区一起发展的本，只会砸钱做营销甚至花钱买假社区和数据。并且过度融资还会推到项目方和VC的预期，直接间接导致在交易所发行后的高开低走。融的越多，可见的抛压越大。所以我一般看到巨额的融资新闻，尤其是一些完全没有pmf和用量的项目，只能摇摇头，一点羡慕都没有。

[Tiu @Severin0624]

恭喜 Sidekick！这轮周期看过的最有意思的 Consumer Applications 之一🚀

[f @trustzprocess]

“OKX 在 List 方面也做得不好”......好一个“也”字

放一些 ticker 细细品一品 $uxlink $ulti $msn $block $zkj $gpt ......

怎么贼喊起捉贼了？

[Tiu @Severin0624]

@FatRatKiller Try to reduce the frequency of trades and patiently wait for opportunities to trade on the right side of the trend.

[fangjun @fjun99]

最近在想，以太坊问题究竟是什么？

或许问题是：以太坊基金会是个研究组织，它自我定位是协议研究，是研究员。

因此，正如我们看到的，它的团队里面甚至都没有成建制的工程团队。

它也没有能力、也没有意愿支持外部的工程团队。

如，Geth这么多年，好不容易 Reth 出来，多推广支持不过分吧，没有

[Defi_Mochi @defi_mochi]

The largest perp aggregator on @HyperliquidX is launching with:

1. $10M MC

2. >$880M Volume and >4000 users

3. $30m FDV

Here's everything you need to know about $RAGE, the first low FDV high float token launch on @HyperliquidX L1

👇
1/8

[Smokey The Bera 🐻⛓ @SmokeyTheBera]

One kinda tough pill I've had to swallow recently is that it seems like a lot of CT has already made up its mind on how they'll perceive Berachain

According to many, we’re either another VC backed scam L1 that no one should care about and will eventually crumble, or a perhaps more generously, a memechain.

For others, especially those who have followed for a while, we’re an attempt at driving value to the application layer and allowing liquidity to serve as security for a chain - with a kind of unhinged but competent culture (I prefer this description but I’m biased)

The first view definitely hurts to hear but I can understand it, esp after viewing the performance of a lot of VC backed L1s/2s over the past few months.

I don’t think I have a perfect answer to this (beyond shipping a damn good product + eco that people love) - but it makes me want to emphasize a couple things

1) Our focus always has been and always will be on helping 0 to 1 applications to win on Bera, and I believe that we’ll have the strongest eco at launch of any chain to date - and not a bunch of bullshit forks of stuff you’ve seen 100 times in other chains. That’s a hill I’d happily die on.

There’s net new applications which have a real chance of making users love them, and that’s a huge part of what our ecosystem team tries to foster within the builder culture. And I sincerely believe and hope that there will be massive upside for those who take a chance on the Bera eco.

2) While we will always have crypto native roots and rep the Bera brand, it’ll be increasingly important to make ourselves accessible and friendly to new audiences. I don’t really subscribe to the “next billion users” stuff at the moment, as I don’t think that the UX is where it needs to be for crypto as a while.

But I totally subscribe to the concept of curating apps with a shot at distribution to crypto adjacent audiences and young adults - sports betters, gamers, hypebeasts, poker players, sneaker bot kids etc. With this goal in mind, you’ll see more and more apps on Berachain that’ll help serve *real people* outside of our little niche of the internet, in hopes of spreading our collective brain worms.

Anyway, a super blunt tldr here is - I get that people like to hate on chains with VC funding. It’s really easy and natural to lump everything together without nuance, and I don’t hate on our haters.

I believe that there will be lots of opportunity for folks to win on Berachain, both at the protocol and app layer - if I didn’t, I shouldn’t be doing this job.

My team and I will do our best to ensure that Berachain learns from the mistakes (and successes) of our predecessors, and beats the VC skemchain case. I think we can point to a lot of examples of this in our (short) history, and I hope that there will be many many more.

Wish us luck homies, and shoutout to whoever reads these essays 🫡

[MONK @defi_monk]

What's the HYPE with Hyperliquid?
Key takeaways from my latest Messari report

@HyperliquidX has a narrative problem (it's not a bad thing).

We'll cover:

- The Hyperliquid L1
- Hyperliquid as onchain Binance
- How to find exposure
- Points valuation

Disclaimer: Tweet contains views that are solely my own.

At this point we should all know that Hyperliquid is a leading CLOB perp DEX.

However, it's important to understand the full potential of its L1. Even more critically, not enough people even know that it is an L1. I've seen Hyperliquid commonly referred to here as an L3 or an app on Arbitrum because deposits are routed through an Arbitrum bridge.

Furthermore, some are still comping Hyperliquid to other perp DEXs and single use case DeFi protocols, and I think the team has demonstrated by now that they have bigger plans in mind:

- Spot market has been added
- EVM compatibility coming
- Interest from 3P apps like @rage_trade and @hyperlendx

I believe that Hyperliquid needs a new consensus narrative to reflect its unique characteristics, and so far, I'm seeing some similarities to a fully onchain version of Binance.

The Hyperliquid L1

Hyperliquid has constructed a highly performant L1 optimized and configured end-to-end for their order book and perp DEX.

Why do they need an L1? Put simply:

- High Frequency Trading (HFT) profits are limited if there are other general purpose transactions occupying demand for block space and competing for gas (in contrast, Hyperliquid’s trading experience is gasless; gas is only induced for transactions that increase state bloat i.e. spot listings or transferring to new wallets).

- The chain must allow for specific order prioritization such as for cancels and post-only limit orders which insure market makers aren’t subjected to as much toxic flow.

In addition, a tailor-made solution helps optimize for specific functions, like atomic liquidations, funding distributions, and verifying solvency.

@chameleon_jeff and the team builds from first principles, shipping their own custom consensus algo (HyperBFT) to maximize performance.

Compare this to $DYDX which uses out-of-the-box Cosmos SDK and Tendermint (no hate on $DYDX - gud project). At a certain point, your outsourced tech's limitations become your own.

Building all their tech in-house (including the bridge and oracle) is quite an accomplishment.

Hyperliquid - Onchain Binance?

Let's look at some narrative comps to Hyperliquid.

dYdX:
Key differentiation between Hyperliquid and dYdX is that Hyperliquid has built its order book fully onchain. It's fully transparent (no front-running or PFOF).

Having an offchain order book / matching engine saves on additional validation, but doesn't provide a meaningful long-term alternative to CEXs.

Hyperliquid is also further ahead on its ecosystem, showing signs it wants to be a full-fledged network that can offer more than just a perp DEX.

Performant L1s and Parallelized EVMs
You can also make the comp to performant L1s like Solana and to parallelized EVMs like Monad or Sei.

I touch more on this in the report but against $SOL, the EVM is an interesting distinction and against parallelized EVMs like Sei and Monad, Hyperliquid already has a killer app (perp DEX) and stickier users.

See below:

The biggest moat Hyperliquid has however, against all other comps, is the network’s composability with a leading onchain order book.

With EVM tooling soon to come, you might see a host of innovative native DeFi apps interested in integrating with this composability.

Some examples:
- Ethena-like protocols can utilize the native perp DEX to hedge exposure to volatile collateral instead of having to rely on offchain CEXs.

- Options protocols built on Hyperliquid can utilize Hyperliquid’s native perp assets to create advanced trading strategies.

- Lending protocols can use the native oracle to value collateral, then execute liquidations in Hyperliquid’s spot market.

This could create the following flywheel for Hyperliquid's eco:

Hyperliquid is not a blank slate general purpose L1. It's optimized for HFT on an onchain order book. The combination of its tech and composable order book means it could become a hub for similarly minded DeFi apps.

The eco also has a unique trading-oriented community, which some teams might want to onboard.

Perhaps Hyperliquid is much more akin to a fully onchain Binance. Remember, CZ also has a background in building for TradFi HFT, and Binance started off as an order book before adding the EVM compatible BSC Chain (now rolled into BNB).

We think this narrative could catch on if Hyperliquid starts to get rolling. I've seen @kelxyz_ taking this stance as well.

How can you get Exposure?

You can check out some of Hyperliquid's impressive onchain metrics on Hyperliquid Stats. I chart some of the perp DEXs success in the report.

It's still far and away behind Binance in volume, making up roughly 6% of the CEX's trading volumes in June. If being onchain, transparent, and permissionless matters, HL is poised for share capture as more users onboard into crypto.

Can Hyperliquid retain these metrics post TGE? We think it can, for the following reasons:
- Farming points is currently extremely difficult given the opaque distribution rubric. Reward weightings are constantly changing and look pretty complex.

- Want a case study? Hyperliquid paused its points program in May and yet its volume share against Binance stayed relatively stable. This is a good sign.

- Lastly, the HL team has not profited off of any of the trading activity on the platform. Their only form of compensation will probably come through vested tokens, which means their incentives are aligned with long-term holders and they're not concerned with short term vanity metrics.

For exposure, we highlight the nascent spot market as a source of opportunity. Its TVL at ~$20M is dramatically under penetrated relative to Hyperliquid's perp TVL. There's also limited auctioned deployments which limits where capital can flow to (scarce token count), and HIP-2 guarantees your liquidity can't be pulled.

Holding spot provides some points, which acts as additional yield for the duration of the points program.

If you're betting on Hyperliquid's growth, stay tuned in to the spot market for investable opportunities. If the Binance vision starts playing out - auctioned deployment on Hyperliquid's spot market may be tremendously expensive. This helps filter for potentially high value teams.

Follow the chad @0xPasteke for his comprehensive coverage on HL spot.

What are HL points worth?

Currently points are worth $5 on Whales Market.

I think this is too conservative. This may be because:

- The Hyperliquid token's FDV is still being indexed to more limited DeFi platforms such as other perp DEXs instead of to more comparable protocols like other L1s (blue-sky scenario, maybe even as a % of $BNB).

- Airdrop expectations are too low. Hyperliquid hasn't taken funding from private investors, and the core team has less than 10 contributors (from last I heard). I think they've got more supply to distribute than in other TGEs this year.

- The market may still be pricing in unplanned future dilution after the first season was extended unexpectedly. However, I think with more nodes being added recently, a staking asset is needed soon.

We take a wide spread of assumptions to produce a valuation range. We go into what drove them in the report. Here are the results:

Highlighted are the results for some probable scenarios IMO, which yields a value per point of between $10 and $30.

NFA

In conclusion:

I think the market is viewing Hyperliquid with misguided frameworks. The performant L1 and incoming EVM compatibility will set it apart from other DeFi apps, and the composable order book may represent a new primitive in DeFi. We'll have to see what gets built on the network.

Hyperliquid has the potential to become crypto's onchain and permissionless version of Binance + BNB.

Points seem undervalued on OTC exchanges, with our valuation range showing positive asymmetry.

If you want to participate in potential upside before the launch of the token, the spot market offers some enticing runway.

We also discuss Hyperliquid's centralization concerns and more in the full report.

[mert @mert]

I will tell you a secret

both Ethereum and Solana are great and yet deeply broken on several levels of the stack

there is not a single perfect chain — we will need many years to iterate upon both

that is how engineering works

no further comments

[Tiu @Severin0624]

marginfi也来了

[Tiu @Severin0624]

https://t.co/bVS2EjaDXQ + https://t.co/MTMFnLwpvo
以后我钱包里的归零币还可以在归零前吃一笔利息 看一波轧空再归零🤣

[Tiu @Severin0624]

https://t.co/bVS2EjaDXQ + https://t.co/MTMFnLwpvo
以后我钱包里的归零币还可以在归零前吃一笔利息 看一波轧空再归零🤣

[Tiu @Severin0624]

@zxw018018 你怎么没把你瘦了之后的“效果”发出来😝

[Cathy姐玩链游 @cathy_que]

很少玩一个链游玩到炸毛的，遇到不好玩的游戏，试过直接弃坑就好，多说一句话多停留一分钟，都是浪费了我的时间。而且我一直在游戏行业做事，能不得罪人就别得罪，万一以后进哪个Web3项目，说不定还会跟游戏项目方的人低头不见抬头见。

但是今天真的是被Blocklords搞炸毛了。

原因有两个：

1. 我买了很多nft，花了不少钱，把nft导入游戏客户端的时候只需要付一点gas费，这没什么问题。但是当我想把nft导出游戏的时候，需要付1200个金币才能导出。这个就非常流氓，我自己的资产放进游戏，凭什么拿出来要付1200个金币？土匪收过路费吗？收一点过路费也就算了，问题是这个过路费我还没法用虚拟币支付，要留在游戏里自己肝金币。项目方用这个设计，确实可以提高玩家留存，但是这只会让玩家骂娘，要知道1200个金币，新手什么都不干，也要打2天。链游的资产ownership是归玩家所有的，我买了NFT，并没有用智能合约质押进游戏，把NFT导入游戏的时候，也没有提示我需要支付1200金币才能导出，我理应可以自由处置这些资产，所以我的ownership妥妥的的被游戏项目方侵犯了。

2. 我是2000年帝国时代2罗马复兴上线的第一批玩家，研究生读书的3年有2年在玩这个游戏，玩到得了颈椎病。现在2024年了，拜托长进一点，发链游有点诚意，不要打着Web3版帝国时代的招牌，做的产品还不如2000年那一版。如果不是帝国时代的老玩家，估计也不至于这么炸毛。

买Blocklords的NFT英雄是6月7号跟IMX的人开完会，听他们特别提到后才买的，想着被IMX看中，在华语区这么积极推广，游戏应该做得不错。

现在对IMX都很失望：平台和公链到底要给玩家推什么样的产品，喂什么样的食物？有没有筛选一下？有没有自己玩一玩做个评估？如果一线的链游平台这么筛游戏，那我真的很失望。

链游行业确实很艰难，做链游项目方和做链游平台都难，缺玩家，缺好项目，缺资金，缺人气。

链游玩家其实底线已经放得很低了，对大多数项目要求并不高。但愿后面几年，这个状况有所改善，不再有让人炸毛的“大作”投喂。