雪梨（👼❤️众生）

抽象版本的天才雪梨 没有任何Tag的任性版本 努力在币圈挣钱捐给慈善机构 前账号@xuelihappy

[雪梨（👼❤️众生） @eirahappy]

checker is now live.
@MeteoraAG 来自cabal 和 LP交易选手的狂欢

[Meteora @MeteoraAG]

The future will be tokenized.

Every asset, every market, on-chain and it all begins with liquidity.

With MET, we’re building the backbone of this tokenized future.
The rails, the liquidity, and the army that powers every market.

Checker is now live.
https://t.co/MTBtwCpanb

[雪梨（👼❤️众生） @eirahappy]

paypal投资的项目，我们应该不遗余力地学会口撸 @GoKiteAI

[KITE AI ✈️ Money20/20 USA🇺🇸 @GoKiteAI]

https://t.co/rgUg0jNEph

[雪梨（👼❤️众生） @eirahappy]

在无数的时刻里面，我们回头看是numbers,还是无数人触目惊心的人生时刻
希望我们永远做好风控，比起知道怎么挣钱，更要知道怎么拥有让自己重来的底气。
挣钱或许很难，亏欠永远很简单。
在投机的世界里面不要做傻子

[ltrd @ltrd_]

https://t.co/4EbQoUhGIP

[雪梨（👼❤️众生） @eirahappy]

@taresky 好棒

[雪梨（👼❤️众生） @eirahappy]

@phil_00Llama @yieldbasis @CurveFinance what does this mean?

[雪梨（👼❤️众生） @eirahappy]

根本上是Perpdex对于 token holders, traders and vault depositors的不可能三角关系的平衡机制

在一开始这三者之间重叠越多，那么利益平衡就会更简单。
随着产品成熟，代币发行，这三者之间分化越严重，利益冲突越大。

100% Buyback = 系统利益最大化转移到 token holders

极端行情出现的时候，traders 和vault depositors的利益平衡一部分就靠平台的风控和干预，谁亏了钱都会不高兴，亏的越多就越不高兴

考虑到这种情况，100% buyback可能就不合适了

YU hu想说的是，或许每个平台都不得不去在traders和vault depositors选择，但是系统利益可以从token holders中流向一部分“弱势群体”

1. 保险基金可以用来承担系统损失（但是不能用LLP 流动性资金池作为抵御风险的工具，如果本质上成为保险基金，就需要考虑能够应对的规模，也就是llp/oi的比例）
2. 如果平台采取了更利于traders的机制，应该给予vault额外的incentives

长期来看，如果能平衡好利益关系，价值最终还是会反映在币价上

[Yu Hu 🌊 @Punk9277]

i do think what happened yesterday will have profound implications on the future of the economic relationship among token holders, traders, and vault depositors

at hyperliquid tge, traders and token holders were basically the same group of people. in fact, not just the same - their ownership was even scaled based on volume and usage. that was almost perfect alignment. over time, this inevitably diverged - now you’ve got people who don’t trade at all but own $HYPE, and others who trade in huge size but own zero $HYPE

fundamentally, that’s why some traders were left with a sour taste when they saw $HYPE holders celebrating the largest buyback day and the biggest HLP vault win yesterday

had this happened before tge, alignment would’ve been easier - you’d just drop certain traders some points. post-tge, it’s much tougher, especially when the protocol doesn’t have a cash reserve (or an insurance fund)

personally, i think this likely triggers a rethink of the incentive model and possibly marks the end of the ~100% buyback era. the pendulum has likely swung too far to one side - risking the equilibrium

lighter’s approach here feels more balanced and likely more trader-friendly. LLP took the hit, and traders were protected by it

longer term though, for lighter, this does raise two questions:
- if LLP becomes a quasi-insurance fund, should there be a cap on network OI relative to LLP?
- how does it incentivize LLP to compensate for the higher risk so it stays competitive?

I think this is likely where revenue and incentive structure come in. instead of using 100% of revenue for buybacks (ie incentivizing ONLY token holders), it could perhaps be split among:
- an insurance fund to backstop system-level risks
- some incentives for the vault to compensate for higher risk while keeping a more trader-friendly risk mechanism
- cover development costs
- and finally, excess capital going back to token holders

no one knows where the future of perp dexes and the incentive model will be, but thanks to all the builders - we’ve come a long way vs a few years ago. the exciting part is, being a derivative product, it can scale to almost any asset in the world - the upside is huge for our industry if defi gets it right. i’m hopeful we get there one day. let’s all keep building!

[雪梨（👼❤️众生） @eirahappy]

@btclin @HyperliquidX 好滴！

[雪梨（👼❤️众生） @eirahappy]

根据arkham数据BN USDE持有量在15%左右，虽然说是单一市场价格depeg，但这个比例已经不少了，加上作为合约保证金，又放大了对山寨币的影响。

实际上其他市场影响不是很大，但是一次绝佳的PR机会不是，“我们的风控完美，抗住了黑天鹅”

对mindao老师说的第一种感兴趣的人可以看看AAVE USDE/SUSDE；通过锚定 USDT ，将 Ethena 的偿付风险转移至 Aave 协议，从而减少因 USDe 价格波动导致的非必要清算风险。同时，通过校准风险参数，尽量在不产生坏账的前提下实现有序清算。https://t.co/RTydxjQ10t

[Mindao @mindaoyang]

这次暴跌和Luna暴雷类似点在于，都发生在大交易所开始接受非法币稳定币作为高LTV的抵押物，风险开始在交易所间穿透。彼是UST，此是USDe。

“稳定性”+高质押率迷惑了大部分人。

引入非法币稳定资产做抵押物，通常有两种做法：

一是允许高抵押率（90%+），但设存款/借款额度，且硬设定价格锚点（比如1，或者USDT/USDC价格）。这是DeFi借贷协议普遍做法。但这种做法也会反噬，出现UST这种归零脱锚，协议就要承接所有坏账。

二是采纳市场价格（流动性风险）做喂价，但设立更低抵押率（50-70%），当波动性资产看待。

最糟糕的组合就是采用市场价格喂价，同时允许高抵押率；加上CEX本身没有完全开放的套利环境，套利效率低，风险进一步放大。

LSD类资产面临一样的问题。

这类资产实际上都是披着“稳定性”外衣的波动性资产。

[雪梨（👼❤️众生） @eirahappy]

看来要多交易点meme rush

[Binance Wallet @BinanceWallet]

Join the 1st Pre-TGE Prime Sale Edition on #Binance Wallet with @yieldbasis (YB)

📅 08:00 -10:00 (UTC) on Oct 13, 2025
📜Eligible users need Binance Alpha Points to participate

Pre-TGE details and the Event Portal will be released soon — stay tuned!

Activity Rules: https://t.co/OajgpNsbJJ

[雪梨（👼❤️众生） @eirahappy]

加油加油

[LXDAO @LXDAO_Official]

我们正式启动 "Let’s Build Trustless Agents (ERC-8004)"——这是一项社区倡议，旨在推进 ERC-8004 成为以太坊 AI Agents 经济信任基础设施。

🔗 注册链接：https://t.co/mAKXhr8qwu
💬 加入官方社群：https://t.co/wxTnH0yjtK

[雪梨（👼❤️众生） @eirahappy]

Metadao的子项目都挺一般的，大家看着乐吧

[雪梨（👼❤️众生） @eirahappy]

@mscryptojiayi 看看dm~

[雪梨（👼❤️众生） @eirahappy]

这个的意义在哪里啊

[DoubleZero @doublezero]

Proud to share that the @SECGov has issued @DoubleZero a No-Action Letter for 2Z. 🦅🇺🇸

The first-of-its-kind No-Action Letter gives us confidence that 2Z does not have to register as a class of “equity securities” and that programmatic flows of 2Z on the DoubleZero network are not securities transactions.

This represents four months of constructive engagement with the SEC to establish a clear framework for compliant token launches in America, and a landmark moment for the crypto industry. ↓

[lincoln murr @MurrLincoln]

https://t.co/RCWBXRH74k

note that this is all subject to change

[雪梨（👼❤️众生） @eirahappy]

$XRP 马上符合ETF 通用标准，三个符合标准但是还没申请的是 $XLM $shib $BCH

[Alex Thorn @intangiblecoins]

we wrote a big report about this 3 weeks ago: which coins might get through, what the implications are, what additional standards they might adopt

[雪梨（👼❤️众生） @eirahappy]

因为什么？因为不想挣钱吗？ $APX