Chris

All in crypto 专注于链上数据追踪、监管政策解读
币安广场创作者:Crypto Hub
微信公众号：初焱
#LPT

[Chris @feverchris2024]

2024年4月23日，worldcoin官方宣布将以接近市场价的价格向机构出售wld代币，但出售数量没有公布，但Bybit 顶级交易员DeFi^2 (@DefiSquared) 曝出Worldcoin基金会将向交易公司额外出售价值2亿美元的代币，该消息发布后wld币价大幅下跌，并且一些大户都开始将 #wld 充进交易所清仓割肉。

[Owen @Owen_okx]

没错，Exchange OS跟HIP有不同
1.模式层面
同时支持 CeDeFi model 与纯 Web3 模式。 Venue Creator 可以基于自身对 risk & compliance 的理解自由选择模式。
背后其实对应的是跨链资产合约结构，以及 venue cross margin 的不同规则设计。实现了更加广泛venue的拓展性。
2.资产
会更积极引入资产，并推动 RWA 从“合规资产映射”走向“合规资产创造”。而更加个性化资产，也给予Venue creator更多的资产施展空间。资产跨venue治理用一套proposal很难cover。
3.生态层面让位
支持个性化资产运营，同时让出生态 position。 比如数据服务，预言机，都可以作为一份子可以参与建设XIP，而不一定都去创建venue。
4.机制层面
既然是 zone，未来是否会出现更多形态？
比如 private zone、更创新的资产发行方式、以及新的价格发现机制，都值得探索。当然OKB作为治理token会增加丰富的治理场景。

[Jake Koch-Gallup @immutablejacob]

.@livepeer just had its strongest usage quarter ever.

network usage increased 72% QoQ to 134M minutes processed in Q1 2026, a new ATH.

full @messaricrypto report below 👇

[Chris @feverchris2024]

@star_okx 确实不属实，本来就是涉及虚拟货币的洗钱案件，通过资金流向查到与hb相关，所以相关人被带走调查，李林作为平台实控人也一起带走调查了。此外，还有当时火币负责OTC渠道业务的人都带走了。

[蓝狐 @lanhubiji]

美国SEC+ CFTC今天联合甩出一个超级重量级文件，终于给加密资产进行明确分类。

这算是近期加密行业最重大的事件之一。

这份文件明确了什么加密代币是“证券”（要严管）；什么不是证券（像普通商品一样自由）。

之前Gensler做SEC主席时，喜欢搞模糊战，只起诉不给明确规则，整个行业灰头土脸。

现在Atkins时代，这份文件把加密资产分成5大类：

1. 数字商品（Digital Commodities）

BTC、ETH、SOL、XRP、ADA、DOGE、SHIB、AVAX、LINK 等包括在内，文件第14页直接列名单。

就像黄金、白银一样，归CFTC管，

2. 数字收藏品

NFT、meme币、游戏道具、艺术品代币等大部分不算证券。

3. 数字工具

ENS域名、会员卡、凭证这类实用东西 ，也不算是证券。

4. 稳定币

合规支付用的稳定币不算证券，其他看情况。

5. 数字证券

把传统股票、债券做成代币的 → 永远是证券，继续监管。

6.额外“大福利”

挖矿、质押（staking）、空投、包装BTC（wrapped BTC，都不算发行证券。

以后美国人也能正常领空投了，不用再搞“地域屏蔽”保护自己。

一句话总结

这份文件给整个加密行业发了官方身份证。

把模糊地带干掉，给开发者、交易所、机构资金一条明路。

https://t.co/8ka1itX6CA

[Dexerto @Dexerto]

The cat behind multiple TikTok memes has gone viral after his owner shared the original images

Ganymede is 15 years old and blind

[BloFin Research @BloFin_Academy]

https://t.co/6gdFH0Jr0i

[Jake Koch-Gallup @immutablejacob]

the monster has been unleashed. the $RAIL valuation report is live.

40 pages, 40 minute read.

https://t.co/TXYzEbhzGe

it is an enterprise report, so only @MessariCrypto enterprise clients have access. HOWEVER, let's break down the key points:

1) what is RAILGUN?

@RAILGUN_Project is onchain ZK privacy infra for EVM networks. it lets users transact on Ethereum, Arbitrum, Polygon, and BNB Chain without revealing wallet identity, balances, or transaction intent.

the protocol charges a 0.25% fee when assets enter or exit the privacy set (shield/unshield). all fees accrue onchain to the DAO treasury.

2% of the treasury is distributed to $RAIL stakers every two weeks, creating a direct link between usage, treasury growth, and staker cash flows.

2) how does RAILGUN work?

railgun lets users move assets from public ERC-20 balances into a shared private pool (shielding), then transact from that pool without revealing wallet identity, balances, or intent.

assets inside the pool aren’t account balances. they’re represented as private notes, proven valid with ZK proofs instead of being publicly readable onchain.

users keep their normal 0x address, but also generate a private railgun address (0zk…). private transactions are built in-wallet, proven locally, then executed onchain with no link back to the public wallet.

railgun is infrastructure, not a consumer wallet. wallets and apps integrate the railgun contracts and SDK to support private balances and private smart contract execution.

this design keeps users on Ethereum’s existing liquidity and apps, while adding privacy at the settlement layer.

3) what does railgun adoption and revenue look like?

railgun processed $2b in combined shield/unshield volume in 2025. this generated the protocol $5M.

importantly, this revenue is earned without emissions, liquidity incentives, or subsidized activity. users are paying real fees for privacy.

railgun captures nearly 5% of its TVL as revenue, materially higher than most DeFi infra protocols, which typically capture around 0.3-3%.

this reflects the transactional nature of privacy flows as railgun monetizes capital movement, not passive liquidity.

4) what is the Kohaku Wallet SDK and why does it matter for RAILGUN?

kohaku is an open-source wallet privacy SDK being developed under the @ethereumfndn. its goal is to make privacy native at the wallet layer, not a separate opt-in tool.

instead of users going out of their way to use a privacy protocol, wallets can integrate Kohaku and offer private balances and private transactions directly in normal wallet flows.

railgun is already integrated into Kohaku. that means railgun becomes part of default wallet transaction flows.

once Kohaku goes live and tier-1 wallets (like @MetaMask) start integrating it, railgun’s addressable market expands from users who actively seek privacy to a massive share of Ethereum’s wallet-reachable capital.

that shift, from niche tooling to default wallet infra, is the core driver behind the upside scenarios in my valuation.

5) how exactly did I value $RAIL?

i start with Ethereum’s capital base (ETH market cap + stablecoins), model how much of it migrates into RAILGUN’s privacy set over time, and translate that into revenue thru a declining capture rate.

revenue minus operating expenses = operating cash flow. ~52% gets paid to stakers, the rest accumulates in the DAO treasury, and i value both pieces (cash flows + treasury) to arrive at intrinsic $RAIL per token.

the base case intrinsic value provides a clean and defensible anchor for what $RAIL should be worth if adoption plays out as modeled.

$RAIL's current price sits at a significant discount to that base case.

6) disclaimer: i hold $RAIL. this report is meant for informational purposes only. It is not meant to serve as investment advice.

7) railtardio.

- railgun quant

[蓝狐 @lanhubiji]

最近一段时间，不管是btc社区还是以太坊社区对隐私都非常关注。搞全同态加密技术（FHE）的Zama已经推出了测试网，预计主网也很快了。Zama会给加密领域的隐私带来什么变化？下面简单聊一下：

打个简单比喻，Zama类似于给以太坊等公链装一个“超级隐身衣”，让用户在链上转账、借贷、交易、股票买卖、参与预测市场……..全部数据加密，谁都看不到，甚至连参与节点也看不到，但是，该计算的还能计算，该验证的还能公开验证。类似于把微信支付的体验搬到链上，但是比微信支付更具有隐私，因为连微信也看不到你的余额和转账金额。Vitalik再也不用担心人们看到他每次转出多少ETH了。

之前的区块链做不到隐私，原因很简单，因为它是完全公开的，就像是一个透明的玻璃房子，每个地址有多少钱，转给谁，转了多少金额，全世界都看得见的。也因为如此，那些机构、公司都不太敢把真金白银拿上来玩。Zama的技术，是全同态加密技术（FHE），本身就要解决这个问题的。

简单来说，Zama不是新链，而是叠加在现有区块链上的“隐私层”。用户不用换链，就能用隐私功能。这也是我们之前一直提的一个观点，隐私不应该成为一条链，而是成为所有链的可选功能。全同台加密技术的优势在于，数据加密后还能直接计算（加减乘除），不用解密；此外它在安全性上也很高，具有抗量子计算能力。

Zama技术的隐私计算有很多场景应用。举个例子， 你转 1000USDC给朋友，现在人们是可以看到你转给那个地址的，转了多少金额也是看得见的。有了Zama，别人只能看到“有人转帐了”，完全看不到金额和余额。这在目前的DeFi领域有很广的应用范围，比如人们在Lighter上参与合约，在Aave上借贷，在Uniswap上交易，很难再被人们发现了；DAO投票也有好处，不管用户投了赞成还是反对票，结果都是公开的，但谁投了是保密的；

机构一直对股票等资产上链有需求，但也有隐私上的担忧，尤其是RWA方面，股票、债券、基金上链一直存在隐私问题，Zama的技术可以解决机构的担忧。机构不想让自己的行为暴露出来，一旦解决这个问题，传统资产大规模上链的概率在增加。

还有一个链上身份是一直没有发展起来的场景，有了Zama的隐私技术，可能会帮助链上身份的大规模采用。具体来说，链上身份可以证明某个人是成年人/驾照/国籍等，但不用暴露身份证/护照号码，解决目前身份容易被拿去滥用等问题。链上身份比起线下实体身份更方便，也不会丢失，适合跨境旅游的用户。

对于开发者来说，还是用熟悉的Solidity 写代码即可，只须把普通“加减乘除”换成 Zama 提供的“加密版加减乘除”即可，也不复杂，改完几行代码，DeFi、投票即可实现隐私，也无需懂具体的密码学。

简单总结来说，有点像互联网从 HTTP（全明文）升级到 HTTPS（加密传输）， Zama 试图把区块链从“全透明裸奔”升级到披上“全程加密隐身衣”，对于解决RWA的大钱上链有推动作用。

[Wu Blockchain @WuBlockchain]

OKX, the largest offshore crypto exchange serving the Chinese-speaking market, will list Zcash (ZEC) for spot trading at 20:00 (UTC+8) on November 24, 2025. Notably, OKX previously delisted three major privacy coins — Monero (XMR), Zcash (ZEC), and Dash (DASH) — between January 4–5, 2024.
https://t.co/mEjkvMb6j4

[gaudenzio @gaudenzio_eth]

Privacy matters. Today during @web3privacy, maestro @VitalikButerin highlighted #Kohaku, a new Ethereum framework focused on bringing real privacy to wallets. All 8mins!

[Chris @feverchris2024]

@Nauticus6 when #Rail listed in the coinbase,the binance upbit okx will listing #Rail as soon as possible.

[Simon Dedic @sjdedic]

It might sound like a random take, but I think there’s a very specific reason why Zcash is doing so well while most other altcoins are struggling.

It’s about belief.

This is my third bull cycle, but in that regard, it feels very different.

Sure, back then we were earlier, valuations weren’t so inflated, altcoins weren’t this hyper-inflationary, and the overall market wasn’t as mature.

And yes, most of the altcoins that performed well in 2017 and 2021 were absolute shitcoins with zero fundamentals, basically no different from today’s memecoins.

But still, it felt like people believed in the vision. People were bidding on these coins as if they were call options on decentralization, disruption, and a technological revolution.

Investors actually put their money into something because they identified with it, they wanted to support it, be part of that potential revolutionary journey.

And because people weren’t constantly overanalyzing market cap vs. FDV ten times a day, comparing P/E ratios, or projecting future growth, they were built differently. They actually diamond-handed what they believed in.

Some of those assets went 100x, and you just kept holding, because in your mind, this thing was going to change the world. The upside felt infinite.

Of course, that also meant a lot of people round-tripped their gains, got wrecked, lost trust, and ended up burned. Also unsurprisingly, value extractors exploited all of this and that’s partly why we are where we are today.

But you get the point.

If you compare that to this cycle, it’s just...very different.

I don’t see many people hunting for the next undervalued gem anymore. People in my own network aren’t even really willing to allocate properly these days.

Visionaries have somehow turned into traders, online casino gamblers, and (the worst of all) farmers.

It often feels like crypto natives don’t really believe in crypto anymore. They’re just chasing the next quick flip, deploying their stables into the next unsustainable airdrop farm, or faking it till they make it on InfoFi.

Even though I’m sidelined on it, $ZEC is giving me those old vibes again, for the first time in a long while. And that, I think, is why it’s outperforming so wildly while the rest of the market feels dead. It’s not necessarily rational, but belief gives people like @mert, @naval, @cobie a reason to ZODL beyond just pure monetary incentives.

Where did all the cypherpunks go? What happened to the days when people actually believed in something?

It’s time to start believing again, before the institutions swoop in, grab all our coins, and we, the natives, end up sitting on the sidelines like fools (again).

Maybe sometimes you should actually hate the player, not the game.

[浪老湿 @LanngCrypto]

截止到今天早上，OKX离职员工群已经满500人，没有进的小伙伴只能进2群了。更好玩的是还没离职的同学也想进，币安和bybit的朋友说让我给他们也建一个离职群，笑死我了。目前已经有猎头机构和多家交易所联系我们提供岗位，需要我们推荐候选人。本来就是想把大家聚一起聊聊天，没想到现在可以做的事情很多很多。以后估计会有迪拜、新加坡、香港等等地方的分群，大家线上线下都多沟通多勾兑资源。

[Chris @feverchris2024]

@shirleyusy 来

[Chris @feverchris2024]

@shirleyusy 扬帆起航。

[Chris @feverchris2024]

@shirleyusy 幻想少一点，跟着热钱干，跟着热钱散。

[kurama 🦊 @kurama718]

ok I really like $rivn a lot here. 400k is extremely low compared to what the narrative is worth tbh

$rivn is a pfp cult and the first crypto coin representing a NASDAQ stock

don't believe in it? everyone said the same thing about Tesla before it went insane. $rivn is next. once stocks surge, this will as well.

easy front run

Ejm6CEvFtRR9Rib7vjCGr6UYn4xWRSEKFxX6BxvTpump

[Evan Van Ness @evan_van_ness]

Related story:

Awhile ago I noticed that a guy I know was at 210k followers all the sudden, whereas previously he'd been at 10k

I sent a DM, "whoa, didn't notice your account blew up"

He replied that he'd bought 200k followers, and while it had hurt his engagement, amusingly it had been a huge ROI

He was getting better job offers, advisor offers, and people offering to pay him to tweet. Most offers were more than he'd paid for the 200k followers

This is exactly how bad the average CMO is in our space.

One more reason "the crypto industry" has been net negative for the world

[Chris @feverchris2024]

@shirleyusy GDP数据上链用了pyth和link两家，所以不是唯一，是这个意思？

[Chris @feverchris2024]

@DekuKing1 我都是套牢筹码，首富你来一起建设