kendrick s

ex cboe

[Rocky @Rocky_Bitcoin]

这个HBM高带宽内存的介绍视频，做的很好！

发现油管上有各种大神��这位博主介绍了挺多芯片领域的东西，都比较通俗易懂，一看就明白，值得一看，推荐一下，如下👇图2！🧐

[大宇 @BTCdayu]

这 @168MrZ 是把 @qinbafrank 压箱底东西给聊出来了

先转发收藏，然后全文背诵。

[KK.aWSB @KKaWSB]

Claude Code 的开发者最近亲自制作了一段免费的 30 分钟讲座视频，非常实用，即使是中学生也能完全理解。

收藏，一定要在黄金周期间好好学习一番！

[夏雪宜 @XXY177]

如果你有条件、有能力，就一定要去办个港澳通行证，花个几千块钱，去香港转转。过关的时候，会给你一张小票，你把小票拿好。然后苹果手机登陆一个香港ID，安卓手机整个谷歌应用商店，你都会翻墙了，这一步应该都会。然后你下载一个“众安银行APP（ZA BANK）”，注册，拍一下过关小票，就成功了。从此，你就有了一张港卡，以及一个真实的，受港府严格监管的美股、港股账户。就这么简单。然后你就可以把你的USDT在币安App换成USD，一键提现到你的港卡，到账美金💸。最后，你就可以自由的投资美股，投资这个世界上最伟大，最成熟��成长性最好的资本市场了。如果你看好���技未来，你就买纳指100（代码QQQM），如果你看好整体，你就买标普500（代码VOO），然后买点英伟达、谷歌、特斯拉，然后长期持有，持续定投。这是普通人唯一不被Ai浪潮淹没，能够享受第四次技术革命、时代红利，最简单最直接的方法。未来二十年，都是人工智能的天下。然后继续囤钱，今年下半年买入SpaceX，无论什么价格，都是未来几十年最便宜的价格，都是我们这一代人，最后一次触摸浩瀚宇宙的最后一次投资机遇。

[kendrick s @Kendricks327]

@GracyBitget @BitgetResearch Overfit

[Paradex @paradex]

Introducing Zero Fee Perps 🔥

Zero Fee Perps (ZFP) are now live on Mainnet.

Starting today, every retail trader on Paradex pays $0 in trading fees (maker or taker) on 100+ perpetual futures across web and mobile.

What “zero” means here

- $0 fees for retail on every perp, win or lose.
- Always-on — not a promo, not capped, not limited to a few markets.
- The only frictions left are spread and funding (as it should be).

TL;DR: Keep your edge. Stop paying tolls.

Fee Structure

Why Zero Fee Perps are inevitable

The current affiliate-driven distribution model is broken. Many CEXs charge 5–10 bps, then hand 60–90% of that to KOLs to buy distribution. Users get overcharged so platforms can overpay middlemen; KOL relationships stay purely transactional and churn to the next highest rev share. It’s a race to zero with the retail trader footing the bill.

Paradex is built for direct access: no custody middlemen and no distribution tax. Creators still matter, so we’re rolling out a new affiliate model that makes KOLs long-term owners not just rev-share renters via an explicit token allocation. Better economics. Better trust. Better outcomes.

How we make money (and keep fees at $0)

Paradex earns from RPI (Retail Price Improvement) maker flow, not from retail takers. Professional market makers post RPI-flagged orders that are visible in the UI (for retail) and hidden from the API. These quotes only match against retail taker orders, reducing adverse selection. In return, makers price tighter with more size and pay 0.5 bps (0.005%) on RPI fills to Paradex. This micro-fee, at scale, funds Zero Fee Perps sustainably. Separately, high-frequency API takers pay 2 bps (0.02%). Over time, we’ll transition to toxicity-based fees.

It’s analogous to TradFi PFOF (e.g., Robinhood) with one key difference: orders are not selectively routed to a few market makers. All makers compete on an even playing field for retail flow; best price/size wins. Retail keeps $0 fees and gets price improvement; makers get curated flow; and Paradex earns a durable revenue line.

Won’t spreads widen?

No. RPI reduces toxicity, which lets makers quote tighter spreads with more size. In fact, after adjusting for fees paid Paradex beats the top exchanges ~96% of the time on majors at $100k orders. Check out the Paradex Liquidity Monitor👉 https://t.co/y21QA6BeGW: for real-time spreads and execution quality.

TLDR;
Fees were a tax on coordination. We’re removing them.

Trade perps but pay ZERO. Keep your fees as edge—and help us build a model where users, affiliates, and the venue win together.

[Rocky @Rocky_Bitcoin]

#RWA 底层基建是稳定币，波士顿咨询说到2030年 #RWA 有10万亿的规模体量，而稳定币又是一切现实资产代币化锚定的根源，彼此相辅相成！所以这两年，稳定币赛道开始越来越“内卷”了。

与此同时，稳定币除了增长前景一片光明之外，还是加密“交易的中介”，更是“收益的入口”。像 MakerDAO 的 #DAI，Circle 的 #USDC，Tether 的 #USDT，它们本质上就是稳定币的三巨头。但它们的定位不同：

•USDT、USDC 更偏支付和清算，不强调收益；
•DAI 则强调抵押+生息，但近年来也逐渐走向“美债化”。

随着时代的演进，稳定币的痛点也越来越多，用户对稳定币的需求已经不只是“稳定”，而是“稳定 + 收益”。这就是为什么过去一年里，各种生息稳定币协议（如 #Ethena、#Resolv、#sDAI、#USDY）开始崛起。但大部分协议的逻辑，要么是单一套利（比如 #Ethena 基于资金费率），要么就是“买国债”模式。单一策略容易失效，收益也不够稳健。

我们最近重点研究的 @falconfinance，和这些项目不太一样。它的定位很清晰：要做第一个通用抵押基础设施。

简单讲，就是你手里有 #BTC、#ETH、#SOL、稳定币，甚至是代币化的国债RWA，不用卖，不用清仓，直接存进去，就能铸造出 #USDf —— #Falcon 的超额抵押稳定币。

这跟 DAI 类似，但更激进。DAI 的抵押资产比较有限，而 Falcon 支持的范围更广：主流加密货币、稳定币、优选山寨、甚至是国债类的RWA。它要做的就是把任何可托管资产变成流动美元。

那么 #Falcon 的杀手锏是什么？便是 #sUSDf —— 把 #USDf 质押进去，你拿到的是一个 ERC-4626 的收益代币。它的收益来自一套机构���、多元化的策略：
•正向/反向资金费率套利
•跨交易所套利（CEX/DEX）
•原生山寨币质押
•头部 DEX 做市

这不是单点玩法，而是一个组合拳。相比之下，#Ethena 太依赖资金费率，而 #DAI 的收益过于依赖美债。#Falcon 的逻辑更像一个“对冲基金 + 稳定币”，追求稳定收益，而不是单一套利的脆弱性。

目前从收益回报的数据上，也充分具备行业竞争力：截至 2025 年 8 月底，sUSDf 的 30 日年化收益率在 10% 左右；而其他头部五个稳定币收益协议的平均 APY 只有 6.3% 左右。期间的差距非常明显。

更让我看好的，是 #Falcon 已经有了比较扎实的生态落地：
•#Pendle 上的 sUSDf/ USDf 已经有 2.73 亿美元 TVL，说明收益代币化交易市场很活跃；
•#Morpho 上，用户能用 sUSDf/PT-sUSDf 做借贷，进一步放大收益；
•#Curve、#Uniswap、#PancakeSwap、#Bitfinex、#MEXC 都已经有 USDf 的流动性池；
•#Chainlink 提供预言机，保障价格安全；
•还拿下 #WLFI 1000 万美元战略投资。

现在 USDf 已经有 15 亿流通供应，16 亿+储备，58000+ 月活用户。对一个成立才 8 个月的协议，这个增长曲线很吓人。光看这些合作和数据，已经不是“纸上项目”了，而是花了大力气跑起来的系统。

最后我讲讲 #Falcon 的生态代币 $FF ，#Falcon 的生态逻辑里，USDf 和 sUSDf 是产品层， $FF 则是捕捉价值的核心代币。一方面，随着资产抵押和 USDf 发行量增加，协议规模越大， $FF 的价值捕获也越直接；另一方面， $FF 还有治理、质押、社区激励等功能，是生态扩张的权益凭证。

整体来看，#Falcon 不是在卷“稳定币支付市场”，而是要定义新的“抵押-流动性-收益”基础设施层。它把 BTC/ETH 这种存量资产和国债这种现实资产都能吸进来，释放美元流动性，同时给用户提供有竞争力的收益。如果把 #DAI 看作第一代（加密抵押稳定币），USDC/USDT 看作第二代（支付清算稳定币），#Ethena 看作第三代（套利稳定币），那么 #Falcon 有点像第四代：通用抵押 + 多策略收益稳定币。而这次 #Buidlpad 打新，更是不可多得参与项目的好机会，记得在9月16日——9月19日期间完成KYC验证并认购！🧐

[flip @trevor_flipper]

why does this matter?

pfof (payment for order flow)

let me explain

what is pfof?

pfof is a system where a trading platform (broker or exchange) routes customer orders to specific market makers in exchange for a fee . In simple terms, instead of charging you a commission, the platform gets paid by a third-party market maker for the right to fill your order . this behind-the-scenes payment is what allows some platforms to advertise “free” or zero-fee trading, because someone else is footing the bill for trade execution. (If you’ve ever wondered how robinhood makes money on 0% commission trades, pfof is the answer.)

the next logical question is: why is this so important?

PFOF enables trading platforms to charge zero taker fees to users while still giving the platform a revenue stream. It creates a sustainable business model where you, the trader, pay nothing to trade, yet the business earns income on every order filled (since a market maker pays for each order). Think of it like a shopping mall with free entry for customers: shoppers roam freely without paying an entrance fee because the stores (analogous to market makers) pay rent to the mall for access to those customers.

similarly, with PFOF the “rent” is paid by market makers to the platform for access to order flow, so traders enjoy fee-free transactions.

platforms like Robinhood famously pioneered this model. more than 75% of Robinhood’s revenue in 2020 came from PFOF (rising to about 81% by early 2021), and the company essentially acknowledged that PFOF is what allows it to offer commission-free trading.

in other words, without PFOF, commission-free trading at scale wouldn’t be possible for many brokers.

okay that makes sense, but why would market makers pay for orders?

in short, because it’s profitable for them. retail traders’ orders are often considered “uninformed” flow (not based on proprietary market-moving information) and thus carry less risk to trade against . market makers covet these retail orders and are willing to pay a small fee for each one to secure a steady stream of this business. They make their money off the bid-ask spread on each trade.

by paying the broker a tiny amount per share (often just fractions of a penny) for the order flow , a market maker gets to fill your order, often at a slightly better price for you, and then pocket the remaining difference in the spread as profit . market makers pay for retail order flow because those trades pose the least risk and still allow them to profit from small spreads . meanwhile, you benefit because the broker can afford to waive your trading fees (since it’s earning revenue from the market maker instead). It’s a win-win scenario: you trade for free, the market maker earns from the spread, and the platform earns the maker’s fee.

i often see discussions about how @Lighter_xyz's business model (zero-fees -> PFOF) is not a sustainable business. unfortunately, many of these takes come from uninformed individuals who might not fully understand what PFOF is and how it scales. So, how is PFOF going to be a sustainable business model for @paradex (and Lighter)?

by relying on PFOF, paradex can align incentives in a way that keeps the platform financially healthy without charging users directly. Rather than depend on high taker fees, Paradex will monetize by essentially “selling” the flow of its retail orders to liquidity providers (market makers) who compete for that flow, something made possible only because of flow segmentation via RPI (Retail Price Improvement).

in other words, the RPI program lets paradex tag and isolate high-quality retail order flow, which the platform can then offer to market makers in return for PFOF revenue.

this means the more volume paradex users trade, the more revenue the platform earns, all while users continue to enjoy zero fees.

this model has already been proven in traditional markets: zero-commission stock brokers generate significant income from PFOF (look at robinhood).

by making trading free for participants, PFOF encourages higher trading activity and deeper liquidity on the platform, which in turn attracts more market makers willing to pay for that order flow. this is only made possible via RPI and flow segmentation which causes spreads to be tighter than their peers and in some cases better than Binance.

“Binance spreads, but with zero fees.”

the result is a positive feedback loop of liquidity and growth, funded by those who profit most from the trades (professional market makers) rather than by charging casual traders.

tou are probably now thinking... “this all makes sense, but why does paradex need a PFOF model? why not keep tight spreads and just charge normal (even high) fees?”

because the fee game is unwinnable against Binance/Bybit’s KOL machine.

centralized exchange distribution runs on affiliates (KOLs). At scale, the big venues rebate 60–90% of taker fees to top referrers and often sweeten it with token/equity. That lets them lock up the influencers who control user flow. For a smaller venue or a DEX to “outbid” that, you’d have to (a) match or exceed those rev-shares without the volume base, and (b) still fund your own ops/liquidity incentives. It doesn’t pencil out.

zero taker fees financed by PFOF is the only credible wedge

instead of taxing users to fund KOLs, paradex charges makers a tiny fee for curated, low-toxicity flow (via RPI) and drops taker fees to zero.

that does three things at once:

1) neutralizes the KOL advantage. I=if your total trading cost on paradex is spread only (no taker fee with negligible slippage), the “5-10 bps but I’ll kick your KOL 80% back” pitch loses it's appeal. to keep users, centralized exchanges would have to cut fees, which shrinks KOL payouts, undermining their own moat

2) wins the narrative and the math. “Binance spreads, zero fees” is simple, verifiable (look at @fiddybps1 post below), and shareable. users don’t need a ref-code from their favorite KOL -> they see lifetime savings on every trade, similar to what @DefinitiveFi does.

3) funds itself sustainably. makers want this flow (it’s segmented/benign), so paying ~0.5–1.5 bps works for them. paradex earns those bps without taxing the taker, and makers still monetize the spread

quick back of napkin math:

a) centralized exchanges today: taker fee 6 bps -> 80% to KOLs (-4.8 bps) -> exchange nets ~1.2 bps; user pays 6 bps + spread

b) paradex: taker fee 0 -> maker pays ~1.0 bps on curated flow -> paradex nets ~1.0 bps; user pays 0 bps + (often tighter) spread

this is how you pry users from a KOL-fortified incumbent, make the experience cheaper and the execution as good or better

this only works if your flow is worth paying for. that’s the point of RPI/flow segmentation: retail/UI flow is less toxic, so makers pre-commit to quote quality and size and pay a small toll to access it

any upstart exchange that can’t out-compete KOL payouts has to compete on user total cost and execution quality.

execution cost is not just spreads.
Execution cost = spread + fees + slippage.
PFOF + zero taker fees is the only path I see today for new entrants to disrupt the incumbents.

everything else is just losing a bidding war for influencers or won’t scale with users and latency

^ think -> at what ms latency does cancel priority become irrelevant?

paradex routes value from those who profit most (professional makers) to those you need to win (traders), and the pitch is incredibly simple: Binance-level spreads, zero fees, and often better realized execution.

ty for reading

[Jump Crypto 🔥💃🏻 @jump_]

1/ CLOBs have been TradFi's backbone for decades, but on-chain they create new problems: latency arbitrage, MEV, toxic flow, and higher costs for traders.

The ecosystem needs better market structures.

Enter: Dual Flow Batch Auctions (DFBA).

[kendrick s @Kendricks327]

@MyStonksCN 你们网站上的白皮书打不开 修复一下？

[danny @agintender]

https://t.co/usTrmR7Hgk

[Rocky @Rocky_Bitcoin]

B站真的是一个有趣的地方，终于有一个视频，通俗易懂的从历史角度来分析贸易关税。而且侧面重点解释了为什么最近黄金持续上涨，而且还能涨到一万美金！因为贸易关税，最后的形态，有可能是战争！

视频中还提及了一个有趣的观点：美元由于特里芬难题，未来将会减弱美元作为全球货币的属性，那么下一个全球货币是什么？会不会是 #BTC +黄金+一揽子美元欧元RMB，打包组合而成的一种新型稳定币，完全有可能！🧐

[UNICORN⚡️🦄 @UnicornBitcoin]

我看到的最牛逼的特朗普关税战的解读
没有之一

太长了，分两个线程

岱宗岱: 
大家晚上好，今天还在路上，群聊国际

岱宗岱: 
懂王这次关税有些突然，是他和核心小圈子搞出来的，甚至马斯克貌似都没有事先得知

新闻说马斯克公开发推说贸易代表搞这种无差别关税战是错误的，然后那个贸易代表也公开回喷马斯克，然后又说马斯克跑去白宫私聊劝懂王两次，停止贸易战

但懂王都没有答应马斯克

这波是懂王和贸易代表和万斯等几个人搞出来的，估计国务卿卢比奥都没咋参与

岱宗岱: 
群直播中，请不要歪楼也少提问，免得其他瓜友爬楼

岱宗岱: 
这次懂王突然出招，看起来是主动进攻，但在大背景下是懂王战略无奈

事实摆在这里，懂王说他上台24小时能���战俄乌，结果没有

懂王说他能要到乌克兰矿，结果磨蹭了两个月也没有，一开始切断对乌军援也不得不恢复

懂王说他能搞ai革命，结果deepseek出来美国股市你懂的

懂王说他能让欧洲跪下交保护费，结果欧洲还没有跪下

懂王说他能解决巴以冲突，能让沙特以色列建国能把加沙人民搬家，结果都没有

岱宗岱: 
懂王说他能用马斯克削减一万亿美元预算，然而没能完成kpi，还引发内部团队撕逼一帮自己的人反对马斯克

岱宗岱: 
可以说，懂王2.0初期是一顿操作猛如虎，一看还在原地杵

他上台前吹嘘许诺的各种事，都没能达成，甚至有的还很丢脸，比如对普京

懂王马上就要面临任期小考了，就是100天的国情咨文

所以，你懂了这个大背景，你就懂懂王现在的心态其实是十分着急的

岱宗岱: 
懂王各个方面都打不开局面，他马上要百日讲话，完全给不出拿得出手的成绩，所以他很急

在这种焦虑着急心态下，懂王选择了另开一局，是的，关税

岱宗岱: 
懂王这时选择打关税，因为关税容易立竿见影的出成绩，不比地缘博弈那样慢腾腾，可以给选民一个交代

而且，1.0懂王的关税，也是对各方出手，大部分都跪了都谈了，2.0懂王比1.0更强大，只要有上次关税战那样的初期效果，他就至少能在百日讲话过关

可是，时代变了

岱宗岱: 
欧洲和兔子，是最大的变量

1.0懂王还没现在这样跪舔普京，所以欧洲犹豫妥协，1.0懂王对兔子政治信誉也没有破产，所以兔子先派he谈判，部分让步

岱宗岱: 
而懂王更不好变通，不好通过豁免其他国家关税来孤立兔子

因为经过这么多年，兔子很多产品都去越南马来西亚墨西哥这些国家洗澡出口美国，规避关税，所以兔子这些年，对这些小国贸易上升，对美国贸易下降

懂王豁免那些小国等于变相豁免兔子，沙利文愿意这样干懂王不愿意，所以懂王不变通

典型就是越南光速滑跪懂王，懂王反手加税越南打脸，就是因为越南是兔子产品洗澡出口的主要国家

懂王很难变通，很难拉拢小国孤立兔子

岱宗岱: 
现在情况都变了，欧洲德国法国就有些反骨了，特别是兔子比上次强硬的多

岱宗岱: 
还有一个重要的特点，就是懂王根本没用这个能力全面征税

征税要么落地不了，要么逼出走私

美国海关总共才六万人，而兔子一天去美国的货物包裹箱柜就几百万件，你让六万人怎么彻底全面清查加税

岱宗岱: 
上次懂王以芬太尼为理由搞我们的包裹，政策下来没几天就取消了，就是因为海关根本没能力全面彻查，没有这个执行能力懂王不得不事后取消

如果懂王���真的彻底加征全球关税而且落实到位，第一步就是要将海关队伍扩大几倍，然后加大对走私的清查力度将缉私部门扩充几倍

不然就根本落地不了，只能任由下面糊弄和走私泛滥

但这些怕是陷入了征税成本大于征税收益的陷阱了，也就是我花了十块钱的成本征税，结果只征到九块钱，那这就是亏本生意就是不可持续的，我们后期征农业税就是陷入这个陷阱所以后面顺势取消了农业税

岱宗岱: 
懂王现在针对全球无差别高关税，将陷入我们当年的农业税困局，要么落地不了，要么落地后算总账是赔钱的

岱宗岱: 
所以我们根本不怕懂王这次关税威胁，懂王加50%和加200%其实差别不大，没有实质上的加码

甚至懂王加个50%可能有些软骨头的兔子企业会自行承担关税成本，但加到100%以上，那兔子没有企业会选择自行承担关税成本，而会要求美国企业和美国人民承担

岱宗岱: 
懂王加码威胁，其实��没有更大威胁的瞎咋呼，这点我们看懂王继续无能狂怒就行

岱宗岱: 
还有大家担心的，懂王极限施压全球然后联合其他国家孤立兔子，这个上面说了，达不成的

是有这个苗头，比如欧盟今天劝我们不要和美国硬钢，比如越南等国跪了

但懂王的执政风格，和兔子产品物美价廉全球目前无可取代可以洗澡出口美国的特性，懂王都难以联合其他国家孤立我们

岱宗岱: 
我们在贸易领域不怕懂王关税这招，只是金融领域怕

因为预期因为震荡，懂王关税战打击更多的不是我们产业而是我们的金融

所以今天各方密集出来抬股市稳预期

岱宗岱: 
但是我估计，我们大放水双降，不太会因为贸易战，我们会看美联储行事

[Ben Zhou @benbybit]

12 hr from the worst hack in history. ALL withdraws have been processed. Our withdraw system is now fully back to normal pace, you can withdraw any amount and experience no delays. Thanks for your patience and we are sorry that this has happened.
Bybit will come out with full incident report as well as security measurement in the next few days. I will also personally keep you all posted on any new updates. Thanks to all the clients, friends and partners who have helped and supported us during this excruciation 12 hrs.
The real work has just now started.

[kendrick s @Kendricks327]

@ssslumdunk @SignalPlusCN 接货呗

[Dahuzi.eth @Dahuzi_eth]

Cryptowatch - 20240411 https://t.co/YlLKXluV2z

[kendrick s @Kendricks327]

@BTCdayu @star_okx 故意不上吧，为了给他们自己的web3引流

[kendrick s @Kendricks327]

@AminuMohammedA5 @ice_blockchain xpet isngood hahahahha

[kendrick s @Kendricks327]

@stevejosh22 xpet is amazing hahahahha