星球日报

Original Author: Haotian (X: @tmel0211)

Recently, a series of factors, including @eigenlayer's Airdrop expectations, @RenzoProtocol's underperformance after launch, and other Restaking's Fomo sentiment drop, have undoubtedly cooled down Restaking's stake track. How do you see the current state of the restaking industry and the possible changes in the future? Next, I would like to briefly share a few points:

1. The Restaking track has indeed experienced a long period of irrational prosperity and development, from the points war to ETHFI, Renzo, Puffer, Swell, etc., which are pinned on high market expectations, and then stake track has fallen into a "lock-Liquidity" data show mode of grabbing native ETH and LST credentials, as if who can attract more long assets to lock in, who can create greater expected value in the future, and therefore get a higher valuation to enter the market?

In my opinion, this value estimation standard is outrageous, ignoring an essence, locking LST vouchers such assets can not create incremental value for points, the AVS network market situation behind can be opened, and truly creating benefits is the beginning of value appearance. Obviously, under the irrational emotion, everyone's expectations and focus are not on the landing Application Layer AVS, but instead of the high expectations exchanged for absorbing draw attention and assets, and cannot be effectively support; **

2. Eigenlayer's hasty issuance of tokens, and the proposed innovative paradigm of intersubjective, in fact, this token issuance seems to me to be specifically for "fire fighting and cooling". **Because if the Restaking points Lego war is further demonized, the pressure on Eigenlayer will also be exponentially amplified, and once Eigenlayer develops in the future, it will trigger a chain resonance crisis in the stake industry. **

The expected landing of Eigenlayer's issuance of Token will obviously cool down the Fomo atmosphere such as the points war, and let the market focus on the rise nature of the support point AVS network effect of the stake.

3. AVS (Active Verification Service), simply put, is to screen out some Node from the tens of thousands of Node operators and operators in Ethereum, and do some corresponding software, hardware and technical service capabilities enhancement, so that these validators can maintain their original Ethereum Consensus on the basis of adding some service capabilities to maintain network security such as other Rollups, and then obtain the possibility of additional income. (equivalent to abstracting some "mining pools" from a large number of "miners" and then doing some business development)

The AVS network can be understood as doing some "middleware" service enhancement in the basic Infra layer of Ethereum, so that some nodes can unite and do Decentralization Sequencer, Decentralization Oracle and other service capabilities "encapsulation" and commoditized output. **Theoretically, as long as the capability boundary of the nodes under the jurisdiction of AVS is large enough, as long as it is within the framework of Ethereum's large Consensus, the application landing scenarios that can be expanded will be very considerable. **

In layman's terms, these middleware networks originally required external consensus construction to access, but now they directly allow Ethereum's underlying infrastructure to have such service capabilities, and it can represent a certain Ethereum security Consensus. **AVS Node Enhancement Application Paradigm can be regarded as a potential direction for Ethereum to increase business expansion capabilities, but its focus is on the enhancement of Node service capabilities, as well as the real landing of AVS network service capabilities and the transformation of benefits. **Instead of the secondary stake re-stake and integral war expected attributes brought by AVS.

4. In fact, AVS Node enhanced application paradigm, which is also reflected outside the Ethereum network: for example: @MarlinProtocol can provide rental Computing Power support for some AI model training demanders through distributed Node augmentation; Another example: @FlareNetworks enhances its off-chain distributed Oracle Node capabilities, allowing Oracle Node to directly integrate with the EVM network and on-chain ecosystem, opening up the narrative direction of Oracle as A Service. (Take the shorter time to follow up the analysis and interpretation in detail)

**After strengthening and enhancing the capabilities of these Node operation and maintenance parties that were originally behind the scenes, they can bring a wider range of business rise capabilities to the original chain. **

In retrospect, Eigenlayer originally did stake just to provide basic security capabilities for its EigenDA (the first AVS), but it never thought that it would open the "Pan long Magic Box" of the stake: on the negative side, if it is not guided and controlled, the false prosperity of the stake will further ETH the potential Liquidity crisis of the network; On the positive side, from the perspective of AVS Node capability enhancement, Restaking will indeed inject a new narrative direction and imagination shorter into the Blockchain ecosystem.

This is the future of the re-stake track, without it.

Note: If you lack a systematic understanding of the Restaking re-stake track, it is recommended to subscribe to the 10,000-word research report of web3 caff, a panoramic dismantling of the re-narrative track led by Eigenlayer, the principles behind it and the development trend, etc.

Original author: dt

Original editor: Lisa

Recently encryption market has pullback, the Mainstream Token in the market have been fall, and the alts Liquidity has dried up, only the Solana on-chain Memecoin is still full of vitality and has become the only dynamic place in the market, the data shows that the number of new SPL coin per day has reached a new high, and the revenue of the one-click coin platform Pump.fun has broken a new high and even flipped Solana on-chain volume for a time Ether Mainnet becoming the Blockchain with the highest volume of on-chain DEX .

In addition to paying attention to community topics, the most important thing to trade Memecoin is actually the analysis of on-chain data, so the demand for Solana on-chain data tools is becoming more and more rise, ** this week Dr.DODO will introduce three tools to help you manage on-chain assets or track on-chain Address and long TG Bot widgets, let's become a Solana on-chain master together. **

GMGN.ai

Although Dextools, Dexscreener and GeckoTerminal have supported Solana, GMGN provides faster on-chain and more real-time data, as well as support Pump.fun line chart services, in addition to Address tracking, Holdings management and SmartMoney/KOL Wallet exploration and other functions. It basically meets the various basic functions required by on-chain players, and it is also the most popular Solana on-chain tool website for mainstream Degen users.

Source: GMGN.ai

AlphaVybe

AlphaVybe is an asset management dashboard and a visual on-chain browser tool website, in addition to tracking Address Token asset Holdings data, it also has the function of analyzing Token data, and the biggest difference is the visual Address interaction data, compared to crawling solscan data when doing on-chain Address tracking, AlphaVybe can display the Address of all interactions in one graph, which is more readable.

Although the asset dashboard function is not as real-time as GMGN.ai data, and AlphaVybe can only read out the value of mainstream ecosystem coin long, it is basically unsurpassed by AlphaVybe's visualization function in Address tracking.

Source:

Step Finance

Step was one of the first projects to start a Solana on-chain data kanban, and it was successfully launched as early as the last round of Bull Market FTX was once benchmarked against Debank, but the project was on the verge of death after the collapse of FTX and has not been updated for a long time, but it has also made a lot of updates after the market picked up in Solana.

At present, it provides functions such as asset dashboard and historical transaction records, in addition to long wick candle sub-products for on-chain Token analysis, which can analyze Token chips Liquidity and other information more visually.

Source:

TG Bot

TG Tranding Bot has been fully introduced in previous issues of CryptoSnap, so I won't repeat it, but here are some useful tracking channels.

on-chain Address Tracking Notifications:

After setting the tracking Address, when the Address has transaction dynamics, you can know it as soon as possible, and the following TG BOT services are similar, and you can choose the one that is pleasing to the eye.

• Cielo
• EtherDrop
• Solana Ray
• GMGN.ai

Hot Trend Coin Notification:

• SOL TRENDING: You can see what coin on-chain the most popular and long people are playing at the moment, but at the same time, the spam information is also long.
• Solana Early Birds: The new coin notification channel produced by the Pepeboost team, which is different from the ordinary new coin channel The Early Birds channel has added a judgment mechanism for Satoshi Wallet entry to reduce the bombardment of spam information, but at the same time, because the new opening Token itself is high-risk, it is suitable as a reference for playing with small and small participation.
• Pump: Produced by the GMGN team, long wick candle the notification channel of the new coin on the Pump.fun, which can filter out the most popular coin on Pump, and it is also a very useful channel to participate in with a small amount of money.

Author's point of view

Having basic on-chain analysis ability is a very important element as an on-chain player, especially Memecoin earth dog players, Memecoin has no fundamentals to study so the only thing to look at is the structure of chip distribution, whether there is Satoshi money entry, whether there is a project side rat trading, etc., blind participation in earth dog coin risk is quite high, and after learning basic on-chain analysis can increase a lot of winning rate, I hope everyone can become Solana after using the above tools On-chain master players, make a lot of money together.

Original|Odaily

Author|Wenser

Recently, Spectral, an on-chain agent machine intelligence network, announced the launch of the first quarter Airdrop of SPEC Tokens, with a total supply of 100 million Tokens, and 8% of the total Airdrop Distribution Tokens in the first quarter, that is, 8 million Tokens, calculated according to the highest average price of $90 per piece on May 6, which is equivalent to the total value of the project of $720 million, of course, this is only the calculation of the limit, Circulating Supply, Liquidity and Coin Price are difficult to support such a volume of a project. At the time of writing, the SPEC Token price was $6.1, Liquidity was $2.9 million remaining, and the market capitalization had fallen back to around $16.7 million. **When the explosive attention brought by the airdrop gradually fades, it may be the best time to review a "serious project". Today, Odaily takes a closer look at the long behind the Spectral project. **

SPEC Token Season 1 Airdrop Analysis

On May 6, Spectral officially released an announcement announcing the official launch of the first quarter Airdrop, with a total of 8% of the SPEC Token supply used for the first quarter distribution, and a total of 52, 992 addresses eligible for the first distribution.

SPEC Token Airdrop Demographic Segmentation: Platform Users, AI Contributors, NFT Community

According to the announcement, the SPEC Token Airdrop in the first quarter mainly includes four categories of people:

• Early adopter of Spectral;
• Data scientists and Open Source AI developers;
• Generate art collectors and community members;
• AI and Web3 supporters.

In addition, the core developers who have made significant contributions to the development of Ethereum and built the Decentralization infrastructure that is important for the development of AI also have a certain Token Airdrop share.

SPEC Tokenomics: Community, Contributors, Investors

In the specific allocation of 100 million SPEC Tokens, the division ratio of Spectral can be called simple and crude, wherein:

• 40% of the community, that is, 40 million SPEC Tokens, 10.3% of TGE Tokens are unlocked online, Cliff is unlocked for 12 months, then 10% is unlocked every month, and the Vesting period is 30 months;
• Core contributors account for 22%, that is, 22 million SPEC Tokens, TGE Tokens are unlocked 0 when they are listed, Cliff is unlocked for 12 months, then 10% is unlocked every month, and the vesting time is 30 months;
• Investors account for 38%, that is, 38 million SPEC Tokens, TGE Tokens are unlocked at the launch of 0, Cliff is unlocked for 12 months, then 10% is unlocked every month, and the Vesting period is 18 months.

It can be seen that Spectral is quite generous in the distribution of returns to the core contributors and investors of the project, and the main distribution rhythm is "community first - even unlocking".

SPEC Token Distribution Model

Notable Airdrop Objects: AI tool users, blue-chip NFT holders, Farcaster active users

Combined with the Token Airdrop list and the Airdrop check interface, we can find that in addition to regular Spectral platform users, past contributors, and active community users, users of the well-known AI tool platform Huggingface, Pudgy Penguin NFT holders, Artblocks NFT holders, and active users of Farcaster also have different proportions of SPEC Token Airdrop shares.

Active Farcaster users receive 8.125% of the SPEC Token Airdrop based on 10+ likes, 10+ followers, 10+ posts on Farcaster, and between 10 between January and May 2024 and 200 contract interactions on Base from January 2024 to May 2024* ）。 The real-life example that 182 SPEC can be exchanged for 1200+ USDT once again makes the gold content of Farcaster's status as an active user rise.

In addition, AI platform users, digital art collectors and creators, data scientists, machine learning engineers and other groups have also become an important role for Spectral to mention and call for joining the ecological construction long the Token Airdrop Airdrop announcement long.

Spectral Project Background: A $30 million on-chain AI agency platform

Looking back at the past development history of the Spectral project, the explosion of AI can be said to have provided a new "breakthrough" for the project, and then reached the next turning point.

Spectral: From Programmability reputation protocol to on-chain AI agent platform

From the current official introduction, the Spectral project positions itself as a machine intelligence network, allowing users to build on-chain AI agents and participate in the on-chain agent economy, and its main products are ChatGPT-like AI conversation tools - Spectral Syntax and Nova, which can help users create on-chain agents and access decentralized machine learning inference of smart contracts, and these tools are integrated through Inferchain to ensure transparency and decentralization.

Back in November 2021, when Spectral announced the completion of its first round of funding, it was also a Programmability reputation protocol based on Ethereum, mainly used to assess credit risk in Web3, with the help of an on-chain credit scoring system, providing lenders with an improved mechanism for assessing borrower risk, and granting users full control over their identities and pseudonyms on the Blockchain.

However, in a place like Web3 that emphasizes "Don't Trust, Just Verify", limited by the complexity and Anonymity of the Decentralization network, on-chain credit assessment is a difficult and "thankless" task, so although the project later received a new round of financing in August 2022, the long asset credit risk Oracle Machine (MACRO) scoring system created by it is still difficult to be understood and strongly recognized by the Depth of the market and users.

In March 2024, Coindesk reported that Spectral launched an artificial intelligence application called Syntax, which can help anyone launch smart contracts for Ethereum and dozens of other blockchains, and users can compile, debug, and deploy AI-generated Solidity code. NFTs, arbitrage bots, and transaction aggregation are all possible use cases for the technology. And Spectral CEO Varghese believes that Crypto Assets retail traders, rather than experienced programmers, will become the main users of Syntax.

It was only at this point that Spectral officially completed its transformation from a Programmability reputation protocol to a on-chain AI agent platform, and the otherwise slightly obscure product positioning became more understandable: a platform that helps users implement smart contracts AI programming. **

This is the more long story that follows. After all, simplicity is power, and complexity often leads to misunderstandings. **

Spectral Syntax product interface

Investment institutions: Polychain Capital, General Catalyst, Social Capital and other longest star institutions

In November 2021, Spectral closed a $6.75 million funding round led by Polychain Capital, Mike Novogratz's Galaxy Digital, Chamath Palihapitiya's Social Capital, ParaFi Capital, Edge & Node Ventures (The Graph), MetaPurse Ventures participated.

In August 2022, Spectral closed a $23 million funding round led by General Catalyst and Social Capital, with participation from Samsung, Gradient Ventures, Section 32, Franklin Templeton, Circle Ventures, Jump Capital, and others.

To date, the company has raised about $30 million in financing.

Spectral official website interface

Spectral next development and potential Airdrop speculation

Based on the above information, for Spectral, the possible development direction of the subsequent project and the potential Airdrop opportunities mainly lie in the following two aspects:

Spectral development direction: one-click coin issuance platform or smart contracts education platform

So, on the basis of the existing technology accumulation and project development, Spectral may consider launching a "one-click coin platform" that is more in line with the existing needs of the market, referring to platforms such as Pump.fun and Rug.fun, and earning corresponding issuance fees while compiling, reviewing, and on-chain AI agents' smart contracts writing, reviewing, and long Deployment provides more long data set accumulation and technical support.

In addition, another development direction of Spectral may also try to build a smart contracts education platform, which coincides with the development of public goods in the Ethereum ecological network. According to Electric Capital's 2023 Developer Report data, in 2023, only 22, 411 active Open Source developers contribute to the encryption space every month, and the number of monthly active developers has dropped by 24%, if Spectral can make some efforts in developer education, it is expected to contribute to the rise of Blockchain network developers.

Spectral product demo interface

Spectral Potential Airdrops: Season 1 Airdrops for Objects and Platform Credits

After the first season of Airdrop gradually came to an end, Spectral's subsequent potential Airdrop mainly focused on 2 parts: First, it is to continue the object-oriented idea of Airdrop in the first quarter, especially Huggingface platform users, Farcaster active users and other groups, which may still be an important allocation object of potential Airdrop; Second, according to the Spectral Syntax interface, users can currently obtain platform points by inviting new users to deploy smart contracts, in order to seek the possibility of obtaining Airdrops in the future.

Summary: Token prices may continue to fall, and the long-term trend depends on the performance of project financing

On the whole, the latest positioning of SPECTRAL's project has certain innovative value, and the previous financing performance is also relatively bright, but the overly simple and crude tokenomics model and the tool platform with a certain threshold may not be able to promote the continuous pump of its SPEC Token price, and the long-term trend of the development trend and Token price of the follow-up project still depends on the follow-up financing performance of the project.

On the eve of the upcoming AGI release of ChatGPT 5, perhaps we also need to think more long about the better combination of AI and Web3 and the presentation of applications.

Odaily reminds users to carefully choose investment targets and pay attention to asset safety. ***

This article is from "SBF maintains his innocence as he trades rice in jail"

Original Author: Jesse Coghlan

Compilation: Odaily Planet Daily Husband How

This is SBF's first face-to-face conversation with the media since being incarcerated at the Brooklyn Metropolitan Detention Center (MDC) in August 2023. SBF spoke with Puck News' William Cohan in an interview published May 9, organized by SBF's mother, Barbara Fried.

According to the interviews, SBF's diet is predominantly vegetarian. Because MDC's vegetarian meals made other inmates feel "smelly like feces," he lived mainly on beans and rice, and rice had "become a trading coin within MDC." SBF even jokingly stated: "Arbitrage opportunities in prison are longer better than his previous life as a high-frequency trader." ”**

According to Puck News, SBF has lost a lot of long, losing 25 pounds (11 kilograms) and "no longer that fat, less neurotic, less restless, and no more bags under the eyes." And during the interview, SBF stared into Cohan's eyes almost all the time, which he had rarely seen before. And, he sadly admits that he has "learned to disguise himself" and is doing well.

SBF's living quarters are large open-plan dormitories that MDC once built for female inmates and live with 35 other male inmates — half of whom, according to reports, are murderers who have compromised with the government. However, according to SBF, life in prison was very boring, with only four TVs and a tablet without an internet connection for entertainment, and he had to play games on the tablet. Although there are long murderers who live with the cellmates, SBF does not worry about his own safety, but often does not sleep well because of his cellmates' frequent wake-up calls - they always ask SBF if he has long small amount of rice **** and wants to barter. **

Although SBF's prison life is rich and longing because of "rice", he has never given up on exonerating himself and has always insisted that he is a "scapegoat". Last month, SBF filed a notice saying he was appealing fraud and Money Laundering charges.

In addition, SBF talks to his new lawyer for an hour or so almost every workday – after taking approved prescription medications, SBF is very clear in communication.

SBF insisted in the interview that he was framed as a scapegoat for FTX's bankruptcy and argued that his only negligence was to put FTX in a position vulnerable to bank bank runs and malicious actions by competitors, and that reasonable penalties should be civil, not criminal.

Journalist Cohan noted that SBF still does not believe that it has committed a crime and portrays itself as an innocent participant who has not been given enough opportunity to consult with prosecutors. And SBF is not sorry for being convicted of helping embezzle approximately $8 billion in client funds.

**SBF stressed that the team of lawyers who handed over the company to FTX was responsible for convicting him of the company's bankruptcy; If he had stayed in the leadership role at FTX, the company would not have gone bankrupt, but would have been a thriving company worth $80 billion. He added that after his lawyer convinced him that there was a conflict of interest in running both the trading company and FTX, he should have worked harder to find someone other than his ex-girlfriend Caroline Ellison to lead Alameda, or simply ignore them and continue to run both companies.

SBF has asked to remain with MDC until he files an appeal, which should be in July. But by law, SBF can be transferred at any time, most likely in a California state jail away from his parents. **If this happens, SBF could travel across the U.S. in four months on a prison bus to reach the prison in California. **

Originally written by Dan Morehead, Founder, Ryan Barney, Partner, Pantera Capital

Compilation: Odaily Azuma

*Editor's note: This article is based on article 100 of Pantera Capital's market commentary section Blockchain Letter, featuring an excerpt from the analysis of TON. One of the references to the "number one Heavy Position" stems from Dan Morehead, founder of Pantera Capital, who mentioned that he had recently had lunch with Telegram founder Pavel Durov, and that Pantera had recently made the largest investment in Telegram's TON Blockchain project in the fund's history. Other than that, most of the rest of this article was written by Ryan Barney, a partner at Pantera Capital. *

Why did Pantera choose TON? （Dan Morehead）

Throughout my career, I have been on the lookout for great investment projects.

I'm passionate about Bitcoin and Blockchain because I think it has the potential to change the world and have a hugely positive impact on billions of people. Within this community, I have met longest amazing people who share a common mission and purpose. It's so exciting.

I recently had lunch with Pavel Durov, the founder of Telegram, and the sheer purity of his beliefs is amazing.

Telegram was founded by Pavel in 2013, and the platform's overarching principle is "freedom". Telegram is a neutral social platform that is impartial and does not take sides.

At the age of 21, Pavel and his brother Nikolai founded VK, known as the "Russian version of Facebook," which is also excellent and uncontrolled by the Russian media. The Russian opposition, which has widely used the app to organize mass protests in Russia, has tried to force Pavel to censor and ban some opposition communities, but Pavel refused.

• Pavel said at the time: "Neither I nor my team will be involved in political censorship. We're not going to ban Navalny's anti-corruption community or hundreds of other communities that have been ordered to be banned. Freedom of information is an inalienable right in a post-industrial society, without which VK's existence would be meaningless. ”

In 2013, Pavel left Russia for good. Together with Nikolai, he again founded Telegram, a platform based on the principles of "freedom", "openness" and "expression".

• Pavel said in this regard: "Everything I do in my life is for freedom. To the extent possible, my mission in life is to make others free as well. That's what Telegram is all about. ”

Pavel and his team ultimately chose to flee their home country rather than abandon their principles, and we are honored to partner with someone who believes in that – Pantera recently made the largest investment in the Fund's history on TON. In the following, my colleague Ryan Barney breaks down the investment in detail.

In short, when you're building a portfolio, it's best to find something that sets you apart.

99.999% of Blockchain projects try to build communities from scratch with technical ideas. With more than 23,000 Crypto Assets currently on the market, starting from scratch is a difficult path for a large number of long projects, and TON is integrating Blockchain technology into its existing community, which will undoubtedly be easier to achieve. **

Today, Telegram has started rolling out the Wallet service to their 930 million users.

TON Overview (by Ryan Barney)

TON is a Layer 1 network originally designed by Telegram and continued to be developed by the Open Source community. Due to the widespread adoption of TON in the Telegram system, we believe it will drive further promotion and popularity of Crypto Assets. Telegram is a future-proof, fast, and secure messaging platform with over 900 million active users that allows users to communicate individually and as a group, build communities at scale, share content, and more.

Based on Telegram's large user base and seamless user experience, coupled with the vitality of the TON ecosystem itself, we believe that TON has the potential to become one of the largest encryption networks.

The reason why we believe so much in TON is not only because of its strong promotion potential, but also because of the values of Telegram itself. During this year's Token 2049, Pavel dedicated his keynote to discussing these values.

Telegram doesn't sell user data, and its virality is based entirely on a commitment to privacy. It is a neutral platform free from government interference and has been a hub for community-organized protests everywhere.

Telegram is also one of the rise fastest and largest social platforms in the world. They spend zero on marketing, but they can rise by almost 2.5 million users per day. **They currently have a total of 930 million active users, and Pavel remains the company's only product manager, with only 30 people.

Telegram has almost 10 times more monthly downloads than its closest competitor, Signal, with 36.7 million downloads in January of this year alone.

The spiritual core of Web3

Telegram stands out not only because of the platform's remarkable distribution capabilities, but also because it essentially embodies the spirit of Crypto Assets.

At the Token 2049 conference, Pavel explained why TON and Telegram are a perfect match. "What I like about Blockchain is that it's a liberating technology — it gives power back to ordinary people," Pavel said. No other social app has the same targeting.

Telegram is currently the only major platform that has no regulatory hurdles, can converge with the vision of Web3, and has integrated Blockchain. While Messenger had attempted to integrate encryption payments through Libra, it eventually faced regulatory hurdles in the U.S., leading to a complete shutdown of the program. WeChat has tried to integrate Central Bank Digital Money CBDC payments, but the scope of application of the system is still limited.

We believe that Telegram has great potential to promote Crypto Assets globally due to the shared spirit of Web3.

Scalable network for hundreds of millions of users

The Open Network (TON) is a blockchain initiative developed by Telegram to leverage its broad user base to create a decentralization network capable of supporting longest applications. TON has built a rich ecosystem of long components, including TON Blockchain, TON storage, TON DNS, and TON services—all of which work together and work seamlessly.

TON Blockchain is the backbone of this ecosystem. TON is positioned as a high-performance, scalable Layer 1 network that leverages dynamic sharding mechanisms to process transactions quickly. TON's architecture ensures that the network can process millions of transactions per second and scale efficiently as the number of users increases, making it ideal for developers to launch applications for hundreds of millions of users without compromising on speed or security.

Minimalist entry process

In general, getting users started with encryption apps is quite difficult. New users need to write down a large string of secret keys and keep them safe, but what if you forget your private key? How can I send or receive money to other users? Copying and pasting Public Keys is not a good experience in itself.

Telegram simplifies many of these complex procedures with long Top.co's Telegram Wallet, Wallet which allows users to seamlessly connect to a variety of small applications, which users can access directly through Telegram settings and personal chat, and easily buy, sell, or manage Token, NFT within a single interface.

The Telegram Wallet supports both custodial and self-custodial options, allowing newbies to have an easy onboarding experience and experienced Crypto Veterans to choose full control over their secret keys. With TON's self-hosted wallet, users don't need to jot down mnemonic phrases and can simply use Telegram and email as backups.

The magic of applets

TON's increasingly rise ecosystem benefits from Telegram's innovative design and large user base. More than 360 million users interact with so-called "mini-programs" on top of Telegram every month, such as chatbots, mini-games, and more. For TON, we envision that its encryption capabilities can also be integrated into these "applets", significantly improving the operating experience of hundreds of millions of users. **There are currently more than 300 projects on TON, most of which long have built Mini Programs on Telegram and can be accessed directly through the Telegram App Center. **

Earlier this year, we saw meme-Token trading tools like BonkBot generate k tens of thousands of dollars in revenue through Telegram's user interface. TON-based applications such as StormTrade now also allow users to trade Perptual Futures, Crypto Assets, Stocks, and Equity using the same interface. With over $10 million in volume processed per day, we believe a similar TON-native Telegram bot will be the first choice for long traders.

Telegram also provides a foundational platform for viral social networking and gaming spreads. Early experimental Telegram games like Pixels and Fanzee Battles have attracted millions of users in a matter of days, demonstrating the platform's huge potential for user engagement; Catizen is a TON-based mini-game platform that currently has more than 4 million users and more than 700,000 daily active users; Notcoin, a TON-based social app where users can mine, has attracted more than 30 million users, one of the fastest rises on record in the Crypto Assets space.

The TON Foundation also recently announced their incentive program, which aims to incentivize successful TON applications. We believe this will lead to the creation of more long new and exciting Mini Programs, which in turn will attract more long users to join.

New revenue model

TON has also opened up new ways for the Telegram community to monetize, share, and expand their business long. Decentralization marketplace based on TON, Fragment provides users with a trading platform where users can trade collectibles such as virtual phone numbers and custom Telegram usernames, and Fragment has now facilitated more than $350 million in total transactions, and this is just the beginning.

The Fragment platform also supports revenue sharing between content creators and channel owners, which is also an important innovation that marks a shift from the traditional social media monetization model that allows creators to earn directly from their channel's ad revenue. This approach not only incentivizes content creation, but also strengthens the connection between platforms and users, promoting a more equitable distribution of economic benefits within the digital ecosystem.

Payment Revolution

On April 19, 2024, Tether announced the deployment of its stablecoin USDT on TON Blockchain and Telegram Wallet. This move represents a major step forward for the encryption industry in the payment space, as it will allow hundreds of millions of users to seamlessly send and receive stablecoins through the Telegram platform, making payments as simple as using Venmo or Apple Cash.

Powered by the TON Network's strong scalability, users can Money Laundering drop up to about $0.1, which is 66% cheaper than other major Crypto Assets payment platforms. In addition, Telegram also provides built-in deposit and withdrawal channels (for banks or exchanges) to further facilitate users.

We believe that stablecoin payments on Telegram Wallet are particularly important for individuals in developing countries, where people often do not have access to well-established banking services. With the deployment of stablecoins on the TON network, Crypto Assets are moving closer to realizing the vision of "Programmability Peer-to-Peer Coins", "Globally Accessible DeFi Financial System".

Conclusion: It's still early, and the potential is limitless

All in all, we believe that the TON network is still in its early stages, and we are very much looking forward to seeing the Telegram user community adopt its ecosystem and experience longest new features coming in the future."

Essentially, Telegram itself embodies the spirit of Crypto Assets – open, free, permissionless. The TON network has an ingenious symbiotic relationship with Telegram, where scalable smart contracts capabilities and a robust payment network enable breakthrough features that are not possible in the Web2 environment. Given Telegram's large user base, scalable infrastructure, thriving ecosystem of mini-programs, and native stablecoin payment capabilities, TON has the potential to extract more long value from this "treasure trove" of 900 million active users. **

For Pantera Capital, we are excited about this investment and eager to continue supporting future builders in the TON ecosystem." IF YOU ARE DEVELOPING ON TON AND WOULD LIKE TO SHARE IT WITH US, PLEASE DO NOT HESITATE TO CONTACT US.

Original author: Bridget Harris

Original compilation: Luffy, Foresight News

Not all the components of a modular stack are the same in terms of attention and innovation. While many projects have innovated on the data availability (DA) and ordering layers longing before, it is only recently that the execution and settlement layers have gained traction as part of a modular stack.

Competitive incentives in the shared sequencer space, with long projects such as Espresso, Astria, Radius, Rome, and Madara vying for market share, as well as RaaS providers like Caldera and Conduit, who are developing shared sequencers for Rollups built on top of them. These RaaS providers are able to offer better fees for rollups because their underlying business model doesn't rely solely on sequential revenue. There are also longest rollups that choose to run their own sequencers to get the fees it incurs.

The sequencer market is unique compared to the DA field. The DA field is basically an oligopoly consisting of Celestia, Avail, and EigenDA. This makes it difficult for smaller new entrants other than the Big Three to successfully disrupt the space. Projects either utilize "existing" options (Ethereum); Either choose one of the mature DA layers based on your technology stack type and consistency. While there are significant cost savings to be achieved by using the DA tier, outsourcing the sequencer part is not an obvious choice (from a fee perspective, not security), mainly because of the opportunity cost of giving up the sequencer revenue. Xu long also thought that DA was going to be a commodity, but what we saw in Crypto Assets was that the combination of a super-strong Liquidity moat and a unique (and hard-to-replicate) underlying technology made it extremely difficult to commoditize one layer of the stack. Regardless of these debates, there are longest DA and sequencer products on the horizon. In short, for some modular stacks, "there are several competitors for each service."

I think the execution and settlement (and aggregation) layers are relatively underexplored, but they're starting to iterate in new ways to better align with the rest of the modular stack.

Execution and settlement layer relationships

The execution layer and settlement layer are tightly integrated, where settlement layer can be used as a place to define the end result of state execution. The settlement layer can also add enhancements to the results of the execution layer, making the execution layer more robust and secure. This can mean longest different functions in practice, such as the settlement layer as an environment where the execution layer can resolve fraud disputes, proof of validation, and connect to other execution layers.

It's worth mentioning that there are teams that directly support the development of custom execution environments in their own protocol, such as Repyh Labs, which is building an L1 called Delta. This is essentially the antithesis of the modular stack, but still provides flexibility in a unified environment and has the advantage of technical compatibility because teams don't have to spend time manually integrating every part of the modular stack. Of course, the disadvantages are isolated from a Liquidity perspective, the inability to choose the modular layer that best suits your design, and the cost is too high.

Other teams choose to build L1 long wick candles for a core feature or application. One example is Hyperliquid, which built a dedicated L1 for its flagship native application, the Perpetual Futures trading platform. While their users need to cross-chain from Arbitrum, their core architecture doesn't rely on the Cosmos SDK or other frameworks, so they can long wick candle iteratively customized and optimized for their primary use cases.

Execution Layer Progress

The only feature that the general-purpose alt-L1 outperformed Ethereum in the last cycle was higher throughput. This means that if a project wants to dramatically improve performance, it basically has to choose to build its own L1 from scratch, mainly because Ethereum itself doesn't have the technology yet. Historically, this simply meant embedding efficiency mechanisms directly into common protocols. In this cycle, these performance improvements are achieved through modular design, and on Ethereum, the most dominant smart contracts platform. This way, both existing and new projects can take advantage of the new execution layer infrastructure without sacrificing Ethereum's liquidity, security, and community moat.

Currently, we are also seeing an increasing long of mixing and matching different VMs (execution environments) as part of a shared network, which provides flexibility for developers as well as better customization at the execution layer. For example, Layer N allows developers to run general-purpose rollup nodes (e.g., SolanaVM, MoveVM, etc. as execution environments) and application-specific rollup Nodes on top of their shared state machines. They are also working on full composability and shared liquidity between these different VM architectures, an on-chain engineering problem that has historically been difficult to accomplish at scale. Every application on Layer N can deliver messages asynchronously without latency in terms of consensus, which is often a "communication overhead" problem for Crypto Assets. Each xVM can also use a different database schema, whether it's RocksDB, LevelDB, or a custom synchronous/asynchronous database created from scratch. The interoperability part works through a "Snapshot system" (a Algorithm similar to the Chandy-Lamport Algorithm), where the chain can be asynchronously transitioned to a new Block without system pause. In terms of security, if the state transition is incorrect, a fraud proof can be submitted. With this design, their goal is to minimize execution time while maximizing overall network throughput.

Layer N

To drive customization, Movement Labs leverages the Move language (originally designed by Facebook and used on networks such as Aptos and Sui) for VM/execution. Move has structural advantages over other frameworks, mainly security and developer flexibility. Historically, these have been the two main problems in building on-chain applications using existing technologies. Importantly, developers can also just write Solidity and deploy it on Movement. To achieve this, Movement has created a fully bytecode-compatible EVM runtime that can also be used with the Move stack. Their Rollup M 2 leverages BlockSTM parallelization, which allows for higher throughput while still being able to access Ethereum's Liquidity moat (historically, BlockSTM has only been used for alt L1 like Aptos, which clearly lacks EVM compatibility).

MegaETH is also pushing the boundaries of the execution layer, particularly through its parallelization engine and in-memory database, where the sequencer can store the entire state in memory. In terms of architecture, they utilize:

• Native code compilation makes L2's performance even better (if the contract is more computationally intensive, the program can be greatly speeded up, and if it is not very computationally intensive, it can still be speeded up by about 2x).
• Relatively centralized Block production, but Decentralization of Block Verification and Confirmation.
• Efficient state synchronization, where full Nodes do not need to re-execute transactions, but they need to understand state deltas so that they can be applied to their local databases.
• Merkle tree update structure (typically updating trees takes up a lot of storage short), and their approach is a new trie data structure that is memory and disk efficient. In-memory computing allows them to compress the state of the chain into memory, so when a transaction is executed, they don't have to go to disk, just to memory.

Another design recently explored and iterated on as part of the modular stack is proof aggregation: defined as a prover that creates a single clean proof of longing clean proofs. First, let's take a holistic look at the aggregation layer and its historical and current trends in the encryption space.

The value of the aggregation layer

Historically, aggregators have had a smaller market share than platforms in the non-Crypto Assets market:

While I'm not sure if this applies to all Crypto Assets situations, the conclusion still holds true for DEX, cross-chain bridges, and borrowing protocol.

For example, 1inch and 0x (two major DEX aggregators) have a combined market capitalization of about $1 billion, which is only a fraction of Uniswap's market capitalization of about $7.6 billion. The same is true for cross-chain bridges: cross-chain bridges aggregators like Li.Fi and Socket/Bungee have a smaller market share compared to platforms like Across. While Socket supports 15 different cross-chain bridges, their total cross-chain volume is actually similar to Across (Socket — $2.2 billion, Across — $1.7 billion), which is only a fraction of Socket/Bungee's recent volume.

In the lending space, Yearn Finance is the first protocol Decentralization to aggregate lending yields, and its market capitalization is currently around $250 million. In contrast, platforms such as Aave (about $1.4 billion) and Compound (about $560 million) have higher valuations.

The situation is similar in the TradFi market. For example, ICE (Intercontinental exchange) US and Chicago Business exchange Group each have a market capitalization of about $75 billion, while "aggregators" like Charles Schwab and Robinhood have about $132 billion and about $15 billion in market capitalization, respectively. In Schwab, which routes through longest venues such as ICE and CME, the proportion of volume routed through them is disproportionate to its share of market capitalization. Robinhood has about 119 million options contracts per month, compared to about 35 million for ICE — and options contracts aren't even a core part of Robinhood's business model. Despite this, ICE is valued at about 5 times higher on the public markets than Robinhood. As a result, as application-level aggregation interfaces, Charles Schwab and Robinhood route customer order flows to various venues, and despite their large volumes, their valuations are not as high as those of ICE and CME.

As consumers, we give less value to aggregators.

If the aggregation layer is embedded in the product/platform/chain, this may not be true in Crypto Assets. If the aggregator is tightly integrated directly into the chain, obviously this is a different architecture, and I'm curious to see how it will evolve. One example is Polygon's AggLayer, where developers can easily connect their L1 and L2 into a network that aggregates proofs and enables a unified liquidity layer across chains using CDK.

AggLayer

The model works similarly to Avail's Nexus interoperability layer, which includes proof aggregation and an ordered auction mechanism, making its DA offering even more robust. Like Polygon's AggLayer, every chain or rollup integrated with Avail is interoperable within Avail's existing ecosystem. In addition, Avail pools ordered transaction data from various Blockchain platforms and Rollups, including Ethereum, all Ethereum Rollups, Cosmos Chain, Avail Rollup, Celestia Rollup, and different hybrid structures such as Validiums, Optimiums, and Polkadot parachains, among others. Developers from any ecosystem can build permissionlessly on top of Avail's DA layer while using Avail Nexus, which can be used for proof aggregation and messaging across ecosystems.

Avail Nexus

Nebra focuses on proof aggregation and settlement, which can be aggregated between different attestation systems. For example, aggregating xyz system proofs and abc system proofs so that you have agg_xyzabc (as opposed to aggregating inside the proof system so that you have agg_xyz and agg_abc). The architecture uses UniPlonK, which standardizes validator work across circuit families, making proof of validation across different PlonK circuits more efficient and feasible. Essentially, it uses zk-SNARKs themselves (recursive SNARKs) to extend the validation part (often a bottleneck in these systems). "Last-mile" Settlement becomes easier for customers because Nebra handles all batch aggregation and settlement, and the team only needs to change API contract calls.

Astria is working on some interesting designs around how their shared sequencer works with proof aggregation. They leave the execution part to the Rollup itself, which runs execution layer software on a given named shorter of a shared sequencer, essentially just "execution API", which is a way for Rollup to accept sorting layer data. They can also easily add support for validity proof here to ensure that blocks are not violating EVM state machine rules.

Here, a product like Astria acts as the #1 → #2 process (out-of-order transactions → ordered Block), the execution layer /rollup Node is #2 → #3, and a protocol like Nebra acts as the last mile #3 → #4 (execution Block → concise proof). Nebra may also be a theoretical fifth step, where proofs are aggregated and then verified. Sovereign Labs is also working on a similar concept to the final step, where proof-based aggregation-based cross-chain bridges are at the heart of its architecture.

Overall, some application layers are starting to own the underlying infrastructure, in part because if they don't control the underlying stack, keeping only the upper applications can introduce incentive issues and high user adoption costs. On the other hand, as competition and technological advancements continue to drive down infrastructure costs, the cost of integrating applications/AppChains with modular components has become cheaper. I believe this dynamic will be even stronger, at least for now.

With all these innovations (execution layer, settlement layer, aggregation layer), greater efficiency, easier integration, greater interoperability, and lower costs are possible. All of this ultimately leads to better apps for users and a better development experience for developers. It's a winning combination that can lead to more long innovation, as well as a faster pace of innovation.

Link to original article

Original author: Sleeping in the rain

What exactly is Decentralization Computing?

In addition to io.net $AKT $AR $TAO, what other opportunities can we participate in?

The following content is intended to talk to you about how I understand the Decentralization Computing track after learning the relevant knowledge.

Let's dive in together

1、What exactly is Decentralization Computing for?

That is, "computing", what do these protocols calculate?

To put it simply, computing is the processing of information and data to achieve the output of the target result.

The biggest demander for decentralization computing, or "what the market thinks", is AI training. Of course, there are still longest problems in data synchronization, network optimization, and data privacy and security in this track.

At the moment, the biggest solutions on the market are probably io.net $AKT and $RNDR. However, as Greythorn Asset Management mentioned, the complexity of creating and managing Decentralization clusters at scale involves significant technical challenges, and they still have a long way to go (this is what long wick candle said to io.net, but it applies to most of them).

Reference link: greythorn.medium.com/io-nets-revolutionary-gpu-cloud-f 18 c 06 b 944 e 4

2. Refine the application direction

Let's take a brief look at the specific business of ⬇️ the Decentralization Computing project mentioned earlier

• io.net is a GPU Computing Power and has partnered with $RNDR for machine learning and artificial intelligence computing.
• $TAO does Computing Power intermediary to match AI training needs.
• $AKT is more scalable than $RNDR and supports GPU, CPU, and storage compute, so its customer base is richer.
• $AR's AO is a hyper-parallel computer modularly combined with Arweave, where AO is responsible for communication and parallel computing, and Arweave is responsible for storage and verification. In addition, AO supports modular combinations.

The application direction of decentralization computing is strongly linked to the AI field, and provides services for the AI field in the form of computing power. Essentially, we can break down Crypto+AI into: 1) What can Crypto do for the AI industry? 2) How can the AI industry empower Crypto? I've already mentioned this in a previous article. The way the AI industry empowers Crypto is through AI agents, such as $PRIME $OLAS. The basic idea that Crypto can serve the AI industry is to do computing power.

This is also the reason why the current Computing Power targets are being hyped and new Computing Power protocol are emerging.

In addition to computing power and applications, Crypto can also do something at the data layer and algorithm level.

Their main rise bottleneck today is Web2 customer acceptance of their form of collaboration. At this point, $AKT is relatively well done.

3. Two Gems related to calculations and data

Next, I will share a few gems with you (I have Holdings, interests, do your own research before buying, don't give me dumb buying).

FluenceDAO @fluence_project

Official: Fluence is a Web3 native computing platform for developing and hosting applications, interfaces, and backends on a permissionless peer-to-peer network. Fluence can read data from any public data source (FIL, Filecoin, Arweave, Ceramic, Ethereum, Solana, Flow, etc.), compute it, and store the newly computed data back into any of those repositories.

Background: FluenceDAO is an AI+DePin project that has partnered with FIL and Solana co-creators are also following the project. The project was led by Multicoin, with participation from 1kx and Signum Capital, and raised $11 million. Fluence has created a network to provide users with a Decentralization cloud-less platform + marketplace, and the network is managed by Fluence DAO and $FLT.

Currently, the price of $FLT is 0.6 USD, MC 29.9 M, FDV 599 M.

Read longer:

AIOZ @AIOZNetwork

Official introduction: AIOZ Network is a comprehensive infrastructure solution for Web3 storage, decentralization AI computing, live streaming, and video-on-demand (VOD). AIOZ Network's dCDN platform transforms file storage and distribution in Web 3.0 Dapps, providing an affordable solution for file storage and media streaming. AIOZ Network's Blockchain combines the robustness of Cosmos with the compatibility of the Ethereum Virtual Machine (EVM) (high compatibility and low cost).

Background: Previously, AIOZ focused on becoming the primary DePin infrastructure platform for storage and streaming, and now AIOZ is on its way to AI. Just like io.net and FluenceDAO, do AI+DePin infrastructure. AIOZ has been part of the NVIDIA Inception program for several years.

A unique design of the AIOZ is the dCDN (Distributed Content Delivery Network), where the edge Node of the network is responsible for running the network, and the Node who run the network will be able to earn $AIOZ Token rewards. One of the features of dCDN is that it allows the network to scale indefinitely. That is, as demand rises, the number of edge nodes needs to rise to meet market demand (there are currently 80,000 nodes worldwide).

So, how does AIOZ combine with AI?

AIOZ W 3A I is an AI computing infrastructure that can help customers with distributed AI computing and ensure data privacy. Customers can access more long AI models through the AI-as-a-service service provided by AIOZ.

Interestingly, while reading the material, I also noticed a concept that was mentioned longest: AI reasoning.

In the AI space, inference is the process of drawing conclusions from entirely new data using a trained machine learning model, and an AI model capable of inference can do so without an example of the desired outcome. To put it simply, AI training is the first stage of an AI model, and AI inference is the application of an AI model. In fact, AI inference is the process used to test the capabilities of AI models.

AIOZ's W 3A I Marketplace allows Nodes to store user data in a decentralization manner and perform AI tasks directly on the user's device. This makes AI inference more cost-effective and private.

To put it simply, AIOZ is providing services for AI through edge computing.

Read longer:

Currently, the price of $AIOZ is 0.8 USD, MC 878 M, FDV 878 M.

Finally, let's talk about what I think is the trend of Crypto AI: An important trend in the future of Crypto AI is the refinement of the subdivision track, and the granularity will be higher. While competing, more long modular cooperation will also come.

When people talk about Web3, keywords such as "Decentralization", "Autonomy", and "Consensus" are always mentioned repeatedly. But behind these grand narratives, we often ignore a more fundamental question: what is driving the continuous evolution of the Web3 ecosystem? The answer may lie in the strings of code and tokens. It is precisely with the powerful weapon of Token that the Web3 ecosystem can break through the barriers of centralization and unleash the power of crowd wisdom. In this vigorous "Token Revolution", the native Token TOX of the INTO ecosystem is becoming one of the brightest new stars with its unique design philosophy and innovative practices.

Governance, Collaboration, Consensus: INTO's Web3 Ecosystem Logic

In the world of Web3, all valuable contributions can be tokenized. From content creation to resource sharing, from community governance to application development, every contribution of ecological participants can be reasonably rewarded and rewarded through Token. This incentive model of "participation is Mining" has injected a steady stream of endogenous power into the Web3 ecosystem, attracting more and more long users and creators to join it.

To understand the importance of TOX, we must first recognize that the role of Token in the Web3 ecosystem has gone far beyond mere payment tools or investment targets. They have become the "hard currency" that drives the continuous evolution of the Web3 ecosystem, carrying a series of vital functions such as organizational coordination, interest bundling, and value incentives.

At the same time, Token has also become a link that connects all corners of the ecosystem. Through the circulation and exchange of Tokens, individuals and applications that were originally play people for suckers can achieve seamless value exchange, forming an ecological cycle of "you have me, I have you". This cycle not only greatly improves the efficiency of resource allocation, but also provides the possibility for large-scale collaborative innovation.

More importantly, Token distributes the governance of the ecosystem to each participant. Different from the centralized management model in the Web2 era, in the Web3 ecosystem, Token holders can influence major decisions in the ecosystem through proposals and voting. This practice of "token democracy" makes the development direction of the ecology truly serve the interests of longest participants, and achieves unprecedented crowd intelligence activation.

It can be seen that Token has become the "hard currency" of the Web3 ecosystem, which is not only the goal of all k ecosystem participants, but also the trust medium connecting the various hubs of the ecological economy. It is not only the cornerstone of the system that gathers the wisdom of the crowd, but also the source of vitality that supports the continuous evolution of the ecology. Without the key carrier of Token, it is difficult for the Web3 ecosystem to truly exert the magic of self-organization and self-evolution.

It is based on a deep understanding of the irreplaceable and important role of Token in the Web3 ecosystem that the INTO ecosystem has devoted a lot of effort to the design and cultivation of its native Token TOX. Through a well-designed economic model and governance mechanism, INTO enables TOX to play a pivotal role at every key node of its ecological evolution—it is both an anchor for gathering consensus and a beacon for innovation; It is not only a vane for rewarding contributions, but also a ballast stone for defending value.

INTO Ecosystem Blueprint: TOX's longest mission

In the blueprint of the INTO ecosystem, TOX is by no means just a simple circulation Token. From the very beginning of its design, it has shouldered longest missions such as governance, motivation, collaboration, and value-added. It is precisely with this unique temperament of "longing hands" that TOX can flow smoothly in every capillary of the INTO ecology and become the "heart" that drives the virtuous cycle of ecology.

Governance is a fundamental property of TOX. As the native governance token of the INTO ecosystem, TOX distributes the power of ecological governance to every coin holder. Whether it's upgrading the technical architecture, adjusting the economic model, or allocating resources to major projects, TOX holders can exert influence through proposals and voting. This "Token Democracy" governance model ensures that the INTO ecosystem always follows the track of the community's will and avoids arbitrary deviations from the direction of development.

Motivation is the core function of TOX. The INTO ecosystem closely links the acquisition of TOX with ecological contribution through a set of exquisite token economic models. Whether it's content creation, resource sharing, app development, or community building, participants can be rewarded with TOX for their efforts. This incentive mechanism of "participation is mining" not only mobilizes the enthusiasm of longest participants, but also allows everyone's contribution to be reasonably rewarded. With the continuous development of the ecosystem, the TOX will also grow together with the participants and bind more long Intrinsic Value.

Collaboration is an important mission of TOX. Through the circulation and exchange of TOX, individuals and applications that were originally play people for suckers can be seamlessly connected, forming an efficient and collaborative ecosystem. For example, developers can use the acquired TOX to purchase computing resources and drop development costs; Users can use TOX to purchase a variety of digital services and goods to enjoy more application scenarios. Through the economic cycle built by TOX, all corners of the INTO ecosystem have realized the exchange of value, and the scale and depth of collaboration have been continuously expanded.

Value-added is the value guarantee of TOX. In order to achieve sustainable rise in Token value, INTO has designed a unique set of burning mechanisms for TOX. This mechanism covers longest dimensions such as total burning, social earning and destruction, and ecological circulation destruction, thereby increasing its market scarcity by continuously reducing the circulation supply of Tokens. According to estimates, TOX will eventually be destroyed from 10 billion to 21 million. This decision not only demonstrates INTO's strong belief in the rise of ecological value, but also conveys its clear position of long-termism to the market. In INTO's view, instead of letting TOX settle in the hands of a few, it is better to integrate it into the ecological cycle as soon as possible to create value for a wider range of participants. At the same time, with the continuous expansion of INTO ecological application scenarios, the demand for TOX will also steadily increase. The dynamic balance of supply and demand will provide a strong support for the long-term value-added of TOX.

Looking at the wonderful performance of TOX in governance, incentives, collaboration, and value-added, it is not difficult to find that this native Token has been tightly bound to the fate of the INTO ecosystem. This is where the ecological value of TOX lies. It is not just a shorter check on paper, but a real guide to action.

See INTO through TOX: The epitome of Web3 ecosystem evolution

Through the growth trajectory of TOX, it is not difficult to find that its fate has always been closely linked to the development of the INTO ecosystem. And INTO's continuous cultivation of TOX value is not a vivid microcosm of a Web3 project exploring the way of ecological evolution?

At the governance level, INTO binds the will of the community to the depth of ecological development through the TOX voting mechanism. Every TOX holder is given the right to participate in ecological governance, and from proposal to voting, individual will can be gathered into collective wisdom. It is under the guidance of the concept of "everyone's participation, co-construction and co-governance" that the INTO ecosystem can form an internal mechanism of self-evolution and self-repair, and radiate vigorous vitality. This practice of "Token Democracy" can be called a model of Web3 Decentralization Governance.

At the Incentive Layer, INTO makes every ecological contributor get a reasonable return for their efforts through the economic model of "participation is mining". When a user's or developer's behavior is tied to the acquisition of TOX, a virtuous cycle is formed: the higher the engagement, the long the TOX earned; The increase in long TOX further stimulated the enthusiasm for participation. This positive feedback has injected a steady stream of endogenous power into INTO. Behind this mechanism is the simple concept of Web3 value returning to producers.

At the collaborative level, TOX has become a bridge connecting all parties in the ecosystem. Developers, Users, Node, Communities...... Originally scattered individuals are connected into a community of destiny because of TOX. Through the circulation of TOX, the value of each other can be exchanged and exchanged; Through the appreciation of TOX, the interests of everyone can be shared. It is this collaborative and symbiotic ecosystem that creates the powerful network effect of INTO. This intertwined network of economic relationships is the micro foundation of Web3's high degree of collaboration.

At the value-added level, INTO has built a unique destruction mechanism for TOX, including both total destruction based on community consensus and dynamic destruction based on ecological applications. On the one hand, destruction reduces the circulating supply of TOX and objectively increases its scarcity; On the other hand, the burn is also INTO's firm optimism on the long-term value of TOX, reflecting its determination to align with the interests of coin holders. This symbiotic and co-prosperous relationship between TOX and INTO runs through the core essence of Web3 economic model design.

Looking at INTO through TOX, we see not only the evolution of a Token, but also the growth law of a Web3 ecosystem. In this law, governance is democracy, contribution is right, collaboration is win-win, and value-added is consensus. This not only demonstrates INTO's firm adherence to the values of Web3, but also shows the basic logic of the evolution of the Web3 ecosystem.

Original author: BitpushNews Mary Liu

The Crypto Assets market continued to Fluctuation Thursday, with Bitcoin regaining $62, 000 support after midday, alts long pump, with meme zone linked to the U.S. election leading the pump. trend.

Bitcoin rebounded from a daily low of $60, 623 in the early hours of the morning, pumping up 3.4% to hit a daily high of $62, 663 before falling back to the $62, 500 support level. At the time of writing, BTC is trading at $62, 395, a 24-hour pump of 1.15%.

The alts market was pump fall mixed on the day, market capitalization the long of the top 200 Token all recorded pump. Akash Network (AKT), Livepeer (LPT) and Arweave (AR) pumped by 17.4%, 15.3% and 11.9%, respectively. Render (RNDR) and Toncoin (TON) both pumped 11%. FTX Token (FTT) fall the most, down 7% fall, Tellor (TRB) fall 5.4%, and GuildFi (GF) fall 4.2%.

Secure Digital Markets analysts said: "Bitcoin has rebounded from its recent lows this morning and is poised to challenge its previous peak of $65, 000. Overall volume, including spot and derivation markets, fell for the first time in seven months, down 44% to $6.58 trillion. The decline was attributed to heightened geopolitical tensions and reduced investment in US-listed Spot ETF, which cast a shadow over the Crypto Assets market."

The U.S. labor market continues to cool, with the latest jobless claims coming in at 231, 000, up 22, 000 from the previous week and the highest level since August, pushing the U.S. stock market pump. This suggests that many long see this as a positive sign that one or long rate cuts are still possible in 2024, although long Fed officials have recently reiterated the possibility that Intrerest Rate need to remain high for longer, citing resistance to Inflation.

However, Bert Dohmen of Dohmen Capital Research said that the recent sharp rise in the M2 Money Supply means that the Fed will not be able to achieve the expected rate cuts this year, and investors should start preparing for that possibility.

Dohmen said the Fed is "caught between a rock and a hard place" as they are forced to finance a record deficit in Treasuries while continuing to fight stubbornly high inflation. "The Fed was forced to step on the gas pedal to finance the record deficit of the US Treasury," he said. "They know it's going to trigger Inflation, but they don't have a choice."

At the close, the S&P, Dow Jones and Nasdaq were all pump, pump 0.51%, 0.85% and 0.27%, respectively. The dollar index falls 0.5% from its daily high to 105.218 at press time as markets improved, while the US 10-year Treasury yield falls 142 basis points from its daily high to 4.457%.

Rebound strongly from memecoin MAGA

Following yesterday's comments on Crypto Assets by US Republican presidential candidate Donald Trump, the Trump-themed meme coin MAGA (TRUMP) surged 78% on May 9, with its 24-hour volume jumping 620% to $281.8 million and TRUMP market capitalization of $281.8 million, ranking 248th on CoinGecko. As of press time, the Token became the 13th largest meme coin by market capitalization.

Mr. Trump's presidential campaign does not currently accept encryption donations, but he said he was open to it during an impromptu audience Q&A at a dinner yesterday. When asked, "Can we donate with Crypto Assets?" He replied, "If you can't do it (with encryption donation), I'll make sure you can."

TradingView data shows that MAGA is trading at $6, up 46% in the last 24 hours pump.

Other Token related to U.S. politics also pump on May 9, led by Donal Tremp (TREMP), which recorded a triple-pump Token and pump 136% in the last 24 hours. Independence Token (RFKJ) — the Token dedicated to supporting the presidential election of Robert F. Kennedy Jr. — pumped 24.4% over the same period.

The meme coin achieved a huge rise in 2024, becoming the encryption narrative with the highest returns in the first quarter.

According to anonymous X user Crypto Koryo, CoinMarketCap listed a record 138 ERC-20 MEME coins in April 2024, a 666% rise from 18 in April 2023.

"The number of Memecoin ERC-20 Tokens will rise parabolically in 2024," the analysts said. Last month, 138 new memecoins were registered on CoinMarketCap, compared to 18 in April 2023."

As of press time, there are more than 2, 230 memecoins on CoinMarketCap with a total market capitalization of more than $52, 325, or 2.15% of the global Crypto Assets market capitalization.

The overall market capitalization of Crypto Assets is currently $2.31 trillion, with Bitcoin dominating 53.3%.

"The next rise may have begun"

Market analyst Rekt Capital said the next rise may have already begun, as "over the past year and a half, a long-term downward trend ending more than -20% correction has often been the key to future price reversals."

He added that "following last week's downward candlestick, Bitcoin is still only supporting the range lows," a fact that suggests that the bottom may have arrived.

Twitter Big V il Capo Of Crypto also believes that Bitcoin could form a solid support base at current levels and could start moving higher soon. "After deviating from the range lows, the price rebounded, touched the resistance level and is now retraced to an interesting supporting zone, which could form the first higher low," he wrote on Twitter.

"The price is between $59,000 and $61,000 with strong demand and the indicator looks big long bullish, so there could be Rebound and if BTC breaks above the $65,000 resistance level, I will be looking for $68,000 to $69,000 as the first target and $74,000 to $75,000 as the second target," the analyst said.

This interview is Central Bank from Nicolai Tangen, Chief Investment Officer at Norges Bank Investment Management, on the podcast In Good Company. Norges Central Bank Investment Management manages the world's largest sovereign wealth fund, the Norwegian Sovereign Wealth Fund, which has reached 16 trillion Norwegian kroner (10.78 trillion yuan coins) as of the beginning of this year, and according to Prism statistics, its return will reach 16% in 2023, and the annual floating profit will be 2,222 billion Norwegian kroner (1.5 trillion yuan coins), a record high. To use a more intuitive perspective, it is equivalent to giving 5.534 million people in Norway, each earning 270,000 yuan coins.

Norges Central Bank Investment Management is arguably the largest buyer in the financial sector on the planet, which allows Nicolai Tangen, as chief investment officer, to interview almost any industry bigwig, and today's protagonist is Citadel CEO Ken Griffin. It can be said that Citadel was the brightest star of China Street in the last round of US dollar issuance cycle, and in 2022, it recorded a revenue of $28 billion.

As CEO, Ken is like a rock star, with his buy-and-buy news almost every month, buying the most expensive apartment in U.S. history for $238 million, trying to acquisition the NFL Miami Dolphins and their home Hard Rock Stadium for $7.5 billion, and buying a stake in the F1 Miami Grand Prix. In addition, Ken Griffin also has a lot of fate with the crypto industry, and its market maker business Citadel Securities began to participate in Crypto Assets trading early on, becoming one of the mainstream liquidity providers.

At the end of 2021, Ken Griffin also won an auction for a copy of the U.S. Constitution for $43.2 million, snatching the precious artifact from People Dao. Even many industry practitioners believe that Citadel is behind the collapse of the Algorithmic Stablecoin project Luna/UST in 2022, and Ken Griffin personally led the operation of shorting UST in May 2022.

In this conversation, Ken Griffin talks about the current state of the U.S. economy, the impact of remote work on tech companies, and how he views the AI bubble, as well as the Citadel philosophy, the principles of recruitment, and how to navigate today's unpredictable market.

The following is the full text of the interview:

The financial road of the giant crocodile

**Nicolai Tangen: Welcome to today's podcast, and we're honored to have Ken Griffin, one of the best investors of all time. Ken began his financial journey in his dorm room at Harvard and founded Citadel with the great ambition to become the most successful investment firm of all time, which is exactly the kind of ambition we love. Welcome, Ken, it's a pleasure to have you on board, and thank you so much for taking the time to join us. So first of all, what made you enter the financial deposit industry? **

Ken Griffin: I've always been interested in the stock market, and I don't quite understand it myself. When I was in my third year of junior high school, I wrote an essay saying that I wanted to understand how the stock market works. So I've been on this path for almost 40 years (Ken is 55 years old), but I still feel like I'm at the beginning of a learning curve. The global equity market is full of interesting and complex questions, and the intersection of business models, returns, and investor psychology is truly endless. I'm always learning, trying to understand how to evaluate the value of a business, and how to be a successful investor in the stock market. It's simply the most complex game in the world.

Nicolai Tangen: What was your vision when you started in your Harvard dorm room? What do you think the industry might look like? **

Ken Griffin: One interesting thing is that I bought two put options contracts for HNSI (Home Shopping Network, delisting 2017) in my college dorm room during my freshman year. In a way, I'd like to thank excellent journalism, and it was Forbes' Gret Morgenson who wrote an article that allowed me to launch my career. In her article, she made the point that HNSI was the meme stock of the time. I liked her point of view and bought these two put options contracts. Luckily, from my career development standpoint, the stock then big dumped and I made a few k dollars.

Ken Griffen at the 1989 college commencement ceremony, photo courtesy of The Harvard Crimson

But you and I both know that when you're a freshman, making $2,000 or $3,000 is already invincible. When I sold these put options, the market maker offered me less than its Intrinsic Value, which made me interested in pricing derivatives. I realized that I was lucky enough to buy those options after the stock big dump, but the market maker made a risk-free profit. I was very, very interested in understanding the pricing of derivatives, so I started to understand the pricing of convertible bonds, which was the beginning of my understanding of the hedging fund industry in my college dormitory.

Nicolai Tangen: Do you think the market opportunities are as long today as they were when they started? **

Ken Griffin: I think the opportunities are different now than when I first started in the industry. Clearly, pricing derivatives is well known, and there are a large number of master's and doctoral programs around the world, as well as degrees in financial engineering. So the level of knowledge of the whole society in terms of investment has indeed improved a lot. But on the contrary, today's market size is long larger, and it is global, and the long of products is more diverse. So there will always be some niche opportunities for investors to gain insight and gain a competitive advantage in trading.

Nicolai Tangen: What mistakes did you make when you started your career, and what did you learn from them and improve on them? **

Ken Griffin: I've made pretty much every mistake I could, and unfortunately I made some mistakes two or even three times. But the key to finance is to try to learn from your successes and failures. I think a common mistake people make is not to study their own successful trade, they don't try to understand what they did right in that successful trade.

Let's be clear, in finance, where you make money when you have successful trades, we all tend to place too much emphasis on learning from failure and far less emphasis on learning from success.

Nicolai Tangen: So, what is your trading strategy that has had great success? I mean, if you were to summarize your trading strategy, what would be the most successful thing? **

Ken Griffin: The most successful thing about us as investors is that we have a clear competitive advantage in absorbing information, processing information, and reacting to information. That's what we do best. So, we structure our company based on the principle of "research business", and the core of this business is research, whether it's stock selection or weather forecasting for commodity trading, the first thing is to research the business, and trading is just how we monetize our research, it's as simple as that.

The U.S. economy, online work, and the AI bubble

Nicolai Tangen: So based on all the data and research you've gathered, where is the U.S. economy at today? **

Ken Griffin: If you look back at all the data that we have, we're in very interesting uncharted territory. You and I have been studying economics in some form or another all our lives, and let me ask you a question, have you ever imagined that American society is at near full employment, inflation is around 3%, and at the same time the government is spending on a massive scale?

Nicolai Tangen: No, I wouldn't have expected that. **

Ken Griffin: We're in uncharted territory, we're at that stage of the cycle right now, trying to pay off government debt, trying to clean up the finances in order to have fiscal flexibility when the rain inevitably comes, and yet, at this very moment, the U.S. economy is almost at or beyond rise capacity, and the government is still spending massively.

Massive fiscal stimulus is leading to higher inflation in the economy than we expect to see, putting the US in a more dangerous long-term position, and it will give us less freedom to deal with the next crisis, even the unfortunate Great Depression.

Nicolai Tangen: You often emphasize the crisis of the fiscal deficit, why are you so worried about it? **

Ken Griffin: You and I both grew up in an era of fear of crowding-out (the fear that excessive government borrowing and spending would lead to an long oversupply of capital, making it difficult for private companies or individuals to get enough money to invest or grow), where the size of government deficits around the world would replace the need for capital in the private sector. Of course, for those who think about a very long-term process, this concern remains. How do we make sure we don't crowd out the private sector to boost government spending?

But there is another important point, and that is the issue of fairness. You know, there's a lot of focus on equity all over the world today. For example, is our income inequality too high? In a way, we are borrowing money from the future, from our children and grandchildren, right here and now, to maintain a standard of living that is incompatible with productivity or the work culture that is developing in advanced economies. From the perspective of intergenerational equity, it is really unfair that we are spending so long much money in our current form.

Nicolai Tangen: If you were giving advice to the president, or if you were actually in charge of dealing with this issue, what do you think are the country's top priorities? **

Ken Griffin: I think the number one priority is that we need to be more productive in the Western world, and there's nothing more important than that, whether it's in Europe or the U.S., which is an important path to sustain prosperity.

Nicolai Tangen: How can we increase productivity now? **

Ken Griffin: You and I both know that we need to improve our education system, especially in the U.S., where K-12 education puts our children at a substantial competitive disadvantage compared to the rest of the world, and more importantly, they are also at an absolute disadvantage in life, where they are not exposed to ideas and concepts that will allow them to win rich careers.

The second point is telecommuting, a lot of telecommuting phenomena are undoubtedly reducing mentoring, collaboration, leadership development, and innovation, and it's time for our people to get back together to collaborate, mentor, and develop leaders so that in 20 or 30 years' time, we're not in the terrible situation of a serious lack of leadership in the Western world because of the way we work today, and I'm concerned about that.

So at Citadel there was no working from home, we were all back in the office, and even better was the mental health impact, remote work made it hard to separate life and work, and it was great to see my colleagues working passionately and happily at work, while maintaining the separation of personal and professional life.

**Nicolai Tangen: What else do we need to do besides education and return to the office? **

Ken Griffin: Education, a return to the office, and prudent government regulation to encourage entrepreneurship and entrepreneurship, to rise small and medium-sized enterprises, and to drive increased economic competition are all very important. The West must continue to develop trade policies that truly realize the benefits of free trade between North America and Europe. So some of the tendencies towards protectionism, we really need to think about taking back and creating greater economic integration between the two continents.

Nicolai Tangen: Now when we look at all these things, is the stock market in a bubble? Or what do you think about the stock market? **

Ken Griffin: You know, it's always very difficult to determine if you're in a bubble, because even if you're in a bubble, you're going to have a very clear price on your assets. You and I can look back at the dot-com bubble period, what we were all talking about at the time, and do you remember some of those conversations?

We were talking about how e-commerce was going to revolutionize the way we acquired goods, and metrics such as "how long eyes stayed on a page" became the dominant metric for securities pricing, but we created a whole set of terminology, vocabulary, and frameworks to justify and rationalize the existence of a bubble at the time. Now, it's interesting to note that 20 years later, all long things that we thought were going to happen in this revolution have actually happened, and many of the long biggest companies in the world today are actually businesses or similar businesses that symbolically represent the Internet phenomenon that we originally envisioned.

So what's interesting is that we have the right arguments, we have the right ideas, but people just lose their minds about valuations for a while.

Nicolai Tangen: Are we in the AI valuation frenzy again? **

Ken Griffin: The AI frenzy is truly amazing, and it will be interesting to see how quickly the success of AI fits into our daily lives and the way our businesses operate. However, the second trend that is happening now is that the importance of your CIO or CTO in management and the board is rising again. People are starting to really focus on digitization and using software and analytics to improve their business.

So what's really interesting is that when you talk to the CEOs of the business, they're going to tell you how their companies are embracing AI and how it's having a profound impact on their business. But if you dig deeper into these stories, you'll see that AI isn't involved at all, but the adoption of modern technology capabilities and digitalization is something that can really improve and enhance businesses in the U.S. and Europe.

So, one of the really great things about AI that I've found is that it's getting entrepreneurs to refocus on the importance of technology and to be more efficient in delivering goods and value to consumers. At Citadel, we use AI in longest ways to improve the day-to-day productivity of our team members, and we'll spend the next two or three years using AI to help draft emails, summarize research reports, understand or write memos, and other documents needed for day-to-day business.

For example, we use AI to help label data and then use it for some very important tasks, like how to help our software engineers be more productive. So in our company, we have all sorts of uses of AI. If we look at machine learning, it's arguably arguably the most important part of AI's evolution. At Citadel, we've been using machine learning for about eight to nine years, and machine learning plays a very important role in how we think about asset pricing, and occasionally in how we think about asset Risk Management, but when it comes to asset pricing, machine learning does play an important role.

How to manage a portfolio?

Nicolai Tangen: Ken, I want to go back to your vision when you founded Citadel, what kind of vision did you have for the company? That's when you started the company, what did you think it might look like? **

Ken Griffin: Well, it's a journey back in time. At the age of 20, I had the opportunity to manage a million dollars for a Chicago-based fund company.

They promised me that if I did well, they would help me set up my own fund and help me raise money. So Citadel started a little longest a year after I graduated from college, and we raised about four and a half million dollars in November 1990, and we started a strategy of trading equity-linked derivatives, convertible bonds, and warrants. That's where Citadel came in.

Now there are some key things in this story that are important, the first is that I believe you can use math and software to help understand these pricing relationships, an area where the world of large long is still using pen and paper and rules of thumb. I remember hiring a rocket scientist to help with these pricing models in those days, and one of my fren from a big bank was going to laugh when he heard how we worked, and he said, "You're not trying to send people to the moon, you're trying to trade bonds."

Ken Griffen at Citadel, image via WSJ

Now, more than 30 long years later, the bank he worked for is no longer there, and Citadel and Citadel Securities are two of the most important companies in the global financial markets. In a way, we have succeeded in riding the wave of the rise of mathematics in finance, which has to some extent passed. We all now take it for granted that we make heavy use of mathematical concepts in the financial industry, and these concepts were actually first applied in our day-to-day work in the 80s and 90s.

When dealing with this wave, I think the biggest challenge is that we have to develop our own talents. In the early days, you had to hire people with very different backgrounds that were usually rare on Wall Street at the time, such as physicists, nuclear engineers, mathematicians. You have to hire people with very different backgrounds than the typical Wall Street traders, and you have to teach them financial literacy and involve them in solving problems such as the value of derivatives and the value of complex securities, and there is a knowledge gap between them, and we have to help balance the different perspectives between the people who are responsible for investing and those who are responsible for analysis, and try to bridge their differences.

Nicolai Tangen: Your ability to innovate and expand in the financial sector is quite unique, so what do you think is the reason why you're so successful here? **

Ken Griffin: I think some of the things we do are very different from longest companies. Everyone thinks that investing is an art, but we believe that investing is also a science. As we run this company day in and day out, we really focus on the combination of the art and science of investing and how to make our investment decision-making process work well.

The second point is that I think our hard work of analysis and learning has given us the discipline to invest in, from which we have created differentiated insights and confidence in our capital deployment.

The third point is experience, which is the wisdom that comes with the loss and pain we have had. My leadership team has been through a lot of tough times in the long market together, and we've learned some very painful lessons, but those that have made us better investors during turbulence and crisis.

Nicolai Tangen: Another thing that has happened during this time is that passive capital and short-term capital have become more common. What do you think is the impact of this for longer-term fundamental investors like us? **

Ken Griffin: It's very interesting to note that the rise of passive investing suggests that the market is either efficient or semi-efficient, and that investors can get exposure to a wide range of indices in the world at large or in specific industries at a lower cost without having to pay for active management. This embrace of passive investing is revolutionary for the industry, but passive investing is only effective if there is a group of people who are engaged in fundamental research and help price securities.

Therefore, the theory of passive investment needs to be realized by capable, successful and competitive traditional asset managers behind passive investment. The increase in short-term investors has helped to ensure that the market remains efficient with rapidly evolving news information, but we really should do everything possible to ensure that traditional asset managers thrive by allowing them to maintain their own research and investment capabilities, as they are crucial in the price discovery process on which passive investing depends.

Nicolai Tangen: So with all of that in mind, what should you do if you're a regular retail investor? **

Ken Griffin: If you're a lawyer, dentist, or teacher with a full-time job, I think the best way to make money depends on where you are in the financial markets, and you should choose to invest in a wide range of equity index products or manage a wide range of actively managed pools. For example, if you manage the Norwegian Sovereign Wealth Fund, I know that you are very focused on investing a significant portion of your money in equity indices. Over the long years, you have developed strategies around the world that allow you to achieve integrated rise and profitability for countries around the globe at a very low cost.

It's a very deliberate way to allocate a lot of capital that you have in your hands, and you're also investing in non-equity assets, and then using a variety of strategies based on what you think is the relative competitive advantage of your internal team and external managers. This is the way I recommend any large-scale capital management so that it can be achieved in-house in a cost-effective manner and find what you consider to be the best managers around the world to longest the portfolio.

How to build a good investment team?

Nicolai Tangen: I totally agree with you. Now, 34 years after the company was founded, we have a report card, you have been very successful, how do you stay ahead of the curve? How can you make sure you're still hungry? **

Ken Griffin: There are longest different aspects to this question, so let's break it down. How does Citadel continue to thrive? We have an incredible leadership team, and I have world-class leaders at Citadel who are managing our various businesses, and I'm very grateful to be a part of that team. I am also constantly working with my leadership team to improve and strengthen our investment strategy. I maintain ongoing communication and engagement with my senior leadership team on the core issues of recruiting the best talent, developing the best stakeholders, and ensuring that capital is put into the hands of our best stakeholders when the best opportunities arise.

Our first focus is on human resource development and optimal allocation of human capital, and then in everything we do, there's a second clue, which is how to build a competitive advantage, how to better gather information, how to make better decisions.

Nicolai Tangen: One of the things that you do is have longest managers and these overall concepts, how are teams organized, how do you think about that? **

Ken Griffin: We see the business as a variety of verticals, such as global commodities, long and short equities, and various credit businesses. In each vertical, we ask our business leaders to show an entrepreneurial spirit and truly say to themselves: In a sense, I have almost unlimited capital from this perspective. In this context, what are the ways to build and leverage the most appropriate teams, the most appropriate strategies, and the most competitive advantages in today's world and environment? That's the way we do business, with a lot of focus on a blank slate, and what we should be doing today to be one of the most effective capital donors in the world's financial markets.

Nicolai Tangen: Does each team decide their investment strategy? **

Ken Griffin: The investment strategy is decided by the portfolio manager, the head of the business and me, so the three of us come together depending on the nature of the problem and work together to make sure that we've thought through how we're going to create the most successful investment strategy.

Nicolai Tangen: So now you're giving me 100 million dollars and I'm working for you, what would you think of my mistakes? **

Ken Griffin: First of all, we want to give you long more money to manage. And that's partly because, you know, we've gathered really good people here, and we want them to be able to get enough capital to support the teams around them to be revenue and profitable, and to support the super teams around them. We really see investing as the task of a world-class team, because within the team, you have a much healthier debate and conversation, which helps to uncover the truth, to reveal the true nature of the debate, which is so important to our business that it cannot be overstated.

So when we hire you as a portfolio manager, we take long time to understand a few things, first of all, what kind of team we're going to put together and how to attract the best talent to your team. Secondly, we want to work closely with you to make sure that you have a replicable investment process that you can learn from, whether it's from your successes or failures, and that you're able to teach your team members to create your own operational leverage, so those are some of the things that we think about when you join the company as a new portfolio manager.

Nicolai Tangen: When will Citadel fire me? **

Ken Griffin: First of all, we don't want to fire you, we want to see you have a very successful career.

Why do people's careers go wrong and why do they get stuck? There are several reasons for this. First of all, some people just aren't good risk takers. You can put the facts in front of them, you have a very highly concentrated portfolio, you have large positions, and you can't clearly and unambiguously prove that you have a clear advantage in those positions. If these things go wrong, we don't have a basis for cooperation. There are also people who, even if they know everything, are unable to help themselves and improve their portfolio structure.

Nicolai Tangen: You've mentioned information longest, and you're one of the really great users of alternative data, so let's talk about some of the alternative data sources you use. **

Ken Griffin: What type of alternative data we use depends on where we invest. If you're investing in an shorter company, you'll be very interested in current shorter fares; If you're trying to predict Inflation, you'll break down each factor that the U.S. Bureau of Labor Statistics (BLS) focuses on one by one and make their inflation projections; If you're involved in commodity markets, you're probably running a world-class meteorology project trying to predict short-term weather patterns or the dispersion of weather patterns. As a result, you'll focus on using alternative data depending on the nature of the problem at hand. We're always trying to peel back the façade of data, understand what information is critical to driving revenue or demand for a business, and then take that information in the right way, process it quickly, and make the right decisions.

How does Citadel hire?

Nicolai Tangen: You were drawn to market makers in college, and now you've founded Cedar Securities, one of the most sophisticated market makers in the world. First of all, for those in the audience who don't understand the role of market makers in finance, can you explain? **

Ken Griffin: A market maker is a company that provides liquidity to buyers and sellers who are not transacting at the same time. This means that when you want to sell $50 million worth of stock, if there are no buyers in the market at the same moment, you are not pushing the stock price excessively, and the market maker will use their capital to facilitate your trade and then hope to find the ultimate buyer of your stock at some point in the future.

We do this on a global scale in terms of fixed income and equity products. You know, for example, in the U.S., 25% of all the equity that we trade almost every day. These are huge numbers, right? Citadel Securities has a daily volume of up to $400 billion per day across all asset classes.

Nicolai Tangen: What do you think Citadel Securities will look like for the next 5 to 10 years? **

Ken Griffin: I think it's going to be very similar to what it looks like today, but we're going to dig deeper into long offerings, diversify our business, and expand our connections with more long trading partners, and we also offer a range of other services that investors really value, like corporate finance and new issuance shares. It will expand in size and scope in the coming years as we continue to address the challenges and issues our customers face.

Nicolai Tangen: What are your thoughts on the current geopolitical situation? **

Ken Griffin: You know, you and I were very fortunate that we really grew up in a peaceful era until the last two or three years. It's heartbreaking to watch the war in Ukraine unfold before our eyes. It's incredible, have you ever thought that in your lifetime there will be another war in Europe? No, it won't. But now, we're witnessing this firsthand, and it's really heartbreaking to see the terrible losses and devastating effects that the Ukrainian people and economy have suffered in the war that is entangled with Russia.

Of course, just a few days ago, we saw an Iranian attack on Israel. Israel has been in a huge predicament, and the situation in the Middle East may not be as surprising as the war in Ukraine. The Middle East has always been a region that is more vulnerable to geopolitical challenges, but in any case, the events of last October, the war in Gaza are very heartbreaking moments.

Nicolai Tangen: So, Ken Griffin, if someone asked you to take over the finances of the United States, would you do it? **

Ken Griffin: Look, if the U.S. has fiscal challenges, I can help the country, and of course I will.

Nicolai Tangen: Let's talk about corporate culture, you've talked about the importance of talent. So, long do you spend less time hiring? **

Ken Griffin: I've been talking to candidates, and there's nothing more important than the talent we're bringing in. They are nurtured with us and lead the company in terms of capital investment and enterprise building.

**Nicolai Tangen: You have long candidates, right? I think, you have 1,500 positions in New York, but you're getting 100,000 applications, right? **

Ken Griffin: Yes, we received about 100,000 applications from all over the world. Let me tell you, what makes me happiest is that people all over the world know that we work 5 days a week, which shows that there are a huge number of young people around the world who want to get into an environment where they will be well mentored and led to development, and they will have great careers. This gives me a lot of optimism about the future, and I hope that those of us who run businesses around the world can reach a consensus with these students and give them the experience to have a great career."

**Nicolai Tangen: Let's say I'm one of the 100,000 people right now and I've managed to get an interview with you. Of course, I was a little nervous because you are a very famous person. What questions would you ask me? **

Ken Griffin: I'm going to be the fourth person you've met, so there's a really great set of questions for you. I'm looking for people who are ambitious. I hope to find people at Citadel who really want to change the world of finance, who want to live impactful lives, who want to make an impact in this world. What I was looking for was strong communication skills. I think it's very important to be able to convey ideas, and no matter what business goals you're pursuing in life, you have to be able to express your ideas.

We always debate the pros and cons of our ideas within the company to find the truth. So I'm looking for people who are ambitious, have communication skills, and the ability to reason and rationalize in a wide range of areas, and I want to find those really good thinkers, because problem solving is so fundamental to what we do every day, and good problem solvers are people who succeed at Citadel.

Nicolai Tangen: Can you tell these traits in your resume? Or do you need to meet people? **

Ken Griffin: You need to meet people. Today people know how to write resumes that cater to the needs of employers.

Nicolai Tangen: How can you tell if I'm a good problem solver? **

Ken Griffin: "What problem did you solve?" Every student will have a problem-solving story, whether it's the laundry service they started, their previous summer job, or the essay they wrote, there are longing opportunities for students to demonstrate their truly excellent problem-solving skills.

Nicolai Tangen: What's the most difficult problem you've solved? **

Ken Griffin: Well, the most difficult problem at the moment hasn't been solved, but you know, there's a lot long of work going on, and one of the challenging issues is long cycle optimization. Longest optimization refers to having different views on how a stock will move in the next day, week, month, or year, and then how to create the best portfolio based on those different views at the current moment. This involves the capital allocation decisions that we have to make. This is an interesting and challenging problem that we have not yet fully addressed at Citadel.

**Nicolai Tangen: I read somewhere that you said that if you naturally like to be a good competitor, you'll love working here. What does that mean? **

Ken Griffin: We make no secret that we want to hire people who really enjoy the competition and are good at winning. Every day, the financial markets provide competitors with a report card that tells them how well they are doing against the competition. We've found that people who like to compete and win like to work here because they like to see the results of their work at one of the world's leading financial institutions and to see their research reflected in the portfolios they build and manage.

Nicolai Tangen: What are your thoughts on leadership? What does good leadership mean to you? **

Ken Griffin: Good leadership is about dealing with the realities of the situation at hand. Good leaders are very objective about the problems, challenges, and opportunities they face, and they are rational in making decisions about them, challenges, and opportunities. They are not affected by the fallacy of costs paid, nor do they lose hope when the situation is not optimistic, but are able to always make good rational decisions.

Nicolai Tangen: Are you a good leader? **

Ken Griffin: Most of the time yes. Speed is a key factor in decision-making, on the coordinate axis, accuracy on one axis and speed on the other. It is important to understand what the trade-off between the two axes is at any given time. Sometimes, it's more important to be close to correct and fast than to be absolutely correct but slow.

The cost of changing your mind is a key factor in determining how fast you need to long. If you are planning to invest in a real estate development that will take 40 years to complete, you don't need to be fast, you need to think thoroughly because once you start this journey, it will be a very long journey. And if you buy $500 million in Apple stock, the next day you realize you're missing an important fact that you can act quickly to get out of the deal.

Nicolai Tangen: How do you balance analysis and intuition? **

Ken Griffin: The best intuition is actually almost like subliminal analysis. When people tell me, "I trust X with intuition alone," what I'm thinking about is whether it's their subconscious mind at work, they've had a long experience with this kind of problem, they have a rough idea of what the answer is, but they haven't written it down yet, but their intuition is actually a more long reflection of their inner ability to analyze the problem and tell you what to do.

Some people's instincts seem to be just: what coffee did I drink in the morning, so I should go long or short the S&P 500 because it was a good day to drink coffee. But it doesn't apply here, at Citadel, intuition is actually a reflection of the analysis going on in the analyst's brain, which may not have been fully formed or fully manifested.

Amateur life

**Nicolai Tangen: What happens if you leave Citadel? **

Ken Griffin: That's a great question, and the good news is that I have longest people here who can run this business successfully, and I can do without it. I don't want to leave, I love my job, I love the people I work with, it's really a passion for me. So I don't want to think about that day, but if something mishag happens, I have great partners who will continue to run this company.

**Nicolai Tangen: If you were to go back to university again, what would you study? **

Ken Griffin: Wow, so am I when I was 20, or am I at this age?

Nicolai Tangen: You are your current age. **

Ken Griffin: I'll probably go back to college and learn a little bit about philosophy and the areas of government, which have always been issues of interest to me. Good governance is important, and having a solid philosophical foundation that I think contributes to better policymaking. I'll probably also spend some time studying math and computer science to get a better understanding of today's latest technology. It's been a long time since I've studied math or computer science in the classroom, and it would be interesting to see how far the world has come in these fields today.

Nicolai Tangen: What are you most curious about? **

Ken Griffin: I'd say my curiosity encompasses innovation from biotechnology to computer science, so STEM (an acronym for Science, Technology, Engineering, Mathematics) is my area of interest. I am very interested in the development of STEM fields around the world, from nuclear fission and fusion to microprocessors and genetic engineering, and I have an insatiable desire to learn more about the issues and developments long these broad fields.

Nicolai Tangen: How do you relax when you're not spending time on it? **

Ken Griffin: I'm a big fan of cycling, Miami has great bike trails, and I'm very lucky to have three young kids, all longest teenagers, so most of the time, I'm basically spending time with them, consuming all my shorter time.

Nicolai Tangen: Speaking of young people, we have k tens of thousands of young listeners, what advice do you have for young people? **

Ken Griffin: Now, you know, my advice hasn't changed longest in thirty years, pursue what you're passionate about, and to excel at something, you have to be passionate about the job. If you don't have passion, you won't excel at it, you won't be happy with your career, and you need to pursue things that really make you want to wake up in the morning. It could be becoming a doctor, it could be becoming a lawyer, it could be stock picking, but you have to find what you want to do when you get up in the morning, what is something that motivates you internally.

If you are driven by extrinsic motivations, you will feel that life is superficial and you need to find the inner calling in life. I remember there was a young woman here, about thirty years ago, and she was very talented on the investment team, and she was with us for about a year and a half or two, and she and her manager walked in and said she was thinking about going to medical school, and I need you to convince her to stay at Citadel. I said, well, the problem is, as soon as she walks into my office, I offer to write her a letter of recommendation, the world desperately needs another good doctor, and if that's what she wants to be, I want to help her achieve her dream.

Nicolai Tangen: So, let's end with such a great place where you seem to have achieved your dream and you're trying to make Citadel the most successful investment firm ever, so I have to sincerely congratulate you and thank you for coming to the show today, thank you very much. **

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Original author: Alana Levin

Original compilation: Deep Tide TechFlow

Over the past two years, new AI models have emerged. These AI models are capable of completing longest types of tasks—from finding information and answering questions, to providing customer support, proofreading documents, generating content, and more.

Xu long such tasks are objective and have clear optimization functions: find the right answer, identify the most relevant information, detect any errors or anomalies, etc.

But there are also models whose output is extremely subjective, such as making "good" artwork or developing "fun" videos. I call these "models with taste". Taste-based models tend to be more difficult to optimize because they are a mixture of collective versus individual decisions; There are no obvious answers or outputs. As a result, frequent feedback is especially valuable in helping the model stay up-to-date on cultural preferences.

Nowadays, there are roughly two ways to develop a model's "taste":

• Based on user-generated content/data (such as Twitter or Reddit feeds), this could theoretically reveal the latest movements of human concern (and thus act as a representation of taste).
• Leverage a community of human "tastemakers" to help models actively train around their preferences.

The first approach has longest undesirable situations. The data may be siloed (e.g., Reddit shutting down its API) or introduce bias (e.g., only a portion of the data is shared). A model can also be over-adapted to platform-specific algorithms, especially if it has a limited selection of data sources. This may not sound important until people start imagining a plethora of new media based on Twitter's popular content generation. It's not ideal.

The latter approach, a network of human feedback, avoids the risks long above. There may still be bias, but only because it includes the preferences of community members who have opted in to help train the model. Therefore, the key is to ensure that these community members, the people who develop the "taste", are closely related to the model that truly cultivates good taste.

Encryption tracks can help facilitate this consistency. Providing ownership in the model/giving participating members a financial benefit from the model's output can motivate them to actually participate. Crypto Assets also makes participation more open and easy: anyone, anywhere in the world, can contribute, as long as they have on-chain Wallet and an internet connection.

A notable example is the Botto project. Botto is an autonomous artist with $BOTTO Token holders who have the ability to help train models on a weekly basis. The training is simple: participants vote upvote or downvote on a variety of images, and Botto learns from the members' preferences. At the end of the week, the most popular entries are auctioned, and participants who helped train Botto that week get paid.

Art is just one category with a model of taste. Others may include film, television, other forms of storytelling (novels, short stories), comedy, and advertising/branding campaigns. Even a few years ago, these tasteful models would have been impossible. These tools are less expressive and slower, and cannot reliably expect the model to produce cohesive or (in the case of video) realistic output. Only today does this become possible.

Importantly, tasteful models have a large (and rising) addressable market. Art is a multi-billion dollar market. Content consumed online accounts for trillions of hours of attention every year. If people are already planning to spend time and money on these forms of entertainment, it seems reasonable to give them a fair share of production, which will create not only a more active user base, but also a more satisfied user base. Imagine that at the Academy Award for Best Picture, the main participants were audiences who helped train and develop the storyline, or that there was a whole new award for a community-created film.

I think it's about creating a new category of content, not replacing existing creations. This is similar to how smartphones and Instagram have made everyone a photographer, and the existence of these new technologies has not eliminated the work of actual photographers, in fact, it may instead allow more long people to appreciate the work of photographers. The same is true of tasteful models: they expand each of these categories by taking advantage of new technologies, in this case encryption tracks for consumer ownership and economic docking, to create a new form of engagement.

Over the past few years, we've seen k new models emerge. There are likely to be millions (or longest) of new models emerging over the next few years, and at least some should strive to engage stakeholders in new ways, from greater openness and accessibility, to experimenting with new ownership structures with incentives. Tasteful models are an area that is particularly suited to this kind of innovation, but they cannot be the last.

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Original author: Weilin

Following the last round of cat coins instead of dog coins rushing to the forefront of the market, the Meme coin market recently staged a "Elvis Presley competition". First of all, POPCAT and Shark Cat (Shark Cat, Token SC) were once fear, uncertainty and doubt (FUD) by cat coin users because of the IP copyright issue of the logo, but later Shark Cat obtained the copyright from the cat owner with the help of a lawyer, causing the coin price of Shark Cat (SC) to Rebound. At present, POPCAT has not solved the related problems, and it has also prompted some users to transfer their Holdings to SC.

At the same time, the recent rebellion against VC has also affected the MEME segment of cat-themed Token. In this regard, users are using their own ways to support the community-based meme cat coins. Some users believe that POPCAT and MICHI, Shark Cat (shark cat) represent community meme coins, while similar projects such as MEW and MANEKI are suspected to be supported by VC, and there is obviously an internal struggle in the cat system Memecoin.

From the current market capitalization ranking, POPCAT is firmly in the first place in market capitalization, with more than 45,000 holders, showing strong community power. And MICHI's rapid market capitalization rise since its deployment on April 8 is also eye-catching.

POPCAT, SC were accidentally fear, uncertainty and doubt (FUD) due to copyright

POPCAT is now the most market capitalization cat coin, with a market capitalization of more than $440 million on CoinGecko data as of May 9. From late March to mid-April, its market capitalization falls from $356 million to $120 million, but has pumped another $480 million since mid-April.

Shark Cat is also one of the well-performing, full-fledged cat-themed meme coins at the moment. The most recent notable rise came on the evening of May 1, when SC pump from $0.045 to $0.1245 on the night of May 2, a pump of up to 176.7%.

The rise of Shark Cat is mainly due to the Shark Cat team locking in their logo rights. Recently there has been a very long fear, uncertainty and doubt (FUD) and dramatic incident around this issue, where the owner of the shark cat (real name Nala) asked to be paid by the shark cat because of the IP and wanted to control the right to use her cat image.

Soon after, the team resolved the fear, uncertainty and doubt (FUD) issue by acquiring Nala's intellectual property. This also means that shark cats may show greater potential for rise and may go one step further.

At the same time, POPCAT also suffered from fear, uncertainty and doubt (FUD) because it did not have IP rights. The owner of the cat of origin of this meme even voiced his opposition to Crypto Assets.

Xavier, the owner of the Popcat cat, said on the X platform: "My cat is my cat and I am totally against Crypto Assets. (My cat is my cat and I am absolutely against cryptocurrency)“

However, there are also users who have expressed their continued support for POPCAT: "Obviously, these people are from other cat communities and want to rotate".

The popularity of POPCAT has not decreased due to fear, uncertainty and doubt (FUD). From April 21 to April 27, Google Trends showed a new high in interest in the topic of Popcat, surpassing its all-time peak.

However, there are also some users who choose to transfer assets from POPCAT to SC during the copyright turmoil. One user said: "$POPCAT was fud, the same IP problem as $SC, it is said to be MewsWorld(MEW) fud, but unfortunately the money ended up flowing to $SC." $SC is the only meme that solves the problem of physical cat IPs, so I moved a part of $POPCAT's Position to $SC. ”

The wind of anti-VC is blowing towards the cat coin, and the world has suffered VC for a long time?

In the meme coin market, a recent Twitter discussion thread by venture capital firm A16Z CTO Eddy Lazzarin about the value of the meme coin caused controversy, Eddy said: "Memecoin has changed the way the public, regulators and entrepreneurs think about Crypto Assets. At best, it looks like a casino fraught with risk, or a series of false promises to cover up the casino. This has a profound impact on the adoption of encryption, laws and regulations, and the behavior of Builders. I see these devastation every day. "

Many users in the community immediately objected, saying, "Meme is an opportunity for us to flip the big organization." I love memes, and while longest memes cost me money, I just need to grab one to make a big difference in my life. But when I invest in a project invested by a large institution, I have to wait many days to get a small return. "

This discussion has also affected the niche of cat coins. In the dispute with the VC cat, at present, the pure community meme has achieved a phased victory.

User @free_electron 0 said: "Now every time you tweet $POPCAT you get a swarm of bots replying to the same fear, uncertainty and doubt (FUD) message and telling you to buy maneki or mew." Imagine that you are so afraid of a Token that you have to use such a lazy strategy. The VC is in trouble and Degens wins again. ”

Through the discussion on Twitter, it can be seen that users believe that POPCAT, and MICHI, Shark Cat (shark cat), etc. are considered to belong to community meme coins, while MEW and MANEKI are opposed by many users, believing that they represent the participation of VC, and VC holds a large share of Token behind it. Although the current level of VC participation of meme coins is not easy to verify, it is clear that the battle for cat coins is continuing to add heat to this zone and constantly affect their respective ranking rotations.

As of May 7, the 3 Token with the largest market capitalization pump based on trading pairs with SOL are Michi (+547%), SC (+216%), and POPCAT (+81%). Among the top five tokens in terms of percentage increase in Wallet over the past two weeks, Michi (+97%) ranked first, POPCAT (+21%) ranked second, and SC ranked fourth (+7%).

Among them, MICHI has performed well, with its market capitalization rising from the $3 million level to $110 million on May 8 since its deployment on April 8 to May 8. As of press time, Popcat also has a staggering 45, 000 Token holders, and that number continues to rise.

As of the morning of May 9, the price of cat-themed meme coins has pullbacked overall. According to CoinGecko data, the market capitalization top 10 cat coin are POPCAT ($442 million), MEW ($318 million), MOG ($177 million), WEN ($125 million), TOSHI ($120 million), MANEKI ($54.16 million), MEOW ($35.51 million), CAT ($34.6 million), $CWIF ($28.13 million), and PAJAMAS CAT ( $21.09 million).

As of 9 a.m. on May 9, on the homepage of Dexscreener, many popular tokens within 6 hours are also cat-themed Tokens or cat-related Tokens, such as CATGPT, CRODIE, PUSS, CATZILLA, etc.

From IP controversy to rebellion against VC coin, the narrative in the cat coin community has clearly entered the next phase. At the moment when "Elvis Presley" is in full swing, we will wait and see which targets users will choose and what wonderful stories will continue to be staged.

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*Original: *Multidimensional gas pricing

Compilation: Odaily Asher

In the Ethereum network, resources are limited and priced through a single resource, "gas". Gas is a measure of the "computational effort" required to process a particular transaction or block. Gas incorporates longest types of "effort", the main of which are:

• RAW CALCULATIONS (E.G. ADD, MULTIPLY)
• Read and write Ethereum storage (e.g. SSTORE, SLOAD, ETH transfers)
• Data bandwidth
• The cost of generating a Block ZK-SNARK proof

For example, the deal cost a total of 47085 Gas. This includes: (i) the "base fee" of 21,000 gas; (ii) 1556 gas bytes of calldata used as part of the transaction; (iii) 16,500 gas for read/write storage; (iv) 2149 Gas for the production of logs; The rest is used to perform the EVM. The transaction fee that users have to pay is proportional to the gas consumed by the transaction. A Block long can contain up to 30 million gas, and the gas price is constantly adjusted through the EIP-1559 target mechanism to ensure that the Block contains an average of 15 million gas.

Demo case

There is one main advantage of this approach: since all transactions are merged into one virtual resource, the market design is very simple. It's easy to optimize transactions to minimize costs, it's relatively easy to optimize blocks for the highest possible fees (excluding MEV), and there are no weird incentives to encourage certain transactions to be bundled with other transactions to save fees.

But there is also a major inefficiency with this approach: it treats different resources as if they could be converted into each other, which is not the case with the actual basic constraints that the network can handle. One way to understand this is to look at the following diagram:

If n resources have significant security limits, one-dimensional gas can drop throughput by up to n times. As a result, there has been a long history of interest in the concept of longing gas, and with EIP-4844, we can actually use longest gas on Ethereum today. This article explores the benefits of this approach, as well as the prospects for further enhancing it. **

Blobs: Cancun upgraded longest gas

At the beginning of this year, the average block size was 150 kB. A large part of this is convolutional data: an L2 protocol that stores data on-chain for security. The cost of this data is high: although the Transaction Cost on the convolution is 5-10 times lower than the corresponding Transaction Cost on Ethereum L1, even this is too expensive for many long use cases.

This problem is ultimately solved by introducing a separate convolution-friendly data shorts (called "blobs") in each block.

After the Cancun upgrade, a Ethereum Block long can contain (i) 30 million gas and (ii) 6 blobs, each of which can contain approximately 125 kB of calldata. Both resources have independent prices, adjusted by an independent pricing mechanism similar to EIP-1559, with the goal of using an average of 15 million gas and 3 blobs per block.

As a result, the cost of convolution is 100 times drop, the volume of convolution is increased by a factor of 3 long, and the theoretical maximum Block size increases only slightly: from 1.9 MB to 2.6 MB.

Rolling Money Laundering, courtesy of growthepie.xyz. The Dencun fork occurred on March 13, 2024, introducing longest priced blobs

Longest gas and stateless clients

In the future, stateless clients will face the problem of storing proofs. A stateless client is a new type of client that is able to verify a Blockchain with little or no data stored locally. It accepts proofs to verify the Ethereum state of a specific part of a block without storing any data itself.

An average block performs about 1000 storage reads and writes, but the theoretical maximum can be k. The current plan is to support stateless clients by migrating Ethereum's state tree design from the Merkle Patricia tree to the Verkle tree. However, Verkle trees are not quantum-resistant and do not work with newer STARK proof systems.

As a result, long want to support stateless clients with binary Merkle trees and STARKs, either skipping Verkle altogether or upgrading a few years after the Verkle migration. While STARK proofs branched by binary hash trees have longest advantages, they are slower to generate proofs and cannot meet the need for high speeds.

It is expected that there will be a time in the future where you will be able to prove 1000 values in less than a second, but you will not be able to reach the proof speed of 14,285 values. To solve this problem, the concept of longest gas was proposed. This approach can limit and charge storage access separately, ensuring an average of 1,000 storage visits per block, while setting a limit of 2,000 per block to improve the security and efficiency of the network.

Wider application of longest gas

State size rises is another resource to consider. When increasing the size of the Ethereum status, Full Node need to hold more long data. Unlike other resources, state size rises are limited primarily by long-term sustained usage rather than short-term spikes. Therefore, to handle operations that rise in state size, consider adding a separate gas dimension. The goal of this approach is to set a floating price that targets a specific average usage, rather than setting a per-block limit.

This demonstrates the power of long-dimensional gas long wick candle ask different questions for each resource: (i) the ideal average usage of each resource is long small; (ii) The maximum safe usage of each resource is longest. By setting these parameters, the price of gas can be adjusted based on the security of the network, rather than the maximum usage per block. When dealing with more complex cases, you can use longest types of gas, for example, a zero-to-non-zero SSTORE operation may need to consume different types of gas, such as stateless client-proof gas and storage scale-out gas.

Maximum per transaction: Get longest gas weaker but simpler strategy

In a single-dimensional gas system, the cost of gas for a transaction is determined based on the data and the gas consumed by both. However, in a longest gas system, the cost of gas can be determined based on the main resources consumed by the transaction. This approach increases throughput while maintaining security.

EIP-7623 proposes a similar scheme by increasing the minimum price per byte to reduce the short of transactions in the Block, but it also leads to problems such as high fees for a single transaction with long resource consumption, while also creating an incentive for data-intensive and compute-intensive transactions to bundle together to save costs. While this approach has its limitations, the benefits are well worth it, but there are better solutions if you are willing to put in more long development work.

Longest EIP-1559: Harder but more desirable strategy

At its core, long dimensional EIP-1559 adjusts the base charge for blobs by tracking the excess_blobs parameter to ensure that the average usage of the Block remains at the target level.

When the number of blobs contained in a block exceeds the target value, the base fee is increased to drop usage; Otherwise, it will decrease. This pricing mechanism causes the transaction price within the block to dynamically adjust to keep the Block half filled. At the same time, a short-term surge in usage will also trigger a throttling mechanism, ensuring fair competition in transactions.

In Ethereum, this way of pricing gas has been around for longing: back in 2020, EIP-1559 introduced a very similar mechanism. **With the introduction of EIP-4844, there are now two floating prices for Gas and Blob. **

For users and block builders, the experience is similar to before, but with two separate fees to accommodate. However, for developers, EVM functionality needs to be redesigned to accommodate longing price and longing restrictive environments, which can add some challenges.

Longing pricing, EVM, and subcalls

In the EVM, there are two types of gas limits: a total gas limit set for each transaction, and a separate gas limit when the contract calls other contracts. This allows the contract to call a contract it doesn't trust, while ensuring that there is still gas left after the call for other computations. However, there are challenges in achieving longest gas pricing between different types of executions. This longing dimensional scenario requires subcalls to provide longing limits for each gas type, which would make deep changes to the EVM and is not compatible with existing applications.

Longest gas proposals typically stick to only two dimensions: data and execution. Data is distributed outside of the EVM, so no internal changes are required to be priced separately. For developers, this means redesigning the EVM and its surrounding infrastructure to accommodate longing prices and longing limitations. In some cases, optimization can also become more difficult because it is not clear which approach is more effective, which can affect the development process.

While there are some challenges, they can be addressed by implementing a scenario similar to EIP-7623. This scenario allows you to charge an additional fee for storage operations and issue a refund at the end of the transaction to ensure that the primary call still has enough gas to perform subsequent operations.

Summary

In either case, it's worth emphasizing that once longest execution gas starts to be introduced, the complexity of the system increases significantly, which seems unavoidable.

As a result, we are faced with a complex choice: are we willing to accept more long complexity at the EVM level in exchange for unlocking significant benefits of L1 scalability, and if so, which specific proposal is better for protocol economies and application developers? Chances are, the best solutions are neither the previously mentioned nor the ones mentioned above, and there is still room for more elegant and effective solutions.

Original | Odaily

Author | Aurantium aurantium

Today, Optimism announced that L3s built with the OP Stack can now join the Superchain, and L3s can build on the OP Stack and share revenue with the Optimism Collective, giving them access to the Superchain builder network and being eligible for retro grants, Airdrops, rise events, and more. In this article, Odaily breaks down this change and the story behind it.

Interpretation of the Development Plan

Analysis of basic concepts and announcements

First of all, what is the OP Stack? **The OP Stack is an open standard codebase that supports superchain development, not limited to L2 chain and DApp developers (well-known examples include Base, Zora Network, etc.), but also can be used by the L3 ecosystem.

Another important question, what is a superchain? Hyperchain is one of Optimism's visions, conceived as longing Decentralization L2 chain networks (now including L3) that share security, communication layers, and the Open Source OP Stack. These chains are standardized and network resources are interchangeable to enhance chain interoperability and enable developers to create DApps that target the entire superchain.

Optimism's latest announcement can be understood that developers who use the OP Stack to build L3 can also join Optimism's superchain development map and enjoy the benefits of overall ecological development. For these L3s, the immediate benefits include retro funding, airdrops, and rising activities, and these L3s will return a portion of their revenue to the Optimism Collective.

However, it should be noted that the current OP Stack technology for L3 is not fully mature, especially in terms of interoperability.

Application requirements are forcing technological change?

Why is Optimism making this change? The official announcement lays out a long story about the technology and vision, but in reality it may be the most important:

L3 can provide a new, more cost-effective way for chain and DApp developers to build. We're already seeing this trend with Base, which is rapidly expanding support for L3 on top of what it is.

It is not difficult to see that this place should point to the L3 Degen on the Base on-chain. And the story behind this goes back to what happened on Warpcast 1 month ago:

Binji Pande, head of NFT at Optimism, asked: "Why DEGEN L3 uses Arbitrum Orbit technology instead of OP Stack. (Note: Arbitrum Orbit is a chain development tool launched by the Arbitrum team.) ）

Degen co-developer Syndicate replied at the bottom of the article: "The ability to support custom gas tokens is a big plus! (OP Stack doesn't support custom gas tokens, so we don't.) ）

Zain Bacchus, Head of Product at OP Labs, then replied: "Custom Gas Token will go live this quarter. “

Any other updates?

This update includes custom gas Token and Plasma mode.

First, the OP Stack will support L3 custom gas tokens, and projects that build communities around existing L2 native tokens can now leverage their tokens as gas tokens to grow their communities into L3 ecosystems. This also drops the cost of entry for new users, eliminating the need to deposit gas tokens into L2 through expensive L1 operations and then enter L3, simply performing low-cost L2 deposit operations in L3.

The optionality of the data availability (DA) layer is another key module for developers to build low-cost chains. The Plasma pattern allows all developers to choose their own DA layer on top of using the OP Stack to drop Transaction Cost while minimizing security headaches and management costs. The OP Stack will integrate longest data availability tiers over time.

Going forward, this opens up a framework for L3 developers to participate in the superchain ecosystem and help shape the future of scalability, while also benefiting from the contributions of other builders.

Conclusion

At the moment when all kinds of chain blowouts, whether it is L1, L2 or L3 are no longer scarce, when the "gold digger" is over the long, being a "shovel seller" is the most stable and effective way to operate. From this latest announcement, it can be seen that Optimism is actively adapting to the market demand, aiming to make the OP Stack the ultimate weapon to realize the vision of the superchain.