PANews_

By Jason Choi

Compiler: Deep Tide TechFlow

I read some blogs about meme VCs. There are some interesting points in it and sincere respect to all bloggers.

But I personally think that the existence of these articles is exactly why people trade memes. No, memes aren't a cultural Trojan horse at the moment, and I don't think they're even a particularly effective go-to-market strategy.

I understand the need to describe memes in this form in order to make partners feel comfortable – and I've had partners too. But let's face it, you and I trade memes for one thing: "Fuck it".

Let me explain. It's just a continuation of a larger trend you're seeing in developed countries around the world: the future promised to older generations is no longer available to young people. The dream of my parents' generation was to have a good and stable job, buy a house, and raise two children. When I was a college student, the most common dream was to become a billionaire tech founder. **

Why?

On the one hand, because everyone has watched "Social Web" and completely missed the point of the movie, worshipping Zuckerberg as an idol. (It's the same with The Wolf of Wall Street, but that's another topic.)

But it could also be because the median house price has pump 80% since 1985 after Inflation factor, and the house-price-to-income ratio for households is long twice that of our grandparents.

It may also be because 50% of people today earn less than their parents at the age of 30, compared to more than 90% in 1940.

It may also be because the world seems to be richer than ever, but somehow young people inherit less than half of what it used to be.

Or maybe it's because just working hard and being a good employee no longer gives you the same opportunities as your parents.

So, if there's no way to move up the social ladder and you're just barely making ends meet, why not give it a try and see if you can become the next dropout billionaire entrepreneur?

Then, Crypto Assets are like an extension of Trenbolone. Today, nearly two-thirds of young adults believe that the stock market is a great way to build wealth. But 90% of young people are penniless because of the pumping cost of living and cannot invest at an average rate of return of 7% per year.

So, because of the huge Fluctuation of Crypto Assets, you'll hear stories of people getting rich overnight, and it's coming out like an unresolved game – if you're Satoshi early enough and maybe a little daring, you have a chance to make a good living.

To the outside world, this is longer more decent than casinos, and for us Satoshi boys and girls, it stimulates their wisdom more.

You might say, "Well, actually... Since the Dutch tulip bulb merchant in the 1600s, humans have been attracted to the speculative game of 'making quick money'! You should read Devil Takes the Hindmost"

But the point I'm trying to make is that phenomena that have historically been driven by greed are now more and more long driven by despair. Want to feel the vibe? Talk to 2 long 0-year-olds in Hong Kong, South Korea, the United States, and more.

In order to live comfortably, young people must make life decisions that are further and further away from the risk curve.

And they know that much of this is due to the financial decisions made by the previous generation.

Now, this generation also wants to take the encryption game away from them through regulation.

They canceled the ICO on the grounds of protecting you, so when the coins finally listed, you were able to buy them at 500 times the seed price.

They call it "rat poison" while charging generous fees from customers who buy Crypto Assets.

Oh, these customers? Yes, the same cabal – pumping billions into venture capital funds in an attempt to privatize increasingly long games.

That's why people trade memes.

Yes, it's greed, it's "buying tokens that don't have a massive oversupply", a gambling game designed for the ADHD generation who grew up with their brains corrupted by smartphones.

But it's also a "fuck it - nothing else works" attitude.

But more importantly, it's a "fuck it" – a counterattack to a generation they think has failed.

But more importantly, the phrase "fuck it" is being uttered by young people to a generation that they believe has failed them. It is this generation that is now trying to take away what seems to give them a way out, through incomprehensible regulations and increasingly privatization opportunities.

Maybe I'm wrong.

Maybe meme really is the next great go-to-market strategy for startups.

Written by Vishal Kankani, Investment Team Leader, Multicoin Capital

Translation: Golden Finance xiaozou

May 9, 2024 Multicoin announced that it is leading a $7 million seed round of Bitcoin native app platform Arch. Arch unlocks the potential of no-bridge DeFi (Decentralized Finance) on the world's most valuable Blockchain Bitcoin. Also participating in this round are OKX Ventures, Big Brain Holdings, Portal Ventures, CMS Holdings, Tangent, and others.

For nearly a decade, Bitcoin has operated like digital gold. While there was talk of enhancing smart contracts more long than a decade ago, efforts have been futile, in part because a large portion of the Bitcoin community believes that the trade-offs could jeopardize Bitcoin ultimate mission to become the largest non-sovereign coin.

The prevailing view in the Bitcoin community at the time was to abandon all programmability and innovations related to the scaling of other chains to maximize their potential without sacrificing the ultimate vision of a non-sovereign coin. The emergence of Ethereum and other smart contracts platforms is optimistic about this opportunity.

Smart contracts platforms have been around for a decade. Some smart contracts primitives, such as DEX exchanges, lending markets, and stablecoins, have achieved their own product-market fit. They are seen as a fundamental part of a well-functioning Blockchain ecosystem.

Prior to the Taproot upgrade in November 2021, Bitcoin's smart contracts capabilities were very limited. The Taproot upgrade makes it easier for developers to write complex scripting features by increasing the witness field shorter to about 4MB. This allows developers to script the following:

• Atomic swap transactions
• Multi-signature wallet
• Conditional payment

Later, in July 2022, Casey Rodarmor released the "Ordinal Theory," a satoshs numbering scheme that allows individual satoshs to be tracked and transferred, unlocking the ability for users to "inscribe" arbitrary data directly into Bitcoin transactions, including images, text, games, and more, unlocking full-chain NFTs on Bitcoin. These NFTs don't have to be jpegs or songs, but can also be proofs of state for other chains.

The impact of the Taproot upgrade and the Ordinal theory is so great that developers are experimenting with Bitcoin on a large scale for the first time in a long time.

1. Bitcoin development status

At the time of writing, there are longest teams working on various studies – rollups, drive chains, sidechains, and many more – to scale Bitcoin and make it more Programmability. Most of the long in these projects refer to themselves as "Bitcoin Layer 2", which in some cases is a rather broad term. Some of these projects are available today, while others are yet to achieve breakthroughs in the future, such as BitVM, OP_CAT, etc.

In this area, teams have a clear set of design trade-offs. A few important variables related to design are:

• Hosted mode
• Programmability *Extended

In our view, in the short term, the first two points are the right trade-offs:

• Build natively on Bitcoin – can support interaction with Decentralized Finance without the constraints of additional trust assumptions other than Bitcoin.
• Focus on making Bitcoin more Programmability in self-custody mode.

The typical bitcoiner should be a security freak. When it comes to Not your keys, not your coins, Bitcoin users are the most paranoid on the planet. Bitcoin holders should not be expected to move their BTC to a new multisignature, give up even a little bit of self-custody, or worse, take the risk of bridges. We are convinced of this because WBTC and tBTC have been around for longest years, but cumulatively account for less than 1% of the total amount of Bitcoin. There simply isn't enough market demand to take on the risk of bridges/centralization and realize programmability benefits.

Also, we see that most of the TVL on Ethereum resides on L1 instead of L2 like Base, Arbitrum, or Optimism.

To truly unlock Decentralized Finance on Bitcoin, developers need to come to the user's home base – Bitcoin L1.

Why focus more on BTC Programmability than scalability?

As a developer, if all you want is to create a fast Blockchain, there are quite a few alternatives like Solana with a thriving developer ecosystem and more mature market infrastructure. Even with the most forgiving lens on the current state of Bitcoin technology, we are not ready to achieve a high-throughput chain without sacrificing custody, which, as mentioned above, is not possible for longest bitcoiners. In this regard, most long developers who build on Bitcoin are "allied with Bitcoin" and want to build the world's most secure Blockchain, not a multisignature masquerading as L2. Within Bitcoin's current technical capabilities, we believe the right order of action is to prioritize Programmability and push further along the roadmap for speed and scale.

2, Bitcoin native application on Arch

Arch is building the first Bitcoin native application platform. The Arch network is currently in beta and is expected to go live on Mainnet in a few weeks.

Arch, a decentralization execution layer focused on enhancing Bitcoin's programmability, makes several interesting trade-offs in Bitcoin expression design:

• It acknowledges that holders of large long Bitcoin will not abandon escrow to multisignature (almost all Bitcoin L2 are trusted long sign).
• The core architecture allows spot trading takers to interact with the application without taking on new trust assumptions; However, makers will face additional trust assumptions (makers are typically professional profit-seekers who explicitly take risks, rather than principled users who hold Bitcoin for self-sovereign reasons).

Technically, Arch introduces smart contracts-like functionality to Bitcoin Layer 1 through a complex architecture that leverages a decentralized network of validators Node and a purpose-built zero-knowledge Virtual Machine (zkVM) – ArchVM. The following is the general lifecycle of a transaction (technically related) on the Arch network:

• ZKVM: The core of the Arch network is ZK-SNARKs (ZK proofs), where ZK-SNARKs verify transactions and ensure provably secure application execution. ZKVM is a dedicated virtual machine that executes applications and generates encryption proofs that prove the correctness of execution. It is powered by Risc0.
• Decentralization validators Network: The generated ZK proof is then verified by Arch's Decentralization validators Node network. The network plays a vital role in maintaining the integrity and security of the platform. By relying on a decentralization architecture, Arch works to ensure that the verification process is not only secure, but also resistant to censorship and central point failures.
• Integration with Bitcoin Layer 1: Once the ZK proof is verified, the validator network can sign unsigned transactions. These transactions, including state updates and asset transfers determined by the application logic, are eventually passed back to Bitcoin. This final step completes the execution process, and all transactions and status updates are finalized directly on the Bitcoin Blockchain.

While other projects are positioning themselves as Layer 2, we think Arch is clearly Bitcoin native. Arch uniquely positions itself as a Bitcoin native application platform, running directly on Bitcoin Layer 1. Arch's direct manipulation of Bitcoin's main layer eliminates the complexity and inefficiencies typically faced by L2 solutions, allowing users to directly benefit from Bitcoin's security and liquidity while exploring Arch's ability to scale.

3. Develop and build on Arch

In the short term, Decentralized Finance applications (such as lending, DEX exchanges, and Ordinal marketplaces) are clearly possible to build on Arch. It would be longer to be able to swap asset swaps, collateralize lending, and earn BTC yield without trust.

Also, it would be great if high-end collectibles could fully reside on the most valuable Blockchain (Bitcoin) known to man. We expect that the world's largest digital collection will reside on Bitcoin, which in itself is a huge technological breakthrough that will usher in the era of Internet-native finance. Xu long Ordinals collectors clearly value this.

Several projects in the Bitcoin ecosystem have already started migrating to Arch. Recently, Bitcoin lending marketplace Liquidum began to integrate liquidity pools, leveraging Arch to support instant liquidity lending and fungible token pools – while Bitcoin, or even Discrete Log Contracts (DLC), does not offer native support. As of this writing, there are longest 20 projects developing on Arch's devnet, involving stablecoins, DEX exchanges, lending markets, and more. With the growing excitement about Bitcoin, the Arch Foundation plans to support the growth of the ecosystem and fund a range of projects with the upcoming Hacker Marathon.

4, the next chapter of Bitcoin

Supported by the Taproot upgrade and Ordinal theory, we are witnessing unprecedented interest in the Bitcoin ecosystem. For the first time in 15 years, there has been an active and tangible effort to make Bitcoin more Programmable without compromising its vision of a non-sovereign coin.

Arch is the first Bitcoin-native application platform to unlock bridge Decentralized Finance on the world's most valuable Blockchain Bitcoin. Arch emerged as a direct response to the Bitcoin community's desire to leverage Bitcoin's underlying security and Liquidity to enable more complex applications, as seen in other Programmability on-chain such as Ethereum and Solana. By providing a Bitcoin Programmability platform, Arch aligns with the vision and principles of the Bitcoin community and provides an innovative approach that enhances Bitcoin utility while maintaining Bitcoin integrity.

Arch invites people to take a fresh look at the world's largest and most secure Blockchain, bringing the advancements and innovations of other blockchains back to Bitcoin.

Author: Vitalik Buterin

Compiler: Karen, Foreisght News

In Ethereum, resources were limited until recently and priced through a single resource called "Gas." Gas is a unit of measurement that measures the "computational effort" required to process a particular transaction or block. Gas brings together longest types of "computations", the most important of which include:

1. Raw computation (e.g., ADD, MULTIPLY);

2. Read, write and write to Ethereum storage (such as SSTORE, SLOAD, ETH transfer);

3. Data bandwidth;

4. The cost of generating ZK-SNARK proofs for blocks.

For example, this transaction I sent consumed a total of 47,085 Gas. These include: (i) a base cost of 21,000 Gas, (ii) 1,556 Gas for the calldata bytes included as part of the transaction, (iii) 16,500 Gas for read and write storage, (iv) 2,149 Gas for generating logs, and the rest for EVM execution. The Money Laundering that users must pay is proportional to the gas consumed by the transaction. A Block can contain up to 30 million gas long, and the gas price is continuously adjusted through the EIP-1559 targeting mechanism to ensure that each Block contains an average of 15 million gas.

This approach has one major advantage: because everything is combined into a single virtual resource, the marketplace design is very simple. It's easy to optimize transactions to minimize costs, it's relatively easy to optimize blocks to charge the highest possible fees (excluding MEV), and there are no weird incentives to encourage some transactions to bundle with other transactions to save fees.

However, there are inefficiencies with this approach: it treats different resources as if they were convertible to each other, when the actual underlying constraints are not the same. To understand this, you can first look at the following chart:

The gas limit imposes a constraint:

The actual underlying security constraints are often closer to:

This difference causes gas limits to either unjustifiably exclude actually safe blocks, accept actually insecure blocks, or both.

If there are n resources with different security limits, then one-dimensional gas may make the throughput up to long drop n times. As a result, there has long been interest in the concept of longing gas, and with EIP-4844, we have now actually implemented longing gas on Ethereum. This article explores the advantages of this approach, as well as the prospects for further enhancements.

Blob: Longest gas in Dencun

At the beginning of this year, the average block size was 150 kB. A large part of this is rollup data: Layer 2 protocol store data on-chain. This data is very expensive: although the Transaction Cost on Rollup is only 5-10 times that of the corresponding transaction on Ethereum L1, even such a cost is too high for a long use case.

So why not drop the gas cost for calldata (currently 16 gas for non-zero bytes and 4 gas for zero bytes) to make rollups cheaper? We've done this before, and we can do it again now. But the answer here is that the maximum size of a block is 30,000,000/16=1,875,000 non-zero bytes, and the network can barely or barely handle a block of this size. Dropping the cost by another 4x increases the maximum to 7.5 MB, which poses a significant risk to security.

This problem is eventually solved by introducing a separate, rollup-friendly data shorter (called blob) in each block.

There are different prices and limits for these two resources: after the Dencun Hard Fork, a Ethereum Block maximum long can contain (i) 30 million gas and (ii) 6 blobs, each of which can contain about 125 kB of calldata. Both resources have separate prices and are adjusted through a separate 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 the Rollup was dropped by a factor of 100, the volume on the Rollup increased by more than 3 times, and the theoretical maximum Block size increased only slightly: from about 1.9 MB to about 2.6 MB.

Note: Rollup Money Laundering, provided by Growthepie.xyz. The Dencun fork occurred on March 13, 2024, introducing longest pricing blobs.

Longest gas and stateless clients

In the near future, a similar problem will arise with stored proofs for stateless clients. A stateless client is a new type of client that will be able to validate the chain without having to store a large amount or any data locally. Stateless clients do this by accepting proofs of specific parts of Ethereum's state that transactions in that block need to access.

The diagram above shows a stateless client receiving a Block and proof of the current value of a particular part of the state (e.g., account balance, code, storage) touched by the execution of that Block, which enables the Node to validate a Block without any storage.

A storage read costs 2100-2600 gas, depending on the read type, and storage writes are more expensive. On average, a block performs about 1,000 storage reads and writes (including ETH balance checks, SSTORE and SLOAD calls, contract code reads, and other operations). However, the theoretical maximum is 30,000,000/2,100=14,285 reads. The bandwidth load of a stateless client is proportional to that number.

The current plan is to support stateless clients by transforming Ethereum's State tree design from Merkle Patricia trees to Verkle trees. However, Verkle trees are not quantum-resistant and are not optimal for newer STARK proof systems. As a result, longest people are interested in supporting stateless clients with binary Merkle trees and STARKs, either skipping Verkle altogether or upgrading a few years after Verkle's transition once STARK becomes more mature.

STARK proofs based on binary hash tree branches have long many advantages, but their key weakness is the long time it takes to generate proofs: Verkle trees can prove more than 100,000 values per second, while hash-based STARKs typically only prove a few k hash per second, and each value needs to contain a long hash "branch".

Considering the numbers predicted today from hyper-optimized proof systems like Binius and Plonky3, as well as proprietary hashes like Vision-Mark-32, it seems like we'll be in a practical range for some time where proving 1000 values per second is feasible, but proving 14,285 values is not. The average block would be fine, but the potentially worst-case Block (published by an attacker) would disrupt the network.

Our default approach to handling such cases is to reprice: increase the cost of storing reads to reduce the maximum per block to a more secure level. However, we've done this long times, and if we do it again, it would make too long app too expensive. A better approach is longing gas: limit and charge storage access separately, keeping average usage at 1,000 storage visits per block, but setting an upper limit per block, such as 2000.

The ubiquity of longest gas

Another resource worth considering is state size rising: operations that increase the state size of Ethereum, which then need to be saved by a full node. The state size rises is unique in that the rationale for limiting it comes solely from long-term sustained use, not peaks.

Therefore, it may be valuable to add a separate gas dimension for operations that increase the size of the state (e.g., zero-to-nonzero SSTORE, contract creation), but the goal is different: we can set a floating price to long wick candle on a specific average usage, but not set a per-Block limit at all.

This demonstrates a powerful property of long-dimensional gas: it allows us to long wick candle each resource separately and ask (i) what is the ideal average usage long less? (ii) What is the maximum safe usage per Block long small? Instead of setting the gas price based on the maximum value of each block and letting the average usage follow, we have 2n degrees of freedom to set 2n parameters, adjusting each parameter according to network security considerations.

More complex cases, such as when the security considerations of two resources are partially summed, can be handled by making a Operation Code or resource consume a certain amount of long type of gas (e.g., a zero-to-nonzero SSTORE might consume 5,000 stateless client attestation gas and 20,000 storage expansion gas).

Max per transaction (the one that consumes more data or calculations)

Let x1 be the gas cost of the data and x2 be the calculated gas cost, so in a one-dimensional gas system we can write the gas cost of a transaction:

In this scenario, we define the gas cost of the transaction as:

That is, a transaction is not charged based on data plus calculations, but on which of the two resources it consumes longest. This can be easily extended to cover more long dimensions (e.g. max(...,x3∗storage_access)).

It should be easy to see how this can increase throughput while maintaining security. Theoretically, the maximum amount of data in a block is still GasLIMIT/x1, which is exactly the same as in the one-dimensional gas scheme. Similarly, the theoretical maximum amount of computation is GasLIMIT/x2, which is exactly the same as in a one-dimensional gas scheme. However, the gas cost of any transaction that consumes data and calculations drops.

This is presumably the scheme adopted in the proposed EIP-7623 to reduce the maximum block size while further increasing the blob count. The precise mechanism in EIP-7623 is a little more complicated: it keeps the current calldata price at 16 gas per byte, but adds a floor price of 48 gas per byte; The greater of the transaction payment (16 * bytes + ution_Gas) and (48 * bytes). As a result, EIP-7623 reduces the theoretical maximum transaction call data in a block from about 1.9 MB to about 0.6 MB, while keeping the cost unchanged for longest applications. The benefit of this approach is that it changes very little compared to the current one-dimensional gas scheme, making it very easy to implement.

However, there are two drawbacks to this approach:

1. Even if all other transactions in the block use only a small amount of that resource, transactions that occupy a large amount of one resource will still charge a large fee unnecessarily;

2. It incentivizes data-intensive and compute-intensive transactions to merge into a single bundle to save costs.

In my opinion, a rule like EIP-7623, whether for trading calldata or other resources, can be of great enough benefit that even with these drawbacks, it is worth it.

However, if we are willing to put in (significantly higher) development efforts, a more desirable approach will emerge.

Longest EIP-1559: A more difficult but desirable strategy

Let's start by reviewing how regular EIP-1559 works. We'll focus on the version introduced by the long wick candle blob in EIP-4844 because it's mathematically more elegant.

We keep track of one parameter, excess_blobs. During each block, we set:

excess_blobs <-- max(excess_blobs + len(block.blobs) - TARGET, 0)

where TARGET = 3. That is, if the number of blobs in a Block is long than the target, the excess_blobs increases, and if the number of blobs in a Block is less than the target, the excess_blobs decreases. Then we set blob_basefee = exp(excess_blobs / 25.47), where exp is an approximation of the exponential function exp(x)=2.71828^x.

That is, whenever the excess_blobs increases by about 25, the blob base charge increases by about 2.7x. If the blob becomes too expensive, the average usage drops and the excess_blobs starts to decrease, automatically drop the price again. The price of blobs is constantly adjusted to ensure that, on average, the Block is half full, that is, each Block contains an average of 3 blobs.

If there is a short-term spike in usage, there is a limit: each Block can only contain 6 blobs at a maximum long, in which case transactions can compete with each other by increasing the priority fee. However, under normal circumstances, each blob only pays blob_basefee plus a small additional priority fee as an incentive to be included.

This gas pricing has been around in Ethereum for longest: back in 2020, EIP-1559 introduced a very similar mechanism. With EIP-4844, we set two separate floating prices for Gas and Blobs.

Note: The base gas charge for one hour on May 8, 2024, in gwei. Source: ultrasound.money

In principle, we could add more long independent floating fees for storage reads and other types of operations, but I'll elaborate on one issue in the next section.

For users, the experience is very similar to today: instead of paying one basefee, you pay two basic fees, but your wallet can abstract it out of your hands, showing you only the expected and maximum fees you can expect to pay.

Block builders, longest of the time, the best strategy is the same as it is today: include anything that works. Longest Blocks Are Not Full - Gas or Blobs. A challenging situation is that when there is enough gas or enough blobs to exceed the block limit, builders need to potentially solve the longest knapsack problem to maximize their profits. However, even if there is a fairly good approximation Algorithm, in this case, the gain from optimizing profits by formulating proprietary Algorithm is long smaller than the gain from doing the same with MEV.

The main challenge for developers is the need to redesign the functionality of the EVM and its associated infrastructure, which were currently designed based on a single price and a single limit, and now need to be retrofitted to accommodate longest prices and longest limitations.

One problem that application developers face is that optimization becomes slightly more difficult: in some cases, you can no longer explicitly say that A is more efficient than B, because if A uses a more long calldata and B uses a more long execution, then when calldata is cheaper, it is more expensive when calldata is expensive.

One problem that app developers face is that optimization becomes slightly more difficult: in some cases, you can't definitively say that A is more efficient than B, because if A uses a more long calldata and B uses a more long execution, then A may be cheaper when calldata is cheap, and A may be more expensive when calldata is expensive.

However, developers can still get pretty good results by optimizing based on long-term historical average prices.

Longest pricing, EVM, and sub-calls

There's a problem that doesn't appear in blobs, nor does it appear in EIP-7623 or even the full longest pricing implementation of long wick candles for calldata, but if we try to price state access or any other resource separately, then this problem arises: the gas limit in sub-calls.

Gas limits in EVM exist in two places. First, each transaction sets a gas limit, which limits the total amount of gas that can be used in that transaction. Second, when one contract calls another, that call can set its own gas limit. This allows contracts to call other contracts they don't trust, and still guarantees that they still have residual gas to perform other calculations after the call.

Note: Traces of account abstraction transactions where one account calls another account and only a limited amount of gas is provided to the callee to ensure that the external call continues to run even if the callee consumes all the gas allocated to it.

The challenge is that getting longest gas between different types of execution seems to require subcalls to provide longest limits for each type of gas, which would require very deep changes to the EVM and would not be compatible with existing applications.

This is one of the reasons why longest gas proposals typically stay in two dimensions: data and execution. Data, whether transactional calldata or blobs, is only distributed outside of the EVM, so nothing needs to change inside the EVM for calldata or blobs to be priced separately.

We can come up with an "EIP-7623-style solution" to solve this problem. This is a simple implementation: during execution, the storage operation is charged 4 times the fee; To simplify the analysis, let's assume 10,000 gases per storage operation. At the end of the transaction, the min(7500 * storage_operations, ution_Gas) is refunded. As a result, after deducting the refund, the user is required to pay the following fees:

ution_Gas + 10000 * storage_operations - min(7500 * storage_operations, ution_Gas)

This equals:

max(ution_Gas + 2500 * storage_operations, 10000 * storage_operations)

This mirrors the structure of EIP-7623. Another approach is to track storage_operations and ution_Gas in real time and charge 2500 or 10000 less depending on the max(ution_Gas + 2500 * storage_operations, 10000 * storage_operations) at pump long the time. The Operation Code is called. This avoids the need for transactions to over-allocate gas, which is mostly recouped through refunds.

We don't have fine-grained licensing for subcalls: subcalls can consume all of the transaction's allowances for cheap storage operations.

But we do get something good enough that the contract that makes the sub-call can set a limit and ensure that once the sub-call is executed, the main call still has enough gas for the required post-processing.

The simplest "complete longest pricing solution" I can think of is this: we treat the sub-call gas limit as proportional. That is, suppose there are k different execution types, and each transaction is set with a longest limit L1... 𝐿𝑘 。 Suppose that at the current execution point, the remaining gas is g1... Gk. Suppose you call the CALL Operation Code and use the sub-call Gas to limit S. Let s1=S, then s2=s1/g1∗g2, s3=s1/g1∗g3, and so on.

That is, we treat the first type of gas (which is actually VM execution) as a special "account unit" and then allocate other types of gas so that the subcall gets the same percentage of available gas in each type of gas. This approach is a bit ugly and maximizes backward compatibility.

If we want to make the scheme more "neutral" between different types of gas without sacrificing backward compatibility, we can simply represent the gas limit parameter of the child call as part of the remaining gas in the current context (e.g., [1...63]/64).

In either case, however, it's worth emphasizing that once you start introducing longest execution gas, the inherent complexity (ugliness) increases, which seems hard to avoid.

So our task is to make a complex trade-off: do we accept some level of ugliness increase at the EVM level to safely unlock significant L1 scalability gains, and if so, which specific proposal will be most effective for protocol economics and application developers? Chances are, neither of the two options I've mentioned above is the best, but there's still shorts to come up with more elegant and better solutions.

Special thanks to Ansgar Dietrichs, Barnabe Monnot, and Davide Crapis for their feedback and review.

Author: Frank, PANews

In the Bull Market of not dumb buying each other, the Meme coin track has entered a new stage - the issuance of coins for all.

Since April 18, the number of daily issuance Token Solana on-chain has exceeded 10,000, and the Base chain has maintained 2,000+ daily online trading pairs for long consecutive days. The reason behind this surge in coin is mainly the explosive rise of one-click coin tools represented by Pump.

Pump rises to create a wave of coins issued by the whole people

Pump.fun is a meme coin coin tool and social platform that mainly long wick candle Solana chains. It can support users to deploy issuance Token at a very low cost (0.02SOL) without any development experience. Since its launch in January 2024, it has accumulated more than 460,000 issuance Token. As of May 9, Pump's cumulative revenue has exceeded $17 million (subject to a 1% transaction fee)

Although there were longest one-click coin issuance products in the industry before, few of them achieved the popularity effect of Pump. For the average user, the main advantages of Pump are as follows:

1. The coin process is so simple that the issuance can be completed within 1 minute. Token issuance on Pump, users only need to upload a picture, give a name, write a description to complete, the whole process is very simple, users can not adjust the number of issuance and token ownership and other settings.

2. Exempt LP pool fees. Compared with the past one-click coin issuance products, in addition to paying a certain deployment cost, the main cost is the funds staked in the transaction pool. Pump has made an innovation in this regard, which does not require users to put their own funds into the pool at the time of initial deployment. Instead, an LP pool of about $60,000 is automatically set up, and as the number of buyers increases, once the market capitalization reaches $60,000, all the buying funds will be automatically credited to the LP pool and Rayium Swap will be listed. This makes it possible for some projects to have a relatively stable pool of funds once their market capitalization exceeds $60,000, rather than depending on the self-consciousness and ethics of the founder.

3. The social interaction function concentrates on the precipitation of meme culture. For very long meme coin, the biggest headache for players may be to understand the community situation and discussion about the project (usually need to actively find the community), and on Pump, because of the setting up of a message board-like function, players can keep the discussion content about this coin. So that those who enter the market can quickly understand the progress of this Meme coin.

Everyone turns over to make a "sickle"?

In addition to pump, which is active on Solana, similar products have begun to appear on other on-chains. For example, We.rich and FriendTech in Base on-chain We.rich have more long features and UI optimizations on the basis of Pump, such as Token maintaining a very low price in the early fair launch stage and keeping the price extremely low and limited Mint. Although there is still a large gap between the current number of issuance and active users and Pump, for the Base chain, which also has a huge meme market, the emergence of this project may also add a new meme coin battlefield.

In addition, many products combined with AI essentially provide similar one-click coin issuance functions, such as Spectral, which has just released an Airdrop plan, is to write contract code through GPT-like text dialogue tools. However, compared with the function of one-click coins, there is still a big difference in the convenience of this product.

The emergence of Pump products, does it mean that players can turn over from suckers to make sickles? After PANews experiments, it was found that although Pump simplified the coin issuance process and cost to a minimum, it may be difficult to realize the dream of a 100x coin. For ordinary users, the token issuance usually only attracts a few automated trading bots to enter the market, and there is no movement after a few quick trades. And long issuance Token on Pump are in this state, and there are very few market capitalization can exceed $60,000 a day.

For coins issuers, these passing players will quickly take away liquidity, and in the end only the founder's purchase funds are left in the pool. Although it is not too long to lose money, there is still a long way to go in terms of the goal of making a profit.

How to build a meme of more than 100 million

In fact, there are longing success stories on Pump. The top meme coins by market capitalization also have tokens with a market capitalization of more than $100 million. Typical are the two "Elvis Presleys": michi and Shark Cat.

Next, PANews analyzes how these meme coins with a market capitalization of more than 100 million were born based on several cases with high market capitalization.

The journey of the two Elvises

michi is the highest market capitalization meme coin on Pump to date, with a market capitalization of $186 million, and was created on April 8.

Shark Cat has a market capitalization of about $160 million and was created on March 26.

Material:

First of all, the timing and theme of these two tokens have become the basic conditions for high market capitalization. During the period at the end of March and the beginning of April, it happened to be the stage of the popular "cat and dog war" in the meme track, and during this time, everyone Solana on-chain like to find memes with various cat and dog themes for hype. And these two Tokens happen to belong to the same Cat camp. It just fits the hottest theme at the time.

Community:

In addition to the good timing, the community foundation is also very important. According to PANews research, almost all of the top meme coins by market capitalization have a characteristic, that is, the promoter is not an anonymous amateur.

In the case of michi, its founder, psykø (@psykogem), is himself an experienced meme coin player and KOL with 4,700 followers on X, and he is personally active on X and Telegram, and his tweets have always maintained a high number of views. Before Michi's release, he personally warmed up on social media longest.

The founder of Shark Cat is also a KOL named 0xWinged (@0xWinged), and before the launch of Shark Cat, he had successfully issuance the CopyCat project and achieved good results. He also has more than 10,000 followers on X.

Momentum Ability:

Of course, a certain number of followers alone does not guarantee that the issuance of tokens will be easily successful. The topicality in the issuance process is also an important element to drive price speculation. The founder of michi played a sincere card, and at the beginning of the issuance, he bought 40 SOL of michi Token out of his own pocket and burned it. This move helped Michi quickly reach the curve progress bar of $60,000 in market capitalization, and secondly, it seemed to users who entered the market later that there was a heroic spirit of "I did it first, you are free". This also gives long people confidence to be optimistic about the development of this Token. In the end, Psykø also made more than $2.5 million through this heroism.

Subsequently, in the process of michi's development, psykø also airdropped 1%; advertise in New York's Times Square; Paying artists to make relevant internet meme materials continues to build momentum for the Token.

0xWinged's issuance of Shark Cat took a different approach, a Space event on X. Users who bought early were basically attracted to the market through this space.

Funding:

Meme orgies are never one-man orgies. The third pump market capitalization project on Pump is a project called TEH EPIK DUCK (EPIK), which has a user Address GE4LX5DcEAfgVD1MZ1ahiUJboL3G3X4yuh2gcRytjvL5 directly purchased 30 SOL of EPIK Token in the first half of the issuance of this project, directly filling the progress of this Token curve. The user ended up making a profit of 1,369 SOL through EPIK. Although we don't know why this user dared to have all in spirit at the beginning. However, judging from its transaction records, this user bought longest Yellow Duck Tokens with the same theme on April 3, and invested more than 10 SOLs each time. Behind this coincidence, there may be a capital routine of mass meme hype. And in the early transactions of several other high-market capitalization projects, there were similar large speculators.

Through the above analysis, we may be able to get a glimpse of some of the necessary elements in the process of building momentum for popular meme coins. That is, materials, communities, momentum-building capabilities, and funds. These four elements are indispensable for the success of a Meme coin, and although not every Meme coin needs to be a quadrilateral warrior, it needs to have at least a certain specialty in several aspects to make up for the lack of others.

Student Author| @0x0_chichi

Instructor| @CryptoScott_ETH

Start time | 2024.5.9

1. Ethena's protocol source of income is Spot stake yield + short position funding rate yield, BTC the introduction of collateral dilutes the stake yield, the market cools down and Ethena's large short shrinks the funding rate yield.
2. Increasing collateral is a must for Ethena's long-term growth, but it means that interest rates may be low for a long time.
3. The insurance fund currently protocoled to the agreement is insufficient and there is a high risk.
4. Ethena has a natural advantage in the face of a bank run on a negative funding rate.
5. The total amount of open interest in the market is an important indicator Close Position to limit the amount of USDe issuance.

Ethena is a stablecoin protocol built on Ethereum Blockchain that offers a "synthetic dollar" USDe through a Delta neutral strategy.

Protocol, users deposit stETH into the protocol and minting USDe of the equivalent. Ethena utilizes an over-the-counter Settlement (OES) scheme to map stETH balances to CEXs as Margin, shorting an equal amount of ETH Perptual Futures. This portfolio achieves Delta neutrality, meaning that the value of the portfolio does not change with ETH's price fluctuations. So in theory, USDe achieves a stable value.

Users can then stake USDe into the protocol to minting out sUSDe, and hold sUSDe to get the income generated by funding rate. At one point, this yield was as high as more than 30%, and it was one of Ethena's main means of collecting reserves.

As of May 9, 2024, the yield of holding sUSDe is 15.3%, and the total issuance of USDe has reached $2.29 billion, accounting for about 1.43% of the total market capitalization of stablecoins, ranking fifth.

In the Ethena protocol, both stETH Collateral and ETH Perptual Futures short positions will generate gains (from funding rate), and if the combined return of both positions is negative, the insurance fund in the Ethena protocol will cover the losses.

What is the funding rate?

In traditional commodity futures contracts, the parties agree on a Delivery Date, that is, a period of physical exchange, so when the futures contract is about to reach the Delivery Date, the futures price will theoretically be equal to the Spot price. However, in Digital Currency Trading, in order to drop Delivery costs, a Perptual Futures form is widely adopted: compared with traditional contracts, the Delivery link is eliminated, resulting in the disappearance of the correlation between futures and Spot.

In order to solve this problem, the funding rate is introduced, that is: when the Perptual Futures price is higher than the Spot price (the basis is positive), the longs pay the funding rate to the shorts (the funding rate is proportional to the absolute value of the basis); When the Perptual Futures price is lower than the Spot price (with a negative basis), the shorts pay the funding rate to the longs.

Therefore, the more the Perptual Futures price deviates from the Spot price (the greater the absolute value of the basis), the greater the funding rate and the stronger the inhibition of price deviation. The funding rate becomes the correlation between futures and spot prices in Perptual Futures.

Ethena holds ETH Airdrop positions and stETH, and the income comes from funding rate and stake income, and when the comprehensive return is positive, the insurance fund will reserve a portion of the income to compensate users when the comprehensive return is negative.

In the current Bull Market, go long sentiment is significantly higher than shorting sentiment, the demand for long orders in the market is greater than the demand for short orders, and the funding rate remains high for a long time. The Delta risk of Spot collateral in the Ethena protocol is Hedging by the short position, and the short position held can earn a significant amount of funding rate income, which is why the Ethena protocol generates a risk-free high yield.

Prior to the launch of USDe, the Solana on-chain stablecoin project, UXD, was stablecoin in the same way, but UXD was Hedging in the DEX Futures Trading, which also set the stage for UXD's failure.

From a Liquidity point of view, Centralized Exchange hold more than 95% of the un Close Position contracts, Ethena Centralized Exchange is the best option in order to scale USDe to the billion level: the price of Ethena's short position will not cause much disruption to the market when USDe issuance large-scale rise, or in the event of a bank run.

Because Ethena's use of Centralized Exchange hedging will inevitably create new centralized risks, Ethena has introduced a new mechanism, OES, to hand over Collateral to a third party (Copper, Fireblocks), Centralized Exchange without holding any Collateral, similar to depositing users' Collateral in a Multi-signature Wallet to maximize drop centralized risk.

The insurance fund is an important component of Ethena's protocol, which transfers a portion of the revenue from stETH positions and ETH short positions when the combined return is positive to release it when the comprehensive return is negative, in order to maintain coin price stability.

Figure 1: USDe floating yield simulation

The high USDe yield in the 2021 Bull Market reflects strong bullish demand, with long positions paying 40% of short funding rate per year. With the start of the Bear Market in 2022, the funding rate has often fallen below zero, but it has not remained negative, and the average has remained above 0.

In the second quarter of 2022, the collapse of Luna and 3AC had a surprisingly small impact on the funding rate, with a brief downturn that allowed the funding rate to hover around 0 for a while, but quickly returned to positive values.

In September 2022 Ethereum the switch from POW to POS triggered the largest Black Swan Event in funding rate's history, funding rate fall to 300% at one point, due to the fact that in this conversion, users only need to hold ETH Spot to earn short rewards, resulting in a large number of users not only holding ETH Spot long positions, but also holding ETH short positions to hedge a large number of ETH Spot in order to obtain stable Airdrop returns.

The large influx of short caused the ETH Perptual Futures funding rate to big dump for a short period of time, but funding rate quickly returned to positive levels after the end of the short distribution.

The collapse of FTX in November 2022 also caused the funding rate to fall to -30%, but it did not last, and the funding rate quickly returned to positive values.

Based on historical data, the average comprehensive income of USDe has remained above 0, demonstrating the long-term viability of the USDe project. Protocol to short-term normal market shocks or black swan events that lead to a composite return of less than 0 is unsustainable, an adequate insurance fund can enable a smooth transition of the agreement.

Starting from 2024/4, users can stake BTC in the Ethena protocol for minting USDe stablecoin, and as of 5/9/2024, BTC collateral has now accounted for 41% of the total collateral.

Figure 2: Details of Ethena collateral on 5/9/2024

Figure 3: Details of the ETH short position of the Ethena protocol on April 5, 2024

On the eve of Ethena's acceptance of BTC as collateral, Ethena's total ETH short positions already accounted for 21.57% of the total Close Position contracts. Despite the strong Liquidity of the Centralized Exchange and the fact that Ethena holds ETH short positions in long exchange, the rapid rise of USDe issuance Centralized Exchange may not provide sufficient ETH Perptual Futures Liquidity, and Ethena is in dire need of new rise.

Compared to liquid staking Token, BTC does not have a native stake yield, and if BTC is introduced as collateral, the stake yield contributed by stETH will be diluted. However, Centralized Exchange BTC Perptual Futures of Close Position contracts exceed $20 billion, and after the introduction of BTC collateral, USDe's capacity to scale will increase rapidly in the short term, but in the long run, the rise rate of the total number of BTC and ETH Close Position contracts is the main factor limiting USDe's rise.

Figure 4: Average funding rate yield by year

Although the BTC collateral dilutes the stake yield of stETH, the average funding rate of BTC Perptual Futures is Bull Market below ETH and higher than ETH at Bear Market through historical data, which is also a Hedging to deal with the Bear Market funding rate downturn, improve the diversification of the portfolio, and reduce the risk of USDe de-anchoring in the Bear Market.

The current yield on sUSDe is rapidly slipping from 30%+ to around 10%+, both due to the general sentiment of the market and the impact of the large number of shorter positions brought about by the rapid expansion of USDe.

As we all know, the terrifying rise speed of USDe comes from the ultra-high funding rate payment in the Bull Market, but USDe as a stablecoin is still extremely lacking in application scenarios, and the existing trading pairs are only associated with some other stablecoin. Therefore, long the vast majority of USDe holders hold USDe for the sole purpose of reaping high APY and Airdrop activity.

Although the mechanism of the insurance fund is entered when the composite intrerest rate is negative, users who provide stETH will redeem it when the comprehensive income is lower than the stETH stake yield; Users who provide BTC will be more cautious, as the basis gradually decreases, the funding rate income continues to be low, and in the absence of ultra-high APY, a large number of redemptions may be generated after the end of the second round of airdrop activities, the reason can refer to the dilemma that Bitcoin L2 is also facing: a large number of users (especially large investors) regard BTC as the object of store of value, and the requirements for fund security are extremely demanding.

Therefore, the author believes that if before the end of Ethena's second quarter Airdrop event, if USDe's stablecoin application scenario has not achieved breakthrough development and the gradual reduction of the funding rate, USDe is likely to collapse.

Ethena officially made the following conclusions about the insurance fund through simulation calculations:

Figure 5: Scale of initial insurance requirements by rising scenario and insurance fund drawdown rate

In Figure 5, green, yellow, and red represent that the initial insurance fund size is less than 2 k million US dollars, between 2 k ~ 5 k million US dollars, and more than 5 k million US dollars to ensure the safety of funds.

The vertical coordinates indicate that the final amount of USDe issuance is expected to reach $1 billion, $2 billion, and $3 billion in two and a half years (2021/4~2023/10), respectively. The first three on the abscissa indicate that when the USDe issuance volume rises linearly, the withdrawal rate of the insurance fund is set to 50%, 20%, and 10% respectively. The fourth abscissa indicates that the withdrawal rate of the insurance fund is set at 20% when the USDe issuance volume remains constant after the first year is exponential rise. The fifth abscissa indicates that the withdrawal rate of the insurance fund is set at 20% when the USDe issuance volume has been at an exponential rise.

From Figure 5, a 50% withdrawal rate is very safe for a $2 k 0,000 starting insurance fund, and it keeps the insurance fund fully capitalized in almost all cases and at rise levels. If a black swan event occurs before the insurance fund has the opportunity to capitalize through forward financing, a premature index rise could pose a danger to the solvency of the insurance fund. At the same time, the late index rise is safer because it provides a more long time for the rise of the insurance fund.

But the reality is that the initial insurance fund is only $1 million, and the supply of USDe is much faster and long than the early exponential increase in the early growth case in the model. Nearly half of the current $38.2 million insurance fund (only 1.66% of USDe issuance) has increased in the last month. It can be seen that the problem caused by the rapid issuance of USDe is that the insurance fund in the early stage of the Ethena project is seriously insufficient compared to the official model estimates.

An inadequate insurance fund has two consequences:

1. Users have little confidence in the project, and if the high yield starts to decline, the TVL of the project will gradually decrease.
2. High TVL, low insurance fund, the project team must increase the withdrawal rate of the insurance fund (at least 30% or higher) to replenish the insurance fund as quickly as possible, but in the current situation of the gradual decline in the income of the funding rate, the user's rate of return is even worse, which may exacerbate the first consequence.

Figure 6: 2023/11/23~2024/5/9 USDe issuance

Figure 7: 2024/1/11~2024/5/9 Insurance Fund Amount

Referring to the ETH Pow arbitrage event in the third quarter of 2022 in Figure 1, the funding rate has fallen significantly in a short period of time, and the annualized rate once exceeded 300%. In such a Black Swan Event, a bank run on USDe is basically inevitable, but the unique mechanism of USDe seems to have a natural advantage in dealing with the bank run.

bank run may have already occurred in the early stages of a significant decline in the funding rate, as Ethena protocol needed to pay off a large amount of Spot collateral and Close Position equal Airdrop positions due to the creation of bank run, and due to the reduction in Airdrop positions, the insurance fund could maintain its expenses for a longer period of time.

From a Liquidity point of view, when bank run happens, Ethena needs to Close Position short positions, and in a negative funding rate market, it means that long Liquidity is exceptionally adequate, and Close Position short positions are hardly bothered by Liquidity issues.

At the same time, there is a 7-day cooling-off period for sUSDe in the Ethena protocol (Collateral it cannot be liquidated within a week of stake), which can also be used as a buffer in case of sudden changes in the market.

But the premise of all this is the adequacy of the insurance fund.

The total amount of un Close Position contracts in the market (OI, open interest) is always a key factor restricting the issuance of USDe, and it is also a potential risk for USDe in the future, as of May 9, 2024, ETH OI in Ethena protocol accounts for 13.77% of the total OI, and BTC OI accounts for 4.71% of the total OI. The huge number of short positions generated by the Ethena protocol has brought some disruption to the contract market, and there will be certain Liquidity problems with the subsequent expansion of the USDe scale.

The best way to solve this problem is to increase the number of high-quality Collateral long as much as possible (funding rate greater than 0 in the long term), which not only increases the upper limit of the USDe supply, but also increases the diversification of the portfolio and reduces risk.

Protocol, the Ethena protocol demonstrates its unique stablecoin mechanism and sensitive response to market dynamics. Despite challenges such as chronic basis downturns, insufficient insurance funds, and potential bank run risks, Ethena has maintained its competitiveness in the market through innovative over-the-counter settlement mechanisms and longest collateral variety.

With the ever-changing market environment and technological innovation in the industry, Ethena must continue to optimize its strategy and enhance its Risk Management capabilities to ensure the adequacy of insurance funds and the stability of liquidity. For investors and users, it is crucial to understand how the protocol works, where it comes from, and its potential risks.

In the growing ecosystem of Web3, Gnosis, one of the pioneers of Blockchain technology, has come a long way since it first launched its application on Ethereum in 2016. As a sidechain of Ethereum, Gnosis ($GNO) has the characteristics of a sidechain, but its function and performance are more similar to Layer 1 (L1) Blockchain. Gnosis has a staggering fully diluted value of $778 million, with 86% of the tokens already circulating in the market, while its total on-chain Lock-up Position Value (TVL) is a whopping $286 million.

In the Gnosis on-chain, major DeFi (Decentralized Finance) applications such as Aave, Maker protocol Spark, and Balancer are active, notably RealT, which has a TVL of $104 million, showing the strong potential of Gnosis in terms of real-world asset tokenization (RWA). With the launch of Gnosis 3.0, its ecosystem has begun to focus on payments and financial infrastructure. In the following, we'll give you a brief overview of Gnosis.

Gnosis Chain

Gnosis Chain, formerly known as xDai Chain, was officially launched in October 2018 and is an important sidechain based on Ethereum. After merging with Gnosis, the chain was officially renamed Gnosis Chain in December 2021 under the GIP16 proposal. As an EVM(Ethereum Virtual Machine) compatible chain, Gnosis Chain allows Ethereum developers to migrate and deploy smart contracts at a very low cost, which greatly drop the development barrier and cost.

Gnosis Chain uses a unique dual-Token model, which is stablecoin XDAI and governance token GNO (formerly STAKE). XDAI is a stablecoin pegged 1:1 to the US dollar for transactions and payment fees, while GNO supports the underlying POSDAO Consensus Mechanism. This model not only maintains the stability of the network, but also provides efficient governance. When a user converts DAI to XDAI via a cross-chain bridge, the DAI will be locked and Gnosis Chain will generate an equivalent value of XDAI to send to the user. Otherwise, the XDAI will be destroyed and the DAI will be sent to the user's Ethereum Wallet.

The cross-chain bridges supported by Gnosis Chain include xDai Bridge, which is designed for XDAI, and Omni Bridge, which can support Token cross-chain between long chains. In addition, GNO Token holders can directly participate in on-chain governance by initiating proposals and participating in voting. Users can also participate in Block production and on-chain safety maintenance by running Full Node and stake GNO becoming validators.

In terms of Consensus Mechanism, Gnosis Chain uses a attestation (PoS) Consensus Algorithm called POSDAO, which is a Algorithm based on BFT (Byzantine fault tolerance) Consensus protocol that ensures the Decentralization, fairness, and energy efficiency of the network. This Consensus Mechanism has been in effect since April 2020 and will continue until the Ethereum Network Upgrade Merge. In December 2022, Gnosis Chain successfully merged with Gnosis Beacon Chain as one of its Shards, a time that further integrated the Gnosis network and optimized its role in the Ethereum ecosystem.

Through innovative technologies and forward-looking strategies, Gnosis Chain not only plays an important role in the Ethereum ecosystem, but also provides key infrastructure for the development of Decentralization Applications (dApps), thereby driving the development of the entire ecosystem and transparency of governance decisions.

GNO: Core Token and Future Outlook in the Gnosis Ecosystem

GNO, as the native token of the Gnosis ecosystem, plays a longest key role. It is not only the stake Token of Gnosis, but also the governance token of GnosisDAO, giving it a central position in the entire Gnosis ecosystem. Built on Ethereum protocol, Gnosis is a Decentralization forecasting platform that leverages PoS mechanisms to provide users with an open and flexible environment to participate and create customizable prediction market.

GNO's market positioning is unique. As one of Ethereum's earliest sidechains, Gnosis Chain stands out for its independence and EVM-compatible features, which allow it to support smart contracts and DApps while maintaining operational independence and autonomy. This structure allows Gnosis Chain to achieve the rapid transfer of assets through a specific mechanism while ensuring the security of transactions.

In today's competitive encryption market, GNO faces competition from other sidechains and Layer 2 solutions such as Optimism. sidechains like Gnosis offer stand-alone Blockchain with their own Consensus Mechanism and security models, while Layer 2 solutions operate under a Ethereum mainchain security framework that provides a lighter transaction processing solution. While sidechains may not be as secure as Layer 2 solutions that rely on Ethereum mainchain, Gnosis offers unique value through its independence, especially in terms of asset interoperability and long of use cases.

In terms of data security and market performance, GNO shows strong potential. While code security has been a key focus for development teams, the Gnosis ecosystem has received a positive response from the Capital Market. Gnosis' total Lock-up Position (TVL) of up to $286 million is one of the key metrics to measure its success. Looking to the future, the way the Gnosis team and community are managed demonstrates their commitment to robust operations and portends significant rise in the new Bull Market cycle.

All things considered, the design advantages and market performance of Gnosis Chain and GNO Token, as well as its practical application in the field of Decentralized Finance and prediction market, make it a strong contender for Blockchain investment and development. Despite the challenges, the Gnosis ecosystem still shows great growth potential and market attractiveness if it is necessary to further improve code auditing and security, and its future development is worth looking forward to.

Gnosis 3.0: A bridge between Blockchain technology and everyday applications

Launched as an Ethereum-based prediction market platform since 2015, Gnosis has undergone a transformation from a prediction market platform (Gnosis 1.0) to Ethereum core infrastructure (Gnosis 2.0) and has now entered its most ambitious stage of development: Gnosis 3.0. At this stage, Gnosis is no longer just an infrastructure provider, but is focused on revolutionizing payments and financial infrastructure through a series of GNO Token-connected projects that aim to bridge the gap between Blockchain technology and everyday use cases for the masses.

The core of Gnosis 3.0 is to transform to an open financial track strategy and popularize Decentralized Finance tools through applications such as Gnosis Pay and Gnosis Wallet. These applications not only accelerate the democratization of financial services, but also provide users with more secure and transparent payment and financial services solutions. In addition, Gnosis 3.0 also emphasizes the reform of existing TradFi finance, expecting to replace certain businesses in the TradFi system with Blockchain infrastructure.

In terms of technology and governance structure, Gnosis Chain continues to serve as the core of Gnosis 2.0 and 3.0, ensuring cybersecurity through stake GNO validators mechanisms. The Gnosis DAO serves as the governance infrastructure of the GNO Token holders, controlling Gnosis' treasury and other key assets, such as ENS domain names, thereby indirectly enhancing its influence over the Gnosis ecosystem. In addition, Gnosis Ventures not only supports and incubates early-stage projects, but also provides extensive support for the Gnosis ecosystem by investing in third-party start-ups.

During this phase, Gnosis Ventures has invested in longest eco-projects with significant economic potential, including Safe and CoW DAOs. This strategy not only enhances the economic vitality within the Gnosis ecosystem, but also contributes to the prosperity of the entire Blockchain industry.

The future vision of Gnosis 3.0 focuses on combining the practical application of Blockchain technology with the daily needs of ordinary users, driving the adoption and acceptance of Blockchain technology by providing more flexible and user-friendly solutions. In this way, Gnosis hopes to lead the transformation of Blockchain technology from a field primarily focused on technical infrastructure to a practical technology platform that truly meets the needs of ordinary users.

Epilogue

Through continuous technological innovation and community-driven governance, Gnosis is shaping a more open and equitable digital economy future. As Blockchain technology becomes more widely integrated into everyday life, Gnosis' journey sets the benchmark for the industry as a whole, demonstrating the importance of continuous innovation and adaptation to change.

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 Links:

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 computation, 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, MC 29.9M, FDV 599M.

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 W3AI is an AI computing infrastructure that helps customers with distributed AI computing and ensures 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 W3AI 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 878M, FDV 878M.

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.

EIP-4444 addresses Ethereum historical rise and allows for short room for gas cap increases.

Related Reading: Paradigm: Challenges and Solutions for Ethereum State rise

Words: Storm Slivkoff, Georgios Konstantopoulos

Compiler: Luffy, Foresight News

History rise growth is currently the biggest bottleneck in Ethereum expansion. Surprisingly, historical rise has become a bigger problem than state rise. Within a few years, historical data will exceed long Ethereum Node storage capacity.

Here's the good news:

• Historical rise is a much easier problem to solve than state rise.
• The solution is already under active development.
• Addressing historical rise will alleviate state rise issues.

In this post, we will continue to look at the Ethereum scaling problem in Part 1 and now turn our attention from state rise to historical rise. Using granular datasets, our goals are to 1) technically understand Ethereum's scaling bottlenecks, and 2) help open the discussion around the optimal solution to Ethereum's gas limits.

What is Historical rise?

History is the collection of all blocks and transactions executed by Ethereum throughout its lifetime, and it is all the data from the Genesis Block to the current Block. Historical growth is the rise of new blocks and new transactions over time.

Figure 1 shows the relationship between historical rise and various protocol metrics and Ethereum Node hardware constraints. Compared to state rise, historical rise are limited by a different set of hardware constraints. Historical rise puts pressure on network IO as new Block and transactions must be transmitted throughout the network. Historical rise can also put pressure on Node storage short, as each Ethereum Node stores a complete copy of history. If the historical rate of rise is fast enough to exceed these hardware limits, the Node will no longer be able to reach stable Consensus with its Node. For an overview of state rise and other scaling bottlenecks, see Part 1 of this series.

Figure 1: Ethereum scaling bottleneck

Until recently, most of the network throughput per node was used to transfer history (such as new blocks and transactions). This changed with the introduction of blobs in the Dencun Hard Fork. blobs now account for a large portion of Node Network activity. However, blobs are not considered part of the history because 1) they are only stored by Nodes for 2 weeks and then discarded, and 2) they do not need to repeat data from the inception of Ethereum. Because of (1), blobs don't significantly increase the storage burden per Ethereum Node. We'll talk about blobs later in this article.

In this article, we will focus on historical rise and discuss the relationship between history and state. Because state rise and historical rise have some overlapping hardware constraints, they are related problems, and solving one problem can help solve the other.

How fast is history rise long?

Figure 2 shows the historical rise rate since the creation of Ethereum. Each vertical line represents a month's rise. The y-axis represents the number of k exabytes of historical rise in that month. Transactions are categorized by their "destination Address" and use RLP() bytes to indicate size. Contracts that cannot be easily identified are classified as "unknown". The "Other" category includes a range of sub-categories such as infrastructure and games.

Figure 2: Ethereum historical rise rate over time

A few key takeaways from the chart above:

• Historical rise rate is 6 to 8 times faster than state rise: Historical rise rate recently peaked at 36.0 GiB/month and is currently 19.3 GiB/month. The state rise rate peaked at about 6.0 GiB/month and is currently 2.5 GiB/month. A comparison of history and state in terms of rise and cumulative size will be described later in this article.
• Prior to Decun, the historical rise rate had been accelerating: While the state had been roughly linear rise for long years (see Part 1), the history was rise superlinear. Considering that the rise rate of a linear rise results in a quadratic rise of the overall scale, the rise rate of a superlinear rise results in an overall size exceeding the quadratic rise. This acceleration stops abruptly after Dencun. This is the first time that Ethereum has experienced a significant drop in the historical rise rate.
• The majority of recent historical rise comes from Rollups: each L2 publishes a copy of its transaction back to Mainnet. This generated a large amount of historical rise and led to Rollup being the most significant contributor to historical growth over the past year. However, Dencun allows L2 to publish its transaction data using blobs instead of history, so Rollups no longer generate most of Ethereum history. We'll cover Rollups in more detail later in this article.

Who is the biggest contributor to Ethereum's historical rise?

The historical number of different contract classes generated reveals how Ethereum's usage patterns have evolved over time. Figure 3 shows the relative contributions of the various contract categories. This is normalized to the same data as in Figure 2.

Figure 3: The contribution of different contract classes to historical rise

This data reveals four different periods of Ethereum usage patterns:

• Early (purple): There was little on-chain activity in the first few years of Ethereum. Large long of these early contracts are now difficult to identify and are marked as "unknown" in the chart.
• ERC-20 era (green): The ERC-20 standard was finalized at the end of 2015 but did not gain significant development until 2017 and 2018. ERC-20 contracts became the largest source of historical rise in 2019.
• DEX / Decentralized Finance Era (Brown): DEX and Decentralized Finance contracts appeared on the on-chain as early as 2016 and began to gain traction in 2017. But it wasn't until the summer of Decentralized Finance 2020 that they became the largest category of all-time rise. Decentralized Finance and DEX contracts accounted for more than 50% of the all-time rise for part of 2021 and 2022.
• Rollup Era (Gray): In early 2023, L2 Rollups began executing longer transactions than Mainnet. In the months leading up to Dencun, they generated about 2/3 of Ethereum's history.

Each era represents a more complex pattern of using Ethereum than ever before. Over time, complexity can be seen as a form of Ethereum scaling, which cannot be measured by simple metrics such as transactions per second.

In the most recent data month (April 2024), Rollups no longer produce most of the history. It's unclear whether future history originates from DEXs and Decentralized Finance, or if some new usage patterns will emerge.

What about blobs?

The Dencun Hard Fork dramatically changed the historical rising dynamics by introducing blobs, allowing rollups to publish data using cheap blobs instead of history. Figure 4 amplifies the historical rise before and after the Dencun upgrade. The chart is similar to Figure 2, except that each vertical line represents a day instead of a month.

Figure 4: Dencun's impact on historical rise

From this chart, we can draw several key conclusions:

• Historical growth of rollups has risen by about 2/3 since Dencun: Most longest rollups have been converted from call data to blobs, which greatly reduces the amount of history they generate. However, as of April 2024, there are still some rollups that have not yet been converted from call data to blobs.
• Total all-time rise has dropped by about 1/3 since Dencun: Dencun has only drop the all-time rise of rollups. There was a slight increase in historical rise for other contract categories. Even after Dencun, the historical rise is still 8 times the state rise (see the next section for details).

Although blobs have drop historical rise speed, they are still a new feature of the Ethereum. It's unclear at what level the historical rise velocity will stabilize in the presence of blobs.

Is long fast historical rise acceptable?

Increasing the gas cap will increase the historical rise rate. Therefore, proposals to increase the gas cap, such as Pump the Gas, must take into account the relationship between historical rise and the hardware bottlenecks of each Node.

To determine an acceptable historical rise rate, you must first understand how long your current Node hardware can sustain long in terms of networking and storage. Networked hardware may be able to maintain the status quo indefinitely, as historical growth rates are unlikely to rise back to their pre-Dencun peaks until gas limits are increased. However, the storage burden of history increases over time. Under the current storage strategy, it is inevitable that each Node's storage disk will eventually be filled with history.

Figure 5 shows Ethereum Node storage burden over time and predicts the rise of the storage burden over the next 3 years. The forecast is based on the rise rate in April 2024. This rise rate may rise or decrease as future usage patterns or gas limits change.

Figure 5: The size of history, state, and full node storage load

From this graph, we can draw several key conclusions:

• History occupies approximately 3 times the storage shorts of state. This difference also rises over time, as historical growth is about 8 times faster than state.
• 1.8 TiB is the critical threshold at which Xu long Node will be forced to upgrade their storage drives. 2TB is a common storage drive size, offering only 1.8TiB of free shorts. Note that TB (1 trillion bytes) is a different unit than TiB (= 1024^4 bytes). For Xu long Node operators, the "true" critical threshold is even lower, as the post-merge validator must run alongside Consensus execution client.
• The critical threshold will be reached in 2 to 3 years. Raising the gas limit by any amount will speed up the time accordingly. Reaching this threshold will place a significant maintenance burden on Node operators and require the purchase of additional hardware (e.g., $300 NVME drives).

Unlike status data, historical data is append-only and accessed longest less frequently. Therefore, it is theoretically possible to store historical data separately from state data on a cheaper storage medium. This can be achieved with some clients such as Geth.

In addition to storage capacity, network IO is another major limitation of historical rise. Unlike storage capacity, network IO limits will not cause problems for Nodes in the short term, but these limits will become important for increasing gas limits in the future.

To understand how the network capacity of a typical Ethereum Node can support long few historical rise, it is important to know the relationship between historical rise and various network health metrics, such as reorganization rate, slot misses, final misses, proof misses, synchronization committee misses, and Block commit latency. The analysis of these metrics is beyond the scope of this article, but more long information can be found in previous surveys of Consensus layer health. In addition, the Ethereum Foundation's Xatu project has been building public datasets to speed up such analysis.

How to solve the problem of historical rise?

Historical rising is a much easier problem to solve than state rising. It can be addressed almost entirely by candidate proposal EIP-4444. This EIP changes each Node from keeping the entire Ethereum historical data to only one year's worth of historical data. After the implementation of EIP-4444, data storage will no longer be a bottleneck for Ethereum scaling, and in the long run, gas limit increases will not be constrained. EIP-4444 is necessary for the long-term sustainability of the network, otherwise the historical rate of rise will be rapid and the hardware of the network Node needs to be updated regularly.

Figure 6 shows the impact of EIP-4444 on the storage burden of each Node over the next 3 years. This is the same as Figure 4, but with the addition of a shallower line to indicate the storage burden following the implementation of EIP-4444.

Figure 6: Impact of EIP-4444 on Ethereum Node storage burden

Some key conclusions can be seen from this graph:

• EIP-4444 will Halving the current storage burden. The storage burden will be reduced from 1.2 TiB to 633 GiB.
• EIP-4444 will stabilize the historical storage burden. Assuming a constant historical rise rate, historical data is discarded at the rate generated.
• After EIP-4444, it would take longest years for the Node storage burden to reach where it is today. This is because state rise will be the only factor that increases the storage burden, and state rise slower than historical rise.

After EIP-4444 is implemented, historical rise will still introduce some level of storage burden, as Node will store a year's worth of historical history. However, even if Ethereum reaches global scale, this burden will not be difficult to solve. Once the history-keeping method proves to be reliable, the one-year expiration time for EIP-4444 may be shortened to months, weeks, or even less.

How do I save Ethereum history?

EIP-4444 raises the question: if history is not saved by Ethereum Node itself, then how should it be saved? History plays a central role in Ethereum's verification, accounting, and analysis, so it's crucial to preserve history. Luckily, history keeping is a simple matter that only requires 1/n honest data providers. This is in contrast to state Consensus issues, which require 1/3 to 2/3 of participants to be honest. Node operators can verify the authenticity of historical datasets by 1) replaying all transactions since the Genesis Block and 2) checking whether these transactions reproduce the same state root as the current Blockchain side.

There are longest ways to save history.

• Torrents/P2P: Torrents are the easiest and most reliable method. Ethereum Node can package part of the history on a regular basis and share it as a public torrent file. For example, a Node might create a new historical torrent file every 100,000 Blocks. Node clients like erigons already perform this process in a somewhat non-standardized manner. To standardize this process, all Node clients must use the same data format, the same parameters, and the same P2P network. Nodes will be able to choose whether or not to participate in this network based on their storage and bandwidth capabilities. The advantage of Torrents is the use of high lindy open standards that are already supported by a large number of data tools.
• Portal Network: Portal Network is a new network designed specifically for hosting Ethereum data. It's an approach similar to Torrent while also offering some extra features that make data validation easier. The advantage of Portal Network is that these additional layers of validation provide light clients with utilities to efficiently validate and query shared datasets.
• Cloud hosting: Cloud storage services such as AWS's S3 or Cloudflare's R2 offer an inexpensive and high-performance option for keeping history. However, this approach introduces more long legal and operational risks, as there is no guarantee that these cloud services will always be willing and able to host Crypto Assets data.

The remaining implementation challenges are longer social than technical. The Ethereum community needs to coordinate specific implementation details in order to integrate them directly into each Node client. In particular, performing a full sync from the Genesis Block (instead of Snapshot sync) will require retrieving the history from the history provider instead of the Ethereum Node. These changes don't technically require a hard fork, so they can be implemented earlier than Ethereum's next hard fork, Pectra.

All of these history-keeping methods can also be used by L2s to hold blob data they publish to Mainnet. Compared to historical preservation, blob preservation 1) is more difficult because the total amount of data is longer; 2) Less important because blobs are not necessary to replay Mainnet history. However, blob preservation is still necessary for each L2 to replay its own history. Therefore, some form of blob saving is important for the entire Ethereum ecosystem. In addition, if L2 develops a robust blob storage infrastructure, they may also be able to easily store historical L1 data.

It can be helpful to directly compare the datasets stored by various Node configurations before and after EIP-4444. Figure 7 shows the storage burden for different Ethereum Node types. State data is accounts and contracts, historical data is Block and Transactions, and archive data is an optional set of data indexes. The number of bytes in this table is based on the most recent reth Snapshot, but the numbers for other Node clients should be roughly the same.

Figure 7: Storage burdens for different Ethereum Node types

Other words

• Archive Node stores state and historical data as well as archive data. Archive Node can be used when someone wants to be able to easily query the historical chain state.
• Full Node stores only historical and state data. Most of today's long Node are Full Node. The storage burden of a full node is about half that of an archive Node.
• Full nodes after EIP-4444 store only state data and historical data for the most recent year. This reduces the storage burden on the Node from 1.2 TiB to 633 GiB and brings the storage shorts for historical data to a steady-state value.
• Stateless Nodes, also known as "light nodes", do not store any data sets and can be verified immediately at the end of the chain. This Node type becomes possible once Verkle attempts or other state commitment schemes are added to Ethereum.

Finally, there are additional EIPs that can limit the historical rise rate, not just accommodate the current rise rate. This helps stay within network IO constraints in the short term and storage constraints in the long term. Although EIP-4444 is still necessary for the long-term sustainability of the network, these other EIPs will help Ethereum scale more efficiently in the future:

• EIP-7623: Repricing call data to make some transactions with longing call data more expensive. Making these usage patterns more expensive will force some of them to convert from call data to blobs. This will drop historical rise rate.
• EIP-4488: Imposes a limit on the total amount of call data that can be included in each block. This will impose a tighter limit on the rate of rise of the history.

These EIPs are easier to implement than EIP-4444, so they may serve as short-term options before EIP-4444 goes into production.

Conclusion

The purpose of this article is to use data to understand 1) how historical rise works and 2) ways to solve that problem. Much of the long data in this article is difficult to obtain through traditional means, so we wanted to expose this data to provide some new insights into historical rise issues.

Historically rise as a bottleneck for Ethereum expansion, not enough attention has been paid to it. Even without increasing the gas cap, Ethereum current history-keeping conventions will force Xu long Node to upgrade their hardware within a few years. Fortunately, this is not a difficult problem to solve. There is already a clear solution in EIP-4444. We believe that the implementation of this EIP should be accelerated to allow shorts for future gas cap increases.

By Asher, Odaily Planet Daily

Venture fund Colosseum announced the results of the ninth Solana Foundation Hacker Pine Solana Renaissance contest on the evening of May 6. This time, the competition was a high-profile event, with 8,300 long entrants from more than 95 countries participating, with a total of 1,071 entries submitted. Only 34 projects managed to stand out, with a 3.17% chance of winning.

Among these winning projects, 5 projects belong to the chain game zone. So, what are the origins of these chain game projects, and how should they be laid out in advance to wait for the explosion of the chain game zone? Below, Odaily will break down the five award-winning blockchain game projects of Solana's latest Hacker Marathon and the highlights to watch.

1st Place: Meshmap + City Champ

Source: Official push

Project Official Website:

Meshmap is a project developed by a Japanese team. Meshmap builds a 3D map of the world through 3D scans submitted by the community and rewards it with the game through Token Incentives (proposed MESH Tokens). As the first place in this Solana Hacker Songchain Tour zone the project will receive a reward of 30,000 USDC.

Solana Hacker first place in the pine chain tour zone

As a first proof of concept, Meshmap used Unity and Solana to develop City Champ, a mixed reality first-person combat and tower defense game for Meta Quest 2/3/Pro. On the one hand, as a player, users need to defend their city, defend against the terrifying creatures created by the city's social problems, fight enemies, defend the core of the city, and collect results in order to win. On the other hand, as a 3D scanner, users can use the phone's built-in LiDAR scanner to scan the grid to find new areas of the game and submit them to MeshMap to increase the endless level positioning possibilities.

Although there is very little information about City Champ and the specific game content cannot be experienced, as the first place in the chain game zone the latest award-winning project of Solana Hacker Song, it is still worth paying attention to, and it is recommended that long pay attention to the content update of City Champ's official tweet, and at the same time, you can pay attention to whether Meshmap opens a new chain game project.

2nd place: Legends of the Sun

Source: Official push

Project Official Website:

Legends of the Sun is a battle arena game in which players can play 1v1, 3v3, and 5v5 battles. The gameplay includes a variety of skill trees such as swords, crossbows, guns, magic, and drones. Equipment is randomly airdropped through loot chests, and the rarity of equipment can be increased by spending coins (longest). Equipment also has durability, which means that equipment can be damaged and need to be repaired or repurchased. In addition to equippable equipment, there are also longest consumables such as food, potions, and throwables such as grenades. Fully repaired equipment or fully damaged equipment will now be tradable as compressed tradable items in the Grand Bazaar.

Game display screen

Currently, the official Discord has been created (click here), and you can also focus on the Legends of the Sun game designer Twitter (click here).

3rd Place: Mining Badger Game

Source: Official push

Project Official Website:

Mining Badger Game is an on-chain production game using the Honeycomb Protocol that game developers can integrate into their own games.

Currently, the game can be played in beta and interacted with (no cost), and the specific operation tutorial is as follows:

STEP 1. Enter the official website, connect the Wallet and create an account and fill in personal information

STEP 2. Pick up the Bronze Pickaxe in the SHOP

STEP 3. Mining starts after receiving Bronze Pickaxe (different Ore has different countdowns)

STEP 4. Then go to Refine to minting various items (minting different items requires different raw materials)

STEP 5. Finally, enter Craft to consume the corresponding Bars to gain experience

4th place: Moon Boi Universe

Source: Official push

Project Official Website:

Moon Boi Universe is a mobile long wick candle optimized, Web3 cyber fantasy open-world role-playing game with a Token TNT that leverages the SPL-404 standard on Solana Blockchain to integrate real-world Crypto Assets with the game NFT. And TNT will make it more scarce through a combustion mechanism. Currently, the game is only available on mobile Android.

Moon Boi Universe in-game interface

5th place: Maneko

Source: Official push

Project Official Website:

Maneko is an electronic pet Web 3 mobile game with a built-in game launcher. This chain game is the most playable one in the list of winners, and the specific operation tutorial is as follows:

STEP 1. Go to the official website of the game and register an account (Google email / Twitter / Wallet can be logged in), and enter the invitation code: PBMRGA (you need to enter the invitation code to enter during the closed beta stage)

STEP 2. Deposit a small amount of SOL into the in-game Wallet for NFT minting

One thing to note when entering the game is that the My Pet screen needs to feed your pet before the countdown to its death.

There are currently two games in the "Crane Machine" icon where you can participate and earn PTS Points rewards, and PTS Points can upgrade pets. At the same time, you can also attack other players in the Leaderboard page to get rewards.

Today's News Tips:

Trump Announces He Is Accepting U.S. Presidential Campaign Contributions in the Form of Crypto Assets

Bloomberg: Musk's xAI completes financing as soon as this week, valuing $18 billion

Uniswap founder calls for stop prematurely setting high valuations: encryption projects need to prove their value before talking about unicorns

friend.tech: 2/3 of the protocol fees in Club Key redemption transactions will begin to be refunded to APP users in the coming days

Vitalik published an article to discuss the importance and implementation of the introduction of a longest gas pricing mechanism in Ethereum

Puffer Finance Announces Official Launch of Its Mainnet

Encryption trading platform Arbelos closes $28 million funding round led by Dragonfly

Bitcoin Mining Difficulty down 5.63% to 83.15T, expected to continue next time

Regulatory News

The U.S. House of Representatives passed a resolution aimed at overturning the SEC's encryption accounting policies

According to The Block, the U.S. House of Representatives voted to pass a resolution aimed at overturning the SEC's accounting standard announcement for Crypto Assets custody. The vote was 228-182, with longest Republicans in favor and 21 Democrats voting in favor. The announcement was first published in 2022 and has sparked controversy over the past year. It requires Crypto Assets custody companies to record Crypto Assets held by customers as liabilities on their balance sheets. The encryption industry is concerned that the move could prevent banks from protecting digital assets. It is unclear whether this resolution will become law. But on Wednesday, the White House issued a "government policy statement" saying President Biden would veto the resolution. The White House said that "limiting the SEC's ability to maintain a comprehensive and effective financial regulatory framework for encryption assets would create significant financial instability and market uncertainty." The resolution is likely to be submitted to the Senate Banking Committee, followed by a vote in front of the full Senate membership.

Trump announced that he is accepting U.S. presidential campaign contributions in the form of Crypto Assets

According to Watcher.Guru, Donald Trump announced that he is accepting US presidential campaign contributions in the form of Crypto Assets. "Biden doesn't even know what Crypto Assets are, and if you like Crypto Assets, you'd better vote for Trump," Trump said. Trump also promised that he would stop U.S. hostility toward Crypto Assets and embrace it.

Later news, affected by Trump's remarks, the meme coin named after TRUMP pumped more than 26% in 24 hours.

Taiwan's new Money Laundering Prevention Law: Unregistered virtual asset service providers face up to 2 years in prison

According to Ab Media, Taiwan recently passed a new regulation called the "New Four Laws on Combating Fraud", which aims to further strengthen the fight against fraud and strictly regulate money laundering prevention measures. This package of laws includes the Regulations on the Prevention of Fraud Crimes, the Money Laundering Prevention Law, the Science and Technology Investigation and Protection Law, and the Communications Protection and Supervision Law, aiming to comprehensively enhance the government's ability to prevent various crimes. In particular, the amendments to the Money Laundering Prevention Law long wick candle for virtual asset service providers, including three main directions of amendment. First, any virtual asset service provider that fails to complete the Money Laundering prevention registration will face up to 2 years in prison. Second, the law also adds special Money Laundering offences, long wick candle imposes a prison term of 6 months to 5 years for the use of virtual asset accounts and third-party payment accounts as Money Laundering tools, and can impose fines of up to NT$50 million coin.

AI

Bloomberg: Musk's xAI will complete its financing as soon as this week, valuing it at $18 billion

According to Bloomberg, Elon Musk's artificial intelligence startup xAI will complete this round of funding as soon as this week, valuing it at about $18 billion, and Sequoia is one of the potential investors. Bloomberg also reported last week that xAI will raise $6 billion (currently about 43.38 billion yuan in RMB coins) in a new round of funding, which was initially expected to be $3 billion, but the valuation has pumped all the way due to the subsequent large number of participants. Sources previously told Bloomberg that Musk's cronies at Sequoia Capital and Future Ventures, as well as other undisclosed investors, joined the funding war. The new round of financing will help xAI obtain more long AI Computing Power resources to compete with openAI, Anthropic rivals: Musk recently said that xAI's next-generation Grok model is being trained on 20,000 NVIDIA H100s, and the demand for AI GPUs in the future Grok 3 will rise to 100,000.

Project News

Grayscale CEO: The company will focus on Spot Ethereum products

Michael Sonnenshein, CEO of Grayscale Investments, said at an event hosted by the Financial Times in London on Wednesday that the company will focus on converting its Ethereum trust funds into Spot ETF products, DL News reported; The company is withdrawing its application because longest futures products are already available to investors; Sometimes we apply for a product, which doesn't necessarily mean it's going to be on the market. Sonnenshein said that while it is difficult to know what the US SEC thinks about Ethereum, Grayscale is "optimistic that the SEC will make the right decision for investors." He added: "Grayscale Ethereum Trust is already a company that files reports with the SEC. We file 10-K and 10-Q (filings with the SEC), and we've been a push for regulators to allow Crypto Assets further into the regulatory landscape. Previously, it was reported yesterday that Grayscale had withdrawn its Ethereum futures ETF application to the US SEC.

Uniswap founders call for an end to prematurely setting high valuations: encryption projects need to prove their value before talking about unicorns

Uniswap founder Hayden Adams said in a post on the X platform that Crypto Assets founders and venture capitalists need to stop valuing more than $1 billion on projects that have not yet released tokens in the early stages of development until they are truly worth the valuation. Building something worth 7-9 figure dollars is an incredible achievement, and not every project needs to be a unicorn when it first starts. "Maybe a little naïve, but I think you can make a long lot more money by raising money at a fair valuation as a founder (real people want rise short) and as a venture capitalist investing at a fair valuation (LPs want rise short). It's just a little harder to do it. ”

friend.tech: In the coming days, 2/3 of the protocol fees in Club Key redemption transactions will be refunded to APP users

Decentralization social media platform friend.tech said on the X platform that in the next few days, it will begin to return 2/3 of the protocol fees in Club Key redemption transactions to APP users. 0.5% of the value of each exchange transaction will go to the Club Chair, and the exchange trader will also pay 0.5% less in total. This was announced in advance to give users time to reconsider their votes. This change will use the referral fee feature in the Clubs contract. Other clients will be able to decide for themselves where the referral fee goes for each trade.

ZeroLend: Airdrop claims have been expanded to include Wallets with at least 1 earlyZERO

Decentralization long Chain lending protocol ZeroLend said on platform X that it has uploaded 450,000 long Wallet to the Airdrop claim website. Previously, Snapshot Cutoff required at least 20,000 earlyZERO. Any Wallet with at least 1 earlyZERO has now been added to ensure 1:1 fulfillment of the earlyZERO to ZERO promise. At this point, it is expected that most of the Airdrop distribution will officially end, but there may still be some areas that need to be dealt with.

Injective Plans to Build Layer-3 Network "inEVM" on Arbitrum

According to CoinDesk, Injective Labs has announced plans to launch its standalone Layer-3 network, "inEVM", based on Arbitrum's Layer-2 technology. The network will connect three blockchain networks, Ethereum, Cosmos and Solana, leveraging the Arbitrum Orbit toolkit to improve interoperability and composability. The "inEVM" is compatible with the Ethereum Virtual Machine (EVM), providing developers with new opportunities to build applications within the Ethereum Layer-2 ecosystem.

Vitalik published an article to discuss the importance and implementation of the introduction of a longest gas pricing mechanism in Ethereum

Ethereum founder Vitalik Buterin released an article titled "Longing Gas Pricing" to explore the importance and feasible path of introducing a longing gas pricing mechanism in Ethereum. Vitalik pointed out that Ethereum currently simplifies the pricing and limits of all resources into a single dimension of gas, which simplifies market design but also causes significant efficiency losses. If the network needs to manage n different resources, single-dimensional gas may cause a throughput loss of n times long. EIP-4844 introduces longest pricing for the first time in Ethereum, adding dedicated blob data zones and setting independent prices and limits for them. This improvement drops the cost of rollups by 100 times and increases the volume by more than 3 times, while the theoretical maximum block size increases only slightly.

The article also discusses the need for longest gas when introducing storage proofs for stateless clients. Due to the quantum security implications of the Verkle tree scheme, the community wants to use Binary Merkle trees and STARKs instead, but their proof generation is longer slower. By pricing independently and restricting storage access, you can avoid the cost issues associated with higher gas prices while maintaining stability. In addition, Vitalik also proposed two solutions to achieve longest gas pricing: 1. It is relatively simple to set the resource upper limit of each transaction, that is, the gas of each transaction is priced according to the larger value of the data and computing resources consumed, as suggested by EIP-7623. 2. The ideal, but more complex, scenario is to have a dynamic adjustment mechanism similar to EIP-1559 for each resource.

Vitalik emphasized that the introduction of longest execution gas introduces some complexity at the EVM level, but the trade-off is worth it in order to safely improve the scalability of Ethereum L1. The community also needs to further explore more elegant designs in terms of the economics and development friendliness of the scheme.

EOS new tokenomics model is planned to be deployed to Mainnet by the end of May, and EOS stake rewards are planned to be launched by the end of June

Yves La Rose, CEO of the EOS Network Foundation (ENF), said on the X platform: "Our current goal is to complete the coding, auditing, testing and submission of the new EOS tokenomics models as MSIGs (multisignature proposals) in order to deploy them to Mainnet by the end of May. After this initial activation phase, we aim to launch EOS stake rewards by the end of June. Previously, the main content of EOS's new tokenomics proposal is to curb inflation with a fixed supply of 2.1 billion tokens and destroy 80% of the total future supply.

io.net: Ignition Season 1 credits are now live

Solana ecosystem DePIN protocol io.net announced on the X platform that Ignition Season 1 points are now live.

Puffer Finance has announced that its Mainnet has gone live

Ethereum liquid staking protocol Puffer Finance announced on the X platform that the Puffer Mainnet has been officially launched. The Mainnet launch marks the fourth chapter of Crunchy Carrot's mission. Now users can deposit ETH, stETH or wstETH. The fourth chapter of Crunchy Carrot is coming soon with an improved points system. Puffer Finance also said that the over-centralization of LST could threaten Ethereum's Decentralization, leading to risks such as transaction censorship, manipulation of MEV extractions, and affecting block time. These actions threaten the integrity of the network and its decentralization. To address this, in the coming weeks, all stETH deposits will be converted to ETH to fund a new wave of longest validators.

Financing News

Modular blockchain Sophon raised $60 million through Node Sales

According to The Block, Sophon, a modular blockchain platform based on zkSync, raised $60 million through Node Sales. Investors include Maven 11, Paper Ventures, Spartan Group, and SevenX Ventures. It is reported that the sale provides the purchase of 200,000 nodes, using a tiered pricing model, with prices ranging from 0.0813 ETH to 2.0556 ETH per Node.

Cryptography startup Lagrange closed a $13 million seed round led by Founders Fund

According to CoinDesk, Peter Thiel-backed encryption technology startup Lagrange managed to raise $13 million. The company focuses on developing advanced encryption solutions designed to enhance data security and privacy. In addition to the Founders Fund, Lagrange's seed round includes participation from Archetype Ventures, 1kx, Maven11, Fenbushi Capital, Volt Capital, CMT Digital, Mantle, and Eco. Lagrange Labs is an encryption startup based on the Ethereum EigenLayer recollateral platform. Leveraging its proprietary technology, Lagrange offers a new approach to encryption that provides a higher level of data protection for businesses and individual users without sacrificing performance. The financing will be used to further develop its encryption technology and expand its market reach.

Encryption trading platform Arbelos closed a $28 million funding round led by Dragonfly

Crypto Assets trading platform Arbelos Markets announced the closing of a $28 million funding round led by Dragonfly Capital, CoinDesk reported. The round also includes participation from FalcolnX, Circle, Paxos, Polygon and Deribit. Arbelos Markets uses the funds to enhance its trading capabilities in the derivatives and OTC trading markets, with a focus on serving institutional clients such as hedge funds and venture capital firms. Arbelos' business focuses on providing these institutional participants with the necessary trading liquidity and acting as counterparties to products such as options and futures. The company's co-founders, Joshua Lim and Shiliang Tang, both have backgrounds in TradFi and Crypto Assets trading, and they plan to use the funding to drive further growth and innovation while improving the transparency and Risk Management capabilities of the trading platform.

Web3 game developer Seeds Labs closed a $12 million seed round of funding

Web3 game developer Seeds Labs announced the closing of a $12 million seed round with participation from Avalanche's Blizzard Fund, Solana Foundation, Krust, Hashkey Capital, UOB Ventures, Signum Capital, IVC and Emoote. According to reports, Seeds Labs was founded in 2021, and its flagship global longest platform interconnected melee battle royale Web3 game Bladerite is scheduled to be released this month.

IMPORTANT FIGURES

Robinhood's Q1 Crypto Assets volume rise 224% YoY

Robinhood reported first-quarter earnings on Wednesday, according to The Block. Transaction-based revenue rises 59% year-over-year to $329 million. Robinhood said this was mainly due to Crypto Assets revenue of $126 million, a rise of 232%, and options income of $154 million, a rise of 16%. Robinhood's assets under custody (AUC) rise 65% to $129.6 billion, driven by rise in equity and Crypto Assets valuations. Net income increased to $157 million, compared with a net loss of $511 million in the year-ago quarter. EPS was $0.18, above analysts' estimates of $0.6, and revenue was $618 million, above analysts' estimates of $549 million. It is worth noting that the nominal volume of Crypto Assets rise 224% year-on-year to $36 billion.

MakerDAO: The supply of DAI has rise 1 billion in the past two months, and it has become the largest stablecoin on-chain volume in April

MakerDAO posted on the X platform that in the past two months, the supply of DAI has surged by nearly 1 billion. The DAI supply increased from 4.4 billion to 5.4 billion in 60 days after SparkLend's adjustments to the Stability rate and DAI borrowing APY and the DSR Intrerest Rate rise. In addition to the rise supply, DAI set a new record in April, with on-chain trading volume reaching $636.72 billion, making it the largest stablecoin in monthly on-chain volume. The Dai Savings Intrerest Rate (DSR) has also shown positive momentum, with DSRs steadily rise in recent months, with total deposits exceeding $2 billion last week.

Data: 6 Hong Kong virtual asset ETFs traded about HK$19.04 million today, down 27% from yesterday

Hong Kong stock market data shows that as of the close, the turnover of 6 Hong Kong virtual asset ETFs today was HK$19.0395 million, down 32.18% from yesterday. Among them, the trading volume of Huaxia Bitcoin ETF (3042.HK) was HK $4.0287 million, The trading volume of ChinaAMC Ether coin ETF (3046.HK) was HK$816,700, the trading volume of Harvest Bitcoin ETF (3439.HK) was HK$9,101,500, the trading volume of Harvest Ether coin ETF (3179.HK) was HK$2,453,700, the trading volume of Bosera HashKey Bitcoin ETF (3008.HK) was HK$2,456,500, and the trading volume of Bosera HashKey Ether coin ETF (3009.HK) was HK$182,400.

Earlier today, it was reported that the total subscription volume of Hong Kong Bitcoin ETF yesterday was 101.6, Ethereum ETF showing net redemption for two consecutive days.

The total net inflow of U.S. Bitcoin Spot ETF yesterday was $11.5409 million, with a ETF net asset ratio of 4.25%

According to SoSoValue data, the total net inflow of US Bitcoin Spot ETF yesterday (May 8) was $11.5409 million. Yesterday's Grayscale ETF GBTC had a single-day net outflow of $0.00, and the current historical GBTC net outflow is $17.487 billion. The Bitcoin Spot ETF with the most long single-day net inflows yesterday was Bitwise ETF BITB, with a single-day net inflow of $11.5409 million, and the current total historical net inflow of BITB is $1.758 billion. As of press time, the total net asset value of Bitcoin Spot ETF was US$51.504 billion, the ETF net asset ratio (market capitalization compared with the total market capitalization ratio of Bitcoin) reached 4.25%, and the historical cumulative net inflow has reached US$11.774 billion.

Bitcoin Mining Difficulty lowered by 5.63% to 83.15T, and is expected to continue to do so next time

Mempool data shows that Bitcoin Mining Difficulty ushered in a Mining Difficulty correction at 19:00 (Block Height 842688) today, with a Mining Difficulty downward revision of 5.63% to 83.15 T. It is estimated that the next difficulty retargeting will be reduced by 6.39%.

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By Wenser, Odaily

In April 2024, RootData, a Web3 asset data platform, released statistics on KOLs' participation in project financing in the past six months, among which dingaling ranked first with participation in 21 project financing, followed by GmoneyNFT AND DCF GOD, ranking second and third respectively. Today, Odaily will work with you to break down the investment strategies of KOLs and find new alphas from this table.

Popular tracks: games, BTC L2, social

According to the above table information and the information on Rootdata's official website, the main investment targets of Zhong long KOLs are concentrated in popular tracks such as games, social networking, and BTC L2 networks, among which the following projects have been recognized and invested by long KOLs:

• eesee has a total of 7 KOL investments, a decentralized aggregation trading and lottery platform in the Blast ecosystem, mainly serving buyers and sellers by providing additional liquidity and trading markets for digital assets, tokens and RWA, and using a special token cash-back form to offset the negative sum effect of users failing to win, the winner gets a lottery pool reward, and the loser gets points, which are linked to future rewards. Token ESE is currently priced at $0.08 with a 24-hour volume of $1.82 million.
• Mezo has a total of 4 KOLs invested, one of the latest Bitcoin L2 networks, created by the developer Thesis team, having previously completed a $21 million Series A funding round led by Pantera Capital and participated by Multicoin, Hack VC, Draper Associates and others, Mezo leverages Bitcoin idle Bitcoin of coin holders through the "Proof of HODL" points program, the longer it is stored, The more the user's "HODL score multiplier" is longer. No coins have been issued at this time.
• GAM 3 S.GG has a total of 4 KOLs invested and is a Web3 game content platform. According to its official profile, 400+ games have been launched so far, and its mission is to bring gamers to Web3 through game discovery, content, live streaming, community events, and more. GAM 3 S.GG super apps remove barriers to entry by simplifying the user experience, providing early access opportunities, curating content to highlight popular web3 games, and removing barriers to Newbie entry. Token G 3 is currently priced at $0.177 and has a total market capitalization of $170 million.
• Scallop has a total of 4 KOLs to invest in, the lending marketplace of the Sui ecosystem. It is committed to building a dynamic coin market, providing high-interest Intrerest Rate lending, low-fee lending, AMM and asset management tools on a unified platform, as well as SDKs for professional traders, the Token SCA is currently priced at $0.61 and has a circulating market capitalization of $18.54 million.
• MetaStreet has a total of 4 KOLs invested, and the Liquidity Expansion Protocol of the NFT credit market in the Blast ecosystem. Its main product is a capital vault that provides Secondary Market Liquidity for NFT-backed notes, where participants can deposit funds in order to earn yield from a long-funded portfolio of NFT-backed notes, and investors also include star capital such as Dragonfly, DCG, OpenSea, Nascent, and others, which previously closed a $25 million funding round. No coins have been issued at this time.
• Reach has a total of 4 KOLs invested, a SocialFi collaboration platform designed for creators and contributors within the Web3 community. Reach enables anyone looking to promote their content to tap into a user base that engages, verifies, and audits, and pays them for their contributions to the network's effectiveness. Developed as a Discord Bot, it allows creators to easily set up tasks to promote their content. Tasks can be tailored to the target audience and include followings, likes, retweets, and tweet comments on X.com platforms. Some missions also have rewards (ETH) that are selected and funded by the creator, while others are rewarded with leaderboard points that can be used to purchase tasks. Token REACH is currently priced at $0.045 with a total market capitalization of $4.888 million.

In addition, the Defi track is also the focus of attention of long KOLs, and products such as Kodiak, Orbit Protocol, and Particle have also received long attention.

KOL Features: Longest NFT players

It is worth mentioning that in the list of KOLs counted this time, the proportion of NFT players is relatively high. Such as dingaling, Gmoney, Mr. Block, Grail.eth, Zeneca, 0x Sun and others, avatars or IDs are NFT-related elements, and they are also well-known KOLs in the NFT market.

Coincidentally, the previous Memecoin boom also started from NFT players and gradually spread to different groups in the encryption market, from a personal point of view, NFT players are active in the investment market for the following 3 main reasons:

• The community has a lot of influence. KOLs in the NFT track generally have strong cohesion and influence in the community, so they have strong content marketing value and are recognized by investment projects;
• Good cultural aesthetics. Different from KOLs in other tracks, KOLs in the NFT track are not only limited to team background, capital support, and project resources, but also pay more attention to the cultural background, project aesthetics and operation methods of a project, so they are more inclined to invest in teams and projects with certain aesthetic capabilities, and it is difficult for shoddy projects to get their favor;
• The NFT market is cold, seeking new breakthroughs. Affected by Liquidity issues, the NFT market has been underperforming in recent years, so KOLs in the NFT track are more motivated to seek new rise points and breakthroughs, which is one of the reasons why long NFT players have flocked to Primary Market and Secondary Market in large numbers. Of course, in a way, this is also a last resort.

Commonality of the target: emerging ecology + mature model

In addition, through the analysis of KOL investment projects, we can also see that in addition to Ethena, Ether.fi and other Ethereum stake tracks, the investment targets they choose long focus on emerging ecosystems that have mature models that can be used for reference, such as:

• Blast: As an L2 network backed by Blur, the "master of the points system", Blast has gradually grown into an increasingly rich "application network" through step-by-step operation activities such as the points system, gold point rewards, and Big Bang events, whether it is games, social networking, Defi, or NFTFi, Blast's points are the "best selling point" of the product, thus attracting long teams and investors, including KOLs, to rush in.
• Berachain: As an L1 public chain that has previously completed a $100 million Series B financing and is valued at at least $1 billion, Berachain's ecosystem is also gradually developing, especially its positioning as a "community-driven Blockchain network" and strong meme attributes, which also makes Zhong long KOLs become the pioneers and evangelists of this ecosystem.
• Sui Network: As a Blockchain network powered by the Move language, Sui's high throughput, low latency and asset-oriented programming model have also been recognized by many project parties, and according to recent data from the Artemis platform, the average daily volume of Sui on-chain has briefly surpassed the Solana network, up to 41 million times, in the long run, casual mini-games are a major advantage track for Sui, before Sui Basecamp in Paris The event also demonstrated to the market the highly active status quo of this ecology, thus providing a better soil for the implementation of mature models.

Summary: KOL wheels are the norm, and we look at them with a normal heart

Previously, the KOL round of financing has become a hot topic of discussion in the encryption industry. Longest people have a negative attitude towards this, believing that the KOL round of financing will lead to the abuse of KOL's influence, prompting ordinary users to fear of missing out (FOMO) and follow the trend. Some people believe that the KOL round of financing is a manifestation of a change in market forces, replacing the important role of institutional investment in the past to a certain extent. Of course, there are also people who disdain this, believing that the disadvantages of the KOL round of financing are not small, and the amount of money obtained by the KOL may not necessarily get a high-yield return in the long, after all, there are high-risk factors such as "project Rug, security risks, and cold market sentiment", which can easily lead to KOLs becoming "free labor", and even "contributing money and efforts, but finally making a short".

long wick candle, overseas KOLs have a more peaceful attitude towards this issue, Loopify, the founder of Endless Clouds, and OSF, a well-known overseas KOL, have made relevant remarks, from being penniless, to through their own efforts and content output, they have gradually gained a certain amount of resource accumulation in the encryption industry, and then become a very long project to throw an olive branch, although it seems like chicken soup, but it is true.

So, instead of complaining, accept it and find your own alpha. Perhaps, the next person to move the encryption circle is you.

On May 9, 2024, the Bitcoin Asia Summit Bitcoin Asia 2024 was grandly opened at the Kai Tak Cruise Terminal in Hong Kong, as the world's leading Web3 fintech summit, held annually in the United States with a scale of more than 50,000 people. The purpose of the summit is to promote the global development and cooperation of Bitcoin and Web3 technology.

For the first time, the Bitcoin Summit was held in Asia and settled in Hong Kong. The first day of the event attracted more than 10,000 attendees from all over the world, highlighting Hong Kong as one of the global Web3 and virtual asset hubs. The summit is not only a platform for technology exchange, but also an important step to promote innovation in the global economy, bringing together experts, technology developers, investors and more than 50 exhibitors from around the world to discuss the future development of Bitcoin and Blockchain technology.

Four members of the Hong Kong Legislative Council were invited to officiate at the opening ceremony of the summit, including Ng Kit Dealer, Yau Tat-kan, Lee Chun-keung and Shang Hailong. Among them, Dr. Ng Kit Dealer, a member of the Hong Kong Legislative Council, delivered a speech, emphasizing that Hong Kong, as an international financial and innovation and technology hub, is actively promoting the development of Web3; Since the issuance of the Policy Statement on the Development of Virtual Assets in Hong Kong in October 2022, the virtual asset (VA) market has grown rapidly, demonstrating the government's commitment to exploring financial innovation in the industry. The government approved the listing of Bitcoin and Ether coin Spot ETF in December 2022 and established the licensing regime and regulatory requirements for virtual asset service providers (VASPs) on 1 June 2023. Bitcoin and Ethereum (ETH) trading services are now available to retail investors.

In addition, activities during the summit include longest panel discussions and seminars covering longest aspects of Blockchain technology, such as security, legal environment, market trends, etc. In addition, more than 50 exhibitors showcased the latest Bitcoin and Web3 technology applications and ecosystems, providing participants with the opportunity to learn more and experience. Leading thought leaders and innovators in the industry will also share their insights and predictions to help participants stay on top of the industry.