《每週編輯精選》是Odaily星球日報的功能欄位。星球日報除了每週報道大量即時資訊外，還發布大量優質深度分析內容，但它們可能隱藏在資訊流和熱點新聞中，與你擦肩而過。
因此，每週六，我們編輯部都會從近7天發布的內容中精選出一些值得花時間閱讀和收藏的優質文章，為您帶來新的啟發。 加密貨幣 從數據分析、產業判斷、觀點輸出的角度看世界。
現在，請和我們一起閱讀：
投資
Looking at the long-term trend, the entire industry is in a loss-making state. From 2015 to 2022, the $49 billion invested in token projects created less than $40 billion in value, with a return rate of -19% (before deducting fees and expenses).
Obviously, not all crypto venture capital flows into token projects. Assume that venture investors collectively hold 15% of the FDV of these tokens. Based on the current market value, the venture capital industry theoretically holds $66 billion worth of tokens. If we exclude SOL, a major special project, this value is $51 billion. Therefore, the entire industrys investment (before deducting fees and expenses) before 2022 has increased by 34% as a whole, including SOL. If SOL is excluded, it is basically flat. These data are based on the assumption that the FDV of the locked tokens can be sold at the current price.
When comparing venture capital to liquid assets, the vast majority of funds have underperformed Bitcoin, especially since the trough. Crypto adoption is now similar to the Mag 7 of the early 2010s (and possibly earlier), so there is still a lot of market to be tapped. There is currently 20x more money in crypto venture than in established institutional liquid crypto funds (over $88 billion vs. ~$4 billion). So if things go as I expect, liquid crypto AUM will exceed crypto venture capital AUM.
PayFi connects the real world; AI Agent enhances the on-chain world; Meme = on-chain casino.
When selecting funds and GPs, Mason focuses on three core factors: performance (must be supported by reliable data), team (integrity, hands-on approach, global perspective and continuous evolution) and strategy (needs to meet current market demands and industry development trends).
The industry is constantly changing, and the participants at each stage are different, so there is no fixed investment strategy. There are three types of strategies that are better in this cycle: currency-based enhancement strategies (TVL games, quantitative), buying BTC at a discount or mining, and strategies that outperform BTC in stages, such as CTA.
Sean has a complete set of Meme 貿易 processes: mainly relying on the smart address system and the Alpha community. The basic process is: understand the project background, observe the chip structure, formulate a trading plan, set stop loss and trading pattern, take profit in batches (upward pin, event Price in, expected valuation according to your own trading plan), set up a large-screen Dashboard, and track hot coins in real time.
創業精神
Web3 產業正進入合規的新時代。我們是否追求錯誤的大規模採用？
The industry’s truly healthy and sustainable path to Mass Adoption is to solve practical problems, lower the threshold for use, and create sustainable value.
Focus on one platform; schedule dedicated time for creation; leverage prompts and daily themes; seek support from your team; and empower your employees.
Entrepreneurs can actually get a lot of advice for free; try to solve problems on your own; dont overestimate the value of a consultants endorsement; know that a consultants input is very limited compared to a full-time employee; control expectations and dont be too optimistic; the people most likely to provide you with valuable advice often wont become your consultants; its difficult for consultants to help solve core problems.
Judging from the data dimension, the current development status of OP SuperChain is still in its early stages overall; only the Base chain has come out, and other chains are still in their infancy.
空投 機會和互動指南
本週必參加：Citrea 測試網、OpenSea 2.0 預先註冊、Babylon 和 Morph 新 Galxe 任務
Web3 版 MapleStory 冒險島宇宙第二先鋒測試指南
迷因
Meme craze, a new battlefield for VCs, an opportunity or a trap?
The average daily turnover rate of Meme is about 11%, compared with 5% for DeFi, 7% for Layer 2, and 4% for Layer 1. This ratio not only highlights the high liquidity of Meme, but also shows that users are interested in Meme and have a high transaction frequency.
As of the end of the third quarter of 2024, Memes market value in the entire crypto market has increased from 0.87% two years ago to 2.58% today, and is still on the rise.
Meme is a leveraged Layer 1, which means that when the market conditions improve, Layer 1 will increase by about 5 to 10 times.
Animal memes and cult culture memes are suitable for long-term attention. In contrast, other types of memes are often related to short-term hot spots, and their attention and popularity may rise quickly and then fall back.
Some Meme data indicators
Meme Lifecycle Reference Table
解讀幣安 Meme 報告：Meme 崛起背後的宏觀因素與價值主張
Big picture: Global money supply expansion and investment behavior.
Micro-environment: Retail investors seek new ways to grow their wealth.
Trend: Financialization of Internet culture.
Risk considerations: A life-or-death struggle, but control remains unabated; the market is saturated, and innovation is stagnant.
Lesson: Take the best of both worlds (key features like fair launch and low-volume token economics).
前景： 代幣ized software business vs. tokenized concept.
Wintermute, GSR 市場s, Auros Global, B2C 2 Group and Cumberland DRW hold a total of more than $120 million worth of MEME coins. Among them, Wintermute is the institution with the largest holdings and the most popular projects, and many of its MEME coins have been successfully listed on Binance.
Diamond hands, high profit-loss ratio? What are the winning factors in Solana Meme trading?
The most obvious feature that distinguishes the top addresses from other addresses is that the holding period is much longer than that of regular addresses, showing a clear positive correlation, about 6-8 days, which is similar to the fermentation period of top tokens on Solana. Another factor with an obvious positive correlation is the stop loss rate. As profits increase, the stop loss is also relaxed, but the difference between each interval is not obvious.
Surprisingly, the profit rate has no direct relationship with the profitability of the address, which means that the overall profitability of the address is related to the “win rate”, that is, accurate prediction and long-term holding are the root causes of the profitability differentiation of the address.
Diamond Hand is the core and key to achieving top-level profits. However, for readers with limited funds, it may be difficult to imitate such strategies.
The in-depth evaluation system has undergone a new upgrade.
Meme battlefield under the US election: no surge, most of them suffered a sharp drop
When good news is exhausted, bad news will come. Big funds will be more cautious when the market is more uncertain. The biggest beneficiaries of the US election may be mainstream crypto assets such as Bitcoin. Too many new MEMEs have been generated, distracting the market. There is serious homogeneous competition and a lack of real narrative ability.
比特幣生態系統
比特幣鏈上分析：比特幣交易餘額處於歷史低位，顯示持有者越來越有信心，越來越多地選擇自我託管。
比特幣ETF激增：10月ETF流入量超過$54億，貝萊德IBIT領漲市場。這反映出主流金融市場對比特幣的接受度不斷提高。
挖礦動態：俄羅斯和中國正在擴大挖礦影響力，而美國仍保持最大的算力份額。
以太坊
Eigenlayer has built a programmable security market that allows Ethereums core security resources to be allocated on demand, thereby enhancing the market position of Ethereums security settlement layer under the new trend of chain unification ideas such as modularization and chain abstraction. To some extent, Eigenlayer has strengthened Ethereums external investment promotion and influence system.
Ethereums deflation logic no longer works, and it can only continue to follow the logic of stacking leverage.
Eigenlayer is critical to Ethereums Rollup-Centric strategys ability to maintain the consensus principle of technology first.
去中心化金融
Opportunities and challenges under Uniswap innovation: Where is the future of DEX?
Uniswap近期主推的三個方向分別是Uniswap X、Uniswap V4和Unichain。
隨著Uniswap X、Arrakis等DEX RFQ網路以及Uniswap V4、Valantis等模組化DEX架構的發展，DEX格局將進入新階段。 First, many problems in the business links of AMM itself will be solved, and the business scope will be greatly expanded. Secondly, under the current intentional landscape, there are still many RFQ-related issues that need to be solved. Finally, AMM will focus on the long-tail market in the future, optimizing the landscape where PMM gradually dominates.
Revisiting Ethena: After a 80% plunge and rebound, is ENA still in the undervalued strike zone?
Ethenas business positioning is a synthetic dollar project with native income, that is, its track belongs to the same track as MakerDAO (now SKY), Frax, crvUSD (Curves stablecoin), and GHO (Aaves stablecoin) – stablecoin. The business model of stablecoin projects is basically similar: raise funds, issue debt (stablecoins), expand the balance sheet of the project; use the raised funds for financial operations and obtain financial benefits. When the income obtained from the projects operating funds is higher than the combined cost of raising funds and running the project, the project is profitable.
In the past two months, ENA has achieved a rebound of nearly 100% from its low point, and this was when ENA opened the rewards for Season 2 in early October. These two months are also two months of intensive Ethena news and positive news. Ethena has stories worth looking forward to in the next few months to a year: with the expected warming of Trumps coming to power and the Republican victory (the results will be seen in a few days), the warming of the crypto market will benefit the perpetual arbitrage yield and scale of BTC and ETH, and increase Ethenas protocol income; more projects will appear in the Ethena ecosystem after Ethereal, increasing ENAs airdrop income; Ethenas self-operated public chain will also bring attention and nominal scenarios such as staking to ENA, but the author expects this to be launched after more projects have accumulated in the second line.
然而，對於 Ethena 來說，最重要的是 USDE 能夠被更多領先的 CEX 接受作為抵押品和交易資產。
作為一款林迪效應明顯（存在時間越長，生命力越強）的穩定幣產品，Ethena 及其 USDE 仍需要更多時間來驗證其產品架構的穩定性以及補貼削減後的生存能力。
本週熱門話題
在過去的一週裡， Trump won the election as the new president of the United States (election-related topics ); Bitcoin hit a new record high of $76,400; crypto-related stocks soared ; the Federal Reserve cut interest rates by 25 basis points , and no one voted against it; Elon Musks net worth increased by $20.9 billion in a single day, firmly occupying the throne of the worlds richest man;
In addition, in terms of policies and macro markets, the US media: The 2024 US election has cost $14.7 billion , which may be the most expensive in history; Elon Musk: A thorough reform of the US government is coming; US Senator Warren defeated John Deaton, a supporter of the crypto industry, and won a seat in the Massachusetts Senate ; the Trump team considered nominating Robinhood Chief Legal Officer Dan Gallagher as SEC Chairman ; the Monetary Authority of Singapore announced plans to promote the tokenization of financial services; Russia introduced a regulatory framework for crypto mining , 去中心化金融ning it as a legal activity and stipulating requirements for miners to operate;
In terms of opinions and opinions, Cathie Wood talked about the US election and Trumps economic policies: the market likes tax cuts ; analysts: US inflation may rise rapidly after Trump takes office, and the Federal Reserve will change its interest rate cut plan ; Arthur Hayes: Solana will be a high-beta Bitcoin during the US election; CryptoQuant CEO: In the current cycle, stablecoins are mainly used for non-trading purposes, and their supply growth is not enough to boost BTC; Matrixport Investment Research: The new SEC Chairman and the US Strategic Reserve may push BTC to break through $100,000 ; Murad: The road to the Meme coin super cycle is now paved; Andre Cronje: Coinbase has repeatedly asked for listing fees and is willing to publish all evidence for public identification; Jupiter founder : Never sold a JUP, and major news is about to be announced; Sothebys Vice President : BAN tokens were deployed by me, never earned $1 million, and destroyed 3.7% of tokens;
In terms of institutions, large companies and top projects, the Ethereum Foundation released a 2024 report : financial reserves of US$970 million; two Ethereum researchers resigned from EigenLayer advisory positions due to conflicts of interest to focus on Ethereum; on November 8, SOLs market value once again surpassed BNB to become the fourth largest cryptocurrency by market value; Telegram will launch 10 new mini-program features , including sending gifts, advertising monetization, etc.; MakerDAO decided to retain the reshaped Sky brand and planned to launch new stablecoins and expansion projects; OpenSea CEO talked about the new version: We built a new platform from scratch; Lumoz airdropped 15 million esMOZ to ZKFair users;
In terms of security, the founder of Truth Terminal said: There is a problem with the registered domain name , please do not access it; ZachXBT: The crypto gambling platform Metawin was suspected of being attacked and lost more than 4 million US dollars… Well, its another week to witness history.
隨附的 是一個入口網站 到「每週編輯精選」系列。
下次見~
This article is sourced from the internet: Weekly Editors Picks (1102-1108)
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