每周编辑精选 (1005-1011)

每周编辑精选是Odaily星球日报的一个功能专栏，星球日报除了每周报道大量实时资讯外，还发布大量优质深度分析内容，但它们可能隐藏在信息流和热点新闻中，与你擦肩而过。

因此，每周六我们的编辑部都会从过去7天发布的内容中精选一些值得花时间阅读和收藏的优质文章，从数据分析、行业判断、观点输出等角度为加密世界的你带来新的启发。

现在，就和我们一起来阅读吧：

invest

与交易员Stewart对话：本周期的100x币有何特点？

总体的判断框架就是根据项目的基本面，合适的价格去买入并持有。

Valuation can actually be divided into two categories, one is conceptual and the other is business-based. The representative of the conceptual type is MEME, and its characteristic is that the ceiling can be very high as long as funds are willing to push it to that height. The business type relies on data, which is divided into the old track (benchmarking method) and the new track (there is no very accurate method, and pricing is determined by the leader).

It is actually very difficult to find Alpha in this round, because the characteristics of this cycle are little money, many tickets, and a large market, so there can only be local market conditions. So far, the sectors with relatively good local market conditions include MEME, Inscription, and Solana.

Mentally, no longer obsessed with value investing. Logically/thinking, no longer looking at what the market will use, but thinking about what the market will hype. In terms of action, either participate or not participate but also observe and accumulate samples.

We also recommend Dialogue with Trader Jason: Has fundamental analysis failed? 和 Dialogue with Trader Raymond: He escaped from Wall Street and captured 60 times of SOL in the last cycle, and is now waiting for a big drop in the next three months to buy at the bottom .

从新手到 Alpha 专家，50 种加密货币研究工具列表

The introduction covers areas such as fundamentals, news, financing, etc., helping users improve their market insight and data analysis capabilities.

Entrepreneurship

What is the real moat of a crypto project?

There are three unique structural differences in crypto applications:

1. Forkability: The forkability of applications means lower barriers to entry in the crypto market.

2. Composability: Because applications and protocols are interoperable, switching costs for users are inherently lower.

3. 代币-based user acquisition: Using token incentives as an effective user acquisition tool means that the customer acquisition cost (CAC) for crypto projects is structurally lower.

Together, these unique properties accelerate the laws of competition for crypto applications. Once an application turns on the “fee switch,” not only will there be countless other indistinguishable applications that offer a similar but cheaper user experience, but there may even be some applications that subsidize users through token subsidies and points.

Logically, without a moat, 99% of applications will inevitably fall into a price war and thus be unable to avoid commoditization. In the short to medium term, relying solely on liquidity may still be an ineffective moat. Instead, liquidity and TVL are more like prerequisites, while real defensibility may come from intangible assets such as brand, differentiation in user experience (UX), and most importantly, the ability to continuously launch new features and products.

产能过剩的基建领域，到底谁在赚钱？

The article provides a detailed analysis of the performance of leading representatives in the oracle, cross-chain, storage, DA, and L2 sectors.

For infrastructure projects with huge current valuations, maintaining sky-high FDVs depends more on the imagination of their narratives. However, the current situation where the exaggerated valuations of infrastructure projects are inconsistent with their actual operating conditions will not only cause the market to fall into the bubble of the last round of bull market, but also bring hidden dangers of the tragedy of the commons to Crypto.

In-depth analysis of the impact of the EU Crypto-Asset 市场 Regulation Act on the market structure

MiCA aims to establish a single regulatory framework that strengthens consumer and investor protection, ensures market integrity and financial stability, and promotes innovation and competitiveness.

It applies to crypto-asset issuers, crypto-asset service providers (CASPs), and stablecoin issuers; it does not apply to regulated crypto-assets and central bank digital currencies ( CBDCs ) .

The opportunities that MiCA brings to Swiss and European Web3 companies are: market access, investor confidence, and an innovative environment; the challenges are: compliance burden, regulatory uncertainty, and competition .

比特币生态系统

BTCFi：打造自己的移动比特币银行，从借贷到质押的全面讲解

A large and comprehensive introductory report.

Multi-ecology and cross-chain

Data on the user value of public chains: Ethereum is still the first choice for large investors, are there no whales on TON?

Ethereum is a gathering place for big players. Solana is still the main theme of the market. Arbitrum is the L2 that inherits the most Ethereum genes. Sui is catching up with Solana. BNB Chain user profile is similar to Ethereum. TON’s money-grabbing party failed to bring in funds. Base funds are mainly deposited in exchanges and other institutions.

Sui Chain DEX Aggregator Inventory: A Must-Have for Fighting Dogs and Brushing Interactions

The article introduces Hop Aggregator and DEX on Sui.

去中心化金融

DeFi 的爆发时刻：Ether.fi、Aave、Sky 和 Lido 的金融转型

This report aims to explore some of the most influential DeFi protocols from a financial perspective, including a brief technical overview of each protocol and a deep dive into their revenues, expenses, and token economics.

After years of liquidity bootstrapping and moat building, we are witnessing some protocols transition to sustainable profitability. For example, Aave has reached an inflection point, achieving profitability for several consecutive months and is rapidly developing a new, higher-margin lending product through GHO. ether.fi is still in its infancy, but has accumulated more than $6 billion in total locked value, ensuring it ranks among the top five DeFi protocols in terms of scale. The liquidity re-hypothecation leader has also learned from some of Lido’s shortcomings and launched a number of other ancillary products with higher interest rates to make the most of its billions of dollars in deposits.

Crypto Magic: A Deep Dive into Polymarket, SX Bet, Pred X, and Azuro Prediction Markets

The article introduces the order book tradable prediction market Polymarket, the single bet prediction platform SX Bet, the AI-based topic push prediction market Pred X, and the betting protocol Azuro supported by liquidity pools.

Although Polymarket has opened up free trading of conditional tokens themselves, it is difficult to implement a flexible betting mechanism. There is no expectation of high returns, and some ordinary players have lost their fun. Liquidity pool solutions such as Azuro are obviously still somewhat complicated and lack the ability to trade after betting.

Rather than a mechanism and technological innovation, the current popularity of the prediction market should be described as another mass adoption of crypto culture and a victory for the free market culture behind it, which is particularly valuable now that algorithmic authority is gradually monopolizing information.

德尔菲研究员：预测市场有效吗？

Market efficiency is critical to the accuracy of prediction markets because without efficiency, there will be probability biases (bias bias, hedging bias, and timing bias).

For large events, adding a margin of error to the forecast can help account for bias, hedging, or time-induced deviations.

NFT, SocialFi

Crypto Growth Theory｜StepN co-founder Yawn: The future of NFT and social networking among acquaintances

Compared with cryptocurrencies, the non-financial characteristics of NFTs can actually lower the psychological threshold of users. The low liquidity that has been criticized makes users psychologically classify this type of asset as a safer category, making it easier to accept.

NFT also has unique social and emotional value, and can represent personal identity and interests in social networks, thereby showing personal characteristics. This is a huge part of the digital lifestyle.

Over the past three years, StepN has accumulated the following experiences: verification of the Move-To-Earn model, the importance of anti-cheating systems and activation codes, the challenges of Web2 user guidance, and the real needs of Web3 social networking.

In terms of attracting user attention, we understand the scarcity of attention, the timeliness of information transmission, the incentive mechanism of zero investment, and the simplified mechanism to enhance understanding.

The HAUS System and FSL ID are new mechanisms of StepN. The HAUS system is a running shoe rental system launched by StepN Go, where Web3 users can rent running shoes to Web2 users through a revenue sharing plan. FSL ID allows Web2 users to enter the platform completely seamlessly through Email and FSL ID.

In order to motivate users to continue consuming, the following strategies can be adopted: building internal consensus, cooperating with big brands, and IP cooperation.

In the End-game stage, social sharing becomes an important means to promote user consumption. Projects can promote social sharing through: Show off mechanism and social media marketing.

SocialFi的“叙事失败”，加密社交还有未来吗？

Existing problems in the SocialFi track: hand-to-hand combat with traditional social giants, using short-handed attacks to defeat long-handed ones; no alternative value, and no Trojan Horse of its own; Fi for the sake of Fi, making Social a joke; unable to establish a closed loop of value, becoming a capital toy; a business model that is not pure enough and wavers from side to side.

Learn from Zhang Yimings new social product and dismantle the entire chain of SocialFis hematopoietic ability

The Fi chain of traditional social products: from free products to paid subscriptions to value-added services.

The SocialFi project’s breakthrough: from the fringe to the mainstream, from niche to the mainstream.

本周热点话题

In the past week, a US judge approved FTXs bankruptcy plan ( Ten Key Questions about FTXs Compensation); HBOs documentary revealed several reasons why it believed Peter Todd was Satoshi Nakamoto, including postings and spelling habits; former Bitcoin Core developer Peter Todd denied that he was Satoshi Nakamoto;

In addition, in terms of policies and macro markets, US prosecutors sued four companies and 14 people for suspected crypto market manipulation and false transactions , and the FBI created tokens for fishing enforcement; Gary Gensler : Cryptocurrency is unlikely to become a mainstream currency, and there is no need to create a special regulatory framework; OpenAI seeks to dismiss Musks lawsuit , calling it a roaring harassment campaign; Trump and Musk returned to the attempted assassination site to hold a campaign rally , and multiple related Meme coins rose;

In terms of opinions and voices, the founder of 10 T Holdings: Regardless of the outcome of the US election, Bitcoin is expected to rise to $100,000 ;

在机构、大企业、龙头项目方面， 富达 plans to launch a blockchain-based money market fund; OKX becomes the first crypto trading platform to obtain a full operating license from the UAE ; Binance’s pre-market trading function is officially launched; Uniswap Labs launches Unichain ; Vitalik once again donates 100 ETH to the Tornado Cash developer legal defense fund ; Vitalik once again sells 10 billion MOODENGs and transfers 260.16 ETH to charity ; Vitalik sells coins becomes the engine of Meme growth ; Telegram launches the Gifts function , and limited edition gifts can be exchanged for NFTs based on the TON network; UniSat releases a fourth-quarter roadmap , including activating runes on FB, supporting CAT 20, updating PizzaSwap, etc.; Scroll is listed on Binance Launchpool ; CARV token airdrops are open for collection; Puffer announces PUFFER token economics : total supply of 1 billion, 7.5% Used for the first quarter airdrop; Trump family project WLFI proposed to build a custom market based on Aave V3 and will provide 7% of tokens to Aave DAO;

In terms of security, 特征层 encountered a hacking and unlocking incident; a user lost 15,079 fwDETH worth more than 35 million US dollars due to a phishing attack 5 hours ago… Well, its another week of ups and downs.

随附的 是一个门户 进入“每周编辑精选”系列。

下次再见~

This article is sourced from the internet: Weekly Editors Picks (1005-1011)

相关：详解比特币智能合约实现方案OP_NET和Arch，能否带来生态

在过去的半个月里，比特币主网上的两个智能合约实现OP_NET和Arch引发了不少讨论。有意思的是，OP_NET这个名字和我们熟悉的OP_CAT很相似，都是以OP_开头，非常容易让人混淆，让人以为两者很像。因此，我想在开头就提一下OP_CAT。首先，OP_CAT是一个比特币操作码。从去年开始，以Quantum Cats或Great Wizard Taproot Wizards创始人Udi Wertheimer为首的社区一直在呼吁复活OP_CAT。之所以叫复活，是因为OP_CAT是一个现有的比特币操作码，但中本聪在2010年就把它删除了，因为它可能引发潜在的DoS攻击。CAT是比特币操作码的缩写，意为“复活”。