所有正式发布的分析稿都会进入这里,包括鸵鸟区块链迁移存档,以及 HashSpring 后续持续发布的深度内容。
Over the past decade, the internet has dramatically changed the nature of our work in ways that no technology in human history has been able to achieve. People sitting at home, collaborating remotely with a group of anonymous individuals, and living decent lives - this was simply unheard of in the past. Growing up, I always heard that San Francisco was a paradise for ordinary people seeking opportunities. Since 2017, I have seen this trend shifting toward the blockchain industry. We have discussed many times how on-chain reputation will play an increasingly important role in facilitating protocol cooperation.
In the early 1990s, I regularly drove between San Luis Obispo and Los Angeles to visit my parents. Before podcasts and Pandora streaming music services existed, I would sometimes listen to radio sermons out of boredom. I clearly remember hearing a preacher on the radio answering a listener's question, saying in a deep, aged voice: "How do we know that what the Bible says is true?" Then, without any ironic pause, he said matter-of-factly: "We know the Bible is true... because that's what the Bible tells us."
The highly anticipated Ethereum EIP-1559 reform proposal has been online for more than ten days. According to monitoring by Dune Analytics, as of August 19th (around 11:00 AM Beijing time), EIP-1559 has cumulatively burned 62,981 ETH, equivalent to approximately $195 million.
For several weeks, many people in the Bitcoin community have been discussing the inbound capacity problem of the Lightning Network. It's becoming increasingly difficult to receive the lightning torch, plus Bitrefill launched Thor, and LND released Lightning Loop, all of which have drawn more attention to this issue. In this article, I will explain the form of this problem and its root causes. We will also share some easily overlooked insights.
Behind the Frequent Insider Trading For a long time, Coinbase has been synonymous with compliance and self-regulation in the cryptocurrency industry, but in recent months, Coinbase's image has been almost completely overturned. The reason is that Coinbase has repeatedly experienced insider trading when listing new coins, meaning abnormal price surges occur several days before Coinbase officially announces the listing.
事件解读、长篇研究,以及同步迁移和翻译后的分析内容。
It has been several weeks since our last update. During this time, we have made tremendous efforts to ensure Arbitrum One arrives as scheduled. We have currently provided mainnet access to over 400 projects, with dozens of projects successfully completing their deployments. We know that end users have been eagerly awaiting the ability to use their favorite applications on Arbitrum. We are excited to announce that Arbitrum One will open to users later this month.
Introduction When I first learned about Bitcoin, it was just a symbol, a target I could stare at on the screen to go long or short. Buy low, sell high, make money, and that's it. But in reality, Bitcoin's significance goes far beyond that. Treating this miraculous gift that humanity has received in such a way was disrespectful. It deserves more respect. During the 2018 bear market, after the excitement disappeared along with the profits, I decided to start 'holding,' which is 'hoarding coins.' I knew it couldn't be done without patience. But I had plenty of time.
In recent weeks, red alerts have suddenly sounded for the US crypto industry. From strengthening regulation of the DeFi market to introducing tax policies targeting the entire crypto industry, the US crypto industry has been hit by powerful regulatory sniping, sparking a crypto industry defense battle. Why does the US crypto industry oppose the tax clause? On July 28, an infrastructure bill draft aimed at improving US transportation, electricity, and water resources added a clause to tax the US crypto industry at the last moment of Senate debate.
As the next-generation financial infrastructure, DeFi has completed innovation and applications in underlying trading and lending after years of development. One of the earliest DeFi protocols, MakerDAO, also officially announced complete decentralization in late July, with founder Rune Christensen leaving the Maker Foundation, and the foundation will be formally dissolved in the coming months. DeFi innovation is becoming increasingly difficult, but people still have demand for secure, efficient, and low-cost blockchain platforms.
According to OKLink on-chain data, the Ethereum mainnet reached block height 12,965,000 at 20:33 today, activating the London hard fork network upgrade. This upgrade includes 5 Ethereum Improvement Proposals (EIP): EIP-1559, EIP-3198, EIP-3529, EIP-3541, and EIP-3554. The most discussed and watched has always been EIP-1559, which serves as a GAS FEE reform mechanism.
In the cryptocurrency market cap rankings, three of the top ten coins are stablecoins: USDT, USDC, and BUSD, all backed by US dollars. Even when market performance is weak, the stablecoin market continues to grow. The collateral assets of fiat-backed stablecoins that people commonly know are not entirely cash. In USDC's asset verification report published on July 20, we can see that USDC's asset composition includes 9% commercial paper and 5% corporate bonds. Despite low risk, these assets still carry the possibility of default.
Liquidity mining has driven DeFi to prosperity. According to PAData's comprehensive analysis of the DeFi sector in the first half of this year, DeFi's total net locked value in the first half soared to $56.862 billion, an increase of about 307.09%. AMM DEX's average monthly trading volume in the first half reached approximately $80.3 billion, an increase of about 24.12%. The total revenue of 16 major DeFi protocols in the first half exceeded $1.843 billion. It can be seen that after more than a year of development, DeFi has formed considerable scale.
Last week, the Bitcoin market experienced a strong breakout, rising from the consolidation low of $29,479 to Sunday's high of $35,423. This Monday, Bitcoin surged even higher, briefly breaking through the $40,000 level. At the time of writing (July 26), according to Coingecko data, Bitcoin price stands at $39,719, with a 7-day gain of 32.5%. In this article, we will review derivatives and on-chain market data to assess why the previous "short squeeze" laid the foundation for recent market profits.
Cascading liquidations from DeFi lending protocols represent one of the most significant systemic risks in the DeFi world. Due to excessive liquidation volumes and insufficient market liquidity, every instance of severe market volatility triggers further market turbulence, not only causing additional losses for collateralized borrowers but also exacerbating market volatility.
As the most influential token public offering platform in the crypto world, CoinList has sparked a "token launch" craze in major communities this year, which has become a phenomenal event in China's crypto industry. Almost every new public offering project launch attracts a rush of investors. Behind this phenomenon is the crazy wealth effect of CoinList's public offering projects.
Recently, SushiSwap's community governance has attracted significant industry attention. SushiSwap co-founder 0xMaki published a treasury diversification plan called "phantom troupe strategic raise" on the official governance forum, proposing to sell a portion of the approximately 51 million SUSHI currently held in the SushiSwap treasury to institutional investors at a 20%-30% discount, using the exchanged stablecoins as treasury reserves. This sale plan could be worth up to $60 million.
Half the year has passed, how have DeFi derivatives developed? There were two major trends worth noting in the 2020 cryptocurrency market. First, centralized exchange derivatives trading exploded early in the year, with Bitcoin futures contract open interest rising from approximately $2.7 billion to about $9.4 billion throughout the year, an increase of 248.15%. Second, DeFi protocols saw moderate adoption in the second half of the year, with lending protocols and AMM DEX becoming dominant products, and total value locked growing from $670 million to $14.5 billion, an increase of approximately 2100%.
State expiry is the currently recommended solution for addressing Ethereum's state growth problem. In this article, we treat state expiry as a mechanism that periodically invalidates the complete state tree. This article will discuss how to store previous periods, as our focus is on how to revive forgotten state — whether n=0 or n=1.
01 Classification and Representatives of Stablecoins Stablecoins can be defined as crypto assets that aim to maintain a stable price relative to a benchmark, usually provided by fiat currency, sometimes by a basket of currencies, commodities like gold, or even another crypto asset. By using stablecoins, crypto asset investors can stay in the crypto world and gain advantages in terms of resilience, integration, immutability and anonymity, while benefiting from the stable environment usually borrowed from fiat currencies.
Looking at the big picture, blockchain technology hasn't been around for very long. Although the fundamental concepts related to blockchain (cryptography, decentralization, peer-to-peer networks, and transactions) have been studied for decades, it wasn't until Bitcoin was born in 2008 that people believed these concepts could indeed be combined to create usable products. Ethereum in particular only appeared in people's view in a public, usable form in 2015.
Since June last year, DeFi has been flourishing for over a year. Incentivized by liquidity mining, DeFi has achieved qualitative leaps in funding scale, user scale, and product scale. According to DeBank statistics, from June 1, 2020 to June 30, 2021, DeFi's total net locked value soared from approximately $834 million to $56.862 billion, an increase of up to 6718.99%. Among this, the growth in the second half of last year was approximately 860.64%, while the growth in the first half of this year was approximately 307.09%.
NFTs are unique tokens with decentralized ownership. The question of "who owns this token" is stored and tracked simultaneously by multiple computers, preventing anyone from tampering with ownership without authorization. However, NFT-related media attachments and content (collectively called "NFT metadata") have never achieved decentralization, because storing and modifying data directly within smart contracts incurs high gas costs. Without decentralization, collectors cannot trust that a token's metadata is complete and immutable.
For developers, the AUTH/AUTHCALL mechanism is very attractive. It allows people to create invokers that implement different batching strategies (for example, supporting multiple nonces for better parallelism), gas abstraction models, and complex account abstraction approaches. This flexibility stems from the great freedom this mechanism grants to developers.
In the crypto world, people often say: "Code is law." Every protocol operates strictly according to code, immutable and unchangeable. But the crypto world is not as cold and objective as this phrase suggests. For every project, participants inevitably bring subjective emotions, hoping it can develop healthily and correctly. Although code cannot be changed, the direction of project development can be guided and corrected. In the crypto world, what can achieve this is DAO.
"I've been drinking for 17 consecutive days." In the newly renovated, bright and spacious office building in Chengdu's high-end business district, still faintly smelling of paint, Mr. Tu from Bixin Technology, who focuses on mining machine intermediary business, sits behind a large desk and tells律动. His face shows slight puffiness from consecutive days of hangover, occasionally taking off his glasses to pinch his furrowed brow. Our conversation is frequently interrupted by business information. More often, he unconsciously gazes toward the massive office building complex of Chengdu High-tech Zone CBD outside the window, and the dialogue gradually falls into silence amid his contemplation.
In 2021, NFT, this novel form of encrypted digital currency, seemed to become a hot topic both inside and outside the circle overnight. "Everything can be NFT" has become a signature slogan in the crypto community. As a form of encrypted digital currency that can interface with the real world, NFT has achieved rapid growth through effective combination with DeFi, while leveraging the bull market wave of cryptocurrencies.
(Translator's note: The technology introduced in this article is generally called "KZG10 commitment" in the cryptography community, named after the first letters of the three authors' surnames in the paper. However, when introduced in the Ethereum ecosystem, it was simplified to "Kate commitment," and even core developers call it this way. This is disrespectful to the other two authors and should not continue. In this translation, wherever the original author uses "Kate commitment," it is uniformly translated as "KZG10 commitment.")
A year ago at this time, the DeFi ecosystem on Ethereum began to explode. According to DeBank data, the total net value locked in DeFi protocols on Ethereum surged from $848 million at that time (June 1, 2020) to the current $46.975 billion (June 9, 2021), equivalent to a 55-fold increase. This directly drove active on-chain transactions on Ethereum.
UNI as an Oracle Token: Analyzing Vitalik's Proposal In DeFi, there's never a dull day, due to its open-source, permissionless and agile nature, protocols are constantly iterating, improving and evolving. Vitalik Buterin's proposal for Uniswap exemplifies this, where he suggested creating an Oracle that uses UNI Token to secure it. At first glance, this idea seems a bit strange and raises some questions.
1. Professor Gong Yan | China Europe Entrepreneurship Camp Professor Gong Yan, Professor of Entrepreneurial Management Practice at China Europe International Business School and Course Director of China Europe Entrepreneurship Camp, is about to release the 'Global Blockchain Innovation Top 50 List' together with Daling Think Tank. Professor Gong Yan has deep research in lean startup methodology and other fields, and has authored books such as 'Lean Startup Methodology' and 'Value Revolution'. Professor Gong Yan's research areas include strategic transformation, lean startup and business model innovation.