Jelly投研日记

Keep refreshing and keep missing

Finally managed to get an Alpha once

$PHB has been stagnant for almost two months, this time the momentum is greatly related to the rotation of AI, ZK, and DePIN.

After the recent rise in this sector, funds have returned to projects with narratives and progress, and $PHB happens to be at the intersection: AI is responsible for computing power and scenarios, ZK does the verification, and DePIN provides infrastructure, while it aims to 'connect these three lines into a closed loop'.

If the sector's popularity can be sustained, it is very likely to have another chance to test the highs. However, the rhythm of such coins is usually fast and volatile, so don’t fantasize about holding them long-term. Once the trading volume starts to shrink, it’s time to reduce.


The way is the law
The method is the principle
The technique is the means
The tool is the instrument

Those who can go far are not the smartest, but those who understand the 'way'.

In the past few days, the most noteworthy project in the Solana ecosystem is the upcoming Pipe Network ($PIPE ). The logic of Pipe is straightforward: users pay bandwidth fees when transmitting content, streaming videos, or using storage on the network.
The payment method is also innovative—first burn $PIPE to mint Data Credits (DCs), then use DCs to settle services. Node operators are responsible for providing bandwidth and caching content, and the system will verify delivery results through on-chain proofs and distribute rewards. In other words, the more you use, the more you burn, the less supply of $PIPE , and the price is naturally supported by actual usage. This model of 'usage equals value' is a typical utility-driven logic, rather than a token cycle supported by emotions or speculation.
The token economy revolves around the three rings of 'burning—minting—incentives'. The total supply of Pipe is fixed at 100 million, of which about 45% is used for ecosystem and community incentives, with the team and investors accounting for less than half. Nodes must stake Pipe to participate in validation and profit-sharing, while users purchase bandwidth through burning. Each burn reduces the circulation, creating real deflation. At the same time, token holders can also participate in governance and parameter adjustments to maintain the long-term balance of the system.
The key to this mechanism is that the economic model is tightly bound to network usage: as content distribution, AI inference, or gaming traffic increases, DC consumption rises, and the scale of burning expands simultaneously, thus forming a positive cycle.
Pipe has already been tested in the Solana ecosystem, with validator snapshot synchronization time reduced by 30%, and performance metrics are no longer just on PPT. The backers include Solana Ventures and Multicoin Capital, with Aptos CTO and Solana founder Anatoly both endorsing it.
Tonight, the mainnet will launch simultaneously with TGE; in the short term, it may experience the inertia fluctuations of a new coin, but as long as network usage increases and burning stabilizes in the medium term, the price will naturally be supported.
If DePIN in 2024 is the 'hardware revolution', then Pipe may be the first bandwidth layer in blockchain that is accountable, verifiable, and capable of generating cash flow.

$FLOKI 's ETP is not just turning red again by itself, but it has also made a beautiful overseas battle for the BNB Chain. Since the 2019 $BNB ETP, FLOKI is the first BSC token to be listed again in Europe. Coupled with the recent surge in BSC popularity, it directly jumped by over 20% today.
What we need to watch next is whether this wave of compliance can drive more BSC projects to follow suit. If the ecosystem can continue to expand, this wave is not just a trend, but the beginning of institutionalization in BSC.

$ETH rose, $ETHFI also increased by 15%, showing relative strength in the DeFi sector. $ETHFI , as a yield amplifier for the Ethereum staking ecosystem, is a good option for those who are bullish on $ETH to enter the ETHFI plan to improve APY.

Many people still regard OpenSea as an NFT marketplace, but it now functions more like an asset gateway. Strategy Tokens have added financial attributes to NFTs, and the reserve fund is genuinely collecting IP. With OS2's multi-chain expansion along with treasure chest rewards, it feels like they want to reshape themselves into the primary entry point for NFT + on-chain assets. Those optimistic about the NFT sector can wait for the $SEA launch to allocate some.

$SOMI The mainnet has been online for only 3 weeks and has already attracted over 70 projects, covering various gameplay such as racing, card games, and battle royale, and even has a dedicated NFT market and DeFi protocols.
In terms of funding, the project is backed by a $270 million ecological fund, with partners including Google Cloud, BitGo, and Chainlink, which provides both infrastructure and ecological security. In the long run, if $SOMI can indeed produce a few hits in the chain game space, its market cap ceiling will not stop at the current over $100 million.

$MET TGE Highlights Overview:
1. Product Strength: DLMM Dynamic Market Making allows LPs to set ranges and place unilateral orders, achieving much higher capital efficiency than traditional AMMs.
2. Ecological Binding: In-depth cooperation with Jupiter, this time even the airdrop is in the form of LP NFTs, allowing JUP stakers to directly become Meteora's LPs, truly connecting the two communities.
3. Long-term Consideration: The NFT airdrop avoids a crash right at the opening, locking chips within the ecosystem.
Meteora is one of the few projects that can stand firm with its product first and then use tokens to complete the ecological loop. This token issuance is worth looking forward to.

$EIGEN is considered the highest risk unlock this week: Ratio 13.7%, approximately 66 million USD.
No issues in the ecosystem, the leading position in the restaking track is still stable, TVL in the hundred billion level. But releasing such a large proportion all at once, the market is very likely to crash first.

In the past two days, $RLC has had a small surge. iExec itself is an old project in decentralized cloud computing, and now with the added label of privacy computing, it has attracted attention from investors. Plus, the official team has initiated some buybacks and collaborated with Arbitrum on privacy tools, giving the market a signal of 'movement'. Small-cap coins are like this; when the opportunity arises, they take off. Currently, it seems the pullback is almost over.

The $ALPINE , $LAZIO that surged onto the charts today, and the $OG from a while ago, are actually all behind the Chiliz ecosystem. This chain is specifically designed for sports and fan tokens, integrated with the Socios App, covering dozens of projects in football, F1, and esports. So while it seems like different tokens are rotating, in reality, it's all Chiliz capturing the entire fan economy's traffic. As long as the popularity of fan tokens remains, $CHZ is equivalent to the underlying beneficiary of the ecosystem.

The scale of WBTC on Solana has reached a new high, but why have $SOL and $BTC recently dropped sharply?
In simple terms, there are two reasons: first, from a macro perspective, various data in the US is about to be released, and market expectations are tense; second, in the cryptocurrency space, the recent surge was too strong, and once the pressure to cash out came, it hit harder. Currently, mainstream cryptocurrencies have all seen significant declines. For those who are optimistic in the long term, it might be a good idea to gradually accumulate positions, as the narrative of a bull market is still present, and short-term market corrections are quite normal.

$ASTER The second wave of airdrop excludes market makers, and for retail investors, this is a rare opportunity.\nObserving, there are a few ways that are the simplest:\n1. Deposit USDF, with an annualized return of over ten percent and double points rewards, this is the most stable option.\n2. Those who want to take action can hedge - go long on Aster, and short on other platforms, without having to bet on the direction.\n3. Finally, there is the invitation mechanism; if you have friends, you can easily bring them in.\nAs long as you ensure you can get the airdrop, even if the amount is not large, it is still a guaranteed profit!\n

$SIGN Today, this wave of rise has also brought attention to the certification track. For Web3 to truly move towards large-scale applications, what is lacking is not DEX, nor Meme, but the most core element—trust: whose identity it is, whose assets they are, and whether the contracts have been executed. The blockchain certification track is solving this problem, equivalent to the 'notary office' in the digital world. Without trust, applications cannot operate at all. With the expansion of DeFi, NFT, and AI+Web3, the importance of this track will increase. Although the market value is still small now, there is a complete opportunity to grow into a large story at the infrastructure level.

$JOE Today, I pulled a little on it, and I still feel it's because it was washed out too much earlier. After the leverage positions were cleared, new buying orders came in to take over.
After all, Trader Joe is originally a liquidity entry point on Avalanche, so when the ecosystem warms up, it can definitely reap the benefits.
This wave seems to have been cleaned up; I wonder if now is a good time to get back in～

Today, the trading volume on the BSC chain's DEX has surpassed Solana for the first time. It feels like the entire ecosystem is really getting stronger, with funds and high-frequency trading moving towards the BNB Chain. However, the contradiction is that the hottest in the ecosystem, $ASTER , has dropped from a high point of 1.9 dollars to above 1.5. This is mainly because, in the short term, we have to face profit-taking and unlocking expectations, coupled with the overall market being relatively weak. It remains to be seen whether BSC can maintain this momentum, support the sentiment, and give $ASTER a chance to gradually digest the selling pressure.

This week's living expenses have arrived again 👌🏻

$THE has also gotten up today, recently the competition in the DEX track on BNB Chain has really been intense.
At present, PancakeSwap still leads, with the largest scale, liquidity, and user volume far ahead, belonging to the 'stable player'. However, its gameplay tends to be traditional, making it difficult to bring new excitement to the market.
Thena is using the ve(3,3) incentive model and SocialFi to create community stickiness, with a strong short-term trading volume explosion, belonging to the dark horse type player.
But the entire DEX track is also being segmented, and recently the popularity of perp DEX has been very high, like $ASTER which is also extremely popular. Although Thena itself mainly focuses on spot + SocialFi, after the launch of the perpetual contract function, it is clearly moving in this direction, feeling that relying solely on this hotspot can sustain for a while longer.

$TUT Today after a surge, it directly broke below 0.1, and the market sentiment turned bearish very quickly. It feels like this kind of meme coin is just like that, it rises fiercely but also corrects without mercy 🥹 This drop is not unexpected, the previous contract OI was already too hot and gave a warning.
👉 So is everyone planning to increase their positions and buy the dip, or just clear out and observe?～