Luna月芽

💗Why does every move you make step on my heart? Are you Beethoven?

Let's go play 🥰

In the past few days, I've been focusing on the leading projects in the RWA sector, and the more I look, the more I feel that the current market narrative is somewhat skewed. Everyone is obsessed with TPS and lowering Gas fees, as if just having a fast chain will cause BlackRock's money to flood in like a tide. But in reality, if you try to operate the current DeFi protocols, you'll find that what's blocking institutions is not speed, but the age-old, unresolved contradiction between privacy and compliance.
Previously, when playing with RWA projects on Ethereum, the experience was fragmented. You either had to submit your passport information to a centralized node for compliance, waiting for the day when the database leaks and you get doxxed, or you could go fully decentralized, but that completely opaque state is something regulatory bodies would never approve. Recently, I've been studying the technical documentation of @Dusk and found that their Piecrust virtual machine has some interesting features. It's not just patching at the application layer; it directly integrates zero-knowledge proofs at the Layer 1 protocol level.
When you compare it with the current Ethereum Layer 2 solutions, the difference is clear. L2 is essentially doing the original Layer 1 tasks again to speed things up, with the fundamental logic unchanged. But Dusk's logic is that I only validate the outcome of whether you meet the rules on-chain, without storing data about who you are. This is crucial for institutions; no one wants their trading strategies and secrets to be observed in real-time by the entire network.
However, that being said, the implementation of technology is always more challenging than theoretical discussions. The testnet still occasionally experiences some lag, and node synchronization is not as smooth as imagined; these are issues that must be faced. But I believe the direction is correct; if we continue to force compliance logic through smart contracts, we will always be dancing with shackles. Only by making compliance a standard infrastructure, as seamless as current HTTPs, will traditional finance's old money truly dare to bring their assets on board. After all, who would want to discuss hundreds of millions in a transparent room filled with cameras? #dusk $DUSK

I'm actually excited after a 90% drop? A deep dive into XPL's Paymaster, the tool that's making L2 cryptocurrencies sweat.

This recent market volatility has been dizzying; my account balance has shrunk faster than my receding hairline. Many people saw the $XPL candlestick, which looked like it was about to sever an ankle, and immediately scrolled past it. But I'm stubborn; the more obscure the market, the more I like to delve into the technical documentation. Ignoring price noise, I've been testing the @Plasma network for the past few days, and honestly, it seems pretty good.

The L2 crypto space is booming, but whether it's Optimism or Arbitrum, transferring stablecoins still requires having ETH on hand for gas, creating a fragmented experience that desperately needs changing. Plasma's Paymaster mechanism perfectly addresses this pain point, allowing you to pay for gas directly with stablecoins—it feels as smooth as the first time you used WeChat Pay. In comparison, competing products that require cross-chain gas fees seem like relics of the last century. Moreover, this thing is fully compatible with the EVM; even developers accustomed to the Ethereum ecosystem can switch by simply modifying a few lines of configuration. This low-barrier migration is a harbinger of ecosystem explosion.

Of course, usability alone isn't enough; we also need to see if money flows in. A quick look at the on-chain data reveals that the SyrupUSDT lending pool on Maple has accumulated a staggering $1.1 billion. In a market rife with dubious schemes and worthless Ponzi schemes, the willingness of institutions to invest real money is a silent vote. Coupled with payment scenarios like Rain Cards and Oobit that integrate with the Visa network, it's clear that these projects are genuinely working on payment implementation, rather than just creating empty promises and creating pseudo-demands. This is far superior to projects that only use points to manipulate users.

However, the risks remain clearly visible. Validator nodes are still largely controlled by the team, and the level of decentralization is even lower than some high-performance public chains—a persistent risk. While they anchor their state to the security of the Bitcoin network leveraging BTC, without the team relinquishing control, it's just a functional "consortium blockchain." The current price drop, though significant, has indeed squeezed out the bubble. If you don't mind placing an order at this level, betting on its success in establishing Web3 payments, it might be a worthwhile gamble, but only if you can hold on patiently.#plasma $XPL

Tearing away the fig leaf of so-called AI public chains, I understand what Vanar is plotting
Recently, I have really grown tired of the monotonous TPS arms race in the public chain sector, as if just widening the road would allow the cars to run on their own. It wasn't until I somewhat wearily opened Vanar's technical white paper that I realized these people really think differently. The vast majority of projects on the market that tout AI are essentially just selling computing power rental or developing decentralized storage; this landlord model is too lightweight, so light that it makes me doubt whether there are really large models daring to run operations on it.
I compared it to several leading competitors for a while and found that @Vanarchain seems to be going against the tide. While others are busy stacking data throughput, it is pondering how to enable NVIDIA's TensorRT to run on the chain. This is not just simple cooperation; if it can truly integrate CUDA acceleration at the bottom layer, then it will no longer be merely bookkeeping, but will give the chain itself reasoning capabilities. When we run a simple on-chain Agent, the biggest fear is that every step of thinking will burn a huge amount of Gas. In such a cost structure, decentralized AI will always be a false proposition. I originally thought Vanar's Neutron technology was just a gimmick, but upon closer examination, I found it has achieved extremely high compression ratios for on-chain data, which addresses the real pain point of the exorbitant costs of AI training data.
The current public chain environment is actually quite cruel for developers, especially for teams wanting to do AIGC or metaverse rendering. They must rely on centralized AWS to finish running data before it can be sent back, which is quite ridiculous. Vanar's current architectural attempt seems more like building an execution environment that allows code to think directly. Although it appears early and the ecosystem isn't fully developed yet, this is the evolutionary direction that L1 should take. Rather than competing for speed in a crowded lane, it is better to compete for computing power scheduling from a different dimension. I would rather bet on this hardcore attempt to solve core contradictions than watch those PPTs that are trying to cash in on AI hype just for issuing tokens. If this wave does not follow the trend of speculation and instead solidly develops the computing layer, Vanar is likely to widen the path. After all, when everyone is selling shovels, there are still some who need to go dig for gold. #vanar $VANRY

I've had enough of sending my passport to the project party of the '土狗' (Tu Gou), let's talk about Dusk's dimension reduction attack on compliance
The part of playing with on-chain RWA that makes me physiologically resistant is not the complex interaction process, but that inhuman KYC step. Yesterday, to test a new protocol that claims to do US debt tokenization, I had to upload the first page of my passport and facial recognition data to a project party whose office location I don't even know. This feeling of being exposed for compliance is really awful. This is also the reason why I recently revisited the white paper and testnet code of @Dusk , especially their Citadel protocol, you only truly understand how painful the pain points solved by this zero-knowledge proof scheme are after running through the process.
The current RWA track is actually very fragmented. Permissioned pools like Aave Arc essentially move the Web2 bank whitelist system onto the blockchain. Although it is compliant, it loses the permissionless soul of DeFi; on the other hand, pure privacy tools like Tornado Cash are seen as hotbeds for money laundering in the eyes of regulators, and they simply cannot accommodate large-scale institutional funds. The path chosen by Dusk is obviously more clever; it is not patching at the application layer but directly embedding a set of identity verification standards in Layer 1. It feels like you're going to a bar, where the security at the entrance just scans your ZK proof to confirm you're over eighteen and not on the blacklist, letting you through without needing to know your name or where you live.
After experiencing the testnet, Dusk's 'programmable privacy' is indeed more flexible than competitors like Polymesh that specifically focus on securities tokenization. Polymesh felt too heavy to me; not only do nodes require permission, but even wallet creation has to go through a review, making the blockchain feel like a local area network. In contrast, Dusk's Piecrust virtual machine allows developers to deploy smart contracts with compliance logic directly, for example, I can set this token to be traded only by qualified European investors, but the trading process remains encrypted to the outside world. The greatest advantage of this approach of sinking compliance logic to the protocol layer is that it saves the cost of reinventing the wheel at the application layer.
However, having said that, no matter how attractive the technical vision is, it still depends on its implementation. #dusk $DUSK

Everyone is shouting Mass Adoption, but this is the only thing that sounds like human language. After staring at the K-line of XPL that is close to zero for a long time, I couldn't help but flip through the white paper again. Nowadays, every L2 is boasting about TPS exceeding ten thousand to claim themselves as Ethereum killers, but when it comes to user experience, the need to prepare ETH for gas creates a barrier that keeps outsiders out completely. In the past few days, I deeply experimented with the Paymaster function of @Plasma and felt that this is what Web3 payments should look like. Previously, when transferring on Arbitrum or Optimism, even using account abstraction wallets, the underlying logic was still very awkward; to transfer ten dollars worth of stablecoin, one had to first recharge ETH, and this sense of disconnection is simply a deterrent. Plasma actually achieved zero friction for stablecoin transfers, and this smooth, seamless experience directly crushes those competitors still messing around with layer3 nested models; this is what truly lowers the threshold. Moreover, it is fully compatible with EVM, allowing developers to deploy directly using Hardhat, unlike Starknet, which requires relearning a programming language. This level of developer friendliness is also something I value.
I originally thought this project was just a simple technical concept, but when I looked at the data on-chain, the SyrupUSDT fund pool on Maple had actually accumulated 1.1 billion dollars. This is real institutional funding; after all, institutional risk control models are much stricter than the logic of retail investors chasing after meme coins. The fact that they are willing to lock in such a large amount of money shows their trust in the underlying security mechanism anchored to the Bitcoin network. Compared to those ghost chains with market caps in the billions but empty on-chain TVL, this real capital retention makes me feel more secure. Plus, with Rain cards and Oobit successfully connecting to the Visa network, although the potential coverage of hundreds of millions of merchants is ambitious, as long as the channels are open, this is far stronger than those air projects that only know how to tweet.
That said, the project does have serious flaws that are indeed concerning. The validator network is still highly centralized, with the team holding too many permissions, making the degree of decentralization even lower than the early BSC; this is always a trap. The ecological applications are pitifully barren; apart from lending and payments, there are no fun chain games or meme coins available, completely lacking the community carnival atmosphere of Solana or Base. #plasma $XPL

Unveiling the Emperor's New Clothes of AI Public Chains: Why I Am Optimistic About Vanar as a "Computing Type" Outlier
After soaking in the primary market research reports for the past few months, I have developed a visceral aversion to projects that constantly talk about "TPS breaking 10,000." During this cycle, merely putting assets on the chain is not enough for those big Web2 companies; what they are truly anxious about is the cost of computing power and regulatory boundaries. Recently, while reviewing Vanar's technical documentation, I was quite surprised to find that they did not go for the so-called "high concurrency transactions," but instead focused on optimizing the inference environment on the chain, which is quite an outlier in this volatile market.
Let's be honest, the current EVM architecture is hellishly difficult for AI agents. Asking an intelligent agent that requires high-frequency inference to run on those expensive Gas fees simply does not work as a business model. I see that @Vanarchain 's current path resembles fitting NVIDIA drivers into a blockchain. Especially after they collaborated with Google Cloud, it is clear that they are laying the groundwork. Other public chains are still telling stories about decentralized storage, while Vanar directly cuts into TensorRT acceleration; this reconstruction of the Compute Layer is what I find most interesting.
In comparison to ICP or some other public chains that focus on storage, the latter has more resolved the issue of "storage," but the issue of "computation" has always been awkward. If the chain cannot natively support efficient matrix operations, then the so-called AI + Web3 can only remain at the accounting level. Vanar's hybrid architecture offloads the heavy inference tasks to an optimized off-chain environment and returns the results and metadata to the chain; this is the solution that aligns with engineering logic. Moreover, let's not forget that the biggest fear for enterprise applications is copyright black boxes, and Vanar's metadata tags precisely hit the pain points of large models. Although the price is still bottoming out, this infrastructure positioning battle is often more sustainable than mere MEME speculation. Instead of searching for Alpha in vague narratives, it is better to focus on something that can help Web2 giants solve practical computing bottlenecks. The stakes are quite high here; it remains to be seen whether the subsequent ecosystem can handle it. #vanar $VANRY

After playing around the RWA track, I realized how counterintuitive Dusk's native compliant ZK Layer 1 is. Recently, I went through the code logic of several leading RWA projects on the market, and the more I looked, the more I felt that the current market is avoiding the heavy lifting. Most projects are still playing word games with asset on-chain, completely ignoring the core contradiction of institutional entry, which is that completely transparent on-chain data cannot bear real commercial secrets. Over the past two days, I deeply tested the Piecrust virtual machine of @Dusk and compared it with Polymesh, which focuses on permissioned chains. The design philosophies of the two are entirely on different dimensions. Polymesh resembles a bank database cloaked in blockchain, and although compliant, it sacrifices the most valuable permissionless feature of DeFi, making operations quite rigid. Dusk's approach is clearly much bolder; it does not simply patch at the application layer but directly embeds compliance logic at the Layer 1 base level through ZK technology. I tried running their Citadel SDK, which generates zero-knowledge proofs locally and only verifies validity on-chain. Compared to those privacy-focused plug-in protocols on Ethereum, the interaction experience is much smoother. This reminded me of Mina; although both focus on ZK technology, Mina's excessive pursuit of lightweight makes it difficult to handle complex financial settlement needs, whereas Dusk is clearly tackling the pain point of transaction finality. Many people are still blindly boasting about TPS, but for real Wall Street big money, being able to satisfy regulatory audits while protecting trading strategy privacy is the real ticket to entry. During the testing process, I also encountered some pain points, such as early node synchronization occasionally stalling, and the official documentation has somewhat high threshold requirements for developers, but this actually made me feel it was more authentic. Compared to those projects that have flashy PPTs but haven't updated their GitHub code repositories for months, this sense of weight in the underlying architecture feels like real work. If RWA is destined to be the engine of the next bull market, this auditable privacy solution is definitely an infrastructure that cannot be bypassed. #dusk $DUSK

Is everyone else racing TPS while only it is cutting the threshold? Reflecting on the drops? @Plasma and the neglected payment pain points
Looking at the K-line of XPL in the account, which is almost an ankle cut, it’s certainly a facade if there's no fluctuation in my heart, because after all, no one's money comes from the wind. But these past few days, I forced myself to jump out of price noise and went through Plasma's technical documents and on-chain data again, which surprisingly brought out a different flavor. Currently, L2s like Arbitrum and Optimism are crazily racing TPS, wanting to blow throughput to the sky, but for users outside the circle, to transfer a U they still have to buy ETH for Gas first, this kind of fragmented experience is the biggest roadblock to Mass Adoption. The Paymaster mechanism that Plasma is doing this time is quite interesting, directly breaking through the layer of Gas fees, achieving zero loss in stablecoin transfers, which indeed feels more like what Web3 should be compared to those still doing the “left foot stepping on the right foot” spiral ascension public chains. Moreover, it is fully compatible with EVM, and developers migrating from the Ethereum ecosystem hardly need to change any code, this kind of smooth sailing strategy is much smarter than reinventing the wheel.
Looking at the capital flow, that SyrupUSDT lending pool TVL on Maple has quietly reached 1.1 billion USD, institutional funds have a better sense than retail investors, and the scale of such deposits indicates that Smart Money is buying into its underlying security. Plus, with Rain cards and Oobit directly connecting to the Visa network covering global merchants, isn't this what we’ve been shouting about payment landing every day? Compared to those still painting big pies in Infra, this kind of solid channel is more convincing. To get a good night's sleep, I also specifically studied its security mechanism, regularly anchoring the state to the Bitcoin network, using BTC's computing power for final confirmation, which indeed adds a layer of weight compared to purely relying on Ethereum's Rollup.
Of course, there are plenty of drawbacks, and one could say they are quite fatal. The current ecosystem is so desolate that one could say “the house is bare,” with almost no fun Dapps aside from transfers and lending, how to retain traffic is a big question. What bothers me more is that the current validation nodes are still highly concentrated in the hands of the team, with a level of decentralization low enough to be appalling; this is always a Damocles sword hanging overhead. #plasma $XPL

Stop using TPS to fool people. The underlying logic of this AI, @Vanarchain , really has something to it.
The current public chain track is simply a battlefield; opening Twitter is full of various high-performance L1 sales pitches. To be honest, I feel sick of it. A couple of days ago, I was bored and flipped through Github and white papers, originally wanting to find fault with Vanar Chain for riding the AI hype, but after looking at the architecture diagram, I ended up confused. Unlike those 'ghost chains' that only stack TPS data, Vanar seems to really understand the pain points of AI agents going on-chain.
We all know that the traditional EVM environment is extremely unfriendly to AI; what's the point of just storing a hash value? AI models need semantic understanding and context, not cold, hard bytes. The Neutron semantic layer and Kayon inference layer that Vanar developed surprisingly solved the problem of data 'understanding' directly at the chain level. This is completely different from Near's sharding expansion logic; Near solves congestion, while Vanar solves how AI can 'live' on-chain. If I run a high-frequency interactive agent on Ethereum, just the gas fees can turn me into a huge loss, but in a specially designed micro-transaction environment like Vanar, cost control seems to see a possible landing.
Of course, there’s no need to overhype it; the current ecological applications are indeed not rich enough, which is a common problem for all new public chains. However, looking at its Nvidia Inception label, at least the technical foundation is recognized. Compared to those projects that dare to call themselves AI public chains after just issuing a PPT, Vanar's honest approach to doing foundational computing scheduling and compliance verification seems a bit 'clumsy' but solid. I used to think that blockchain for carbon neutrality was a false proposition, but after linking it with high-energy-consuming AI training, energy consumption tracking has become a necessity.
$VANRY should not only be seen as a governance token; it is the fuel for the entire system. The market is always slow to react; by the time everyone realizes that AI is not just hype but requires dedicated infrastructure, these projects focused on getting things done will probably have long gone. For these projects that understand both code and carbon-based biological anxiety, I suggest keeping an eye on technical document updates; after all, in this circle, being able to understand code is always more profitable than just understanding stories. #vanar $VANRY