cmdefi

Unichain's $UNI mining incentives are shifting from traditional pools to Hooks Pool, and this is expected to be the trend in the future, similar to the transition from WBTC to WBTC0, so it is essential to adjust strategies for mining in advance.

In terms of pool performance alone, Hooks Pool doesn't seem to demonstrate significant superiority; at least from the perspective of fee capture, it appears this way. Looking at the ETH/WBTC pool, the TVL is basically equal, but the trading volume is not on the same level.

(If the data provided by Uniswap is correct)

Most projects in their early stages are castles in the air. In 2018-2019, I even thought that on-chain lending, with its high costs and high friction, who would use it? But this did not stop the grand DeFi Summer from beginning. It is difficult to precisely grasp the pulse of the times, but what is easy to do is to keep trying new things.

Maintain a mindset of 'Wow, that's awesome.'

. O syrupUSDC da @maplefinance já foi proposto para ser lançado na Aave V3, atualmente o rendimento subjacente do syrupUSDC é de 8%-10%. Após o lançamento na Aave, as estratégias de Lego resultantes serão visivelmente aumentadas, e esta proposta contém algumas informações ocultas:

(1) A Maple pode ajudar a Aave a promover a adoção do GHO, por exemplo, oferecendo empréstimos em GHO para instituições.

(2) No futuro, a Aave pode apoiar totalmente os ativos do sistema Maple, como o Maple BTC.

Did not expect that $SYRUP increased the most in the bag. The initial thought behind allocating a bit was that after regulatory easing, the lending business in this area would become easier, and the wind might blow in this direction. However, from an aesthetic perspective, it doesn’t feel much different from web2 products. The risk of the intermediary pool still exists, and it seems quite far to reach this position in terms of regulation. But there are quite a few people buying into this concept, so it might be time to do some homework again.

My DeFi T2 Holdings - Pendle

$Pendle is probably my most held DeFi altcoin aside from $AAVE $SKY $UNI, let me share my understanding:

(1) One point I recognize the most is that it provides an environment for small funds to engage in DeFi, something that other projects cannot achieve, without exception, it is my moat in my mind.

(2) Personally, I have bought PT a few times, and I do not engage in circular lending when the returns are not high enough, and I seldom buy YT.

(3) The interest rate market theoretically has great potential, but before the emergence of points, the returns in the DeFi market are mostly highly predictable, while Pendle requires unpredictability and volatility in returns; points and Pendle are simply a match made in heaven, which is an important reason for Pendle's rise, but it also brings corresponding issues: if points exit the historical stage, the returns market may return to a predictable trend in the future, which may shrink Pendle's market.

(4) Of course, without points, there may still be other ways to increase return volatility in the future, which is a market trend, so this issue can be considered a missing piece, not a fatal flaw.

Finally, Pendle's team and product refinement capabilities are quite outstanding, making it very rare to surf during this DeFi dry season.

Algumas compreensões sobre Aave V4:

O conceito central é o Liquidity Hub e os Spokes que trabalham em conjunto, a ideia principal é a gestão centralizada de ativos, resolvendo o problema da fragmentação do capital e aumentando a utilização da liquidez.

Essa ação será dividida em duas fases:

(1) No momento, a ideia é resolver o problema da fragmentação da liquidez causada pela criação de diferentes mercados na mesma rede, como no Ethereum, onde atualmente existem Core Market, Prime Market e EtherFi Market. Com o Liquidity Hub, não haverá diferentes mercados na mesma rede, a liquidez será gerida de forma centralizada e, em seguida, os Spokes serão utilizados para personalizar os parâmetros de empréstimo, eliminando a fricção de novos mercados e a ineficiência da fragmentação da liquidez.

(2) A versão final futura é a gestão centralizada entre redes, ou seja, eliminar a fragmentação entre cadeias, transformando-se em um mercado unificado. Mas essa mudança deve depender de uma infraestrutura de terceiros para cross-chain, atualmente Aave utiliza mais o Chainlink CCIP, que maximiza a eficiência, representando a forma completa do modelo tradicional de empréstimo, mas também introduz um nível de risco cross-chain.

Os Spokes são os pontos de entrada para empréstimos do Aave V4, conectando-se ao Liquidity Hub para fornecer funcionalidades de empréstimo personalizadas. É possível definir regras e parâmetros de risco independentes. Sua principal função é maximizar a flexibilidade de empréstimos, lembrando um pouco os Hooks do Uniswap.

De forma geral, a melhoria na primeira etapa da atualização V4 é mais voltada à experiência, a transformação qualitativa virá na etapa de totalidade da cadeia, e isso pode ser a versão final do modelo tradicional de empréstimo. No que diz respeito à cross-chain, é muito provável que a Aave ainda escolha o Chainlink CCIP, pois o Chainlink já está, de maneira invisível, se aprofundando lentamente nas camadas mais baixas do DeFi.

Using positions to talk about the DeFi revival:
My largest holding is $AAVE
Next is $SKY $UNI

Currently, I believe it falls into the T1 category

AAVE should not have much controversy, it is now a hexagonal warrior, almost no dead angles can be found. The data for SKY is simple enough; the founder buys the coin. As for occasional issues with the brand and community, I think I can accept them.

(T1 does not represent a rating, just a way to express positions, NFA)

Atualmente, neste momento, só é possível jogar os mainstreams de cada setor, pelo menos no DeFi é assim, neste ciclo a atenção está muito dispersa, e as oportunidades alpha de arriscar pouco para ganhar muito foram capturadas pelos memes, enquanto os pequenos ativos de outras áreas estão vivendo dificuldades.

A menos que haja uma inovação revolucionária, como o AMM do DeFi Summer, se você acha que há, sinta-se à vontade para discutir.

Plasma was秒了, as if saying the market is not lacking money, but rather that the projects you are looking at are simply not being bought. 😂

Let AI help people mine in DeFi, I think this track is still too early.

With the current technology, identifying the most profitable mining is not a problem, but whether AI can better identify the risks of smart contracts remains a question.

In the long run, this track is a trend, but when will it be feasible? I believe it will only be when AI can replace auditing that this track will welcome its spring; otherwise, it will be mostly about creating concepts and hype.

Aave Umbrella novo módulo de staking foi lançado, os rendimentos atuais são razoáveis, mas é necessário considerar o crescimento do TVL. Cada Pool tem uma APR alvo definida, que é a simulação de rendimentos quando o TVL atinge a meta estimada, o rendimento alvo atual para USDC está em torno de 8%.

Rendimento total = Aave Yield + recompensas Umbrella

Esta parte das recompensas Umbrella é o Yield além dos juros, proveniente de uma parte da receita do protocolo.

Calculate the Spark Points:

What is currently uncertain is how many $SPK will be allocated to the Points event.
The known data so far is:

- Pre-Farming 1: 130M
- Pre-Farming 2: 14.48M/month, ~174M
- Aave: 7.24M/month, ~87M

The known allocation is 130+174+87= 391M
The total known allocation for the first year is 1.63B
Therefore, the remaining unknown is 1630-391=1239M

Let's break it down:

The remaining amount is over 1.2 billion, which is actually quite large, far exceeding the previous Pre-Farming mining. The question is how to balance between Pre-Farming and Points, after all, those who invested real money have been saving for 1-2 years. If a large proportion is allocated to Points, they are likely to be criticized, but if too little is given to Points, many may be disappointed, as the current market expectations are quite high. It's time to test the actuaries of Spark.

(I personally think that it can be basically determined that this 1.2 billion will not all go to Points, even if it does, new Points activities will be introduced later to dilute it.)

A game of strategy among actuaries.

I found that some BTCFi deposits are really quite high, but there is no presence in the market at all. Who is depositing? Is it an information cocoon?

DeFi projects, in fact, the best way to promote is for the official team to share profits and arbitrage opportunities. For experienced players, there are many such opportunities that are rarely discussed. It is impossible to rely on players to share, because the logic of making money in DeFi is completely opposite to that of trading. In trading, people are willing to shout because it requires mutual support, while there are very few who are willing to talk about the real profitable mining/arbitrage opportunities. However, for the project team, this is the best advertisement.

Stablecoin Bill and DeFi Correlation
ETH Version of Microstrategy
Felt the market activity is increasing

Reflections on DeFi in the past week
( - /12)🧵

Lending+AMM模型已经从红海的dex市场中啃掉了一块肉：

第一个使用这个模型的Fluid @0xfluid 日常交易量与Uniswap、Curve稳定占领前三名。Euler @eulerfinance 也准备推出EulerSwap加入这个战场，这是为数不多在这个周期看到的DeFi创新，实实在在改变交易环境，提升资金效率。

Ripple's $RLUSD subsidy is very fierce. After quickly filling 150 million on Aave, it has started to distribute funds on Euler.

(The 150 million on Aave maintains an 8%-9% APR)

Plasma这个5亿美金估值的ICO，从背景上来看值这个价，但你要说空间有多大，这个不确定性和变量都太多了。

个人可能不会上，但TGE后如果爆了接受追高。基于以下判断：

1. 存款拿额度，如果不塞进去几M，按照这个估值即使拿到额度存在感也会很低，这种模式对中小型体量并不友好。

2. Plasma主打的是零费用USDT转账，这一点是直接打USDT目前最大的发行网络TRON，TRON的手续费现在其实蛮贵的，在这一点上有市场，但带来的问题是零手续费了Plasma怎么盈利，毕竟TRON靠手续费收入养活的很舒服。有加分有减分。

3. 优势在于Plasma 得到了Bitfinex和 Tether的支持，在增长和扩张上应该资源能给够。估计很多人也是冲着这个去的，算是最大加分项。

4. 另外一个特点是Plasma计划利用比特币的安全性，具体怎么利用目前还没看到，这一点中规中矩。

总体来说，减分项不多，未知因素很多，也属实不便宜，但它要是真成为下一代稳定币巨头，那肯定也不止5亿，变量太多了，从各个层面来看与其塞大资金进ICO锁仓，个人更愿意等TGE后，我认为这类项目是需要发育的，不会缺上车机会，哪怕追高。

Há muitas armadilhas na mineração de Pool em intervalos personalizados. A seção de mineração de ativos Binance Alpha na carteira OKX está estrategicamente correta, mas a maioria dos ativos da seção Alpha são de alta volatilidade, tornando a dificuldade de operar intervalos comparável ao trading de criptomoedas.

Para novatos em DeFi, o cálculo de rendimento do modelo Uni V3 geralmente fornece valores ótimos, pois os rendimentos são determinados pelo intervalo, e, estritamente falando, cada pessoa tem um resultado diferente.

A sugestão dos veteranos é:

1. A melhor escolha é ativos com baixa volatilidade, mas com alto volume de negociação, mas esses ativos são raros, então geralmente os grandes investidores operam com ETH, WBTC ou ativos blue-chip.

2. Se você deseja operar com ativos de alta volatilidade, é necessário ter um bom entendimento sobre esse ativo e uma capacidade de previsão de tendências, mas essa dificuldade é praticamente a mesma que a do trading de criptomoedas, adequando-se apenas a um grupo muito restrito de pessoas especiais.

3. Se você possui alta tecnologia, claro que também pode ajustar automaticamente os intervalos, mas essa dificuldade também não é baixa; muitos projetos que tentaram fazer isso no mercado falharam.

I have been carefully tasting the Genius stablecoin bill these days.

I have read many analysis articles, and macro-wise the market consensus is generally similar. Micro-wise, the area I am concerned about is its impact on DeFi. If the general framework of this bill remains unchanged and is strongly promoted, from this attitude, my personal judgment is that regulation for DeFi may not be far off in the future.