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Renata2024/10/15 07:27

By:Renata

Today's Must-Read | Twitter Featured Views image 0

Master Pang (@kiki520_eth)

Logical derivation of bearish Sui, warning from a senior user of Sui chain

Master Pang believes that as a senior user of Sui Chain, he is qualified to share some bearish arguments about Sui. He does not deny the future of Sui, but believes that the current price of Sui is somewhat inflated.

1. The FDV of Sui has reached 22 billion dollars, while the FDV of Solana (Sol), a representative of high-performance chains, is 92 billion dollars, only 4 times the space. Solana is a highly influential existence, and whether the current Sui is qualified to own a quarter of the potential and valuation of Sol? In other words, compared with Solana, the upward space of Sui is not large.

2. Analysis of Sui Chain Ecology: Master Pang admits that Sui Chain is indeed fast and easy to use, but as a senior user of Sui Chain DeFi, he points out that the Sui Chain ecosystem mainly stimulates TVL growth by heavily subsidizing Sui coins, which is not a problem in itself. However, relying solely on subsidies to promote the development of public chains is not a long-term solution. Sui Chain currently does not have commendable application innovations, and most DeFi applications are copying old models, although some of them are indeed good.

3. The operation mode of Sui Chain TVL: Sui Chain maintains its activity by subsidizing a large amount of Sui coins in DeFi projects, and its main collateral is also Sui coins themselves. By raising the price of Sui coins, TVL's leverage can be amplified, which makes him feel weak. Therefore, Pang Jiaozhu chose to short Sui at a low multiple, with 1x leverage and small capital participation, and expressed his caution because Sui's institutional strength is indeed strong.

Finally, he said that this is just his personal speculation, and if Sui rises again, forget what he said.

See the original text: https://x.com/kiki520_eth

-CM（@cmdefi）

Soldiers and Princes: Puffer UniFi (Based Rollup) and Mainstream Rollup

CM stated that Puffer is using Restaking to create a more efficient Based Rollup solution, promoting decentralized sorters and cross-chain liquidity interaction. In the future, it will form a different Ethereum ecosystem from mainstream Rollup. Rollup, as a technology that extends Ethereum, ensures security by processing transactions off-chain. It is mainly divided into Optimistic Rollup and ZK Rollup, each with its own advantages and disadvantages. The concept of Based Rollup was proposed by Ethereum researcher Justin Drake, who transferred the sorting task of L2 to Ethereum L1, using the security of L1 to solve the sorting problem and avoid the risk of centralized sorters, although this method is limited by the block generation time of Ethereum.

To address this limitation, Puffer proposed the UniFi solution, which improves transaction confirmation efficiency by introducing a "pre-confirmation" mechanism. Ethereum validators promise transaction sorting in advance to ensure the speed and fairness of transaction confirmation, while the punishment mechanism ensures the reliability of validator behavior. Puffer's UniFi AVS is based on EigenLayer's Restaking mechanism, allowing validators to participate in UniFi AVS through Restaking, providing pre-confirmation services for decentralized sorting based on Ethereum.

UniFi AVS provides decentralized sorting and pre-confirmation technology based on L1, which solves the problem of fragmented liquidity and improves transaction confirmation speed. Based on these characteristics, UniFi AVS has become an important upgrade solution for Based Rollup. Overall, Based Rollup is closer to the Ethereum mainnet, enjoys higher security and synchronous combination, while mainstream Rollup has more autonomy and profit capture capabilities. The two will coexist in the future to adapt to different application scenarios.

See the original text: https://x.com/cmdefi/status/1845730370907709797

Feifan (@feifan7686)

Pay attention to the positions of the two major market makers, DWF and Wintermute

Feifan pointed out that even though VC had a mediocre reputation in the last round of counterfeit products market, DWF and Wintermute are still important driving forces driving the counterfeit products market. He suggested that everyone pay attention to the holdings of these two major market makers.

Main holdings of DWF Labs:

$ORBS 、$DEXE 、$AXL 、$GALA 、$LIT 、$TRADE 、$RACA 、$PROM 、$API3 、$MANTA。

Wintermute's main holdings:

$SKY 、$POL 、$TKO 、$FTM 、$TON 、$DYDX 、$ARB 、$AAVE。

See the original text: https://x.com/feifan7686

Res（@resdegen）

Can Meme Coin reach a market value of hundreds of billions?

Res has put forward a unique view on whether the market value of Meme coin can reach hundreds of billions of dollars, pointing out the following points:

Most people don't understand market value

Even with high education or intelligence, most retail investors still believe that low-priced tokens (such as 0.00001 dollars) are cheaper than high-priced tokens (such as 0.1 dollars), ignoring the concept of market value.

Market value does not equal real capital

Market cap is not real capital, liquidity is the key. Theoretically, you could create a token that holds all supply and has only $10 in liquidity, but you could claim its market cap to be $1 trillion. In reality, a market cap of $100 billion may only correspond to $50 million in liquidity, of which only 25 million is withdrawable liquidity.

Tokens are momentum-based assets

The price fluctuations of Meme coins are extreme and not affected by reasonable valuations. They may fluctuate horizontally for a few months and then skyrocket 100 times within a month. People chase the upward trend out of a FOMO mentality. Although the risk-reward ratio becomes worse, the upward trend makes people feel "at ease".

Res believes that discussing whether Meme can reach the target of $100 billion is an extreme top behavior in the market. Currently, there is not enough liquidity and irrational factors in the market to support this goal, and a market cap target of 100 million dollars is more realistic. However, he believes that at some point in the future, the market will experience some extreme Meme valuations driven by low-IQ new entrants, but this is only a product of liquidity, momentum, social media, and greed.

See the original text: https://x.com/resdegen/status/1845412161486516675

-Andre Cronje(@AndreCronjeTech)

Why is L2 unreasonable for developers as an application chain?

Andre Cronje believes that L2 as an application chain is not reasonable for developers. The reasons include: almost no infrastructure support during deployment, such as stablecoins, oracles, institutional hosting, etc.; lack of support from foundations or laboratories; vulnerable to attacks and centralization; decentralized liquidity and reliance on cross-chain bridges; lack of user or developer communities; developers spend a lot of time dealing with these issues rather than focusing on applications and users. In addition, it disrupts the Network Effect, transaction confirmation time is still long, and some service providers are unwilling to cooperate, leading developers to fight alone.

He also pointed out that Appchains severely underestimated infrastructure and compliance costs, such as blockchain browsers, hosting, exchanges, oracles, cross-chain bridges, toolkits, IDEs, deposit and withdrawal channels, local publishing and integration, regulatory and compliance issues. By 2024, these costs have reached $14 million, and a large part of them are ongoing expenses.

See the original text: https://x.com/AndreCronjeTech/status/1845260816289091980

Roger Bojack (@roger9949)

The Evolution of Meme: From PvP to IP, the Exploration of MEW

Roger Bojack discussed the evolutionary path of the Meme project and used $MEW as an example to analyze how it moved from the PvP stage to cultural precipitation. The Meme project went through three main stages: the PvP stage that gained attention through mood swing in the early stage, the PvE stage that gradually attracted institutions to enter, and finally became a globally recognized IP through cultural precipitation. Brand building also requires good selling points, continuous content output, and more channels in Web3. $MEW, as a native IP of Web3, conveys the Crypto spirit visually with the image of "bravery, rebellion, and care" as the core, and performs outstandingly in the Korean market through continuous exposure and multi-channel expansion. MEW's exploration has reference significance for other Meme projects. In the future, Meme needs to be combined with Web2 scenarios to increase the market cap and promote the wider application of Web3.

See the original text: https://x.com/roger9949/status/1845870188866294233

Wind without direction (@0x0xFeng)

If the next bull market is really a super cycle of Meme, the fur industry will face a difficult situation

Feng Wuxiang pointed out that if the future is really a super cycle of Meme, the Restake track will completely decline. Except for ETHFI, there are almost no big profit projects. Puffer even cut Sun Yuchen loudly, with only about 1% annualized return on 58,000 pledged ETH, which is extremely disappointing for the return on re-pledging. The current track projects such as Swell, StoneStake, Karak, etc. have a worrying future.

He believes that re-pledging is essentially not innovative, but just a variant of DeFi mining and selling, with profits extracted quarterly, and has not brought substantial breakthroughs to the industry. In contrast, only the value storage of BTC and the casino effect of Meme have not been proven false, and even began to believe in Murad's Meme super cycle theory. If other tracks such as public chains, DeFi, and GameFi cannot rise, funds will only flow into the Meme field and create more Meme coins. He reminds not to be stubborn on one path, but to try more.

See the original text: https://x.com/0x0xFeng/status/1845817640906027286

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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