RyanCiz.eth
@ciz233
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Focus on scalability | Innovation @DigiFTTech | Innovating the Next-generation of capital markets | nothing serious @assemblyers ｜INTJ | LP @HarudaDogeeFoodFund
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RWA will be a big narrative, but still 800M TVL is too small for both crypto and traditional financial market. Building RWA is more than building an asset sector, it’s the bridge that connects the traditional and the crypto world.
The growing space is huge, looking forward to
📚DigiFT & HashKey Capital have jointly released a blockbuster RWA report!
➡️Access the report:
In celebration of our significant achievement in obtaining both our CMS & RMO licenses from MAS, we are excited to unveil our 2023 comprehensive RWA Research
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top contract activities on arbitrum
the only thing I could say is .... holy
@The_Beacon_GG
data by
@blockworksres
@DuneAnalytics
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整个报告略长，内容还总结了 MakerDAO 购买 RWA 的法律结构和购买流程。文章下半部分为中文版本。
这里个人观点，几个总结的点：
1/ DAO 的治理和运作并没有比传统公司结构更加高效。
@MakerDAO
为实现“ DAO 购买国债”支付了高昂的成本，做整个信托形式的法律结构。仅第一期 5 亿的国债购买在2023
#DigiFTResearch
Why is MakerDAO adopting real-world assets (“RWA”)? How DeFi protocols and DAOs are using real-world assets for stability, higher yields, and risk diversification? Find out in our insightful research.👉
#DeFi
#RWA
#tokenization
#regulation
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Just done a
@DuneAnalytics
dashboard for
@akidcalledbeast
Beast in the town.
@akcbcn
@Rafsby
@CryptoKrad
@MeowMrkat
#NFT
#BEAST
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和一些项目团队交流发现，很多团队对 AMM 和 DEX 的理解还在 Uniswap 上，但对于链上流动性而言，算法和场景需要高度匹配和定制化，甚至考虑过 x+y=k 应用在某个区间数个点上模拟 orderbook 也不失为一个好方法。
近期研究了一波链和 AMM，借此机会分享一下
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第一期终于出来了！
#StayHungry
将会是我和
@hungry3asmp
闲聊播客，内容主要基于
@DuneAnalytics
的数据，来和大家聊聊市场近况，或是值得关注的项目，软硬兼具
第一期（上集）以 Dune 介绍为主，顺便聊聊目前市场五大公链的应用概况、NFT 市场和DEX
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Compared to
@binance
smart chain,
@avalancheavax
's user experience(on chain) is much better, with faster confirmation.
The only drawback is that we need to use Avalanche Wallet, to cross chain to enter Avalanche Platform, but for BSC they have Binance as the gateway.
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5/5 In the future, ordinary users still need to give money to pro traders/market makers.
@izumi_Finance
is building new kinds of DeFi on-chain funds to help users grow their assets with the help of professional traders. Currently, in testing, will launch soon.
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Finished that piece of paper one week ago. DeFi On-Chain fund will obviously become the next step for asset management.
I've searched for 60+ projects with 22 of them(10+ projects with 20+ products) fit the definition.
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1/ About on-chain U.S treasury bond:
Crypto assets are all highly correlated, even for NFT projects.
Last time I run a
@DuneAnalytics
and found that the average price of top 5 bluechip NFTs are highly correlated with ETH and BTC.
query link:
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4days before
@blur_io
token launch, what's the status of NFT marketplace right now?
Let's check dashboard on
@DuneAnalytics
made by
@hildobby_
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simply query on
@DuneAnalytics
about the
@solana
exploit. Some rumors were saying that
@Stepnofficial
caused this exploit. But the result is that, among ~8k victim addresses, only ~1k addresses have ever interacted with Stepn system address.
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1/4 Thoughts on SF blockchain week:
This week is for builders, with so many projects all around. DeFi space has nothing new, btw
@izumi_Finance
's DL-AMM is still the best AMM model yet.
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even me become a Meituan driver
What the hell happened to
#Evergrande
Group?
Why does a real estate company cause more and more Meituan drivers around us❓
#NFT
#Meituan
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最近出现了一批 rebasing 结构的生息稳定币，感觉看到了稳定币的下一个阶段。
第一阶段的稳定币，Tether、Circle 等作为中心化的发行方，底层资产是不透明的，并且在高通胀的宏观环境下，实际上是“割”了持币的用户：这几家机构通过流动性管理，将资金投入债券获取收益；稳定币持有者只能在 Crypto
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Web3 玩的真的是纯信用，40M + 的 RWA 项目没有 license 甚至没有三方托管，坏脑子动起来，链下资产想怎么处理就怎么处理 ：）
对，就是那个某房地产还发稳定币的项目
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@William11Chan
不止。后面五年还有全面的红利，比如互联网之初哪个蹭上互联网就有机会。接下来是整体存量，但是细分领域还有增量，近两年pdd、ByteDance 都是。
其他小趋势还有很多呀，传统行业我们没关注的市场，比如农业无人机、服务机器人，还有生物医疗领域，区块链行业如果是整个底层变革，也会有这样的机会
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1/ 虽然近期关于 Azuki 的讨论非常多，本人持有 Azuki，但本 thread 无关 Azuki，而是放在一个更大的维度去思考 “NFT 流动性” 这个话题。大家都在讨论 “NFT” 和 NFTFi 但很少有对这事情做定性，在这里和 CT 的朋友们讨论一下：
Thread 难阅读可以选择 Mirror：
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真不明白为什么大家看到近期几个 RWA 概念那么激动。RWA 的道路一定是缓慢的。以往的 DeFi 协议只要有商业模式，技术上的问题总有办法解决。
现在的 RWA，多了一个监管方，需要多一方去认知新技术，而这个过程需要螺旋式的上升和迭代，和监管沟通，学习，然后改进模式和流程。
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原本被稳定币发行方“吞噬”的收益现在转移回了链上，链上美债的出现让链上美元有了更稳定的投资标的。其他股票类型 RWA，加密世界这个大赌场从不缺波动高的资产，就没有对 RWA 股票类资产的需求。
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看了一眼
@mavprotocol
的流动性分布，在以太坊上，几乎所有流动性都是在ETH的LSD上，几乎是没有无偿损失，那就根本不需要流动性的调整；在
@zksync
上 ETH-USDC 倒是有一些流动性，基本都是静态策略和单边策略，双边策略只有一个大bin。
单边策略在单边行情会好用，低卖高买的怨种双边策略就算了吧:)
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记录一些近期在
@DigiFTTech
的一些想法
• crypto若要成为新的金融基础设施，非技术层面对产业的改进方面包括：
• 金融市场的法律框架的再次搭建（新事物，新架构）
• 责任主体的重新确权（合约的责权利？）
• “钱”的流向和供应链的重构（新的利益分配，remove the middle）
•
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1/6 刚读完一篇以 DEX FDV 对标其他公链来计算$ARB估值的文章，顺手聊一下 Arbitrum DEX 生态分享一些数据。
其实 Arbitrum 一直没有原生 DEX，早期是 Sushi 帮助做流动性激励，GMX 最早就在 Sushi 上，在资产成熟之后迁移到 Uni V3。
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talking about
@blur_io
today, friends asked why there's so many NFT mktplace. Their thoughts are:
- building a mktplace isn't hard on tech side
- For now users of most NFT mktplace overlap with
@opensea
I run a data two months ago about user overlap👇
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1/10 So excited to assist
@finance_ref
AMM V2 design!
@izumi_Finance
are building the next generation DL-AMM model to better fit on-chain scenarios. Some explanation from my side if it's your first time to hear the new model:
Ref AMM V2 is coming - Discretized Concentrated Liquidity AMM! 🔥
Unlocking capital efficiency for users, for traders, for everyone.
Discover some of the key features⬇️
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每次大型的漏洞和 rug 都是对市场信誉的破坏。如果漏洞是难免，rug 就是人为的恶意。
信用越差的市场，越不会有长期资金的流入，只会内卷到无人问津。在市场信誉和信心恢复之前，牛市别想。
所谓去中心化的信徒们，被割够了吗？
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赶在 Spot Bitcoin ETF 审批（yes or no？）之前写了一下合规资金入场渠道的现状，大部分 AUM 都是以信托和 ETN 的结构发行的、底层资产为加密资产的产品。现货 ETF 作为更偏向散户的产品，在牛市期间会带来更大的流量。
此外不知道有没有人关注到上周花旗高管发行比特币的 DR（depository
In the past decade, the financial world has witnessed the meteoric rise of cryptocurrencies from fringe assets to mainstream market movers. This transition has been significantly bolstered by the influx of traditional market funds; a trend epitomized by the pioneering Grayscale's
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Found the old research paper by
@GSR_io
Now my gut is that DeFi 2.0 shall be defined as those protocol with organic revenue instead of generating yield through token inflation(which is DeFi 1.0 model)
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修正一下，看完这个代码解析，Uniswap v4 的 limit order 设计还是和 iZUMi 的 iZiSwap 很接近，流动性还是 maker。在某个单一 tick（几乎接近于某个价格点）注入单向的流动性，用户资金注入之后在价格划过后（完成执行）流动性被标记失效，随后可以随时将完成的订单取出。
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���问到这样一个问题：RWA 只能在熊市玩，牛市的时候
@DigiFTTech
这样的平台该怎么办？
其实我理解，RWA 的项目更多的是一种能力，一种打通 Web2 和 Web3 渠道的能力，其中包括对市场的理解，对周期的理解，地区法律法规；商业，产品，技术，监管。
圈外的人都说，Web3
RWA 这个赛道，现阶段确定性需求的是美债
美债也就那点收益，资产发行方（没币）也玩不出太多花，收益和合规程度上很难差异化（信任成本过高）
最终核心在渠道，所以都搞成特斯拉模式，垂直闭环
DAI 从分发到底层资产/OTC，完全垂直闭环
Ondo 从资产开始，往上游做借贷和稳定币
魔术顶端在上游
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看到关注的赛道出现一些新东西。之前内部还讨论过几次，LP as investments，比如以一些被动管理策略的 LP，如稳定币交易对，或者 LSD ETH对 ETH 的交易对等，甚至未来国债代币和稳定币的交易对，都是适合用 LP 做被动策略的投资的。
用户可以最多获得三层收益：
1，持有 bond 或是 LSD ETH
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Defi 没办法信用创造，但是能叠起来的多呀
鸭妈叠鸭
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看了一眼 BIS，MAS（新加坡金管局），Bank of Finance 和 Swiss National Bank 新做的 Project Mariana，看起来这次比 Project Guarian 更顺。
在以太坊的测试网跑了一个银行间三外汇的 AMM（结算体系）和跨链，实现一个多国银行间的 interbank settle network，2C 部分还是和现有系统兼容。
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1/10 Last time I wrote research about liquidity migration on
@Uniswap
V3 as we observed , that liquidity of large trading pair such as WETH/USDC, moving from 0.3% to 0.05% fee tier, to capture higher trading volume, and thus earn more trading fees
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看了一眼 U.S Fed
@federalreserve
最新的对 Tokenization 的报告，有一些惊讶，但个人觉得 Fed 在该报告中的看法有一些不够完整。
首先，Fed 对 asset tokenization，或者我们常说的 RWA（Real world asset），定义非常清晰明了： Tokenization refers to the process of constructing digital
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很有意思的一个讨论，Uniswap 从新发行资产中抽取收益是一个很有趣的想法。这些土狗项目利用 Uniswap 这个基础设施抠钱，这些项目流动性最初由项目方提供，还收取手续费，给 Uni 一些费用是合理的。
并且网络和品牌效应的存在，他们也不会跑别的 DEX 上去。目前聚合器也仅占交易量的20%不到。DEX
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Really enjoyed the week!
See you next time
#Token2049Singapore
Thank you for joining us at
#TOKEN2049
! It's been an incredible 2 days of connecting with the most brilliant of minds in
#Web3
. Your presence and participation at our booth & side event made this event truly special for us.
We hope you enjoyed the insights, discussions, and the
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1/ 感觉有必要把这个逻辑前后丰富一下。
ERC4337（虽然现在 adoption 还很差）之后，通过对节点和交易结构的修改，能允许智能合约直接发送交易。以往在以太坊的设计中，EOA 代表人，CA （合约账户）代表应用，应用必须由 EOA 触发，因此很多产品的设计就很 tricky。
其实抽象来看，每一个智能合约都可以成为“智能合约钱包”。以前每一次链上操作都需要 EOA 钱包触发，这也是为什么利率计算之类的都特别扯淡。
如果后续智能合约能自己通过ERC4337发交易，那就不需要外部来触发？比如清算，智能合约直接自己清算，不需要清算者？
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其实说稳定币生不生息这件事儿，就是打价格战，并不决定本质；一般稳定币底层都在买债，大家渠道和流动性管理能力差距不太大的话，都是五个点收益。
区别就是这五个点怎么分，传统稳定币如 Circle 和 Tether 自己都吃了，用户拿着稳定币自己想办法赚钱；USDV 分一半；USDM，mUSD，USDB
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回头又看了一遍精神史
我们的时间都在流向虚拟世界，15 分钟的英雄梦想还是每个人所期待的，那 PFP 就不会消亡。
所以上次提到，基本面并没有太多改变。区别只是，在浪潮里面寻找到 Alpha。
又要去消费所剩不多的欢乐豆了。
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@MorphoLabs
nice design but one question:
Assets like T-bill tokens/RWA need a whitelist function to meet compliant requirements, and they have demands to be used as collateral for liquidity (tradfi has huge market for repo).
Can Morhpo support assets with whitelist/allowlist?
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下集以 NFT 市场数据分析为主，主要是
@blur_io
@the_x2y2
@opensea
@LooksRare
@Uniswap
的 NFT 市场
一月份预期也会是 NFT 市场比较活跃的时间点，后面也会专门有一期来更深入聊聊 NFT 相关的话题。欢迎大家留言，给我们一些意见和建议～
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Regulators are clear, fin tech is to empower the real world economy. If tokenization do make financial transaction more efficient, making it cheaper for resource allocation, then it's a real unstoppable trend. That's what
@DigiFTTech
Stablecoin is the wrapped token of public
A trend to watch. Increasingly regulators are approving new on chain financial products but only allowing well regulated stablecoins as the digital cash instrument.
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Saw a lot of ppl saying this is the Lehman moment for crypto, and they lose faith as those crypto giants still run the old playbooks with an even unregulated way.
But on the other hand, this might be a turning point for crypto.
In math we trust, in DeFi we trust.
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@HaowiWang
目前来看对Chainlink的依赖度还是很大的。DEX 要有足够好的深度才能作为价格源发现，目前主要还是在ETH上。
但是Layer 2比如Arbitrum上
@GMX_IO
如果要读取价格数据，还是需要用到预言机的服务。衍生品需要高频的场景只能在二层。
也可考虑用Layer 2的DEX价格做TWAP但仍有操纵风险并且体量做不大。
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3/ So in order to have US T-bill on-chain(which is not easy as that's a regulated market), several projects are using different solutions. Some of them including:
@realMatrixport
@maplefinance
@TProtocol_
@OndoFinance
and
@openeden_hq
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1/1 看到一些参加 Token 2049 之后的小作文，没忍住也想写一写自己的看法。（略带情绪
Crypto 还在基础设施(改进)和应用(探索)阶段。华人团队更适合做的是应用，自然在前期的竞争相对困难。参与了
@NervosNetwork
和
@avalancheavax
两家公链的早期，的确中国出身的团队很难做到欧美团队那么开放的社区
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大的行情一定是 资金 + 内容的双重推动。内容最出圈的肯定是 NFT 这类比较适合聚合传播媒体的。
最近看各种一级市场 Deck 没什么特别的，突然感觉漏掉了什么：难道是一直在关注泛以太坊生态，没有关注其他领域？
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@zukoboba
@oolongswap
@bobanetwork
No I ‘m in LA and I set alarm clock in order to get the first $olo
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1/5The State of JIT
Almost 99% liquidity added in
@Uniswap
V3 WETH/USDC 0.05% pool is JIT liquidity
They're put in 1% price range, and will be removed within 1 block after drawing fee from a large trade, by using MEV bots
Our recap of
@DuneAnalytics
Dunecon well explained JIT.
#Dunecon
Recap 3
Session 4: Data Science On Uniswap V3.
By
@xin__wan
and
@AustinAdams10
, Researchers from
@Uniswap
1, How Uniswap data is generated
2, Using Uniswap data
3, Detecting just-in-time liquidity
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@TheBlock__
@NervosNetwork
is the Layer 1 Blockchain optimized for layer 2 solutions. Nervos use a generalized UTXO model to store all kinds of data/code, supporting smart contract to act as crypto court and build trust for all the upper layers
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在 Uniswap V3 的基础上对 LP 的策略做了改进，根据上一个周期价格的 TWAP 将已经出区间的流动性再次聚集到新价格周围。
比如对于 ETH-USDC 交易对，目前 1800的价格，若流动性铺设在 1700-1800 此时已经全部是 USDC；若价格拉升到 2000，这部分 USDC 会直接移动到 1900-2000 的价格区间提供流动性
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Talked with a former CEX CEO who are building DEX right now about their cost.
They used to have 100 devs taking care about server maintenance and support asset safety issues.
Now they only need 30 ppl as a whole team to deal with everything.
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这段熊市期间有一个很明显的感受，链上地址的标记越来越完整，信息也变得更加透明；特别是主流做市商的动态，都有非常即时的快讯。
想通过 DeFi 继续做链上的市场操控会变地更加困难，特别是对于一些大型机构来说。
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虽然最近很想专注业务，但难免聊到投资（赌博）这个话题。
难免会被某个短期 fomo 的小币种套住，特别是一些 meme，买入被套，然后总期待补涨。
这时候要想一个问题：如果要长期持有，你是否会拿住？如果答案是否定的，那该放弃就放弃。沉默成本不是成本。
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Trading, banking(lending/borrowing) and asset issuance.
Three fundamental things in DeFi world.
DeFi Ecosystem: Primitives and Technology Stack by
@kai27_crypto
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successfully run an
@avalabsofficial
node on my Macbook!
Transactions are so fast! Now I am a validator on AVA testnet!
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@DeFi_Cheetah
@Uniswap
@Balancer
super curious about their limit order. Will they have a design just like
@izumi_Finance
? Put limit order as a LP in a single tick, after get fulfilled, mark it and remove the LP, then need another transaction for trader to receive the money?
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和朋友喝酒脑补到一个很脑洞的话题，关于比特币的共识破灭。
比特币是一个共识支撑的资产，时间越久，共识约稳固，网络效应越强，越有价值。但什么样的情况会让共识破灭？
1. day0 级别漏洞
2. 中本聪再现
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Wrote some thoughts before the next stage.
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10/
@OndoFinance
's OUSG is similar. Now having $105M TVL. They have a lending protocol called
@FluxDeFi
operated by a third party.
And the difference is that
@OndoFinance
is holding
@BlackRock
's T-bill ETF, and they can sell it to both US and non-US accredited investors.
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The ultimate question about RWA or OCA is how's the issuance structure. From my perspective, there's two structure: asset-backed structure ( most RWA now, like T-bill tokens are using this structure) and direct issuance model.
RWA are in essential those assets that are staying
RWA Confusing Terms? 🤷♀️
The Only Post You Need to Read to Get Them Right 😉
🏴RWA - Real World Asset
🏴OCA - Off-chain Asset
🏴Tokenization
🏴Tokenized Asset
1⃣At their core, Real World Assets (RWA) and Off-chain Assets (OCA) convey the same fundamental concept: assets that
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Always hear people saying that NFT's prices are not correlated with crypto market. Is that real?
So here I give some simple analysis.
data from
@DuneAnalytics
with this year's floor price of top 5 NFTs( in USD/ETH respectively), eth and btc price
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@NervosNetwork
Co-founder Daniel
@lgn21st
in
#Chainge
Panel discussion with
@irisnetwork
@chainlink
@Bytom_Official
Talking about blockchain interoperability now.
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2/ Over the past 2 months,
@Uniswap
has ~864k unique addresses and
@opensea
has ~448k. Around ~111 addresses trade at both platform which is the overlap: only 12% of uni and 25% of os.
Not huge, but still insignificant.
Data
@DuneAnalytics
:
#NFTs
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资本共识需要经历价值发现这一过程，这一过程本身是分散且漫长的；资本共识要追随资本的天然属性（逐利且成本抗拒）。
因此，对资本而言，一项不可免除且日渐昂贵固定成本应当是全球各地的制度成本，即税、法律、公共政策变动等因素，反过来凸显 BTC 的优势
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Awesome new positioning
But still need more narrative
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小预判一下，纳斯达克联合 SEC 起诉 Crypto native 的 exchange，是传统金融的觊觎； Crypto 的蛋糕他们是要吃的，后续大概率开自己的 Crypto exchange。
卡在香港（东方势力）的这个时间点，很微妙。
实际上 Crypto
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