With the improvement of the underlying infrastructure, both institutions and individuals have developed a new interest in crypto payments and brought a spring breeze to the rise of PayFi. Among them, PayFi has many advantages such as improving capital efficiency, and as a central hub, it closely connects traditional financial institutions, merchant networks, DeFi and RWA. Finally, PayFi has the most obvious marginal improvements in cross-border payments and subscription billing, so it is most likely to be the first mover.

As the first research report in the PCUBA·SectorScan series this semester, this report will focus on sorting out the Web3 game projects in each segment that have the most potential to "go viral" like "Black Myth: Wukong" in 2024.

This article will provide a systematic mechanism analysis of Pendle, analyzing how Pendle quickly grasps market demand and completes the direct transmission of fundamentals to coin prices, and how it is negatively affected by the cooling of the Ethereum ecosystem and continues to fall.

本文尝试将“反女巫”当做参照点，对其发展阶段及生长出来的新叙事、应用场景及涌现的各类解决方案进行概述和梳理，希望本文的视角对关注前述相关议题的朋友也能有所启示或帮助。

本文旨在为这样的技术转型提供实用指南，特别关注在 DApp 开发中的关键技能和转换策略。

TON will continue to optimize its technical framework in the future: continue to promote TONs speed and scalability advantages through mechanisms such as parallel expansion, launching chain sharding tools, and strengthening node inspections.