Weekly Editors' Picks Weekly Editors' Picks (1105-1111)

"Weekly Editor's Picks" is a "functional" column of Odaily. On the basis of covering a large amount of real-time information every week, a lot of high-quality in-depth analysis content will also be released, but they may be hidden in the information flow and hot news, and pass you by.

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Investment and Entrepreneurship

Investment and Entrepreneurship

In-depth interviews with 20 investment institutions to tell you where the opportunities lie in the future

Most investment institutions tend to watch more and move less. They pay more attention to infrastructure projects, among which ZK, new public chain and middleware are the most concerned. In terms of application projects, DeFi, Game, and social networking rank the top three. Among them, DeFi is the most promising direction for institutions, and games and social networking are very controversial.

The main controversy of social networking is: everyone agrees that social networking is a necessary demand, and it also has a very high upper limit. However, many organizations believe that the existing SocialFi project is still in the early stage of development, the model is not yet clear and no sustainable paradigm has been formed. It is difficult to acquire users from traditional giants if we only rely on the token economy and the packaging transformation of Web2 social networking. The controversy of the game mainly lies in: on the one hand, many organizations recognize that games are the most attractive to incremental users; on the other hand, some organizations believe that the current chain game model is unsustainable.

Interpretation by professional lawyers: If FTX eventually collapses, how will creditors get back their assets?

For a multinational exchange like FTX, it is often necessary to apply for bankruptcy in multiple jurisdictions, which also increases the difficulty of future settlement. Moreover, the creditor priority of ordinary users on the platform may not be high, ranking behind other creditors.

DeFi

Of course, if FTX can find new investors willing to inject capital, it can avoid liquidation. However, if the acquisition cycle is too long, FTX will face more uncertainties, which may deepen its liquidity crisis.

Uniswap V3 LP turns losses into profits

The article starts with Alex’s discovery that “LP lost about 100 million U.S. dollars in Uniswap V3 ETH/USDC”. For 709 coin pools whose TVL is greater than 52 ETH and has more than 5 swap events, it summarizes its creation to 2022 All position information on October 26, 2019. By calculating the hourly fees, free loss, net value, and gas of the position, the hourly rate of return of the pool is obtained, and the overall mining annualized rate of return and net annualized rate of return of the currency pool since its creation and in the last 6 months are accumulated .

The author found that over a long period of time, most unilateral stablecoin pools and dual non-stablecoin pools are losing money; while the mining income of dual stablecoin pools is very low, but 70% of the overall income of dual stablecoin pools The ratio is positive, and 90% of the dual-stablecoin pools have been profitable in the past six months, although the 75th percentile of the net annualized rate of return is less than 10%. Large investors with negative returns may have hedging behaviors in other agreements to make up for losses in V3, or V3 is used as an option hedging tool for other currency price strategies. Recently, affected by the FTX run crisis, the credit issues of centralized exchanges have been questioned, which led to a sharp increase in the trading volume of decentralized exchanges within a month, of which Uniswap V3 trading volume increased by 898%. Higher transaction volume means that fees will increase at the same TVL, which brings hope to the LPs among them.

Coinbase and Gemini's "reserve pull" battle, MakerDAO is expected to turn losses into profits?

With competition from Gemini and Coinbase, MakerDAO will hopefully turn a profit. The circulation of GUSD has increased by 101% in the past month or so, which may allow more stablecoin issuers to see the opportunity and join the battle. And DeFi protocols such as MakerDAO with a large number of stablecoins are also expected to change the situation of "working workers" in the past, and can share the revenue of stablecoin issuers. The success of MakerDAO also allows other DeFi protocols to see the hope of making profits. The practice of issuing loans directly to Coinbase is more radical, and the combination of DeFi and CeFi may bring greater room for profit growth.

NFT, GameFi and Metaverse

NFT, GameFi and Metaverse

This article sorts out the global NFT financial supervision situation and policies and regulations

The article summarizes the regulations on NFT around the world. These forthcoming regulations are a good sign, as they signal the market is moving in a more developed and reliable direction, which will eventually encourage Web3 adoption.

Andrius Serpenskas, DappRadar's legal counsel, pointed out that "cryptocurrency must be distinguished from NFT." Cryptocurrency is a type of currency with economic value and fungibility. And NFT is irreplaceable, and its value goes beyond the economic category.

Detailed explanation of NFT royalty reform: fighting, insider, where to go

This article mainly analyzes the royalty reform comprehensively from three aspects: the ingenious fermentation process of the incident, and the deep-seated reasons for Sudoswap and X2Y2 canceling royalties. conclusion as below:

The main body of the debate on royalty reform is divided into four camps: ordinary users, trading markets, NFT collectors, and project parties.

There are two reasons why SudoSwap does not charge royalties: 1. Before the SudoAMM mechanism, it was an off-site OTC project, and there was no such thing as royalties; 2. After the SudoAMMs mechanism, it is necessary to minimize slippage and improve matching Efficiency, zero royalties are important conditions for the smooth operation of the AMM system;

Judging from the direction and trend of the royalty reform, there are four main aspects: 1. For the development of PFP projects, the royalty reform may achieve a "soft landing", that is, a gradual transition from partial reliance on royalties to zero royalties; 2. The business model of NFT It will be more abundant, a large number of 2C2B charging models will appear, and the high-quality supply of NFT will increase; 3. Paying royalties for art (1/1) projects will become the consensus of the industry; 4. Zero-royalty projects will form the long tail of the NFT market market.

Web 3.0

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• Lehman storm in the currency circle: Will the wallet become the perfect solution for the storage and management of Web3 assets?

• Trend: Towards smart contract multi-chain multi-signature wallets, wallets become the main distribution center for traffic and applications;

• Smart: Smart contract solutions will be divided into two technical routes: AA (account abstraction) and EOA+contract;

• Security: The secure multi-party solution (MPC) will become a technical solution for multi-signature, co-management, and social recovery;

• Ease of use: Web2's insensitivity, no private key, and recoverability combined with Web3's data ownership and privacy protection;

• Rich: Dapp Store, service, B/C terminal, and Swap will become the source of profit for various wallets.

Ethereum and scaling

Ethereum and scaling

A Brief Analysis of the Latest Roadmap of Ethereum: Six Key Routes

After the addition of The Scourge, the six key routes of Ethereum are advancing at the same time.

The main goal of The Merge is to build a decentralized, robust and concise PoS consensus mechanism. The main goal of The Surge is to promote Rollup-centric expansion to achieve 100,000 TPS per second. The main goal of The Scourge is to ensure that reliable, credible and neutral transactions are included in blocks, avoiding network centralization and MEV-related risks. The main goal of The Verge is to lower the threshold for validating blocks. The main goal of The Purge is to simplify the Ethereum protocol, eliminate technical debt, limit the cost of verifiers participating in the network by clearing historical data, reduce the storage requirements of nodes, and even no longer need to store full node data, thereby improving node efficiency and indirectly improving TPS. The main goal of The Splurge is some piecemeal optimization fixes, such as account abstraction, EVM optimization, and random number scheme VDF.

4D Talks Scalability, Modularity, and the Future of Ethereum

A "super long study note" about ZK Rollups and zkEVMs, Validiums and Volitions, modular layers (Celestia and Fuel), middleware (Eigenlayer) produced by an "Ethereum maximalist".

Multicoin Capital: An article exploring the value stream in MEV

In a proof-of-stake system, the market structure of MEV is completely different because: first, the staking pool participating in the consensus allows the profits generated by the searcher's activities to be redistributed to the individual staker alliance; second, the miners are automatically split into two different The roles of: validator (or block proposer) and block builder.

The market structure for MEV in a proof-of-stake system suggests that value will accumulate on two levels: first to stakers through staking pools, and second to infrastructure providers that facilitate MEV extraction and redistribution. The tighter each component of the MEV infrastructure is integrated, the more efficient the entire system will be in terms of value capture.

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New ecology and cross-chain

New ecology and cross-chain

Comprehensive comparison of the four major L2 protocols of the zk system: progress, similarities and differences, and ecology

This article sorts out the development progress and ecological details of the four major protocols of the zk system, StarkWare, zkSync, Polygon zkEVM, and Scroll.

In general, although StarkWare and zkSync indicate that they will eventually realize zkEVM, they are not compatible at the bytecode level after all, requiring developers to translate and migrate codes. Therefore, Polygon zkEVM and Scroll will be closer to the Ethereum ecosystem.

However, EVM compatibility is not the only criterion for judging whether the L2 expansion solution is good or bad, and it is only used as an objective indicator. They are still in the early development stage. In addition to ensuring security, the later developer experience and user experience are more important.

The development status of the digital cross-chain bridge: cross-chain assets are still dominated by stablecoins, and the number of NFT cross-chains has increased by 6540%

The transaction volume of cross-chain bridges increased by 14.43%.

Multichain, cBridge, Chainswap, Harmony, EVODeFi, Optimism and many other bridges have already provided NFT cross-chain functions. Among them, OptimismNFT Bridge has currently bridged more than 11,000 NFTs, an increase of about 6540% in the last month.

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hot spots of the week

hot spots of the weekIn the past week, due toCZ says it will liquidate all remaining FTT on account, the confrontation between Binance and FTX escalated, and FTX fell into a liquidity crisis (），Related topicsAssociated Currencyseverely affected,CZ announces or will acquire FTXback,，The overall market fluctuates sharplyPractitioners and KOLsComments and opinions on the incident have been published, Reuters said.SBF is Seeking $9.4 Billion in Aid Financing for FTX, Forbes analyzedSequoia Capital, Temasek and Paradigm may be the three investment institutions that will lose the most in the FTX implosion, SBF atinternal letterZhong said that Binance had never really planned to acquire and was communicating with Sun Yuchen,FTX Announces Cooperation with TRON, assets such as TRX will be allowed to be swapped to external wallets 1:1, and SBF will respond positively to the incident (），full text，FTX JapanThe FTX Future Fund team announced that it has collectively resignedFTX USCash withdrawal service in Japanese Yen has been resumed now,

Indicates that ETH withdrawals will resume soon;In terms of policy and macro market,white house spokesman: The FTX thunderstorm event highlights concerns about cryptocurrencies and will continue to monitor the encryption situation.California financial regulatorThe FTX thunderstorm incident is being investigated,FTX Japan has been ordered to suspend operations;

perspectives and voices,Elon Muskperspectives and voices,: Twitter may go bankrupt, V God:Musk's Twitter may face more market competition, regarding the article "Binance Helps Iranian Company Process $8 Billion in Transactions" published by Reuters,Binance respondsWeb3 is not the Web at all；

Institutions, large companies and top projects,Institutions, large companies and top projects,Google Cloud announces partnership with SolanaHuobi Global, next year Solana will introduce a blockchain node engine and add BigQuery support,pNetworkPublish the truth statement about the GALA incident, and pNetwork will be held accountable and compensated,HuobiCondemn Huobi for false allegations and will take legal action to prove his innocence,Announced the recasting of PGALA Token on the TRON network,In the event of a DDoS attack, the protocol assets are not affected;

NFT and GameFi fields,Solana NFTNFT and GameFi fields,On Instagram and Facebook,Twitter-OpenSea deal stalled, Magic Eden may become a key partner of its NFT project,Portal

With "Editor's Picks of the Week" seriesPortal。

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