"Weekly Editor's Picks" is a functional column on Odaily Planet Daily. Besides covering a large amount of real-time news each week, Planet Daily also publishes many high-quality in-depth analyses, but these may be hidden in the information flow and hot news, and you may miss them.
Therefore, every Saturday, our editorial department will select some high-quality articles that are worth spending time reading and collecting from the content published in the past 7 days. From the perspectives of data analysis, industry judgment, and opinion output, they will bring new inspiration to you in the crypto world.
Now, come and read with us:
1011 Reflections and Inspirations
Sometimes, market liquidity isn't sufficient. The order book isn't deep enough to close positions without exceeding the remaining funds in the original positions. This becomes a problem because it means there's not enough cash in the pool to cover everyone's profit and loss. This triggers the next level of the waterfall model—intervention by a "vault" or "insurance fund." It steps in and assumes the responsibility of those whose positions are forced to be liquidated. Vaults are generally quite profitable in the long run. Auto-deleveraging (ADL) is the last line of defense in the waterfall model and is often considered a "last resort" because it doesn't rely on market matching but rather forces some traders to liquidate and exit their positions in order to restore balance to the system.
It occurs very rarely.
In terms of specific order, the "big players" who earn the most, have the largest positions, and the highest leverage will be the first to be forced to close their positions by the system.
Ethena investor Dragonfly: USDe is not de-pegged, it’s just a “local price misalignment” on Binance
During the weekend market crash, many people discussed that Ethena's USDe had "broken its peg." Rumors suggested that USDe briefly dropped to around $0.68 before recovering. However, this claim is incorrect. USDe did not actually break its peg.
USDe's primary liquidity source wasn't centralized exchanges (CEXs), but Curve. Binance was extremely unstable during this period, with market makers (MMs) unable to adjust their positions within the platform due to frequent API failures, and deposit and withdrawal channels were nearly paralyzed. Consequently, no one was able to enter the market to profit from arbitrage.
Binance lacks a primary dealer relationship with Ethena, making it impossible to mint or redeem USDe directly on the platform. Furthermore, a flaw in Binance's oracle implementation led to an erroneous liquidation. Therefore, this was a Binance-specific flash crash (discount) rather than a USDe devaluation.
Due to varying liquidity, smaller companies experienced steeper declines, and companies with lower mNAV saw even greater declines. For investors, when a business model itself is questionable, a cheap price isn't necessarily a reason to buy.
Guiding principles for reducing (but not eliminating) risk include establishing capital requirements, enforcing stop-loss and take-profit orders, diversifying investments across multiple platforms, limiting leverage, strict monitoring, and using off-contract hedging tools.
Also recommended: " Wintermute founder's 10,000-word podcast: The market needs to introduce circuit breakers, and there won't be a copycat market in the short term, " " When liquidity disappears: Microdata decodes the October 10 flash crash, finding overlooked market signals ," " Understanding how market makers work in the cryptocurrency world in one article, " " Black swan trader? Who is Garrett Jin? ", and " Post-October 11th sober reflection: How can exchanges balance 'relative fairness' and 'absolute transparency'? "
Investment and Entrepreneurship
The key to the bear-bull transition: the second S-shaped growth curve
The market is repricing risk, shifting from narrative-driven liquidity to income-supported yield data. Key shifts include:
- Perpetual decentralized exchanges maintain their dominance, with Hyperliquid ensuring liquidity at web scale.
- Prediction markets are emerging as a functional derivative of information flows.
- AI-related protocols with real Web2 application scenarios are quietly expanding their revenue.
- Restaking and DATs have peaked; liquidity fragmentation is evident.
The three long-term inflation anchors remain:
- Deglobalization: Supply chain diversification increases transition costs.
- Energy transition: Capital-intensive low-carbon activities increase short-term input costs.
- Demographics: Structural labor shortages lead to persistent wage rigidities.
Polymarket's $9 Billion Valuation War: A Hidden Gold Mine for Arbitrageurs
In the fertile land of Polymarket, few have truly cultivated and reaped the rewards over the past few years. For those who know how to truly make money on Polymarket, this is a golden age. While most people view Polymarket as a casino, the smart money sees it as an arbitrage tool. This article illustrates some arbitrage methods through personal experience.
Those who refuse to evolve, stop dreaming about the copycat season
If you're still waiting for "alt season," you've already lost. The winners are the new generation of investors who entered the market in the past two to three years. They've evolved rapidly, kept up with the market rotation, and bravely invested, truly participating in the market. The universal alt season is gone; it's now fragmented. So keep learning every day, build a system, and take action early. Don't be a bystander or a pessimist.
ZEC, XMR, Dash, Secret Network ($SCRT), Pirate Chain ($ARRR).
An article reviewing the four hottest launchpad platforms
The popular Echo: self-hosted, switchable compliance mode; Legion & Kraken: the integration of reputation and regulation; MetaDAO: replacing marketing with mechanisms; Building: a KYC threshold compliance channel for large-scale retail investors.
For investors, advantages no longer depend solely on "early entry", but more on the depth of understanding of the operating mechanism.
Behavior-based scoring (rather than transaction volume-based), progressive mastery systems, integration with social graphs, and alignment with the real economy will increase user stickiness.
Also recommended: " A $20 Million Ticket: 10 Questions and Answers to Understand Hyperliquid HIP-3 ," " Who is Kyle Wool, the Man Who Helped the Trump Family Earn $500 Million? ", and " The VC Exit in the Cryptocurrency Circle: Who is Killing the Dreamers in the Primary Market? "
Airdrop Opportunities and Interaction Guide
October TGE Projects: Monad, Meteora, and Limitless Lead the Way
The Next Billion-Dollar Track? An Analysis of Interactive Strategies in Prediction Market Platforms
The hottest testnets and Perp projects in October
Don’t Just Hoard Airdrops! Binance Alpha’s Booster Event is Also Worth Participating (with Tutorial)
Meme
Chinese memes are showing off their power, which one will be first to land on Binance?
Bitcoin and its ecosystem
Prediction Market
Is Polymarket about to launch its coin? A comprehensive review of the ecosystem’s Alpha targets
The article introduces five Polymarket ecosystem projects, which enrich the gameplay of the prediction market from the perspectives of smart trading, sports betting AI, social trading, mobile terminals and leveraged trading.
Predicting the Singularity of Market Explosion: User-Generated Markets Introduce Creator Economy
The introduction of creator economies and revenue sharing could not only propel prediction markets from a negative-sum game to a near-zero-sum game, but also potentially ignite their explosive growth.
Also recommended: " Strategy Analysis: How to Achieve Super High Win Rates in Polymarket Through Insiders? "
CeFi & DeFi
Is it possible for DEX to replace CEX?
High-performance CLOB DEXs break down AMM barriers. Combined with their zero-fee model, security, accessibility, and market fairness, DEXs are poised to ultimately achieve market dominance. Future catalysts worth watching include on-chain CLOB expansion, composability and new product categories, regulatory clarity and convergence, on-chain dark pools and privacy protection, and brand and fiat currency innovation.
YieldBasis is a platform built on Curve that uses Curve pools to generate yield from price fluctuations while protecting liquidity provider positions from impermanent loss. At launch, Bitcoin was the primary asset.
YieldBasis will redefine how liquidity providers profit by converting volatility into yield and eliminating impermanent loss. YieldBasis represents one of the most innovative designs in liquidity provision since Curve’s original stable swap model.
It combines proven mechanisms; voting custody token economics, automatic rebalancing, and leveraged liquidity provision, into a new framework that may set the next standard for capital-efficient income strategies.
Meteora airdrop starts tonight. Which is more profitable, receiving tokens or receiving LP?
Whether to participate in Liquidity Distributor depends largely on your assessment of whether the gains from market trading volume (especially opening volume) offset potential impermanent losses (especially at a pre-market valuation of $1.5 billion, which represents approximately 23% impermanent losses). Participants can make their own predictions about MET's opening price and first-day trading volume, and make the most appropriate decision based on this assessment.
Also recommended: " Lazy Man's Financial Management Guide | Farcaster Launches USDC Deposit Event; Neutrl Pre-Deposit Opens Tomorrow Night (October 14) ".
Weekly Hot Topics Cramming
In the past week, the market recovered from the "1011 crash", but fell again on October 17;
In addition, in terms of policy and macro-markets, Federal Reserve Board Governor Waller has successfully completed the interview for the position of Federal Reserve Chairman ; Federal Reserve Board Governor Waller advocates for gradual interest rate cuts ; Florida legislative proposals intend to allow state government funds and pension funds to allocate Bitcoin and related ETFs; Trump is considering pardoning Zhao Changpeng ; Japan will introduce new regulations to prohibit insider trading of cryptocurrencies ; Japan's Mitsubishi UFJ Bank, Sumitomo Mitsui Financial Group and Mizuho Bank will jointly issue a stablecoin ; the Governor of the Reserve Bank of India hopes to promote central bank digital currency in India rather than cryptocurrencies or stablecoins;
In terms of opinions and voices, Binance: will compensate users affected by the price decoupling of USDE, BNSOL and WBETH; Hyperliquid: the platform traffic and transaction volume have hit record highs, and the blockchain network has not been down or delayed ; Lighter: the platform service has been restored , and an incident analysis will be released later and large-scale user compensation will be initiated; Uniswap founder: the platform's trading volume today is nearly US$9 billion, and there is no pressure or downtime; Crypto.com CEO and Wintermute team members responded to market FUD: the institution is operating normally, and the thunderbolt talk is a rumor ; Ethena founder confronted ZKasino founder : the thunderbolt rumors are pure rumors, beware of scammers who misappropriated US$30 million in funds; Crypto KOL Dachengzi: WBETH, BNSOL and other contract margins should not read the spot trading pair prices, and the stampede-like decline could have been avoided ; Hyperliquid co-founder: Hyperliquid's fully on-chain clearing is transparent and verifiable, CEX clearing data is severely underreported ; Matrixport: This round of "capitulation selling" is of historic significance and has completely reshaped the crypto market's holdings ; benmo.eth: The USDe depegging incident was primarily a leveraged trading battleground , and Binance's withdrawal mechanism unexpectedly blocked arbitrage opportunities; Garrett Jin responded to rumors for the first time : It has nothing to do with the Trump family, there was no insider information involved in the position swap, and the fund does not belong to him, but to his clients; Ethena investor Dragonfly: USDe did not depeg , it was just a "local price dislocation" on Binance; 10x Research: The crypto market may introduce a "circuit breaker mechanism" to cope with extreme volatility; He Yi responded to the "data modification" controversy: Binance uses the mark price to avoid extreme market conditions , and the execution process still needs to be polished;
Wall Street warns: High valuations and uncertainty in US stocks may trigger a new round of volatility; Analysts: The Federal Reserve is not concerned about the escalation of the trade situation, and US stocks may have a tailwind in the future ; Bank of America survey: Long gold has replaced long positions in the seven major US stocks as the most crowded trade; HSBC: The US dollar is likely to weaken again and may bottom out early next year; Arthur Hayes: The United States may launch a "poor man's version of QE4" , which is good for Bitcoin's rise; Analysis: The US government shutdown has pushed the world into a data blind spot, and global risks will surge over time; Capital Economics: Japan's political uncertainty is unlikely to drag down the country's bonds and stocks; Eugene: It is not recommended to make major transactions at this stage , and the market is in "hell difficulty"; Yi Lihua: Mindlessly following Trump's "cryptocurrency speculation" in the short term may be a good strategy; BlackRock CEO: Bitcoin is an alternative asset, but it should not account for too high a proportion of the portfolio ; BlackRock CEO: The tokenization of all assets is just getting started; Tom Lee: The bubble of digital asset treasury companies may have burst; CZ: BNB does not have a market maker ; Arkham analysts: The LuBian hack was likely orchestrated by the US government, potentially making the US the largest financial hacker in history; Arkham analysts: The LuBian hack was likely orchestrated by the US government, potentially making the US the largest financial hacker in history ; Uniswap founder : CEXs charging high listing fees are just a marketing tactic, while DEXs already offer free listing and liquidity support; He Yi: Binance will provide complete reports on all marketing and airdrop activities to project owners, and listing deposits will be refunded .
Regarding institutions, large companies, and leading projects, JPMorgan Chase will allow clients to trade cryptocurrencies, but custody services have not yet been launched. Tether reached a settlement with the Celsius bankruptcy consortium and paid $299.5 million. China Renaissance Capital plans to raise $600 million to invest in BNB, with YZI Labs potentially participating. The original candlestick charts of multiple tokens on the Binance platform have been restored. Binance launched the $400 million "Together Initiative" for industry recovery and confidence rebuilding . Coinbase included BNB in its coin listing roadmap. Coinbase launched the "Blue Carpet Project" ( interpretation ). Bloomberg: Ripple Labs plans to lead a $1 billion investment to build an XRP reserve strategy . The founder of Zerobase stated: "Add funds to the liquidity pool immediately, and users can withdraw instantly ." ZEROBASE announced the ZBT token economics , with a total supply of 1 billion, 8% of which will be airdropped. Polymarket will soon be available on MetaMask . Polymarket launched a "rise/fall" stock prediction market , allowing users to bet on stock price trends. Eric Trump announced that he would tokenize real estate through World Liberty Financial. AC's new project Flying Tulip disclosed details of its public offering : it will be conducted in four rounds, with identical terms for each round, supporting investments across six chains; Binance Alpha launched the Chinese memes "Xiu Xian" and "Hakimi"; Monad launched an airdrop claim portal; Meteora launched a MET airdrop allocation checker;
According to Forbes, Trump may be one of the largest Bitcoin investors in the United States , holding approximately $870 million. The total market value of stablecoins has exceeded $310 billion, a new high, increasing by approximately $10 billion in the past three weeks. Spot silver has broken through $53 per ounce, setting a new record high.
In terms of security, Paxos destroyed the 300 trillion PYUSD that was previously issued in error ... Well, it was another week of ups and downs.
Attached is a portal to the "Weekly Editor's Picks" series.
See you next time~
- 核心观点：加密市场深度分析揭示关键趋势与风险。
- 关键要素：
- ADL机制是永续合约最后防线。
- USDe脱锚实为币安技术故障。
- Polymarket成聪明钱套利工具。
- 市场影响：推动投资者关注机制本质与风险管理。
- 时效性标注：短期影响
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