属于是把饭喂到嘴里了

perp dex赛道一个比一个有格局啊 extended空投30%（含官方做市团队靠交易积分拿的1.738%），tge全额解锁，且只有空投部分在tge时处于实际流通状态

bulk的美股终于来了 简单看了下，当前在variational一侧多mu，空sndk；bulk一侧多snkd，空mu，暂时还有一定的费率差 看好费率开单的话，基本可以抹平手续费和点差磨损，属于无损拿积分了 variational：omni.variational.io/?ref=OMN… bulk：app.bulk.trade/ref/AZUMA-1

Been seeing a lot of FUD on @variational_io. A lot of the FUD misses the point. About users not getting the best prices. About this and that. I don't like meaningless bantering. I like to see facts and data. The all-in execution costs for RWAs is actually gearing better and better from what I can see on rwa.perpetualpulse.xyz/ by @hansolar21. A lot of things on Vari are still being built out. As a non-technical user myself there will be a lot of things and decisions I will not understand about. But i know it's going to be exciting. gVAR.

Bulk终于要上美股了 体感下来这应该是市面上统一保证金引擎做的最好的perp dex之一，同样的波动爆仓风险会更低 刷var、arcus、lighter rh的可以考虑用较少的本金在这里做对冲，资金效率会更高一些 目前还是邀请制，想玩的可以走下边的链接，会有积分速率加成 app.bulk.trade/ref/AZUMA-1

我们没有安全问题啊😭 之前没回应，是因为上周我们自己的苹果开发者账号在主体切换过程中出了点操作问题，导致 App 被苹果商店暂时下架。目前已经和苹果官方沟通了，正在重新发版审核，预计下周上线。 本来想着这事不涉及政策、合规或者安全问题，就不专门发声明了，等下周 App 恢复更新上架再跟大家同步。 没想到刚好碰上友媒的安全事件，导致大家误以为我们的 App 有安全问题，只好澄清一下。 Odaily App 没有安全风险。部分用户收到的系统提示是因为被下架产生的，给大家造成不必要的担心，实在抱歉啊🙏

声明：Odaily未被DarkSword攻击影响，App不存在安全风险 昨日，律动 BlockBeats 遭受网络攻击，导致网页端出现异常。与此同时，部分 Odaily App 用户收到了苹果系统的安全提示，引发市场误解，认为 Odaily 同样受到攻击影响。 对此，我们正式声明：Odaily 未被 DarkSword 攻击影响，App 亦未受到此次安全事件影响。 实际原因是，Odaily App 因苹果开发者账号相关问题，于上周被暂时下架。我们已与苹果官方沟通并推进问题解决，目前正处于新版本审核及恢复上架流程中。由于近期 App Store 审核排队量较大，预计将于下周完成更新并重新上架。 需要强调的是，此次下架属于公司自身开发者账号主体调整引发的操作性问题，与监管政策、业务合规、App 内容及平台安全均无关联。 部分用户收到的提示，系苹果系统针对应用状态发出的通知，与 DarkSword 攻击或 Odaily App 自身安全问题无关。由于两起事件发生时间接近，造成了不必要的误解。 Odaily App 目前正常运行，现有用户可继续正常使用。此次事件不涉及 Odaily 安全问题或因 DarkSword 攻击导致的安全风险。 感谢广大用户及合作伙伴的关注与信任。后续 App 上架更新进展，我们将及时同步。 odaily.news/zh-CN/newsflash/…

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简单算下Variational的积分价值。 空投比例已经确定是32%了，且会按积分比例空投，所以现在只剩下两个变量：一是FDV，二是积分总量。 先看FDV，这个可以通过Polymarket上的估值概率分布来测算。 参考两种算法： 如果采用中位数估值（Median FDV），大概落在 15.3 亿美元； 如果采用隐含期望估值（Expected FDV）办法，大概会落在 18.5 亿美元； 所以目前市场已博弈出来的估值区间大概就收敛在 15.3 亿 - 18.5 亿美元。 再来看积分总量，原本第三季度结束积分计划的话，总量大概是915万分，但现在延长后，每周会继续放出15万分。 如果 TGE 在第四季度较早阶段进行，最终积分总量可能在 930 万至 1000 万左右；如果持续到第四季度末，最终积分总量可能接近 1100 万。 取上述估值区间，计算结果如下： 假如FDV 15.3 亿，1000 万积分，单积分大概49刀； 假如FDV 15.3 亿，1100 万积分，单积分大概44.5刀； 假如FDV 18.5 亿，1000 万积分，单积分大概59.2刀； 假如FDV 18.5 亿，1100 万积分，单积分大概53.8刀； 总结下，按照当前预测市场给出的估值，单积分的理论价值大约在44.5至59.2刀。 提前恭喜各位暴富！

Did anyone actually read the SEC Exemptive Relief letter for Tokenized Securities? I read the 60 pages today, and the carveout is incredibly limited. Considering the celebrations on X, I thought it would contain something useful, but imo there isn't demand for the model proposed / nor is any incumbant already meeting the requirements as written. I haven't seen anyone properly breakdown what it actually says, so here are the most important parts with my commentary: 1. Permissioned Participants Only. Tokenized Security Venues (TSVs) can "facilitate the permissioned trading of tokenized NMS stock using innovative automated market makers." The key word is "permissioned." It's mentioned multiple times throughout the letter. Permissioned means whitelists, whereby both the LPs and traders are known, KYC'ed and KYB'ed. Onchain stock AMM liquidity/execution is already terrible, and that's without limiting to permissioned entities. Who is actually going to provide liquidity into these permissioned venues? It's not market makers. Market makers prefer CLOBs because they are more capitally efficient. Market makers also prefer bilateral trading via single dealer platforms (or as the cryptonatives call them propAMMs). There is limited supply side liquidity for permissioned AMMs. It's either permisionless AMMs or permissioned structures other than AMMs. 2. What is a Tokenized Security Venues (TSV)? A TSV "brings together buyers and sellers of Tokenized NMS Stock by: (1) providing one or more AMM Liquidity Pool(s) for permissioned participants to interact and agree to terms of a trade and (2) setting standards for persons to access trading on such AMM Liquidity." By this definition, Hyperliquid's CLOB model would not count for exemptive relief. Hyperliquid Spot (not perps) does ~50% the daily volume of Uniswap. But, to put things in perspective, Hyperliquid only has 70 spot pairs(!!). It's obvious, there will be tighter execution and better discovery on CLOB models like that of Hyperliquid. We need permissioned CLOB or propAMM structures included in the definition. In fact, as I'll get to below, the SEC even calls out the fact that AMMs lack best execution protections... whcih could easily be implemeted in CLOB structures! 3. What counts as a Tokenized NMS Stock? First, a Tokenized NMS Stock must be registered with the SEC. Second, a Tokenized NMS Stock "does not include securities where a third party issues a crypto asset representing its own security that provides synthetic exposure to an underlying security, such as a tokenized linked security or a tokenized security-based swap." To be clear, none of the permissionless representations of stocks today are SEC-registered securities @RobinhoodCrypto @coinbase @binance @Ondo @xStocksFi etc. The fact that they are not, means nothing in this letter pertains to them. To be clear, it does NOT mean that these models are inferior (in fact I would argue the opposite, but that's outside this scope.) Lastly, a Tokenized NMS Stock can only trade against "another Tokenized NMS Stock, a non-security crypto asset (e.g., a payment stablecoin issued by a permitted payment stablecoin issuer), or a tokenized money market fund." The phrasing is vague here to me, does "non-security crypto asset" include memecoins??? 4. Lack of Consumer Protections and Risks with AMMs In the US, investors are given best execution protections. Without these protections, market makers can provider inferior execution and manipulate spreads at investors expense. These protections are part of Reg NMS. Alarmingly, the SEC says consumers will NOT have these protections in TSVs: "A TSV could not comply with the requirements of Regulation NMS without significant modifications to its trading model, which may adversely impact TSV Participants." Why are we going down the AMM path? Without these protections, who is going to participate on the demand side? As mentioned above, we have severely limited the supply side, now we are effectively saying to consumers, "Spreads will be wide, good luck." You know what can easily abide by Reg NMS? CLOBs like that of Hyperliquid. With both supply and demand sides hamstrung, we're setting ourselves up for failure. But on a positive note.... 5. The SEC recognizes the benefits of Blockchains! TSVs "offer the potential to benefit investors by enabling investor self-custody, around-the-clock trading, fractional ownership of shares, and near instantaneous settlement.... The use of such technology may also lower operating, recordkeeping, and transaction costs, and improve efficiencies." 6. Long list of Requirements to become a TSV Pages 36-46 are a long list of requirements TSVs must make publicly, including things like, "a TSV must consent to examinations of its books and records by the Commission staff at any time" and "at least 30 calendar days before operating, a TSV must publish a copy of a notice (“Notice”) prominently on its publicly available website." 7. Issuer Protections, Remember AMC / Robinhood?! We all remember the AMC debacle. The SEC is giving AMC exactly what they asked for: required issuer permission for the tokenized security to exist. "If [AMC] provides... written notice to the TSV that it objects to a Tokenized NMS Stock... the TSV cannot make such Tokenized NMS Stock available for trading on the TSV." This line reads almost directly from the AMC incident: "An issuer of the underlying NMS stock may be concerned about the risk of maintaining its shareholder register related to onchain transfers or the potential price dislocation or adverse effects on the price of the underlying NMS stock, particularly given that prices disseminated by an AMM Liquidity Pool are most likely based only on the ratio of the quantities of assets in that liquidity pool." Yet another reason to prefer CLOBs where the prices are not directly linked to a single pool which could be mispriced. 8. Tokenized Stocks must have the Same Benefits Tokenized stocks must have "a right to receive the same dividends... a right to exercise the same voting rights... and a right to receive the same share of the residual assets of the company upon liquidation." Great stuff! Investors in tokenized representations should get everything (and more!) than they would in the traditional form. 9. Extremely High Volume Limits and Other Controls The limits the SEC has set for volume are sky high. The "volume of Tokenized NMS Stock Traded... cannot exceed 0.25 percent of the average daily share volume during the prior month in the relevant NMS stock as reported by an effective transaction reporting plan". The TSV must pause trading" For reference, even the permissionless versions of these tokenized equities are doing less than 0.001% of the volume. Remember today, there are only $3 bn in tokenized equities. The market is $70 trillion. ---------------------------------------------------- Expect a formal comment letter submitted to the @SECGov from myself and @glider__ soon.

在30b能买到Kalshi的情况下，很难想到有什么必要去15b买polymarket

Circle 和 Coinbase 的分销协议，就这么毫无波澜的续签了 Circle 创始人兼首席执行官 Jeremy Allaire 在今晚的财报电话会上表示：“我们与 Coinbase 的协议已按现有条款完成续约，确保了 USDC 继续在 Coinbase 的所有产品体系中占据核心地位。同时，我们也期待与更多战略契合的合作伙伴达成分销协议。”

华尔街对CRCL估值分歧这事挺火，扒了下各家分析师的战绩： 大摩这位（看空到38），判断准确率60%，平均单笔回报3.1%，华尔街分析师排名2607/12405 瑞穗这位（看空到45），准确率53%，平均回报6.8%，排名1544 TD这位（看多到82），准确率43%，平均回报-3.4%，排名11680（倒数725） 信谁你们选吧……

要梭就梭有梦想的团队！

我说过，没人比我更懂詹姆斯😎

查了下Circle的Form 4 这位强调“长期股价”的Circle总裁，自去年第一次卖股以来已累计10次减仓，合计套现约3077万美元 且同期从未有过任何加仓操作😂😂😂

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Poly上留队概率已经掉到了1%，没人比我更懂詹姆斯😂