By Richard, Investment Manager, Bing VenturesDevelopments in Blockchain Game sectorInteraction with Game Dapps Accounts for nearly half of Industry DataAccording to the statistics of Dappradar, the interaction with game Dapps has far surpassed DeFi and other verticals as the most common category of on-chain activity. 49% of interaction activity in the blockchain industry comes from Games, with over 1.4 million unique wallet addresses interacting with Games daily, and the total number of trans...

By Richard, Investment Manager, Bing VenturesDevelopments in Blockchain Game sectorInteraction with Game Dapps Accounts for nearly half of Industry DataAccording to the statistics of Dappradar, the interaction with game Dapps has far surpassed DeFi and other verticals as the most common category of on-chain activity. 49% of interaction activity in the blockchain industry comes from Games, with over 1.4 million unique wallet addresses interacting with Games daily, and the total number of trans...

By Kyle, Investment Manager@Bing Ventures Layer 2 solutions have grown in popularity over the past year due to Ethereum’s network congestion and soaring transaction fees. Up to now, the Layer 2 expansion plan has become one of the roadmaps with the highest consensus in the current Ethereum community and even the entire blockchain circle. “Layer2” or “L2” gave birth to many solutions (rollups, validium, plasma, state channels, etc.). These solutions help DApps scale by taking transactions off-...

By Kyle, Investment Manager@Bing Ventures Layer 2 solutions have grown in popularity over the past year due to Ethereum’s network congestion and soaring transaction fees. Up to now, the Layer 2 expansion plan has become one of the roadmaps with the highest consensus in the current Ethereum community and even the entire blockchain circle. “Layer2” or “L2” gave birth to many solutions (rollups, validium, plasma, state channels, etc.). These solutions help DApps scale by taking transactions off-...

By Richard, Investment Manager, Bing Ventures链游赛道发展现状游戏交互活动占行业数据近半根据Dappradar的数据统计，游戏的交互活动已经远远超越了DeFi和其他垂直领域，成为最为常见的链上活动类别。当前区块链行业中49%的交互活动来自游戏，每天有超过140万个独立钱包地址和游戏进行交互，发送到智能合约的交易总数接近200万笔。总体来看，游戏相关的交互活动自2021年Q2以来增长了65%，和2020年相比整体增长了4330%。Source:DappradarSource:Dappradar一级市场投融资火热更加火爆的数据来自一级市场，2020 年链游相关的投资金额为8000 万美元，而2021年投资于区块链游戏及其底层基础设施的资金达到了40亿美元，比上一年增加了 5000%，占据了所有投资笔数中近13%的份额。一级市场中最典型的案例莫过于Animoca Brands，2年时间从一家以传统手游开发为核心业务、被迫从澳大利亚证券交易所退市的公司成功成长为如今链游、NFT/元宇宙赛道如日中天的独角兽，不仅是The Sandbox的开发商，...

By Richard, Investment Manager, Bing Ventures链游赛道发展现状游戏交互活动占行业数据近半根据Dappradar的数据统计，游戏的交互活动已经远远超越了DeFi和其他垂直领域，成为最为常见的链上活动类别。当前区块链行业中49%的交互活动来自游戏，每天有超过140万个独立钱包地址和游戏进行交互，发送到智能合约的交易总数接近200万笔。总体来看，游戏相关的交互活动自2021年Q2以来增长了65%，和2020年相比整体增长了4330%。Source:DappradarSource:Dappradar一级市场投融资火热更加火爆的数据来自一级市场，2020 年链游相关的投资金额为8000 万美元，而2021年投资于区块链游戏及其底层基础设施的资金达到了40亿美元，比上一年增加了 5000%，占据了所有投资笔数中近13%的份额。一级市场中最典型的案例莫过于Animoca Brands，2年时间从一家以传统手游开发为核心业务、被迫从澳大利亚证券交易所退市的公司成功成长为如今链游、NFT/元宇宙赛道如日中天的独角兽，不仅是The Sandbox的开发商，...

By Kyle, Investment Manager@Bing Ventures Developed by SKALE Labs in 2018, SKALE Network was initially positioned as an elastic sidechain solution to the scalability problem of the Ethereum network. With time, after continuous development, it gradually transformed into a modular public chain for creating applications between other blockchain networks and infrastructures. SKALE Network operates as a middle layer, enabling dApps (decentralized applications) to run on blockchain platforms that s...

By Kyle, Investment Manager@Bing Ventures Developed by SKALE Labs in 2018, SKALE Network was initially positioned as an elastic sidechain solution to the scalability problem of the Ethereum network. With time, after continuous development, it gradually transformed into a modular public chain for creating applications between other blockchain networks and infrastructures. SKALE Network operates as a middle layer, enabling dApps (decentralized applications) to run on blockchain platforms that s...

本篇文章仅针对用户基于加密货币交易所平台本身产生的数据做讨论，对于涉及到交易所其他业务的数据不做讨论。 Kyle,Investment Manager,Bing Ventures一、业务即数据，数据即业务1.中心化交易所业务的表象与本质中心化交易所之所以可以长期在加密世界运行并逐渐壮大，本质上在于“懒惰”的用户想要“简单且聪明”地赚钱。对于任何金融市场来说，这都是一个高难度的任务。但是交易机构会想方设法让用户产生“赚钱”的认知。于是用户来到了它们的第一站——中心化交易所。 看起来中心化交易所仍然是复制Web2.0时代的业务增长逻辑：满足用户需求并不断加以完善。但是越来越多的加密用户变得“勤奋”且“聪明”。原先的简单地满足用户交易需求的定位正在被其他区块链产品取代，如去中心化交易所。 过去几年，许多中心化交易所采取了各种战略来对抗同类型巨头交易所的竞争以及以DeFi为核心的其他创新产品的蚕食。但由于种种原因，大多数中小型交易所都渐渐销声匿迹。原因很简单，用户不需要那么多的交易所。Source: corporatefinanceinstitute.com用户只想“更简单地赚更多的钱”...

本篇文章仅针对用户基于加密货币交易所平台本身产生的数据做讨论，对于涉及到交易所其他业务的数据不做讨论。 Kyle,Investment Manager,Bing Ventures一、业务即数据，数据即业务1.中心化交易所业务的表象与本质中心化交易所之所以可以长期在加密世界运行并逐渐壮大，本质上在于“懒惰”的用户想要“简单且聪明”地赚钱。对于任何金融市场来说，这都是一个高难度的任务。但是交易机构会想方设法让用户产生“赚钱”的认知。于是用户来到了它们的第一站——中心化交易所。 看起来中心化交易所仍然是复制Web2.0时代的业务增长逻辑：满足用户需求并不断加以完善。但是越来越多的加密用户变得“勤奋”且“聪明”。原先的简单地满足用户交易需求的定位正在被其他区块链产品取代，如去中心化交易所。 过去几年，许多中心化交易所采取了各种战略来对抗同类型巨头交易所的竞争以及以DeFi为核心的其他创新产品的蚕食。但由于种种原因，大多数中小型交易所都渐渐销声匿迹。原因很简单，用户不需要那么多的交易所。Source: corporatefinanceinstitute.com用户只想“更简单地赚更多的钱”...

通过DAO，在项目治理过程中将治理权移交给去中心化自治组织，对项目长期发展而言，真的是更好的选择吗？ By Kyle, Investment Manager@Bing Ventures 相对于传统行业，加密项目的组织架构和治理方式更加多样化。但在治理过程中，项目核心团队经常需要放弃项目的部分治理权或者控制权，甚至牺牲去中心化的原则。DAO并不是万能的组织架构，如果要以牺牲项目良性发展的前提为代价，去满足投资者虚假的去中心化归属感，这显然并不合理。 加密货币的市场需求一直在上升。人们正在寻找能够为他们提供数字资产和更好的传统金融系统替代方案的经济模型。虽然我们看到许多项目解决了核心问题，但同时也在流动性、可扩展性和资本效率方面发生了转变。 为了厘清 DeFi 项目引领的创新，我们需要专注于优化 TVL 和创造健康现金流的项目。资本效率和治理优化将成为 DeFi 项目下一个大趋势的关键。减少无常损失、促进贷款市场发展以及通过直接治理运营 — — 将是 Defi 2.0 中新一代项目的关键特征。数据来源：defillama过去一年以来，DeFi发展突飞猛进，围绕跨链、衍生品、稳定币等基...

通过DAO，在项目治理过程中将治理权移交给去中心化自治组织，对项目长期发展而言，真的是更好的选择吗？ By Kyle, Investment Manager@Bing Ventures 相对于传统行业，加密项目的组织架构和治理方式更加多样化。但在治理过程中，项目核心团队经常需要放弃项目的部分治理权或者控制权，甚至牺牲去中心化的原则。DAO并不是万能的组织架构，如果要以牺牲项目良性发展的前提为代价，去满足投资者虚假的去中心化归属感，这显然并不合理。 加密货币的市场需求一直在上升。人们正在寻找能够为他们提供数字资产和更好的传统金融系统替代方案的经济模型。虽然我们看到许多项目解决了核心问题，但同时也在流动性、可扩展性和资本效率方面发生了转变。 为了厘清 DeFi 项目引领的创新，我们需要专注于优化 TVL 和创造健康现金流的项目。资本效率和治理优化将成为 DeFi 项目下一个大趋势的关键。减少无常损失、促进贷款市场发展以及通过直接治理运营 — — 将是 Defi 2.0 中新一代项目的关键特征。数据来源：defillama过去一年以来，DeFi发展突飞猛进，围绕跨链、衍生品、稳定币等基...

By Kyle, Investment Manager@Bing Ventures Abstract: The flexible redemption mechanism and interest rate design of algorithmic stablecoin should come first. Similarly, the algorithm should be kept in a box and not reduced to a growth gimmick for network effects. Algorithmic stablecoins are stablecoins that rely entirely on algorithms to regulate supply and demand to create and maintain currency values. Does the collapse of Terra/UST, the largest and most mainstream algorithmic stablecoin syste...

By Kyle, Investment Manager@Bing Ventures Abstract: The flexible redemption mechanism and interest rate design of algorithmic stablecoin should come first. Similarly, the algorithm should be kept in a box and not reduced to a growth gimmick for network effects. Algorithmic stablecoins are stablecoins that rely entirely on algorithms to regulate supply and demand to create and maintain currency values. Does the collapse of Terra/UST, the largest and most mainstream algorithmic stablecoin syste...

By Kyle, Investment Manager@Bing Ventures 由于以太坊的网络拥堵和交易费用飙升，围绕Layer2的解决方案在过去一年里变得越来越多。到现在 Layer2 扩容方案已经成为当前以太坊社区乃至整个区块链技术圈共识度最高的路线图之一。「Layer2」或「L2」诞生了诸多解决方案（rollups, validium, plasma, state channels 等)。这些解决方案通过将交易脱链来帮助去中心化应用程序扩展，但能否引发链上交易的大规模繁荣还有待更多的设计完善。 不过随着 Cosmos、BSC、Avalanche 和 Solana 等异构链生态在过去近一年间的蓬勃发展，导致了目前市场上出现了大量的跨链解决方案。市场上的以太坊用户想去其他生态看看，而其他 Layer1 项目团队想要从以太坊生态吸引流动性来作为启动基础。本文将向大家重点介绍笔者追踪已久的跨链解决方案项目：Celer Network、Hop Protocol和Connext Network。Celer Network：最成熟的跨链协议Celer将自己定位成多链操作系统，而不是...

By Kyle, Investment Manager@Bing Ventures 由于以太坊的网络拥堵和交易费用飙升，围绕Layer2的解决方案在过去一年里变得越来越多。到现在 Layer2 扩容方案已经成为当前以太坊社区乃至整个区块链技术圈共识度最高的路线图之一。「Layer2」或「L2」诞生了诸多解决方案（rollups, validium, plasma, state channels 等)。这些解决方案通过将交易脱链来帮助去中心化应用程序扩展，但能否引发链上交易的大规模繁荣还有待更多的设计完善。 不过随着 Cosmos、BSC、Avalanche 和 Solana 等异构链生态在过去近一年间的蓬勃发展，导致了目前市场上出现了大量的跨链解决方案。市场上的以太坊用户想去其他生态看看，而其他 Layer1 项目团队想要从以太坊生态吸引流动性来作为启动基础。本文将向大家重点介绍笔者追踪已久的跨链解决方案项目：Celer Network、Hop Protocol和Connext Network。Celer Network：最成熟的跨链协议Celer将自己定位成多链操作系统，而不是...

Bing Ventures is a crypto VC fund supporting early-stage projects in the blockchain and cryptocurrency industry. The founding team are from top financial institutions such as JPMorgan and Standard Chartered Bank. Our investment themes include Decentralized Finance (DeFi), Web3.0, Gaming and Metaverse.

Bing Ventures is a crypto VC fund supporting early-stage projects in the blockchain and cryptocurrency industry. The founding team are from top financial institutions such as JPMorgan and Standard Chartered Bank. Our investment themes include Decentralized Finance (DeFi), Web3.0, Gaming and Metaverse.

By Kyle, Investment Manager@Bing Ventures SKALE Network由SKALE Labs于2018年开发，一开始被定位为弹性侧链，作为以太坊网络可扩展性问题的解决方案。后来经过不断的开发，它逐渐转型成为其他区块链网络和基础设施之间创建应用程序的模块化公链。SKALE Network作为中间层运行，使dApps（去中心化的应用程序）能够在支持以太坊和其他智能合约的区块链平台上运行。SKALE V2更新，来源：skale.network/blog随着Layer2可扩展性解决方案的丰富，像SKALE Network这样的项目正在处于十字路口。该项目正在考虑如何更好地将侧链与其他Layer1集成。在某些特定情况下，侧链解决方案表现异常出色。目前，主流侧链解决方案主要包括Polygon、xDai Stable Chain和SKALE Network。但是SKALE Network正在选择走向更广阔的天地。本文梳理了SKALE的工作原理和价值网络，分析其作为“以太坊主权”区块链的地位。SKALE的工作原理时至今天依然没有一条完美的区块链，以太坊也是...

By Kyle, Investment Manager@Bing Ventures SKALE Network由SKALE Labs于2018年开发，一开始被定位为弹性侧链，作为以太坊网络可扩展性问题的解决方案。后来经过不断的开发，它逐渐转型成为其他区块链网络和基础设施之间创建应用程序的模块化公链。SKALE Network作为中间层运行，使dApps（去中心化的应用程序）能够在支持以太坊和其他智能合约的区块链平台上运行。SKALE V2更新，来源：skale.network/blog随着Layer2可扩展性解决方案的丰富，像SKALE Network这样的项目正在处于十字路口。该项目正在考虑如何更好地将侧链与其他Layer1集成。在某些特定情况下，侧链解决方案表现异常出色。目前，主流侧链解决方案主要包括Polygon、xDai Stable Chain和SKALE Network。但是SKALE Network正在选择走向更广阔的天地。本文梳理了SKALE的工作原理和价值网络，分析其作为“以太坊主权”区块链的地位。SKALE的工作原理时至今天依然没有一条完美的区块链，以太坊也是...

Abstract: Is DAO really a better choice for the long-term governance and operations of the decentralised self-governing organisation? By Kyle, Investment Manager@Bing Ventures Compared with traditional industries, the organisational structure and governance methods of crypto projects are more diversified. However, in the process of governance, the core team of the project often needs to give up part of the governance power or control of the project, or even sacrifice the principle of decentra...

Abstract: Is DAO really a better choice for the long-term governance and operations of the decentralised self-governing organisation? By Kyle, Investment Manager@Bing Ventures Compared with traditional industries, the organisational structure and governance methods of crypto projects are more diversified. However, in the process of governance, the core team of the project often needs to give up part of the governance power or control of the project, or even sacrifice the principle of decentra...

Abstract: This article only discusses the data generated by users based on the cryptocurrency exchange platform itself, and does not discuss the data involving other businesses of the exchange. By Kyle, Investment Manager, Bing VenturesBusiness is data, and data is also business1.The appearance and essence of the centralised exchange businessMaking money ‘easily and intelligently’ is one of the essential reasons why centralised exchanges have been running and growing in the crypto industry fo...

Abstract: This article only discusses the data generated by users based on the cryptocurrency exchange platform itself, and does not discuss the data involving other businesses of the exchange. By Kyle, Investment Manager, Bing VenturesBusiness is data, and data is also business1.The appearance and essence of the centralised exchange businessMaking money ‘easily and intelligently’ is one of the essential reasons why centralised exchanges have been running and growing in the crypto industry fo...