Author: PSE Trading Analyst @Daniel HuaIntroductionIn the world of blockchain, each network can be seen as an independent ecosystem with its own native assets, communication rules, and more. However, this characteristic also creates a lack of interoperability between different blockchains, restricting the free flow of assets and information. Thus, the concept of cross-chain interoperability emerges.1.The Significance and Use Cases of Cross-Chain InteroperabilityDeFi is the core of nowadays bl...

Author: PSE Trading Analyst @Daniel HuaIntroductionIn the world of blockchain, each network can be seen as an independent ecosystem with its own native assets, communication rules, and more. However, this characteristic also creates a lack of interoperability between different blockchains, restricting the free flow of assets and information. Thus, the concept of cross-chain interoperability emerges.1.The Significance and Use Cases of Cross-Chain InteroperabilityDeFi is the core of nowadays bl...

作者：PSE Trading Trader @ChristineJerome Powell市场反应：震惊😲😲😲上周，市场在听到鲍威尔的鹰派台词后，如同被重锤击中，瞬间下跌了2%。这个剧情走向，其实早在预期之中。鲍威尔在舞台上大谈降低通胀、强劲增长，以及他对保持高利率以控制通胀风险的坚定承诺。当然，短期内，高利率的台词可能会让股票这个角色感到恐慌，但经济预测摘要（SEP）的剧本调整，可能会在中期为股市带来惊喜的转折。市场的第一反应，就像是观众的惊叹声，利率上升，股票下跌。鲍威尔的观点：“soft landing”不应作为基准预期SPX: nose dived after FOMC鲍威尔：“我一直认为软着陆是一个可能的结果……最终，这可能会由我们无法控制的因素决定，但我认为这是可能的。”点阵图走向和经济预测联邦公开市场委员会（FOMC）将其2024年核心PCE预测维持在2.6%，将2023年修正为3.78%，并将其实际GDP预期从1.1%提升至1.5%。这种“软着陆”的组合基本符合投资者的预期，并被视为对股票的中期利好。FOMC为2023年余下的时间保留了一次加息的可能，并将2...

作者：PSE Trading Trader @ChristineJerome Powell市场反应：震惊😲😲😲上周，市场在听到鲍威尔的鹰派台词后，如同被重锤击中，瞬间下跌了2%。这个剧情走向，其实早在预期之中。鲍威尔在舞台上大谈降低通胀、强劲增长，以及他对保持高利率以控制通胀风险的坚定承诺。当然，短期内，高利率的台词可能会让股票这个角色感到恐慌，但经济预测摘要（SEP）的剧本调整，可能会在中期为股市带来惊喜的转折。市场的第一反应，就像是观众的惊叹声，利率上升，股票下跌。鲍威尔的观点：“soft landing”不应作为基准预期SPX: nose dived after FOMC鲍威尔：“我一直认为软着陆是一个可能的结果……最终，这可能会由我们无法控制的因素决定，但我认为这是可能的。”点阵图走向和经济预测联邦公开市场委员会（FOMC）将其2024年核心PCE预测维持在2.6%，将2023年修正为3.78%，并将其实际GDP预期从1.1%提升至1.5%。这种“软着陆”的组合基本符合投资者的预期，并被视为对股票的中期利好。FOMC为2023年余下的时间保留了一次加息的可能，并将2...

作者：PSE Trading Analyst，@MintaTL;DR全链游戏基本概念及意义价值链拆解 - Web2游戏价值链 VS Web3游戏价值链基建层 - 游戏公链、游戏引擎、通讯结构、渲染层等中间件 - SDK集成、服务集成、通讯协议、监测工具等分发商 - 不同分发策略解析及案例介绍01概述全链游戏（Full on-chain game）指的是一种将游戏逻辑和数据完全存储在区块链上的游戏，这种游戏在运行和互动时都依赖智能合约来实现。与此对应的是部分链上游戏（Partial on-chain game），即仅将部分游戏元素存储在区块链上。部分链上游戏根据上链内容的不同，又可以分为核心逻辑上链、资产上链、成就上链和交互上链。核心逻辑上链，一般是将游戏的算法和核心数据存储在区块链上。例如一款国际象棋游戏，象棋的基本规则置于链上，同时把棋盘状态和所有跟游戏进程有关的核心数据均记录在链上。每一步棋的移动，胜负的判断，都通过智能合约在区块链上进行。 资产上链，指将游戏内的虚拟物品、角色或其他资源通被放置于链上，使得玩家可以完全拥有、交易和管理这些资产，为玩家提供经济收益，激励玩家参与...

作者：PSE Trading Analyst，@MintaTL;DR全链游戏基本概念及意义价值链拆解 - Web2游戏价值链 VS Web3游戏价值链基建层 - 游戏公链、游戏引擎、通讯结构、渲染层等中间件 - SDK集成、服务集成、通讯协议、监测工具等分发商 - 不同分发策略解析及案例介绍01概述全链游戏（Full on-chain game）指的是一种将游戏逻辑和数据完全存储在区块链上的游戏，这种游戏在运行和互动时都依赖智能合约来实现。与此对应的是部分链上游戏（Partial on-chain game），即仅将部分游戏元素存储在区块链上。部分链上游戏根据上链内容的不同，又可以分为核心逻辑上链、资产上链、成就上链和交互上链。核心逻辑上链，一般是将游戏的算法和核心数据存储在区块链上。例如一款国际象棋游戏，象棋的基本规则置于链上，同时把棋盘状态和所有跟游戏进程有关的核心数据均记录在链上。每一步棋的移动，胜负的判断，都通过智能合约在区块链上进行。 资产上链，指将游戏内的虚拟物品、角色或其他资源通被放置于链上，使得玩家可以完全拥有、交易和管理这些资产，为玩家提供经济收益，激励玩家参与...

Author: PSE Trading Analyst: @Calvin “In general, my own view is that in the short term, optimistic rollups are likely to win out for general-purpose EVM computation and ZK rollups are likely to win out for simple payments, exchange and other application-specific use cases, but in the medium to long term ZK rollups will win out in all use cases as ZK-SNARK technology improves.” This is straight from Vitalik's blog, "An Incomplete Guide to Rollups." ZK is the ideal for ETH. Zero-Knowledge...

Author: PSE Trading Analyst: @Calvin “In general, my own view is that in the short term, optimistic rollups are likely to win out for general-purpose EVM computation and ZK rollups are likely to win out for simple payments, exchange and other application-specific use cases, but in the medium to long term ZK rollups will win out in all use cases as ZK-SNARK technology improves.” This is straight from Vitalik's blog, "An Incomplete Guide to Rollups." ZK is the ideal for ETH. Zero-Knowledge...

Author：PSE Trading Analyst, @MintaTL;DRIntroduction to the Fundamental Concepts and Significance of Full On-chain Game.Value Chain Breakdown - Comparison between Web2 Gaming Value Chain and Web3 Gaming Value Chain.Infrastructure Layer - Game Public Blockchains, Game Engines, Communication Structures, Rendering Layers, etc.Middleware - Integration of SDKs, Service Integration, Communication Protocols, Monitoring Tools, etc.Distributors - Analysis of Various Distribution Strategies and Case Stu...

Author：PSE Trading Analyst, @MintaTL;DRIntroduction to the Fundamental Concepts and Significance of Full On-chain Game.Value Chain Breakdown - Comparison between Web2 Gaming Value Chain and Web3 Gaming Value Chain.Infrastructure Layer - Game Public Blockchains, Game Engines, Communication Structures, Rendering Layers, etc.Middleware - Integration of SDKs, Service Integration, Communication Protocols, Monitoring Tools, etc.Distributors - Analysis of Various Distribution Strategies and Case Stu...

作者：PSE Trading Analyst, @Yuki目录RWA底层资产探究 1.1赛道背景&现状 1.2中期最佳底层资产：债券基于美债/债券ETF的RWA业务模式 2.1底层基建：RWA代币化 2.2中间混合层：RWA代币化+与DeFi互通 2.3上层：引入RWA收益的DeFi思考与总结Reference在美联储加息的大环境之下，美国进入「高利率时代」。在持续上扬的美债收益面前，DeFi世界中的低风险收益明显有些捉襟见肘。加密市场陷入了资金单向外流涌入传统金融市场的窘境。 「把现实世界资产收益引入至DeFi」将成为留住场内资金、吸引外部资金的重要举措。基于此，加密市场将目光重新聚焦于2020年就已出现的RWA（Real World Assets）概念，试图通过不同业务模式探索出传统金融市场与加密市场之间资金互相流通的最佳方法。 本文将从中短期最适合RWA的底层资产出发，对加密市场已有的RWA业务模式进行梳理、分析。1.RWA底层资产探究1.1赛道背景&现状目前，虽然加密市场的总市值仍维持在一万亿美元上下，但是场内却缺乏稳定的低风险收益来源，唯有基于PoS机制的ETH本位流动...

作者：PSE Trading Analyst, @Yuki目录RWA底层资产探究 1.1赛道背景&现状 1.2中期最佳底层资产：债券基于美债/债券ETF的RWA业务模式 2.1底层基建：RWA代币化 2.2中间混合层：RWA代币化+与DeFi互通 2.3上层：引入RWA收益的DeFi思考与总结Reference在美联储加息的大环境之下，美国进入「高利率时代」。在持续上扬的美债收益面前，DeFi世界中的低风险收益明显有些捉襟见肘。加密市场陷入了资金单向外流涌入传统金融市场的窘境。 「把现实世界资产收益引入至DeFi」将成为留住场内资金、吸引外部资金的重要举措。基于此，加密市场将目光重新聚焦于2020年就已出现的RWA（Real World Assets）概念，试图通过不同业务模式探索出传统金融市场与加密市场之间资金互相流通的最佳方法。 本文将从中短期最适合RWA的底层资产出发，对加密市场已有的RWA业务模式进行梳理、分析。1.RWA底层资产探究1.1赛道背景&现状目前，虽然加密市场的总市值仍维持在一万亿美元上下，但是场内却缺乏稳定的低风险收益来源，唯有基于PoS机制的ETH本位流动...

Author: PSE Trading Trader @ChristineI’m bullish on BTC hitting 30K by October.The reason is simple: US equities have shown impressive resilience despite ongoing economic worries. Earnings are solid with S&P 500 companies topping expectations. We aren’t seeing the severe recession or slowdown many forecasted. The market has priced in months of inflation fears already. With the Fed clearly signaling a pause on hikes after November, stocks can rally into year-end. Major indices are breaking out...

Author: PSE Trading Trader @ChristineI’m bullish on BTC hitting 30K by October.The reason is simple: US equities have shown impressive resilience despite ongoing economic worries. Earnings are solid with S&P 500 companies topping expectations. We aren’t seeing the severe recession or slowdown many forecasted. The market has priced in months of inflation fears already. With the Fed clearly signaling a pause on hikes after November, stocks can rally into year-end. Major indices are breaking out...

Author：PSE Trading Analyst, @Yuki With the Federal Reserve raising interest rates, the United States has entered an era of high interest rates. In the face of rising U.S. bond yields, the low-risk returns in the DeFi world are obviously unattractive. The crypto market is in a dilemma where money is slipping away and pouring into traditional financial markets. "Introducing real-world asset income into DeFi" will become an important measure to retain funds on the market and attract external fun...

Author：PSE Trading Analyst, @Yuki With the Federal Reserve raising interest rates, the United States has entered an era of high interest rates. In the face of rising U.S. bond yields, the low-risk returns in the DeFi world are obviously unattractive. The crypto market is in a dilemma where money is slipping away and pouring into traditional financial markets. "Introducing real-world asset income into DeFi" will become an important measure to retain funds on the market and attract external fun...

Author: PSE Trading Analyst, @cryptohawk1.1 An essential part of the modular blockchainThe historical mainstream blockchain architecture is a non-hierarchical structure, that is, the four core functions of execution/settlement/consensus/data availability are performed by the same batch of nodes. On the contrary, the hierarchical structure of the blockchain, the node only needs to focus on a part of the four core functions of execution /settlement/consensus/data availability, thereby reducing ...

Author: PSE Trading Analyst, @cryptohawk1.1 An essential part of the modular blockchainThe historical mainstream blockchain architecture is a non-hierarchical structure, that is, the four core functions of execution/settlement/consensus/data availability are performed by the same batch of nodes. On the contrary, the hierarchical structure of the blockchain, the node only needs to focus on a part of the four core functions of execution /settlement/consensus/data availability, thereby reducing ...

作者：PSE Trading Trader @ChristineBTC 十月有望突破3W USD核心理由很直观：尽管各种经济挑战层出不穷，美股却持续展现出其韧性。S&P 500的公司盈利表现稳健，并且超出了市场预期，这无疑给了市场一个积极的信号。我们迄今还未观察到大规模预期中的经济衰退或明显放缓。市场已经对接下来几个月通胀形势可能出现的未知情况进行了预先调整。另外，美联储已经清晰地表达了在11月之后暂停加息的政策指向，这无疑将在今年年底前对股市注入一剂强心针。 尽管宏观经济条件仍然处于波动之中，但主要股票指数已经成功突破交易区间，这无疑表明投资者的风险胃口正在逐渐恢复。得益于Three Arrows和FTX的支持，加密货币市场的热度也日益攀升。 随着宏观经济前景逐渐明晰，比特币价格已经从谷底反弹了40%。随着通胀讨论渐渐淡出市场视野，投资者的注意力再次回归到了增长型股票和人工智能领域。随着经济状况进一步趋于稳定，我坚信比特币的价格仍有进一步上涨的潜力。BTC stuck in range bound hell since September美股：持续走高自九月份以来，比特币价格在...

作者：PSE Trading Trader @ChristineBTC 十月有望突破3W USD核心理由很直观：尽管各种经济挑战层出不穷，美股却持续展现出其韧性。S&P 500的公司盈利表现稳健，并且超出了市场预期，这无疑给了市场一个积极的信号。我们迄今还未观察到大规模预期中的经济衰退或明显放缓。市场已经对接下来几个月通胀形势可能出现的未知情况进行了预先调整。另外，美联储已经清晰地表达了在11月之后暂停加息的政策指向，这无疑将在今年年底前对股市注入一剂强心针。 尽管宏观经济条件仍然处于波动之中，但主要股票指数已经成功突破交易区间，这无疑表明投资者的风险胃口正在逐渐恢复。得益于Three Arrows和FTX的支持，加密货币市场的热度也日益攀升。 随着宏观经济前景逐渐明晰，比特币价格已经从谷底反弹了40%。随着通胀讨论渐渐淡出市场视野，投资者的注意力再次回归到了增长型股票和人工智能领域。随着经济状况进一步趋于稳定，我坚信比特币的价格仍有进一步上涨的潜力。BTC stuck in range bound hell since September美股：持续走高自九月份以来，比特币价格在...

Author: PSE Trading Trader @ChristineJerome PowellMarket Reaction: Shock 😲😲😲The market took a 2% tumble after Powell’s hawkish message, which was pretty much what we expected. He talked about cooling inflation, strong growth, and a commitment to keeping rates high to keep inflation risks in check. Sure, higher rates might spook equities in the short term, but the tweaks in the Summary of Economic Projections (SEP) could be a boon for the stock market in the medium term. The market’s knee-j...

Author: PSE Trading Trader @ChristineJerome PowellMarket Reaction: Shock 😲😲😲The market took a 2% tumble after Powell’s hawkish message, which was pretty much what we expected. He talked about cooling inflation, strong growth, and a commitment to keeping rates high to keep inflation risks in check. Sure, higher rates might spook equities in the short term, but the tweaks in the Summary of Economic Projections (SEP) could be a boon for the stock market in the medium term. The market’s knee-j...

作者：PSE Trading Analyst @Daniel 花引言在区块链世界中，每个网络都可以看作是一个独立的生态系统，拥有自己的原生资产、通讯规则等。然而，这种特性也让各区块链之间互不相通，使得资产和信息无法自由流动。因此，跨链互操作的概念应运而生。1.跨链互操的意义和使用场景Defi是当今区块链的核心和基础，却面临着许多挑战，如流动性碎片化、资产池深度不足、资本利用率不高等问题。跨链互操协议的出现能够将各条链资产整合到一个统一的智能合约中，从而最大化提升用户体验和资本利用率，在理想情况下，跨链互操作协议可以将磨损减少至零。 举例来说： （1）将OP链的资产放入ARB链上的GMX，以提高资金池深度 （2）将OP链的资产放入到ARB上的Compound进行抵押借贷 （3）实现NFT资产的跨链转移 除了金融方面，信息的传递也尤为重要：例如跨链投票支持重要提案，Social dapps之间的数据传递等。如果说Defi打开了加密货币世界的大门，跨链互操协议则是通往成功的必经之路！2.跨链互操协议分为四种2.1基于节点或第三方网络的验证 (第一种）最原始的跨链协议采用MPC（Mult...

作者：PSE Trading Analyst @Daniel 花引言在区块链世界中，每个网络都可以看作是一个独立的生态系统，拥有自己的原生资产、通讯规则等。然而，这种特性也让各区块链之间互不相通，使得资产和信息无法自由流动。因此，跨链互操作的概念应运而生。1.跨链互操的意义和使用场景Defi是当今区块链的核心和基础，却面临着许多挑战，如流动性碎片化、资产池深度不足、资本利用率不高等问题。跨链互操协议的出现能够将各条链资产整合到一个统一的智能合约中，从而最大化提升用户体验和资本利用率，在理想情况下，跨链互操作协议可以将磨损减少至零。 举例来说： （1）将OP链的资产放入ARB链上的GMX，以提高资金池深度 （2）将OP链的资产放入到ARB上的Compound进行抵押借贷 （3）实现NFT资产的跨链转移 除了金融方面，信息的传递也尤为重要：例如跨链投票支持重要提案，Social dapps之间的数据传递等。如果说Defi打开了加密货币世界的大门，跨链互操协议则是通往成功的必经之路！2.跨链互操协议分为四种2.1基于节点或第三方网络的验证 (第一种）最原始的跨链协议采用MPC（Mult...