近期有几个 ZK-Rollup 项目相继宣布支持 ZK-EVM 的主网或测试网的上线计划，而在2022年8月初，以太坊创始人 Vitalik 发表了一篇博文对比了不同类型的 ZK-EVM。ZK-EVM，这个ZK-Rollup 的圣杯，又一次引起市场的关注，它在未来可能会是以太坊扩容的利器。 以太坊扩容是一个老生常谈的话题，也是众多用户期望的事情。不少人可能会有一个认识误区，即计划在9月底升级的以太坊合并会把共识机制从 PoW 转为 PoS 将能够改善以太坊性能。但实际上，合并没有改变区块大小，出块时间也仅仅是从平均13秒变为12秒，所以届时以太坊性能提升预计有限。因而，以太坊短期内扩容的希望还在二层网络（Rollup）。在 Rollup 两种主流方向 Optimisic Rollup 和 ZK-Rollup 里，相当一部分人更期待后者，因为 ZK-Rollup不仅同样可以通过将打包多笔链下交易来降低网络手续费，更重要的是它能够通过零知识证明计算出一个有效性证明并提交到以太坊网络来继承以太坊的安全性，无需像 Optimistic Rollup 那样设置一个挑战期。 只能支付的 ZK...

近期有几个 ZK-Rollup 项目相继宣布支持 ZK-EVM 的主网或测试网的上线计划，而在2022年8月初，以太坊创始人 Vitalik 发表了一篇博文对比了不同类型的 ZK-EVM。ZK-EVM，这个ZK-Rollup 的圣杯，又一次引起市场的关注，它在未来可能会是以太坊扩容的利器。 以太坊扩容是一个老生常谈的话题，也是众多用户期望的事情。不少人可能会有一个认识误区，即计划在9月底升级的以太坊合并会把共识机制从 PoW 转为 PoS 将能够改善以太坊性能。但实际上，合并没有改变区块大小，出块时间也仅仅是从平均13秒变为12秒，所以届时以太坊性能提升预计有限。因而，以太坊短期内扩容的希望还在二层网络（Rollup）。在 Rollup 两种主流方向 Optimisic Rollup 和 ZK-Rollup 里，相当一部分人更期待后者，因为 ZK-Rollup不仅同样可以通过将打包多笔链下交易来降低网络手续费，更重要的是它能够通过零知识证明计算出一个有效性证明并提交到以太坊网络来继承以太坊的安全性，无需像 Optimistic Rollup 那样设置一个挑战期。 只能支付的 ZK...

2021-2022年是Play to Earn 游戏爆发的狂潮。从Axie 开始，各类游戏如雨后春笋般加入了这场盛宴，在这场大派对中各显其能。有的项目通过强大的游戏可玩性概念压制市面上所有的初代链游，但是随着热度的散去反而成为明日黄花；有的通过复制前辈的成功经验，全盘换皮Axie 在不同的公链想要再现辉煌，但是忽略了其先发优势和市场认可度，最终也慢慢归于沉寂；有的聚合资源通过与资本方、游戏公会、开发者等多方合作不停地翻炒概念，却迟迟不推出产品反而能获得喘息之闲；有的通过特立独行的经济模式和产品设计与现实世界联系，在对的时间推出了对的产品，短期之内赚足了眼球。 GameFi 兴起的关键都离不开其代币经济学的设计，将DeFi 和娱乐性进行组合，让玩家在玩游戏的同时能获得经济收入是一个天才的设计，好的代币经济学能让项目持续发展的同时丰富NFT和代币的使用场景。Play to Earn 正在革新一个新的数字金融资产的交互模式，将玩家的空余时间变现，同时将会成为未来元宇宙重要的组成部分。 接下来本文将简述经济学的一些基本概念和作者的思考。 首先，我们来看看P2E生态中有多少角色参与者和他们...

2021-2022年是Play to Earn 游戏爆发的狂潮。从Axie 开始，各类游戏如雨后春笋般加入了这场盛宴，在这场大派对中各显其能。有的项目通过强大的游戏可玩性概念压制市面上所有的初代链游，但是随着热度的散去反而成为明日黄花；有的通过复制前辈的成功经验，全盘换皮Axie 在不同的公链想要再现辉煌，但是忽略了其先发优势和市场认可度，最终也慢慢归于沉寂；有的聚合资源通过与资本方、游戏公会、开发者等多方合作不停地翻炒概念，却迟迟不推出产品反而能获得喘息之闲；有的通过特立独行的经济模式和产品设计与现实世界联系，在对的时间推出了对的产品，短期之内赚足了眼球。 GameFi 兴起的关键都离不开其代币经济学的设计，将DeFi 和娱乐性进行组合，让玩家在玩游戏的同时能获得经济收入是一个天才的设计，好的代币经济学能让项目持续发展的同时丰富NFT和代币的使用场景。Play to Earn 正在革新一个新的数字金融资产的交互模式，将玩家的空余时间变现，同时将会成为未来元宇宙重要的组成部分。 接下来本文将简述经济学的一些基本概念和作者的思考。 首先，我们来看看P2E生态中有多少角色参与者和他们...

This article illustrates the decentralized stablecoins and their models in today’s crypto market, offering a way to evaluate decentralized stablecoins by comparing their pros and cons. We hope you can benefit from the learning framework of decentralized stablecoins demonstrated below.Statistics that appear in this article are recorded from July 2021 to February 7, 2022. We focused on decentralized stablecoins with a total supply of over $100 million, covering their market performance from the...

This article illustrates the decentralized stablecoins and their models in today’s crypto market, offering a way to evaluate decentralized stablecoins by comparing their pros and cons. We hope you can benefit from the learning framework of decentralized stablecoins demonstrated below.Statistics that appear in this article are recorded from July 2021 to February 7, 2022. We focused on decentralized stablecoins with a total supply of over $100 million, covering their market performance from the...

The invention of NFTs has opened the door for the popularization and boom of art. A growing number of artists are joining the NFT community for creation and speculation, and investors are also actively involved, which enables a booming market. For many NFT owners, an NFT might be a picture, a song, or a video. It represents a symbol of collection and status. However, as the industry advanced, some NFTs have grown more malleable and interactive. Today, we will classify and review such interact...

The invention of NFTs has opened the door for the popularization and boom of art. A growing number of artists are joining the NFT community for creation and speculation, and investors are also actively involved, which enables a booming market. For many NFT owners, an NFT might be a picture, a song, or a video. It represents a symbol of collection and status. However, as the industry advanced, some NFTs have grown more malleable and interactive. Today, we will classify and review such interact...

In the summer of 2020, DeFi saw exponential growth, and innovative projects such as AMM, DEX, lending, yield aggregators, insurance, and liquidity aggregators made their debut in the crypto market. Meanwhile, though Ethereum comes with a leading DeFi ecosystem, other public chains are also building their ecosystem. DeFi has become an area of fierce competition. The thriving public chains and the flourishing on-chain DeFi ecosystem have brought more fragmented assets and made operations more c...

In the summer of 2020, DeFi saw exponential growth, and innovative projects such as AMM, DEX, lending, yield aggregators, insurance, and liquidity aggregators made their debut in the crypto market. Meanwhile, though Ethereum comes with a leading DeFi ecosystem, other public chains are also building their ecosystem. DeFi has become an area of fierce competition. The thriving public chains and the flourishing on-chain DeFi ecosystem have brought more fragmented assets and made operations more c...

Warren Buffett described derivatives as “financial weapons of mass destruction”. From the tulip futures to the various derivatives traded on the Chicago Stock Exchange, from a contract signed by wheat farmers to the complex OTC trading of exotic options, derivatives have played a major role in the financial world since the very beginning. According to the statistics provided by investing, the size of the derivatives market is growing at an exponential rate. Today, the annual trading volume of...

Warren Buffett described derivatives as “financial weapons of mass destruction”. From the tulip futures to the various derivatives traded on the Chicago Stock Exchange, from a contract signed by wheat farmers to the complex OTC trading of exotic options, derivatives have played a major role in the financial world since the very beginning. According to the statistics provided by investing, the size of the derivatives market is growing at an exponential rate. Today, the annual trading volume of...

作者：Ivy Zhang 从UST脱锚之后，加密货币市场开始崩盘。机构暴雷，交易所暂停提现，借贷协议接连清算、挤兑，流动性危机凸显。这一损俱损的多米诺效应的背后，将DeFi的危机暴露得淋漓尽致。 2020 年，DeFi Summer来临，⼤家都为之⽽兴奋。流动性挖矿的盛行将DeFi协议中的加密资产总值从不⾜10万美元跃升⾄3000亿美元的⾼点，超高的年化收益率，财富效应凸显，⽤户不断涌⼊，随后⾼端玩家不断加杠杆，将DeFi推向最高潮。然而当加密货币市场遭遇非系统性风险时，DeFi也在市值剧烈的下跌中匆匆收场。如图一所示，截至7月7日，DeFi的总锁仓价值（TVL）从最高点跌去了64%，而那些被誉为DeFi蓝筹项目市值也纷纷跳水。例如，Uniswap的市值从最高点跌了82%，Compound的市值跌了94.4%，大多数DeFi项目的市值几乎都回到了最初行情启动期的水平。 泡沫，被刺破了。图一：DeFi TVL 资料来源：defipulse.com 截止时间：2022年7月7日 DeFi在2020年引领牛市是不无道理的，正如Vitalik所说，对于世界上任何一个人来说，无需许可的使用...

作者：Ivy Zhang 从UST脱锚之后，加密货币市场开始崩盘。机构暴雷，交易所暂停提现，借贷协议接连清算、挤兑，流动性危机凸显。这一损俱损的多米诺效应的背后，将DeFi的危机暴露得淋漓尽致。 2020 年，DeFi Summer来临，⼤家都为之⽽兴奋。流动性挖矿的盛行将DeFi协议中的加密资产总值从不⾜10万美元跃升⾄3000亿美元的⾼点，超高的年化收益率，财富效应凸显，⽤户不断涌⼊，随后⾼端玩家不断加杠杆，将DeFi推向最高潮。然而当加密货币市场遭遇非系统性风险时，DeFi也在市值剧烈的下跌中匆匆收场。如图一所示，截至7月7日，DeFi的总锁仓价值（TVL）从最高点跌去了64%，而那些被誉为DeFi蓝筹项目市值也纷纷跳水。例如，Uniswap的市值从最高点跌了82%，Compound的市值跌了94.4%，大多数DeFi项目的市值几乎都回到了最初行情启动期的水平。 泡沫，被刺破了。图一：DeFi TVL 资料来源：defipulse.com 截止时间：2022年7月7日 DeFi在2020年引领牛市是不无道理的，正如Vitalik所说，对于世界上任何一个人来说，无需许可的使用...

Layer 2已来，尽管以太坊计划在今年下半年进行合并转成POS，但是其TPS 在短时间内并无明显优化，因而中短期内以太坊扩容还需要靠Layer 2，其中Rollup技术就被寄以厚望。而在 2022年5月底，以太坊Layer 2项目Optimism抢先发币，将市场的关注再一次拉回Layer 2 赛道。 Rollup 主要分为Optimistic Rollup和zkRollup两种方向，Optimistic Rollup的代表项目是Optimism和Arbitrum，zkRollup的代表项目是zkSync和StarkWare(虽然后者不仅仅是zkRollup）。 根据L2BEAT的数据，6月14日zkSync的TVL约6000万美元，在未发币的项目里仅次于Arbitrum。zkSync是一种基于zkRollup技术的无需信任的协议，用于扩展以太坊上进行低成本的交易。 而StarkWare又分为许可型的StarkEx和Starknet。StarkEx于2021年6月推出主网,现在是支持Volition的V4.5。StarkEx的TVL目前超$10亿，达到$1.7亿总成交量以及$ 5...

Layer 2已来，尽管以太坊计划在今年下半年进行合并转成POS，但是其TPS 在短时间内并无明显优化，因而中短期内以太坊扩容还需要靠Layer 2，其中Rollup技术就被寄以厚望。而在 2022年5月底，以太坊Layer 2项目Optimism抢先发币，将市场的关注再一次拉回Layer 2 赛道。 Rollup 主要分为Optimistic Rollup和zkRollup两种方向，Optimistic Rollup的代表项目是Optimism和Arbitrum，zkRollup的代表项目是zkSync和StarkWare(虽然后者不仅仅是zkRollup）。 根据L2BEAT的数据，6月14日zkSync的TVL约6000万美元，在未发币的项目里仅次于Arbitrum。zkSync是一种基于zkRollup技术的无需信任的协议，用于扩展以太坊上进行低成本的交易。 而StarkWare又分为许可型的StarkEx和Starknet。StarkEx于2021年6月推出主网,现在是支持Volition的V4.5。StarkEx的TVL目前超$10亿，达到$1.7亿总成交量以及$ 5...

Since the DeFi Summer of 2020, driven by the continued advancement of blockchain infrastructures, DeFi protocols have evolved from Swap to Lend to Yield Farming to increasingly sophisticated protocols, covering AMM (automated market making) Yield Farming strategies based on blockchain derivatives, structured lending platforms built on lending infrastructure, and on-chain lending protocols connecting real-world collaterals, etc. One of the key factors behind the boom of DeFi innovation is a co...

Since the DeFi Summer of 2020, driven by the continued advancement of blockchain infrastructures, DeFi protocols have evolved from Swap to Lend to Yield Farming to increasingly sophisticated protocols, covering AMM (automated market making) Yield Farming strategies based on blockchain derivatives, structured lending platforms built on lending infrastructure, and on-chain lending protocols connecting real-world collaterals, etc. One of the key factors behind the boom of DeFi innovation is a co...

1.什么是资金储备 公司的资金储备是指公司为满足短期和常规性的资金需求而持有的资金，一般来说这类资金的流动性很高。区块链中，资金储备的来源大多是代币融资时所募集来的资金，它们可以是可以是稳定币，如USDC和DAI，又或是各类公链币，如ETH和SOL。同时资金储备也可一部分由项目的治理代币组成，一般在项目设计代币经济的时候，会有一部分作为项目的发展费用，他们会按项目方制定的计划解锁，解锁的部分会进入资金储备中。 和传统公司类似，区块链公司的资金储备大多也是用来支付员工工资、公司内日常支出、营销、合作等各类运营费用，有些也用来做投资、yield farming等。 2.熊市的资金存储价值 如上所述，资金储备里面除了稳定币之外，很大一部分是由高风险的资产构成的。在熊市中，由于这类高风险资产的币价的贬值，很多项目的资金储备量会大范围的缩水。对于真诚的项目建设者来说，一个优质的资金储备库就是他们最坚实可靠的后盾，提供稳定的流水，让他们免除后顾之忧，专心做BUILDer。 3.怎样算是一个优质的资金储备 资金库存在的意义就是为项目的运营提供现金流水，所以稳定性是首位，然后就是增值性。下面举例...

1.什么是资金储备 公司的资金储备是指公司为满足短期和常规性的资金需求而持有的资金，一般来说这类资金的流动性很高。区块链中，资金储备的来源大多是代币融资时所募集来的资金，它们可以是可以是稳定币，如USDC和DAI，又或是各类公链币，如ETH和SOL。同时资金储备也可一部分由项目的治理代币组成，一般在项目设计代币经济的时候，会有一部分作为项目的发展费用，他们会按项目方制定的计划解锁，解锁的部分会进入资金储备中。 和传统公司类似，区块链公司的资金储备大多也是用来支付员工工资、公司内日常支出、营销、合作等各类运营费用，有些也用来做投资、yield farming等。 2.熊市的资金存储价值 如上所述，资金储备里面除了稳定币之外，很大一部分是由高风险的资产构成的。在熊市中，由于这类高风险资产的币价的贬值，很多项目的资金储备量会大范围的缩水。对于真诚的项目建设者来说，一个优质的资金储备库就是他们最坚实可靠的后盾，提供稳定的流水，让他们免除后顾之忧，专心做BUILDer。 3.怎样算是一个优质的资金储备 资金库存在的意义就是为项目的运营提供现金流水，所以稳定性是首位，然后就是增值性。下面举例...

In web 2.0 world, it becomes more difficult for app developers to stand out as thousands of mobile apps are conquering the market. Only things that are exciting and challenging will keep users engaged. Therefore, most dapps use gamification as a strategy for user engagement and retention. What if in web 3.0 world? Even though there are just a few web3.0 applications, they are still facing competition with web 2.0 applications. Thus gamification could be a good strategy but it may be named gam...

In web 2.0 world, it becomes more difficult for app developers to stand out as thousands of mobile apps are conquering the market. Only things that are exciting and challenging will keep users engaged. Therefore, most dapps use gamification as a strategy for user engagement and retention. What if in web 3.0 world? Even though there are just a few web3.0 applications, they are still facing competition with web 2.0 applications. Thus gamification could be a good strategy but it may be named gam...

BackgroundIn May 2022, UST and LUNA, which once recorded a total market cap of over $40 billion, collapsed overnight, and plenty of users suffered huge losses as a result. Following the crash, algorithmic stablecoins have once again become a popular crypto topic. USN, a stablecoin native to an emerging public chain named NEAR, was launched almost at the same time as UST collapsed. The fall of UST showed this nascent stablecoin how the death spiral of an algorithmic stablecoin can engulf and d...

BackgroundIn May 2022, UST and LUNA, which once recorded a total market cap of over $40 billion, collapsed overnight, and plenty of users suffered huge losses as a result. Following the crash, algorithmic stablecoins have once again become a popular crypto topic. USN, a stablecoin native to an emerging public chain named NEAR, was launched almost at the same time as UST collapsed. The fall of UST showed this nascent stablecoin how the death spiral of an algorithmic stablecoin can engulf and d...