Just before the hearing in the United States, SBF was finally arrested in the Bahamas, and SBF himself attend a hearing in the Bahamas. SBF's parents stopped their jobs at Stanford to come to Bahamas for the hearing. In the meantime, the current CEO and restructuring officer of FTX, John Ray III, spoke all the secrets frankly in a hearing held in the United States.

SBF was finally arrested, but what is puzzling is why Did the Bahamas decide to arrest SBF just right before the U.S hearing?

The video of SBF been arrested shows he is wearing a black suit with white shirt, which is more formal than his previous interview clothes. The Bahamas responded that they arrested SBF in response to the request of the US government. The Bahamas said that after receiving the official notification from the United States, it will cooperate with the extradition of SBF to the United States for trial. In addition, Prime Minister Philip Edward Davis of the Bahamas said: The interests of the Bahamas and the United States are the same.

During the hearing in the Bahamas, SBF told the judge that he had been a vegetarian for a long time, and the local prison is unable to provide him vegetarian diets. In addition, SBF said that he suffers from long-term depression, insomnia and ADHD, whether he can use 250,000 US dollars to post a bail, and then wearing an electronic anklet, stay indoors, and report to the police every day. The judge said NO to SBF since he has a significant absconding risk, and suggest SBF take medicine directly from his parents.

SBF is currently being held in Foxhill, the only prison in the Bahamas. Next year, on February 8, 2023, the extradition hearing for SBF will be held, to discuss if he should be sent to the United States for trial. This is the charge of the Bahamas side.

The United States prosecutes SBF for both criminal and civil offenses. The indictment of the Southern District Court of New York states that SBF is charged with conspiracy to commit money laundering, conspiracy to commit wire fraud on customers and lenders, conspiracy to commit commodities and security fraud, and separate wire fraud on customers and lenders. Each of these eight criminal indictments can be sentenced to a maximum of 20 years, all add up to a maximum of 115 years in prison.

In addition, the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission also filed a civil lawsuit against SBF. The civil accusation is that SBF has been planning fraud through the FTX exchange for many years. Since May 2019, it has raised more than 1.8 billion US dollars, when SBF introduced this investment project, he told investors that FTX is a safe and responsible platform. Subsequently, SBF embezzled the deposits of FTX.com without customers’ authorization, paid them to Alameda Research, a quantitative trading company, and even falsely reported the financial status of Alameda Research. If SBF had not been arrested by the Bahamas, he should have attended the hearing in the United States online on Dec. 14th.

Forbes obtained draft testimony from the SBF to Congress:

SBF said: He feels that John Ray III, the new executive of FTX, is simply trying to profit from the whole thing of FTX bankruptcy, he is not here to help. SBF said during the progress that he applied for the bankruptcy and reorganization of FTX, many others pressured him, include the General Legal Counsel of FTX US. He believes these people are trying to profit from the bankruptcy. Therefore, FTX was forced to quickly file for Chapter 11 bankruptcy in a short period of time. SBF believes that these people are replicating Enron's bankruptcy case, taking advantage of the legal failure to benefit from it. In addition, SBF said that he tried to contact John Ray III, he sent 5 emails to him, but John Ray III never respond.

FTX Group U.S Hearing（John Ray III）

SBF supposed to attended the hearing of the US Congress on the 14th online, but was unable to attend because he was arrested in the Bahamas. FTX's new chief executive and restructuring officer, John Ray III, attended this hearing.

Senator Ann Wagner：” Mr. Ray， Mr. Bankman Fried has apologized for “mistakes” he has made.  based on your review, is there a way to know if the transfer of FTX customer funds to alameda research was done by mistake？”

John Ray III：” I don't find any such statements to be credible. I accept the position of chief executive officer of FTX in the early morning hours of November 11. It immediately became cleared to me that chapter 11 was the best course available to preserve any remaining value of FTX. Therefore, my first act to CEO was authorized the chapter 11 filings. I've implemented a five-part bankruptcy plan.”

Later, John Ray III was asked how long it would take to complete the five-part bankruptcy reorganization plan. John Ray III suggested that it was not something that could be resolved in a few days, but they will report on the progress of their asset liquidation each week.

John Ray III: “I detailed in my written statement，our overarching objective is to maximize value for FTX，customers and creditors, so that we can mitigate the suffering by so many. The FTX group collapse appears to come from absolute concentration of control in the hands of a small group of grossly inexperienced, no sophisticated individuals who failed to implement virtually any of the systems are controlled, they are necessary for a company entrusted with other people's money or assets. Some of the unacceptable management practices I identified so far, include the use of computer infrastructure that gave individuals and senior management access to systems that stored customer assets, without security controls to prevent them from redirecting those assets. Storing of certain private keys, to access hundreds of millions of dollars in crypto assets without effective security controls or encryption. Ability of Alameda to borrow funds out of FTX.com, to be utilized for its own trading or investments without any effective limits whatsoever. the commingling of assets lack of complete documentation for transactions evolving nearly five hundred separate investments made with FTX group funds and assets, in the absence of audited or reliable financial statements. The lack of personnel and financial risk management functions and the absence of independent governance throughout the FTX group. A fundamental challenge we face, is there were many respects starting from near zero, in terms of corporate infrastructure and record keeping that one would expect in a multi-billion-dollar corporation.”

John Ray III said that during the four weeks he took over the company, the problem he faced was that since FTX was founded, there were no documents to record these billions of transactions. In addition, these were all crypto currency transactions, so he felt that the technical problems are major. even now, he thinks the whole process is in its very early stages.

He's cleared with a few things:

John Ray III: “first, customer assets at FTX.com were commingled with assets from the Alameda trading platform.

Second, Alameda use client funds to engage in margin trading which expose customer funds to massive losses.

Third，the FTX group went on a spending Binge in 2021 and 2022，during which five billion dollars was spent on a myriad of businesses and investments. Many of which may only be worth the fraction of what was paid for them.

Fourth, loans and other payments were made to insiders, in excess of 1.5 billion dollars.

Fifth, Alameda’s business model is a market maker, required funds to be deployed to various third-party exchanges, which were inherently unsafe.”

Margin trading is supposed to use the funds provided by a third party, will magnify the result of asset trading. When the position is facing liquidation, the margin must be increased to ensure that the position will not be forcibly liquidated. However, Alameda's position in FTX was privileged at the time and would never be liquidated, so if the price keeps falling, there will be no additional assets as margin, and it will fall infinitely. In addition, it was mentioned in the hearing that if SBF borrows money from FTX, no records are required.

Ann Wagner: “Mr. Ray (John Ray III), you have compared FTX as worse than Enron. Can you please elaborate on some of the specific ways FTX is worse than one of the largest corporate frauds in history?”

John Ray III: the FTX group is unusual in the sense of a dozen large scale bankruptcies over my career including Enron.  Every one of those entities had some financial problem or another. They have some characteristics that are in common, this one is unusual and it's unusual in the sense that literally there's no record keeping whatsoever. Employees would communicate invoicing and expenses on Slack, they (FTX) use QuickBooks (a “junior level” accounting SaaS).

John Ray III adds that he does not underestimate accounting software such as QuickBooks, but because QuickBooks is a “junior level” accounting software that has been on the market for over 20 years. As introduced on the QuickBooks official website, the software is suitable for small businesses such as small restaurants, small grocery stores, etc. However, as a company with a peak market value of more than 30 billion U.S. dollars, FTX uses QuickBooks to keep accounts is very unbelievable.

John Ray III: “there's no independent board (in FTX), we had one person really controlling this. No independent board that's highly unusual for this size of company and it's made it all more complex because we're not dealing with widgets or something that's tangible. We're dealing with crypto, and the technological issues are made worse when you're dealing with an asset such as crypto.”

Senator Ann Wagner then asked John Ray III that SBF said publicly many times that the assets of FTX US were sufficient. SBF said that American users could get back 100% of their assets in theory. According to what John Ray III has learned, is SBF's statement true?

John Ray III suggested that funds are mixed up with FTX.com, FTX US and Alameda Research. It is not yet clear whether the US users, the international users or which creditors should be paid first. They are verifying the address and source of the wallets one by one to determine the ownership of the funds. At present, many wallets have not been found, and many assets that they do not know have not yet been discovered.

In addition, according to the hearing, withdrawals in the Bahamas began 24 hours ahead of FTX filed for bankruptcy.

John Ray III: “the accounts were unfrozen just in the Bahamas over 100 million dollars was released to approximately 15,000 customers in the Bahamas, and then the door was closed about the time of our chapter 11 file on. There were communications between Mr. Beckman Fried and the Bohemian government, specifically related to this leakage of assets.”

“The honeymoon”

FTX started in the summer of 2019, it had a value of assessment with 200 million USD in total, by the end of 2019, Binance invested in FTX, and raise FTX’s worth to 1 billion USD. In addition, CZ claimed Binance would hold FTT in long term, and help FTX grow with Binance.

The derivatives product market was dominated by other CEX giants such as BitMex and OKEx. Binance, which started with altcoin spot, has just launched its contract business. Binance hopes to expand its ecological layout by investing in FTX, helping Binance to catch up in the derivatives product market. SBF and CZ spent a harmonious honeymoon period in 2019.

FTX has not failed to meet the expectations of Binance, and has made outstanding achievements in derivatives products and innovation. FTX has launched profitable products centered on the spot, contract, leveraged tokens, etc. under extremely low fees for its users.

At the same time, FTX launched Move volatility products and alternative vix (volatility index) products to attract in-game users by mapping traditional financial products; at the same time, it launched equity tokens, pre-IPO products, and market prediction products to attract outsiders.

Unlike Huobi, OKEx, Binance and other exchanges where most of the founders are tech based, the founders of FTX and most of the team members are traders (SBF doesn’t even know how to write code).

The active and passive market-making and trading capabilities of the FTX team were a dimensionality collapse strike for other CEX at that time. At that time, only a few teams such as BitMex had such professional Trader capabilities and backgrounds. It is the cornerstone and origin of FTX's success, and it’s also the Sword of Damocles for FTX, which eventually lead it to a dead end.

In July 2021, FTX completed a $900 million Series B with an $18 billion valuation. CZ also said: Binance had completely withdrawn from FTX's equity investment. "The exit is part of the normal investment cycle, and it was done under good conditions. We are still friends."

“The breakup”

Strictly speaking, the breakup period between Binance and FTX cannot be counted as the end of the official announcement by both parties in July 2021. Before that, there were subtle changes and gaps. The reason for the change is that the business expansion of both parties has direct competition.

On the one hand, Binance has started to "lightning expand" from an exchange that started with altcoins spot, to become an exchange that integrates spot (mainstream + altcoins), Trade market making, and derivatives (perpetual/delivery contracts + leveraged tokens + options), OTC, and ecological business (public chain + projects investment, etc.).

On the other hand, FTX relies on its professional Trade market-making ability to make huge profits, and gradually surpasses the BitMEX exchange in the derivatives business, and is also at the forefront in the spot and OTC business, and has a heavy position in the leading public chain Solana in the ecological business and extensively deployed a number of top DeFi projects, becoming the top exchange across CeFi-DeFi second only to Binance.

Although there was no direct conflict between Binance and FTX during the period around July 2021, the businesses of the two parties have already highly overlapped and directly competed.

In the second quarter of 2019, FTX was established as a derivatives exchange; in the third quarter of 2019, Binance contracts were launched, and since then, it has launched perpetual/delivery contracts, options, and other businesses.

In August 2019, FTX took the lead in launching leveraged tokens, and Binance also launched leveraged tokens in the following months.

In April 2020, Binance announced the acquisition of CoinMarketCap for US$400 million; in August of the same year, FTX announced the acquisition of the encrypted asset management tool Blockfolio for US$150 million in cash.

In September 2020, Binance announced the launch of the BSC chain. Since then, BNB has risen by more than 30 times. In January 2021, FTX and its allies completed the off-site acquisition of nearly 80% of the total SOL tokens from most of Solana's SAFT investors, employees, service providers, communities, and foundations at a price dozens of times the private placement price. FTX took the lead in Solana chain, and SOL continued to rise by more than 120 times in the following year.

In July 2021, Binance and FTX ended their investment relationship and began to gradually enter a period of competition.

“The Fight”

The competition between Binance and FTX comes from the conflict between the two parties’ market share of core businesses such as spot and derivatives on the one hand; On the other hand, since the outbreak of DeFi Summer in 2020, FTX and Binance are competing in ecological layout, strategic and cultural.

The genes of trader origin determine that SBF has a strong style of opening the situation by trading, and has a high degree of risk preference. Some commentators believe that FTX is more like a large 3AC, operating funds with high leverage all year round, and will make strategic choices with extremely high risks.

CZ is a typical entrepreneur + geek dual persona, with the boldness of Chinese descent who dares to think and act, and is a super upstart rich man who has risen from the encrypted world. For example, in the early days of BNB’s issuance, Binance conducted a lengthy cleanup of the early private placement chips, and BNB kept breaking its ICO price. Many early investors and users were washed out, and Binance even had disputes with some early investors such as Sequoia Capital and recovered some of the chips of early investors. Later, Binance revised the white paper, and the burning of BNB was changed from secondary market repurchase to team repurchase. Later, the market cap of BNB entered the top ten, but CZ left an overly shrewd impression of a lack of contract spirit.

“The End”

On July 7th, 2022. CZ tweeted to mock SBF and questioned that FTX might be out of money. CZ said that 3AC owed Voyager hundreds of millions of dollars and caused Voyager to go bankrupt. Alameda (under FTX) invested in Voyager and borrowed 377 million dollars from Voyager. Why did FTX not pay back the money to rescue the bankrupt Voyager, but gave 3AC a 100 million bailout?

Regarding the questioning, SBF mocked CZ for pretending to rescue the industry and not knowing the legal knowledge about bankruptcy.

From November 6th – 7th, CZ compared FTT with Luna and claimed to liquidate FTT(worth 530million USD). Since then, FTX is in a liquidity crisis, the FTT price dropped from 26.14 to 4.04 in one week.

After FTX issues FTT, it sells it to Alameda at a low price, and then the price rises (it can be controlled and pulled), and then Alameda uses FTT as collateral to borrow the real money in FTX, and when the price of FTT plummets, Alameda’s Collateral is effectively worthless.

On November 11th, SBF announced the bankruptcy of FTX. In just four days, the giant fell.

What blockchain technology and web 3 mean to us is full transparency, self-owned, and decentralization. When we keep it in our mind all the time, it will help us to grow with the ecosystem, instead of being destroyed.      

Kean

2022.10.27

摘要

GameFi因其相对Web3其他赛道，对web2用户更友好的特性，相比web3其他赛道有更多的web2用户，但由于全球30亿游戏玩家未能真正涌入Web3，并且大多数GameFi的项目周期都很短，因此探寻这个行业该如何变得更加可持续发展是至关重要的。本文概述了GameFi 的现状，发展，以及未来前景。并与传统的游戏行业作比较。

n  据DappRadar数据，游戏和元宇宙项目已成功筹集25亿美金。GameFi游戏市场规模超过80亿美金，预计2025年将达到500亿美金（数据来源：crypto.com）

n  据Dappradar，Footprint  Analytics及Coingecko数据综合分析，截止至2022年10月17日，GameFi代币市值缩水85%， GameFi每日活跃用户从2022年1月初的106万降至4846，减少约99.5%。

一、GameFi现状

1.1 快速开发通常牺牲质量

GameFi鱼龙混杂，其中不乏圈钱跑路的项目。市场存在70%-80%的GameFi项目不活跃，连续5天平均每天有200名用户。尽管2022年启动的项目中有80%以上在启动后30天内处于活跃状态，但数据显示这并不能持续很长时间。   

大多数项目未能保持活跃。数据显示，有60%的项目在活跃30天内死亡，自去年11月以来，活跃时间超过三个月的项目寥寥无几。

1.2 游戏>赚钱（Game>Finance）

从摘要罗列的数据我们可以看出，游戏代币的价格对目前GameFi参与者的热情有极强的影响， 当货币的价格大幅下降的时候，大多GameFi的项目都参与者寥寥。Axie Infinity，作为GameFi 1.0时代的开创者， 以宠物对战的模式游玩，宠物本身是一个个NFT，通过游戏代币购买。如果以游戏本身作为评价标准，无论从画面还是游戏性来看，都没有任何的可玩性。游戏内的所谓玩家，与目前大多数的链游玩家相同，大部分都是冲着打金赚钱来进行游戏的。一个没有游戏性的游戏，他的宠物，装备是不可能会真正有价值（值钱）的。假设它是一款好玩的，有人气的，有生命力的游戏（目前尚未有任何一款链游符合这个标准）。类比魔兽世界，在魔兽世界1.0时期，当时有一把传说级武器，叫·阿什坎迪兄弟会之剑，造型犀利，1.0版本中的属性属于极品，极难获取。即使如此一把最顶级的装备，到了燃烧的远征版本之后问津者已经寥寥无几。 在我的理解来看，这就是基于游戏道具去发币的Bug所在，因为游戏道具对玩家的价值并不是来自一种虚构的共识，而是来自它客观存在的强度。随着资料片的不断更新，原本的装备并不在强大，只凭借其本身发NFT，并不能让玩家买单。如果基于游戏来发行NFT，或者代币，首先他最少应该是一款在游戏性上可以接近原神，神奇宝贝等IP，可以先顾及玩家“玩”的属性，其次要让NFT道具收藏属性大于实用属性，比如英雄联盟里的皮肤等。过度依赖“外循环”模式中源源不断的流入资金，在这种模式下，老玩家用新玩家投入的资金进行再投资，新玩家不断向老玩家支付利息和短期收益，从而造成老玩家赚钱的假象。老玩家铸造的所有代币都需要新玩家消耗，否则玩家将继续出售，导致代币池只有卖家，没有买家。在这种情况下，代币价格将进入死亡螺旋。

                                                                                                                                                   从Footprint Analytics的数据来看，在经历了2021年7月至9月的稳定增长和10月至11月的爆发期后，受大环境和个别项目影响，整个行业的资金流入开始放缓。在这种情况下，GameFi 1.0的外部流通模式很快就出现了问题，游戏外资金无法满足游戏内资金不断产生利息的需求，从而逐渐将正向螺旋转变为死亡螺旋。

代币不能制作游戏——但它们可以破坏游戏。我们可以为一个可持续的、去中心化的 GameFi 空间设想一个更清晰的未来。Axie Infinity开创了GameFi 1.0时代，以Stepn为代表的GameFi 2.0游戏试图以X2E模式于解决GameFi1.0时代的可玩性差的问题。但就截止至今日来看，Stepn传达的理念并未被大部分玩家认可，同时也无法在尝试获取其他收入来源这条路上走通（品牌联名、广告，实物消费等方式需要有用户画像的支持，作为一款GameFi产品，往往很难向你要合作的品牌方提供这些他们看来尤为重要的数据）。如果一个GameFi的参与者大都抱着消费的心态将资金投入系统，那么这些支出便构成了链游系统的主要收入。这也从侧面证明项目提供了某种外部性（有趣好玩，消费娱乐性强），以促使人们消费并为这种外部性买单。 但如果一个链游的绝大部分参与者都是抱着投机的心态来参与游戏，并且主要目标是为了获利而不是娱乐，且极为重视回本周期等指标，那么这个系统便更接近一个庞氏骗局。要摆脱这种困境，还需要在游戏货币经济学和游戏的可玩性上找到一个可持续的平衡点。

尽管以Stepn为主的GameFi 2.0产品看上去更具多元的盈利性，但目前来看也无法避免逐渐进入死亡螺旋

 二、GameFi 的未来

2.1 传统游戏公司对GameFi的态度

埃森哲称，截⾄ 2021 年 4 ⽉ 29 ⽇，传统游戏产业价值超过3000亿美元。与此同时，Mordor Intelligence 2021年对游戏市场的估值为 1737 亿美元。Naavik 和 BITKRAFT 估计2021年全球游戏市场规 模为3355 亿美元。

⼏家传统游戏巨头已经宣布了他们与 GameFi 和区块链游戏相关的计划：

育碧一直与Tezos等多家区块链游戏公司合作的Aleph， 此外育碧首席执行官Yves Guillemot 一直致力于融合Game和Finance。

Square Enix公司，⼴受欢迎的最终幻想视频游戏系列的开发商也在投资去中⼼化的区块链游戏。史 克威尔艾尼克斯总裁松⽥洋介在贺信中表⽰从 2022 年开始，整合去中⼼化游戏将成为史克威尔艾尼 克斯的“主要战略主题”。

2022 年 2 ⽉的⼀次采访中，微软⾸席执⾏官Satya Nadella说“元宇宙的本质是创造游 戏”。 2021 年 12 ⽉，微软的⻛险投资部⻔对Palm NFT工作室领投了2700 万美元。

Epic Games 曾提到它在其游戏商店中“对⽀持加密货币或基于区块链资产的游戏开放”。这与其竞争 对⼿ Valve 形成了鲜明对⽐，后者在 Steam 平台上禁⽌使⽤区块链技术或 NFT 的游戏。

从部分头部传统游戏公司的态度，我们不难看出，排除公关宣传的因素，他们对参与GameFi生态是保持开放的态度的。一旦这些传统游戏公司进入GameFi领域，必然会在游戏性上造成良币驱逐劣币的局面。更重要的是，他们将为30亿游戏玩家打开通往GameFi的窗口。

2.2 传统游戏公司进入GameFi领域的障碍与路径

对传统游戏厂商而言，他们已经有了一套成熟的游戏开发路径以及人员架构。因此对于他们来说，进入GameFi最大的难度在于开发人员的普遍缺乏， 其中主要体现在一下两个部分：1）区块链的开发人员和团队； 2）经济模型的搭建，以及如何在代币经济学和游戏性中找到平衡点。 这两点，无一不在考验传统游戏厂商决策人对未来的判断与决心，两者都需要高额时间与金钱的成本。针对区块链的开发，目前传统游戏公司有多种选择：1）组建自己的GameFi团队；2）选择GameFi圈内的团队，授权链改；3）直接收购成熟的Web3 公司。 组建自己的GameFi团队，对于传统游戏公司而言需要投入巨大的时间和金钱成本（其中包括试错，学习），尽管市场上目前已经有GameFi SDK的出现，可以加快链改的速度，但就目前来说（尤其是在合约漏洞频出的Web3世界），市面上的GameFi SDK（如mirror world， canoe等）只能相应的减少游戏上链的时间，经历和人员，传统游戏厂商任然需要一支精通区块链合约的团队。对于传统游戏公司而言，选择授权GameFi项目方，由项目方去开发GameFi版本的游戏IP，无疑是最快捷的方式。但其中的问题也一目了然，首先由外部团队进行链改，很可能以牺牲游戏性的代价换取收益，对原本的IP会造成很大的影响；其次游戏开发商本身能从中汲取的web3经验极少，对于传统游戏开发商来说，这很有可能是一条越走越窄的路。 GameFi SDK的门槛并不高，随着传统游戏厂商或开发者对于链改需求的扩大，短期GameFi SDK 的提供商会在不同链和不同服务形式上形成竞争，最终很可能会出现一家独大，支持多链的产品，来高效的帮助传统游戏开发厂商完成游戏上链。

三、结语

乐趣第一，收益第二

Polemos Dao 的Co-Founder Sascha Zehe 在2022年2月14日发推文称：“除了P2E，我们不应该忘记GameFi对其他类型玩家的巨大潜力。这个赛道需要迎合所有玩家，才能成为他应该成为的样子，乐趣第一，收益第二。”

GameFi的现状是相反的：许多原生的GameFi游戏总是先关注收益。例如在这篇文章中， 作者Lindsey Tam提到，玩Axie Infinity，感觉像是一件苦差事。很多玩家纷纷附和。

Vitalik Buterin曾在自己的简介中写道：“我在2007年至2010年间愉快地玩了魔兽世界，但有一天暴雪从我热爱的术士的生命虹吸法术中移除了伤害元素。我哭着睡着了，那天我意识到中心化服务会带来怎样的恶果。”

让我们不要改变做GameFi的初心，只有好玩的游戏才能让玩家们心肝情愿的花费时间与金钱，去加入一场场紧张刺激的虚拟冒险。

References

Heise, Kyle. “Ubisoft Announces Plan to Develop Blockchain Gaming.” Solana News, 1 November 2021, https://www.solana.news/post/ubisoft-announces-plan-to-develop-blockchain-g aming. Accessed 18 February 2022.

Grace Deng. “深度解析GameFi上游发展及展望.” Odaily News, 10 October 2022, https://www.odaily.news/post/5182263

Matsuda, Yosuke. “A New Year's Letter from the President.” Square Enix, 1 January 2022, https://www.hd.square-enix.com/eng/news/2022/html/a_new_years_letter_from _the_president_2.html. Accessed 18 February 2022.

Quarmby, Brian. “YGG-backed Oasys blockchain hopes to take P2E gaming mainstream.” Cointelegraph, 17 February 2022, https://cointelegraph.com/news/ygg-backed-oasys-blockchain-hopes-to-take-p2 e-gaming-mainstream. Accessed 17 February 2022.

Alex Ye. “Crypto gaming and the monkey run: how we should build the future of GameFi.” Cointelegraph,  21 May 2022, Crypto gaming and the monkey run: How we should build the future of GameFi (cointelegraph.com)

7 月 25 日，备受瞩目的新生代 Layer1 项目 Aptos 宣布完成 1.5 亿美元的新一轮融资，本轮融资 FTX Ventures 和 Jump Crypto 领投，其他投资方包括 GriffinGamingPartners、FranklinTempleton、CircleVentures 和 Superscrypt 等。

算上此前 3 月中旬 a16z 领投的 2 亿美元融资，Aptos 的历史总额已达到了 3.5 亿美元，单从资方推力来看，这条继承了 Diem“遗志”的 Layer1 已成为新一轮公链大竞赛中最值得期待的选手。

即便是将上一轮牛市中崛起的“老”一代 Layer1 拉出来一起比较，Aptos 在声势上看也是不遑多让，除了头部 VC 的集体背书外，此前 Solana 前市场营销主管 Austin 已公开宣布将加入 Aptos 担任生态系统总监一职，更多来自现存 Layer1 生态的开发者们也正在蜂拥至 Aptos。

Odaily 星球日报注：传闻 Move（Aptos 所采用的编程语言）开发者的时薪可高达 1200 美元。

8 月 1 日，Aptos 官网宣布第三轮激励测试网活动（主网上线前的最后一个测试网）将于 8 月 19 日开启注册，8 月 30 日正式启动。对于有条件自主运维节点的用户来说，当前搭上 Aptos 这趟快车的最佳方式无疑是直接参加激励测试网（明牌会给代币奖励），但鉴于该活动存在着一定的技术及资金门槛，所以试用具体的 Aptos 生态项目或许才是更适合普通用户的“搭车”方式，这也是本文聚焦的主题。

虽然主网上线仍需时日，但如今基于 Aptos 进行开发的项目已不在少数，从钱包、预言机等基础设施服务，到 DeFi、NFT、域名等功能性应用，不少项目已启动测试版产品，无论是抱着了解新生态的想法，还是冲着潜在的空投去提前埋伏，当下都是交互 Aptos 生态的好时机。

接下来，我们将依照「钱包」、「DeFi」、「NFT」、「其他」的顺序对 Aptos 生态进行一次全梳理，并针对可交互的项目着重介绍具体的交互方式，对于其他暂未推出测试产品或并非直接面向用户的项目（比如预言机、开发工具等基础设施项目），我们也会一并提及，以方便大家更全面地了解 Aptos 生态现状。

钱包类项目

钱包方面，目前已公开宣布将在 Aptos 生态构建的项目包括 Martina、Fewcha、ONTO、Volt、Blocto、Hive、Multimask 等等。其中，Martina 和 Fewcha 均为已上线测试版产品的 Aptos 生态专用钱包；ONTO、Volt、Blocto 则是有意向 Aptos 生态扩展的多链钱包服务商；Hive 则相对早期，尚未发布可用产品；Multimask 则是由 Aptos 生态 OG 项目 Pontem 开发的一款几乎完全复刻 MetaMask 的钱包，目前只可用于测试 Pontem 旗下的其他项目（下文 Liquidswap 处会说）。

作为交互 Aptos 生态的第一步，建议大家先行安装 Martina（官网：https://martianwallet.xyz/）或 Fewcha（官网：https://fewcha.app/）的浏览器扩展插件。值得一提的是，由于 Aptos 暂时没有任何一家钱包服务商能像 MetaMask 那样占据绝大部分市场份额，所以不同的 Dapps 优先支持的钱包预计会各不相同，未了方便未来的交互，建议两个都安装一下（暂时其实 Martina 就够了）。

以 Martina 为例，安装完成后，按照操作指引依次设置密码、保存助记词即可得到一个 0x 开头的 Aptos 测试网地址，之后点击钱包内的 airdrop 即可获得 5000 个测试代币 APT（可重复领取），可作为接下来我们交互其他项目的“资金”。

Fewcha 的安装基本也是一样（就是常规钱包那一套），只不过领取测试代币的地址会在左上角 Devnet 的水龙头（Faucet）处。

DeFi 类项目

DeFi 是目前 Aptos 生态最主要的应用类别，再细分一级可以划分为稳定币、DEX、聚合器、IDO、借贷、资管、衍生品、流动性质押等多个小领域。

Odaily 星球日报注：Aptos 上许多项目（比如 1KX Protocol、Mariana Exchange）都会跨多个领域，在统计时我们将按照其主要业务方向进行归类。

细分领域一：稳定币

稳定币方面，Thala Labs 是目前整个 Aptos 生态最受关注的稳定币项目，该项目计划未来在 Aptos 网络上发行超额抵押稳定币 AST，但暂时并未上线测试产品。

细分领域二：借贷

借贷方面，当前正在 Aptos 生态内构建的项目包括 Vial Protocol、Mobius、Njord Finance、Aptoslend、Ultima protocol 等等，其中上线了测试产品的暂时有 Vial Protocol（官网：https://www.vial.fi/app）和 Mobius（官网：https://mobius.market/app）。

Vial Protocol 的交互相对比较简单，使用方式与 Compound、Aave 等几乎无异。钱包可直接使用 Martina，用户可在该平台存入、借出 APT、BTC、USDC 等测试代币，APT 可直接在 Martina 内领取，BTC、USDC 则可在主界面的水龙头（Faucet）处领取。

需要注意的是，或因为产品尚处早期阶段，我在试用 Vial Protocol 时经常跳出错误提示，遇到这种情况多试几次就好。

Mobius 的交互方式基本一样，相关测试代币可在官网首页水龙头（Faucet）处领取。

细分领域三：DEX

DEX 方面，当前正在 Aptos 生态内构建的项目包括 Liquidswap（与 Multimask 一样都是 Pontem 开发）、1KX Protocol、Saber、Econia、AptoSwap、Empo Finance、Hanson、Laminar Market、Mariana Exchange等等。其中，Liquidswap 是较早开始在 Aptos 生态耕耘且已推出了测试产品的项目；1KX Protocol、Saber 此前分别来自以太坊、Solana 生态，暂时尚不支持 Aptos；其他五家项目在开发周期上则相对较早，暂时也没有上线测试网。

Liquidswap （官网：https://liquidswap.com/#/）是一款自动做市型（AMM） DEX，目前只能使用 Multimask 钱包链接，后者的安装方式可见官方 Github 教程（https://github.com/pontem-network/aptos-chrome-extension/releases/tag/v1.2.1），具体步骤如下：

1）为先下载对应不同浏览器的 zip 安装包，，剩下的就是常规的钱包设置操作。

3）之后就是常规的钱包创建流程了，依次设置密码、保存助记词即可完成钱包创建。

5）回到 Liquidswap 主界面，链接 Multimask 用我们刚刚领到的测试币完成一笔交易即可。

细分领域四：聚合器

Aptos 上的聚合器项目暂时仅有 Hippo，产品暂时没有上线。

细分领域五：IDO

Aptos 上的聚合器项目暂时有 DaoStarter、Orion 等等，但暂时均未上线基于 Aptos 的产品。

细分领域六：衍生品

衍生品方面，当前正在 Aptos 生态内构建的项目包括 Tsunami Finance、Aries Markets、Clone Protocol，三家项目暂时均未上线基于 Aptos 的测试产品。

细分领域七：资管

当前 Aptos 生态内的资管项目有 Seam Money、Solrise，两家项目此前分别来自于 Celo 和 Solana，暂时均尚不支持 Aptos。

细分领域八：流动性质押

目前服务于 Aptos 的流动性质押协议有 Zaptos，暂时尚未发布产品。

NFT 类项目

由于整体样本较少，所以 Aptos 之上的 NFT 项目暂时可以稍加细分为发售、交易、借贷等平台类项目，以 pfp 为主的收藏类项目，和域名服务。

细分领域一：平台类项目

当前正在 Aptos 生态内进行建设的 NFT 平台类项目包括 Topaz、Souffl3、Wav3 等等，其中交易市场 Topaz 已上线测试产品，另一家交易市场 Souffl3 预计也将于本周内上线，发布服务平台 Wav3 暂时并未上线产品。

Topaz（官网：https://www.topaz.so/）的交互方式类似于 OpenSea，通过 Martina 连接后，可在市场上选择挂售的 NFT 购买，以下图 ANS Collection（Aptos 生态的 ENS，接下来会提到）为例。

我们随便选择一个 durant.aptos 买入，钱包内确认交易即可，当然你也可以把它再挂售出去。

值得一提的是，当前 Topaz 上挂售的 NFT 价格往往都很高，虽然测试币并不是真钱，但领出这么多币来还是要耗一些时间。

细分领域二：收藏类项目

当前，Aptos 生态内也有着许多纯收藏向的 NFT 项目，比如 WitchVerseLabs、Aptos Toad Overload、TokenMasksLabs、Aptos Monkeys、The Uglies NFT、Aptos Girls 等等，这些项目大多都需要等到 Aptos 主网正式上线时才会发售。

考虑到当前 NFT 市场鱼龙混杂，且此类项目的价值需要有大规模的社区作为支撑，我个人并不是很建议在生态早期阶段贸然“冲”入此类项目。

细分领域三：域名服务

Aptos 生态内主攻域名服务的项目暂时仅有 Aptos Name Service 一家。

Aptos Name Service（官网：https://www.aptosnames.com/）基本上可以理解为 Aptos 生态内的 ENS，交互方式为先链接钱包（Martina 即可），再于搜索框内输入自己喜欢的域名内容。

如下图所示，如果该域名暂时尚未被其他地址注册，页面会显示「Available」，这时点击「购买」（buy）即可，如果显示为「Not available」，意味着该域名已被其他地址注册，需要另行选择其他域名。

注册完成后，该域名将以 NFT 的形式存在于注册钱包内，用户可直接用域名代替地址，在 Martina 内进行转账。你也可以选择多注册几个域名，然后在 Topaz 内尝试挂售。

其他项目

除了上述三大类项目之外，当下 Aptos 生态内其实还有着一大批业务方向截然不同的其他项目，比如预言机 Switchboard、消息传递服务 Dialect 和 Notifi、索引器 Aptosphere、DAO 资金流工具 Paymagic、数据分析平台 Dapptos View、基础设施项目 Nutrios 和 StreamingFast 等等。

考虑到这些大多并非直接面对普通用户，且大多都还没有推出具体的测试产品，因此暂且先较为笼统地将这些项目归为“其他”一类，未来若相关项目有了较重要的进展，Odaily星球日报将会进一步跟踪报道。

个人交互心得

综合来看，虽然 Aptos 生态版图已有了一定规模且仍在快速扩张，但当前已于测试网发布了可用产品的项目数量其实有限，细数下来也就是 Martina、Fewcha、Multimask、Liquidswap、Vial Protocol、Mobius、Topaz、Aptos Name Service 等几家而已。

就实际体验来说，这些项目当前可试用的内容并不太多，形式上大致都是“老”生态上已有的那一套，用户很难感知到不同语言及开发环境所带来的体验差异，整体交互下来并不会有什么陌生感。